CF Industries Holdings, Inc. CF
Our mission is to provide clean energy to feed and fuel the world sustainably. With our employees focused on safe and reliable operations, environmental stewardship, and disciplined capital and corporate management, we are on a path to decarbonize our ammonia production network – the world's largest – to enable low-carbon hydrogen and nitrogen products for energy, fertilizer, emissions abatement and other industrial activities. Our value chain consists of manufacturing complexes in the United States, Canada and the United Kingdom, an extensive storage, transportation and distribution network in North America, and logistics capabilities enabling a global reach. In July 2025, we completed a significant decarbonization project at our Donaldsonville, Louisiana, complex to enable the production of low-carbon ammonia. Additionally, we are executing further decarbonization projects in our existing network and constructing a greenfield low-carbon ammonia plant at our Blue Point complex to drive our strategy to leverage our unique capabilities to accelerate the world's transition to clean energy.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.08B | $5.94B | $6.63B | $11.19B | $6.54B | $4.12B | $4.59B | $4.43B | $4.13B | $3.69B |
| Cost of revenue | $4.36B | $3.88B | $4.09B | $5.33B | $4.15B | $3.32B | $3.42B | $3.51B | $3.70B | $2.84B |
| Gross profit | $2.72B | $2.06B | $2.54B | $5.86B | $2.39B | $801.0M | $1.17B | $917.0M | $434.0M | $843.0M |
| SG&A | $364.0M | $320.0M | $289.0M | $290.0M | $223.0M | $206.0M | $239.0M | $214.0M | $191.0M | $173.0M |
| Operating income | $2.30B | $1.75B | $2.23B | $5.40B | $1.73B | $623.0M | $1.00B | $766.0M | $234.0M | $138.0M |
| Interest expense | $155.0M | $121.0M | $150.0M | $344.0M | $184.0M | $179.0M | $237.0M | $241.0M | $315.0M | $200.0M |
| Pre-tax income | $2.24B | $1.76B | $2.25B | $5.09B | $1.54B | $463.0M | $772.0M | $547.0M | -$125.0M | -$226.0M |
| Income tax | $441.0M | $285.0M | $410.0M | $1.16B | $283.0M | $31.0M | $126.0M | $119.0M | $575.0M | $68.0M |
| Net income | $1.80B | $1.48B | $1.84B | $3.94B | $1.26B | $432.0M | $646.0M | $428.0M | $450.0M | -$158.0M |
| EPS, basic | 8.98 | 6.75 | 7.89 | 16.45 | 4.27 | 1.48 | 2.24 | 1.25 | 1.53 | -1.19 |
| EPS, diluted | 8.97 | 6.74 | 7.87 | 16.38 | 4.24 | 1.47 | 2.23 | 1.24 | 1.53 | -1.19 |
| Shares, diluted (wtd. avg.) | $162.2M | $180.7M | $193.8M | $204.2M | $216.2M | $215.2M | $221.6M | $233.8M | $233.9M | $233.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.98B | $1.61B | $2.03B | $2.32B | $1.63B | $683.0M | $287.0M | $682.0M | $835.0M | $1.17B |
| Receivables | $488.0M | $404.0M | $505.0M | $582.0M | $497.0M | $265.0M | $242.0M | $235.0M | — | — |
| Inventory | $383.0M | $314.0M | $299.0M | $474.0M | $408.0M | $287.0M | $351.0M | $309.0M | — | — |
| Total current assets | $2.98B | $2.52B | $3.05B | $3.67B | $2.59B | $1.37B | $974.0M | $1.27B | — | — |
| Property, plant and equipment | $6.71B | $6.74B | $7.14B | $6.44B | $7.08B | $7.63B | $8.17B | $8.62B | $9.18B | — |
| Goodwill | $2.49B | $2.49B | $2.50B | $2.09B | $2.09B | $2.37B | $2.37B | $2.35B | — | — |
| Other intangibles | $473.0M | $507.0M | $538.0M | $15.0M | $45.0M | $104.0M | $110.0M | $115.0M | — | — |
| Total assets | $14.09B | $13.47B | $14.38B | $13.31B | $12.38B | $12.02B | $12.17B | $12.66B | — | — |
| Accounts payable | $148.0M | $125.0M | $114.0M | $63.0M | $110.0M | $85.0M | $78.0M | $101.0M | — | — |
| Short-term debt | — | — | — | — | $0 | $249.0M | $0 | — | — | — |
| Total current liabilities | $887.0M | $818.0M | $800.0M | $995.0M | $1.43B | $906.0M | $665.0M | $705.0M | — | — |
| Long-term debt | $3.21B | $2.97B | $2.97B | $2.96B | $3.46B | $3.71B | $3.96B | $4.70B | — | — |
| Retained earnings | $3.87B | $4.01B | $4.54B | $3.87B | $2.09B | $1.93B | $1.96B | $2.46B | — | — |
| Total equity | $4.84B | $4.99B | $8.37B | $7.85B | $6.04B | $5.60B | $5.64B | $5.73B | $6.68B | $6.49B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.75B | $2.27B | $2.76B | $3.85B | $2.87B | $1.23B | $1.50B | $1.50B | $1.63B | $617.0M |
| Depreciation and amortisation | $898.0M | $925.0M | $869.0M | $850.0M | $888.0M | $892.0M | $875.0M | $888.0M | $883.0M | $678.0M |
| Stock-based compensation | $45.0M | $36.0M | $37.0M | $41.0M | $30.0M | $25.0M | $28.0M | $22.0M | $17.0M | $19.0M |
| Capital expenditure | $950.0M | $518.0M | $499.0M | $453.0M | $514.0M | $309.0M | $404.0M | $422.0M | $473.0M | $2.21B |
| Investing cash flow | -$933.0M | -$469.0M | -$1.68B | -$440.0M | -$466.0M | -$299.0M | -$319.0M | -$375.0M | -$413.0M | -$2.19B |
| Financing cash flow | -$1.48B | -$2.21B | -$1.37B | -$2.70B | -$1.46B | -$542.0M | -$1.58B | -$1.27B | -$1.56B | $2.44B |
| Dividends paid | $326.0M | $364.0M | $311.0M | $306.0M | $260.0M | $258.0M | $265.0M | $280.0M | $280.0M | $280.0M |
| Buybacks | $1.36B | $1.51B | $580.0M | $1.35B | $539.0M | $100.0M | $370.0M | $467.0M | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001324404-26-000007.
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