CF Industries
CF · NYSEAgricultural Chemicals · Fiscal year ends Dec 31
CF Industries reported revenue of $7.1B in the fiscal year ended Dec 2025, up 19.3% from the year before. Operating income was $2.3B, an operating margin of 32.5%, and net income was $1.8B. Operating cash flow of $2.8B less capital expenditure of $950M left free cash flow of $1.8B. Net debt was $1.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $6.5B | $11.2B | $6.6B | $5.9B | $7.1B |
| Cost of revenue | $4.2B | $5.3B | $4.1B | $3.9B | $4.4B |
| Gross profit | $2.4B | $5.9B | $2.5B | $2.1B | $2.7B |
| Selling, general & admin | $223M | $290M | $289M | $320M | $364M |
| Operating income | $1.7B | $5.4B | $2.2B | $1.7B | $2.3B |
| Interest expense | $184M | $344M | $150M | $121M | $155M |
| Pre-tax income | $1.5B | $5.1B | $2.2B | $1.8B | $2.2B |
| Income tax | $283M | $1.2B | $410M | $285M | $441M |
| Net income | $1.3B | $3.9B | $1.8B | $1.5B | $1.8B |
| Diluted EPS | 4.24 | 16.38 | 7.87 | 6.74 | 8.97 |
| Diluted shares | 216M | 204M | 194M | 181M | 162M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.6B | $2.3B | $2B | $1.6B | $2B |
| Receivables | $497M | $582M | $505M | $404M | $488M |
| Inventory | $408M | $474M | $299M | $314M | $383M |
| Current assets | $2.6B | $3.7B | $3.1B | $2.5B | $3B |
| Net PP&E | $7.1B | $6.4B | $7.1B | $6.7B | $6.7B |
| Goodwill | $2.1B | $2.1B | $2.5B | $2.5B | $2.5B |
| Total assets | $12.4B | $13.3B | $14.4B | $13.5B | $14.1B |
| Payables | $110M | $63M | $114M | $125M | $148M |
| Current liabilities | $1.4B | $995M | $800M | $818M | $887M |
| Short-term debt | $0 | – | – | – | – |
| Long-term debt | $3.5B | $3B | $3B | $3B | $3.2B |
| Shareholders' equity | $3.2B | $5.1B | $5.7B | $5B | $4.8B |
| Backlog (remaining obligations) | $809M | $1.2B | $2.5B | $2.2B | $2.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.9B | $3.9B | $2.8B | $2.3B | $2.8B |
| Capital expenditure | $514M | $453M | $499M | $518M | $950M |
| Free cash flow | $2.4B | $3.4B | $2.3B | $1.8B | $1.8B |
| Depreciation & amortisation | $888M | $850M | $869M | $925M | $898M |
| Stock-based compensation | $30M | $41M | $37M | $36M | $45M |
| Acquisitions | $0 | $0 | $1.2B | −$2M | $0 |
| Share buybacks | $539M | $1.3B | $580M | $1.5B | $1.4B |
| Dividends paid | $260M | $306M | $311M | $364M | $326M |
| Dividend per share | 1.20 | 1.50 | 1.60 | 2.00 | 2.00 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 71.1% | −40.7% | −10.5% | 19.3% |
| Operating income growth (YoY) | – | 212.1% | −58.7% | −21.7% | 31.7% |
| EPS growth (YoY) | – | 286.3% | −52.0% | −14.4% | 33.1% |
| Gross margin | 36.5% | 52.4% | 38.4% | 34.6% | 38.5% |
| Operating margin | 26.4% | 48.2% | 33.6% | 29.4% | 32.5% |
| Net margin | 19.3% | 35.2% | 27.7% | 24.9% | 25.4% |
| Return on equityBlank when equity is negative | 39.3% | 77.9% | 32.1% | 29.6% | 37.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 15.8% | 43.8% | 16.4% | 13.8% | 17.4% |
| Free cash flow margin | 36.1% | 30.4% | 34.1% | 29.5% | 25.4% |
| Cash conversion (CFO ÷ net income) | 2.28x | 0.98x | 1.50x | 1.54x | 1.53x |
| Receivable days | 28 | 19 | 28 | 25 | 25 |
| Inventory days | 36 | 32 | 27 | 30 | 32 |
| Payable days | 10 | 4 | 10 | 12 | 12 |
| Interest cover | 9.40x | 15.7x | 14.9x | 14.4x | 14.8x |
| Debt ÷ equity | 1.08x | 0.59x | 0.52x | 0.60x | 0.66x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.8B | $642M | $936M | $1.4B | $1.2B |
| Current ratio | 1.81x | 3.69x | 3.81x | 3.08x | 3.37x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.