Overview
CF Industries Holdings, Inc.
Latest 10-K: FY2025, filed Feb 25, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $7.08B
- 19.3%YoYup from FY2024
- TotalRevenue
- Gross profit
- $2.72B
- 32.5%YoYup from FY2024
- GrossProfit
- Operating income
- $2.30B
- 31.7%YoYup from FY2024
- OperatingIncome
- Net income
- $1.46B
- 19.5%YoYup from FY2024
- NetIncome
- Diluted EPS
- $8.97
- 33.1%YoYup from FY2024
- EPSDiluted
- Diluted shares
- 162.2M
- 10.2%YoYdown from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- CF Industries Holdings, Inc. reported revenue of $7.08B for fiscal 2025, up 19.3% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 3 of the last 5 fiscal years.
Profitability
- Operating margin was 32.5% and net margin was 20.5%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $8.97, up 33.1% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 30, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $7.08B19.3%up Benchmark median 6.4% | $5.94B10.5%down Benchmark median 4.5% | $6.63B40.7%down Benchmark median 4.8% | $11.19B71.1%up Benchmark median 10.3% | $6.54B58.5%up Benchmark median 13.8% | 2.0% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | $2.72B32.5%up Benchmark median 6.8% | $2.06B19.2%down Benchmark median 5.5% | $2.54B56.6%down Benchmark median 5.2% | $5.86B145.5%up Benchmark median 8.3% | $2.39B198.0%up Benchmark median 15.7% | 3.4% Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | $2.30B31.7%up Benchmark median 7.3% | $1.75B21.7%down Benchmark median 7.4% | $2.23B58.7%down Benchmark median 4.9% | $5.40B212.1%up Benchmark median 7.5% | $1.73B177.5%up Benchmark median 23.5% | 7.4% Benchmark median 7.2% |
| Net Income | $1.46B§19.5%up Benchmark median 4.8% | $1.22B§20.1%down Benchmark median 5.7% | $1.52B§54.4%down Benchmark median 1.9% | $3.35B§264.9%up Benchmark median 1.3% | $0.92B§189.3%up Benchmark median 33.9% | 12.2% Benchmark median 4.1% |
| EPS (Diluted) | $8.9733.1%up Benchmark median 6.2% | $6.7414.4%down Benchmark median 7.9% | $7.8752.0%down Benchmark median 1.9% | $16.38286.3%up Benchmark median 1.5% | $4.24188.4%up Benchmark median 34.8% | 20.6% Benchmark median 5.6% |
§ Net income available to common stockholders; the company files no net-income line.
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $14.09B4.6%up Benchmark median 5.6% | $13.47B6.3%down Benchmark median 3.4% | $14.38B8.0%up Benchmark median 4.1% | $13.31B7.6%up Benchmark median 2.2% | $12.38B2.9%up Benchmark median 6.7% | 3.3% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | — | — | — | — | — | — Benchmark median 4.4% |
| Stockholders' Equity | $7.78B2.4%up Benchmark median 6.8% | $7.59B9.3%down Benchmark median 5.4% | $8.37B6.6%up Benchmark median 7.3% | $7.85B30.1%up Benchmark median 2.5% | $6.04B7.7%up Benchmark median 9.0% | 6.5% Benchmark median 6.1% |
| Cash & Equivalents | — | — | — | — | — | — Benchmark median 2.0% |
| Total Debt | $3.21B†8.2%up Benchmark median 2.1% | $2.97B†0.1%up Benchmark median 0.2% | $2.97B†0.1%up Benchmark median 0.3% | $2.96B†14.4%down Benchmark median 0.1% | $3.46B12.5%down Benchmark median -0.1% | -1.9% Benchmark median 4.3% |
† Sum of short-term and long-term debt; the company files no total-debt line.
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.75B21.2%up Benchmark median 6.3% | $2.27B17.6%down Benchmark median 4.8% | $2.76B28.5%down Benchmark median 9.9% | $3.85B34.2%up Benchmark median -0.7% | $2.87B133.4%up Benchmark median 10.7% | -1.1% Benchmark median 7.0% |
| Capital Expenditures | $950.00M83.4%up Benchmark median 5.4% | $518.00M3.8%up Benchmark median 2.8% | $499.00M10.2%up Benchmark median 11.3% | $453.00M11.9%down Benchmark median 14.0% | $514.00M66.3%up Benchmark median 8.1% | 16.6% Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | $1.80B2.8%up Benchmark median 7.3% | $1.75B22.4%down Benchmark median 6.1% | $2.26B33.6%down Benchmark median 8.8% | $3.40B44.2%up Benchmark median -11.3% | $2.36B155.9%up Benchmark median 10.2% | -6.5% Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
11.6%
Wall Street
on net earnings
FY2024 7.9%
14.4%
Value investor
on free cash flow
FY2024 11.4%
Gap +2.8 pts: Value-investor figure 2.8 points higher
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 8.6×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Book yield
Net assets behind a dollar of market value
62.0%
Wall Street
on book equity
FY2024 49.2%
38.3%
Value investor
on tangible book
FY2024 29.8%
Gap −23.7 pts: Value-investor figure 23.7 points lower
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 1.6×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
18.9%
Wall Street
ROE: net income ÷ equity
FY2024 15.3%
13.9%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 11.6%
Gap −5.0 pts: Value-investor figure 5.0 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
45.1%
Wall Street
EBITDA margin
FY2024 45.0%
25.4%
Value investor
Free-cash-flow margin
FY2024 29.5%
Gap −19.7 pts: Value-investor figure 19.7 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
3.37×
Wall Street
Current ratio
FY2024 3.08×
2.93×
Value investor
Quick ratio, inventory excluded
FY2024 2.70×
Gap −0.44×: Value-investor figure 0.44 lower
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.99×
Wall Street
EBITDA ÷ total debt
FY2024 0.90×
0.56×
Value investor
FCF ÷ total debt
FY2024 0.59×
Gap −0.43×: Value-investor figure 0.43 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
20.6×
Wall Street
EBITDA ÷ interest
FY2024 17.8×
14.8×
Value investor
EBIT ÷ interest
FY2024 11.6×
Gap −5.8×: Value-investor figure 5.8 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on CF yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on CF and publish the result to your public profile.
Cite this page
Data as of Oct 30, 2026. Canonical address: https://valuein.biz/data/CF
Valuein. (2026, October 30). CF Industries Holdings, Inc. (CF) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/CF
@misc{valuein_cf_2026,
author = {{Valuein}},
title = {CF Industries Holdings, Inc. (CF) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/CF}},
note = {Data as of 2026-10-30; source: SEC EDGAR filings}
}10-K filed Feb 25, 2026 · accession 0001324404-26-000007
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point-in-time · survivorship-free · every number traceable to its SEC filing
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