Detailed financial statements for CF Industries Holdings, Inc. (CF): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
CF Industries Holdings, Inc. is a global producer and distributor of hydrogen and nitrogen-based products. These essential chemicals serve a variety of purposes worldwide, including energy generation, agricultural fertilization, environmental emissions reduction, and numerous other industrial applications.
Analysis Summary
CF Industries Holdings, Inc. reported revenue of $7.08B in the most recent fiscal year, growing at a 5-year CAGR of 11.4%. Net income reached $1.46B, with a 35.6% 5-year CAGR.
Trailing-twelve-month margins: gross margin 42.5%, operating margin 38.1%, net margin 27.1%. Free cash flow grew at 14.3% CAGR over 5 years.
At $123.30 (closing price, October 30, 2026), CF trades at a P/E of 9.14 and an ROE of 40.41%. Market capitalisation stands at $18.7B, placing it among large-cap names.
Balance sheet quality for CF: current ratio of 3.4, net debt of $1.97B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $1.80B represents 124% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.69B | $4.13B | $4.43B | $4.59B | $4.12B | $6.54B | $11.19B | $6.63B | $5.94B | $7.08B |
| Cost of Revenue | $2.97B | $3.61B | $3.52B | $3.41B | $3.29B | $4.18B | $5.29B | $3.99B | $3.88B | $4.36B |
| Gross Profit | $713.0M | $521.0M | $906.0M | $1.18B | $834.0M | $2.36B | $5.89B | $2.65B | $2.06B | $2.72B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $174.0M | $192.0M | $214.0M | $239.0M | $206.0M | $223.0M | $290.0M | $289.0M | $320.0M | $364.0M |
| Operating Expenses | $174.0M | $191.0M | $212.0M | $239.0M | $206.0M | $223.0M | $290.0M | $289.0M | $310.0M | $364.0M |
| Operating Income | $539.0M | $330.0M | $694.0M | $945.0M | $628.0M | $2.14B | $5.60B | $2.36B | $1.75B | $2.37B |
| EBITDA | $652.0M | $1.07B | $1.68B | $1.88B | $1.53B | $2.62B | $6.29B | $3.27B | $2.83B | $3.29B |
| Interest Expense | $200.0M | $315.0M | $241.0M | $237.0M | $179.0M | $184.0M | $344.0M | $150.0M | $121.0M | $155.0M |
| Pre-tax Income | -$226.0M | -$125.0M | $547.0M | $772.0M | $463.0M | $1.54B | $5.09B | $2.25B | $1.76B | $2.24B |
| Income Tax | -$68.0M | -$575.0M | $119.0M | $126.0M | $31.0M | $283.0M | $1.16B | $410.0M | $285.0M | $441.0M |
| Net Income | -$277.0M | $358.0M | $290.0M | $493.0M | $317.0M | $917.0M | $3.35B | $1.52B | $1.22B | $1.46B |
| EPS | $-1.19 | $1.53 | $1.25 | $2.24 | $1.48 | $4.27 | $16.46 | $7.89 | $6.75 | $8.98 |
| EPS (Diluted) | $-1.19 | $1.53 | $1.24 | $2.22 | $1.47 | $4.24 | $16.39 | $7.87 | $6.74 | $8.97 |
| Shares Outstanding (Diluted) | 233.1 M | 233.9 M | 233.8 M | 221.6 M | 215.2 M | 216.2 M | 204.2 M | 193.8 M | 180.7 M | 162.2 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.66B | $1.87B | $1.99B | $2.22B |
| Gross Profit | $632.0M | $769.0M | $746.0M | $1.15B |
| Operating Income | $580.0M | $678.0M | $640.0M | $1.05B |
| EBITDA | $823.0M | $871.0M | $1.11B | $1.36B |
| Net Income | $353.0M | $404.0M | $615.0M | $727.0M |
| EPS | $2.19 | $2.60 | $3.99 | $4.74 |
| EPS (Diluted) | $2.19 | $2.59 | $3.98 | $4.73 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.16B | $835.0M | $682.0M | $287.0M | $683.0M | $1.63B | $2.32B | $2.03B | $1.61B | $1.98B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $236.0M | $307.0M | $235.0M | $242.0M | $265.0M | $497.0M | $582.0M | $505.0M | $404.0M | $488.0M |
| Inventory | $339.0M | $275.0M | $309.0M | $351.0M | $287.0M | $408.0M | $474.0M | $299.0M | $314.0M | $383.0M |
| Total Current Assets | $2.65B | $1.47B | $1.27B | $974.0M | $1.37B | $2.59B | $3.67B | $3.05B | $2.52B | $2.98B |
| Property, Plant & Equipment | $9.65B | $9.18B | $8.62B | $8.45B | $7.89B | $7.32B | $6.69B | $7.40B | $7.00B | $7.12B |
| Goodwill | $2.35B | $2.37B | $2.35B | $2.37B | $2.37B | $2.09B | $2.09B | $2.50B | $2.49B | $2.49B |
| Intangible Assets | $128.0M | $129.0M | $115.0M | $110.0M | $104.0M | $45.0M | $15.0M | $538.0M | $507.0M | $473.0M |
| Total Assets | $15.13B | $13.46B | $12.66B | $12.17B | $12.02B | $12.38B | $13.31B | $14.38B | $13.47B | $14.09B |
| Accounts Payable | $81.0M | $99.0M | $101.0M | $78.0M | $85.0M | $110.0M | $63.0M | $114.0M | $125.0M | $681.0M |
| Short-term Debt | 0 | 0 | 0 | 0 | $249.0M | 0 | 0 | 0 | 0 | $110.0M |
| Total Current Liabilities | $686.0M | $580.0M | $705.0M | $665.0M | $906.0M | $1.43B | $995.0M | $800.0M | $818.0M | $887.0M |
| Long-term Debt | $5.78B | $4.69B | $4.70B | $3.96B | $3.71B | $3.46B | $2.96B | $2.97B | $2.97B | $3.53B |
| Total Liabilities | $8.64B | $6.78B | $6.93B | $6.54B | $6.42B | $6.34B | $5.46B | $6.00B | $5.87B | $6.31B |
| Retained Earnings | $2.37B | $2.44B | $2.46B | $1.96B | $1.93B | $2.09B | $3.87B | $4.54B | $4.01B | $3.87B |
| Total Equity | $3.35B | $3.58B | $2.96B | $2.90B | $2.92B | $3.21B | $5.05B | $5.72B | $4.99B | $4.84B |
| Total Debt | $5.78B | $4.69B | $4.70B | $4.24B | $4.22B | $3.72B | $3.23B | $3.23B | $3.25B | $3.95B |
| Net Debt | $4.61B | $3.86B | $4.02B | $3.95B | $3.54B | $2.09B | $902.0M | $1.20B | $1.63B | $1.97B |
| Working Capital | $1.97B | $885.0M | $569.0M | $309.0M | $461.0M | $1.16B | $2.68B | $2.25B | $1.70B | $2.10B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.84B | $1.98B | $2.04B | $2.48B |
| Total Assets | $14.20B | $14.09B | $14.61B | $15.10B |
| Total Liabilities | $6.51B | $6.31B | $6.35B | $6.18B |
| Total Equity | $4.85B | $4.84B | $5.34B | $5.75B |
| Total Debt | $3.40B | $3.95B | $3.62B | $3.61B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$158.0M | $450.0M | $428.0M | $646.0M | $432.0M | $1.26B | $3.35B | $1.52B | $1.48B | $1.80B |
| Depreciation & Amortization | $678.0M | $883.0M | $888.0M | $875.0M | $892.0M | $888.0M | $850.0M | $869.0M | $925.0M | $898.0M |
| Stock-based Compensation | $19.0M | $17.0M | $22.0M | $28.0M | $25.0M | $30.0M | $41.0M | $37.0M | $36.0M | $45.0M |
| Change in Working Capital | -$803.0M | $839.0M | $127.0M | -$112.0M | $12.0M | $448.0M | -$1.15B | $192.0M | $20.0M | -$97.0M |
| Operating Cash Flow | $617.0M | $1.63B | $1.50B | $1.50B | $1.23B | $2.87B | $3.86B | $2.76B | $2.27B | $2.75B |
| Capital Expenditure | -$2.21B | -$473.0M | -$422.0M | -$404.0M | -$309.0M | -$524.0M | -$453.0M | -$501.0M | -$518.0M | -$950.0M |
| Acquisitions | $2.81B | $16.0M | -$362.0M | $70.0M | $2.0M | $50.0M | $1.0M | -$1.22B | 0 | 0 |
| Stock Repurchased | 0 | 0 | -$467.0M | -$370.0M | -$100.0M | -$539.0M | -$1.35B | -$580.0M | -$1.51B | -$1.38B |
| Dividends Paid | -$280.0M | -$280.0M | -$280.0M | -$265.0M | -$258.0M | -$260.0M | -$306.0M | -$311.0M | -$364.0M | -$326.0M |
| Free Cash Flow | -$1.59B | $1.16B | $1.07B | $1.10B | $922.0M | $2.35B | $3.41B | $2.26B | $1.75B | $1.80B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $1.06B | $539.0M | $496.0M | $878.0M |
| Capital Expenditure | -$347.0M | -$226.0M | -$223.0M | -$271.0M |
| Free Cash Flow | $717.0M | $313.0M | $273.0M | $607.0M |
| Dividends Paid | -$81.0M | -$78.0M | -$78.0M | -$77.0M |
| Stock-based Compensation | $13.0M | $10.0M | $11.0M | $9.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +12.1% | +7.2% | +3.6% | -10.2% | +58.5% | +71.1% | -40.7% | -10.5% | +19.3% | |
| Net Income Growth (YoY) | +229.2% | -19.0% | +70.0% | -35.7% | +189.3% | +264.9% | -54.4% | -20.1% | +19.5% | |
| EPS Growth (YoY) | +228.6% | -18.3% | +79.2% | -34.1% | +189.1% | +285.9% | -52.1% | -14.4% | +33.0% | |
| Shares Change (YoY) | +0.3% | -0.0% | -5.2% | -2.9% | +0.5% | -5.6% | -5.1% | -6.8% | -10.2% | |
| FCF Growth (YoY) | +172.6% | -7.2% | +2.4% | -16.3% | +154.8% | +45.1% | -33.8% | -22.3% | +2.8% | |
| Gross Margin | 19.3% | 12.6% | 20.5% | 25.8% | 20.2% | 36.1% | 52.7% | 39.9% | 34.6% | 38.5% |
| Operating Margin | 14.6% | 8.0% | 15.7% | 20.6% | 15.2% | 32.7% | 50.1% | 35.5% | 29.4% | 33.4% |
| EBITDA Margin | 17.7% | 26.0% | 37.8% | 41.0% | 37.2% | 40.0% | 56.2% | 49.3% | 47.6% | 46.5% |
| Net Margin | -7.5% | 8.7% | 6.5% | 10.7% | 7.7% | 14.0% | 29.9% | 23.0% | 20.5% | 20.5% |
| FCF Margin | -43.3% | 28.0% | 24.3% | 24.0% | 22.4% | 35.9% | 30.5% | 34.0% | 29.5% | 25.4% |
| Effective Tax Rate | 30.1% | 460.0% | 21.8% | 16.3% | 6.7% | 18.3% | 22.7% | 18.2% | 16.2% | 19.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-6.84 | $4.95 | $4.60 | $4.97 | $4.28 | $10.86 | $16.69 | $11.64 | $9.70 | $11.11 |
| Dividends Per Share | $1.20 | $1.20 | $1.20 | $1.20 | $1.20 | $1.20 | $1.50 | $1.60 | $2.01 | $2.01 |
| Shares Outstanding (Basic) | 232.8 M | 233.5 M | 232.6 M | 220.2 M | 214.9 M | 215.0 M | 203.3 M | 193.3 M | 180.4 M | 162.1 M |
What to look at in Basic Materials
Miners, chemicals, steel. 100% commodity-driven. Analysing them with pure P/E is a mistake — look at cost position and dividend sustainability.
- FCF yield — In commodities FCF is gold — EPS is very misleading
- Gross margin — 5y consistent gross margin = moat signal
- Net debt / EBITDA (trough) — Use EBITDA from the worst year of the cycle, not the current one
- Dividend coverage — Dividend covered by FCF in an average year, not at peak
- Capex / D&A — >1x = maintain/grow reserves. <0.7x = decapitalising
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
- P/B across cycles — Commodities: 0.8-1.2x at troughs, 2x+ at peaks. <2x still reasonable zone
Profitability
| Return on Equity | 40.41% |
| Return on Invested Capital | 16.46% |
| Return on Assets | 13.90% |
| Gross Margin | 42.54% |
| Operating Margin | 38.12% |
| Net Margin | 27.12% |
Financial Health
| Debt / Equity | 0.63 |
| Current Ratio | 4.86 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 2.81 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -26.45 | 27.80 | 34.81 | 21.31 | 26.24 | 16.60 | 5.18 | 10.08 | 12.64 | 8.61 |
| P/B | 2.19 | 2.78 | 3.42 | 3.63 | 2.85 | 4.75 | 3.43 | 2.69 | 3.09 | 2.59 |
| P/S | 1.99 | 2.41 | 2.29 | 2.29 | 2.02 | 2.33 | 1.55 | 2.32 | 2.59 | 1.77 |
| Gross Margin | 19.3% | 12.6% | 20.5% | 25.8% | 20.2% | 36.1% | 52.7% | 39.9% | 34.6% | 38.5% |
| Operating Margin | 14.6% | 8.0% | 15.7% | 20.6% | 15.2% | 32.7% | 50.1% | 35.5% | 29.4% | 33.4% |
| Net Margin | -7.5% | 8.7% | 6.5% | 10.7% | 7.7% | 14.0% | 29.9% | 23.0% | 20.5% | 20.5% |
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Explore sector: Basic Materials · Agricultural Inputs
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