CF Industries
Makes ammonia and upgraded nitrogen products for fertilizer, emissions control, and industry.
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Profile
Manufactures ammonia and upgrades it into urea, UAN, ammonium nitrate, and industrial nitrogen products for agriculture, emissions control, explosives, and other uses. A North American-centered production and distribution network pairs natural-gas-based economics with commercial sales of certified low-carbon products.
Produces ammonia and upgrades it into granular urea, UAN, and ammonium nitrate, with diesel exhaust fluid, urea liquor, nitric acid, and aqua ammonia serving industrial users. Core demand comes from nitrogen fertilizer, emissions control, explosives, and other industrial processes.
Runs plants in the United States, Canada, and the United Kingdom, supported by North American storage, transportation, and global export logistics. High plant utilization and the flexibility to sell or upgrade ammonia underpin execution. Carbon capture at Donaldsonville now supports certified low-carbon ammonia and UAN, while the Blue Point joint venture expands the platform. Economics depend on natural-gas costs, global nitrogen supply and demand, crop planting and fertilizer use, environmental permits, and carbon regulation.
Company facts
Key statistics
Year to date +56.9% · Average volume (30d) 2.3M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 10, 2026 | Scotiabank | Reiterate | Outperform | $125 | $130 | |
| Aug 7, 2026 | UBS | Reiterate | Neutral | $97 | $123 | |
| Jul 24, 2026 | CIBC | Reiterate | Neutral | $128 | $129 | |
| Jul 7, 2026 | Morgan Stanley | Reiterate | Equal Weight | $135 | $115 | |
| Jun 30, 2026 | Scotiabank | Upgrade | Sector Perform | Outperform | $120 | $125 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $5.63 | $4.73 | −16.0% | $2.45B | $2.22B | −9.3% | +0.02% |
| May 6, 2026Q1 FY26 | $2.63 | $2.89 | +9.9% | $1.84B | $1.99B | +8.0% | −0.90% |
| Feb 18, 2026Q4 FY25 | $2.43 | $2.99 | +23.0% | $1.78B | $1.87B | +5.0% | +3.80% |
| Nov 5, 2025Q3 FY25 | $2.16 | $2.19 | +1.4% | $1.67B | $1.66B | −0.5% | −4.23% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.66B | $1.89B | $1.66B | $1.87B | $1.99B | $2.22B | |
| Gross profit | $677.0M | $846.0M | $632.0M | $769.0M | $746.0M | $1.15B | |
| Operating income | $593.0M | $745.0M | $580.0M | $678.0M | $640.0M | $1.05B | |
| Net income | $312.0M | $386.0M | $353.0M | $404.0M | $615.0M | $727.0M | |
| Diluted EPS | $1.85 | $2.37 | $2.19 | $2.59 | $3.98 | $4.73 | |
| Gross margin | 40.7% | 44.8% | 38.1% | 41.1% | 37.6% | 51.5% | |
| Operating margin | 35.7% | 39.4% | 35.0% | 36.2% | 32.2% | 47.3% |
Fiscal years (4-quarter sums)FY21 $6.54B · FY22 $11.19B · FY23 $6.63B · FY24 $5.94B · FY25 $7.08B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $2.48B · Total debt $3.61B · Total assets $15.10B · Shareholders' equity $5.75B
Dividends
Raised for 19 straight years — most recently to $0.60 from $0.50 in Aug 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 14, 2026 | Aug 14 | Aug 31 | $0.60 | raised from $0.50 |
| May 15, 2026 | May 15 | May 29 | $0.50 | |
| Feb 13, 2026 | Feb 13 | Feb 27 | $0.50 | |
| Nov 14, 2025 | Nov 14 | Nov 28 | $0.50 | |
| Aug 15, 2025 | Aug 15 | Aug 29 | $0.50 | |
| May 15, 2025 | May 15 | May 30 | $0.50 | |
| Feb 14, 2025 | Feb 14 | Feb 28 | $0.50 | |
| Nov 15, 2024 | Nov 15 | Nov 29 | $0.50 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 153.63M · Float 152.55M · 99.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 13.03M | 8.48% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 10.04M | 6.54% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 8.53M | 5.55% | 13F | Aug 13, 2026 |
| State Street Corp | 8.53M | 5.55% | 13F | Aug 7, 2026 |
| T. Rowe Price Associates, Inc. | 8.52M | 5.50% | 13G | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Mar 17, 2026 | Bert A. Frost | officer: EVP, Chief Commercial Officer | −6,000 | $126.00 |
| Mar 17, 2026 | Richard A. Hoker | officer: VP and Corporate Controller | −3,499 | $125.38 |
| Mar 17, 2026 | Erik M. Mayer | officer: VP, Clean Energy & BusDevelop | −1,500 | $124.69 |
| Mar 13, 2026 | W. Anthony Will | director, other: Former President & CEO | −53,026 | $130.83 |
| Mar 11, 2026 | W. Anthony Will | director, other: Former President & CEO | −28,625 | $118.64 |
Peers
- Nutrien
Major nitrogen producer with crop-input distribution reach
- LSB Industries
US nitrogen chemicals producer in ammonia, UAN, and AN
- CVR Partners
Pure-play US ammonia and UAN producer
- Mosaic
Broad crop nutrient peer with phosphate and potash focus
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| CF Industries | $125.55 | −0.16% | $19.32B | 9.3 | 9.6 | 2.5 | +17.6% |
| Nutrien | $73.84 | +0.44% | $35.29B | 14.9 | 13.7 | 1.3 | +0.3% |
| LSB Industries | $10.39 | +0.10% | $747.4M | 20.8 | 9.7 | 1.1 | +11.1% |
| CVR Partners | $125.28 | −0.33% | $1.32B | 8.3 | — | 2.0 | +20.0% |
| Mosaic | $23.71 | +0.38% | $7.50B | 124.2 | 25.5 | 0.6 | −6.0% |
| Median | 17.9 | 13.7 | 1.2 | +5.7% |