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CF Industries Holdings, Inc., together with its subsidiaries, engages in the production of ammonia in North America, Europe, and internationally. It operates through Ammonia, Granular Urea, UAN, AN, and Other segments. The company offers ammonia products; nitrogen products, such as granular urea, urea ammonium nitrate solution, and ammonium nitrate; diesel exhaust fluid, urea liquor, and nitric acid products. It serves cooperatives, retailers, independent fertilizer distributors, traders, wholesalers, and industrial users. The company was founded in 1946 and is headquartered in Northbrook, Illinois.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $7.1B | $3.3B | $1.5B | $1.8B | 30.1% | 19.3% | 19.5% |
| 2024 | $5.9B | $2.8B | $1.2B | $1.8B | 24.4% | -10.5% | -20.1% |
| 2023 | $6.6B | $3.3B | $1.5B | $1.0B | 26.7% | -40.7% | -54.4% |
| 2022 | $11.2B | $6.3B | $3.3B | $3.4B | 66.2% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 11,186 | 6,631 | 5,936 | 7,084 |
| Operating Revenue | - | 11,186 | 6,631 | 5,936 | 7,084 |
| Cost Of Revenue | - | 5,325 | 4,086 | 3,880 | 4,360 |
| Gross Profit | - | 5,861 | 2,545 | 2,056 | 2,724 |
| Operating Expense | - | 290 | 293 | 345 | 349 |
| Selling General And Administration | - | 290 | 289 | 320 | 364 |
| Total Expenses | - | 5,615 | 4,379 | 4,225 | 4,709 |
| Operating Income | - | 5,571 | 2,252 | 1,711 | 2,375 |
| Total Operating Income As Reported | - | 5,397 | 2,230 | 1,746 | 2,300 |
| EBITDA | - | 6,281 | 3,261 | 2,826 | 3,282 |
| Normalized EBITDA | - | 6,557 | 3,275 | 2,795 | 3,377 |
| EBIT | - | 5,431 | 2,392 | 1,901 | 2,384 |
| Interest Income | - | 65 | 160 | 150 | 81 |
| Interest Expense | - | 336 | 144 | 139 | 145 |
| Net Interest Income | - | -279 | 8 | 2 | -74 |
| Other Non Operating Income Expenses | - | -15 | 10 | 14 | 19 |
| Other Income Expense | - | -197 | -12 | 49 | -62 |
| Interest Income Non Operating | - | 65 | 160 | 150 | 81 |
| Interest Expense Non Operating | - | 336 | 144 | 139 | 145 |
| Net Non Operating Interest Income Expense | - | -279 | 8 | 2 | -74 |
| Pretax Income | - | 5,095 | 2,248 | 1,762 | 2,239 |
| Tax Provision | - | 1,158 | 410 | 285 | 441 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -62.65 | -2.55 | 5.01 | -18.72 |
| Net Income Continuous Operations | - | 3,937 | 1,838 | 1,477 | 1,798 |
| Net Income From Continuing And Discontinued Operation | - | 3,346 | 1,525 | 1,218 | 1,455 |
| Net Income From Continuing Operation Net Minority Interest | - | 3,346 | 1,525 | 1,218 | 1,455 |
| Net Income | - | 3,346 | 1,525 | 1,218 | 1,455 |
| Net Income Common Stockholders | - | 3,346 | 1,525 | 1,218 | 1,455 |
| Net Income Including Noncontrolling Interests | - | 3,937 | 1,838 | 1,477 | 1,798 |
| Normalized Income | - | 3,559.35 | 1,536.45 | 1,192.01 | 1,531.28 |
| Diluted NI Availto Com Stockholders | - | 3,346 | 1,525 | 1,218 | 1,455 |
| Basic Average Shares | - | 203.30 | 193.30 | 180.40 | 162.10 |
| Diluted Average Shares | - | 204.20 | 193.80 | 180.70 | 162.20 |
| Reconciled Depreciation | - | 850 | 869 | 925 | 898 |
| Reconciled Cost Of Revenue | - | 5,325 | 4,086 | 3,880 | 4,360 |
| Total Unusual Items | - | -276 | -14 | 31 | -95 |
| Total Unusual Items Excluding Goodwill | - | -276 | -14 | 31 | -95 |
| Minority Interests | - | -591 | -313 | -259 | -343 |
| Special Income Charges | - | -262 | -14 | 31 | -100 |
| Other Special Charges | 19 | 8 | - | - | 6 |
| Impairment Of Capital Assets | - | 239 | 0 | 0 | 76 |
| Restructuring And Mergern Acquisition | - | 19 | 49 | 4 | 23 |
| Gain On Sale Of Security | -7 | -14 | - | - | 5 |
| General And Administrative Expense | - | 290 | 289 | 320 | 364 |
| Other Gand A | - | 290 | 289 | 320 | 364 |
| Gain On Sale Of Ppe | - | 4 | 35 | 35 | 5 |
| Total Other Finance Cost | - | 8 | 8 | 9 | 10 |
| Other Operating Expenses | -20 | - | 4 | 25 | 27 |
| Earnings From Equity Interest | - | 94 | -8 | 4 | 14 |
| Other Taxes | - | - | 0 | 0 | -42 |
Basic Materials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| CF Industries Holdings, Inc.this co. | CF | $18.1B | 12.41↓ discount | 3.73 | 30.1% | 6.01 |
| Vulcan Materials Company | VMC | $36.7B | 34.11 | 4.31 | 12.6% | 17.57 |
| Martin Marietta Materials, Inc. | MLM | $34.9B | 30.68 | 3.48 | 11.3% | 19.36 |
| Dow Inc. | DOW | $25.1B | -9.56 | 1.57 | -16.4% | 34.39 |
| PPG Industries, Inc. | PPG |
| - |
| - |
| - |
| - |
| - |
| - |
| $25.0B |
| 15.83 |
| 3.14 |
| 19.8% |
| 10.91 |
| LyondellBasell Industries N.V. | LYB | $21.4B | - | 2.12 | -7.5% | 28.02 |
| Albemarle Corporation | ALB | $19.5B | - | 2.05 | -7.1% | 67.51 |
| DuPont de Nemours, Inc. | DD | $19.3B | -24.78 | 1.39 | -5.6% | 18.78 |
| International Flavors & Fragrances Inc. | IFF | $18.7B | - | 1.32 | -2.6% | 31.74 |
| Peer Median | - | 15.83 | 2.08 | -4.1% | 23.69 | |