# CF Industries Holdings Inc. (CF) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/CF/thesis · /stocks/CF/memo

## Financial Snapshot

---
ticker: CF
step: 04
generated: 2026-05-12
source: quick-research
---

### CF Industries Holdings, Inc. (CF) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $11.19B | $6.63B | $5.94B | -10.5% |
| Net Income | $3.35B | $1.53B | $1.22B | -20.3% |
| EPS (diluted) | $16.46 | $7.89 | $6.75 | -14.5% |
| Adj. EBITDA | $5.88B | $2.76B | $2.28B | -17.4% |

*FY2022 was an extraordinary year — Russian invasion of Ukraine sent nitrogen prices to all-time highs, driving record profitability. FY2023 and FY2024 reflect price normalization as global supply recovered. FY2025 showed recovery: net income $1.46B (+19% YoY), adjusted EBITDA ~$2.85B, on net sales of $7.08B.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Adj. EBITDA (FY2024) | $2.28B |
| Gross Ammonia Production | ~9.8M tons |
| Capital Expenditures | ~$600M |
| Cash & Equivalents | ~$2.3B |
| Total Debt | ~$3.0B |
| Net Debt | ~$0.7B (low leverage) |

*CF's balance sheet is conservatively levered, with substantial cash position enabling aggressive buybacks and the $4B low-carbon ammonia FID. FCF generation is strong even at trough nitrogen prices due to low net debt and U.S. natural gas cost advantage.*

#### Key Ratios (approximate)
- P/E (FY2024): ~10x | EV/EBITDA: ~7x | ROIC: ~29%
- FCF Yield: ~8–10% (at trough pricing)
- Adj. EBITDA Margin: ~38% (FY2024)
- Operating Margin (FY2025): ~31.8%

#### Growth Profile
CF's revenues are highly cyclical with nitrogen fertilizer prices. FY2022 was a generational peak; FY2023–FY2024 normalized significantly. FY2025 recovery was driven by stronger ammonia/urea pricing and capacity utilization improvement. The $4B low-carbon ammonia project (Louisiana, production starting 2029) represents the next structural growth leg as the company positions for the premium green ammonia market.

#### Forward Estimates
- FY2026 EPS: ~$7–8 range (consensus; variable with nitrogen prices)
- Low-carbon ammonia facility commissioning: 2029 (~3M tons capacity at premium pricing)
- Nitrogen price outlook: Supported by Russian supply restrictions (~15% below pre-war) and Chinese urea export quotas

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/CF/fundamental

## Navigation

- Overview: /stocks/CF
- Financials (this page): /stocks/CF/financials
- Thesis: /stocks/CF/thesis
- Investment Memo: /stocks/CF/memo
- Coverage universe: /stocks