Earnings summaries and quarterly performance for CF Industries Holdings.
Executive leadership at CF Industries Holdings.
WA
W. Anthony Will
Detailed
President and Chief Executive Officer
CEO
AK
Ashraf K. Malik
Detailed
Senior Vice President, Manufacturing and Distribution
BA
Bert A. Frost
Detailed
Executive Vice President, Sales, Market Development, and Supply Chain
CD
Christopher D. Bohn
Detailed
Executive Vice President and Chief Operating Officer
GC
Gregory Cameron
Detailed
Executive Vice President and Chief Financial Officer
LM
Linda M. Dempsey
Detailed
Vice President, Public Affairs
SL
Susan L. Menzel
Detailed
Executive Vice President and Chief Administrative Officer
Board of directors at CF Industries Holdings.
AP
Anne P. Noonan
Detailed
Director
CL
Celso L. White
Detailed
Director
DL
Deborah L. DeHaas
Detailed
Director
JA
Javed Ahmed
Detailed
Director
JM
Jesus Madrazo
Detailed
Director
JW
John W. Eaves
Detailed
Director
MJ
Michael J. Toelle
Detailed
Director
RC
Robert C. Arzbaecher
Detailed
Director
SJ
Stephen J. Hagge
Detailed
Chair of the Board and Lead Independent Director
SA
Susan A. Ellerbusch
Detailed
Director
TE
Theresa E. Wagler
Detailed
Director
Research analysts who have asked questions during CF Industries Holdings earnings calls.
AW
Andrew Wong
RBC Capital Markets
8 questions for CF
Also covers: CCJ, LGO, LXU +3 more
Joel Jackson
BMO Capital Markets
8 questions for CF
Also covers: AGCO, ALB, ALTM +12 more
CP
Christopher Parkinson
Wolfe Research
7 questions for CF
Also covers: ALB, APD, ASH +18 more
LB
Lucas Beaumont
UBS Group AG
7 questions for CF
Also covers: AXTA, FUL, IPI +5 more
ER
Edlain Rodriguez
Mizuho Securities
6 questions for CF
Also covers: ALB, AXTA, BALL +8 more
BT
Benjamin Theurer
Barclays Corporate & Investment Bank
5 questions for CF
Also covers: ADM, BG, BYND +17 more
Kristen Owen
Oppenheimer & Co. Inc.
5 questions for CF
Also covers: , AGCO, AVNT +15 more
Matthew Deyoe
Bank of America
5 questions for CF
Also covers: APD, AXTA, CTVA +12 more
JZ
Jeffrey Zekauskas
JPMorgan Chase & Co.
4 questions for CF
Also covers: ALB, AMCR, APD +31 more
Richard Garchitorena
Wells Fargo
4 questions for CF
Also covers: CTVA, DOW, FMC +2 more
Vincent Andrews
Morgan Stanley
4 questions for CF
Also covers: ALB, APD, AVNT +20 more
Steve Byrne
Bank of America
3 questions for CF
Also covers: ADM, APD, AXTA +19 more
Aron Ceccarelli
Berenberg
2 questions for CF
Also covers: MOS, NTR, PPG +1 more
BT
Ben Theurer
Barclays
2 questions for CF
Also covers: ADM, BG, CX +8 more
DS
David Simmons
BNP Paribas
2 questions for CF
Also covers: MOS, NTR
ER
Edlaine Rodriguez
Mizuho
2 questions for CF
Justin Pellegrino
Morgan Stanley
2 questions for CF
Also covers: CC, NTR, TROX
MS
Mike Sisson
Wells Fargo Securities
2 questions for CF
Also covers: EMN, IFF, NTR +1 more
Andrew Orme
Wolfe Research
1 question for CF
Also covers: CCK
DS
Dmitry Silverstein
Water Tower Research
1 question for CF
Jordan Lee
Goldman Sachs
1 question for CF
Also covers: NTR, SFD
Joshua Spector
UBS
1 question for CF
Also covers: ALB, AMBP, APD +37 more
MM
Mason Manware
Oppenheimer & Co. Inc.
1 question for CF
Also covers: LNN
Recent press releases and 8-K filings for CF.
CF Industries highlights strong 2025 performance and low-carbon ammonia strategy
CF
New Projects/Investments
- 2025 financials: $2.9 billion EBITDA and $1.8 billion free cash flow, with assets running at 97% utilization.
- Global ammonia market remains tight with 200 million tons annual demand, only 15–17 million tons seaborne traded, and spot netbacks at $600–700/ton versus production costs of $120–130/ton at $3 /MMBtu gas.
- Competitive advantage through low-cost U.S. production and integrated logistics (pipeline, barge, terminals) for efficient supply into the Corn Belt.
- Low-carbon ammonia investment: the 1.4 million ton BluePoint complex (60% offtake to Japan, 40% to UK) in partnership with JERA and Mitsui, targeting 95% decarbonization.
- CapEx and gas management: employing fixed-price modular FEED to mitigate construction cost inflation and hedging winter gas costs (Q4 gas at $3.20/MMBtu; Q1 guidance $5–5.50/MMBtu).
3 days ago
CF Industries discusses strong 2025 results and low-carbon ammonia expansion
CF
New Projects/Investments
- CF delivered $2.9 billion EBITDA and $1.8 billion free cash flow in 2025, running assets at 97% utilization.
- The global ammonia market remains structurally tight, with 200 Mt annual demand, only 15–17 Mt seaborne trade, and spot prices of $600–$700/ton versus CF’s cost of $120–$130/ton at $3 MMBtu gas.
- CF’s BluePoint low-carbon ammonia project (1.4 Mt capacity) is 60% contracted to Japan via JERA/Mitsui under a Contract for Difference and uses modular, fixed-price EPC to mitigate CapEx inflation.
- Aggressive gas hedging and basis management yielded roughly $3.20/MMBtu gas cost in Q4 2025, while Q1 2026 hedges target $5.00–$5.50/MMBtu to smooth volatility.
3 days ago
CF Industries highlights strong 2025 performance and low-carbon expansion plans
CF
New Projects/Investments
- 2025 results: $2.9 billion EBITDA and $1.8 billion free cash flow on 97% asset utilization
- Ammonia market is structurally tight with 200 million tonne demand (15–17 MT seaborne), global prices at $600–700/ton versus CF’s cost of $120–130/ton at $3 MMBtu gas, and U.S. logistics (pipeline/barge/terminals) giving Corn Belt access
- BluePoint low-carbon ammonia project (1.4 MT capacity) secured 60% offtake in Japan via JERA/Mitsui CfDs, 40% backstop in UK; modular fixed-price design to mitigate CapEx inflation
- Gas strategy delivered $3.20/MMBtu average cost in Q4 2025 through basis hedges; Q1 2026 gas exposure stands at $5.00–$5.50/MMBtu amid volatility
- Regulatory environment: EU CBAM uncertainty has halted UAN exports to Europe; CF’s low-carbon portfolio is positioned for future compliance
3 days ago
CF Industries reports Q4 2025 results
CF
Earnings
Debt Issuance
Share Buyback
- CF reported Q4 net earnings of $404 M ($2.59/share) and adjusted EBITDA of $821 M; full-year 2025 net earnings were $1.5 B ($8.97/share) and adjusted EBITDA was $2.9 B.
- Produced 10.1 M tons of ammonia in 2025 (97% utilization); forecast ~9.5 M tons in 2026 given the Yazoo City outage.
- November incident at Yazoo City’s ammonium nitrate plant led to a $25 M impairment; no injuries; restart now expected in Q4 2026 with business interruption insurance to offset losses.
- Completed a $1 B senior notes offering; 2026 capex guided at $1.3 B (CF share ~$950 M); returned $1.7 B to shareholders in 2025, including $1.3 B in buybacks and a new $2 B program.
- Blue Point low-carbon ammonia JV achieved FID and all 2025 milestones; civil work to begin in Q1 2026.
Feb 19, 2026, 4:00 PM
CF Industries reports Q4 2025 results
CF
Earnings
Share Buyback
Guidance Update
- CF reported Q4 2025 net earnings of $404 M and adjusted EBITDA of $821 M.
- FY 2025 free cash flow of $1.8 B on $2.8 B of cash from operations; returned $1.7 B to shareholders through dividends and share repurchases.
- Utilized $1.3 B to repurchase 16.6 M shares in 2025, leaving $1.7 B remaining under the $2 B authorization.
- 2026 outlook includes ~9.5 MMT ammonia production, $950 M of CF capex, and long-term mid-cycle targets of $3 B EBITDA and $2 B FCF by 2030.
Feb 19, 2026, 4:00 PM
CF Industries reports Q4 and full-year 2025 results
CF
Earnings
New Projects/Investments
Share Buyback
- CF Industries delivered FY 2025 adjusted EBITDA of $2.9 billion and net earnings of $1.5 billion ($8.97 per diluted share), with Q4 2025 adjusted EBITDA of $821 million and net earnings of $404 million ($2.59 per share).
- Operationally, CF produced 10.1 million tons of gross ammonia in 2025 (97% utilization) but will curtail output to ~9.5 million tons in 2026 due to the Yazoo City incident, with restart now expected in late Q4 2026.
- The Blue Point low-carbon ammonia joint venture (CF’s 40% stake) met all end-of-2025 milestones post-FID and will commence civil construction in Q2 2026.
- CF returned $1.7 billion to shareholders in 2025 via share repurchases (16.6 million shares) and launched a $2 billion buyback program (expires Dec 2029) with $1.7 billion remaining.
- For 2026, CF plans $1.3 billion in consolidated capital expenditures ($950 million CF share) and closed a $1 billion senior notes offering to refinance maturing debt and enhance flexibility.
Feb 19, 2026, 4:00 PM
CF Industries reports Q4 2025 results
CF
Earnings
Debt Issuance
Share Buyback
- CF Industries reported Q4 2025 net earnings of $404 million ($2.59/diluted share), EBITDA of $731 million and adjusted EBITDA of $821 million, after $76 million of impairments related to its Donaldsonville electrolyzer pilot and the Yazoo City incident.
- For full year 2025, CF generated $2.9 billion of adjusted EBITDA, $2.75 billion of net cash from operations and $1.8 billion of free cash flow, returning $1.7 billion to shareholders including $1.3 billion in share repurchases.
- Operations produced 10.1 million tons of gross ammonia in 2025 (97% utilization); due to the Yazoo City outage, CF now expects 9.5 million tons in 2026, with restart not before Q4 2026.
- In Q4, CF completed a $1 billion senior notes offering, outlined $1.3 billion of 2026 capital expenditures (CF share $950 million), and repurchased 4.1 million shares for $340 million, launching a new $2 billion buyback through 2029.
- Its Blue Point low-carbon ammonia JV (with JERA and Mitsui) has hit all post-FID milestones and will commence civil work in Q2 2026, advancing CF’s low-carbon growth strategy.
Feb 19, 2026, 4:00 PM
CF Industries announces Q4 2025 and FY 2025 results
CF
Earnings
Guidance Update
Share Buyback
- FY 2025 net sales rose to $7.084 B and Q4 2025 net sales to $1.872 B, up from $5.936 B and $1.524 B a year ago.
- FY 2025 adjusted EBITDA increased to $2.893 B and Q4 2025 adjusted EBITDA to $821 M, compared with $2.284 B and $562 M in the prior year.
- FY 2025 diluted EPS was $8.97 (Q4 2025: $2.59) versus $6.74 (Q4 2024: $1.89).
- 2026 outlook: gross ammonia production expected at 9.5 MMT; total capital expenditures of $1.3 B, with CF’s share excluding JV funding of $950 M.
- FY 2025 free cash flow was $1.8 B (62% FCF/adj. EBITDA conversion); $1.7 B returned to shareholders and $1.7 B remains under the share repurchase authorization.
Feb 18, 2026, 9:55 PM
CF Industries reports Q4 and full year 2025 results
CF
Earnings
Share Buyback
Guidance Update
- CF Industries reported Q4 2025 net earnings of $404 million, or $2.59 per diluted share, with EBITDA of $731 million and adjusted EBITDA of $821 million.
- For full year 2025, net earnings were $1.46 billion, or $8.97 per share, with adjusted EBITDA of $2.89 billion on net sales of $7.08 billion.
- Returned $1.7 billion to shareholders in 2025 via repurchasing 16.6 million shares for $1.34 billion, reducing the share count by ~10% year-over-year.
- Achieved a recordable incident rate of 0.26 incidents per 200,000 work hours and raised gross ammonia production to 10.1 million tons; 2026 production is guided at ~9.5 million tons due to the Yazoo City outage.
Feb 18, 2026, 9:47 PM
CF Industries launches low-carbon fertilizer pilot with POET and co-operatives
CF
New Projects/Investments
- CF Industries, POET and four agriculture co-operatives (WinField United, NuWay-K&H, New Cooperative, Farmer’s Cooperative) have initiated a low-carbon nitrogen fertilizer supply chain pilot across Iowa, Minnesota, Missouri and Nebraska to lower ethanol feedstock carbon intensity.
- The consortium will track carbon intensity certification from CF’s distribution network to corn growers, with POET planning to convert the corn into 5–6 million gallons of lower-carbon ethanol.
- CF produces low-carbon ammonia at its Donaldsonville Complex by capturing and storing CO₂, with a capacity of 1.9 million tons per year, enough for 19–22 million acres of corn.
Jan 26, 2026, 10:00 PM
Quarterly earnings call transcripts for CF Industries Holdings.
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