CF Industries Holdings, Inc. is a global manufacturer and distributor of agricultural fertilizers and nitrogen products. Headquartered in Illinois, the company primarily produces ammonia, granular urea, urea ammonium nitrate (UAN), and ammonium nitrate for agricultural and industrial applications. It operates large-scale manufacturing complexes across the United States, Canada, and the United Kingdom.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
7,084,000
5,936,000
6,631,000
11,186,000
Cost of Sales
4,360,000
3,880,000
4,086,000
5,325,000
Gross Profit
2,724,000
2,056,000
2,545,000
5,861,000
Selling, General & Administrative Expenses
364,000
320,000
289,000
290,000
Other Operating Expenses
60,000
(14,000)
26,000
174,000
Operating Profit
2,300,000
1,746,000
2,230,000
5,397,000
Interest and Investment Income
81,000
123,000
158,000
65,000
Interest Expense
(155,000)
(121,000)
(150,000)
(344,000)
Non-Operating Income
13,000
14,000
10,000
(23,000)
Total Non-Operating Income
(61,000)
16,000
18,000
(302,000)
Income Before Provision for Income Taxes
2,239,000
1,762,000
2,248,000
5,095,000
Provision for Income Taxes
441,000
285,000
410,000
1,158,000
Consolidated Net Income
1,798,000
1,477,000
1,838,000
3,937,000
Net Income Attributable to Minority Interests and Other
343,000
259,000
313,000
591,000
Net Income Attributable to Common Shareholders
1,455,000
1,218,000
1,525,000
3,346,000
Basic EPS
8.98
6.75
7.89
16.45
Diluted EPS
8.97
6.74
7.87
16.38
Basic Weighted Average Shares Outstanding
162,100
180,400
193,300
203,300
Diluted Weighted Average Shares Outstanding
162,200
180,700
193,800
204,200
Shares Outstanding
153,552
169,883
188,188
195,604
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
1,982,000
1,614,000
2,032,000
2,323,000
Total Cash and Cash Equivalents
1,982,000
1,614,000
2,032,000
2,323,000
Accounts Receivable
488,000
404,000
505,000
582,000
Total Trade Receivables
488,000
404,000
505,000
582,000
Inventories
383,000
314,000
299,000
474,000
Other Current Assets
132,000
188,000
214,000
294,000
Total Current Assets
2,985,000
2,520,000
3,050,000
3,673,000
Net Property, Plant & Equipment
7,125,000
7,001,000
7,400,000
6,691,000
Net Intangible Assets
473,000
507,000
538,000
15,000
Goodwill
2,493,000
2,492,000
2,495,000
2,089,000
Long-Term Investments
32,000
29,000
26,000
74,000
Other Long-Term Assets
980,000
917,000
867,000
771,000
Total Assets
14,088,000
13,466,000
14,376,000
13,313,000
Accounts Payable
681,000
603,000
520,000
575,000
Current Portion of Leases
110,000
86,000
96,000
93,000
Unearned Revenue
77,000
118,000
130,000
229,000
Other Current Liabilities
19,000
11,000
54,000
98,000
Total Current Liabilities
887,000
818,000
800,000
995,000
Long-Term Debt
3,215,000
2,971,000
2,968,000
2,965,000
Leases
311,000
189,000
168,000
167,000
Other Long-Term Liabilities
1,900,000
1,896,000
2,067,000
1,333,000
Total Long-Term Liabilities
5,426,000
5,056,000
5,203,000
4,465,000
Total Liabilities
6,313,000
5,874,000
6,003,000
5,460,000
Preferred Stock
2,000
2,000
—
—
Common Stock
—
—
2,000
2,000
Treasury Stock
—
(30,000)
—
—
Additional Paid-in Capital
1,197,000
1,284,000
1,389,000
1,412,000
Accumulated Other Comprehensive Income
(235,000)
(280,000)
(209,000)
(230,000)
Retained Earnings
3,874,000
4,009,000
4,535,000
3,867,000
Total Common Shareholders' Equity
4,838,000
4,985,000
5,717,000
5,051,000
Minority Interests and Other
2,937,000
2,607,000
2,656,000
2,802,000
Total Shareholders' Equity
7,775,000
7,592,000
8,373,000
7,853,000
Total Liabilities and Shareholders' Equity
14,088,000
13,466,000
14,376,000
13,313,000
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
1,798,000
1,477,000
1,838,000
3,937,000
Depreciation & Amortization
898,000
925,000
869,000
850,000
Share-Based Compensation Expense
45,000
36,000
37,000
41,000
Other Adjustments
151,000
(187,000)
10,000
179,000
Changes in Trade Receivables
(98,000)
77,000
100,000
(110,000)
Changes in Inventories
(88,000)
(28,000)
152,000
(93,000)
Changes in Accounts Payable
72,000
44,000
(88,000)
1,000
Changes in Income Taxes Payable
38,000
1,000
(44,000)
(227,000)
Changes in Unearned Revenue
(41,000)
(11,000)
(100,000)
(471,000)
Changes in Other Operating Activities
20,000
(63,000)
(60,000)
(252,000)
Cash from Operating Activities
2,752,000
2,271,000
2,757,000
3,855,000
Capital Expenditure
(950,000)
(518,000)
(499,000)
(453,000)
Proceeds from Sale of Property, Plant & Equipment
10,000
3,000
1,000
1,000
Purchases of Investments
—
—
—
(1,000)
Proceeds from Sale of Investments
—
—
—
1,000
Payments for Business Acquisitions
—
2,000
(1,223,000)
—
Other Investing Activities
7,000
44,000
42,000
12,000
Cash from Investing Activities
(933,000)
(469,000)
(1,679,000)
(440,000)
Repayments of Short-Term Debt
(754,000)
—
—
—
Net Issuance / (Repayments) of Short-Term Debt
(754,000)
—
—
—
Issuance of Long-Term Debt
999,000
—
—
—
Repayments of Long-Term Debt
—
—
—
(507,000)
Net Issuance / (Repayments) of Long-Term Debt
999,000
—
—
(507,000)
Issuance of Common Shares
1,000
2,000
2,000
106,000
Repurchases of Common Shares
(1,379,000)
(1,535,000)
(602,000)
(1,370,000)
Net Issuance / (Repurchases) of Common Shares
(1,378,000)
(1,533,000)
(600,000)
(1,264,000)
Common Share Dividends Paid
(326,000)
(364,000)
(311,000)
(306,000)
Other Financing Activities
(25,000)
(310,000)
(459,000)
(623,000)
Cash from Financing Activities
(1,484,000)
(2,205,000)
(1,372,000)
(2,700,000)
Effect of Exchange Rate Changes on Cash and Cash Equivalents
33,000
(15,000)
3,000
(20,000)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash