CF Industries Holdings, Inc. (CF) Income Statement
CF 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCF revenue and net income
Where CF's revenue goes
2025Each bar shows an amount and its share of revenue. CF kept 20.5% of revenue as net income.
CF profit margins
CF growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +19.3% | −14.1% | +11.4% | +5.1% |
| Gross profit | +32.5% | −22.7% | +26.7% | +4.0% |
| Operating income | +35.5% | −25.0% | +30.4% | +3.6% |
| Net income | +19.5% | −24.2% | +35.6% | +7.6% |
| EPS (diluted) | +43.2% | −17.0% | +42.8% | +9.6% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CF quarterly EPS vs estimates
CF Industries beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 4, 2026 (estimate $3.02).
CF income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.08B | $5.94B | $6.63B | $11.19B | $6.54B | $4.12B | $4.59B | $4.43B | $4.13B | $3.69B |
| Cost of revenue | $4.36B | $3.88B | $3.99B | $5.29B | $4.18B | $3.29B | $3.41B | $3.52B | $3.61B | $2.97B |
| Gross profit | $2.72B | $2.06B | $2.65B | $5.89B | $2.36B | $834.0M | $1.18B | $906.0M | $521.0M | $713.0M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $364.0M | $320.0M | $289.0M | $290.0M | $223.0M | $206.0M | $239.0M | $214.0M | $192.0M | $174.0M |
| Total operating expenses | $364.0M | $310.0M | $289.0M | $290.0M | $223.0M | $206.0M | $239.0M | $212.0M | $191.0M | $174.0M |
| Operating income | $2.37B | $1.75B | $2.36B | $5.60B | $2.14B | $628.0M | $945.0M | $694.0M | $330.0M | $539.0M |
| Interest income | $74.0M | $150.0M | $124.0M | $65.0M | $183.0M | $161.0M | $20.0M | $13.0M | $12.0M | $5.0M |
| Interest expense | $155.0M | $121.0M | $150.0M | $344.0M | $184.0M | $179.0M | $237.0M | $241.0M | $315.0M | $200.0M |
| Income before taxes | $2.24B | $1.76B | $2.25B | $5.09B | $1.54B | $463.0M | $772.0M | $547.0M | −$125.0M | −$226.0M |
| Income taxes | $441.0M | $285.0M | $410.0M | $1.16B | $283.0M | $31.0M | $126.0M | $119.0M | −$575.0M | −$68.0M |
| Net income | $1.46B | $1.22B | $1.52B | $3.35B | $917.0M | $317.0M | $493.0M | $290.0M | $358.0M | −$277.0M |
| EBITDA | $3.29B | $2.83B | $3.27B | $6.29B | $2.61B | $1.53B | $1.87B | $1.66B | $1.05B | $588.0M |
| EPS (diluted) | $9.55 | $6.67 | $7.98 | $16.72 | $5.80 | $1.61 | $1.92 | $1.19 | −$0.35 | $0.47 |
| Gross margin | 38.5% | 34.6% | 39.9% | 52.7% | 36.1% | 20.2% | 25.8% | 20.5% | 12.6% | 19.3% |
| Operating margin | 33.4% | 29.4% | 35.5% | 50.1% | 32.7% | 15.2% | 20.6% | 15.7% | 8.0% | 14.6% |
| Net margin | 20.5% | 20.5% | 23.0% | 29.9% | 14.0% | 7.7% | 10.7% | 6.5% | 8.7% | −7.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.22B | $1.99B | $1.87B | $1.66B | $1.89B | $1.66B | $1.52B | $1.37B | $1.57B | $1.47B | $1.57B | $1.27B |
| Cost of revenue | $1.08B | $1.24B | $1.10B | $1.03B | $1.04B | $986.0M | $1.00B | $924.0M | $893.0M | $1.06B | $1.02B | $888.0M |
| Gross profit | $1.15B | $746.0M | $769.0M | $632.0M | $846.0M | $677.0M | $523.0M | $446.0M | $679.0M | $413.0M | $547.0M | $385.0M |
| Sales, general & admin | $89.0M | $103.0M | $91.0M | $88.0M | $101.0M | $84.0M | $78.0M | $78.0M | $76.0M | $88.0M | $76.0M | $68.0M |
| Total operating expenses | $93.0M | $103.0M | $91.0M | $52.0M | $101.0M | $84.0M | $78.0M | $78.0M | $76.0M | $88.0M | $76.0M | $68.0M |
| Operating income | $1.05B | $640.0M | $678.0M | $580.0M | $745.0M | $593.0M | $445.0M | $368.0M | $603.0M | $325.0M | $471.0M | $317.0M |
| Interest income | $26.0M | $20.0M | $17.0M | $23.0M | $17.0M | $17.0M | $23.0M | $69.0M | $28.0M | $30.0M | $45.0M | $45.0M |
| Interest expense | $50.0M | $39.0M | $41.0M | $41.0M | $36.0M | $37.0M | $47.0M | $34.0M | $37.0M | $37.0M | $35.0M | $39.0M |
| Income before taxes | $1.09B | $844.0M | $602.0M | $565.0M | $635.0M | $437.0M | $433.0M | $400.0M | $629.0M | $300.0M | $436.0M | $253.0M |
| Income taxes | $224.0M | $168.0M | $107.0M | $105.0M | $143.0M | $86.0M | $41.0M | $59.0M | $123.0M | $62.0M | $84.0M | $23.0M |
| Net income | $727.0M | $615.0M | $404.0M | $353.0M | $386.0M | $312.0M | $328.0M | $276.0M | $420.0M | $194.0M | $274.0M | $164.0M |
| EBITDA | $1.36B | $1.11B | $871.0M | $823.0M | $903.0M | $695.0M | $701.0M | $629.0M | $888.0M | $590.0M | $700.0M | $505.0M |
| EPS (diluted) | $4.73 | $2.89 | $2.99 | $2.19 | $2.39 | $1.98 | $1.79 | $1.55 | $2.30 | $1.03 | $1.58 | $1.14 |
| Gross margin | 51.5% | 37.6% | 41.1% | 38.1% | 44.8% | 40.7% | 34.3% | 32.6% | 43.2% | 28.1% | 34.8% | 30.2% |
| Operating margin | 47.3% | 32.2% | 36.2% | 35.0% | 39.4% | 35.7% | 29.2% | 26.9% | 38.4% | 22.1% | 30.0% | 24.9% |
| Net margin | 32.7% | 31.0% | 21.6% | 21.3% | 20.4% | 18.8% | 21.5% | 20.1% | 26.7% | 13.2% | 17.4% | 12.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CF's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CF financial results
In fiscal year 2025 (ended December 31, 2025), CF Industries reported revenue of $7.1 billion, up 19.3% from the year before. It had net income of $1.5 billion (up 19.5%), a net profit margin of 20.5%. Diluted earnings per share came to $9.55. Over five years revenue grew at an average rate of 11.4% a year.
See the CF stock overview for the latest quote and news, or the CF chart for price history and technical indicators.
CF income statement FAQ
What is CF Industries's annual revenue?
CF Industries reported total revenue of $7.1 billion for fiscal year 2025, which ended on December 31, 2025. That was up 19.3% from $5.9 billion the previous year.
Is CF Industries profitable?
Yes. CF Industries reported net income of $1.5 billion in fiscal 2025, a net profit margin of 20.5%; its operating margin was 33.4%.
What is CF Industries's gross margin?
CF Industries's gross margin was 38.5% in fiscal 2025: for every $100 of revenue, CF Industries kept $38 after the direct cost of its products and services.
How fast is CF Industries growing?
Revenue grew 11.4% a year on average over the last five fiscal years, from $4.1 billion to $7.1 billion.
What are CF Industries's earnings per share?
CF Industries earned $9.55 per diluted share in fiscal 2025, compared with $6.67 a year earlier.
When will CF Industries report its next earnings?
CF Industries is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does CF Industries's fiscal year end?
CF Industries's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.