CF Industries (CF) financial statements
CF Industries reported revenue of $7.1B in fiscal 2025, up 7.5% a year over 9 years.
Net income was $1.5B and the operating margin 32.5%, against 3.7% in 2016.
Free cash flow was $1.8B, and the company returned $326M in dividends and $1.4B in net buybacks.
The diluted share count fell 30% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from CF Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.7B | $4.1B | $4.4B | $4.6B | $4.1B | $6.5B | $11.2B | $6.6B | $5.9B | $7.1B |
| Cost of revenue | $2.8B | $3.7B | $3.5B | $3.4B | $3.3B | $4.2B | $5.3B | $4.1B | $3.9B | $4.4B |
| Gross profit | $843M | $434M | $917M | $1.2B | $801M | $2.4B | $5.9B | $2.5B | $2.1B | $2.7B |
| Selling, general and admin | $173M | $191M | $214M | $239M | $206M | $223M | $290M | $289M | $320M | $364M |
| Operating income | $138M | $234M | $766M | $1.0B | $623M | $1.7B | $5.4B | $2.2B | $1.7B | $2.3B |
| Interest expense | $200M | $315M | $241M | $237M | $179M | $184M | $344M | $150M | $121M | $155M |
| Pre-tax income | -$226M | -$125M | $547M | $772M | $463M | $1.5B | $5.1B | $2.2B | $1.8B | $2.2B |
| Income tax | -$68M | -$575M | $119M | $126M | $31M | $283M | $1.2B | $410M | $285M | $441M |
| Net income | -$277M | $358M | $290M | $493M | $317M | $917M | $3.3B | $1.5B | $1.2B | $1.5B |
| EPS (diluted) | -$1.19 | $1.53 | $1.24 | $2.23 | $1.47 | $4.24 | $16.38 | $7.87 | $6.74 | $8.97 |
| Diluted shares | 233M | 234M | 234M | 222M | 215M | 216M | 204M | 194M | 181M | 162M |
| Gross margin | 22.9% | 10.5% | 20.7% | 25.6% | 19.4% | 36.5% | 52.4% | 38.4% | 34.6% | 38.5% |
| Operating margin | 3.7% | 5.7% | 17.3% | 21.9% | 15.1% | 26.4% | 48.2% | 33.6% | 29.4% | 32.5% |
| Net margin | -7.5% | 8.7% | 6.5% | 10.7% | 7.7% | 14.0% | 29.9% | 23.0% | 20.5% | 20.5% |
Balance sheet
Fiscal years, from CF Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.2B | $835M | $682M | $287M | $108M | $121M | $153M | $208M | $168M | $629M |
| Receivables | $236M | $307M | $235M | $242M | $265M | $497M | $582M | $505M | $404M | $488M |
| Inventory | $339M | $275M | $309M | $351M | $287M | $408M | $474M | $299M | $314M | $383M |
| Total current assets | $2.7B | $1.5B | $1.3B | $974M | $1.4B | $2.6B | $3.7B | $3.0B | $2.5B | $3.0B |
| Property, plant and equipment | $9.7B | $9.2B | $8.6B | $8.2B | $7.6B | $7.1B | $6.4B | $7.1B | $6.7B | $6.7B |
| Goodwill | $2.3B | $2.4B | $2.4B | $2.4B | $2.4B | $2.1B | $2.1B | $2.5B | $2.5B | $2.5B |
| Total assets | $15.1B | $13.5B | $12.7B | $12.2B | $12.0B | $12.4B | $13.3B | $14.4B | $13.5B | $14.1B |
| Total current liabilities | $686M | $580M | $705M | $665M | $906M | $1.4B | $995M | $800M | $818M | $887M |
| Long-term debt | $5.8B | $4.7B | $4.7B | $4.0B | $3.7B | $3.5B | $3.0B | $3.0B | $3.0B | $3.2B |
| Total liabilities | $8.6B | $6.8B | $6.9B | $6.5B | $6.4B | $6.3B | $5.5B | $6.0B | $5.9B | $6.3B |
| Shareholders' equity | $3.3B | $3.6B | $3.0B | $2.9B | $2.9B | $3.2B | $5.1B | $5.7B | $5.0B | $4.8B |
| Net debt | $4.6B | $3.9B | $4.0B | $3.7B | $3.9B | $3.3B | $2.8B | $2.8B | $2.8B | $2.6B |
Cash flow
Fiscal years, from CF Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $617M | $1.6B | $1.5B | $1.5B | $1.2B | $2.9B | $3.9B | $2.8B | $2.3B | $2.8B |
| Capital spending | $2.2B | $473M | $422M | $404M | $309M | $514M | $453M | $499M | $518M | $950M |
| Free cash flow | -$1.6B | $1.2B | $1.1B | $1.1B | $922M | $2.4B | $3.4B | $2.3B | $1.8B | $1.8B |
| Stock-based compensation | $19M | $17M | $22M | $28M | $25M | $30M | $41M | $37M | $36M | $45M |
| Dividends paid | $280M | $280M | $280M | $265M | $258M | $260M | $306M | $311M | $364M | $326M |
| Share buybacks (net) | $0 | $0 | -$467M | -$370M | -$100M | -$539M | -$1.3B | -$580M | -$1.5B | -$1.4B |
| Net borrowing | $74M | -$1.1B | $0 | -$769M | $0 | -$518M | -$507M | $0 | $0 | $999M |
| Free cash flow margin | -43.3% | 28.0% | 24.3% | 24.0% | 22.4% | 36.1% | 30.4% | 34.1% | 29.5% | 25.4% |
| Dividends per share | $1.20 | $1.20 | $1.20 | $1.20 | $1.20 | $1.20 | $1.50 | $1.60 | $2.01 | $2.01 |
Questions
What was CF Industries's revenue in 2025?
$7.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does CF Industries generate?
$1.8B in fiscal 2025 (operating cash flow minus capital spending).
From CF Industries's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.