Jun 2026 (Q2 FY26) — Aug 6, 2026
CF Industries Q2 FY26 — Strong Operational Performance and Elevated Mid-Cycle Earnings
Read the full callCF Industries (CF) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
CF Industries earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,222 | +17.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 50.5 | +16.2 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | Quarterly, as filed | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. |
Guidance
What management said, and what became of it
7 of 7 judged targets kept · 13 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| CO2 sequestered at Donaldsonville | just under 1.5 million tons | Dec 2025 | this year, we do expect the overall CO2 to be lower throughout the Donaldsonville facility, primarily because of the turnarounds that took place there. | Diluted |
| Base Capital Expenditures | $550 million | Sep 2025 | Looking ahead, we continue to project approximately $1.3 billion of capital expenditures in 2026, of which CF Industries' portion is approximately $950 million. | On Track |
13 of CF Industries Holdings, Inc.'s 20 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 18 more targets are in the full ledger.
Claimed
- Adjusted EBITDA of $2.2 billion for H1 2026, reflecting strong operational performance and tight global nitrogen supply-demand balance.
- Achieved a trailing 12-month incident rate of 0.16 incidents per 200,000 hours worked, well below industry averages.
- Operated available ammonia capacity at nearly 98% in H1 2026, meeting North American demand.
- Raised mid-cycle EBITDA expectations to $2.9 billion and free cash flow to $1.7 billion, with a target of $3.3 billion by 2030.
- Increased quarterly dividend by 20% to $0.60 per share and repurchased 10.6 million shares for $958 million in the last 12 months.
Qualified
- Yazoo City complex to resume operations in H1 2027, pushed back from late 2026 due to extended procurement timelines for electrical gear.
- Global nitrogen market views EBITDA and free cash flow growth primarily through the lens of short-term geopolitical friction, missing structural shifts.
- Fixed costs were up about $75 million in Q2, driven by $10 million in distribution/logistics and $60 million split between higher purchased ammonia costs and fixed cost absorption due to Yazoo City being down.
Price
$118.51 −1.94% · −$2.34
Performance +41.9% 1Y
1Y: $83.51 on 17 Oct 2025 → $118.51. High $139.27 (2 Sept 2026), low $76.09 (10 Dec 2025).
- Previous close
- $120.85
- 52-week range
- $76.09 – $139.27
- One year
- +41.20%
Overview
- Symbol
- CF
- Sector
- Materials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
7 of 7 judged targets kept · 13 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| CO2 sequestered at Donaldsonville | just under 1.5 million tons | Dec 2025 | this year, we do expect the overall CO2 to be lower throughout the Donaldsonville facility, primarily because of the turnarounds that took place there. | Diluted |
| Base Capital Expenditures | $550 million | Sep 2025 | Looking ahead, we continue to project approximately $1.3 billion of capital expenditures in 2026, of which CF Industries' portion is approximately $950 million. | On Track |
Claimed
- Adjusted EBITDA of $2.2 billion for H1 2026, reflecting strong operational performance and tight global nitrogen supply-demand balance.
- Achieved a trailing 12-month incident rate of 0.16 incidents per 200,000 hours worked, well below industry averages.
- Operated available ammonia capacity at nearly 98% in H1 2026, meeting North American demand.
- Raised mid-cycle EBITDA expectations to $2.9 billion and free cash flow to $1.7 billion, with a target of $3.3 billion by 2030.
- Increased quarterly dividend by 20% to $0.60 per share and repurchased 10.6 million shares for $958 million in the last 12 months.
Qualified
- Yazoo City complex to resume operations in H1 2027, pushed back from late 2026 due to extended procurement timelines for electrical gear.
- Global nitrogen market views EBITDA and free cash flow growth primarily through the lens of short-term geopolitical friction, missing structural shifts.
- Fixed costs were up about $75 million in Q2, driven by $10 million in distribution/logistics and $60 million split between higher purchased ammonia costs and fixed cost absorption due to Yazoo City being down.
The full ledger
Open CF Industries Holdings, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 20 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 7, 2026
CF Industries Q1 FY26 — Geopolitical Shocks Drive Structural Shift in Nitrogen Market
Read the full callEvery analysed call
CF Industries earnings calls (CF)
Financials
What the filings say
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,370 | 1,524 | 1,663 | 1,890 | 1,659 | 1,872 | 1,986 | 2,222 |
| Operating profit | 364 | 441 | 455 | 648 | 580 | 617 | 863 | 1,121 |
| Operating margin | 26.6% | 28.9% | 27.4% | 34.3% | 35.0% | 33.0% | 43.5% | 50.5% |
| Interest | 0 | 47 | 37 | 36 | 41 | 41 | 39 | 50 |
| Profit before tax | 400 | 433 | 437 | 635 | 565 | 602 | 844 | 1,093 |
| Tax rate | 14.8% | 9.5% | 19.7% | 22.5% | 18.6% | 17.8% | 19.9% | 20.5% |
| EPS ($ per share) | 1.55 | — | 1.85 | 2.37 | 2.19 | — | 3.99 | 4.74 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Reserves | 2,463 | 1,958 | 1,927 | 2,088 | 3,867 | 4,535 | 4,009 | 3,874 |
| Total liabilities | 6,930 | 6,535 | 6,420 | 6,339 | 5,460 | 6,003 | 5,874 | 6,313 |
| Fixed assets | 8,623 | 8,170 | 7,632 | 7,081 | 6,437 | 7,141 | 6,735 | 6,715 |
| Total assets | 12,661 | 12,172 | 12,023 | 12,375 | 13,313 | 14,376 | 13,466 | 14,088 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,497 | 1,505 | 1,231 | 2,873 | 3,855 | 2,757 | 2,271 | 2,752 |
| Cash from investing | -375 | -319 | -299 | -466 | -440 | -1,679 | -469 | -933 |
| Cash from financing | -1,270 | -1,583 | -542 | -1,463 | -2,700 | -1,372 | -2,205 | -1,484 |
| Net cash flow | -153 | -395 | 396 | 945 | 695 | -291 | -418 | 368 |
| Capital expenditure | -422 | -404 | -309 | -514 | -453 | -499 | -518 | -950 |
| Free cash flow | 1,075 | 1,101 | 922 | 2,359 | 3,402 | 2,258 | 1,753 | 1,802 |
CF revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Urea | 28% | 23% | 26% | 29% | 26% | 20% | 30% | 34% | +38.8% |
| UAN | 30% | 24% | 28% | 32% | 31% | 30% | 29% | 28% | +0.5% |
| Ammonia | 26% | 38% | 31% | 26% | 28% | 38% | 32% | 26% | +19.3% |
| All Other Segments | 9% | 9% | 8% | 7% | 8% | 8% | 6% | 9% | +54.4% |
| Other Products | 9% | 9% | 8% | 7% | 8% | 8% | 6% | 9% | +54.4% |
| Ammonium Nitrate | 8% | 7% | 6% | 6% | 7% | 4% | 3% | 3% | -39.3% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- North America 87% ↑ 7 pt
- Europe and Other 13% ↓ 7 pt
As CF cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
102 filings between Jan 2, 2026 and May 26, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$72.18M
36 sales by 8 insiders
8% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 28
- Award — granted as compensation
- 27
- Tax withheld — shares kept back by the company to cover tax
Also filed: 10 gifts, 1 disposition to issuer.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Will W Anthony | — | $59.20M | Mar 13, 2026 |
| Menzel Susan L | — | $4.69M | Mar 12, 2026 |
| Frost Bert A | — | $3.98M | Mar 17, 2026 |
| Hoker Richard A | — | $1.67M | Mar 17, 2026 |
| Malik Ashraf K | — | $1.16M | Mar 5, 2026 |
| McGrane Michael Patrick | — | $718.5K | Mar 6, 2026 |
| Mayer Erik M. | — | $442.8K | Mar 17, 2026 |
| Dempsey Linda M | — | $313.0K | Mar 5, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| May 26, 2026 | Scribner Andrew EVP and CFO | Award | 6,464 | $0 |
| Apr 28, 2026 | Ahmed Javed Director | Award | 1,390 | $0 |
| Apr 28, 2026 | White Celso L. Director | Award | 1,390 | $0 |
| Apr 28, 2026 | TOELLE MICHAEL Director | Award | 1,390 | $0 |
| Apr 28, 2026 | Williams Trevor Leigh SVP, Manufacturing & Dist'n | Award | 4,184 | $0 |
| Apr 28, 2026 | Wagler Theresa E Director | Award | 1,390 | $0 |
| Apr 28, 2026 | Madrazo Yris Jesus Director | Award | 1,390 | $0 |
| Apr 28, 2026 | Ellerbusch Susan A Director | Award | 1,390 | $0 |
| Apr 28, 2026 | Noonan Anne P Director | Award | 2,208 | $0 |
| Apr 28, 2026 | EAVES JOHN W Director | Award | 1,390 | $0 |
| Apr 28, 2026 | DeHaas Deborah L Director | Award | 1,390 | $0 |
| Apr 28, 2026 | ARZBAECHER ROBERT C Director | Award | 1,390 | $0 |
| Mar 17, 2026 | Mayer Erik M. VP, Clean Energy & BusDevelop | Sale | 1,500 | $187.0K |
| Mar 17, 2026 | Hoker Richard A VP and Corporate Controller | Sale | 3,499 | $438.7K |
| Mar 17, 2026 | Frost Bert A EVP, Chief Commercial Officer | Sale | 6,000 | $756.0K |
| Mar 17, 2026 | Will W Anthony Director | Gift | 17,654 | $0 |
| Mar 15, 2026 | Will W Anthony Director | Disposition to issuer | 33,155 | $0 |
| Mar 15, 2026 | Will W Anthony Director | Award | 96,858 | $0 |
| Mar 13, 2026 | Will W Anthony Director | Sale | 32,658 | $4.27M |
| Mar 13, 2026 | Will W Anthony Director | Sale | 20,368 | $2.67M |
| Mar 12, 2026 | Menzel Susan L EVP and Chief Admin. Officer | Sale | 18,041 | $2.45M |
| Mar 12, 2026 | Frost Bert A EVP, Chief Commercial Officer | Sale | 6,250 | $854.3K |
| Mar 11, 2026 | Will W Anthony Director | Sale | 28,625 | $3.40M |
| Mar 9, 2026 | Frost Bert A EVP, Chief Commercial Officer | Sale 10b5-1 plan | 5,534 | $643.1K |
| Mar 6, 2026 | McGrane Michael Patrick SVP, Gen. Counsel & Secretary | Sale | 3,666 | $427.1K |
| Mar 6, 2026 | Mayer Erik M. VP, Clean Energy & BusDevelop | Sale | 2,200 | $255.7K |
| Mar 6, 2026 | Frost Bert A EVP, Chief Commercial Officer | Sale 10b5-1 plan | 10,000 | $1.19M |
| Mar 5, 2026 | Will W Anthony Director | Sale | 57,364 | $6.27M |
| Mar 5, 2026 | Menzel Susan L EVP and Chief Admin. Officer | Sale | 7,200 | $799.2K |
| Mar 5, 2026 | Malik Ashraf K Sr. VP, Manufacturing & D'istn | Sale | 2,439 | $270.7K |
| Mar 5, 2026 | Hoker Richard A VP and Corporate Controller | Sale | 6,184 | $676.1K |
| Mar 5, 2026 | Dempsey Linda M VP, Public Affairs | Sale | 864 | $92.4K |
| Mar 5, 2026 | ARZBAECHER ROBERT C Director | Gift | 5,000 | $0 |
| Mar 4, 2026 | Dempsey Linda M VP, Public Affairs | Sale | 136 | $14.6K |
| Mar 4, 2026 | Dempsey Linda M VP, Public Affairs | Sale | 1,000 | $106.0K |
| Mar 3, 2026 | ARZBAECHER ROBERT C Director | Gift | 5,000 | $0 |
| Mar 3, 2026 | Will W Anthony Director | Sale | 33,866 | $3.70M |
| Mar 3, 2026 | Will W Anthony Director | Sale | 30,407 | $3.31M |
| Mar 3, 2026 | ARZBAECHER ROBERT C Director | Gift | 1,600 | $0 |
| Mar 3, 2026 | Menzel Susan L EVP and Chief Admin. Officer | Sale | 3,914 | $415.3K |
| Mar 3, 2026 | McGrane Michael Patrick SVP, Gen. Counsel & Secretary | Sale | 2,766 | $291.4K |
| Mar 2, 2026 | Will W Anthony Director | Sale | 44,104 | $4.70M |
| Mar 2, 2026 | Will W Anthony Director | Sale | 1,950 | $208.7K |
| Mar 2, 2026 | Frost Bert A EVP, Chief Commercial Officer | Sale 10b5-1 plan | 5,102 | $540.8K |
| Mar 2, 2026 | Malik Ashraf K Sr. VP, Manufacturing & D'istn | Sale | 8,631 | $889.7K |
| Mar 2, 2026 | Menzel Susan L EVP and Chief Admin. Officer | Sale | 6,858 | $713.2K |
| Mar 2, 2026 | Will W Anthony Director | Sale | 44,344 | $4.59M |
| Mar 2, 2026 | Will W Anthony Director | Sale | 45,870 | $4.84M |
| Feb 27, 2026 | Hoker Richard A VP and Corporate Controller | Sale | 5,620 | $553.6K |
| Feb 27, 2026 | Dempsey Linda M VP, Public Affairs | Tax withheld | 1,030 | $102.5K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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