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CF Industries Holdings (CF) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · CF Industries Holdings (CF) Q3 2026 earnings results →
Q3 2026 Revenue up 12% year over year to $1.9B · 23¢ of every $1 of revenue kept as net profit · operating margin 37.7%
CF Industries Holdings made $1.9B in Q3 2026 (+12% Y/Y): UAN $639M, Ammonia $534M, Granular Urea $456M. Operating margin 37.7%, net earnings $436M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $1.9B in Q3 2026, up 12% year over year and down 16% from the previous quarter. UAN was the largest line at 34% of revenue. UAN added $0.12B year over year (up 24%), 61% of the total change. AN declined 45%.
Gross margin was 38.7%, up 0.6 points from Q3 2025. Operating profit was $0.70B, a 37.7% margin (up 2.7 points year over year). Of the extra revenue versus Q3 2025, 60% reached operating profit, above the 35% margin then. Operating expenses fell 63% while revenue rose 12%. Net earnings were $0.44B, up 24% year over year. The effective tax rate was 16.0%.
Operating cash flow was $1.2B (up 10% year over year), 225% of net income including minority interests. Non-cash charges added back $0.23B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.41B. Capital expenditures of $0.28B left free cash flow of $0.89B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $1.9B | +12% | 37.7% | $436M | $1.2B |
| Q2 2026 | 10-Q | Aug 6, 2026 | $2.2B | +18% | 50.5% | $727M | $878M |
| Q1 2026 | 10-Q | May 7, 2026 | $2.0B | +19% | 43.5% | $615M | $496M |
| Q4 2025 | 10-K | Feb 25, 2026 | $1.9B | +23% | 33.0% | $404M | $539M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $1.7B | +21% | 35.0% | $353M | $1.1B |
| Q2 2025 | 10-Q | Aug 7, 2025 | $1.9B | +20% | 34.3% | $386M | $563M |
| Q1 2025 | 10-Q | May 8, 2025 | $1.7B | +13% | 27.4% | $312M | $586M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About CF Industries Holdings
All references to “CF Holdings,” “we,” “us,” “our” and “the Company,” refer to CF Industries Holdings, Inc. and its subsidiaries, except where the context makes clear that the reference is to CF Industries Holdings, Inc. only and not its subsidiaries. All references to “CF Industries” refer to CF Industries, Inc., a 100% owned subsidiary of CF Industries Holdings, Inc. References to tons refer to short tons. Notes referenced throughout this document refer to consolidated financial statement note disclosures that are found in Item 8. Financial Statements and Supplementary Data—Notes to Consolidated Financial Statements.
In its own words, from its 10-K, filed Feb 25, 2026.
CF Industries Holdings against its Agricultural Chemicals peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +12% against the peers' median +1%. Operating margin: 37.7% against the peers' median -2.5%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| CF CF Industries Holdings | Q3 2026 | $1.9B | +12% | 37.7% |
| MOS Mosaic | Q3 2026 | $3.1B | -10% | -3.1% |
| SMG Scotts Miracle-Gro | Q3 FY26 | $1.2B | +1% | 14.5% |
| UAN CVR Partners, LP | Q3 2026 | $146M | -11% | -2.5% |
| AVD American Vanguard | Q2 2026 | $117M | -10% | -0.3% |
| CBUS Cibus | Q2 2026 | $994K | +6% | n/m |
| SNES SenesTech | Q2 2026 | $770K | +23% | -241.8% |
Source: CF Industries Holdings 10-Q on SEC EDGAR · CIK 1324404 · Agricultural Chemicals
Guidance and outlook
13F: who owns CF and who is buying
More on CF
- How CF Industries Holdings makes money: revenue by segment
- CF Industries Holdings next earnings date and what analysts expect
- CF Industries Holdings stock forecast, price target and fair value
- Who owns CF Industries Holdings stock: holders, funds and Congress trades
- CF Industries Holdings guidance and outlook
- Is CF Industries Holdings a takeover target? LBO and rumors
- CF Industries Holdings recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- CF Industries Holdings guidance history: guided vs reported
- CF Industries Holdings gross margin by quarter
- CF Industries Holdings operating margin by quarter
- CF Industries Holdings net income by quarter
- CF Industries Holdings free cash flow by quarter
- CF Industries Holdings capital expenditures by quarter
- CF Industries Holdings UAN revenue by quarter
- CF Industries Holdings Ammonia revenue by quarter
- CF Industries Holdings Granular Urea revenue by quarter