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CF Industries Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$888M in Q3 2026 · $2.1B over twelve months

Operating cash flow$1.2B
Capital spending−$282M
Free cash flow+$888M
Cash / net income2.2×
Cash conversion cycle10 days

Analysis

In Q3 2026, CF Industries Holdings generated $1.2B of operating cash flow and spent $282M on capital projects, leaving free cash flow of $888M. That is $171M more than in Q3 2025 ($717M).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.1B; the largest uses were capital spending ($1.0B), buybacks ($955M), dividends ($324M); besides operations, cash came from other financing ($234M), other investing ($19.0M); the cash balance rose by $982M.

Operating cash flow was $1.2B against net income of $520M — 2.2× profit, cash ran ahead of reported earnings. The largest differences: deferred revenue +$457M, depreciation & amortization +$233M, receivables +$85.0M.

Its cash conversion cycle was 10 days (receivables 34 + inventory 34 − payables 57).

Free cash flow

CF Industries Holdings: free cash flow by quarterCF Industries Holdings: free cash flow by quarter$223MQ4 2024$454MQ1 2025$318MQ2 2025$717MQ3 2025$313MQ4 2025$273MQ1 2026$607MQ2 2026$888MQ3 2026
Operating cash flow less capital spending.
CF Industries Holdings: operating cash flow against capital spendingCF Industries Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$420M$197MQ4 2024$586M$132MQ1 2025$563M$245MQ2 2025$1.1B$347MQ3 2025$539M$226MQ4 2025$496M$223MQ1 2026$878M$271MQ2 2026$1.2B$282MQ3 2026
Latest (Q3 2026): Operating cash flow $1.2B, Capital spending $282M.

Capital allocation, year by year

CF Industries Holdings: where the cash came from (up) and went (down), by fiscal yearCF Industries Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.9BFY2021: Net borrowing −$518MFY2021: Shares issued $64.0MFY2021: Asset sales $1.0MFY2021: Capital spending −$514MFY2021: Buybacks −$539MFY2021: Dividends −$260M$2.9BFY2021FY2022: Operating cash flow $3.9BFY2022: Net borrowing −$507MFY2022: Shares issued $106MFY2022: Asset sales $1.0MFY2022: Capital spending −$453MFY2022: Buybacks −$1.3BFY2022: Dividends −$306M$4.0BFY2022FY2023: Operating cash flow $2.8BFY2023: Shares issued $2.0MFY2023: Asset sales $1.0MFY2023: Capital spending −$499MFY2023: Acquisitions −$1.2BFY2023: Buybacks −$580MFY2023: Dividends −$311M$2.8BFY2023FY2024: Operating cash flow $2.3BFY2024: Shares issued $2.0MFY2024: Asset sales $3.0MFY2024: Capital spending −$518MFY2024: Acquisitions $2.0MFY2024: Buybacks −$1.5BFY2024: Dividends −$364M$2.3BFY2024FY2025: Operating cash flow $2.8BFY2025: Net borrowing $245MFY2025: Shares issued $1.0MFY2025: Asset sales $10.0MFY2025: Capital spending −$950MFY2025: Buybacks −$1.4BFY2025: Dividends −$326M$3.0BFY2025
Over these 5 years operating cash flow totalled $14.5B; the largest uses were buybacks ($5.3B) and capital spending ($2.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$710M
Debt$3.2B
Net debt$2.5B

CF Industries Holdings funds itself: free cash flow was $2.1B over the last twelve months, and $710M of cash and investments stands against $3.2B of debt.

Where the cash came from and went

CF Industries Holdings: sources (+) and uses (−) of cash, Q3 2026CF Industries Holdings: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.2BBuybacks−$357MCash drawn (+) / kept (−)−$340MCapital spending−$282MDividends−$91.0MPartners−$88.0MTaxes on employees’ shares−$8.0MExchange rates−$4.0M
CF Industries Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026CF Industries Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$3.1BCapital spending−$1.0BCash drawn (+) / kept (−)−$982MBuybacks−$955MDividends−$324MOther financing$234MPartners−$56.0MOther investing$19.0MTaxes on employees’ shares−$18.0MAsset & business sales$1.0MShares issued$1.0MExchange rates−$1.0M

From profit to cash

CF Industries Holdings: net income to operating cash flow, Q3 2026CF Industries Holdings: net income to operating cash flow, Q3 2026Net income$520MDepreciation & amortization$233MStock-based pay$9.0MDeferred taxes−$9.0MGains on disposals$4.0MReceivables$85.0MInventory−$10.0MPayables$28.0MDeferred revenue$457MIncome taxes payable−$28.0MOperating cash flow$1.2B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202634345710
Q2 202630335310
Q1 20262827478
Q3 20253331621
Q2 20252827514
Q1 20252727495

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.2B−$282M−$357M−$91.0M—−$340M$888M
Q2 2026$878M−$271M−$225M−$77.0M—−$438M$607M
Q1 2026$496M−$223M−$28.0M−$78.0M$1.0M−$60.0M$273M
Q4 2025$539M−$226M−$345M−$78.0M—−$144M$313M
Q3 2025$1.1B−$347M−$360M−$81.0M—−$152M$717M
Q2 2025$563M−$245M−$216M−$81.0M—−$280M$318M
Q1 2025$586M−$132M−$444M−$86.0M$1.0M$208M$454M
Q4 2024$420M−$197M−$375M−$86.0M—$263M$223M

CF Industries Holdings: income statement and cash flow

CF Industries Holdings, Q3 2026: revenue $1.9B (+12% year over year), operating margin 37.7%. The chart follows the revenue to costs, profit and cash.

CF Industries Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.