Filing Flows › CF Industries Holdings (CF) › Q1 2026
CF Industries Holdings (CF) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
CF Industries Holdings (CF) reported revenue of $2.0B for the first quarter 2026 (Q1 2026), +19% from a year earlier and +6% from the quarter before. Operating margin was 43.5%, net earnings $615M (31.0% of revenue).
CF Industries Holdings, Q1 2026: revenue $2.0B (+19% year over year), operating margin 43.5%, net earnings $615M, operating cash flow $496M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.0B | +6% | +19% |
| Gross profit | $746M | -2% | +30% |
| Operating profit | $863M | +40% | +90% |
| Net earnings | $615M | +52% | +97% |
| Operating cash flow | $496M | -8% | -15% |
| Free cash flow | $273M | -13% | -40% |
What changed
Revenue was $2.0B in Q1 2026, up 19% year over year and up 6% from the previous quarter. Ammonia was the largest line at 32% of revenue. Granular Urea added $0.15B year over year (up 34%), 47% of the total change. AN declined 43%.
Gross margin was 37.6%, up 3.2 points from Q1 2025. Operating profit was $0.86B, a 43.5% margin (up 16.1 points year over year). Of the extra revenue versus Q1 2025, 126% reached operating profit, above the 27% margin then. Net earnings were $0.61B, up 97% year over year. The effective tax rate was 19.9%.
Operating cash flow was $0.50B (down 15% year over year), 73% 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 used $0.42B. Capital expenditures of $0.22B left free cash flow of $0.27B.
Questions
What was CF Industries Holdings' revenue in the first quarter 2026?
CF Industries Holdings (CF) reported revenue of $2.0B for the first quarter 2026 (Q1 2026), +19% from a year earlier and +6% from the quarter before.
Was CF Industries Holdings profitable in the first quarter 2026?
Operating profit was $863M (43.5% of revenue) and net earnings $615M.