Filing Flows › CF Industries Holdings (CF) › Q2 2025
CF Industries Holdings (CF) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
CF Industries Holdings (CF) reported revenue of $1.9B for the second quarter 2025 (Q2 2025), +20% from a year earlier and +14% from the quarter before. Operating margin was 34.3%, net earnings $386M (20.4% of revenue).
CF Industries Holdings, Q2 2025: revenue $1.9B (+20% year over year), operating margin 34.3%, net earnings $386M, operating cash flow $563M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.9B | +14% | +20% |
| Gross profit | $755M | +32% | +11% |
| Operating profit | $648M | +42% | +2% |
| Net earnings | $386M | +24% | -8% |
| Operating cash flow | $563M | -4% | +19% |
| Free cash flow | $318M | -30% | -19% |
What changed
Revenue was $1.9B in Q2 2025, up 20% year over year and up 14% from the previous quarter. UAN was the largest line at 32% of revenue. UAN added $0.14B year over year (up 28%), 42% of the total change. Other declined 6%.
Gross margin was 39.9%, down 3.2 points from a year earlier. Operating profit was $0.65B, a 34.3% margin (down 6.3 points year over year). Of the extra revenue versus a year earlier, 3% reached operating profit, below the 41% margin then. Operating expenses grew 161% against revenue growth of 20%. Net earnings were $0.39B, down 8% year over year. The effective tax rate was 22.5%.
Operating cash flow was $0.56B (up 19% year over year), 114% 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 $0.17B. Capital expenditures of $0.24B left free cash flow of $0.32B.
Questions
What was CF Industries Holdings' revenue in the second quarter 2025?
CF Industries Holdings (CF) reported revenue of $1.9B for the second quarter 2025 (Q2 2025), +20% from a year earlier and +14% from the quarter before.
Was CF Industries Holdings profitable in the second quarter 2025?
Operating profit was $648M (34.3% of revenue) and net earnings $386M.