Filing Flows › CF Industries Holdings (CF) › Q2 2026 › vs Q1 2026
CF Industries Holdings (CF) Q2 2026 vs Q1 2026 (quarter over quarter)
CF Industries Holdings's revenue rose $236M (+12%) from $2.0B in Q1 2026 to $2.2B in Q2 2026. The biggest changes: Granular Urea +$169M (+29%); Other +$65.0M (+51%); Ammonia −$41.0M (-7%). Gross margin 51.5% against 37.6% (+14.0 pts).
CF Industries Holdings, Q2 2026: revenue $2.2B (+18% year over year), operating margin 50.5%, net earnings $727M, operating cash flow $878M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 51.5% | 37.6% | +14.0 pts |
| Operating margin | 50.5% | 43.5% | +7.0 pts |
| Net margin | 32.7% | 31.0% | +1.8 pts |
| Free cash flow margin | 27.3% | 13.7% | +13.6 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Granular Urea | $759M | $590M | $169M | +29% |
| UAN | $613M | $583M | $30.0M | +5% |
| Ammonia | $586M | $627M | −$41.0M | -7% |
| Other | $193M | $128M | $65.0M | +51% |
| AN | $71.0M | $58.0M | $13.0M | +22% |
| Revenue | $2.2B | $2.0B | $236M | +12% |
| Gross profit | $1.1B | $746M | $399M | +53% |
| Cost of revenue | $1.1B | $1.2B | −$163M | -13% |
| Operating profit | $1.1B | $863M | $258M | +30% |
| Operating expenses | $24.0M | $0 | $24.0M | — |
| Pre-tax earnings | $1.1B | $844M | $249M | +30% |
| Other expense, net | $28.0M | $19.0M | $9.0M | +47% |
| Net earnings | $727M | $615M | $112M | +18% |
| Minority interests | $142M | $61.0M | $81.0M | +133% |
| Income tax | $224M | $168M | $56.0M | +33% |
| Depreciation & amortization | $215M | $228M | −$13.0M | -6% |
| Share-based compensation | $9.0M | $11.0M | −$2.0M | -18% |
| Working capital & other | $73.0M | $358M | −$285M | -80% |
| Operating cash flow | $878M | $496M | $382M | +77% |
| Free cash flow (OCF − capex) | $607M | $273M | $334M | +122% |
| Capital expenditures | $271M | $223M | $48.0M | +22% |
Questions
How much did CF Industries Holdings's revenue grow quarter over quarter in Q2 2026?
CF Industries Holdings's revenue rose $236M (+12%) from $2.0B in Q1 2026 to $2.2B in Q2 2026.
What drove CF Industries Holdings's revenue change in Q2 2026?
Granular Urea +$169M (+29%); Other +$65.0M (+51%); Ammonia −$41.0M (-7%).