Filing Flows › CF Industries Holdings (CF) › Q2 2026 › vs Q2 2025
CF Industries Holdings (CF) Q2 2026 vs Q2 2025 (year over year)
CF Industries Holdings's revenue rose $332M (+18%) from $1.9B in Q2 2025 to $2.2B in Q2 2026. The biggest changes: Granular Urea +$212M (+39%); Ammonia +$95.0M (+19%); Other +$68.0M (+54%). Gross margin 51.5% against 39.9% (+11.6 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 51.5% | 39.9% | +11.6 pts |
| Operating margin | 50.5% | 34.3% | +16.2 pts |
| Net margin | 32.7% | 20.4% | +12.3 pts |
| Free cash flow margin | 27.3% | 16.8% | +10.5 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Granular Urea | $759M | $547M | $212M | +39% |
| UAN | $613M | $610M | $3.0M | +0.5% |
| Ammonia | $586M | $491M | $95.0M | +19% |
| Other | $193M | $125M | $68.0M | +54% |
| AN | $71.0M | $117M | −$46.0M | -39% |
| Revenue | $2.2B | $1.9B | $332M | +18% |
| Gross profit | $1.1B | $755M | $390M | +52% |
| Cost of revenue | $1.1B | $1.1B | −$58.0M | -5% |
| Operating profit | $1.1B | $648M | $473M | +73% |
| Operating expenses | $24.0M | $107M | −$83.0M | -78% |
| Pre-tax earnings | $1.1B | $635M | $458M | +72% |
| Other expense, net | $28.0M | $13.0M | $15.0M | +115% |
| Net earnings | $727M | $386M | $341M | +88% |
| Minority interests | $142M | $106M | $36.0M | +34% |
| Income tax | $224M | $143M | $81.0M | +57% |
| Depreciation & amortization | $215M | $232M | −$17.0M | -7% |
| Share-based compensation | $9.0M | $12.0M | −$3.0M | -25% |
| Working capital & other | $73.0M | $67.0M | $6.0M | +9% |
| Operating cash flow | $878M | $563M | $315M | +56% |
| Free cash flow (OCF − capex) | $607M | $318M | $289M | +91% |
| Capital expenditures | $271M | $245M | $26.0M | +11% |
Questions
How much did CF Industries Holdings's revenue grow year over year in Q2 2026?
CF Industries Holdings's revenue rose $332M (+18%) from $1.9B in Q2 2025 to $2.2B in Q2 2026.
What drove CF Industries Holdings's revenue change in Q2 2026?
Granular Urea +$212M (+39%); Ammonia +$95.0M (+19%); Other +$68.0M (+54%).