Filing Flows › CF Industries Holdings (CF) › Q3 2025
CF Industries Holdings (CF) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
CF Industries Holdings (CF) reported revenue of $1.7B for the third quarter 2025 (Q3 2025), +21% from a year earlier and -12% from the quarter before. Operating margin was 35.0%, net earnings $353M (21.3% of revenue).
CF Industries Holdings, Q3 2025: revenue $1.7B (+21% year over year), operating margin 35.0%, net earnings $353M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.7B | -12% | +21% |
| Gross profit | $632M | -16% | +42% |
| Operating profit | $580M | -10% | +59% |
| Net earnings | $353M | -9% | +28% |
| Operating cash flow | $1.1B | +89% | +14% |
| Free cash flow | $717M | +125% | -9% |
What changed
Revenue was $1.7B in Q3 2025, up 21% year over year and down 12% from the previous quarter. UAN was the largest line at 31% of revenue. UAN added $0.11B year over year (up 27%), 38% of the total change.
Gross margin was 38.1%, up 5.7 points from a year earlier. Operating profit was $0.58B, a 35.0% margin (up 8.4 points year over year). Of the extra revenue versus a year earlier, 75% reached operating profit, above the 27% margin then. Operating expenses fell 35% while revenue rose 21%. Net earnings were $0.35B, up 28% year over year. The effective tax rate was 18.6%.
Operating cash flow was $1.1B (up 14% year over year), 231% of net income including minority interests. Non-cash charges added back $0.22B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.37B. Capital expenditures of $0.35B left free cash flow of $0.72B.
Questions
What was CF Industries Holdings' revenue in the third quarter 2025?
CF Industries Holdings (CF) reported revenue of $1.7B for the third quarter 2025 (Q3 2025), +21% from a year earlier and -12% from the quarter before.
Was CF Industries Holdings profitable in the third quarter 2025?
Operating profit was $580M (35.0% of revenue) and net earnings $353M.