Filing Flows › CF Industries Holdings (CF) › Q3 2026 › vs Q2 2026
CF Industries Holdings (CF) Q3 2026 vs Q2 2026 (quarter over quarter)
CF Industries Holdings's revenue fell $362M (-16%) from $2.2B in Q2 2026 to $1.9B in Q3 2026. The biggest changes: Granular Urea −$303M (-40%); Ammonia −$52.0M (-9%); Other −$29.0M (-15%). Gross margin 38.7% against 51.5% (-12.8 pts).
CF Industries Holdings, Q3 2026: revenue $1.9B (+12% year over year), operating margin 37.7%, net earnings $436M, operating cash flow $1.2B. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 38.7% | 51.5% | -12.8 pts |
| Operating margin | 37.7% | 50.5% | -12.8 pts |
| Net margin | 23.4% | 32.7% | -9.3 pts |
| Free cash flow margin | 47.7% | 27.3% | +20.4 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| UAN | $639M | $613M | $26.0M | +4% |
| Ammonia | $534M | $586M | −$52.0M | -9% |
| Granular Urea | $456M | $759M | −$303M | -40% |
| Other | $164M | $193M | −$29.0M | -15% |
| AN | $67.0M | $71.0M | −$4.0M | -6% |
| Revenue | $1.9B | $2.2B | −$362M | -16% |
| Gross profit | $720M | $1.1B | −$425M | -37% |
| Cost of revenue | $1.1B | $1.1B | $63.0M | +6% |
| Operating profit | $701M | $1.1B | −$420M | -37% |
| Operating expenses | $19.0M | $24.0M | −$5.0M | -21% |
| Pre-tax earnings | $619M | $1.1B | −$474M | -43% |
| Other expense, net | $82.0M | $28.0M | $54.0M | +193% |
| Net earnings | $436M | $727M | −$291M | -40% |
| Minority interests | $84.0M | $142M | −$58.0M | -41% |
| Income tax | $99.0M | $224M | −$125M | -56% |
| Depreciation & amortization | $233M | $215M | $18.0M | +8% |
| Share-based compensation | $9.0M | $9.0M | $0 | 0% |
| Working capital & other | $492M | −$73.0M | $565M | — |
| Operating cash flow | $1.2B | $878M | $292M | +33% |
| Free cash flow (OCF − capex) | $888M | $607M | $281M | +46% |
| Capital expenditures | $282M | $271M | $11.0M | +4% |
Questions
How much did CF Industries Holdings's revenue grow quarter over quarter in Q3 2026?
CF Industries Holdings's revenue fell $362M (-16%) from $2.2B in Q2 2026 to $1.9B in Q3 2026.
What drove CF Industries Holdings's revenue change in Q3 2026?
Granular Urea −$303M (-40%); Ammonia −$52.0M (-9%); Other −$29.0M (-15%).