Filing Flows › CF Industries Holdings (CF) › Q3 2026 › vs Q3 2025
CF Industries Holdings (CF) Q3 2026 vs Q3 2025 (year over year)
CF Industries Holdings's revenue rose $201M (+12%) from $1.7B in Q3 2025 to $1.9B in Q3 2026. The biggest changes: UAN +$122M (+24%); Ammonia +$77.0M (+17%); AN −$55.0M (-45%). Gross margin 38.7% against 38.1% (+0.6 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 38.7% | 38.1% | +0.6 pts |
| Operating margin | 37.7% | 35.0% | +2.7 pts |
| Net margin | 23.4% | 21.3% | +2.2 pts |
| Free cash flow margin | 47.7% | 43.2% | +4.5 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| UAN | $639M | $517M | $122M | +24% |
| Ammonia | $534M | $457M | $77.0M | +17% |
| Granular Urea | $456M | $423M | $33.0M | +8% |
| Other | $164M | $140M | $24.0M | +17% |
| AN | $67.0M | $122M | −$55.0M | -45% |
| Revenue | $1.9B | $1.7B | $201M | +12% |
| Gross profit | $720M | $632M | $88.0M | +14% |
| Cost of revenue | $1.1B | $1.0B | $113M | +11% |
| Operating profit | $701M | $580M | $121M | +21% |
| Operating expenses | $19.0M | $52.0M | −$33.0M | -63% |
| Pre-tax earnings | $619M | $565M | $54.0M | +10% |
| Other expense, net | $82.0M | $15.0M | $67.0M | +447% |
| Net earnings | $436M | $353M | $83.0M | +24% |
| Minority interests | $84.0M | $107M | −$23.0M | -21% |
| Income tax | $99.0M | $105M | −$6.0M | -6% |
| Depreciation & amortization | $233M | $217M | $16.0M | +7% |
| Share-based compensation | $9.0M | $13.0M | −$4.0M | -31% |
| Working capital & other | $492M | $481M | $11.0M | +2% |
| Operating cash flow | $1.2B | $1.1B | $106M | +10% |
| Free cash flow (OCF − capex) | $888M | $717M | $171M | +24% |
| Capital expenditures | $282M | $347M | −$65.0M | -19% |
Questions
How much did CF Industries Holdings's revenue grow year over year in Q3 2026?
CF Industries Holdings's revenue rose $201M (+12%) from $1.7B in Q3 2025 to $1.9B in Q3 2026.
What drove CF Industries Holdings's revenue change in Q3 2026?
UAN +$122M (+24%); Ammonia +$77.0M (+17%); AN −$55.0M (-45%).