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How CF Industries Holdings (CF) makes money
CF Industries Holdings (CF) made $1.9B of revenue in the third quarter 2026 (Q3 2026), +12% from a year earlier. UAN brought in $639M (34%); Ammonia brought in $534M (29%); Granular Urea brought in $456M (25%). Of every dollar of revenue, 39¢ was left as gross profit, 38¢ was left as operating profit, 23¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| UAN | $639M | 34.4% | +4% | +24% |
| Ammonia | $534M | 28.7% | -9% | +17% |
| Granular Urea | $456M | 24.5% | -40% | +8% |
| Other | $164M | 8.8% | -15% | +17% |
| AN | $67.0M | 3.6% | -6% | -45% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $1.9B | 100.0% |
| Cost of revenue | $1.1B | 61.3% |
| Gross profit | $720M | 38.7% |
| Operating expenses | $19.0M | 1.0% |
| Operating profit | $701M | 37.7% |
| Income tax | $99.0M | 5.3% |
| Net earnings | $436M | 23.4% |
| Operating cash flow | $1.2B | 62.9% |
| Free cash flow | $888M | 47.7% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $1.9B | +12% |
| Q2 2026 | $2.2B | +18% |
| Q1 2026 | $2.0B | +19% |
| Q4 2025 | $1.9B | +23% |
| Q3 2025 | $1.7B | +21% |
| Q2 2025 | $1.9B | +20% |
| Q1 2025 | $1.7B | +13% |
From CF Industries Holdings' 10-Q filed Nov 5, 2026 (on EDGAR).
Questions
How does CF Industries Holdings make money?
CF Industries Holdings (CF) made $1.9B of revenue in the third quarter 2026 (Q3 2026), +12% from a year earlier. UAN brought in $639M (34%); Ammonia brought in $534M (29%); Granular Urea brought in $456M (25%). Of every dollar of revenue, 39¢ was left as gross profit, 38¢ was left as operating profit, 23¢ was left as net earnings.
What is CF Industries Holdings' biggest business?
UAN: $639M in the third quarter 2026, 34% of revenue, +24% from a year earlier.
What is CF Industries Holdings' profit margin?
Net earnings were $436M, 23.4% of revenue, in the third quarter 2026; the operating margin was 37.7%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.