CF Industries Holdings, Inc. Reports First Nine Months 2026 Net Earnings of $1.78 Billion, Adjusted EBITDA of $3.01 Billion
CF Industries Holdings, Inc. (CF) filed an SEC Form 8-K — Results of Operations and Financial Condition. 2375 Waterview Drive Northbrook, IL 60062 www.cfindustries.com CF Industries Holdings, Inc. Reports First Nine Months 2026 Net Earnings of $1.78 Billion, Adjusted EBITDA of $3.01 Billion Safety and Operational Excellence Drive High Asset Utilization Global Nitrogen Supply-Demand
How this was made
The 30-second read
Why it matters
The earnings beat and cash return underscore the company's ability to generate free cash flow despite higher input costs, supporting a bullish outlook.
Market read
Earnings release provides fresh material for traders; strong results may trigger buying interest in CF and related fertilizer stocks.
What to watch
Volume decline in key product lines may signal demand softness in certain segments.
CF Industries Holdings, Inc. Reports First Nine Months 2026 Net Earnings of $1.78 Billion, Adjusted EBITDA of $3.01 Billion
Third-quarter and first-nine-month net sales, gross margin, net earnings attributable to common stockholders, EBITDA and adjusted EBITDA exceeded the respective prior-year periods, supported by higher average selling prices and a constructive global nitrogen supply-demand balance.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net sales, three months ended September 30, 2026GAAP | $1.86B | – | – |
| Cost of sales, three months ended September 30, 2026GAAP | 1,140 | – | – |
| Gross margin, three months ended September 30, 2026GAAP | $720M | – | – |
| Gross margin percentage, three months ended September 30, 2026GAAP | 38.7 % | – | – |
| Operating earnings, three months ended September 30, 2026GAAP | 701 | – | – |
| Net earnings attributable to common stockholders, three months ended September 30, 2026GAAP | $436M | – | – |
| Net earnings per diluted share, three months ended September 30, 2026GAAP | $ 2.87 | – | – |
| EBITDA, three months ended September 30, 2026non-GAAP | $822M | – | – |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $833M | – | – |
| Sales volume by product tons (000s), three months ended September 30, 2026other | 4,799 | – | 7% higher |
| Natural gas costs in cost of sales, three months ended September 30, 2026other | $2.87M | – | – |
| Cost of natural gas used for production in cost of sales, three months ended September 30, 2026other | $ 2.88 per MMBtu | – | – |
| Capital expenditures, three months ended September 30, 2026other | $282M | – | – |
| Net cash provided by operating activities, three months ended September 30, 2026GAAP | 1,170 | – | – |
| Net sales, nine months ended September 30, 2026GAAP | $6.07B | – | – |
| Cost of sales, nine months ended September 30, 2026GAAP | 3,457 | – | – |
| Gross margin, nine months ended September 30, 2026GAAP | $2.61B | – | – |
| Gross margin percentage, nine months ended September 30, 2026GAAP | 43.0 % | – | – |
| Operating earnings, nine months ended September 30, 2026GAAP | 2,685 | – | – |
| Net earnings attributable to common stockholders, nine months ended September 30, 2026GAAP | $1.78B | – | – |
| Net earnings per diluted share, nine months ended September 30, 2026GAAP | $ 11.60 | – | – |
| EBITDA, nine months ended September 30, 2026non-GAAP | $3.00B | – | – |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | $3.01B | – | – |
| Sales volume by product tons (000s), nine months ended September 30, 2026other | 13,734 | – | 5% lower |
| Natural gas costs in cost of sales, nine months ended September 30, 2026other | $3.76M | – | – |
| Cost of natural gas used for production in cost of sales, nine months ended September 30, 2026other | $ 3.63 per MMBtu | – | – |
| Capital expenditures, nine months ended September 30, 2026other | $776M | – | – |
| Net cash provided by operating activities, nine months ended September 30, 2026GAAP | 2,544 | – | – |
| Free cash flow, twelve months ended September 30, 2026non-GAAP | $2.02B | – | – |
| Net cash provided by operating activities, twelve months ended September 30, 2026GAAP | $3.08B | – | – |
| Gross ammonia production, nine months ended September 30, 2026other | approximately 7.2 million tons | – | – |
| Gross ammonia production, third quarter 2026other | approximately 2.4 million tons | – | – |
| Available ammonia capacity utilization rate, year-to-date 2026other | 97% | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Ammonia, three months ended September 30, 2026Average selling prices were higher, while sales volumes were lower; average selling prices increased for the ammonia segment compared to the third quarter of 2025. | $ 534 | – | – |
| Granular Urea, three months ended September 30, 2026Sales volumes were higher, while selling prices were lower compared to the third quarter of 2025. | $ 456 | – | – |
| UAN, three months ended September 30, 2026Sales volumes were higher, while selling prices were lower compared to the third quarter of 2025. | $ 639 | – | – |
| AN, three months ended September 30, 2026Sales volumes were lower, partially offsetting higher UAN, urea and other sales; average selling prices were higher. | $ 67 | – | – |
| Other, three months ended September 30, 2026Sales volumes were higher and average selling prices were higher compared to the third quarter of 2025. | $ 164 | – | – |
| Ammonia, nine months ended September 30, 2026Lower volumes reflected lower global demand for ammonia in phosphate fertilizer production and lower supply availability due to planned maintenance; prices increased on a tight global nitrogen supply-demand balance. | $ 1,747 | – | – |
| Granular Urea, nine months ended September 30, 2026Higher volumes reflected a production mix favoring granular urea and greater supply availability from higher starting inventory; prices increased on a tight global nitrogen supply-demand balance. | $ 1,805 | – | – |
| UAN, nine months ended September 30, 2026Lower volumes reflected lower global demand, a production mix favoring granular urea and lost Yazoo City production; prices increased amid a tight global nitrogen supply-demand balance. | $ 1,835 | – | – |
| AN, nine months ended September 30, 2026Lower volumes reflected the loss of production at the Yazoo City Complex following an incident in November 2025. | $ 196 | – | – |
| Other, nine months ended September 30, 2026Higher DEF and nitric acid sales lifted volumes, while average selling prices increased due to a tighter global nitrogen supply-demand balance. | $ 485 | – | – |
Full year 2026 and longer-term strategic initiatives outlook
- NoteGross ammonia production for the full year 2026 to be approximately 9.5 million tons.
- NoteCapital expenditures for full year 2026 will be approximately $1.3 billion.
- NoteApproximately $600 million is related to activities within the Company’s existing network.
- NoteApproximately $600 million is related to total estimated capital expenditures in 2026 of the Blue Point One joint venture.
- NoteApproximately $150 million in capital expenditures in 2026 related to its wholly owned Blue Point common facilities.
- NoteCapital expenditures for CF Industries, excluding the portion of capital expenditures funded by JERA and Mitsui, to be approximately $950 million.
- NoteApproximately $40 million of capitalized interest for the full year 2026 as capital expenditures.
- NoteThe cost of the Blue Point One ammonia plant will be approximately $3.7 billion, which includes $500 million budgeted for contingency.
- NoteAmmonia production expected to commence in 2029.
- NoteThe cost of the common facilities that it is constructing at the Blue Point site will be approximately $550 million.
- NoteThe Yazoo City Complex to resume operations during the first half of 2027.
- NoteThe Yazoo City Complex carbon capture and sequestration project is expected to start up in 2028.
- NoteThe Courtright project, if a positive final investment decision is reached, is expected to add incremental DEF capacity of more than 400,000 tons per year.
- NoteCourtright final investment decision is expected in 2027.
- NoteChinese urea exports in 2026 will be 2-4 million metric tons higher than in 2025.
- NoteIndia is expected to import over 10 million metric tons of urea in 2026.
Capital returns
- Repurchased 3.0 million shares for $367 million during the third quarter of 2026.
- Repurchased 5.2 million shares for $612 million during the first nine months of 2026.
- Since commencement of the current $2 billion share repurchase program in October 2025, repurchased 8.6 million shares for approximately $890 million.
- Approximately $1.11 billion remains under the share repurchase program as of September 30, 2026; the program expires in December 2029.
- Quarterly dividend of $0.60 per common share declared on October 7, 2026, payable on November 30, 2026 to stockholders of record as of November 16, 2026.
- Dividends paid on common stock were $ 91 for the three months ended September 30, 2026 and $ 246 for the nine months ended September 30, 2026.
What drove it
- Higher average selling prices lifted first-nine-month net sales despite sales volumes being 5% lower; excluding lost product availability from Yazoo City, sales volumes approximated the first nine months of 2025.
- Third-quarter sales volumes were 7% higher, driven by higher UAN, urea and other sales, partially offset by AN and ammonia sales. Excluding Yazoo City lost product availability, volumes were approximately 13% higher.
- Global nitrogen purchasing rebounded in North America, India, South America and Europe during the third quarter after slowing late in the second quarter.
- The company cited constrained global nitrogen supply, geopolitical disruptions affecting the Middle East and Russia, low nitrogen channel inventory, and pressure on high-cost or gas-constrained production.
- The first nine months included a litigation settlement gain of approximately $170 million.
- Blue Point One and common-facility construction commenced in August 2026.
Concerns
- The Yazoo City Complex outage reduced product availability and is expected to continue until operations resume during the first half of 2027.
- First-nine-month cost of sales was higher due primarily to maintenance costs, including the extended Yazoo City outage, and higher realized natural gas costs.
- Third-quarter cost of sales was higher due primarily to higher purchased-product, freight and distribution, and maintenance costs.
- AN segment gross margin was $ (12) and adjusted gross margin was $ (4) for the nine months ended September 30, 2026.
- The company cited continued hostilities, difficulty transiting the Strait of Hormuz, Black Sea constraints, sharply higher European natural gas prices, and natural-gas availability issues in Trinidad.
- Blue Point One construction, funding and execution remain subject to project timing, cost and technology risks described in the filing.
What to watch
- Full-year 2026 gross ammonia production expectation of approximately 9.5 million tons.
- Timing and cost estimates for restoration of operations at Yazoo City, where the company expects a substantial portion of the cost will be covered by insurance.
- Global nitrogen supply constraints, including Middle East exports, Russian production and shipping costs.
- Capital expenditure delivery against the approximately $1.3 billion full-year 2026 projection and Blue Point One’s approximately $3.7 billion projected ammonia-plant cost.
- Blue Point One ammonia production expected to commence in 2029.
- Courtright DEF project final investment decision expected in 2027 and potential incremental DEF capacity of more than 400,000 tons per year.
Balance sheet and cash flow
- Cash and cash equivalents were $ 2,820 as of September 30, 2026, including $496 held by the Blue Point One joint venture.
- Long-term debt was 3,217 as of September 30, 2026.
- Total assets were $ 16,080 as of September 30, 2026.
- Stockholders’ equity was 5,731 and noncontrolling interests were 3,168 as of September 30, 2026.
- Net cash provided by operating activities was 1,170 for the three months ended September 30, 2026 and 2,544 for the nine months ended September 30, 2026.
- Purchases of treasury stock were (357) for the three months ended September 30, 2026 and (610) for the nine months ended September 30, 2026.
- Contributions from noncontrolling interests were 158 for the three months ended September 30, 2026 and 391 for the nine months ended September 30, 2026.
- Distributions to noncontrolling interests were (246) for the three months ended September 30, 2026 and (447) for the nine months ended September 30, 2026.
Analysis
CF Industries reported a stronger third quarter and first nine months. Third-quarter net sales were $ 1,860 versus $ 1,659 in the prior-year quarter, while gross margin was $ 720 versus $ 632. Net earnings attributable to common stockholders were $ 436 versus $ 353, and adjusted EBITDA was $ 833 versus $ 667. For the first nine months, net sales were $ 6,068 versus $ 5,212, gross margin was $ 2,611 versus $ 1,959, and net earnings attributable to common stockholders were $ 1,778 versus $ 1,051. The first-nine-month result included a litigation settlement gain of approximately $170 million.
Pricing was the principal first-nine-month revenue driver. Average selling prices were higher than the first nine months of 2025, while total sales volumes were 5% lower due primarily to lower AN, ammonia and UAN sales. The company said volumes excluding lost product availability from Yazoo City approximated the prior-year period. Third-quarter volume momentum improved, with sales volumes 7% higher, or approximately 13% higher excluding Yazoo City product availability, driven by UAN, urea and other sales.
Margins expanded at the consolidated level despite higher costs. First-nine-month gross margin percentage was 43.0 % versus 37.6 %, and third-quarter gross margin percentage was 38.7 % versus 38.1 %. Higher maintenance costs, including the extended Yazoo City outage, and higher realized natural gas costs increased first-nine-month cost of sales. In the third quarter, higher costs for purchased products, freight and distribution, and maintenance were partly offset by lower realized natural gas costs. Segment performance was uneven: nine-month adjusted gross margin improved in ammonia, granular urea, UAN and Other, while AN adjusted gross margin was $ (4).
Cash generation and shareholder returns remained significant. Trailing-twelve-month free cash flow was $ 2,025 versus $ 1,699, and third-quarter net cash provided by operating activities was 1,170. The company repurchased 3.0 million shares for $367 million in the quarter and 5.2 million shares for $612 million in the first nine months. Cash and cash equivalents were $ 2,820 at September 30, 2026, including $496 held by Blue Point One, while long-term debt was 3,217. The board also declared a quarterly dividend of $0.60 per common share.
Management expects gross ammonia production for full-year 2026 to be approximately 9.5 million tons and projects approximately $1.3 billion of capital expenditures. Blue Point One and common-facility construction commenced in August, with the low-carbon ammonia plant expected to cost approximately $3.7 billion and commence ammonia production in 2029. The company expects Yazoo City to resume operations during the first half of 2027. Its market outlook remains constructive, based on constrained global supply, low channel inventories and expected robust demand, but the release identifies geopolitical shipping and production disruptions, elevated European gas costs and ongoing Yazoo City impacts as key operating variables.
Management, verbatim
The CF Industries team executed exceptionally well in the third quarter of 2026, delivering strong safety performance while operating our network at high rates to meet substantial deferred customer demand.
Chris Bohn, president and chief executive officer, CF Industries Holdings, Inc.
Our low-cost and low-risk North American asset base, tangible growth platform and industry-leading free cash flow conversion position CF Industries well to continue to create compounding value by investing in high-return initiatives and returning capital to shareholders.
Chris Bohn, president and chief executive officer, CF Industries Holdings, Inc.
Not in the filing
stated, not guessed- Prior-quarter comparisons for reported third-quarter and first-nine-month financial metrics.
- Explicit quarterly or full-year revenue guidance.
- Explicit gross margin, operating expense, tax-rate, EPS, EBITDA, adjusted EBITDA, free-cash-flow or cash-flow guidance.
- Previous-release outlook, so comparison of actual results versus prior guidance is unavailable.
- Debt maturity schedule and borrowing capacity.
- Explicit year-over-year percentage changes for most consolidated financial statement line items and segment revenue lines.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
CF Industries is a leading global producer of nitrogen fertilizers and hydrogen products, recently expanding low‑carbon ammonia via the Blue Point One JV.
Ticker impact
CF Industries reported nine‑month net earnings of $1.78 B, a 70% YoY increase, and a $367 M share repurchase, marking a material earnings beat.
likely upward pressure as investors price in higher earnings and cash return
Earnings and cash flow far exceed prior year; buyback signals confidence and may attract buyers.
Market effects
Highlights strength in nitrogen and fertilizer sector, may lift peers with similar cost structures.
Positive for North American industrial chemicals market.
Reinforces demand outlook for agricultural inputs worldwide.
Counterpoint
Higher natural‑gas costs and outage at Yazoo City could pressure margins if sustained.
Key entities
- companyCF Industries Holdings, Inc.
US‑listed nitrogen and fertilizer producer.
- partnerJERA Co., Inc.
Joint venture partner in Blue Point One low‑carbon ammonia project.
- partnerMitsui & Co., Ltd.
Joint venture partner in Blue Point One low‑carbon ammonia project.
