CF Industries Holdings (CF) Q2 FY2026 earnings: revenue $2.2 billion, up 17.6% on the year

CF Industries Holdings, Inc. (CF) reported revenue of $2.2 billion for Q2 FY2026, the quarter ended 30 June 2026, up 17.6% on the same quarter a year earlier. Net income was $727 million, up 88.3% on the year, and diluted earnings per share $4.73. The figures are the company's own, from the 10-Q it filed with the SEC on 6 August 2026.

Revenue

$2.2 billion

+17.6% on the year · +11.9% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

50.5%

34.3% a year earlier

Q3 FY2024Q2 FY2026

Net income

$727 million

+88.3% on the year · +18.2% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$4.73

+99.6% on the year · +18.8% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Second-quarter profit and EBITDA rose: Second-quarter net earnings were $727 million, or $4.73 per diluted share, against $386 million, or $2.37. Adjusted EBITDA was $1,192 million against $761 million.
First half boosted by litigation gain: First-half net earnings were $1.34 billion, or $8.71 per diluted share, and include a litigation settlement gain of about $170 million.
Gross margin rose to 51.5%: Gross margin was $1,145 million, or 51.5% of net sales, against 39.9% a year earlier. First-half gross margin was 44.9% against 37.3%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	2,222	1,986	1,890	+11.9%	+17.6%
Cost of revenue	1,077	1,240	1,135	-13.1%	-5.1%
Gross profit	1,145	746	755	+53.5%	+51.7%
Gross margin	51.5%	37.6%	39.9%
Selling, general and administrative	89.0	103	101	-13.6%	-11.9%
Operating income	1,121	863	648	+29.9%	+73.0%
Operating margin	50.5%	43.5%	34.3%
Interest expense	50.0	39.0	36.0	+28.2%	+38.9%
Pre-tax income	1,093	844	635	+29.5%	+72.1%
Income tax	224	168	143	+33.3%	+56.6%
Effective tax rate	20.5%	19.9%	22.5%
Net income	727	615	386	+18.2%	+88.3%
Net margin	32.7%	31.0%	20.4%
Diluted EPS	$4.73	$3.98	$2.37	+18.8%	+99.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	878	496	563	+77.0%	+56.0%
Capital expenditure	271	223	245	+21.5%	+10.6%
Free cash flow	607	273	318	+122.3%	+90.9%
Free cash flow margin	27.3%	13.7%	16.8%
Cash from investing	-249	-225	-242
Cash from financing	-186	-199	-62.0
Depreciation and amortisation	215	228	232	-5.7%	-7.3%
Share-based compensation	9.0	11.0	12.0	-18.2%	-25.0%
Buybacks	225	28.0	216	+703.6%	+4.2%
Dividends paid	77.0	78.0	81.0	-1.3%	-4.9%
Dividend per share	$0.50	$0.50	$0.50	0.0%	0.0%
Diluted shares, weighted	154m	154m	163m	-0.4%	-5.6%
Shares outstanding at period end	151m	154m	162m	-1.5%	-6.6%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	5,748	5,342	4,963	+7.6%	+15.8%
Non-controlling interest	3,172	2,914	2,858	+8.9%	+11.0%
Debt	3,216	3,216	2,973	0.0%	+8.2%
Operating lease liabilities	293	297	255	-1.3%	+14.9%
Other liabilities	2,670	2,839	2,701	-6.0%	-1.1%
Total liabilities and equity	15,099	14,608	13,750	+3.4%	+9.8%
Fixed assets	6,758	6,724	6,743	+0.5%	+0.2%
Goodwill	2,492	2,492	2,493	0.0%	-0.0%
Intangible assets	460	470	488	-2.1%	-5.7%
Cash and equivalents	2,480	2,042	1,686	+21.4%	+47.1%
Receivables	718	726	586	-1.1%	+22.5%
Inventory	415	371	316	+11.9%	+31.3%
Other assets	1,776	1,783	1,438	-0.4%	+23.5%
Total assets	15,099	14,608	13,750	+3.4%	+9.8%

Questions

What was CF Industries Holdings' revenue in Q2 FY2026?

CF Industries Holdings (CF) reported revenue of $2.2 billion for Q2 FY2026, the quarter ended 30 June 2026, up 17.6% on the same quarter a year earlier.

How much did CF Industries Holdings earn in Q2 FY2026?

Net income for Q2 FY2026 was $727 million, up 88.3% on the year, and diluted earnings per share $4.73.

When did CF Industries Holdings report Q2 FY2026 results?

CF Industries Holdings filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 6 August 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,540	2,868	3,389	2,321	2,608	2,012	1,775	1,273	1,571	1,470	1,572	1,370	1,524	1,663	1,890	1,659	1,872	1,986	2,222	1,860
Cost of revenue	1,385	1,170	1,398	1,405	1,352	1,149	971	896	1,070	1,061	893	926	1,000	1,091	1,135	1,027	1,107	1,240	1,077	1,140
Gross profit	1,155	1,698	1,991	916	1,256	863	804	377	501	409	679	444	524	572	755	632	765	746	1,145	720
Gross margin	45%	59%	59%	39%	48%	43%	45%	30%	32%	28%	43%	32%	34%	34%	40%	38%	41%	38%	52%	39%
SG&A	56.0	64.0	73.0	66.0	87.0	74.0	71.0	68.0	76.0	88.0	76.0	78.0	78.0	84.0	101	88.0	91.0	103	89.0	87.0
Operating income	1,129	1,658	1,778	750	1,211	826	734	244	426	303	638	364	441	455	648	580	617	863	1,121	701
Operating margin	44%	58%	52%	32%	46%	41%	41%	19%	27%	21%	41%	27%	29%	27%	34%	35%	33%	43%	50%	38%
Interest expense	44.0	241	82.0	46.0	-25.0	40.0	36.0	39.0	35.0	37.0	37.0	0.0	47.0	37.0	36.0	41.0	41.0	39.0	50.0	168
Pre-tax income	1,085	1,452	1,696	693	1,254	819	740	253	436	300	629	400	433	437	635	565	602	844	1,093	619
Tax rate	21%	28%	21%	22%	20%	21%	18%	9%	19%	21%	20%	15%	9%	20%	23%	19%	18%	20%	20%	16%
Net income	705	883	1,165	438	860	560	527	164	274	194	420	276	328	312	386	353	404	615	727	436
Net margin	28%	31%	34%	19%	33%	28%	30%	13%	17%	13%	27%	20%	22%	19%	20%	21%	22%	31%	33%	23%
Diluted EPS	$3.26	$4.21	$5.58	$2.18	$4.35	$2.85	$2.70	$0.85	$1.44	$1.03	$2.30	$1.55	$1.89	$1.85	$2.37	$2.19	$2.59	$3.98	$4.73	$2.87
Operating cash flow	1,480	1,391	889	990	585	947	712	618	480	445	475	931	420	586	563	1,064	539	496	878	1,170
Capital expenditure	132	63.0	66.0	190	134	69.0	95.0	147	188	98.0	84.0	139	197	132	245	347	226	223	271	282
Free cash flow	1,348	1,328	823	800	451	878	617	471	292	347	391	792	223	454	318	717	313	273	607	888
Buybacks	489	98.0	479	519	251	54.0	151	150	225	339	305	490	375	444	216	360	345	28.0	225	357
Dividends paid	65.0	64.0	83.0	80.0	79.0	79.0	79.0	77.0	76.0	97.0	91.0	90.0	86.0	86.0	81.0	81.0	78.0	78.0	77.0	91.0
Shares outstanding	208m	209m	199m	196m	196m	195m	193m	191m	188m	183m	180m	174m	170m	162m	162m	156m	154m	154m	151m	146m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 June 2026, filed 6 August 2026: the filing.