CF Industries Holdings (CF) Q3 FY2026 earnings: revenue $1.9 billion, up 12.1% on the year

CF Industries Holdings, Inc. (CF) reported revenue of $1.9 billion for Q3 FY2026, the quarter ended 30 September 2026, up 12.1% on the same quarter a year earlier. Net income was $436 million, up 23.5% on the year, and diluted earnings per share $2.87. The figures are the company's own, from the 10-Q it filed with the SEC on 5 November 2026.

Revenue

$1.9 billion

+12.1% on the year · -16.3% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

37.7%

35.0% a year earlier

Q4 FY2024Q3 FY2026

Net income

$436 million

+23.5% on the year · -40.0% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$2.87

+31.1% on the year · -39.3% on the quarter

Q4 FY2024Q3 FY2026

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

What management said

Guidance figures: 1 kept.

Third-quarter earnings and EPS rose: Q3 2026 net earnings attributable to common stockholders were $436 million, or $2.87 per diluted share, against $353 million, or $2.19. Adjusted EBITDA was $833 million, up from $667 million.
Ammonia margin rose on higher prices: Ammonia Q3 net sales were $534 million and gross margin $194 million (36.3%), against $457 million and $108 million. Average price per product ton was $532, against $418.
Yazoo City restoration costs insured: Yazoo City, out since a November 2025 incident, is being restored. The company is finalizing cost estimates and expects much of the cost to be covered by insurance.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	1,860	2,222	1,659	-16.3%	+12.1%
Cost of revenue	1,140	1,077	1,027	+5.8%	+11.0%
Gross profit	720	1,145	632	-37.1%	+13.9%
Gross margin	38.7%	51.5%	38.1%
Selling, general and administrative	87.0	89.0	88.0	-2.2%	-1.1%
Operating income	701	1,121	580	-37.5%	+20.9%
Operating margin	37.7%	50.5%	35.0%
Interest expense	168	50.0	41.0	+236.0%	+309.8%
Pre-tax income	619	1,093	565	-43.4%	+9.6%
Income tax	99.0	224	105	-55.8%	-5.7%
Effective tax rate	16.0%	20.5%	18.6%
Net income	436	727	353	-40.0%	+23.5%
Net margin	23.4%	32.7%	21.3%
Diluted EPS	$2.87	$4.73	$2.19	-39.3%	+31.1%

$ 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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	1,170	878	1,064	+33.3%	+10.0%
Capital expenditure	282	271	347	+4.1%	-18.7%
Free cash flow	888	607	717	+46.3%	+23.8%
Free cash flow margin	47.7%	27.3%	43.2%
Cash from investing	-282	-249	-339
Cash from financing	-544	-186	-562
Depreciation and amortisation	233	215	217	+8.4%	+7.4%
Share-based compensation	9.0	9.0	13.0	0.0%	-30.8%
Buybacks	357	225	360	+58.7%	-0.8%
Dividends paid	91.0	77.0	81.0	+18.2%	+12.3%
Dividend per share	$0.60	$0.50	$0.50	+20.0%	+20.0%
Diluted shares, weighted	152m	154m	161m	-1.5%	-6.0%
Shares outstanding at period end	146m	151m	156m	-3.3%	-6.2%

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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	5,731	5,748	4,849	-0.3%	+18.2%
Non-controlling interest	3,168	3,172	2,846	-0.1%	+11.3%
Debt	3,217	3,216	2,974	+0.0%	+8.2%
Operating lease liabilities	324	293	314	+10.6%	+3.2%
Other liabilities	3,640	2,670	3,220	+36.3%	+13.0%
Total liabilities and equity	16,080	15,099	14,203	+6.5%	+13.2%
Fixed assets	6,901	6,758	6,832	+2.1%	+1.0%
Goodwill	2,492	2,492	2,492	0.0%	0.0%
Intangible assets	449	460	480	-2.4%	-6.5%
Cash and equivalents	2,820	2,480	1,838	+13.7%	+53.4%
Receivables	642	718	602	-10.6%	+6.6%
Inventory	416	415	367	+0.2%	+13.4%
Other assets	2,360	1,776	1,592	+32.9%	+48.2%
Total assets	16,080	15,099	14,203	+6.5%	+13.2%

Questions

What was CF Industries Holdings' revenue in Q3 FY2026?

CF Industries Holdings (CF) reported revenue of $1.9 billion for Q3 FY2026, the quarter ended 30 September 2026, up 12.1% on the same quarter a year earlier.

How much did CF Industries Holdings earn in Q3 FY2026?

Net income for Q3 FY2026 was $436 million, up 23.5% on the year, and diluted earnings per share $2.87.

When did CF Industries Holdings report Q3 FY2026 results?

CF Industries Holdings filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 5 November 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 September 2026, filed 5 November 2026: the filing.