CF CF Industries Holdings, Inc.

Overview and Growth

Fiscal 2025 results for CF Industries Holdings, Inc. combined $7.08B of revenue with net income of $1.46B and an operating cash inflow of $2.75B. The $7.08B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. The top line expanded 19.3% from $5.94B in fiscal 2024, increasing the company’s operating scale. On a per-share basis, diluted EPS was $8.97, which connects the reported earnings outcome with the company’s diluted share count. Against diluted EPS of $6.74 in fiscal 2024, the current result was 33.1% higher. The revenue-to-assets relationship was 0.5x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

After reported cost of revenue, the company retained $2.72B as gross profit before recognizing operating expenses and other items. The gross-profit relationship equaled 38.5% of revenue, quantifying the portion retained before operating expenses were recognized. The reported operating result was $2.30B, capturing profitability after direct costs and the operating expenses reflected in the statements. Relative to revenue, operating income represented 32.5%, showing how efficiently sales converted into operating profit. The bottom-line result was net income of $1.46B, after the operating, financing, tax, and other items recognized for the period. The final earnings result represented 20.5% of revenue, connecting the absolute net income figure with the company’s top-line scale. Before income taxes, the company reported $2.24B of earnings, providing a bridge between the operating result and final net income. The pretax margin was 31.6%, relating income before taxes directly to revenue. The company recognized $441.00M of income tax for the period, completing the transition from pretax income to net income. The effective relationship between income tax and positive pretax income was 19.7%, without assuming a statutory-rate comparison.

Liquidity and Capital Structure

At period end, the $14.09B asset base was financed through $6.31B of liabilities and $7.78B of equity. At period end, current assets of $2.98B compared with current liabilities of $887.00M, defining the company’s short-term resource position. Current assets covered current liabilities by 3.37x, leaving a positive buffer for near-term obligations. Reported cash and equivalents were $1.98B, separating immediately recognizable cash resources from the rest of the current-asset base. The cash balance equaled 223.4% of current liabilities, showing how much near-term coverage came from cash alone. Borrowings totaled $3.21B, adding a fixed financing obligation alongside the company’s equity capital. Against book equity, debt measured 0.41x, placing the company’s financial leverage in clear balance-sheet terms. Debt represented 22.8% of total assets, placing borrowing in the context of the company’s full resource base. The liabilities-to-assets relationship was 44.8%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 14.1%, comparing reported cash and equivalents with the full positive asset balance.

Cash Flow and Earnings Quality

Cash flow from operations was $2.75B, a reported cash inflow that can be compared directly with net income and capital spending. Against net income, operating cash flow measured 1.89x, showing the relationship between accrual earnings and operating cash. Capital expenditures used $950.00M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital expenditures represented 34.5% of operating cash flow, leaving the remainder available as free cash flow. The combination of operating cash flow and capital spending produced $1.80B of positive free cash flow for the period. Relative to revenue, free cash flow equaled 25.4%, showing how much sales converted into cash after investment. Measured against total assets, free cash flow represented 12.8%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.