CF
CF Industries Holdings, Inc.77.55
-1.20-1.52%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A affirms tight market, Blue Point potential
Q&A reinforces tighter-than-expected nitrogen market into 2026 H1, with urea at $450/ST in NOLA—$100 above December—driven by India tenders, 93M+ US corn acres, and supply curbs in Iran, Trinidad, China. Management pegs Yazoo downtime at $200M EBITDA hit, mostly offset by insurance proceeds. Blue Point shines as organic growth site for up to five plants, sharing infrastructure synergies. Low-carbon demand broadens beyond Europe via POET ethanol pilot, US retailers, Asia deals—premiums already locked, CBAM mere upside. Market stays tight. Investors watch spring execution, low-C traction.
Key Stats
Market Cap
12.56BP/E (TTM)
9.38Basic EPS (TTM)
8.27Dividend Yield
0.03%Recent Filings
8-K
Settles litigation, gains $169.5M
10-K
FY2025 results
CF Industries posted FY2025 net sales of $7.08B, up 19% y/y from $5.94B, on 19.1M product tons sold versus 18.9M, fueled by 19% higher average selling prices to $372/ton amid strong global demand and supply disruptions in Egypt, Iran, and Russia; gross margin swelled 32% to $2.72B (38.5% of sales). Q4 momentum shone through higher prices across segments, with UAN and granular urea gross margins expanding to 42.6% and 47.0%; yet natural gas costs climbed 38% to $3.31/MMBtu, crimping gains. Q4 Verdigris abatement cut CO2e by 600K tons annually, while Donaldsonville CCS earned $42M in 45Q credits. Cash hit $1.98B; $3.25B debt (29% of cap); repurchased $1.34B shares. Blue Point JV funded $307M capex toward $3.7B low-carbon ammonia plant. Industry oversupply risks quarterly momentum.
8-K
Strong 2025 results, Blue Point on track
CF Industries reported Q4 and FY 2025 results, posting $821M Q4 adjusted EBITDA and $2.9B for the year, fueled by constructive nitrogen dynamics and 97% capacity utilization. Free cash flow hit $1.8B, enabling $1.7B returned to shareholders. Blue Point JV advances on track for 2029 production. Outlook sees tight 2026 supply.
8-K
2025 earnings $1.46B
CF Industries posted 2025 net earnings of $1.46B, up from $1.22B, with adjusted EBITDA hitting $2.89B amid strong nitrogen demand and supply disruptions—yet natural gas costs climbed to $3.31/MMBtu. Returned $1.7B to shareholders via $1.34B buybacks shrinking shares 10%. Yazoo City outage curtails 2026 ammonia output to 9.5M tons.
8-K
CF forms low-carbon ammonia JV
CF Industries formed Blue Point Number One, LLC joint venture with JERA (35%) and Mitsui (25%) on April 8, 2025, taking 40% ownership for low-carbon ammonia construction, production, and offtake. JERA's option to cut its stake to 20%—triggering CF's matching increase—expired unexercised. Ownership locked in. This secures CF's position in clean ammonia.
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