financial statements

The full income statement, balance sheet, and cash-flow statement for CF Industries Holdings Inc. (CF), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	7.08B YoY+19.3%	5.94B YoY-10.5%	6.63B YoY-40.7%	11.2B YoY+71.1%	6.54B YoY+58.5%
	2.72B YoY+32.5%	2.06B YoY-19.2%	2.54B YoY-56.6%	5.86B YoY+145.5%	2.39B YoY+198.0%
Cost of revenue	4.36B YoY+12.4%	3.88B YoY-5.0%	4.09B YoY-23.3%	5.33B YoY+28.3%	4.15B YoY+24.9%
Selling, general & administrative	364M YoY+13.8%	320M YoY+10.7%	289M YoY-0.3%	290M YoY+30.0%	223M YoY+8.3%
Restructuring	23.0M	0.00 YoY-100.0%	10.0M YoY-47.4%	19.0M	0.00
Amortization of intangibles	—	—	—	3.00M YoY-62.5%	8.00M YoY+0.0%
Operating income	2.30B YoY+31.7%	1.75B YoY-21.7%	2.23B YoY-58.7%	5.40B YoY+212.1%	1.73B YoY+177.5%
Interest expense	155M YoY+28.1%	121M YoY-19.3%	150M YoY-56.4%	344M YoY+87.0%	184M YoY+2.8%
Other non-operating income	19.0M YoY+35.7%	14.0M YoY+40.0%	10.0M YoY+166.7%	-15.0M YoY-193.8%	16.0M YoY+1500.0%
Pre-tax income	2.24B YoY+27.1%	1.76B YoY-21.6%	2.25B YoY-55.9%	5.09B YoY+230.2%	1.54B YoY+233.3%
Income tax	441M YoY+54.7%	285M YoY-30.5%	410M YoY-64.6%	1.16B YoY+309.2%	283M YoY+812.9%
	1.80B YoY+21.7%	1.48B YoY-19.6%	1.84B YoY-53.3%	3.94B YoY+212.5%	1.26B YoY+191.7%
Net income to non-controlling interest	343M YoY+32.4%	259M YoY-17.3%	313M YoY-47.0%	591M YoY+72.3%	343M YoY+198.3%
Net income to common	1.46B YoY+19.5%	1.22B YoY-20.1%	1.52B YoY-54.4%	3.35B YoY+264.9%	917M YoY+189.3%
	$8.97 YoY+33.1%	$6.74 YoY-14.4%	$7.87 YoY-52.0%	$16.38 YoY+286.3%	$4.24 YoY+188.4%
EPS (basic)	$8.98 YoY+33.0%	$6.75 YoY-14.4%	$7.89 YoY-52.0%	$16.45 YoY+285.2%	$4.27 YoY+188.5%
Weighted-avg shares (basic)	162M YoY-10.1%	180M YoY-6.7%	193M YoY-4.9%	203M YoY-5.4%	215M YoY+0.0%
Weighted-avg shares (diluted)	162M YoY-10.2%	181M YoY-6.8%	194M YoY-5.1%	204M YoY-5.6%	216M YoY+0.5%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.98B YoY+18.5%	2.52B YoY-17.4%	3.05B YoY-17.0%	3.67B YoY+41.7%	2.59B YoY+89.7%
Cash & equivalents	1.98B YoY+22.8%	1.61B YoY-20.6%	2.03B YoY-12.5%	2.32B YoY+42.7%	1.63B YoY+138.4%
Short-term investments	3.20M YoY+0.0%	3.20M YoY+0.0%	3.20M YoY+0.0%	3.20M YoY+0.0%	3.20M YoY+0.0%
Accounts receivable	488M YoY+20.8%	404M YoY-20.0%	505M YoY-13.2%	582M YoY+17.1%	497M YoY+87.5%
Inventory	383M YoY+22.0%	314M YoY+5.0%	299M YoY-36.9%	474M YoY+16.2%	408M YoY+42.2%
Prepaid expenses	17.4M YoY+0.0%	17.4M YoY+0.0%	17.4M YoY+0.0%	17.4M YoY+0.0%	17.4M YoY+0.0%
Other current assets	27.0M YoY-37.2%	43.0M YoY-8.5%	47.0M YoY-40.5%	79.0M YoY+41.1%	56.0M YoY+60.0%
	14.1B YoY+4.6%	13.5B YoY-6.3%	14.4B YoY+8.0%	13.3B YoY+7.6%	12.4B YoY+2.9%
Property, plant & equipment	6.71B YoY-0.3%	6.74B YoY-5.7%	7.14B YoY+10.9%	6.44B YoY-9.1%	7.08B YoY-7.2%
Operating lease right-of-use	410M YoY+54.1%	266M YoY+2.7%	259M YoY+2.0%	254M YoY+4.5%	243M YoY-6.2%
Goodwill	2.49B YoY+0.0%	2.49B YoY-0.1%	2.50B YoY+19.4%	2.09B YoY-0.1%	2.09B YoY-11.9%
Intangible assets	473M YoY-6.7%	507M YoY-5.8%	538M YoY+3486.7%	15.0M YoY-66.7%	45.0M YoY-56.7%
Deferred tax assets	0.00	0.00	0.00	0.00	0.00
Other non-current assets	980M YoY+6.9%	917M YoY+5.8%	867M YoY+12.5%	771M YoY+170.5%	285M YoY-8.4%
	887M YoY+8.4%	818M YoY+2.3%	800M YoY-19.6%	995M YoY-30.5%	1.43B YoY+58.1%
Accounts payable	148M YoY+18.4%	125M YoY+9.6%	114M YoY+81.0%	63.0M YoY-42.7%	110M YoY+29.4%
Accrued liabilities	681M YoY+12.9%	603M YoY+16.0%	520M YoY-9.6%	575M YoY+1.8%	565M YoY+33.3%
Short-term & current debt	499M YoY+0.0%	499M YoY+0.0%	499M YoY+0.0%	499M	0.00 YoY-100.0%
Current lease liability	110M YoY+27.9%	86.0M YoY-10.4%	96.0M YoY+3.2%	93.0M YoY+4.5%	89.0M YoY+1.1%
Other current liabilities	19.0M YoY+111.1%	9.00M YoY-78.6%	42.0M YoY-55.8%	95.0M YoY+75.9%	54.0M YoY+260.0%
Long-term debt	3.21B YoY+8.2%	2.97B YoY+0.1%	2.97B YoY+0.1%	2.96B YoY-14.4%	3.46B YoY-6.7%
Deferred revenue (non-current)	694M YoY-4.1%	724M YoY-4.0%	754M	0.00	—
Non-current lease liability	311M YoY+64.6%	189M YoY+12.5%	168M YoY+0.6%	167M YoY+3.1%	162M YoY-6.9%
Deferred tax liabilities	869M YoY-0.2%	871M YoY-12.8%	999M YoY+4.3%	958M YoY-6.9%	1.03B YoY-13.1%
Other non-current liabilities	337M YoY+12.0%	301M YoY-4.1%	314M YoY-16.3%	375M YoY+49.4%	251M YoY-43.5%
	4.84B YoY-2.9%	4.99B YoY-12.8%	5.72B YoY+13.2%	5.05B YoY+57.5%	3.21B YoY+9.7%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	2.00M YoY+0.0%	2.00M YoY+0.0%	2.00M YoY+0.0%	2.00M YoY+0.0%	2.00M YoY+0.0%
Additional paid-in capital	1.20B YoY-6.8%	1.28B YoY-7.6%	1.39B YoY-1.6%	1.41B YoY+2.7%	1.38B YoY+4.4%
Retained earnings	3.87B YoY-3.4%	4.01B YoY-11.6%	4.54B YoY+17.3%	3.87B YoY+85.2%	2.09B YoY+8.4%
Treasury stock	0.00 YoY-100.0%	30.0M	0.00	0.00 YoY-100.0%	2.00M YoY-50.0%
Accumulated other comprehensive income	-235M YoY+16.1%	-280M YoY-34.0%	-209M YoY+9.1%	-230M YoY+10.5%	-257M YoY+19.7%
Non-controlling interest	2.94B YoY+12.7%	2.61B YoY-1.8%	2.66B YoY-5.2%	2.80B YoY-1.0%	2.83B YoY+5.6%
Total equity incl. non-controlling	7.78B YoY+2.4%	7.59B YoY-9.3%	8.37B YoY+6.6%	7.85B YoY+30.1%	6.04B YoY+7.7%
Total liabilities & equity	14.1B YoY+4.6%	13.5B YoY-6.3%	14.4B YoY+8.0%	13.3B YoY+7.6%	12.4B YoY+2.9%
Common shares issued	154M YoY-9.8%	170M YoY-9.5%	188M YoY-3.8%	196M YoY-5.8%	208M YoY-3.0%
Common shares outstanding	154M YoY-9.6%	170M YoY-9.7%	188M YoY-3.8%	196M YoY-5.8%	208M YoY-3.0%
Shares outstanding (cover)	156M YoY-10.4%	174M YoY-8.9%	191M YoY-2.6%	196M YoY-8.5%	214M YoY+0.3%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.75B YoY+21.2%	2.27B YoY-17.6%	2.76B YoY-28.5%	3.85B YoY+34.2%	2.87B YoY+133.4%
Depreciation & amortization	898M YoY-2.9%	925M YoY+6.4%	869M YoY+2.2%	850M YoY-4.3%	888M YoY-0.4%
Share-based compensation	45.0M YoY+25.0%	36.0M YoY-2.7%	37.0M YoY-9.8%	41.0M YoY+36.7%	30.0M YoY+20.0%
Deferred income taxes	6.00M YoY+105.2%	-115M YoY-242.0%	81.0M YoY+175.7%	-107M YoY+45.4%	-196M YoY-164.9%
Change in receivables	98.0M YoY+227.3%	-77.0M YoY+23.0%	-100M YoY-190.9%	110M YoY-53.2%	235M YoY+1136.8%
Change in inventory	88.0M YoY+214.3%	28.0M YoY+118.4%	-152M YoY-263.4%	93.0M YoY-24.4%	123M YoY+555.6%
Other operating activities	20.0M YoY+131.7%	-63.0M YoY-5.0%	-60.0M YoY+76.2%	-252M YoY-254.9%	-71.0M YoY-6.0%
	-933M YoY-98.9%	-469M YoY+72.1%	-1.68B YoY-281.6%	-440M YoY+5.6%	-466M YoY-55.9%
Capital expenditure	950M YoY+83.4%	518M YoY+3.8%	499M YoY+10.2%	453M YoY-11.9%	514M YoY+66.3%
Acquisitions	0.00 YoY+100.0%	-2.00M YoY-100.2%	1.22B	0.00	0.00
Proceeds from sale of PP&E	6.00M YoY+100.0%	3.00M YoY+200.0%	1.00M YoY+0.0%	1.00M YoY+0.0%	1.00M YoY-50.0%
Other investing activities	0.00	0.00 YoY+100.0%	-5.00M	0.00	0.00
	-1.48B YoY+32.7%	-2.21B YoY-60.7%	-1.37B YoY+49.2%	-2.70B YoY-84.6%	-1.46B YoY-169.9%
Long-term debt issued	999M	0.00	0.00	—	—
Long-term debt repaid	—	0.00	0.00 YoY-100.0%	507M YoY-2.1%	518M
Common stock repurchased	1.36B YoY-9.5%	1.51B YoY+160.2%	580M YoY-56.9%	1.35B YoY+149.9%	539M YoY+439.0%
Dividends paid	326M YoY-10.4%	364M YoY+17.0%	311M YoY+1.6%	306M YoY+17.7%	260M YoY+0.8%
FX effect on cash	33.0M YoY+320.0%	-15.0M YoY-600.0%	3.00M YoY+115.0%	-20.0M YoY-2100.0%	1.00M YoY-83.3%
Net change in cash	368M YoY+188.0%	-418M YoY-43.6%	-291M YoY-141.9%	695M YoY-26.5%	945M YoY+138.6%
Interest paid	137M YoY+16.1%	118M YoY-18.6%	145M YoY-43.6%	257M YoY+46.0%	176M YoY-4.3%
Income taxes paid	321M YoY-21.7%	410M YoY+9.9%	373M YoY-79.0%	1.78B YoY+313.0%	430M YoY+287.4%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	12.1B YoY-18.8%	14.8B YoY-2.2%	15.2B YoY-9.1%	16.7B YoY+10.1%	15.2B YoY+83.3%
P/E	6.7× YoY-33.3%	10.1× YoY+63.5%	6.1× YoY+37.1%	4.5× YoY-62.8%	12.0× YoY-37.1%
P/S	1.7× YoY-31.9%	2.5× YoY+25.0%	2.0× YoY+31.0%	1.5× YoY-34.2%	2.3× YoY+15.6%
P/B	2.5× YoY-16.3%	3.0× YoY+11.1%	2.7× YoY-29.8%	3.8× YoY-19.3%	4.7× YoY+67.1%
P/FCF	6.7× YoY-21.0%	8.5× YoY+33.5%	6.3× YoY+60.7%	3.9× YoY-38.6%	6.4× YoY-28.3%
Earnings yield	14.9% YoY+49.8%	9.9% YoY-38.8%	16.3% YoY-27.1%	22.3% YoY+168.8%	8.3% YoY+59.1%
FCF yield	14.9% YoY+26.5%	11.8% YoY-25.1%	15.8% YoY-37.8%	25.3% YoY+63.0%	15.5% YoY+39.6%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: CF's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all CF filings on SEC EDGAR → Not investment advice.

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About this data

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