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Dec 31, 2025
CF Industries Q4 2025 Earnings Report
CF Industries reported strong financial results for Q4 2025, with significant increases in net earnings and adjusted EBITDA, driven by operational excellence and a constructive global nitrogen environment.
Key Takeaways
CF Industries Holdings, Inc. announced robust results for the fourth quarter ended December 31, 2025, with net earnings attributable to common stockholders reaching $404 million, or $2.59 per diluted share. Adjusted EBITDA for the quarter was $821 million, reflecting strong operational performance and favorable market conditions. The company also returned $1.7 billion to shareholders in 2025 through share repurchases.
Net earnings attributable to common stockholders for Q4 2025 were $404 million, a significant increase from $328 million in Q4 2024.
Adjusted EBITDA for Q4 2025 was $821 million, up from $562 million in the same period last year, indicating strong operational profitability.
The company repurchased 16.6 million shares for $1.34 billion during 2025, reducing outstanding shares by approximately 10%.
Gross ammonia production for Q4 2025 was approximately 2.5 million tons, slightly down from 2.6 million tons in Q4 2024, with full year production at 10.1 million tons.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
CF Industries anticipates continued strong global nitrogen demand and tight supply conditions in the near-term, with expectations for positive nitrogen demand in North America and increased demand for low-carbon ammonia. However, gross ammonia production is expected to decrease in 2026 due to an ongoing outage at the Yazoo City Complex.
Positive Outlook
- Management expects nitrogen demand in North America to be positive through the spring 2026 application season.
- Brazil and India are expected to remain the world's largest importers of urea due to increased domestic demand.
- Meaningful energy cost differentials between North American producers and high-cost producers in Europe and Asia are expected to persist, supporting strong margin opportunities.
- Global nitrogen supply-demand balance is projected to tighten longer-term as capacity under construction is not keeping pace with demand growth.
- Demand for low-carbon ammonia and nitrogen upgrades is expected to rise as customers build low-carbon supply chains.
Challenges Ahead
- Gross ammonia production in 2026 is expected to be approximately 9.5 million tons, down from 10.1 million tons in 2025, due to an ongoing outage at the Yazoo City Complex.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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