CF Financials CF Industries

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 29 h ago Overview →

Growth & profitability

Revenue has grown 11.4% per year over the past 5 years.
Net income has grown faster than revenue (33.0% vs 11.4% per year).
Operating margin has expanded, at 32.5% in the latest year.
Free cash flow has grown 14.3% per year over the past 5 years.

Financial health

Total debt ($3.2B) exceeds cash ($2.0B); net debt is $1.2B.
Total debt has grown slower than revenue (-4.1% vs 11.4% per year).
Operating income covered interest expense 15× in the latest year, up from 3.5× 5 years ago.
Total debt is 1.0× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 18.1% of earnings and 18.1% of free cash flow.
The dividend has grown 4.8% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2025	$7.1B	$1.8B	38.5%	32.5%	$1.8B	$3.2B	$2.0B
2024	$5.9B	$1.5B	34.6%	29.4%	$1.8B	$3.0B	$1.6B
2023	$6.6B	$1.8B	38.4%	33.6%	$2.3B	$3.0B	$2.0B
2022	$11.2B	$3.9B	52.4%	48.2%	$3.4B	$3.0B	$2.3B
2021	$6.5B	$1.3B	36.5%	26.4%	$2.4B	$3.5B	$1.6B
2020	$4.1B	$432M	19.4%	15.1%	$922M	$4.0B	$683M
2019	$4.6B	$646M	25.6%	21.9%	$1.1B	$4.0B	$287M
2018	$4.4B	$428M	20.7%	17.3%	$1.1B	$4.7B	$682M
2017	$4.1B	$450M	10.5%	5.7%	$1.2B	$4.7B	$835M
2016	$3.7B	-$158M	22.9%	3.7%	-$1.6B	$5.8B	—
2015	—	$734M	—	—	-$1.3B	$5.5B	—
2014	—	$1.4B	—	—	-$388M	$4.6B	—
2013	—	$1.5B	—	—	—	$3.1B	—
2012	—	$1.9B	—	—	—	$1.6B	—
2011	—	$1.8B	—	—	—	$1.6B	—

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
Mar '26	$2.0B	$676M	37.6%	43.5%	$273M	$3.2B	$2.0B
Dec '25	$1.9B	$495M	40.9%	33.0%	$313M	$3.2B	$2.0B
Sep '25	$1.7B	$460M	38.1%	35.0%	$717M	$3.0B	$1.8B
Jun '25	$1.9B	$492M	39.9%	34.3%	$318M	$3.0B	$1.7B
Mar '25	$1.7B	$351M	34.4%	27.4%	$454M	$3.0B	$1.4B
Dec '24	$1.5B	$392M	34.4%	28.9%	$223M	$3.0B	$1.6B
Sep '24	$1.4B	$341M	32.4%	26.6%	$792M	$3.0B	$1.9B
Jun '24	$1.6B	$506M	43.2%	40.6%	$391M	$3.0B	$1.8B
Mar '24	$1.5B	$238M	27.8%	20.6%	$347M	$3.0B	$1.8B
Dec '23	$1.6B	$352M	31.9%	27.1%	$292M	$3.0B	$2.0B
Sep '23	$1.3B	$230M	29.6%	19.2%	$471M	$3.0B	$3.3B
Jun '23	$1.8B	$606M	45.3%	41.4%	$617M	$3.0B	$3.2B
Mar '23	$2.0B	$650M	42.9%	41.1%	$878M	$3.0B	$2.8B
Dec '22	$2.6B	$1.0B	48.2%	46.4%	$451M	$3.0B	$2.3B
Sep '22	$2.3B	$538M	39.5%	32.3%	$800M	$3.0B	$2.2B
Jun '22	$3.4B	$1.3B	58.7%	52.5%	$823M	$3.0B	$2.4B
Mar '22	$2.9B	$1.1B	59.2%	57.8%	$1.3B	$3.5B	$2.6B
Dec '21	$2.5B	$859M	45.5%	44.4%	$1.3B	$3.5B	$1.6B
Sep '21	$1.4B	-$91M	32.3%	-7.1%	$486M	$3.5B	$757M
Jun '21	$1.6B	$317M	31.7%	28.3%	$18M	$3.7B	$777M

Valuation over time

How the market has priced CF against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 2.8× (Mar '23) to 9.0× (Jun '26).
The price-to-sales ratio has risen from 1.0× (Mar '23) to 2.3× (Jun '26).
The dividend yield has fallen from 2.7% (Mar '23) to 2.0% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is CF growing its revenue and profit?

Over the past 5 years, CF Industries's revenue has grown 11.4% per year, and net income grown 33.0% per year. These are computed facts, not advice.

How much debt does CF have?

As of FY2025, CF Industries reported $3.2B of total debt against $2.0B of cash; operating income covered interest expense 15×.

What is CF's profit margin?

In FY2025, gross margin was 38.5%, operating margin 32.5%, and net margin 25.4%.

What is CF's P/E ratio?

As of Jun '26, CF Industries traded at a price-to-earnings ratio of about 9.0× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.