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 Jun 29, 2026, 12:58 UTC 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

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
2025	$7.1B	$1.8B	38.5%	32.5%	37.2%	12.8%	$1.8B	$3.2B	$2.0B
2024	$5.9B	$1.5B	34.6%	29.4%	29.6%	11.0%	$1.8B	$3.0B	$1.6B
2023	$6.6B	$1.8B	38.4%	33.6%	32.1%	12.8%	$2.3B	$3.0B	$2.0B
2022	$11.2B	$3.9B	52.4%	48.2%	77.9%	29.6%	$3.4B	$3.0B	$2.3B
2021	$6.5B	$1.3B	36.5%	26.4%	39.3%	10.2%	$2.4B	$3.5B	$1.6B
2020	$4.1B	$432M	19.4%	15.1%	14.8%	3.6%	$922M	$4.0B	$683M
2019	$4.6B	$646M	25.6%	21.9%	22.3%	5.3%	$1.1B	$4.0B	$287M
2018	$4.4B	$428M	20.7%	17.3%	14.5%	3.4%	$1.1B	$4.7B	$682M
2017	$4.1B	$450M	10.5%	5.7%	12.6%	3.3%	$1.2B	$4.7B	$835M
2016	$3.7B	-$158M	22.9%	3.7%	-4.7%	-1.0%	-$1.6B	$5.8B	—
2015	—	$734M	—	—	18.2%	5.8%	-$1.3B	$5.5B	—
2014	—	$1.4B	—	—	34.1%	12.8%	-$388M	$4.6B	—
2013	—	$1.5B	—	—	30.2%	14.4%	—	$3.1B	—
2012	—	$1.9B	—	—	32.6%	18.9%	—	$1.6B	—
2011	—	$1.8B	—	—	38.7%	19.6%	—	$1.6B	—

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
Mar '26	$2.0B	$676M	37.6%	43.5%	12.7%	4.6%	$273M	$3.2B	$2.0B
Dec '25	$1.9B	$495M	40.9%	33.0%	10.2%	3.5%	$313M	$3.2B	$2.0B
Sep '25	$1.7B	$460M	38.1%	35.0%	9.5%	3.2%	$717M	$3.0B	$1.8B
Jun '25	$1.9B	$492M	39.9%	34.3%	9.9%	3.6%	$318M	$3.0B	$1.7B
Mar '25	$1.7B	$351M	34.4%	27.4%	7.3%	2.6%	$454M	$3.0B	$1.4B
Dec '24	$1.5B	$392M	34.4%	28.9%	7.9%	2.9%	$223M	$3.0B	$1.6B
Sep '24	$1.4B	$341M	32.4%	26.6%	6.6%	2.5%	$792M	$3.0B	$1.9B
Jun '24	$1.6B	$506M	43.2%	40.6%	9.3%	3.7%	$391M	$3.0B	$1.8B
Mar '24	$1.5B	$238M	27.8%	20.6%	4.4%	1.7%	$347M	$3.0B	$1.8B
Dec '23	$1.6B	$352M	31.9%	27.1%	6.2%	2.4%	$292M	$3.0B	$2.0B
Sep '23	$1.3B	$230M	29.6%	19.2%	4.0%	1.7%	$471M	$3.0B	$3.3B
Jun '23	$1.8B	$606M	45.3%	41.4%	10.4%	4.5%	$617M	$3.0B	$3.2B
Mar '23	$2.0B	$650M	42.9%	41.1%	11.9%	4.9%	$878M	$3.0B	$2.8B
Dec '22	$2.6B	$1.0B	48.2%	46.4%	20.0%	7.6%	$451M	$3.0B	$2.3B
Sep '22	$2.3B	$538M	39.5%	32.3%	12.1%	4.1%	$800M	$3.0B	$2.2B
Jun '22	$3.4B	$1.3B	58.7%	52.5%	29.2%	10.0%	$823M	$3.0B	$2.4B
Mar '22	$2.9B	$1.1B	59.2%	57.8%	26.3%	7.6%	$1.3B	$3.5B	$2.6B
Dec '21	$2.5B	$859M	45.5%	44.4%	26.8%	6.9%	$1.3B	$3.5B	$1.6B
Sep '21	$1.4B	-$91M	32.3%	-7.1%	-3.1%	-0.8%	$486M	$3.5B	$757M
Jun '21	$1.6B	$317M	31.7%	28.3%	9.8%	2.6%	$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 10.1× (Nov '26).
The price-to-sales ratio has risen from 1.0× (Mar '23) to 2.6× (Nov '26).
The dividend yield has fallen from 2.8% (Mar '23) to 1.8% (Nov '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?

CF Industries's P/E (TTM) is 7.28 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the CF stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 10.1× as of Nov '26) can differ. 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), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.