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CF Industries
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Latest analysis
Updated Nov 5, 2026
CF Industries posts ~$3B adjusted EBITDA through Q3 2026 as geopolitical supply disruptions and low global inventories sustain constructive nitrogen pricing into 2027.
CF Industries generated approximately $3 billion in adjusted EBITDA through the first nine months of 2026, already exceeding its stated mid-cycle EBITDA estimate of $2.9 billion — a direct result of 97% ammonia capacity utilization and an estimated 9 million metric tons of urea supply lost from Middle Eastern markets since late February. Management's forward outlook is structurally bullish: Blue Point One ($3.7B total cost, 1.5M+ ton capacity) broke ground in August, Yazoo City CCS targets 2028 startup, and the combined growth project pipeline is expected to add $400 million to mid-cycle EBITDA by 2030. The nitrogen supply-demand balance is characterized as remaining constructive into 2027, with European ammonia capacity curtailments exceeding 35%, global inventories described as low across all major regions, and new capacity construction globally insufficient to meet demand growth through 2030.
Tone: bullishRevenue
$7.1B
CF 10-K · FY 2025
Employees
2,900
Revenue FY2024
$5.9B
Founded
1946
Profile
CF 10-K Item 1 · Feb 25, 2026CF Industries Holdings is the world's largest ammonia producer, operating nine manufacturing facilities across the United States, Canada, and the United Kingdom. The company produces ammonia and upgraded nitrogen products for fertilizer, industrial, and emissions-control applications, and is actively decarbonizing its production network to supply low-carbon ammonia for energy, power generation, and marine shipping markets. Its strategy centers on leveraging its production scale, North American distribution network, and CCS-enabled capacity to capture premium demand from European and Asian customers seeking low-carbon nitrogen supply.
Read filing description ↓ Collapse description ↑
Our mission is to provide clean energy to feed and fuel the world sustainably. With our employees focused on safe and reliable operations, environmental stewardship, and disciplined capital and corporate management, we are on a path to decarbonize our ammonia production network – the world's largest – to enable low-carbon hydrogen and nitrogen products for energy, fertilizer, emissions abatement and other industrial activities. Our value chain consists of manufacturing complexes in the United States, Canada and the United Kingdom, an extensive storage, transportation and distribution network in North America, and logistics capabilities enabling a global reach. In July 2025, we completed a significant decarbonization project at our Donaldsonville, Louisiana, complex to enable the production of low-carbon ammonia. Additionally, we are executing further decarbonization projects in our existing network and constructing a greenfield low-carbon ammonia plant at our Blue Point complex to drive our strategy to leverage our unique capabilities to accelerate the world's transition to clean energy. Our principal customers are cooperatives, retailers, independent fertilizer distributors, traders, wholesalers and industrial users. Our core product is anhydrous ammonia (ammonia), which contains 82% nitrogen and 18% hydrogen. Products derived from ammonia that are most often used as nitrogen fertilizers include granular urea, urea ammonium nitrate solution (UAN) and ammonium nitrate (AN). AN is also used extensively by the commercial explosives industry as a component of explosives. Products derived from ammonia that are sold primarily to industrial customers include diesel exhaust fluid (DEF), urea liquor, nitric acid and aqua ammonia. In addition, our low-carbon products are expected to be used for existing and new applications, such as power generation and steel production in Japan, and to help customers reduce the economic impact of European regulations on the price of carbon.
Primary products
- anhydrous ammonia
- granular urea
- urea ammonium nitrate solution (UAN)
- ammonium nitrate (AN)
- diesel exhaust fluid (DEF)
- urea liquor
Business segments
End markets
Geographies
Named customers
CHS was our largest customer in 2025 and accounted for approximately 13% of our consolidated net sales.
Named competitors
“Our markets are global and intensely competitive, based primarily on delivered price and, to a lesser extent, on low-carbon attributes, reliability, customer service and product quality.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net sales increased from $5.94 billion in 2024 to $7.08 billion in 2025, driven by higher realized prices across ammonia, UAN, and granular urea segments on modestly higher volumes.
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