$CF

CF Industries Holdings, Inc.

CIK:0001324404|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 2,222	$ 1,890	$ 4,208	$ 3,553
Cost of sales	1,077	1,135	2,317	2,226
Gross margin	1,145	755	1,891	1,327
Selling, general and administrative expenses	89	101	192	185
U.K. operations restructuring	0	0	0	23
Asset impairment	23	0	23	0
Insurance recoveries—property damage	0	0	(25)	0
Insurance recoveries—business interruption	(50)	0	(50)	0
Litigation settlement gain	0	0	(170)	0
Other operating (income) expense—net	31	(8)	50	(22)
Total other operating expense (income)—net	31	109	(80)	230
Equity in earnings of operating affiliate	7	2	13	6
Operating earnings	1,121	648	1,984	1,103
Interest expense	50	36	89	73
Interest income	(26)	(17)	(46)	(34)
Other non-operating expense (income)—net	4	(6)	4	(8)
Earnings before income taxes	1,093	635	1,937	1,072
Income tax provision	224	143	392	229
Net earnings	869	492	1,545	843
Less: Net earnings attributable to noncontrolling interests	142	106	203	145
Net earnings attributable to common stockholders	$ 727	$ 386	$ 1,342	$ 698
Net earnings per share attributable to common stockholders:
Basic (in dollars per share)	$ 4.74	$ 2.37	$ 8.72	$ 4.21
Diluted (in dollars per share)	$ 4.73	$ 2.37	$ 8.71	$ 4.20
Weighted average common shares outstanding:
Basic (in shares)	153.6	162.9	153.9	165.8
Diluted (in shares)	153.9	163.1	154.2	165.9
Dividends declared per common share (in dollars per share)	$ 0.50	$ 0.50	$ 1.00	$ 1.00

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities:
Net earnings	$ 1,545.0	$ 843.0
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	443.0	453.0
Deferred income taxes	(25.0)	(38.0)
Stock-based compensation expense	20.0	22.0
Unrealized net (gain) loss on natural gas derivatives	(5.0)	2.0
Asset impairment	23.0	0.0
Loss on disposal of property, plant and equipment	9.0	1.0
Insurance recoveries—property damage	(25.0)	0.0
Loss on sale of Ince facility	0.0	23.0
Undistributed earnings of affiliate—net of taxes	(3.0)	(6.0)
Changes in assets and liabilities:
Accounts receivable—net	(233.0)	(178.0)
Inventories	(28.0)	(6.0)
Accrued and prepaid income taxes	(23.0)	95.0
Accounts payable and accrued expenses	(66.0)	4.0
Customer advances	(66.0)	(86.0)
Other—net	(192.0)	20.0
Net cash provided by operating activities	1,374.0	1,149.0
Investing Activities:
Additions to property, plant and equipment	(494.0)	(377.0)
Proceeds from sale of property, plant and equipment	1.0	6.0
Proceeds from sale of Ince facility	0.0	4.0
Insurance proceeds for property, plant and equipment	25.0	0.0
Purchase of emission credits	(6.0)	(1.0)
Net cash used in investing activities	(474.0)	(368.0)
Financing Activities:
Dividends paid on common stock	(155.0)	(167.0)
Contributions from noncontrolling interests	233.0	235.0
Distributions to noncontrolling interests	(201.0)	(129.0)
Purchases of treasury stock	(253.0)	(660.0)
Proceeds from issuances of common stock under employee stock plans	1.0	1.0
Cash paid for shares withheld for taxes	(10.0)	(13.0)
Net cash used in financing activities	(385.0)	(733.0)
Effect of exchange rate changes on cash and cash equivalents	(17.0)	24.0
Increase in cash and cash equivalents	498.0	72.0
Cash and cash equivalents at beginning of period	1,982.0	1,614.0
Cash and cash equivalents at end of period	$ 2,480.0	$ 1,686.0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents (amount related to variable interest entity (VIE)— 2026: $341, 2025: $130)	$ 2,480	$ 1,982
Accounts receivable—net	718	488
Inventories	415	383
Prepaid income taxes	99	105
Other current assets (amount related to VIE—2026: $6, 2025: $1)	40	27
Total current assets	3,752	2,985
Property, plant and equipment—net (amount related to VIE—2026: $504, 2025: $361)	6,758	6,715
Investment in affiliate	36	32
Goodwill	2,492	2,493
Intangible assets—net	460	473
Operating lease right-of-use assets (amount related to VIE—2026: $1, 2025: $0)	385	410
Other assets (amount related to VIE—2026: $17, 2025: $1)	1,216	980
Total assets	15,099	14,088
Current liabilities:
Accounts payable and accrued expenses (amount related to VIE—2026: $51, 2025: $52)	642	681
Customer advances	11	77
Current operating lease liabilities (amount related to VIE—2026: $1, 2025: $0)	104	110
Other current liabilities	15	19
Total current liabilities	772	887
Long-term debt	3,216	3,215
Deferred income taxes	841	869
Operating lease liabilities	293	311
Supply contract liability	679	694
Other liabilities (amount related to VIE—2026: $1, 2025: $1)	378	337
Stockholders’ equity:
Preferred stock—$0.01 par value, 50,000,000 shares authorized	0	0
Common stock—$0.01 par value, 500,000,000 shares authorized, 2026—151,641,530 shares issued and 2025—153,552,162 shares issued	2	2
Paid-in capital	1,199	1,197
Retained earnings	4,829	3,874
Treasury stock—at cost, 2026—45,854 shares and 2025—0 shares	(5)	0
Accumulated other comprehensive loss	(277)	(235)
Total stockholders’ equity	5,748	4,838
Noncontrolling interests	3,172	2,937
Total equity	8,920	7,775
Total liabilities and equity	$ 15,099	$ 14,088