CF Industries (CF) Q4 2025 earnings summary

Executive summary

• Achieved adjusted EBITDA of $2.89 billion for full year 2025, reflecting strong operational performance and favorable global nitrogen market dynamics.

• Net earnings reached $1.46 billion ($8.97 per diluted share), with significant capital returned to shareholders: $1.7 billion, including $1.3–$1.34 billion in share repurchases, reducing outstanding shares by 10%.

• Advanced strategic growth initiatives in low-carbon ammonia and decarbonization, including the Blue Point joint venture and Donaldsonville CCS project.

Financial highlights

• FY 2025 net sales were $7.08 billion, up from $5.94 billion in 2024, with gross margin improving to 38.5%.

• Adjusted EBITDA for FY 2025 was $2.89 billion, with free cash flow of $1.79 billion and net cash from operations of $2.75 billion.

• Q4 2025 net earnings were $404 million, with adjusted EBITDA of $821 million.

• Two Q4 impairment charges totaled $76 million, including $51 million for the Donaldsonville electrolyzer pilot and $25 million for Yazoo City.

Outlook and guidance

• Gross ammonia production in 2026 is projected at 9.5 million tons due to the Yazoo City Complex outage, with production resuming no earlier than Q4 2026.

• 2026 capital expenditures are projected at $1.3 billion consolidated, with $950 million attributable to the company and ~$600 million for Blue Point JV.

• Management anticipates continued strong free cash flow generation and constructive global nitrogen market conditions.

• Blue Point project remains on track for 2029 completion, with civil work starting in Q1 2026.