CF Industries Reports Q3 & First Nine Months 2026 Financial Results

Executive Summary

On November 4, 2026, CF Industries Holdings, Inc. filed Form 8-K under Item 2.02, announcing financial and operational results for the third quarter and first nine months ended September 30, 2026.

Q3 2026 Financial Performance

• Net Sales: $1.860 billion, up 12.1% compared to $1.659 billion in Q3 2025.
• Gross Margin: $720 million (38.7% gross margin percentage) compared to $632 million (38.1%) in Q3 2025.
• Net Earnings Attributable to Common Stockholders: $436 million, or $2.87 per diluted share, up from $353 million, or $2.19 per diluted share, in Q3 2025.
• EBITDA / Adjusted EBITDA: EBITDA was $822 million and Adjusted EBITDA was $833 million, up from $671 million and $667 million, respectively, in the prior-year quarter.
• Sales Volumes: Total product tons sold were 4.80 million, a 7% increase year-over-year (or +13% excluding Yazoo City outage impacts).

First Nine Months 2026 Summary

• Net Sales: $6.068 billion vs. $5.212 billion in 9M 2025.
• Net Earnings: $1.778 billion ($11.60 per diluted share) vs. $1.051 billion ($6.39 per diluted share) in 9M 2025, including a ~$170 million litigation settlement gain.
• Adjusted EBITDA: $3.008 billion vs. $2.072 billion in 9M 2025.
• Cash Flow: Trailing twelve-month operating cash flow reached $3.08 billion, with free cash flow of $2.03 billion.

Capital Allocation & Balance Sheet

• Share Repurchases: Repurchased 3.0 million shares for $367 million during Q3 2026, bringing 9M 2026 buybacks to 5.2 million shares ($612 million). Approximately $1.11 billion remains under the current $2.0 billion share repurchase program running through December 2029.
• Cash Position: Cash and cash equivalents totaled $2.82 billion as of September 30, 2026, including $496 million held by the Blue Point One joint venture.
• Full-Year 2026 CapEx: Projected at $1.3 billion consolidated ($950 million net attributable to CF Industries).

Operational and Strategic Updates

• Blue Point One Joint Venture: Construction of the autothermal reforming low-carbon ammonia plant with JERA and Mitsui started in August 2026. Commercial production is anticipated in 2029 with an estimated total plant cost of $3.7 billion.
• Yazoo City Facility: Resumption of operations remains scheduled for the first half of 2027, with a substantial portion of restoration costs expected to be covered by insurance.