AI-extracted from the 10-Q filed 2026-08-06 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
CF Industries reported Q2 net earnings of $727M (+88% YoY) on $2.2B revenue (+18% YoY), driven by 39% higher nitrogen fertilizer prices amid Middle East supply disruptions, partially offset by lower sales volumes and the idled Yazoo City facility.
Biggest Revenue Drivers
Granular Urea$759M+39% YoY
29% increase in average selling prices to $593/ton and 8% higher sales volume due to tighter global supply-demand balance and production mix favoring urea.
UAN$613MFlat YoY
37% higher average selling prices to $441/ton offset by 27% lower sales volume from reduced global demand and production mix shift to granular urea.
Biggest Revenue Drivers
Total revenue: $2,222M+18% YoY
Granular Urea$759M+39% YoY
29% increase in average selling prices to $593/ton and 8% higher sales volume due to tighter global supply-demand balance and production mix favoring urea.
UAN$613MFlat YoY
37% higher average selling prices to $441/ton offset by 27% lower sales volume from reduced global demand and production mix shift to granular urea.
Ammonia$586M+19% YoY
50% increase in average selling prices to $677/ton, partially offset by 20% lower sales volume from reduced phosphate fertilizer demand and higher plant turnarounds.
Other$193M+54% YoY
26% higher sales volume and 23% higher average selling prices for DEF, urea liquor, and nitric acid driven by global supply tightness.
Ammonium Nitrate$71M-39% YoY
77% higher average selling prices offset by 66% lower sales volume due to idled Yazoo City production facility and reduced supply availability.
Largest Expense Items
Cost of sales$1,077M-5% YoY
Lower sales volume decreased costs by $129M, partially offset by maintenance costs and unabsorbed fixed costs from Yazoo City idling and higher natural gas costs.
Selling, general and administrative expenses$89M-12% YoY
Decrease due to lower costs for certain corporate initiatives.
Interest expense$50M+39% YoY
Higher interest on tax liabilities and higher senior notes outstanding, partially offset by higher capitalized interest.
Margins: Gross margin increased 52% to $1.15B from $755M YoY, with gross margin percentage rising to 51.5% from 39.9%, driven primarily by 39% higher average selling prices benefiting all segments. The improvement was partially offset by lower sales volume, higher maintenance costs including unabsorbed fixed costs from the Yazoo City facility downtime, and modestly higher natural gas costs.
Watch Items from the Filing
Yazoo City facility idled since November 2025; $23M asset impairment charge in Q2 2026. Rebuild expected to complete in H1 2027. AN segment turned negative gross margin of -$4M vs. +$25M YoY.
Blue Point One joint venture: $3.7B estimated project cost; construction commenced August 2026; low-carbon ammonia production expected 2029. Q2 2026 capex of $143M represents major capital commitment with execution risks.
Geopolitical instability: March 2026 Middle East conflict (Iran) caused global nitrogen supply constraints and 39% price surge in Q2 2026. Antitrust litigation filed by direct and indirect purchasers alleging price-fixing conspiracies since 2020-2021; FTC launched fertilizer industry investigation May 2026.
Natural gas cost per MMBtu of $3.37 in Q2 2026 vs. $3.36 in Q2 2025 (flat), but up 14% to $4.01 YTD vs. $3.52 prior year, reducing YTD gross margin by $73M.
Noncontrolling interests (CHS in CFN and JERA/Mitsui in Blue Point): $142M earnings in Q2 2026 (+34% YoY); CFN distributed $201M to CHS in H1 2026. Blue Point contributed $8M loss in Q2 2026.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Madrazo Yris JesusDirectorGrant or award · Apr 28, 2026
Ellerbusch Susan ADirectorGrant or award · Apr 28, 2026
Eaves John WDirectorGrant or award · Apr 28, 2026
About CF Industries Holdings, Inc. (CF): stock profile, AI score and financials
CF Industries Holdings, Inc. (CF) stock profile, AI quality score, and SEC EDGAR financial data, a Materials sector company. 13F Pro's AI-powered ranking engine scores CF at 78.2/100 on a composite quality score built from its SEC filings, placing it at rank #54 of 2,925 stocks — the top 5% of the AI-ranked universe. CF scores in the top quartile across balance sheet strength (94.6), profitability (93.3), institutional flow (83.9). Based on the latest XBRL financial filings (Q2 2026), CF Industries Holdings, Inc. reports quarterly revenue of $2.2B, net income of $869.0M, an operating margin of 50.4%. CF trades on the NYSE exchange and files with the SEC under CIK 1324404. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate CF daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for CF Industries Holdings, Inc. directly from SEC EDGAR.