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CF Industries
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Updated Aug 6, 2026
CF Industries raises mid-cycle EBITDA target to $2.9B as capital cost inflation structurally lifts the nitrogen incentive price floor.
CF Industries has revised its baseline mid-cycle EBITDA expectation to approximately $2.9 billion — up from the prior framework — driven by a structural increase in the global cost to build new nitrogen capacity, which has raised the urea incentive price from $355 to $385 per short ton at NOLA. This capital cost inflation has narrowed the construction cost advantage historically enjoyed by low-cost gas regions outside North America, directly strengthening CF's competitive position without reliance on geopolitical premium. By 2030, strategic initiatives including Blue Point and expanded carbon capture are expected to lift mid-cycle EBITDA further to approximately $3.3 billion, with free cash flow conversion remaining consistently high at a projected $1.7 billion at mid-cycle.
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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