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Screener / SEC EDGAR /CIK 0001324404 /10-K filed Feb 25, 2026, compared with Feb 20, 2025 /Numbers from the XBRL of the 10-Ks
Materials peers:
MLMALBCFPKGAVYVMC
NYSE Materials · Fertilizers

CF Industries CF

CF quote by TradingView

Our mission is to provide clean energy to feed and fuel the world sustainably. 10-K, Item 1

Employees
2,900
Headquarters
Northbrook, IL
Next results
around Feb 17, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $7.1B through the costs to a net profit of $1.5B · income statement of the 10-K

32% operating margin
Revenue to Gross profit: $2.7BRevenue to Cost of revenue: $4.4BGross profit to Operating profit: $2.3BGross profit to Operating expenses: $424.0MOperating profit to Net profit: $1.5BOperating profit to Tax & other: $845.0M Revenue: $7.1B REVENUE $7.1B +19% Y/Y Gross profit: $2.7B · 38% margin GROSS PROFIT $2.7B 38% margin · +32% Y/Y Cost of revenue: $4.4B · 62% of revenue COST OF REVENUE $4.4B 62% of revenue Operating profit: $2.3B · 32% margin OPERATING PROFIT $2.3B 32% margin · +32% Y/Y Operating expenses: $424.0M · 6% of revenue OPERATING EXPENSES $424.0M 6% of revenue Net profit: $1.5B · 21% margin NET PROFIT $1.5B 21% margin · +19% Y/Y Tax & other: $845.0M · 12% of revenue TAX & OTHER $845.0M 12% of revenue
Gross profit $2.7B 38% margin · +32% Y/Y
Operating profit $2.3B 32% margin · +32% Y/Y
Net profit $1.5B 21% margin · +19% Y/Y
The full income statement, year by year

CF among Materials peers

Six ratios from the latest 10-K. Each corner is the share of 23 peers the company is above, not a score.

Compare
Revenue growth: 19.3%, above 83% of 23 peers (their median 3.6%) REVENUE GROWTH 19.3% · above 83% Gross margin: 42.5%, above 89% of 19 peers (their median 26.7%) GROSS MARGIN 42.5% · above 89% Operating margin: 41.6%, above 100% of 15 peers (their median 11.2%) OPERATING MARGIN 41.6% · above 100% Net margin: 27.5%, above 91% of 23 peers (their median 8.8%) NET MARGIN 27.5% · above 91% FCF margin: 26.2%, above 96% of 23 peers (their median 6.8%) FCF MARGIN 26.2% · above 96% Return on capital: 20.6%, above 100% of 11 peers (their median 8.8%) RETURN ON CAPITAL 20.6% · above 100%
CF Peer median Below the median

What changed

9 new risk paragraphs. 10-K filed Feb 25, 2026 against Feb 20, 2025.

Risk factors
9 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Accounting checks
11 other checks clear
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
3 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

0facts worth reading about all 11 checks found nothing to note

  • Receivables +20.8% vs revenue +19.3% (+1.5 pts)
  • Cash from operations $2.8B vs net income $1.8B (FY ending Dec 31, 2025)
  • Inventory +22.0% vs revenue +19.3% (+2.6 pts)
8 more checks with nothing to note
  • Same auditor in both 10-Ks: KPMG LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • The same matters as last year: Measurements of projected benefit obligations
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

9 paragraphs in Risk Factors that were not in the 10-K filed Feb 20, 2025. Quoted as filed.

All 9 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 20, 2025 10-K, ITEM 1A
    Further, we are subject to continually evolving GHG regulations and other environmental laws and regulations in various jurisdictions. Changes in these regulations in any jurisdiction to which we are subject, or in their interpretation, administration or enforcement, may have a material adverse effect on our business, financial…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 20, 2025 10-K, ITEM 1A
    Beginning on January 1, 2026, importers of nitrogen fertilizer products into the EU became subject to its carbon border adjustment mechanism (CBAM) and will be required to purchase certificates in 2027 reflecting the direct and indirect carbon emissions embedded in covered imports. While some EU member state officials, including from…
  3. Item 1A · new paragraph · not in the 10-K filed Feb 20, 2025 10-K, ITEM 1A
    We have and may enter into joint ventures to invest in our business. For example, in 2025, we entered into a joint venture with two Japanese partners to build a greenfield plant to produce low-carbon ammonia. This joint venture and other similar

New risk paragraphs, against peers

Latest 10-K of each, Materials companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$11.2B$6.6B$5.9B$7.1B
Net income$3.3B$1.5B$1.2B$1.5B
Operating cash flow$3.9B$2.8B$2.3B$2.8B
Free cash flow$3.4B$2.3B$1.8B$1.8B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$7.1B ▲ 19.3% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

3 filings in the last 30 days · SEC EDGAR

All filings

About the company

CF Industries, Northbrook, IL · from the 10-K filed Feb 25, 2026

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.

Headquarters
Northbrook, IL
Country
United States
Reports in
USD
Listed on
NYSE
Fiscal year ends
December 31
Last results
Nov 4, 2026
Incorporated in
DE

Employees, at the top of the page: "We employed approximately 2,900 employees as of December 31, 2025, of which 80% were located in the United States, 14% in Canada, and 6% in the United Kingdom" (10-K). Address and exchange: SEC's company file.

Email alerts

Sources

The 10-K filed Feb 25, 2026 (open at SEC), compared with the 10-K filed Feb 20, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/CF/export.csv") into a cell.