CFMEDIUM SIGNALOPERATIONAL10-K

CF Industries is executing a substantial capital investment program focused on low-carbon ammonia production capabilities, including completion of a major decarbonization project and construction of a new greenfield facility.

The company is strategically positioning itself for the energy transition with significant investments in low-carbon ammonia technology, targeting new applications in power generation and steel production. The substantial increase in capital expenditure signals management's confidence in future demand for clean energy solutions, though this aggressive spending has meaningfully reduced cash reserves.

Comparing 2026-02-25 vs 2025-02-20View on EDGAR →
FINANCIAL ANALYSIS

CF delivered strong operational performance with revenue growing 19.3% and operating income expanding 31.7%, demonstrating healthy margin improvement. The company substantially increased capital expenditure to $950 million while generating solid operating cash flow of $2.8 billion, though the heavy investment program reduced cash reserves by 58% to $287 million. Overall, the financial picture reflects a profitable company investing aggressively in strategic growth opportunities while maintaining strong operational cash generation.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+83.4%
$518.0M→$950.0M

Capital expenditure jumped 83.4% — major investment cycle underway; assess returns on deployment.

Cash & Equivalents
Balance Sheet
-57.9%
$682.0M→$287.0M

Cash declined 57.9% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Gross Profit
P&L
+32.5%
$2.1B→$2.7B

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Operating Income
P&L
+31.7%
$1.7B→$2.3B

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Interest Expense
P&L
+28.1%
$121.0M→$155.0M

Interest costs rose 28.1% — monitor debt levels and coverage ratio in rising rate environment.

Inventory
Balance Sheet
+22%
$314.0M→$383.0M

Inventory built 22% — monitor whether demand supports this build or if write-downs may follow.

Operating Cash Flow
Cash Flow
+21.2%
$2.3B→$2.8B

Operating cash flow grew 21.2% — strong conversion of earnings to cash, healthy business fundamentals.

Revenue
P&L
+19.3%
$5.9B→$7.1B

Revenue growing 19.3% — solid top-line momentum, watch margins for quality of growth.

Current Assets
Balance Sheet
+18.5%
$2.5B→$3.0B

Current assets grew 18.5% — improving short-term liquidity or inventory/receivables build.

SG&A Expense
P&L
+13.8%
$320.0M→$364.0M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-20
ADDED
153,668,821 shares of the registrant s common stock, par value $0.01 per share, were outstanding as of January 30, 2026.
Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 7A.
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.
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REMOVED
169,536,803 shares of the registrant s common stock, par value $0.01 per share, were outstanding as of January 31, 2025.
Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 7A.
Our 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 underpin our strategy to leverage our unique capabilities to accelerate the world s transition to clean energy.
Our principal assets as of December 31, 2024 include: six U.S.
(CHS) owns the remainder; two Canadian manufacturing facilities, located in Medicine Hat, Alberta (the largest ammonia production complex in Canada) and Courtright, Ontario; a United Kingdom manufacturing facility located in Billingham; an extensive system of terminals and associated transportation equipment located primarily in the Midwestern United States; and a 50% interest in Point Lisas Nitrogen Limited (PLNL), an ammonia production joint venture located in Trinidad and Tobago (Trinidad) that we account for under the equity method.
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