CF Industries Holdings Reports Higher Revenue, Operating Income, and Diluted EPS on Both Windows in Interim Filing

Bottom line

For the three-month reporting period the three months ended June 30, 2026, CF Industries Holdings, Inc. — filing under 10-Q for period-ended-2026-06-30, identifier 0001324404, ticker CF, accession 0001324404-26-000019 — reported Earnings Per Share, Diluted of $4.73 per diluted share USD/SHARES, Operating Income (Loss) of $1,121,000,000 USD, and Revenues of $2,222,000,000 USD. For the six-month year-to-date period the six months ended June 30, 2026, the same company reported Earnings Per Share, Diluted of $8.71 per diluted share USD/SHARES, Operating Income (Loss) of $1,984,000,000 USD, and Revenues of $4,208,000,000 USD.

Management's framing of these figures is anchored in the company's stated mission to provide clean energy and its ongoing decarbonization program, including a recently completed project at its Donaldsonville, Louisiana complex to produce low-carbon ammonia and construction of a greenfield low-carbon ammonia plant at its Blue Point complex. The interim filing is unaudited, has been prepared on the same basis as the audited annual statements, and reflects only normal and recurring adjustments, with certain prior-period amounts reclassified to conform to the current presentation, as further described in Note 15. Segment-level revenue detail for Ammonia, Granular Urea, UAN and other upgraded products is presented in Note 17. The accompanying unaudited interim consolidated financial statements include the accounts of CF Industries, all majority-owned subsidiaries, and a variable interest entity, as discussed in Note 12 and Note 15. Subsequent-event and other disclosures appear under Item 5, Item 4, Item 6, Item 3 and Item 2.

Analyst inference is limited to qualitative directions the filing supports. Versus the prior-year three-month comparative the three months ended June 30, 2025, the current quarter shows higher Revenues, higher Operating Income (Loss), and higher Earnings Per Share, Diluted, with each line moving from a profit to a higher profit. Versus the prior-year six-month comparative the six months ended June 30, 2025, the current half year shows higher Revenues, higher Operating Income (Loss), and higher Earnings Per Share, Diluted, again on a profit-to-profit basis. Comparable profit-to-profit moves in interim filings appear in peer coverage such as Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in Filing.

No management-attributed cause for the year-over-year movement is provided in the cited excerpts. The filing evidence does not attribute this change to any single cause. Counter-evidence within the filing is limited: management flags that operating results for any period are not necessarily indicative of results for any future period, and a recently issued FASB ASU on environmental credits is under evaluation but has not yet been adopted. The filing evidence contains no peer or industry comparison.

Unknowns for this section include the precise effect of the new FASB environmental-credit standard on future reporting, the contribution of individual decarbonization projects to period results, and any quantitative bridge between pricing, volume and cost variances. The cited notes and items form the scope of evidence used here.

Financial performance

- CF Industries Holdings, Inc. reported higher Revenues across both windows in the 10-Q for period-ended-2026-06-30, filed under accession 0001324404-26-000019. For the three-month reporting period, Revenues rose to $2,222,000,000 from $1,890,000,000, and for the six-month year-to-date period, Revenues climbed to $4,208,000,000 from $3,553,000,000.

- Operating Income (Loss) showed a profit-to-profit improvement on both windows. For the quarter, Operating Income (Loss) was $1,121,000,000, up from $648,000,000, while the year-to-date figure reached $1,984,000,000 from $1,103,000,000. - Earnings Per Share, Diluted echoed the same pattern.

2 per diluted share. The transition on both windows is profit to profit, with no change in sign. - Management frames the year-on-year lift in the context of growing demand for low-carbon ammonia and upgraded products, citing applications such as power generation and steel production in Japan and customer efforts to manage European carbon border adjustment fees and other carbon regulations.

The filing also notes that substantially all customer advances at the beginning of each respective six-month period were recognized as revenue, and that remaining performance obligations under multi-period contracts were material in dollar terms as of the period end. - The accounting context is interim. The unaudited interim consolidated financial statements were prepared on the same basis as the prior-year audited consolidated financial statements and reflect only normal and recurring adjustments.

Certain prior period amounts have been reclassified to conform with the current period presentation, as referenced in Note 15—Noncontrolling Interests. Segment revenue disaggregation (Ammonia, Granular Urea, UAN, AN and Other) is provided in Note 17—Segment Disclosures. A variable interest entity of which CF Holdings is the primary beneficiary is included, as discussed in Note 12—Variable Interest Entity.

- Management is currently evaluating two new ASUs, one on environmental credits and environmental credit obligations and one on Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, and has not yet quantified their impact on the consolidated financial statements. - Quarter-versus-quarter_prior_year and year-to-date-versus-prior-year are both labeled "increase" in the reported comparison set; no other comparisons are asserted in this section. Guidance for future periods is not quantified in the cited evidence.

The filing evidence does not attribute this change to any single cause. - The filing evidence contains no peer or industry comparison. Readers comparing this result with a peer set can reference Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in Filing and [RCI HOSPITALITY HOLDINGS, INC.

Posts Higher Revenue on Both Windows in period-ended-2026-06-30 10-Q, With Quarterly Bottom-Line Up and Year-to-Date Bottom-Line Softer](/insights/finance/rci-hospitality-holdings-inc-posts-higher-revenue-on-both-windows-in-period/) for parallel profit-to-profit windows.

Operating drivers and segments

The filing does not break out each Ammonia, Granular Urea, UAN, AN and Other line item with quantified values in this section's evidence. What the catalog confirms is that, at the consolidated level, Revenues were $2,222,000,000 for the three months ended June 30, 2026, higher than the prior-year reading of $1,890,000,000 for the three months ended June 30, 2025, and Revenues were $4,208,000,000 for the six months ended June 30, 2026, higher than the prior-year comparative of $3,553,000,000 for the six months ended June 30, 2025. Operating Income (Loss) was $1,121,000,000 for the three-month window, higher than $648,000,000 for the year-ago quarter, and $1,984,000,000 for the six months ended June 30, 2026, higher than $1,103,000,000 for the six months ended June 30, 2025. Because the four figures stand alone and the underlying split by reportable segment is not in the section's catalog, the gap between Ammonia, Granular Urea, UAN, AN and Other cannot be characterised here. Segment-level composition, including the contribution of PLNL inside Ammonia, is acknowledged in management's text but is not numerically resolved in the filing evidence for this section.

Management frames the period as one of strategic positioning rather than purely cyclical nitrogen pricing. In July the company completed a significant decarbonization project at the Donaldsonville complex to enable low-carbon ammonia output, and it is constructing a greenfield low-carbon ammonia plant at the Blue Point complex. The discussion also flags the equity-method earnings from PLNL as part of the Ammonia segment's earnings from operations, on the basis that PLNL provides additional production integrated with the broader supply chain and sales activities. Together these are the operating-driver stories the filing offers. The filing also notes that low-carbon ammonia and low-carbon upgraded products are positioned for power generation, steel production in Japan, and to help customers manage European carbon border adjustment fees and other carbon regulations.

Reader-facing analysis: Independent analysis can verify the four consolidated direction-of-change moves catalogued above against the prior-year comparatives, and it can confirm that both windows remain in profit on the operating line. What independent analysis cannot do from this section's evidence is attribute the directional improvement to a specific driver, because the segment-level revenue and cost split, the average selling price per ton, natural-gas cost per MMBtu, and volume tonnes are not in the catalog. The filing evidence does not attribute this change to any single cause. Similarly, the gap between the Ammonia segment's contribution and the upgraded-products segments (Granular Urea, UAN, AN) is not numerically resolved here, so any read on which product line drove the consolidated move would be speculation. Management's narrative about Donaldsonville's low-carbon ammonia commissioning and the Blue Point greenfield is treated as forward-looking positioning, not as a quantified contributor to the reported period. No peer or industry comparison is supplied in the filing evidence. The filing evidence contains no peer or industry comparison. Readers looking for a cross-issuer sanity check on a similar revenue-and-profit pattern can compare the broad directional shape against Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in Filing, which mirrors higher revenue and higher operating income on a year-over-year basis, while keeping in mind the issuer, sector and period are unrelated to this CF Industries filing.

Cash flow and capital

- Operating cash generation was positive in both the current six-month period and the prior-year comparative, and the authorized direction over the year-over-year window is an increase, leaving cash from operations the clear engine funding the rest of the capital allocation choices reported in 10-Q filed by CF Industries Holdings, Inc. under accession 0001324404-26-000019. - Investing activities were a use of cash in both windows; the year-over-year direction is a decrease, so the outflow narrowed even as the company continued to fund growth and maintenance projects.

- Financing activities were also a use of cash in both windows; the authorized direction is an increase, meaning the cash outflow from financing shrank compared with the prior-year comparative, leaving more capital retained inside the business. - Capital expenditures, captured as Payments to Acquire Property, Plant, and Equipment, were positive in both windows; the authorized year-over-year direction is an increase, so the company reinvested more in its asset base than it did in the prior-year period, consistent with the build-out and turnaround activity discussed in the filing.

- Share repurchases, captured as Payments for Repurchase of Common Stock, were positive in both windows, and the authorized direction is a decrease, so the company returned less cash to shareholders via buybacks than in the prior-year comparative. - Dividends, captured as Payments of Ordinary Dividends, Common Stock, were positive in both windows, and the authorized direction is a decrease, so ordinary dividend outflows were lower than in the prior-year period; The filing evidence does not attribute this change to any single cause..

- On the balance sheet at the reporting date, Accounts Receivable, net of the allowance for credit loss, was reported as a positive current asset; Accounts Payable and Accrued Liabilities, Current, was reported as a positive current liability; Long-term Debt, Excluding Current Maturities, was reported as a positive long-term obligation, leaving working capital and leverage positions that the reader can pair with the cash-flow profile above. - The cash-flow statement and balance-sheet excerpts in Item 6 and the segment context in Note 17 support this read, while the equity-method disclosure in Note 12 provides background on production integration that influences how investing and operating cash flow are interpreted.

- The filing evidence contains no peer or industry comparison.

Peer and historical context

- Across the reporting windows filed by CF Industries Holdings, Inc. under 10-Q for period-ended-2026-06-30, the historical pattern shown by the filing is consistent in direction even where the magnitudes are not stated here. - Revenues compare higher year over year in both windows, with the three-month period moving from $1,890,000,000 USD to $2,222,000,000 USD and the six-month period moving from $3,553,000,000 USD to $4,208,000,000 USD.

- Operating Income (Loss) follows the same contour, rising from $648,000,000 USD to $1,121,000,000 USD for the quarter and from $1,103,000,000 USD to $1,984,000,000 USD for the year-to-date period, in each case remaining a profit rather than a loss. - Operating cash flow strengthens on the half-year view, with Net Cash Provided by Operating Activities moving from $1,149,000,000 USD to $1,374,000,000 USD, indicating that the income-to-cash conversion direction reinforces the earnings comparison. - Against these positives, the filing does not offer a like-for-like peer set inside the filing evidence; the only comparable company pattern available here is the broader trend seen across other interim filings in the same window, such as the year-over-year improvement reported in Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in Filing, which is directional context rather than a same-industry benchmark.

- The filing evidence contains no peer or industry comparison. - On the cost-and-capital side of the historical record, the filing language references the Yazoo City rebuild plan approved in the quarter, scheduled restart in the first half of the next year, and ongoing business-interruption insurance recoveries not yet recognized — items that, if realized, could alter the year-to-date comparison in later periods. - Plant-turnaround accounting, the Supply Contract liability amortization, and the Trinidad and Tobago equity-method position are described in narrative terms but their year-over-year contribution to the change is not attributed inside the filing evidence.

- The filing evidence does not attribute this change to any single cause. - A specific divergence worth flagging is that the operating-cash-flow improvement runs alongside higher revenue and higher operating income, but the quarter-level operating income move is presented alongside a separately reported rise in capital expenditure disclosed elsewhere in the filing, so the operating-cash-flow direction here should be read in that joint context. - Taken together, the historical picture inside this single filing is internally consistent: top line, operating income, and operating cash flow all compare higher year over year in their authorized directions, with no period shifting from profit to loss, while the peer dimension is absent from the filing evidence.

Scenario analysis

- In a base case, the top line continues to print higher revenues on both windows reported in this filing, with $4,208,000,000 for the six months ended June 30, 2026 coming in above $3,553,000,000 for the six months ended June 30, 2025, and $2,222,000,000 for the three months ended June 30, 2026 likewise above $1,890,000,000 for the three months ended June 30, 2025. Operating income and diluted earnings per share are authorized to remain in a profit-to-profit transition with an increase across both windows, and the cash-flow statement is authorized to show higher net cash provided by operating activities, a smaller cash outflow from financing, and a larger outflow for investing through higher payments to acquire property, plant, and equipment.

The filing evidence does not attribute this change to any single cause. - An upside case layers two constructive assumptions on top of the base. First, the planned rebuilding of the Yazoo City complex — described in the filing as resuming production of ammonia, AN solution, nitric acid, UAN and urea liquor in the first half of the subsequent year — comes online close to schedule, adding incremental volumes on top of the higher revenue base already reported.

Second, business-interruption insurance recoveries tied to the Yazoo City incident, which the filing flags as a gain contingency still being worked through with carriers, are realized during the rebuild window and land above the level implicitly embedded in the base. Under those conditions, the year-to-date operating profit that already expanded on a profit-to-profit basis can carry additional momentum, and the larger capital outlay for property, plant, and equipment is funded without straining the higher operating cash inflow.

Readers can place this kind of conditional outcome alongside other interim filings that posted higher revenue across both windows to gauge typical post-incident trajectories. - A downside case stress-tests the same revenue lines with three softer assumptions. Ammonia supply from the equity-method investee Point Lisas Nitrogen Limited becomes uncertain because the prior gas sales contract with The National Gas Company of Trinidad and Tobago Limited has expired and any extension requires fresh negotiations; the filing explicitly warns that an unfavorable outcome could trigger an impairment assessment of the remaining PLNL investment.

The Yazoo City rebuild slips beyond the targeted first-half window, delaying the contribution of ammonia, AN solution, nitric acid, UAN and urea liquor volumes. Third, no business-interruption insurance recoveries are booked during the relevant window, leaving fixed costs and idle-plant overhead to weigh on margins. Under that combination, the higher reported $2,222,000,000 versus $1,890,000,000 gives back some of its implied contribution, the higher payments to acquire property, plant, and equipment strain the financing cash line further than the authorized year-over-year decrease already implies, and ordinary dividend and share-repurchase outflows become candidates for the steeper reduction the filing's authorized direction already allows.

The filing evidence contains no peer or industry comparison.

Risks and what to watch

- Reported facts: Revenues for the three-month reporting period were $2,222,000,000 USD, compared with $1,890,000,000 USD for the prior-year three-month period, an authorized direction increase per the filing's comparative disclosure. Revenues for the six-month year-to-date period were $4,208,000,000 USD, compared with $3,553,000,000 USD for the prior-year year-to-date period, also an authorized direction increase. The filing is the 10-Q for period-ended-2026-06-30 under accession 0001324404-26-000019 for CF Industries Holdings, Inc.

(ticker CF, CIK 0001324404), and revenue is disaggregated by the Ammonia, Granular Urea, UAN, AN and Other reportable segments described in the cited note on revenue disclosures. - Management explanations: The narrative states that no business interruption insurance recoveries were recognized during the first quarter, with management framing such items as gain contingencies recognized only when realized. Management also approved a plan to rebuild the Yazoo City plant in the second quarter and expects ammonia, AN solution, nitric acid, UAN and urea liquor production to resume in the first half of the following calendar year, with related restructuring activity reflected in the consolidated statement of operations for the six months ended June.

PLNL continues to source natural gas from NGC under short-term extension letter agreements, and management flags that any NGC commitment to supply gas beyond the current extension would require further negotiation, with an impairment trigger possible if terms do not permit profitable operations. - Analyst inference: With revenue higher on both windows but the filing silent on per-unit realized pricing, segment mix, natural gas cost, and the magnitude of any insurance recovery, the qualitative read is that top-line growth is intact while earnings sensitivity to gas-supply reliability and to the Yazoo City rebuild timeline remains the dominant swing factor; nothing in the filing evidence attributes the revenue change to a single cause, and that limitation is recorded mechanically via The filing evidence does not attribute this change to any single cause..

- Counter-evidence and unknowns: The filing does not disclose peer or industry comparison data, so any cross-issuer read must come from outside sources such as the Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in the reporting period Filing or the RCI HOSPITALITY HOLDINGS, INC. Posts Higher Revenue on Both Windows in period-ended-2026-06-30 10-Q insights rather than from this document.

The volume of ammonia purchased from PLNL is reported only with redacted figures in the quoted narrative, so the dollar exposure to a PLNL outage cannot be sized from the text. The status of any new NGC contract beyond the current short-term extension, the ultimate insurance recovery amount, and the timing slippage risk on the Yazoo City restart are also not quantified. The filing evidence does not attribute this change to any single cause.

applies to the revenue gap. - Metrics to watch next period: The next filing should confirm whether the higher year-to-date revenue trend continued, whether any NGC long-term contract was executed with PLNL or whether the impairment assessment indicator was triggered, the realized insurance recovery amount and the period in which it is booked, the in-service date for Yazoo City ammonia, AN solution, nitric acid, UAN and urea liquor production, and the outcome of any goodwill or long-lived asset review noted in the cited note on interests.

Readers can pair these checks with broader cyclical read-throughs such as the KVH Industries posts higher revenue across both windows in interim filing for context, although The filing evidence contains no peer or industry comparison. governs any direct read versus this issuer.