Key Takeaways
- • CF Industries reported first nine months 2026 net earnings attributable to common stockholders of $1.78 billion, or $11.60 per diluted share, versus $1.05 billion, or $6.39 per diluted share, in the same period of 2025, according to its Business Wire release.
- • Adjusted EBITDA for the first nine months reached $3.01 billion, compared with $2.07 billion a year earlier; results include an approximately $170 million gain from a litigation settlement.
- • Third quarter 2026 net earnings were $436 million, or $2.87 per diluted share, with adjusted EBITDA of $833 million, up from $667 million in the third quarter of 2025.
- • The company repurchased 3.0 million shares for $367 million in the third quarter and has approximately $1.11 billion remaining under its $2 billion buyback, which expires in December 2029.
- • Management expects full-year 2026 capital expenditures of about $1.3 billion, including roughly $600 million tied to the Blue Point One joint venture, and expects the global nitrogen supply-demand balance to remain constructive.
Summary
CF Industries Holdings, Inc. (NYSE: CF), a North American manufacturer of hydrogen and nitrogen products, reported results for the nine months and third quarter ended September 30, 2026. Net earnings attributable to common stockholders for the first nine months were $1.78 billion, against $1.05 billion a year earlier, while EBITDA was $3.00 billion and adjusted EBITDA was $3.01 billion. The figures include a gain of approximately $170 million from a litigation settlement.
Net sales for the first nine months rose to $6.07 billion from $5.21 billion, driven by higher average selling prices, even though sales volumes fell 5% due mainly to lower ammonium nitrate, ammonia and UAN sales. Excluding lost product availability at the Yazoo City Complex, which remains under an extended outage following a November 2025 incident, volumes were roughly flat. Cost of sales increased on higher maintenance costs and higher realized natural gas costs, which averaged $3.63 per MMBtu versus $3.34 per MMBtu a year earlier. Third quarter net sales were $1.86 billion, up from $1.66 billion, with volumes 7% higher. Full-year 2026 gross ammonia production is expected to be about 9.5 million tons.
Chief Executive Chris Bohn said the team executed well in the quarter, operating the network at high rates to meet deferred customer demand. The company reported trailing twelve-month net cash from operating activities of $3.08 billion and free cash flow of $2.03 billion, a figure that includes cash flows associated with the Blue Point One joint venture with JERA and Mitsui. As of September 30, 2026, cash and cash equivalents totaled $2.82 billion, of which $496 million was held by the joint venture. Blue Point One, a low-carbon ammonia project in which CF holds 40%, is projected to cost about $3.7 billion and begin ammonia production in 2029.
On capital returns, CF repurchased 5.2 million shares for $612 million in the first nine months. Management also projects full-year 2026 capital expenditures of about $1.3 billion, of which roughly $950 million is attributable to CF excluding partner funding. CHS Inc. is expected to receive an estimated $93 million partnership distribution for the third quarter.
Management characterized the nitrogen market as constructive. Global nitrogen purchasing rebounded in the third quarter in North America, India, South America and Europe, while supply remains constrained. The company estimates only about half of average Middle East urea exports have left the Persian Gulf since the Iran conflict began, and it expects Russian and Black Sea shipments to stay limited. It also noted that about 37% of European nameplate ammonia capacity was offline or running at reduced rates in October 2026, and that roughly 35% of Trinidad's ammonia capacity is being permanently shut down. India is expected to import more than 10 million metric tons of urea in 2026.
Net sales for the first nine months rose to $6.07 billion from $5.21 billion, driven by higher average selling prices, even though sales volumes fell 5% due mainly to lower ammonium nitrate, ammonia and UAN sales. Excluding lost product availability at the Yazoo City Complex, which remains under an extended outage following a November 2025 incident, volumes were roughly flat. Cost of sales increased on higher maintenance costs and higher realized natural gas costs, which averaged $3.63 per MMBtu versus $3.34 per MMBtu a year earlier. Third quarter net sales were $1.86 billion, up from $1.66 billion, with volumes 7% higher. Full-year 2026 gross ammonia production is expected to be about 9.5 million tons.
Chief Executive Chris Bohn said the team executed well in the quarter, operating the network at high rates to meet deferred customer demand. The company reported trailing twelve-month net cash from operating activities of $3.08 billion and free cash flow of $2.03 billion, a figure that includes cash flows associated with the Blue Point One joint venture with JERA and Mitsui. As of September 30, 2026, cash and cash equivalents totaled $2.82 billion, of which $496 million was held by the joint venture. Blue Point One, a low-carbon ammonia project in which CF holds 40%, is projected to cost about $3.7 billion and begin ammonia production in 2029.
On capital returns, CF repurchased 5.2 million shares for $612 million in the first nine months. Management also projects full-year 2026 capital expenditures of about $1.3 billion, of which roughly $950 million is attributable to CF excluding partner funding. CHS Inc. is expected to receive an estimated $93 million partnership distribution for the third quarter.
Management characterized the nitrogen market as constructive. Global nitrogen purchasing rebounded in the third quarter in North America, India, South America and Europe, while supply remains constrained. The company estimates only about half of average Middle East urea exports have left the Persian Gulf since the Iran conflict began, and it expects Russian and Black Sea shipments to stay limited. It also noted that about 37% of European nameplate ammonia capacity was offline or running at reduced rates in October 2026, and that roughly 35% of Trinidad's ammonia capacity is being permanently shut down. India is expected to import more than 10 million metric tons of urea in 2026.
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