CF Industries Holdings (CF) 10-K Summaries & Annual Filing History
Review CF Industries Holdings, Inc. (CF) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
CF Industries produces ammonia and low-carbon ammonia products, with a growing focus on new applications such as power generation and steel production. The company reported a year-over-year increase in revenue, positive operating income and net income, and strong cash flow from operations.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$7.1B
Revenue reported for the fiscal year.
Operating income
$2.3B
Income from operations reported for the year.
Net income
$1.8B
Net income reported for the year.
Operating cash flow
$2.8B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $11.2B | +71.1% |
| Dec 31, 2023 | $6.6B | -40.7% |
| Dec 31, 2024 | $5.9B | -10.5% |
| Dec 31, 2025 | $7.1B | +19.3% |
Business overview
The company manufactures ammonia and low-carbon ammonia, serving traditional agricultural and industrial customers. Through its Blue Point joint venture, it is developing low-carbon ammonia for new applications including power generation and steel production, with initial premium sales to customers in Europe and Africa.
Financial performance
Revenue increased compared to the prior year, supported by higher sales volumes and pricing. Operating income and net income remained positive, and operating cash flow was robust, reflecting improved operational performance.
Material risks
The supplied filing context does not contain detailed risk factors. However, the company notes that regulatory developments, such as the European Union’s carbon border adjustment mechanism, and the evolving demand for low-carbon ammonia are important considerations that could affect future operations.
Liquidity and capital
The company is allocating capital toward decarbonization projects and the Blue Point joint venture to capture emerging demand for low-carbon ammonia. It has completed premium sales to European and African customers, supporting its investment strategy.
What to watch
Investors should monitor progress on low-carbon ammonia sales volumes and the operational milestones of the Blue Point joint venture in the next filing.