CF Industries Holdings, Inc. stock research
FY2025 Q3
CF Industries Holdings (CF) Gross Margin — Quarter Ended Sep 30, 2025
Revenue decreased compared to the prior quarter, while gross profit and gross margin also declined. Compared to the same quarter last year, revenue, gross profit, and gross margin all improved.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue decreased compared to the prior quarter, while gross profit and gross margin also declined. Compared to the same quarter last year, revenue, gross profit, and gross margin all improved.
- The gross margin weakened from the prior quarter, driven by a proportionally larger decline in gross profit relative to revenue. The improvement from the same quarter last year was supported by a higher gross profit relative to revenue.
- Compared to the prior quarter, revenue and gross profit were lower, and gross margin weakened. Compared to the same quarter last year, revenue, gross profit, and gross margin were all higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
38.1%
Gross profit
$632.0M
Revenue
$1.7B
Cost of revenue
$1.0B
Quarter-over-quarter change
-1.9 pts
Year-over-year change
+5.7 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Dec 31, 2024 | $1.5B | $524.0M | $1.0B | 34.4% |
| Mar 31, 2025 | $1.7B | $572.0M | $1.1B | 34.4% |
| Jun 30, 2025 | $1.9B | $755.0M | $1.1B | 39.9% |
| Sep 30, 2025 | $1.7B | $632.0M | $1.0B | 38.1% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
-1.9 pts
Year-over-year change
Sep 30, 2024
+5.7 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin weakened from the prior quarter, driven by a proportionally larger decline in gross profit relative to revenue. The improvement from the same quarter last year was supported by a higher gross profit relative to revenue.
Compared to the prior quarter, revenue and gross profit were lower, and gross margin weakened. Compared to the same quarter last year, revenue, gross profit, and gross margin were all higher.
Monitor the trend in gross profit relative to revenue, as it directly drives gross margin changes.