CF Industries Holdings, Inc. reported its full‑year 2025 results and the fourth‑quarter 2025 results on February 18, 2026. The company posted net earnings attributable to common shareholders of $1.46 billion, or $8.97 per diluted share, for the year, and net earnings of $404 million, or $2.59 per diluted share, for the quarter.
Full‑year 2025 net sales rose to $7.08 billion, up 19.4% from $5.94 billion in 2024. Adjusted EBITDA reached $2.89 billion, reflecting strong pricing power and disciplined cost management despite elevated natural‑gas costs. Capital returned to shareholders totaled $1.7 billion, underscoring the company’s commitment to shareholder value.
The fourth‑quarter 2025 revenue of $1.87 billion beat consensus estimates of $1.79 billion, and adjusted earnings per share of $2.99 surpassed the $2.50 consensus by $0.49, a 19.8% beat. The quarter’s earnings were driven by a 23.8% increase in ammonia sales and a 51.6% jump in UAN sales, offset by lower volumes of granular urea and ammonium nitrate.
Segment performance highlights that the company’s core nitrogen products—ammonia and UAN—continued to grow strongly, while legacy product volumes declined. The higher average selling prices in these segments helped offset the impact of rising natural‑gas costs on margins.
Management did not provide new forward guidance in the release, leaving investors to interpret the results in the context of the company’s historical performance and market conditions.
Headwinds included elevated natural‑gas costs that compressed margins and an incident at the Yazoo City complex that led to asset impairments and is expected to reduce 2026 ammonia output. These factors temper the positive momentum from the earnings beat.
CF Industries is investing in clean‑ammonia initiatives, positioning itself for long‑term sustainability, though the release did not disclose specific investment amounts or timelines.
Market reaction was mixed: some reports noted a 7.2% rise in the stock price, while others described muted after‑hours activity. The positive earnings and revenue beats attracted attention, but concerns about input costs and the Yazoo City incident moderated enthusiasm.
"CF Industries delivered outstanding results in 2025, demonstrating the strength of our business and of our team," said CEO Chris Bohn. "CF Industries' 2025 results reflect strong execution by our team against the backdrop of constructive global nitrogen industry dynamics," added President Tony Will.
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