$CF · CF Industries Holdings, Inc.
CF Industries filed its 10-Q for the quarter ended September 30, 2026. Net sales rose 12.1% year over year to $1.86B, gross margin expanded to 38.7% from 38.1%, and diluted EPS climbed 31% to $2.87. Net income attributable to common stockholders was $436M, up from $353M. The company repurchased $371M of treasury stock in the quarter and $618M year to date.
- Q3 net sales rose 12.1% to $1.86B from $1.659B a year earlier.
- Diluted EPS climbed 31% to $2.87 from $2.19.
- Gross margin expanded to 38.7% from 38.1%.
- Interest expense jumped 310% to $168M from $41M.
- Treasury stock repurchases totaled $371M in Q3 and $618M year to date.
Shares are up 7.11% to $119.62 in the regular session, though the stock is down 0.68% from its $120.44 level at filing time, suggesting the rally predated the 10-Q.
Strong volume and margin expansion drove a 31% EPS gain, but a tripling of interest expense is a new cost headwind worth monitoring.
CF's nitrogen fertilizer volumes and pricing strength contrast with a sector still normalizing from 2022-2023 supply shocks; the low-carbon ammonia buildout at Blue Point positions it for emerging clean-energy demand.
Interest expense tripled to $168M in Q3, and customer advances ballooned to $469M from $77M at year-end, signaling rising prepayment obligations.