$CF · CF Industries Holdings, Inc.
CF Industries filed an 8-K (Item 2.02) with its Q3 2026 earnings press release. Net earnings attributable to common stockholders were $436M ($2.87 diluted EPS) on net sales of $1.86B, versus $353M ($2.19 EPS) on $1.66B a year ago. Nine-month net earnings were $1.78B ($11.60 diluted EPS) with adjusted EBITDA of $3.01B, including a ~$170M litigation settlement gain. The company repurchased 3.0M shares for $367M in Q3 and holds $2.82B in cash.
- Q3 2026 net earnings $436M, or $2.87 diluted EPS, up from $353M ($2.19) a year ago.
- Q3 net sales $1.86B vs $1.66B; sales volumes up 7% year over year.
- Nine-month adjusted EBITDA $3.01B, including ~$170M litigation settlement gain.
- Repurchased 3.0M shares for $367M in Q3; $1.11B remains under the $2B buyback program.
- Cash and equivalents $2.82B at Sept 30, 2026, including $496M held by Blue Point One JV.
Extended-hours last trade $113.22, up +1.38% vs the $111.68 regular close, suggesting a mildly positive after-hours reaction to the earnings beat.
Strong earnings growth and a constructive nitrogen outlook, plus ongoing buybacks, support the bull case for CF.
Management sees a constructive global nitrogen supply-demand balance into 2027, citing constrained Middle East and Russia supply and ~37% of Europe's ammonia capacity offline or reduced.
Higher maintenance costs including the extended Yazoo City outage, higher realized natural gas costs, and Blue Point One capex that may exceed current estimates.