CF Industries (CF) Q2 2026 earnings summary

Executive summary

• First half 2026 net earnings attributable to common stockholders were $1.34 billion ($8.71 per diluted share), with adjusted EBITDA of $2.18 billion, including a $170 million litigation settlement gain and strong operational performance in a tight global nitrogen market.

• Q2 2026 net earnings were $727 million ($4.73 per diluted share), with adjusted EBITDA of $1.19 billion, driven by higher selling prices, insurance recoveries, and a 6% reduction in share count from repurchases.

• High asset utilization (98% ammonia capacity) and outstanding safety performance (incident rate 0.16 per 200,000 hours) supported results.

• Strategic initiatives advanced, including Blue Point project permits and Yazoo City complex upgrades, with Blue Point construction to begin August 2026.

• Returned $302 million to shareholders in Q2 2026 via share repurchases and dividends, including a 20% dividend increase.

Financial highlights

• H1 2026 net sales were $4.21 billion, up from $3.55 billion in H1 2025; Q2 2026 net sales were $2.22 billion, up from $1.89 billion in Q2 2025.

• H1 2026 EBITDA was $2.17 billion; Q2 2026 EBITDA was $1.17 billion.

• Trailing twelve months net cash from operations was ~$3 billion; free cash flow was ~$1.8 billion.

• Nearly $1.3 billion of free cash flow returned to shareholders in the last 12 months, including $958 million in share repurchases and $314 million in dividends.

• Quarterly dividend increased by 20% to $0.60 per share in July 2026.

Outlook and guidance

• Management expects global nitrogen supply to remain constrained and demand constructive through 2026 and into 2027, with further tightening anticipated long-term.

• Full-year 2026 gross ammonia production expected at 9.5 million tons, factoring in Yazoo City outage; facility expected to resume operations in H1 2027.

• Capital expenditures for 2026 projected at $1.3 billion, with $950 million attributable to the company and $400–600 million allocated to Blue Point.

• Blue Point construction to begin in August 2026, with low-carbon ammonia production expected in 2029.

• Courtright DEF FEED study ongoing, with FID expected in 2027.