Cf Industries Holdings Stock Earnings Reports

CF Industries reported solid Q3 and first-9-months 2025 results driven by strong operations, tight global nitrogen markets and strategic low‑carbon projects. Adjusted EBITDA for the first 9 months was $2.1 billion; Q3 adjusted EBITDA was about $670 million. Trailing 12‑month net cash from operations was $2.6 billion and free cash flow $1.7 billion, with a 65% free cash flow to adjusted EBITDA conversion rate. The manufacturing network ran well (97% ammonia utilization YTD) despite planned third‑quarter maintenance. Management highlighted material progress on decarbonization and high‑return strategic projects: commissioning of Donaldsonville CO2 dehydration/compression (generating 45Q tax credits), implementation of N2O abatement at Verdigris, ongoing CCS at Donaldsonville and Yazoo City, and the planned Blue Point ultra‑low emissions ammonia project (JV partners JERA and Mitsui). These initiatives have cut GHG emissions intensity ~25% versus baseline and are described as NPV‑positive with IRRs above 20%. Management expects an incremental $150–$200 million of annual free cash flow from imminent CCS and abatement projects by decade‑end and continues to see constructive supply‑demand fundamentals into 2026 (low inventories, constrained supply, robust demand in North America, India and Brazil). Capital expenditures on the existing network are now projected at ~ $575 million for 2025 (including some brought forward maintenance). CF completed its 2022 buyback authorization (repurchased 37.6M shares) and is executing a new $2 billion repurchase program; returned $445 million to shareholders in Q3 and $1.3 billion YTD. Management also announced CEO transition: Tony Will is retiring and Chris Bohn will succeed him as CEO. A safety incident at Yazoo City was acknowledged; no significant injuries and investigation is ongoing. Overall, the company emphasized strong cash generation, disciplined capital allocation (growth plus buybacks), accelerating low‑carbon product commercialization (premiums for certified low‑carbon ammonia), and confidence in the outlook.