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CF Industries Business Segments

Business, geographic, and product segment breakdowns

CF Industries generates $7.4B in annual revenue across 4 key segments: Ammonia ($2.3B), AN ($378.0M), Granular Urea ($1.9B), and Other ($540.0M). The company-wide operating margin is 36.56%. Based on the Q1 2026 filing.

Ammonia (TTM)$2.3BAN (TTM)$378.0MGranular Urea (TTM)$1.9BOther (TTM)$540.0MOther Products (TTM)$540.0MUAN (TTM)$2.3B
Latest FilingQ1 2026
Report Date2026-05-07
Market Cap$19.2B
P/E Ratio9.06
ROE41.95%

Products & Services

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Revenue from Contract with Customer, Excluding Assessed Tax$19.5M$20.0M$20.0M$20.0M$20.0M—

Geographic

Net Sales

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
North America$1.3B$1.4B$1.7B$1.3B$1.6B$1.7B
Europe and Other$210.0M$290.0M$204.0M$331.0M$265.0M$262.0M
North America excluding United States and Canada$18.0M$14.5M$14.5M$14.5M$14.5M—
Other foreign$146.0M$178.0M$178.0M$178.0M$178.0M—

Property, Plant and Equipment, Net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total Foreign$563.0M———$519.0M—

Business Segments

Cost of Sales

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ammonia$374.0M$334.0M$355.0M$349.0M$456.0M$400.0M
Granular Urea$215.0M$266.0M$268.0M$210.0M$200.0M$335.0M
UAN$256.0M$328.0M$340.0M$287.0M$285.0M$333.0M
Other$77.0M$78.0M$80.0M$90.0M$92.0M$103.0M
AN$78.0M$85.0M$92.0M$91.0M$74.0M$69.0M

D&A

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Granular Urea$67.0M$71.0M$72.0M$58.0M$52.0M$76.0M
Ammonia$70.0M$55.0M$60.0M$72.0M$93.0M$69.0M
UAN$62.0M$73.0M$72.0M$60.0M$60.0M$64.0M
Other$13.0M$13.0M$17.0M$17.0M$18.0M$16.0M
AN$9.0M$8.0M$10.0M$10.0M$5.0M$3.0M

Distribution and storage

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ammonia$69.0M$37.0M$58.0M$37.0M$89.0M$39.0M
UAN$13.0M$13.0M$25.0M$13.0M$10.0M$15.0M
Granular Urea$2.0M$3.0M$2.0M$3.0M$2.0M$4.0M

Effect of exchange rate changes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ammonia-$250.0K$250.0K$250.0K$250.0K$250.0K-$1.0M
AN$0.0$0.0$0.0$0.0$0.0$0.0
Granular Urea$0.0$0.0$0.0$0.0$0.0$0.0
Other$0.0$0.0$0.0$0.0$0.0$0.0
UAN$0.0$0.0$0.0$0.0$0.0$0.0

Freight

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
UAN$36.0M$36.0M$35.0M$36.0M$41.0M$36.0M
Ammonia$12.0M$15.0M$10.0M$16.0M$11.0M$15.0M
Other$15.0M$16.0M$14.0M$17.0M$17.0M$14.0M
Granular Urea$4.0M$7.0M$12.0M$6.0M$8.0M$11.0M
AN$8.0M$7.0M$9.0M$8.0M$6.0M$3.0M

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ammonia$980.0M$980.0M$981.0M$980.0M$981.0M$980.0M
Granular Urea$828.0M$828.0M$828.0M$828.0M$828.0M$828.0M
UAN$576.0M$576.0M$576.0M$576.0M$576.0M$576.0M
AN$69.0M$69.0M$69.0M$69.0M$69.0M$69.0M
Other$39.0M$39.0M$39.0M$39.0M$39.0M$39.0M

Gross Profit

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Granular Urea$133.0M$173.0M$279.0M$213.0M$172.0M$255.0M
UAN$116.0M$142.0M$270.0M$230.0M$279.0M$250.0M
Ammonia$198.0M$186.0M$136.0M$108.0M$252.0M$227.0M
Other$54.0M$55.0M$45.0M$50.0M$55.0M$25.0M
AN$23.0M$16.0M$25.0M$31.0M$7.0M-$11.0M

Natural gas, including the impact of realized derivatives

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ammonia$83.0M$110.0M$108.0M$99.0M$114.0M$136.0M
Granular Urea$58.0M$95.0M$83.0M$58.0M$65.0M$130.0M
UAN$58.0M$104.0M$91.0M$69.0M$75.0M$113.0M
Other$10.0M$15.0M$12.0M$12.0M$14.0M$17.0M
AN$9.0M$10.0M$14.0M$10.0M$5.0M$1.0M

Net Sales

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ammonia$572.0M$520.0M$491.0M$457.0M$708.0M$627.0M
Granular Urea$348.0M$439.0M$547.0M$423.0M$372.0M$590.0M
UAN$372.0M$470.0M$610.0M$517.0M$564.0M$583.0M
Other$131.0M$133.0M$125.0M$140.0M$147.0M$128.0M
Other Products$131.0M$133.0M$125.0M$140.0M$147.0M$128.0M
AN$101.0M$101.0M$117.0M$122.0M$81.0M$58.0M

Other segment items

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ammonia$141.0M$116.0M$119.0M$125.0M$148.0M$142.0M
Granular Urea$84.0M$90.0M$99.0M$85.0M$72.0M$115.0M
UAN$88.0M$101.0M$117.0M$110.0M$97.0M$106.0M
AN$52.0M$60.0M$59.0M$63.0M$58.0M$62.0M
Other$39.0M$34.0M$35.0M$43.0M$43.0M$56.0M

Unrealized net mark-to-market (gain) loss on natural gas derivatives

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ammonia$25.0M$1.0M$0.0$0.0-$3.0M-$1.0M
Granular Urea$18.0M$0.0$0.0$0.0-$1.0M$1.0M
UAN$19.0M$1.0M$0.0$1.0M-$2.0M-$1.0M