Operating

CF Industries·Cash Flow Statement·21 metrics

Breakdown

Metric	Q2 '24	Q3 '24	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Net income	$506M	$341M	$392M	$351M	$492M	$460M	$495M	$676M
Net cash from operating activities	$475M	$931M	$420M	$586M	$563M	$1.1B	$539M	$496M
Change in accounts receivable	-$5M	-$47M	-$75M	$177M	$1M	$37M	—	$239M
Depreciation and amortization	$222M	$229M	$221M	$221M	$232M	$217M	$228M	$228M
Gain (Loss) from Litigation Settlement	—	—	—	$0	—	—	—	$170M
Change in income taxes payable/receivable	$2M	—	—	$89M	$6M	—	$19M	$144M
Other working capital changes	-$37M	-$8M	-$17M	$0	$20M	—	$7M	-$92M
Change in accounts payable	-$3M	$17M	$53M	$16M	—	$56M	$12M	-$75M
Change in deferred revenue	-$97M	$340M	-$229M	$123M	-$209M	$444M	-$399M	$55M
Deferred revenue	-$97M	$340M	-$229M	$123M	-$209M	$444M	-$399M	$55M
Insurance Recoveries	—	—	—	$0	—	—	—	$25M
Deferred income taxes	-$59M	$0	-$46M	-$26M	-$12M	$51M	—	-$12M
Stock-based compensation	$6M	$7M	$10M	$10M	$12M	$13M	$10M	$11M
Net gains (losses) on investments	-$3M	$2M	—	$4M	$2M	$1M	—	$6M
Unrealized Gain (Loss) on Derivatives Fair Value, Adjustment	$1M	$0	$2M	-$2M	—	—	-$4M	$3M
Change in inventories	$26M	$3M	$19M	$43M	—	$48M	$34M	-$2M
Gain (loss) on sale of assets	$0	$0	$0	-$23M	—	—	—	$0
Defined Benefit Plan Recognized Net Gain Loss Due To Settlements And Curtailments1	$0	$0	$0	-$250K	-$250K	-$250K	-$250K	—
Gain on sale of business and assets	$0	$0	$0	-$23M	—	—	—	$0
Gain on sale of emission credits	$11.8M	$11.8M	$11.8M	$2M	$2M	$2M	$2M	—
Impairment of assets and other charges	$0	$0	$0	$19M	$19M	$19M	$19M	—