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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$16.4B
P/E Ratio7.71
ROE41.95%

Products & Services

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Revenue from Contract with Customer, Excluding Assessed Tax$19.5M$20M$20M$20M$20M—

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$210M$290M$204M$331M$265M$262M
North America excluding United States and Canada$18M$14.5M$14.5M$14.5M$14.5M—
Other foreign$146M$178M$178M$178M$178M—

Property, Plant and Equipment, Net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total Foreign$563M———$519M—

Business Segments

Cost of Sales

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ammonia$374M$334M$355M$349M$456M$400M
Granular Urea$215M$266M$268M$210M$200M$335M
UAN$256M$328M$340M$287M$285M$333M
Other$77M$78M$80M$90M$92M$103M
AN$78M$85M$92M$91M$74M$69M

D&A

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Granular Urea$67M$71M$72M$58M$52M$76M
Ammonia$70M$55M$60M$72M$93M$69M
UAN$62M$73M$72M$60M$60M$64M
Other$13M$13M$17M$17M$18M$16M
AN$9M$8M$10M$10M$5M$3M

Distribution and storage

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ammonia$69M$37M$58M$37M$89M$39M
UAN$13M$13M$25M$13M$10M$15M
Granular Urea$2M$3M$2M$3M$2M$4M

Effect of exchange rate changes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ammonia-$250K$250K$250K$250K$250K-$1M
AN$0$0$0$0$0$0
Granular Urea$0$0$0$0$0$0
Other$0$0$0$0$0$0
UAN$0$0$0$0$0$0

Freight

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
UAN$36M$36M$35M$36M$41M$36M
Ammonia$12M$15M$10M$16M$11M$15M
Other$15M$16M$14M$17M$17M$14M
Granular Urea$4M$7M$12M$6M$8M$11M
AN$8M$7M$9M$8M$6M$3M

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ammonia$980M$980M$981M$980M$981M$980M
Granular Urea$828M$828M$828M$828M$828M$828M
UAN$576M$576M$576M$576M$576M$576M
AN$69M$69M$69M$69M$69M$69M
Other$39M$39M$39M$39M$39M$39M

Gross Profit

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Granular Urea$133M$173M$279M$213M$172M$255M
UAN$116M$142M$270M$230M$279M$250M
Ammonia$198M$186M$136M$108M$252M$227M
Other$54M$55M$45M$50M$55M$25M
AN$23M$16M$25M$31M$7M-$11M

Natural gas, including the impact of realized derivatives

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ammonia$83M$110M$108M$99M$114M$136M
Granular Urea$58M$95M$83M$58M$65M$130M
UAN$58M$104M$91M$69M$75M$113M
Other$10M$15M$12M$12M$14M$17M
AN$9M$10M$14M$10M$5M$1M

Net Sales

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ammonia$572M$520M$491M$457M$708M$627M
Granular Urea$348M$439M$547M$423M$372M$590M
UAN$372M$470M$610M$517M$564M$583M
Other$131M$133M$125M$140M$147M$128M
Other Products$131M$133M$125M$140M$147M$128M
AN$101M$101M$117M$122M$81M$58M

Other segment items

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ammonia$141M$116M$119M$125M$148M$142M
Granular Urea$84M$90M$99M$85M$72M$115M
UAN$88M$101M$117M$110M$97M$106M
AN$52M$60M$59M$63M$58M$62M
Other$39M$34M$35M$43M$43M$56M

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

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ammonia$25M$1M$0$0-$3M-$1M
Granular Urea$18M$0$0$0-$1M$1M
UAN$19M$1M$0$1M-$2M-$1M