CF Industries (CF) reported net income attributable to common stockholders of $436 million in the third quarter of 2026, compared with $353 million in the same period of 2025. Diluted earnings per share (EPS) were $2.87, versus $2.19 a year earlier. Revenue totaled $1.86 billion, compared with $1.66 billion in 3Q25. Gross margin was $720 million, or 38.7% of revenue, versus 38.1% in the prior year.
EBITDA (earnings before interest, taxes, depreciation and amortization) was $822 million. Adjusted EBITDA (non-GAAP, excludes items the company considers non-recurring) was $833 million, compared with $667 million in 3Q25. According to the presentation, the increase came from prices, volume and lower realized gas costs. Sales volume rose 7% in the quarter. The average cost of natural gas in cost of sales was $2.88 per MMBtu, versus $2.96 in 3Q25.
In the first nine months of 2026, net income was $1.78 billion ($11.60 per share), compared with $1.05 billion ($6.39 per share) in 2025. Revenue was $6.07 billion, versus $5.21 billion. The period includes a gain of about $170 million from a legal settlement. Adjusted EBITDA totaled $3.01 billion. Over the last 12 months, free cash flow was $2.0 billion and capital returned to shareholders was $1.3 billion.
In 3Q26, the company repurchased 3.0 million shares for $367 million. Since October 2025, under the $2 billion share repurchase (buyback) program, 8.6 million shares have been repurchased for about $890 million. Approximately $1.11 billion remains, and the program expires in December 2029. Cash was $2.82 billion as of September 30, 2026.
The board declared a quarterly dividend of $0.60 per share, payable on November 30, 2026 to shareholders of record on November 16, 2026. The company projects capital expenditures of about $1.3 billion in 2026, including the Blue Point One joint venture, and ammonia production of about 9.5 million tons for the year. CF-funded investments in 2026 are estimated at about $950 million. The total cost of the Blue Point project remains at about $3.7 billion, with ammonia production expected to start in 2029. The Yazoo City plant is expected to resume operations in the first half of 2027.
