CF Industries — Q3 2026 Earnings Summary

CF Industries Holdings, Inc. reported third-quarter 2026 net earnings of $436 million and adjusted EBITDA of $833 million, driven by strong pricing, volume, and lower realized natural gas costs. The company achieved a 97% capacity utilization rate for the nine months ended September 30, 2026, which is 10 percentage points higher than its North American peers, resulting in an additional one million tons of annual ammonia production. Free cash flow for the trailing twelve months reached $2.0 billion, representing a 61% conversion rate to adjusted EBITDA when excluding a $306 million deposit related to a U.S.-Canada transfer pricing matter. Looking ahead, the company expects to resume operations at its Yazoo City Complex in the first half of 2027 and anticipates ammonia production to commence at its Blue Point Complex in 2029, with total project costs estimated at approximately $3.7 billion.