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CF · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue grew 17.6% y/y to $2.22B, operating margin 50.5% vs 34.3%, net income $727M (+88.3% y/y).
Net earnings attributable to common stockholders
$727M
up 88.3% y/y
Net sales
$2,222M
up 17.6% y/y
Operating earnings
$1,121M
up 73.0% y/y
Gross margin
$1,145M
up 51.7% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Net sales | $2,222 · +17.6% |
| Cost of sales | $1,077 · −5.1% |
| Gross margin | $1,145 · +51.7% · 51.5% margin |
| Selling, general and administrative expenses | $89 · −11.9% |
| Asset impairment | $23 · vs $0 |
| Insurance recoveries—business interruption | $50 · vs $0 |
| Other operating (income) expense—net | $31 · vs −$8 |
| Equity in earnings of operating affiliate | $7 · +250% |
| Operating earnings | $1,121 · +73.0% · 50.5% margin |
| Interest expense | $50 · +38.9% |
| Interest income | $26 · +52.9% |
| Other non-operating expense (income)—net | $4 · vs $6 |
| Earnings before income taxes | $1,093 · +72.1% |
| Income tax provision | $224 · +56.6% · 20.5% effective rate |
| Less: Net earnings attributable to noncontrolling interests | $142 · +34.0% |
| Net earnings attributable to common stockholders | $727 · +88.3% · $4.73/sh · 32.7% margin |
Verdict: revenue grew 17.6% y/y to $2.22B, operating margin 50.5% vs 34.3%, net income $727M (+88.3% y/y).
Source and notation
Source: CF Industries Form 10-Q filed 08/06/2026 (SEC EDGAR); results date from the 8-K of 08/05/2026. The press release has no income statement, so every figure was matched against the income statement in the 10-Q and checked against SEC XBRL.
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<figure> <a href="https://whoreportstoday.com/t/cf/q2-2026"><img src="https://whoreportstoday.com/t/cf/q2-2026/sankey.png" alt="CF Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/cf/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/cf/q2-2026">CF Q2 2026 earnings chart (Who Reports Today)</a>
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- Gross margin was 51.5% vs 39.9% a year earlier.
- Operating income was $1.12B, a 50.5% margin vs 34.3% a year earlier.
- The effective tax rate was 20.5% vs 22.5% a year earlier.
- Diluted EPS was $4.73 vs $2.37 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
CF — an American producer of ammonia and other nitrogen products, with plants in the U.S., Canada and the U.K. and a distribution network in North America.
It sells fertilizers to farmers and dealers and nitrogen products for industrial uses such as emissions abatement. It reports segments by product: Ammonia, Granular Urea, UAN, AN and Other. · Source: annual report (Form 10-K, SEC)
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