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Side-by-side financial comparison of CF Industries (CF) and Chefs' Warehouse, Inc. (CHEF). Click either name above to swap in a different company.
CF Industries is the larger business by last-quarter revenue ($1.9B vs $1.1B, roughly 1.8× Chefs' Warehouse, Inc.). CF Industries runs the higher net margin — 26.4% vs 1.6%, a 24.8% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 11.4%). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs 5.3%).
CF Industries Holdings, Inc. is an American manufacturer and distributor of agricultural fertilizers, including ammonia, urea, and ammonium nitrate products. The company is based in Northbrook, Illinois, a suburb of Chicago, and was founded in 1946 as the Central Farmers Fertilizer Company. For its first 56 years, it was a federation of regional agricultural supply cooperatives. CF then demutualized, and became a publicly traded company.
Chefs' Warehouse, Inc. is a leading North American specialty food distributor that primarily serves independent restaurants, fine dining venues, hotels, catering firms, and other foodservice operators. It offers a curated portfolio of over 150,000 products including artisanal ingredients, specialty meats, seafood, dairy, pastries, and imported gourmet goods tailored for professional chefs.
CF vs CHEF — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.1B |
| Net Profit | $495.0M | $17.4M |
| Gross Margin | 40.9% | 24.3% |
| Operating Margin | 33.0% | 3.1% |
| Net Margin | 26.4% | 1.6% |
| Revenue YoY | 22.8% | 11.4% |
| Net Profit YoY | 26.3% | 68.8% |
| EPS (diluted) | $2.56 | $0.40 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $1.1B | ||
| Q4 25 | $1.9B | $1.1B | ||
| Q3 25 | $1.7B | $1.0B | ||
| Q2 25 | $1.9B | $1.0B | ||
| Q1 25 | $1.7B | $950.7M | ||
| Q4 24 | $1.5B | $1.0B | ||
| Q3 24 | $1.4B | $931.5M | ||
| Q2 24 | $1.6B | $954.7M |
| Q1 26 | — | $17.4M | ||
| Q4 25 | $495.0M | $21.7M | ||
| Q3 25 | $460.0M | $19.1M | ||
| Q2 25 | $492.0M | $21.2M | ||
| Q1 25 | $351.0M | $10.3M | ||
| Q4 24 | $392.0M | $23.9M | ||
| Q3 24 | $341.0M | $14.1M | ||
| Q2 24 | $506.0M | $15.5M |
| Q1 26 | — | 24.3% | ||
| Q4 25 | 40.9% | 24.2% | ||
| Q3 25 | 38.1% | 24.2% | ||
| Q2 25 | 39.9% | 24.6% | ||
| Q1 25 | 34.4% | 23.8% | ||
| Q4 24 | 34.4% | 24.3% | ||
| Q3 24 | 32.4% | 24.1% | ||
| Q2 24 | 43.2% | 24.0% |
| Q1 26 | — | 3.1% | ||
| Q4 25 | 33.0% | 3.8% | ||
| Q3 25 | 35.0% | 3.8% | ||
| Q2 25 | 34.3% | 3.9% | ||
| Q1 25 | 27.4% | 2.4% | ||
| Q4 24 | 28.9% | 4.5% | ||
| Q3 24 | 26.6% | 3.4% | ||
| Q2 24 | 40.6% | 3.5% |
| Q1 26 | — | 1.6% | ||
| Q4 25 | 26.4% | 1.9% | ||
| Q3 25 | 27.7% | 1.9% | ||
| Q2 25 | 26.0% | 2.1% | ||
| Q1 25 | 21.1% | 1.1% | ||
| Q4 24 | 25.7% | 2.3% | ||
| Q3 24 | 24.9% | 1.5% | ||
| Q2 24 | 32.2% | 1.6% |
| Q1 26 | — | $0.40 | ||
| Q4 25 | $2.56 | $0.50 | ||
| Q3 25 | $2.19 | $0.44 | ||
| Q2 25 | $2.37 | $0.49 | ||
| Q1 25 | $1.85 | $0.25 | ||
| Q4 24 | $1.86 | $0.56 | ||
| Q3 24 | $1.55 | $0.34 | ||
| Q2 24 | $2.30 | $0.37 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $122.7M |
| Total DebtLower is stronger | $3.2B | $750.4M |
| Stockholders' EquityBook value | $4.8B | $608.6M |
| Total Assets | $14.1B | $2.0B |
| Debt / EquityLower = less leverage | 0.66× | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $122.7M | ||
| Q4 25 | — | $121.0M | ||
| Q3 25 | — | $65.1M | ||
| Q2 25 | — | $96.9M | ||
| Q1 25 | — | $116.5M | ||
| Q4 24 | — | $114.7M | ||
| Q3 24 | — | $50.7M | ||
| Q2 24 | — | $38.3M |
| Q1 26 | — | $750.4M | ||
| Q4 25 | $3.2B | $720.3M | ||
| Q3 25 | $3.0B | $711.7M | ||
| Q2 25 | $3.0B | $690.2M | ||
| Q1 25 | $3.0B | $681.1M | ||
| Q4 24 | $3.0B | $688.7M | ||
| Q3 24 | $3.0B | $666.6M | ||
| Q2 24 | $3.0B | $660.8M |
| Q1 26 | — | $608.6M | ||
| Q4 25 | $4.8B | $604.3M | ||
| Q3 25 | $4.8B | $576.6M | ||
| Q2 25 | $5.0B | $557.7M | ||
| Q1 25 | $4.8B | $541.6M | ||
| Q4 24 | $5.0B | $537.6M | ||
| Q3 24 | $5.2B | $480.3M | ||
| Q2 24 | $5.5B | $461.9M |
| Q1 26 | — | $2.0B | ||
| Q4 25 | $14.1B | $2.0B | ||
| Q3 25 | $14.2B | $1.9B | ||
| Q2 25 | $13.8B | $1.9B | ||
| Q1 25 | $13.3B | $1.8B | ||
| Q4 24 | $13.5B | $1.9B | ||
| Q3 24 | $13.8B | $1.8B | ||
| Q2 24 | $13.8B | $1.7B |
| Q1 26 | — | 1.23× | ||
| Q4 25 | 0.66× | 1.19× | ||
| Q3 25 | 0.61× | 1.23× | ||
| Q2 25 | 0.60× | 1.24× | ||
| Q1 25 | 0.62× | 1.26× | ||
| Q4 24 | 0.60× | 1.28× | ||
| Q3 24 | 0.57× | 1.39× | ||
| Q2 24 | 0.54× | 1.43× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $539.0M | $38.3M |
| Free Cash FlowOCF − Capex | $313.0M | — |
| FCF MarginFCF / Revenue | 16.7% | — |
| Capex IntensityCapex / Revenue | 12.1% | 0.7% |
| Cash ConversionOCF / Net Profit | 1.09× | 2.20× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $38.3M | ||
| Q4 25 | $539.0M | $73.9M | ||
| Q3 25 | $1.1B | $-8.7M | ||
| Q2 25 | $563.0M | $14.5M | ||
| Q1 25 | $586.0M | $49.6M | ||
| Q4 24 | $420.0M | $73.0M | ||
| Q3 24 | $931.0M | $19.8M | ||
| Q2 24 | $475.0M | $29.3M |
| Q1 26 | — | — | ||
| Q4 25 | $313.0M | $65.8M | ||
| Q3 25 | $717.0M | $-19.7M | ||
| Q2 25 | $318.0M | $4.5M | ||
| Q1 25 | $454.0M | $37.2M | ||
| Q4 24 | $223.0M | $64.6M | ||
| Q3 24 | $792.0M | $11.8M | ||
| Q2 24 | $391.0M | $13.3M |
| Q1 26 | — | — | ||
| Q4 25 | 16.7% | 5.8% | ||
| Q3 25 | 43.2% | -1.9% | ||
| Q2 25 | 16.8% | 0.4% | ||
| Q1 25 | 27.3% | 3.9% | ||
| Q4 24 | 14.6% | 6.3% | ||
| Q3 24 | 57.8% | 1.3% | ||
| Q2 24 | 24.9% | 1.4% |
| Q1 26 | — | 0.7% | ||
| Q4 25 | 12.1% | 0.7% | ||
| Q3 25 | 20.9% | 1.1% | ||
| Q2 25 | 13.0% | 1.0% | ||
| Q1 25 | 7.9% | 1.3% | ||
| Q4 24 | 12.9% | 0.8% | ||
| Q3 24 | 10.1% | 0.9% | ||
| Q2 24 | 5.3% | 1.7% |
| Q1 26 | — | 2.20× | ||
| Q4 25 | 1.09× | 3.41× | ||
| Q3 25 | 2.31× | -0.46× | ||
| Q2 25 | 1.14× | 0.68× | ||
| Q1 25 | 1.67× | 4.82× | ||
| Q4 24 | 1.07× | 3.05× | ||
| Q3 24 | 2.73× | 1.41× | ||
| Q2 24 | 0.94× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CF
| Ammonia | $591.0M | 32% |
| UAN | $493.0M | 26% |
| Urea | $372.0M | 20% |
| Other | $244.0M | 13% |
| Other Products | $147.0M | 8% |
| Ammonium Nitrate Segment | $25.0M | 1% |
CHEF
Segment breakdown not available.
