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Side-by-side financial comparison of CF Industries (CF) and Corpay (CPAY). Click either name above to swap in a different company.
CF Industries is the larger business by last-quarter revenue ($1.9B vs $1.2B, roughly 1.5× Corpay). CF Industries runs the higher net margin — 26.4% vs 21.2%, a 5.3% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 20.7%). Corpay produced more free cash flow last quarter ($760.3M vs $313.0M). Over the past eight quarters, Corpay's revenue compounded faster (15.5% CAGR vs 12.8%).
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.
Corpay, Inc., headquartered in Atlanta, Georgia, provides payments and spend management systems and services that control expense-related purchasing and payment processes. The company focuses on vehicle-related expenses, lodging expenses, and corporate payments.
CF vs CPAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.2B |
| Net Profit | $495.0M | $264.5M |
| Gross Margin | 40.9% | — |
| Operating Margin | 33.0% | 45.2% |
| Net Margin | 26.4% | 21.2% |
| Revenue YoY | 22.8% | 20.7% |
| Net Profit YoY | 26.3% | 7.5% |
| EPS (diluted) | $2.56 | $3.74 |
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.
| Q4 25 | $1.9B | $1.2B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.9B | $1.1B | ||
| Q1 25 | $1.7B | $1.0B | ||
| Q4 24 | $1.5B | $1.0B | ||
| Q3 24 | $1.4B | $1.0B | ||
| Q2 24 | $1.6B | $975.7M | ||
| Q1 24 | $1.5B | $935.3M |
| Q4 25 | $495.0M | $264.5M | ||
| Q3 25 | $460.0M | $277.9M | ||
| Q2 25 | $492.0M | $284.2M | ||
| Q1 25 | $351.0M | $243.2M | ||
| Q4 24 | $392.0M | $246.0M | ||
| Q3 24 | $341.0M | $276.4M | ||
| Q2 24 | $506.0M | $251.6M | ||
| Q1 24 | $238.0M | $229.8M |
| Q4 25 | 40.9% | — | ||
| Q3 25 | 38.1% | — | ||
| Q2 25 | 39.9% | — | ||
| Q1 25 | 34.4% | — | ||
| Q4 24 | 34.4% | — | ||
| Q3 24 | 32.4% | — | ||
| Q2 24 | 43.2% | — | ||
| Q1 24 | 27.8% | — |
| Q4 25 | 33.0% | 45.2% | ||
| Q3 25 | 35.0% | 44.6% | ||
| Q2 25 | 34.3% | 43.5% | ||
| Q1 25 | 27.4% | 42.5% | ||
| Q4 24 | 28.9% | 47.2% | ||
| Q3 24 | 26.6% | 45.5% | ||
| Q2 24 | 40.6% | 44.4% | ||
| Q1 24 | 20.6% | 42.5% |
| Q4 25 | 26.4% | 21.2% | ||
| Q3 25 | 27.7% | 23.7% | ||
| Q2 25 | 26.0% | 25.8% | ||
| Q1 25 | 21.1% | 24.2% | ||
| Q4 24 | 25.7% | 23.8% | ||
| Q3 24 | 24.9% | 26.9% | ||
| Q2 24 | 32.2% | 25.8% | ||
| Q1 24 | 16.2% | 24.6% |
| Q4 25 | $2.56 | $3.74 | ||
| Q3 25 | $2.19 | $3.91 | ||
| Q2 25 | $2.37 | $3.98 | ||
| Q1 25 | $1.85 | $3.40 | ||
| Q4 24 | $1.86 | $3.43 | ||
| Q3 24 | $1.55 | $3.90 | ||
| Q2 24 | $2.30 | $3.52 | ||
| Q1 24 | $1.03 | $3.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $2.4B |
| Total DebtLower is stronger | $3.2B | $10.0B |
| Stockholders' EquityBook value | $4.8B | $3.9B |
| Total Assets | $14.1B | $26.4B |
| Debt / EquityLower = less leverage | 0.66× | 2.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $2.4B | ||
| Q3 25 | — | $2.0B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | $1.3B |
| Q4 25 | $3.2B | $10.0B | ||
| Q3 25 | $3.0B | $8.1B | ||
| Q2 25 | $3.0B | $8.1B | ||
| Q1 25 | $3.0B | $8.2B | ||
| Q4 24 | $3.0B | $8.0B | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $3.0B | — |
| Q4 25 | $4.8B | $3.9B | ||
| Q3 25 | $4.8B | $4.1B | ||
| Q2 25 | $5.0B | $3.9B | ||
| Q1 25 | $4.8B | $3.5B | ||
| Q4 24 | $5.0B | $3.1B | ||
| Q3 24 | $5.2B | $3.1B | ||
| Q2 24 | $5.5B | $2.8B | ||
| Q1 24 | $5.4B | $3.3B |
| Q4 25 | $14.1B | $26.4B | ||
| Q3 25 | $14.2B | $19.7B | ||
| Q2 25 | $13.8B | $20.4B | ||
| Q1 25 | $13.3B | $18.5B | ||
| Q4 24 | $13.5B | $18.0B | ||
| Q3 24 | $13.8B | $17.6B | ||
| Q2 24 | $13.8B | $16.2B | ||
| Q1 24 | $13.9B | $15.8B |
| Q4 25 | 0.66× | 2.58× | ||
| Q3 25 | 0.61× | 1.99× | ||
| Q2 25 | 0.60× | 2.07× | ||
| Q1 25 | 0.62× | 2.37× | ||
| Q4 24 | 0.60× | 2.56× | ||
| Q3 24 | 0.57× | — | ||
| Q2 24 | 0.54× | — | ||
| Q1 24 | 0.55× | — |
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 | $812.7M |
| Free Cash FlowOCF − Capex | $313.0M | $760.3M |
| FCF MarginFCF / Revenue | 16.7% | 60.9% |
| Capex IntensityCapex / Revenue | 12.1% | 4.2% |
| Cash ConversionOCF / Net Profit | 1.09× | 3.07× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $812.7M | ||
| Q3 25 | $1.1B | $-378.9M | ||
| Q2 25 | $563.0M | $1.1B | ||
| Q1 25 | $586.0M | $-74.2M | ||
| Q4 24 | $420.0M | $648.7M | ||
| Q3 24 | $931.0M | $400.8M | ||
| Q2 24 | $475.0M | $540.9M | ||
| Q1 24 | $445.0M | $350.2M |
| Q4 25 | $313.0M | $760.3M | ||
| Q3 25 | $717.0M | $-429.8M | ||
| Q2 25 | $318.0M | $1.1B | ||
| Q1 25 | $454.0M | $-118.9M | ||
| Q4 24 | $223.0M | $604.6M | ||
| Q3 24 | $792.0M | $355.0M | ||
| Q2 24 | $391.0M | $496.8M | ||
| Q1 24 | $347.0M | $309.0M |
| Q4 25 | 16.7% | 60.9% | ||
| Q3 25 | 43.2% | -36.7% | ||
| Q2 25 | 16.8% | 98.7% | ||
| Q1 25 | 27.3% | -11.8% | ||
| Q4 24 | 14.6% | 58.4% | ||
| Q3 24 | 57.8% | 34.5% | ||
| Q2 24 | 24.9% | 50.9% | ||
| Q1 24 | 23.6% | 33.0% |
| Q4 25 | 12.1% | 4.2% | ||
| Q3 25 | 20.9% | 4.3% | ||
| Q2 25 | 13.0% | 4.8% | ||
| Q1 25 | 7.9% | 4.5% | ||
| Q4 24 | 12.9% | 4.3% | ||
| Q3 24 | 10.1% | 4.4% | ||
| Q2 24 | 5.3% | 4.5% | ||
| Q1 24 | 6.7% | 4.4% |
| Q4 25 | 1.09× | 3.07× | ||
| Q3 25 | 2.31× | -1.36× | ||
| Q2 25 | 1.14× | 4.01× | ||
| Q1 25 | 1.67× | -0.30× | ||
| Q4 24 | 1.07× | 2.64× | ||
| Q3 24 | 2.73× | 1.45× | ||
| Q2 24 | 0.94× | 2.15× | ||
| Q1 24 | 1.87× | 1.52× |
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% |
CPAY
| Vehicle Payments | $572.9M | 46% |
| Corporate Payments | $480.8M | 39% |
| Lodging Payments | $112.5M | 9% |
| Other Operating Segments | $82.1M | 7% |
