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Side-by-side financial comparison of CF Industries (CF) and CSW INDUSTRIALS, INC. (CSW). Click either name above to swap in a different company.
CF Industries is the larger business by last-quarter revenue ($1.9B vs $233.0M, roughly 8.0× CSW INDUSTRIALS, INC.). CF Industries runs the higher net margin — 26.4% vs 4.4%, a 22.0% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 20.3%). CF Industries produced more free cash flow last quarter ($313.0M vs $22.7M). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs 5.1%).
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.
CF vs CSW — Head-to-Head
Income Statement — Q4 2025 vs Q3 2026
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $233.0M |
| Net Profit | $495.0M | $10.3M |
| Gross Margin | 40.9% | 39.7% |
| Operating Margin | 33.0% | 7.4% |
| Net Margin | 26.4% | 4.4% |
| Revenue YoY | 22.8% | 20.3% |
| Net Profit YoY | 26.3% | -61.9% |
| EPS (diluted) | $2.56 | $0.62 |
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 | $233.0M | ||
| Q3 25 | $1.7B | $277.0M | ||
| Q2 25 | $1.9B | $263.6M | ||
| Q1 25 | $1.7B | $230.5M | ||
| Q4 24 | $1.5B | $193.6M | ||
| Q3 24 | $1.4B | $227.9M | ||
| Q2 24 | $1.6B | $226.2M | ||
| Q1 24 | $1.5B | $210.9M |
| Q4 25 | $495.0M | $10.3M | ||
| Q3 25 | $460.0M | $40.7M | ||
| Q2 25 | $492.0M | $40.9M | ||
| Q1 25 | $351.0M | $35.1M | ||
| Q4 24 | $392.0M | $26.9M | ||
| Q3 24 | $341.0M | $36.1M | ||
| Q2 24 | $506.0M | $38.6M | ||
| Q1 24 | $238.0M | $31.8M |
| Q4 25 | 40.9% | 39.7% | ||
| Q3 25 | 38.1% | 43.0% | ||
| Q2 25 | 39.9% | 43.8% | ||
| Q1 25 | 34.4% | 44.2% | ||
| Q4 24 | 34.4% | 41.4% | ||
| Q3 24 | 32.4% | 45.6% | ||
| Q2 24 | 43.2% | 47.5% | ||
| Q1 24 | 27.8% | 44.4% |
| Q4 25 | 33.0% | 7.4% | ||
| Q3 25 | 35.0% | 20.5% | ||
| Q2 25 | 34.3% | 20.8% | ||
| Q1 25 | 27.4% | 19.5% | ||
| Q4 24 | 28.9% | 15.3% | ||
| Q3 24 | 26.6% | 22.6% | ||
| Q2 24 | 40.6% | 24.3% | ||
| Q1 24 | 20.6% | 21.0% |
| Q4 25 | 26.4% | 4.4% | ||
| Q3 25 | 27.7% | 14.7% | ||
| Q2 25 | 26.0% | 15.5% | ||
| Q1 25 | 21.1% | 15.2% | ||
| Q4 24 | 25.7% | 13.9% | ||
| Q3 24 | 24.9% | 15.8% | ||
| Q2 24 | 32.2% | 17.1% | ||
| Q1 24 | 16.2% | 15.1% |
| Q4 25 | $2.56 | $0.62 | ||
| Q3 25 | $2.19 | $2.41 | ||
| Q2 25 | $2.37 | $2.43 | ||
| Q1 25 | $1.85 | $2.05 | ||
| Q4 24 | $1.86 | $1.60 | ||
| Q3 24 | $1.55 | $2.26 | ||
| Q2 24 | $2.30 | $2.47 | ||
| Q1 24 | $1.03 | $2.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $40.2M |
| Total DebtLower is stronger | $3.2B | — |
| Stockholders' EquityBook value | $4.8B | $1.1B |
| Total Assets | $14.1B | $2.3B |
| Debt / EquityLower = less leverage | 0.66× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $40.2M | ||
| Q3 25 | — | $31.5M | ||
| Q2 25 | — | $38.0M | ||
| Q1 25 | — | $225.8M | ||
| Q4 24 | — | $213.8M | ||
| Q3 24 | — | $273.2M | ||
| Q2 24 | — | $18.9M | ||
| Q1 24 | — | $22.2M |
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $3.0B | $800.1M | ||
| Q4 24 | $3.0B | — | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $3.0B | $166.0M |
| Q4 25 | $4.8B | $1.1B | ||
| Q3 25 | $4.8B | $1.1B | ||
| Q2 25 | $5.0B | $1.1B | ||
| Q1 25 | $4.8B | $1.1B | ||
| Q4 24 | $5.0B | $1.0B | ||
| Q3 24 | $5.2B | $1.0B | ||
| Q2 24 | $5.5B | $650.2M | ||
| Q1 24 | $5.4B | $615.7M |
| Q4 25 | $14.1B | $2.3B | ||
| Q3 25 | $14.2B | $1.5B | ||
| Q2 25 | $13.8B | $1.5B | ||
| Q1 25 | $13.3B | $1.4B | ||
| Q4 24 | $13.5B | $1.4B | ||
| Q3 24 | $13.8B | $1.4B | ||
| Q2 24 | $13.8B | $1.1B | ||
| Q1 24 | $13.9B | $1.0B |
| Q4 25 | 0.66× | — | ||
| Q3 25 | 0.61× | — | ||
| Q2 25 | 0.60× | — | ||
| Q1 25 | 0.62× | 0.75× | ||
| Q4 24 | 0.60× | — | ||
| Q3 24 | 0.57× | — | ||
| Q2 24 | 0.54× | — | ||
| Q1 24 | 0.55× | 0.27× |
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 | $28.9M |
| Free Cash FlowOCF − Capex | $313.0M | $22.7M |
| FCF MarginFCF / Revenue | 16.7% | 9.8% |
| Capex IntensityCapex / Revenue | 12.1% | 2.6% |
| Cash ConversionOCF / Net Profit | 1.09× | 2.81× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $162.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $28.9M | ||
| Q3 25 | $1.1B | $61.8M | ||
| Q2 25 | $563.0M | $60.6M | ||
| Q1 25 | $586.0M | $27.3M | ||
| Q4 24 | $420.0M | $11.6M | ||
| Q3 24 | $931.0M | $66.8M | ||
| Q2 24 | $475.0M | $62.7M | ||
| Q1 24 | $445.0M | $22.4M |
| Q4 25 | $313.0M | $22.7M | ||
| Q3 25 | $717.0M | $58.7M | ||
| Q2 25 | $318.0M | $57.7M | ||
| Q1 25 | $454.0M | $22.8M | ||
| Q4 24 | $223.0M | $8.5M | ||
| Q3 24 | $792.0M | $61.3M | ||
| Q2 24 | $391.0M | $59.6M | ||
| Q1 24 | $347.0M | $17.5M |
| Q4 25 | 16.7% | 9.8% | ||
| Q3 25 | 43.2% | 21.2% | ||
| Q2 25 | 16.8% | 21.9% | ||
| Q1 25 | 27.3% | 9.9% | ||
| Q4 24 | 14.6% | 4.4% | ||
| Q3 24 | 57.8% | 26.9% | ||
| Q2 24 | 24.9% | 26.3% | ||
| Q1 24 | 23.6% | 8.3% |
| Q4 25 | 12.1% | 2.6% | ||
| Q3 25 | 20.9% | 1.1% | ||
| Q2 25 | 13.0% | 1.1% | ||
| Q1 25 | 7.9% | 2.0% | ||
| Q4 24 | 12.9% | 1.6% | ||
| Q3 24 | 10.1% | 2.4% | ||
| Q2 24 | 5.3% | 1.4% | ||
| Q1 24 | 6.7% | 2.3% |
| Q4 25 | 1.09× | 2.81× | ||
| Q3 25 | 2.31× | 1.52× | ||
| Q2 25 | 1.14× | 1.48× | ||
| Q1 25 | 1.67× | 0.78× | ||
| Q4 24 | 1.07× | 0.43× | ||
| Q3 24 | 2.73× | 1.85× | ||
| Q2 24 | 0.94× | 1.62× | ||
| Q1 24 | 1.87× | 0.71× |
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% |
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
