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Side-by-side financial comparison of CF Industries (CF) and CVR ENERGY INC (CVI). Click either name above to swap in a different company.
CF Industries is the larger business by last-quarter revenue ($1.9B vs $1.8B, roughly 1.0× CVR ENERGY INC). CF Industries runs the higher net margin — 26.4% vs -6.1%, a 32.5% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs -7.0%). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs -1.4%).
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.
CVR Energy Inc is a United States-based energy holding company operating two core segments: petroleum refining and nitrogen fertilizer manufacturing. It produces a wide range of products including gasoline, diesel, jet fuel, and agricultural fertilizers, primarily serving commercial, industrial and agricultural customers across North America.
CF vs CVI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.8B |
| Net Profit | $495.0M | $-110.0M |
| Gross Margin | 40.9% | -3.1% |
| Operating Margin | 33.0% | -5.3% |
| Net Margin | 26.4% | -6.1% |
| Revenue YoY | 22.8% | -7.0% |
| Net Profit YoY | 26.3% | -492.9% |
| EPS (diluted) | $2.56 | $-1.09 |
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 | $1.8B | ||
| Q3 25 | $1.7B | $1.9B | ||
| Q2 25 | $1.9B | $1.8B | ||
| Q1 25 | $1.7B | $1.6B | ||
| Q4 24 | $1.5B | $1.9B | ||
| Q3 24 | $1.4B | $1.8B | ||
| Q2 24 | $1.6B | $2.0B | ||
| Q1 24 | $1.5B | $1.9B |
| Q4 25 | $495.0M | $-110.0M | ||
| Q3 25 | $460.0M | $374.0M | ||
| Q2 25 | $492.0M | $-114.0M | ||
| Q1 25 | $351.0M | $-123.0M | ||
| Q4 24 | $392.0M | $28.0M | ||
| Q3 24 | $341.0M | $-124.0M | ||
| Q2 24 | $506.0M | $21.0M | ||
| Q1 24 | $238.0M | $82.0M |
| Q4 25 | 40.9% | -3.1% | ||
| Q3 25 | 38.1% | 28.8% | ||
| Q2 25 | 39.9% | -3.7% | ||
| Q1 25 | 34.4% | -5.5% | ||
| Q4 24 | 34.4% | 3.0% | ||
| Q3 24 | 32.4% | -3.9% | ||
| Q2 24 | 43.2% | 2.9% | ||
| Q1 24 | 27.8% | 8.6% |
| Q4 25 | 33.0% | -5.3% | ||
| Q3 25 | 35.0% | 26.3% | ||
| Q2 25 | 34.3% | -5.8% | ||
| Q1 25 | 27.4% | -8.0% | ||
| Q4 24 | 28.9% | 1.1% | ||
| Q3 24 | 26.6% | -6.2% | ||
| Q2 24 | 40.6% | 1.4% | ||
| Q1 24 | 20.6% | 6.6% |
| Q4 25 | 26.4% | -6.1% | ||
| Q3 25 | 27.7% | 19.2% | ||
| Q2 25 | 26.0% | -6.5% | ||
| Q1 25 | 21.1% | -7.5% | ||
| Q4 24 | 25.7% | 1.4% | ||
| Q3 24 | 24.9% | -6.8% | ||
| Q2 24 | 32.2% | 1.1% | ||
| Q1 24 | 16.2% | 4.4% |
| Q4 25 | $2.56 | $-1.09 | ||
| Q3 25 | $2.19 | $3.72 | ||
| Q2 25 | $2.37 | $-1.14 | ||
| Q1 25 | $1.85 | $-1.22 | ||
| Q4 24 | $1.86 | $0.28 | ||
| Q3 24 | $1.55 | $-1.24 | ||
| Q2 24 | $2.30 | $0.21 | ||
| Q1 24 | $1.03 | $0.81 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $511.0M |
| Total DebtLower is stronger | $3.2B | $1.8B |
| Stockholders' EquityBook value | $4.8B | $730.0M |
| Total Assets | $14.1B | $3.7B |
| Debt / EquityLower = less leverage | 0.66× | 2.40× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $511.0M | ||
| Q3 25 | — | $670.0M | ||
| Q2 25 | — | $596.0M | ||
| Q1 25 | — | $695.0M | ||
| Q4 24 | — | $987.0M | ||
| Q3 24 | — | $534.0M | ||
| Q2 24 | — | $586.0M | ||
| Q1 24 | — | $644.0M |
| Q4 25 | $3.2B | $1.8B | ||
| Q3 25 | $3.0B | $1.8B | ||
| Q2 25 | $3.0B | $1.8B | ||
| Q1 25 | $3.0B | $1.9B | ||
| Q4 24 | $3.0B | $1.9B | ||
| Q3 24 | $3.0B | $1.6B | ||
| Q2 24 | $3.0B | $1.6B | ||
| Q1 24 | $3.0B | $1.6B |
| Q4 25 | $4.8B | $730.0M | ||
| Q3 25 | $4.8B | $840.0M | ||
| Q2 25 | $5.0B | $466.0M | ||
| Q1 25 | $4.8B | $580.0M | ||
| Q4 24 | $5.0B | $703.0M | ||
| Q3 24 | $5.2B | $675.0M | ||
| Q2 24 | $5.5B | $849.0M | ||
| Q1 24 | $5.4B | $879.0M |
| Q4 25 | $14.1B | $3.7B | ||
| Q3 25 | $14.2B | $4.0B | ||
| Q2 25 | $13.8B | $4.0B | ||
| Q1 25 | $13.3B | $4.3B | ||
| Q4 24 | $13.5B | $4.3B | ||
| Q3 24 | $13.8B | $3.9B | ||
| Q2 24 | $13.8B | $4.0B | ||
| Q1 24 | $13.9B | $4.1B |
| Q4 25 | 0.66× | 2.40× | ||
| Q3 25 | 0.61× | 2.17× | ||
| Q2 25 | 0.60× | 3.97× | ||
| Q1 25 | 0.62× | 3.29× | ||
| Q4 24 | 0.60× | 2.71× | ||
| Q3 24 | 0.57× | 2.33× | ||
| Q2 24 | 0.54× | 1.86× | ||
| Q1 24 | 0.55× | 1.79× |
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 | $0 |
| Free Cash FlowOCF − Capex | $313.0M | — |
| FCF MarginFCF / Revenue | 16.7% | — |
| Capex IntensityCapex / Revenue | 12.1% | 3.0% |
| Cash ConversionOCF / Net Profit | 1.09× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $0 | ||
| Q3 25 | $1.1B | $163.0M | ||
| Q2 25 | $563.0M | $176.0M | ||
| Q1 25 | $586.0M | $-195.0M | ||
| Q4 24 | $420.0M | $98.0M | ||
| Q3 24 | $931.0M | $48.0M | ||
| Q2 24 | $475.0M | $81.0M | ||
| Q1 24 | $445.0M | $177.0M |
| Q4 25 | $313.0M | — | ||
| Q3 25 | $717.0M | $125.0M | ||
| Q2 25 | $318.0M | $135.0M | ||
| Q1 25 | $454.0M | $-246.0M | ||
| Q4 24 | $223.0M | $43.0M | ||
| Q3 24 | $792.0M | $14.0M | ||
| Q2 24 | $391.0M | $38.0M | ||
| Q1 24 | $347.0M | $130.0M |
| Q4 25 | 16.7% | — | ||
| Q3 25 | 43.2% | 6.4% | ||
| Q2 25 | 16.8% | 7.7% | ||
| Q1 25 | 27.3% | -14.9% | ||
| Q4 24 | 14.6% | 2.2% | ||
| Q3 24 | 57.8% | 0.8% | ||
| Q2 24 | 24.9% | 1.9% | ||
| Q1 24 | 23.6% | 7.0% |
| Q4 25 | 12.1% | 3.0% | ||
| Q3 25 | 20.9% | 2.0% | ||
| Q2 25 | 13.0% | 2.3% | ||
| Q1 25 | 7.9% | 3.1% | ||
| Q4 24 | 12.9% | 2.8% | ||
| Q3 24 | 10.1% | 1.9% | ||
| Q2 24 | 5.3% | 2.2% | ||
| Q1 24 | 6.7% | 2.5% |
| Q4 25 | 1.09× | — | ||
| Q3 25 | 2.31× | 0.44× | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.07× | 3.50× | ||
| Q3 24 | 2.73× | — | ||
| Q2 24 | 0.94× | 3.86× | ||
| Q1 24 | 1.87× | 2.16× |
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% |
CVI
| Petroleum Segment | $1.6B | 91% |
| Product UAN | $64.0M | 4% |
| Product Ammonia | $51.0M | 3% |
| Renewables Diesel | $27.0M | 1% |
| Product Urea Products | $8.0M | 0% |
| Renewable Fuel Credits | $7.0M | 0% |
