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Side-by-side financial comparison of CF Industries (CF) and Quest Diagnostics (DGX). Click either name above to swap in a different company.
Quest Diagnostics is the larger business by last-quarter revenue ($2.9B vs $1.9B, roughly 1.5× CF Industries). CF Industries runs the higher net margin — 26.4% vs 9.7%, a 16.7% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 9.2%). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs 9.9%).
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.
Quest Diagnostics Incorporated is an American clinical laboratory. A Fortune 500 company, Quest operates in the United States, Puerto Rico, Mexico, and Brazil. Quest also maintains collaborative agreements with various hospitals and clinics across the globe.
CF vs DGX — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $2.9B |
| Net Profit | $495.0M | $281.0M |
| Gross Margin | 40.9% | — |
| Operating Margin | 33.0% | 15.4% |
| Net Margin | 26.4% | 9.7% |
| Revenue YoY | 22.8% | 9.2% |
| Net Profit YoY | 26.3% | 12.0% |
| EPS (diluted) | $2.56 | $2.24 |
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 | — | $2.9B | ||
| Q4 25 | $1.9B | $2.8B | ||
| Q3 25 | $1.7B | $2.8B | ||
| Q2 25 | $1.9B | $2.8B | ||
| Q1 25 | $1.7B | $2.7B | ||
| Q4 24 | $1.5B | $2.6B | ||
| Q3 24 | $1.4B | $2.5B | ||
| Q2 24 | $1.6B | $2.4B |
| Q1 26 | — | $281.0M | ||
| Q4 25 | $495.0M | $245.0M | ||
| Q3 25 | $460.0M | $245.0M | ||
| Q2 25 | $492.0M | $282.0M | ||
| Q1 25 | $351.0M | $220.0M | ||
| Q4 24 | $392.0M | $222.0M | ||
| Q3 24 | $341.0M | $226.0M | ||
| Q2 24 | $506.0M | $229.0M |
| Q1 26 | — | — | ||
| Q4 25 | 40.9% | 32.4% | ||
| Q3 25 | 38.1% | 33.7% | ||
| Q2 25 | 39.9% | 34.2% | ||
| Q1 25 | 34.4% | 32.5% | ||
| Q4 24 | 34.4% | 32.7% | ||
| Q3 24 | 32.4% | 32.6% | ||
| Q2 24 | 43.2% | 33.5% |
| Q1 26 | — | 15.4% | ||
| Q4 25 | 33.0% | 13.8% | ||
| Q3 25 | 35.0% | 13.7% | ||
| Q2 25 | 34.3% | 15.9% | ||
| Q1 25 | 27.4% | 13.0% | ||
| Q4 24 | 28.9% | 13.8% | ||
| Q3 24 | 26.6% | 13.3% | ||
| Q2 24 | 40.6% | 14.8% |
| Q1 26 | — | 9.7% | ||
| Q4 25 | 26.4% | 8.7% | ||
| Q3 25 | 27.7% | 8.7% | ||
| Q2 25 | 26.0% | 10.2% | ||
| Q1 25 | 21.1% | 8.3% | ||
| Q4 24 | 25.7% | 8.5% | ||
| Q3 24 | 24.9% | 9.1% | ||
| Q2 24 | 32.2% | 9.6% |
| Q1 26 | — | $2.24 | ||
| Q4 25 | $2.56 | $2.18 | ||
| Q3 25 | $2.19 | $2.16 | ||
| Q2 25 | $2.37 | $2.47 | ||
| Q1 25 | $1.85 | $1.94 | ||
| Q4 24 | $1.86 | $1.95 | ||
| Q3 24 | $1.55 | $1.99 | ||
| Q2 24 | $2.30 | $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 | — | $393.0M |
| Total DebtLower is stronger | $3.2B | $5.7B |
| Stockholders' EquityBook value | $4.8B | $7.7B |
| Total Assets | $14.1B | $16.7B |
| Debt / EquityLower = less leverage | 0.66× | 0.74× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $393.0M | ||
| Q4 25 | — | $420.0M | ||
| Q3 25 | — | $432.0M | ||
| Q2 25 | — | $319.0M | ||
| Q1 25 | — | $188.0M | ||
| Q4 24 | — | $549.0M | ||
| Q3 24 | — | $764.0M | ||
| Q2 24 | — | $271.0M |
| Q1 26 | — | $5.7B | ||
| Q4 25 | $3.2B | $5.2B | ||
| Q3 25 | $3.0B | $5.2B | ||
| Q2 25 | $3.0B | $5.2B | ||
| Q1 25 | $3.0B | $5.9B | ||
| Q4 24 | $3.0B | $5.6B | ||
| Q3 24 | $3.0B | $5.6B | ||
| Q2 24 | $3.0B | $3.8B |
| Q1 26 | — | $7.7B | ||
| Q4 25 | $4.8B | $7.2B | ||
| Q3 25 | $4.8B | $7.3B | ||
| Q2 25 | $5.0B | $7.2B | ||
| Q1 25 | $4.8B | $6.9B | ||
| Q4 24 | $5.0B | $6.8B | ||
| Q3 24 | $5.2B | $6.8B | ||
| Q2 24 | $5.5B | $6.6B |
| Q1 26 | — | $16.7B | ||
| Q4 25 | $14.1B | $16.2B | ||
| Q3 25 | $14.2B | $16.2B | ||
| Q2 25 | $13.8B | $16.0B | ||
| Q1 25 | $13.3B | $15.8B | ||
| Q4 24 | $13.5B | $16.2B | ||
| Q3 24 | $13.8B | $16.1B | ||
| Q2 24 | $13.8B | $13.9B |
| Q1 26 | — | 0.74× | ||
| Q4 25 | 0.66× | 0.72× | ||
| Q3 25 | 0.61× | 0.71× | ||
| Q2 25 | 0.60× | 0.72× | ||
| Q1 25 | 0.62× | 0.85× | ||
| Q4 24 | 0.60× | 0.83× | ||
| Q3 24 | 0.57× | 0.83× | ||
| Q2 24 | 0.54× | 0.58× |
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 | $278.0M |
| Free Cash FlowOCF − Capex | $313.0M | — |
| FCF MarginFCF / Revenue | 16.7% | — |
| Capex IntensityCapex / Revenue | 12.1% | 3.9% |
| Cash ConversionOCF / Net Profit | 1.09× | 0.99× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $278.0M | ||
| Q4 25 | $539.0M | $465.0M | ||
| Q3 25 | $1.1B | $563.0M | ||
| Q2 25 | $563.0M | $544.0M | ||
| Q1 25 | $586.0M | $314.0M | ||
| Q4 24 | $420.0M | $464.0M | ||
| Q3 24 | $931.0M | $356.0M | ||
| Q2 24 | $475.0M | $360.0M |
| Q1 26 | — | — | ||
| Q4 25 | $313.0M | $307.0M | ||
| Q3 25 | $717.0M | $419.0M | ||
| Q2 25 | $318.0M | $436.0M | ||
| Q1 25 | $454.0M | $197.0M | ||
| Q4 24 | $223.0M | $341.0M | ||
| Q3 24 | $792.0M | $250.0M | ||
| Q2 24 | $391.0M | $268.0M |
| Q1 26 | — | — | ||
| Q4 25 | 16.7% | 10.9% | ||
| Q3 25 | 43.2% | 14.9% | ||
| Q2 25 | 16.8% | 15.8% | ||
| Q1 25 | 27.3% | 7.4% | ||
| Q4 24 | 14.6% | 13.0% | ||
| Q3 24 | 57.8% | 10.0% | ||
| Q2 24 | 24.9% | 11.2% |
| Q1 26 | — | 3.9% | ||
| Q4 25 | 12.1% | 5.6% | ||
| Q3 25 | 20.9% | 5.1% | ||
| Q2 25 | 13.0% | 3.9% | ||
| Q1 25 | 7.9% | 4.4% | ||
| Q4 24 | 12.9% | 4.7% | ||
| Q3 24 | 10.1% | 4.3% | ||
| Q2 24 | 5.3% | 3.8% |
| Q1 26 | — | 0.99× | ||
| Q4 25 | 1.09× | 1.90× | ||
| Q3 25 | 2.31× | 2.30× | ||
| Q2 25 | 1.14× | 1.93× | ||
| Q1 25 | 1.67× | 1.43× | ||
| Q4 24 | 1.07× | 2.09× | ||
| Q3 24 | 2.73× | 1.58× | ||
| Q2 24 | 0.94× | 1.57× |
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% |
DGX
Segment breakdown not available.
