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Side-by-side financial comparison of CF Industries (CF) and Delek US Holdings, Inc. (DK). Click either name above to swap in a different company.
Delek US Holdings, Inc. is the larger business by last-quarter revenue ($2.4B vs $1.9B, roughly 1.3× CF Industries). CF Industries runs the higher net margin — 26.4% vs 3.2%, a 23.2% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 2.3%). Delek US Holdings, Inc. produced more free cash flow last quarter ($382.8M vs $313.0M). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs -11.9%).
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.
Delek US Holdings, Inc. is an oil refining, logistics and biofuels company founded in 2001 and headquartered in Brentwood, Tennessee.
CF vs DK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $2.4B |
| Net Profit | $495.0M | $78.3M |
| Gross Margin | 40.9% | 9.3% |
| Operating Margin | 33.0% | 6.8% |
| Net Margin | 26.4% | 3.2% |
| Revenue YoY | 22.8% | 2.3% |
| Net Profit YoY | 26.3% | 118.9% |
| EPS (diluted) | $2.56 | $1.23 |
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 | $2.4B | ||
| Q3 25 | $1.7B | $2.9B | ||
| Q2 25 | $1.9B | $2.8B | ||
| Q1 25 | $1.7B | $2.6B | ||
| Q4 24 | $1.5B | $2.4B | ||
| Q3 24 | $1.4B | $3.0B | ||
| Q2 24 | $1.6B | $3.3B | ||
| Q1 24 | $1.5B | $3.1B |
| Q4 25 | $495.0M | $78.3M | ||
| Q3 25 | $460.0M | $178.0M | ||
| Q2 25 | $492.0M | $-106.4M | ||
| Q1 25 | $351.0M | $-172.7M | ||
| Q4 24 | $392.0M | $-413.8M | ||
| Q3 24 | $341.0M | $-76.8M | ||
| Q2 24 | $506.0M | $-37.2M | ||
| Q1 24 | $238.0M | $-32.6M |
| Q4 25 | 40.9% | 9.3% | ||
| Q3 25 | 38.1% | 13.8% | ||
| Q2 25 | 39.9% | 1.9% | ||
| Q1 25 | 34.4% | -2.4% | ||
| Q4 24 | 34.4% | -5.7% | ||
| Q3 24 | 32.4% | -0.7% | ||
| Q2 24 | 43.2% | 0.5% | ||
| Q1 24 | 27.8% | 3.0% |
| Q4 25 | 33.0% | 6.8% | ||
| Q3 25 | 35.0% | 10.2% | ||
| Q2 25 | 34.3% | -1.2% | ||
| Q1 25 | 27.4% | -4.8% | ||
| Q4 24 | 28.9% | -17.0% | ||
| Q3 24 | 26.6% | -4.0% | ||
| Q2 24 | 40.6% | 0.1% | ||
| Q1 24 | 20.6% | 0.9% |
| Q4 25 | 26.4% | 3.2% | ||
| Q3 25 | 27.7% | 6.2% | ||
| Q2 25 | 26.0% | -3.8% | ||
| Q1 25 | 21.1% | -6.5% | ||
| Q4 24 | 25.7% | -17.4% | ||
| Q3 24 | 24.9% | -2.5% | ||
| Q2 24 | 32.2% | -1.1% | ||
| Q1 24 | 16.2% | -1.0% |
| Q4 25 | $2.56 | $1.23 | ||
| Q3 25 | $2.19 | $2.93 | ||
| Q2 25 | $2.37 | $-1.76 | ||
| Q1 25 | $1.85 | $-2.78 | ||
| Q4 24 | $1.86 | $-6.48 | ||
| Q3 24 | $1.55 | $-1.20 | ||
| Q2 24 | $2.30 | $-0.58 | ||
| Q1 24 | $1.03 | $-0.51 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $625.8M |
| Total DebtLower is stronger | $3.2B | $3.2B |
| Stockholders' EquityBook value | $4.8B | $547.3M |
| Total Assets | $14.1B | $6.8B |
| Debt / EquityLower = less leverage | 0.66× | 5.91× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $625.8M | ||
| Q3 25 | — | $630.9M | ||
| Q2 25 | — | $615.5M | ||
| Q1 25 | — | $623.8M | ||
| Q4 24 | — | $735.6M | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $657.9M | ||
| Q1 24 | — | $753.4M |
| Q4 25 | $3.2B | $3.2B | ||
| Q3 25 | $3.0B | $3.2B | ||
| Q2 25 | $3.0B | $3.1B | ||
| Q1 25 | $3.0B | $3.0B | ||
| Q4 24 | $3.0B | $2.8B | ||
| Q3 24 | $3.0B | $2.8B | ||
| Q2 24 | $3.0B | $2.5B | ||
| Q1 24 | $3.0B | $2.5B |
| Q4 25 | $4.8B | $547.3M | ||
| Q3 25 | $4.8B | $444.8M | ||
| Q2 25 | $5.0B | $294.9M | ||
| Q1 25 | $4.8B | $429.4M | ||
| Q4 24 | $5.0B | $575.2M | ||
| Q3 24 | $5.2B | $875.4M | ||
| Q2 24 | $5.5B | $982.8M | ||
| Q1 24 | $5.4B | $1.0B |
| Q4 25 | $14.1B | $6.8B | ||
| Q3 25 | $14.2B | $7.1B | ||
| Q2 25 | $13.8B | $7.1B | ||
| Q1 25 | $13.3B | $6.9B | ||
| Q4 24 | $13.5B | $6.7B | ||
| Q3 24 | $13.8B | $7.0B | ||
| Q2 24 | $13.8B | $6.9B | ||
| Q1 24 | $13.9B | $7.2B |
| Q4 25 | 0.66× | 5.91× | ||
| Q3 25 | 0.61× | 7.14× | ||
| Q2 25 | 0.60× | 10.51× | ||
| Q1 25 | 0.62× | 7.07× | ||
| Q4 24 | 0.60× | 4.81× | ||
| Q3 24 | 0.57× | 3.19× | ||
| Q2 24 | 0.54× | 2.50× | ||
| Q1 24 | 0.55× | 2.41× |
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 | $502.8M |
| Free Cash FlowOCF − Capex | $313.0M | $382.8M |
| FCF MarginFCF / Revenue | 16.7% | 15.8% |
| Capex IntensityCapex / Revenue | 12.1% | 4.9% |
| Cash ConversionOCF / Net Profit | 1.09× | 6.42× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $6.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $502.8M | ||
| Q3 25 | $1.1B | $44.0M | ||
| Q2 25 | $563.0M | $51.4M | ||
| Q1 25 | $586.0M | $-62.4M | ||
| Q4 24 | $420.0M | $-163.5M | ||
| Q3 24 | $931.0M | $-21.6M | ||
| Q2 24 | $475.0M | $-48.4M | ||
| Q1 24 | $445.0M | $166.7M |
| Q4 25 | $313.0M | $382.8M | ||
| Q3 25 | $717.0M | $-64.0M | ||
| Q2 25 | $318.0M | $-114.4M | ||
| Q1 25 | $454.0M | $-198.1M | ||
| Q4 24 | $223.0M | $-354.0M | ||
| Q3 24 | $792.0M | $-140.6M | ||
| Q2 24 | $391.0M | $-128.3M | ||
| Q1 24 | $347.0M | $128.4M |
| Q4 25 | 16.7% | 15.8% | ||
| Q3 25 | 43.2% | -2.2% | ||
| Q2 25 | 16.8% | -4.1% | ||
| Q1 25 | 27.3% | -7.5% | ||
| Q4 24 | 14.6% | -14.9% | ||
| Q3 24 | 57.8% | -4.6% | ||
| Q2 24 | 24.9% | -3.9% | ||
| Q1 24 | 23.6% | 4.1% |
| Q4 25 | 12.1% | 4.9% | ||
| Q3 25 | 20.9% | 3.7% | ||
| Q2 25 | 13.0% | 6.0% | ||
| Q1 25 | 7.9% | 5.1% | ||
| Q4 24 | 12.9% | 8.0% | ||
| Q3 24 | 10.1% | 3.9% | ||
| Q2 24 | 5.3% | 2.4% | ||
| Q1 24 | 6.7% | 1.2% |
| Q4 25 | 1.09× | 6.42× | ||
| Q3 25 | 2.31× | 0.25× | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.07× | — | ||
| Q3 24 | 2.73× | — | ||
| Q2 24 | 0.94× | — | ||
| Q1 24 | 1.87× | — |
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% |
DK
| Refining | $2.2B | 91% |
| Other | $173.0M | 7% |
| Gravity Water Intermediate Holdings LLC Gravity | $22.5M | 1% |
| Related Party | $20.8M | 1% |
| Logistics | $1.3M | 0% |
