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Side-by-side financial comparison of CF Industries (CF) and FirstEnergy (FE). Click either name above to swap in a different company.
FirstEnergy is the larger business by last-quarter revenue ($3.8B vs $2.0B, roughly 1.9× CF Industries). CF Industries runs the higher net margin — 31.0% vs -1.3%, a 32.3% gap on every dollar of revenue. On growth, FirstEnergy posted the faster year-over-year revenue change (19.6% vs 19.4%). CF Industries produced more free cash flow last quarter ($1.7B vs $-30.0M). Over the past eight quarters, CF Industries's revenue compounded faster (12.4% CAGR vs 7.5%).
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.
FirstEnergy Corp. is an electric utility headquartered in Akron, Ohio. It was established when Ohio Edison merged with Centerior Energy in 1997.
CF vs FE — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.0B | $3.8B |
| Net Profit | $615.0M | $-49.0M |
| Gross Margin | 37.6% | — |
| Operating Margin | 43.5% | -0.6% |
| Net Margin | 31.0% | -1.3% |
| Revenue YoY | 19.4% | 19.6% |
| Net Profit YoY | 97.1% | -118.8% |
| EPS (diluted) | $3.98 | $-0.08 |
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 | $2.0B | — | ||
| Q4 25 | $1.9B | $3.8B | ||
| Q3 25 | $1.7B | $4.1B | ||
| Q2 25 | $1.9B | $3.4B | ||
| Q1 25 | $1.7B | $3.8B | ||
| Q4 24 | $1.5B | $3.2B | ||
| Q3 24 | $1.4B | $3.7B | ||
| Q2 24 | $1.6B | $3.3B |
| Q1 26 | $615.0M | — | ||
| Q4 25 | $495.0M | $-49.0M | ||
| Q3 25 | $460.0M | $441.0M | ||
| Q2 25 | $492.0M | $268.0M | ||
| Q1 25 | $351.0M | $360.0M | ||
| Q4 24 | $392.0M | $261.0M | ||
| Q3 24 | $341.0M | $419.0M | ||
| Q2 24 | $506.0M | $45.0M |
| Q1 26 | 37.6% | — | ||
| 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 26 | 43.5% | — | ||
| Q4 25 | 33.0% | -0.6% | ||
| Q3 25 | 35.0% | 20.0% | ||
| Q2 25 | 34.3% | 19.1% | ||
| Q1 25 | 27.4% | 20.0% | ||
| Q4 24 | 28.9% | 19.3% | ||
| Q3 24 | 26.6% | 19.5% | ||
| Q2 24 | 40.6% | 12.9% |
| Q1 26 | 31.0% | — | ||
| Q4 25 | 26.4% | -1.3% | ||
| Q3 25 | 27.7% | 10.6% | ||
| Q2 25 | 26.0% | 7.9% | ||
| Q1 25 | 21.1% | 9.6% | ||
| Q4 24 | 25.7% | 8.2% | ||
| Q3 24 | 24.9% | 11.2% | ||
| Q2 24 | 32.2% | 1.4% |
| Q1 26 | $3.98 | — | ||
| Q4 25 | $2.56 | $-0.08 | ||
| Q3 25 | $2.19 | $0.76 | ||
| Q2 25 | $2.37 | $0.46 | ||
| Q1 25 | $1.85 | $0.62 | ||
| Q4 24 | $1.86 | $0.45 | ||
| Q3 24 | $1.55 | $0.73 | ||
| Q2 24 | $2.30 | $0.08 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $57.0M |
| Total DebtLower is stronger | $3.2B | $25.5B |
| Stockholders' EquityBook value | $5.3B | $12.5B |
| Total Assets | $14.6B | $55.9B |
| Debt / EquityLower = less leverage | 0.60× | 2.04× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $57.0M | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | — | $569.0M | ||
| Q1 25 | — | $132.0M | ||
| Q4 24 | — | $111.0M | ||
| Q3 24 | — | $439.0M | ||
| Q2 24 | — | $60.0M |
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $25.5B | ||
| Q3 25 | $3.0B | $25.5B | ||
| Q2 25 | $3.0B | $23.7B | ||
| Q1 25 | $3.0B | $21.2B | ||
| Q4 24 | $3.0B | $22.5B | ||
| Q3 24 | $3.0B | $21.6B | ||
| Q2 24 | $3.0B | $20.8B |
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | $12.5B | ||
| Q3 25 | $4.8B | $12.8B | ||
| Q2 25 | $5.0B | $12.9B | ||
| Q1 25 | $4.8B | $12.6B | ||
| Q4 24 | $5.0B | $12.5B | ||
| Q3 24 | $5.2B | $12.4B | ||
| Q2 24 | $5.5B | $12.5B |
| Q1 26 | $14.6B | — | ||
| Q4 25 | $14.1B | $55.9B | ||
| Q3 25 | $14.2B | $55.9B | ||
| Q2 25 | $13.8B | $54.2B | ||
| Q1 25 | $13.3B | $52.8B | ||
| Q4 24 | $13.5B | $52.0B | ||
| Q3 24 | $13.8B | $50.8B | ||
| Q2 24 | $13.8B | $51.0B |
| Q1 26 | 0.60× | — | ||
| Q4 25 | 0.66× | 2.04× | ||
| Q3 25 | 0.61× | 1.99× | ||
| Q2 25 | 0.60× | 1.85× | ||
| Q1 25 | 0.62× | 1.69× | ||
| Q4 24 | 0.60× | 1.81× | ||
| Q3 24 | 0.57× | 1.74× | ||
| Q2 24 | 0.54× | 1.67× |
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 | $496.0M | $1.1B |
| Free Cash FlowOCF − Capex | $1.7B | $-30.0M |
| FCF MarginFCF / Revenue | 83.2% | -0.8% |
| Capex IntensityCapex / Revenue | 11.2% | 30.7% |
| Cash ConversionOCF / Net Profit | 0.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | $3.0B | $-1.0B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $496.0M | — | ||
| Q4 25 | $539.0M | $1.1B | ||
| Q3 25 | $1.1B | $845.0M | ||
| Q2 25 | $563.0M | $1.1B | ||
| Q1 25 | $586.0M | $637.0M | ||
| Q4 24 | $420.0M | $1.0B | ||
| Q3 24 | $931.0M | $775.0M | ||
| Q2 24 | $475.0M | $1.1B |
| Q1 26 | $1.7B | — | ||
| Q4 25 | $313.0M | $-30.0M | ||
| Q3 25 | $717.0M | $-471.0M | ||
| Q2 25 | $318.0M | $-136.0M | ||
| Q1 25 | $454.0M | $-368.0M | ||
| Q4 24 | $223.0M | $-250.0M | ||
| Q3 24 | $792.0M | $-229.0M | ||
| Q2 24 | $391.0M | $170.0M |
| Q1 26 | 83.2% | — | ||
| Q4 25 | 16.7% | -0.8% | ||
| Q3 25 | 43.2% | -11.4% | ||
| Q2 25 | 16.8% | -4.0% | ||
| Q1 25 | 27.3% | -9.8% | ||
| Q4 24 | 14.6% | -7.9% | ||
| Q3 24 | 57.8% | -6.1% | ||
| Q2 24 | 24.9% | 5.2% |
| Q1 26 | 11.2% | — | ||
| Q4 25 | 12.1% | 30.7% | ||
| Q3 25 | 20.9% | 31.7% | ||
| Q2 25 | 13.0% | 36.0% | ||
| Q1 25 | 7.9% | 26.7% | ||
| Q4 24 | 12.9% | 40.7% | ||
| Q3 24 | 10.1% | 26.9% | ||
| Q2 24 | 5.3% | 28.7% |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.09× | — | ||
| Q3 25 | 2.31× | 1.92× | ||
| Q2 25 | 1.14× | 4.04× | ||
| Q1 25 | 1.67× | 1.77× | ||
| Q4 24 | 1.07× | 4.00× | ||
| Q3 24 | 2.73× | 1.85× | ||
| Q2 24 | 0.94× | 24.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CF
| EBITDA | $1.0B | 51% |
| Other | $975.0M | 49% |
| Loss on foreign currency transactions | $3.0M | 0% |
FE
| Integrated Segment | $1.4B | 37% |
| Other | $1.4B | 36% |
| Stand Alone Transmission Segment | $466.0M | 12% |
| Industrial Customers | $167.0M | 4% |
| Mid Atlantic Interstate Transmission LLC | $118.0M | 3% |
| Transmission | $105.0M | 3% |
| Transmission Segment | $68.0M | 2% |
| Tr AIL | $63.0M | 2% |
| Internal Customers | $10.0M | 0% |
| Wholesale Sales | $6.0M | 0% |
