vs
Side-by-side financial comparison of CF Industries (CF) and GRAPHIC PACKAGING HOLDING CO (GPK). Click either name above to swap in a different company.
GRAPHIC PACKAGING HOLDING CO is the larger business by last-quarter revenue ($2.1B vs $1.9B, roughly 1.1× CF Industries). CF Industries runs the higher net margin — 26.4% vs 3.4%, a 23.1% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 0.2%). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs -3.5%).
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.
Graphic Packaging International is a Fortune 500 corporation based in Atlanta, Georgia, United States. It designs and manufactures packaging solutions for commercial products. GPI manufactures paperboard and folding cartons for a wide range of popular consumer goods, particularly beverages and packaged food. The company operates paperboard mills in Kalamazoo, Michigan; Macon, Georgia; Middletown, Ohio; Prosperity, South Carolina; Texarkana, Texas; and West Monroe, Louisiana, that use recycled...
CF vs GPK — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $2.1B |
| Net Profit | $495.0M | $71.0M |
| Gross Margin | 40.9% | 14.1% |
| Operating Margin | 33.0% | 7.4% |
| Net Margin | 26.4% | 3.4% |
| Revenue YoY | 22.8% | 0.2% |
| Net Profit YoY | 26.3% | -48.6% |
| EPS (diluted) | $2.56 | $0.24 |
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.
| Q4 25 | $1.9B | $2.1B | ||
| Q3 25 | $1.7B | $2.2B | ||
| Q2 25 | $1.9B | $2.2B | ||
| Q1 25 | $1.7B | $2.1B | ||
| Q4 24 | $1.5B | $2.1B | ||
| Q3 24 | $1.4B | $2.2B | ||
| Q2 24 | $1.6B | $2.2B | ||
| Q1 24 | $1.5B | $2.3B |
| Q4 25 | $495.0M | $71.0M | ||
| Q3 25 | $460.0M | $142.0M | ||
| Q2 25 | $492.0M | $104.0M | ||
| Q1 25 | $351.0M | $127.0M | ||
| Q4 24 | $392.0M | $138.0M | ||
| Q3 24 | $341.0M | $165.0M | ||
| Q2 24 | $506.0M | $190.0M | ||
| Q1 24 | $238.0M | $165.0M |
| Q4 25 | 40.9% | 14.1% | ||
| Q3 25 | 38.1% | 19.6% | ||
| Q2 25 | 39.9% | 18.7% | ||
| Q1 25 | 34.4% | 20.6% | ||
| Q4 24 | 34.4% | 21.4% | ||
| Q3 24 | 32.4% | 22.3% | ||
| Q2 24 | 43.2% | 21.2% | ||
| Q1 24 | 27.8% | 23.0% |
| Q4 25 | 33.0% | 7.4% | ||
| Q3 25 | 35.0% | 10.7% | ||
| Q2 25 | 34.3% | 8.8% | ||
| Q1 25 | 27.4% | 10.5% | ||
| Q4 24 | 28.9% | 11.4% | ||
| Q3 24 | 26.6% | 12.6% | ||
| Q2 24 | 40.6% | 14.5% | ||
| Q1 24 | 20.6% | 12.4% |
| Q4 25 | 26.4% | 3.4% | ||
| Q3 25 | 27.7% | 6.5% | ||
| Q2 25 | 26.0% | 4.7% | ||
| Q1 25 | 21.1% | 6.0% | ||
| Q4 24 | 25.7% | 6.6% | ||
| Q3 24 | 24.9% | 7.5% | ||
| Q2 24 | 32.2% | 8.5% | ||
| Q1 24 | 16.2% | 7.3% |
| Q4 25 | $2.56 | $0.24 | ||
| Q3 25 | $2.19 | $0.48 | ||
| Q2 25 | $2.37 | $0.34 | ||
| Q1 25 | $1.85 | $0.42 | ||
| Q4 24 | $1.86 | $0.46 | ||
| Q3 24 | $1.55 | $0.55 | ||
| Q2 24 | $2.30 | $0.62 | ||
| Q1 24 | $1.03 | $0.53 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $261.0M |
| Total DebtLower is stronger | $3.2B | $5.0B |
| Stockholders' EquityBook value | $4.8B | $3.3B |
| Total Assets | $14.1B | $11.8B |
| Debt / EquityLower = less leverage | 0.66× | 1.51× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $261.0M | ||
| Q3 25 | — | $120.0M | ||
| Q2 25 | — | $120.0M | ||
| Q1 25 | — | $129.0M | ||
| Q4 24 | — | $157.0M | ||
| Q3 24 | — | $126.0M | ||
| Q2 24 | — | $125.0M | ||
| Q1 24 | — | $136.0M |
| Q4 25 | $3.2B | $5.0B | ||
| Q3 25 | $3.0B | $5.5B | ||
| Q2 25 | $3.0B | $5.4B | ||
| Q1 25 | $3.0B | $5.7B | ||
| Q4 24 | $3.0B | $5.1B | ||
| Q3 24 | $3.0B | $5.4B | ||
| Q2 24 | $3.0B | $4.9B | ||
| Q1 24 | $3.0B | $4.9B |
| Q4 25 | $4.8B | $3.3B | ||
| Q3 25 | $4.8B | $3.3B | ||
| Q2 25 | $5.0B | $3.2B | ||
| Q1 25 | $4.8B | $3.2B | ||
| Q4 24 | $5.0B | $3.0B | ||
| Q3 24 | $5.2B | $3.0B | ||
| Q2 24 | $5.5B | $2.8B | ||
| Q1 24 | $5.4B | $2.9B |
| Q4 25 | $14.1B | $11.8B | ||
| Q3 25 | $14.2B | $11.9B | ||
| Q2 25 | $13.8B | $11.8B | ||
| Q1 25 | $13.3B | $11.5B | ||
| Q4 24 | $13.5B | $11.1B | ||
| Q3 24 | $13.8B | $11.2B | ||
| Q2 24 | $13.8B | $10.8B | ||
| Q1 24 | $13.9B | $11.3B |
| Q4 25 | 0.66× | 1.51× | ||
| Q3 25 | 0.61× | 1.67× | ||
| Q2 25 | 0.60× | 1.68× | ||
| Q1 25 | 0.62× | 1.80× | ||
| Q4 24 | 0.60× | 1.71× | ||
| Q3 24 | 0.57× | 1.79× | ||
| Q2 24 | 0.54× | 1.75× | ||
| Q1 24 | 0.55× | 1.73× |
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 | $521.0M |
| Free Cash FlowOCF − Capex | $313.0M | — |
| FCF MarginFCF / Revenue | 16.7% | — |
| Capex IntensityCapex / Revenue | 12.1% | — |
| Cash ConversionOCF / Net Profit | 1.09× | 7.34× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $521.0M | ||
| Q3 25 | $1.1B | $227.0M | ||
| Q2 25 | $563.0M | $267.0M | ||
| Q1 25 | $586.0M | $-174.0M | ||
| Q4 24 | $420.0M | $489.0M | ||
| Q3 24 | $931.0M | $187.0M | ||
| Q2 24 | $475.0M | $161.0M | ||
| Q1 24 | $445.0M | $3.0M |
| Q4 25 | $313.0M | — | ||
| Q3 25 | $717.0M | — | ||
| Q2 25 | $318.0M | — | ||
| Q1 25 | $454.0M | — | ||
| Q4 24 | $223.0M | — | ||
| Q3 24 | $792.0M | — | ||
| Q2 24 | $391.0M | — | ||
| Q1 24 | $347.0M | — |
| Q4 25 | 16.7% | — | ||
| Q3 25 | 43.2% | — | ||
| Q2 25 | 16.8% | — | ||
| Q1 25 | 27.3% | — | ||
| Q4 24 | 14.6% | — | ||
| Q3 24 | 57.8% | — | ||
| Q2 24 | 24.9% | — | ||
| Q1 24 | 23.6% | — |
| Q4 25 | 12.1% | — | ||
| Q3 25 | 20.9% | — | ||
| Q2 25 | 13.0% | — | ||
| Q1 25 | 7.9% | — | ||
| Q4 24 | 12.9% | — | ||
| Q3 24 | 10.1% | — | ||
| Q2 24 | 5.3% | — | ||
| Q1 24 | 6.7% | — |
| Q4 25 | 1.09× | 7.34× | ||
| Q3 25 | 2.31× | 1.60× | ||
| Q2 25 | 1.14× | 2.57× | ||
| Q1 25 | 1.67× | -1.37× | ||
| Q4 24 | 1.07× | 3.54× | ||
| Q3 24 | 2.73× | 1.13× | ||
| Q2 24 | 0.94× | 0.85× | ||
| Q1 24 | 1.87× | 0.02× |
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% |
GPK
Segment breakdown not available.
