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Side-by-side financial comparison of CF Industries (CF) and Liberty Energy Inc. (LBRT). Click either name above to swap in a different company.
CF Industries is the larger business by last-quarter revenue ($1.9B vs $1.0B, roughly 1.8× Liberty Energy Inc.). CF Industries runs the higher net margin — 26.4% vs 2.2%, a 24.2% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 4.5%). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs -6.2%).
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.
Liberty Energy Inc. is a North American energy services provider specializing in hydraulic fracturing and well completion solutions for oil and gas operators. It serves clients across major U.S. shale basins, offering low-emission equipment and tailored support to optimize well productivity.
CF vs LBRT — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.0B |
| Net Profit | $495.0M | $22.6M |
| Gross Margin | 40.9% | — |
| Operating Margin | 33.0% | 2.2% |
| Net Margin | 26.4% | 2.2% |
| Revenue YoY | 22.8% | 4.5% |
| Net Profit YoY | 26.3% | — |
| EPS (diluted) | $2.56 | $0.14 |
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 | — | $1.0B | ||
| Q4 25 | $1.9B | $1.0B | ||
| Q3 25 | $1.7B | $947.4M | ||
| Q2 25 | $1.9B | $1.0B | ||
| Q1 25 | $1.7B | $977.5M | ||
| Q4 24 | $1.5B | $943.6M | ||
| Q3 24 | $1.4B | $1.1B | ||
| Q2 24 | $1.6B | $1.2B |
| Q1 26 | — | $22.6M | ||
| Q4 25 | $495.0M | $13.7M | ||
| Q3 25 | $460.0M | $43.1M | ||
| Q2 25 | $492.0M | $71.0M | ||
| Q1 25 | $351.0M | $20.1M | ||
| Q4 24 | $392.0M | $51.9M | ||
| Q3 24 | $341.0M | $73.8M | ||
| Q2 24 | $506.0M | $108.4M |
| Q1 26 | — | — | ||
| Q4 25 | 40.9% | 20.6% | ||
| Q3 25 | 38.1% | 18.7% | ||
| Q2 25 | 39.9% | 22.1% | ||
| Q1 25 | 34.4% | 22.1% | ||
| Q4 24 | 34.4% | 21.4% | ||
| Q3 24 | 32.4% | 26.2% | ||
| Q2 24 | 43.2% | 27.9% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | 33.0% | 1.9% | ||
| Q3 25 | 35.0% | -0.3% | ||
| Q2 25 | 34.3% | 3.6% | ||
| Q1 25 | 27.4% | 1.9% | ||
| Q4 24 | 28.9% | 2.6% | ||
| Q3 24 | 26.6% | 9.4% | ||
| Q2 24 | 40.6% | 12.2% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | 26.4% | 1.3% | ||
| Q3 25 | 27.7% | 4.5% | ||
| Q2 25 | 26.0% | 6.8% | ||
| Q1 25 | 21.1% | 2.1% | ||
| Q4 24 | 25.7% | 5.5% | ||
| Q3 24 | 24.9% | 6.5% | ||
| Q2 24 | 32.2% | 9.3% |
| Q1 26 | — | $0.14 | ||
| Q4 25 | $2.56 | $0.08 | ||
| Q3 25 | $2.19 | $0.26 | ||
| Q2 25 | $2.37 | $0.43 | ||
| Q1 25 | $1.85 | $0.12 | ||
| Q4 24 | $1.86 | $0.31 | ||
| Q3 24 | $1.55 | $0.44 | ||
| Q2 24 | $2.30 | $0.64 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $699.1M |
| Total DebtLower is stronger | $3.2B | $7.1M |
| Stockholders' EquityBook value | $4.8B | $1.9B |
| Total Assets | $14.1B | $4.4B |
| Debt / EquityLower = less leverage | 0.66× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $699.1M | ||
| Q4 25 | — | $27.6M | ||
| Q3 25 | — | $13.5M | ||
| Q2 25 | — | $19.6M | ||
| Q1 25 | — | $24.1M | ||
| Q4 24 | — | $20.0M | ||
| Q3 24 | — | $23.0M | ||
| Q2 24 | — | $30.0M |
| Q1 26 | — | $7.1M | ||
| Q4 25 | $3.2B | $246.6M | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $3.0B | $190.5M | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $3.0B | — |
| Q1 26 | — | $1.9B | ||
| Q4 25 | $4.8B | $2.1B | ||
| Q3 25 | $4.8B | $2.1B | ||
| Q2 25 | $5.0B | $2.0B | ||
| Q1 25 | $4.8B | $2.0B | ||
| Q4 24 | $5.0B | $2.0B | ||
| Q3 24 | $5.2B | $2.0B | ||
| Q2 24 | $5.5B | $1.9B |
| Q1 26 | — | $4.4B | ||
| Q4 25 | $14.1B | $3.6B | ||
| Q3 25 | $14.2B | $3.5B | ||
| Q2 25 | $13.8B | $3.4B | ||
| Q1 25 | $13.3B | $3.4B | ||
| Q4 24 | $13.5B | $3.3B | ||
| Q3 24 | $13.8B | $3.3B | ||
| Q2 24 | $13.8B | $3.2B |
| Q1 26 | — | 0.00× | ||
| Q4 25 | 0.66× | 0.12× | ||
| Q3 25 | 0.61× | — | ||
| Q2 25 | 0.60× | — | ||
| Q1 25 | 0.62× | — | ||
| Q4 24 | 0.60× | 0.10× | ||
| Q3 24 | 0.57× | — | ||
| Q2 24 | 0.54× | — |
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 | — |
| Free Cash FlowOCF − Capex | $313.0M | — |
| FCF MarginFCF / Revenue | 16.7% | — |
| Capex IntensityCapex / Revenue | 12.1% | 13.1% |
| Cash ConversionOCF / Net Profit | 1.09× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $539.0M | $195.4M | ||
| Q3 25 | $1.1B | $51.5M | ||
| Q2 25 | $563.0M | $170.6M | ||
| Q1 25 | $586.0M | $192.1M | ||
| Q4 24 | $420.0M | $177.3M | ||
| Q3 24 | $931.0M | $244.5M | ||
| Q2 24 | $475.0M | $248.2M |
| Q1 26 | — | — | ||
| Q4 25 | $313.0M | $-10.0M | ||
| Q3 25 | $717.0M | $-67.2M | ||
| Q2 25 | $318.0M | $33.1M | ||
| Q1 25 | $454.0M | $58.2M | ||
| Q4 24 | $223.0M | $-26.2M | ||
| Q3 24 | $792.0M | $77.9M | ||
| Q2 24 | $391.0M | $112.2M |
| Q1 26 | — | — | ||
| Q4 25 | 16.7% | -1.0% | ||
| Q3 25 | 43.2% | -7.1% | ||
| Q2 25 | 16.8% | 3.2% | ||
| Q1 25 | 27.3% | 6.0% | ||
| Q4 24 | 14.6% | -2.8% | ||
| Q3 24 | 57.8% | 6.8% | ||
| Q2 24 | 24.9% | 9.7% |
| Q1 26 | — | 13.1% | ||
| Q4 25 | 12.1% | 19.8% | ||
| Q3 25 | 20.9% | 12.5% | ||
| Q2 25 | 13.0% | 13.2% | ||
| Q1 25 | 7.9% | 13.7% | ||
| Q4 24 | 12.9% | 21.6% | ||
| Q3 24 | 10.1% | 14.6% | ||
| Q2 24 | 5.3% | 11.7% |
| Q1 26 | — | — | ||
| Q4 25 | 1.09× | 14.28× | ||
| Q3 25 | 2.31× | 1.20× | ||
| Q2 25 | 1.14× | 2.40× | ||
| Q1 25 | 1.67× | 9.55× | ||
| Q4 24 | 1.07× | 3.42× | ||
| Q3 24 | 2.73× | 3.31× | ||
| Q2 24 | 0.94× | 2.29× |
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% |
LBRT
Segment breakdown not available.
