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Side-by-side financial comparison of CF Industries (CF) and LANDSTAR SYSTEM INC (LSTR). Click either name above to swap in a different company.
CF Industries is the larger business by last-quarter revenue ($1.9B vs $1.2B, roughly 1.6× LANDSTAR SYSTEM INC). 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 1.6%). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs -2.2%).
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.
Landstar System, Inc. is an American transportation services company specializing in logistics and, more specifically, third-party logistics. Landstar utilizes an extensive network of over 8,800 independent owner-operators, referred to internally as business capacity owners (BCOs), over 1,000 independent freight agents, and over 70,000 vetted carriers. Landstar provides services principally throughout the United States and to a lesser extent in Canada and between the U.S. and Canada, Mexico, ...
CF vs LSTR — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.2B |
| Net Profit | $495.0M | $39.4M |
| Gross Margin | 40.9% | 9.6% |
| Operating Margin | 33.0% | 4.5% |
| Net Margin | 26.4% | 3.4% |
| Revenue YoY | 22.8% | 1.6% |
| Net Profit YoY | 26.3% | 32.3% |
| EPS (diluted) | $2.56 | $1.16 |
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 | — | $1.2B | ||
| Q4 25 | $1.9B | $1.2B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.9B | $1.2B | ||
| Q1 25 | $1.7B | $1.2B | ||
| Q4 24 | $1.5B | $1.2B | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $1.6B | $1.2B |
| Q1 26 | — | $39.4M | ||
| Q4 25 | $495.0M | $23.9M | ||
| Q3 25 | $460.0M | $19.4M | ||
| Q2 25 | $492.0M | $41.9M | ||
| Q1 25 | $351.0M | $29.8M | ||
| Q4 24 | $392.0M | $46.2M | ||
| Q3 24 | $341.0M | $50.0M | ||
| Q2 24 | $506.0M | $52.6M |
| Q1 26 | — | 9.6% | ||
| 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 | — | 4.5% | ||
| Q4 25 | 33.0% | 2.5% | ||
| Q3 25 | 35.0% | 2.2% | ||
| Q2 25 | 34.3% | 4.6% | ||
| Q1 25 | 27.4% | 3.4% | ||
| Q4 24 | 28.9% | 4.8% | ||
| Q3 24 | 26.6% | 5.2% | ||
| Q2 24 | 40.6% | 5.6% |
| Q1 26 | — | 3.4% | ||
| Q4 25 | 26.4% | 2.0% | ||
| Q3 25 | 27.7% | 1.6% | ||
| Q2 25 | 26.0% | 3.5% | ||
| Q1 25 | 21.1% | 2.6% | ||
| Q4 24 | 25.7% | 3.8% | ||
| Q3 24 | 24.9% | 4.1% | ||
| Q2 24 | 32.2% | 4.3% |
| Q1 26 | — | $1.16 | ||
| Q4 25 | $2.56 | $0.70 | ||
| Q3 25 | $2.19 | $0.56 | ||
| Q2 25 | $2.37 | $1.20 | ||
| Q1 25 | $1.85 | $0.85 | ||
| Q4 24 | $1.86 | $1.30 | ||
| Q3 24 | $1.55 | $1.41 | ||
| Q2 24 | $2.30 | $1.48 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $411.0M |
| Total DebtLower is stronger | $3.2B | $26.1M |
| Stockholders' EquityBook value | $4.8B | $799.0M |
| Total Assets | $14.1B | $1.6B |
| Debt / EquityLower = less leverage | 0.66× | 0.03× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $411.0M | ||
| Q4 25 | — | $452.2M | ||
| Q3 25 | — | $434.4M | ||
| Q2 25 | — | $426.2M | ||
| Q1 25 | — | $473.4M | ||
| Q4 24 | — | $566.6M | ||
| Q3 24 | — | $531.3M | ||
| Q2 24 | — | $504.0M |
| Q1 26 | — | $26.1M | ||
| Q4 25 | $3.2B | $0 | ||
| Q3 25 | $3.0B | $0 | ||
| Q2 25 | $3.0B | $0 | ||
| Q1 25 | $3.0B | $0 | ||
| Q4 24 | $3.0B | $0 | ||
| Q3 24 | $3.0B | $0 | ||
| Q2 24 | $3.0B | $0 |
| Q1 26 | — | $799.0M | ||
| Q4 25 | $4.8B | $795.7M | ||
| Q3 25 | $4.8B | $888.7M | ||
| Q2 25 | $5.0B | $921.8M | ||
| Q1 25 | $4.8B | $930.8M | ||
| Q4 24 | $5.0B | $972.4M | ||
| Q3 24 | $5.2B | $1.0B | ||
| Q2 24 | $5.5B | $1.0B |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $14.1B | $1.6B | ||
| Q3 25 | $14.2B | $1.7B | ||
| Q2 25 | $13.8B | $1.7B | ||
| Q1 25 | $13.3B | $1.7B | ||
| Q4 24 | $13.5B | $1.8B | ||
| Q3 24 | $13.8B | $1.8B | ||
| Q2 24 | $13.8B | $1.8B |
| Q1 26 | — | 0.03× | ||
| Q4 25 | 0.66× | 0.00× | ||
| Q3 25 | 0.61× | 0.00× | ||
| Q2 25 | 0.60× | 0.00× | ||
| Q1 25 | 0.62× | 0.00× | ||
| Q4 24 | 0.60× | 0.00× | ||
| Q3 24 | 0.57× | 0.00× | ||
| Q2 24 | 0.54× | 0.00× |
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% | — |
| 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 | $72.7M | ||
| Q3 25 | $1.1B | $89.3M | ||
| Q2 25 | $563.0M | $7.1M | ||
| Q1 25 | $586.0M | $55.7M | ||
| Q4 24 | $420.0M | $61.1M | ||
| Q3 24 | $931.0M | $83.1M | ||
| Q2 24 | $475.0M | $48.1M |
| Q1 26 | — | — | ||
| Q4 25 | $313.0M | $70.5M | ||
| Q3 25 | $717.0M | $86.0M | ||
| Q2 25 | $318.0M | $4.7M | ||
| Q1 25 | $454.0M | $53.8M | ||
| Q4 24 | $223.0M | $54.4M | ||
| Q3 24 | $792.0M | $75.6M | ||
| Q2 24 | $391.0M | $40.6M |
| Q1 26 | — | — | ||
| Q4 25 | 16.7% | 6.0% | ||
| Q3 25 | 43.2% | 7.1% | ||
| Q2 25 | 16.8% | 0.4% | ||
| Q1 25 | 27.3% | 4.7% | ||
| Q4 24 | 14.6% | 4.5% | ||
| Q3 24 | 57.8% | 6.2% | ||
| Q2 24 | 24.9% | 3.3% |
| Q1 26 | — | — | ||
| Q4 25 | 12.1% | 0.2% | ||
| Q3 25 | 20.9% | 0.3% | ||
| Q2 25 | 13.0% | 0.2% | ||
| Q1 25 | 7.9% | 0.2% | ||
| Q4 24 | 12.9% | 0.6% | ||
| Q3 24 | 10.1% | 0.6% | ||
| Q2 24 | 5.3% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.09× | 3.04× | ||
| Q3 25 | 2.31× | 4.61× | ||
| Q2 25 | 1.14× | 0.17× | ||
| Q1 25 | 1.67× | 1.87× | ||
| Q4 24 | 1.07× | 1.32× | ||
| Q3 24 | 2.73× | 1.66× | ||
| Q2 24 | 0.94× | 0.91× |
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% |
LSTR
Segment breakdown not available.
