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Side-by-side financial comparison of CF Industries (CF) and QVC INC (QVCD). Click either name above to swap in a different company.
QVC 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 1.5%, a 24.9% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs -8.9%). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs 7.1%).
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.
QVC Group, is an American media conglomerate controlled by company chairman John C. Malone, who owns a majority of the voting shares.
CF vs QVCD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $2.4B |
| Net Profit | $495.0M | $37.0M |
| Gross Margin | 40.9% | 32.5% |
| Operating Margin | 33.0% | 5.6% |
| Net Margin | 26.4% | 1.5% |
| Revenue YoY | 22.8% | -8.9% |
| Net Profit YoY | 26.3% | 103.0% |
| EPS (diluted) | $2.56 | — |
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 | $2.0B | ||
| Q2 25 | $1.9B | $2.0B | ||
| Q1 25 | $1.7B | $1.9B | ||
| Q4 24 | $1.5B | $2.7B | ||
| Q3 24 | $1.4B | $2.1B | ||
| Q2 24 | $1.6B | $2.1B | ||
| Q1 24 | $1.5B | $2.1B |
| Q4 25 | $495.0M | $37.0M | ||
| Q3 25 | $460.0M | $2.0M | ||
| Q2 25 | $492.0M | $-2.2B | ||
| Q1 25 | $351.0M | $-42.0M | ||
| Q4 24 | $392.0M | $-1.2B | ||
| Q3 24 | $341.0M | $51.0M | ||
| Q2 24 | $506.0M | $53.0M | ||
| Q1 24 | $238.0M | $51.0M |
| Q4 25 | 40.9% | 32.5% | ||
| Q3 25 | 38.1% | 33.6% | ||
| Q2 25 | 39.9% | 35.4% | ||
| Q1 25 | 34.4% | 33.3% | ||
| Q4 24 | 34.4% | 32.6% | ||
| Q3 24 | 32.4% | 34.7% | ||
| Q2 24 | 43.2% | 35.6% | ||
| Q1 24 | 27.8% | 35.0% |
| Q4 25 | 33.0% | 5.6% | ||
| Q3 25 | 35.0% | 4.6% | ||
| Q2 25 | 34.3% | -114.5% | ||
| Q1 25 | 27.4% | 1.5% | ||
| Q4 24 | 28.9% | -47.1% | ||
| Q3 24 | 26.6% | 7.8% | ||
| Q2 24 | 40.6% | 7.6% | ||
| Q1 24 | 20.6% | 7.4% |
| Q4 25 | 26.4% | 1.5% | ||
| Q3 25 | 27.7% | 0.1% | ||
| Q2 25 | 26.0% | -109.1% | ||
| Q1 25 | 21.1% | -2.2% | ||
| Q4 24 | 25.7% | -46.0% | ||
| Q3 24 | 24.9% | 2.4% | ||
| Q2 24 | 32.2% | 2.5% | ||
| Q1 24 | 16.2% | 2.4% |
| Q4 25 | $2.56 | — | ||
| Q3 25 | $2.19 | — | ||
| Q2 25 | $2.37 | — | ||
| Q1 25 | $1.85 | — | ||
| Q4 24 | $1.86 | — | ||
| Q3 24 | $1.55 | — | ||
| Q2 24 | $2.30 | — | ||
| Q1 24 | $1.03 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $1.5B |
| Total DebtLower is stronger | $3.2B | $1.0M |
| Stockholders' EquityBook value | $4.8B | $1.2B |
| Total Assets | $14.1B | $8.5B |
| Debt / EquityLower = less leverage | 0.66× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $297.0M | ||
| Q3 24 | — | $297.0M | ||
| Q2 24 | — | $315.0M | ||
| Q1 24 | — | $311.0M |
| Q4 25 | $3.2B | $1.0M | ||
| Q3 25 | $3.0B | $5.0B | ||
| Q2 25 | $3.0B | $4.0B | ||
| Q1 25 | $3.0B | $4.0B | ||
| Q4 24 | $3.0B | $3.3B | ||
| Q3 24 | $3.0B | $3.4B | ||
| Q2 24 | $3.0B | $3.7B | ||
| Q1 24 | $3.0B | $3.8B |
| Q4 25 | $4.8B | $1.2B | ||
| Q3 25 | $4.8B | $1.2B | ||
| Q2 25 | $5.0B | $1.2B | ||
| Q1 25 | $4.8B | $3.3B | ||
| Q4 24 | $5.0B | $3.3B | ||
| Q3 24 | $5.2B | $4.6B | ||
| Q2 24 | $5.5B | $4.3B | ||
| Q1 24 | $5.4B | $4.2B |
| Q4 25 | $14.1B | $8.5B | ||
| Q3 25 | $14.2B | $8.3B | ||
| Q2 25 | $13.8B | $7.4B | ||
| Q1 25 | $13.3B | $9.7B | ||
| Q4 24 | $13.5B | $9.9B | ||
| Q3 24 | $13.8B | $9.9B | ||
| Q2 24 | $13.8B | $11.2B | ||
| Q1 24 | $13.9B | $11.4B |
| Q4 25 | 0.66× | 0.00× | ||
| Q3 25 | 0.61× | 4.30× | ||
| Q2 25 | 0.60× | 3.42× | ||
| Q1 25 | 0.62× | 1.22× | ||
| Q4 24 | 0.60× | 1.01× | ||
| Q3 24 | 0.57× | 0.73× | ||
| Q2 24 | 0.54× | 0.87× | ||
| Q1 24 | 0.55× | 0.89× |
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 | $245.0M |
| Free Cash FlowOCF − Capex | $313.0M | — |
| FCF MarginFCF / Revenue | 16.7% | — |
| Capex IntensityCapex / Revenue | 12.1% | — |
| Cash ConversionOCF / Net Profit | 1.09× | 6.62× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $245.0M | ||
| Q3 25 | $1.1B | $76.0M | ||
| Q2 25 | $563.0M | $52.0M | ||
| Q1 25 | $586.0M | $46.0M | ||
| Q4 24 | $420.0M | $189.0M | ||
| Q3 24 | $931.0M | $98.0M | ||
| Q2 24 | $475.0M | $164.0M | ||
| Q1 24 | $445.0M | $84.0M |
| 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× | 6.62× | ||
| Q3 25 | 2.31× | 38.00× | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.07× | — | ||
| Q3 24 | 2.73× | 1.92× | ||
| Q2 24 | 0.94× | 3.09× | ||
| Q1 24 | 1.87× | 1.65× |
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% |
QVCD
| Home | $754.0M | 31% |
| QVC International | $661.0M | 27% |
| Beauty | $260.0M | 11% |
| Apparel | $254.0M | 10% |
| Electronics | $187.0M | 8% |
| Accessories | $181.0M | 7% |
| Jewelry | $87.0M | 4% |
| Otherrevenue | $38.0M | 2% |
