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Side-by-side financial comparison of CF Industries (CF) and RXO, Inc. (RXO). Click either name above to swap in a different company.
CF Industries is the larger business by last-quarter revenue ($1.9B vs $1.5B, roughly 1.3× RXO, Inc.). CF Industries runs the higher net margin — 26.4% vs -3.1%, a 29.6% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs -11.9%). CF Industries produced more free cash flow last quarter ($313.0M vs $-9.0M). Over the past eight quarters, RXO, Inc.'s revenue compounded faster (26.8% CAGR vs 12.8%).
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.
RXO, Inc. is a leading transportation and logistics solutions provider headquartered in the United States. Its core service portfolio includes freight brokerage, last-mile delivery for heavy and bulky goods, managed transportation services, and end-to-end supply chain optimization support, primarily catering to clients across the North American manufacturing, retail, and e-commerce segments.
CF vs RXO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.5B |
| Net Profit | $495.0M | $-46.0M |
| Gross Margin | 40.9% | — |
| Operating Margin | 33.0% | -2.9% |
| Net Margin | 26.4% | -3.1% |
| Revenue YoY | 22.8% | -11.9% |
| Net Profit YoY | 26.3% | -84.0% |
| EPS (diluted) | $2.56 | $-0.28 |
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 | $1.5B | ||
| Q3 25 | $1.7B | $1.4B | ||
| Q2 25 | $1.9B | $1.4B | ||
| Q1 25 | $1.7B | $1.4B | ||
| Q4 24 | $1.5B | $1.7B | ||
| Q3 24 | $1.4B | $1.0B | ||
| Q2 24 | $1.6B | $930.0M | ||
| Q1 24 | $1.5B | $913.0M |
| Q4 25 | $495.0M | $-46.0M | ||
| Q3 25 | $460.0M | $-14.0M | ||
| Q2 25 | $492.0M | $-9.0M | ||
| Q1 25 | $351.0M | $-31.0M | ||
| Q4 24 | $392.0M | $-25.0M | ||
| Q3 24 | $341.0M | $-243.0M | ||
| Q2 24 | $506.0M | $-7.0M | ||
| Q1 24 | $238.0M | $-15.0M |
| 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 24 | 27.8% | — |
| Q4 25 | 33.0% | -2.9% | ||
| Q3 25 | 35.0% | -0.5% | ||
| Q2 25 | 34.3% | — | ||
| Q1 25 | 27.4% | -2.1% | ||
| Q4 24 | 28.9% | -1.4% | ||
| Q3 24 | 26.6% | -1.9% | ||
| Q2 24 | 40.6% | — | ||
| Q1 24 | 20.6% | -1.3% |
| Q4 25 | 26.4% | -3.1% | ||
| Q3 25 | 27.7% | -1.0% | ||
| Q2 25 | 26.0% | -0.6% | ||
| Q1 25 | 21.1% | -2.2% | ||
| Q4 24 | 25.7% | -1.5% | ||
| Q3 24 | 24.9% | -23.4% | ||
| Q2 24 | 32.2% | -0.8% | ||
| Q1 24 | 16.2% | -1.6% |
| Q4 25 | $2.56 | $-0.28 | ||
| Q3 25 | $2.19 | $-0.08 | ||
| Q2 25 | $2.37 | $-0.05 | ||
| Q1 25 | $1.85 | $-0.18 | ||
| Q4 24 | $1.86 | $-0.17 | ||
| Q3 24 | $1.55 | $-1.81 | ||
| Q2 24 | $2.30 | $-0.06 | ||
| Q1 24 | $1.03 | $-0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $17.0M |
| Total DebtLower is stronger | $3.2B | $387.0M |
| Stockholders' EquityBook value | $4.8B | $1.5B |
| Total Assets | $14.1B | $3.3B |
| Debt / EquityLower = less leverage | 0.66× | 0.25× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $17.0M | ||
| Q3 25 | — | $25.0M | ||
| Q2 25 | — | $18.0M | ||
| Q1 25 | — | $16.0M | ||
| Q4 24 | — | $35.0M | ||
| Q3 24 | — | $55.0M | ||
| Q2 24 | — | $7.0M | ||
| Q1 24 | — | $7.0M |
| Q4 25 | $3.2B | $387.0M | ||
| Q3 25 | $3.0B | $387.0M | ||
| Q2 25 | $3.0B | $387.0M | ||
| Q1 25 | $3.0B | $387.0M | ||
| Q4 24 | $3.0B | $351.0M | ||
| Q3 24 | $3.0B | $352.0M | ||
| Q2 24 | $3.0B | $370.0M | ||
| Q1 24 | $3.0B | $351.0M |
| Q4 25 | $4.8B | $1.5B | ||
| Q3 25 | $4.8B | $1.6B | ||
| Q2 25 | $5.0B | $1.6B | ||
| Q1 25 | $4.8B | $1.6B | ||
| Q4 24 | $5.0B | $1.6B | ||
| Q3 24 | $5.2B | $1.7B | ||
| Q2 24 | $5.5B | $579.0M | ||
| Q1 24 | $5.4B | $582.0M |
| Q4 25 | $14.1B | $3.3B | ||
| Q3 25 | $14.2B | $3.2B | ||
| Q2 25 | $13.8B | $3.2B | ||
| Q1 25 | $13.3B | $3.3B | ||
| Q4 24 | $13.5B | $3.4B | ||
| Q3 24 | $13.8B | $3.4B | ||
| Q2 24 | $13.8B | $1.8B | ||
| Q1 24 | $13.9B | $1.8B |
| Q4 25 | 0.66× | 0.25× | ||
| Q3 25 | 0.61× | 0.24× | ||
| Q2 25 | 0.60× | 0.24× | ||
| Q1 25 | 0.62× | 0.24× | ||
| Q4 24 | 0.60× | 0.22× | ||
| Q3 24 | 0.57× | 0.21× | ||
| Q2 24 | 0.54× | 0.64× | ||
| Q1 24 | 0.55× | 0.60× |
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 | $7.0M |
| Free Cash FlowOCF − Capex | $313.0M | $-9.0M |
| FCF MarginFCF / Revenue | 16.7% | -0.6% |
| Capex IntensityCapex / Revenue | 12.1% | 1.1% |
| Cash ConversionOCF / Net Profit | 1.09× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $-8.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $7.0M | ||
| Q3 25 | $1.1B | $23.0M | ||
| Q2 25 | $563.0M | $23.0M | ||
| Q1 25 | $586.0M | $-2.0M | ||
| Q4 24 | $420.0M | $-7.0M | ||
| Q3 24 | $931.0M | $-7.0M | ||
| Q2 24 | $475.0M | $-5.0M | ||
| Q1 24 | $445.0M | $7.0M |
| Q4 25 | $313.0M | $-9.0M | ||
| Q3 25 | $717.0M | $9.0M | ||
| Q2 25 | $318.0M | $9.0M | ||
| Q1 25 | $454.0M | $-17.0M | ||
| Q4 24 | $223.0M | $-19.0M | ||
| Q3 24 | $792.0M | $-18.0M | ||
| Q2 24 | $391.0M | $-16.0M | ||
| Q1 24 | $347.0M | $-4.0M |
| Q4 25 | 16.7% | -0.6% | ||
| Q3 25 | 43.2% | 0.6% | ||
| Q2 25 | 16.8% | 0.6% | ||
| Q1 25 | 27.3% | -1.2% | ||
| Q4 24 | 14.6% | -1.1% | ||
| Q3 24 | 57.8% | -1.7% | ||
| Q2 24 | 24.9% | -1.7% | ||
| Q1 24 | 23.6% | -0.4% |
| Q4 25 | 12.1% | 1.1% | ||
| Q3 25 | 20.9% | 1.0% | ||
| Q2 25 | 13.0% | 1.0% | ||
| Q1 25 | 7.9% | 1.0% | ||
| Q4 24 | 12.9% | 0.7% | ||
| Q3 24 | 10.1% | 1.1% | ||
| Q2 24 | 5.3% | 1.2% | ||
| Q1 24 | 6.7% | 1.2% |
| Q4 25 | 1.09× | — | ||
| Q3 25 | 2.31× | — | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.07× | — | ||
| Q3 24 | 2.73× | — | ||
| Q2 24 | 0.94× | — | ||
| Q1 24 | 1.87× | — |
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% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
