How do CF Industries and Smurfit Westrock compare by revenue?

CF Industries reported revenue of $1.9B in Q4 2025, while Smurfit Westrock reported $7.6B in Q4 2025. Smurfit Westrock is 4.0× larger by last-quarter revenue.

Which is growing revenue faster, CF Industries or Smurfit Westrock?

CF Industries's latest revenue grew 22.8% year-over-year, versus 0.5% for Smurfit Westrock. CF Industries is growing faster on a YoY basis.

Which has a higher gross margin, CF Industries or Smurfit Westrock?

CF Industries's gross margin is 40.9% vs Smurfit Westrock's 18.2%. CF Industries converts more of each revenue dollar into gross profit.

Which has a higher net margin, CF Industries or Smurfit Westrock?

CF Industries's net margin is 26.4% vs Smurfit Westrock's 1.3%. CF Industries has the higher bottom-line margin.

Which generates more free cash flow, CF Industries or Smurfit Westrock?

CF Industries generated $313.0M of free cash flow last quarter, versus $612.0M for Smurfit Westrock. Free cash flow is operating cash flow minus capital expenditure — what's actually left for dividends, buybacks and debt repayment.

What is the 2-year revenue CAGR for CF Industries vs Smurfit Westrock?

Over the trailing 8 quarters, CF Industries compounded revenue at roughly 12.8% per year, versus 60.8% for Smurfit Westrock. Smurfit Westrock has the faster medium-term growth trajectory.

Where does this CF vs SW data come from?

All figures are parsed directly from SEC EDGAR 10-Q / 10-K / 20-F / 6-K filings (for US-listed issuers) or EDINET filings (for Japanese issuers), then normalised into a common schema. Numbers update automatically as new filings are released.

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Side-by-side financial comparison of CF Industries (CF) and Smurfit Westrock (SW), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.

Smurfit Westrock is the larger business by last-quarter revenue ($7.6B vs $1.9B, roughly 4.0× CF Industries). CF Industries runs the higher net margin — 26.4% vs 1.3%, a 25.2% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 0.5%). Smurfit Westrock produced more free cash flow last quarter ($612.0M vs $313.0M). Over the past eight quarters, Smurfit Westrock's revenue compounded faster (60.8% CAGR vs 12.8%).

CF IndustriesCFEarnings & Financial Report

NYSE · Materials · Fertilizers & Agricultural Chemicals

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.

Smurfit WestrockSWEarnings & Financial Report

NYSE · Materials · Paper & Plastic Packaging Products & Materials

Smurfit Westrock plc is an Irish company based in Dublin, Ireland that manufactures corrugated and paper-based packaging. Its stock is listed on the New York Stock Exchange and the London Stock Exchange.

CF vs SW — Head-to-Head

Bigger by revenue

4.0× larger

$7.6B

$1.9B

Growing faster (revenue YoY)

+22.3% gap

22.8%

0.5%

Higher net margin

25.2% more per $

26.4%

1.3%

More free cash flow

$299.0M more FCF

$612.0M

$313.0M

Faster 2-yr revenue CAGR

Annualised

60.8%

12.8%

Income Statement — Q4 2025 vs Q4 2025

Metric	CF	SW
Revenue	$1.9B	$7.6B
Net Profit	$495.0M	$97.0M
Gross Margin	40.9%	18.2%
Operating Margin	33.0%	5.1%
Net Margin	26.4%	1.3%
Revenue YoY	22.8%	0.5%
Net Profit YoY	26.3%	-33.6%
EPS (diluted)	$2.56	$0.18

Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.

8-Quarter Revenue & Profit Trend

Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.

Revenue

Q4 25	$1.9B	$7.6B
Q3 25	$1.7B	$8.0B
Q2 25	$1.9B	$7.9B
Q1 25	$1.7B	$7.7B
Q4 24	$1.5B	$7.5B
Q3 24	$1.4B	$7.7B
Q2 24	$1.6B	$3.0B
Q1 24	$1.5B	$2.9B

Net Profit

Q4 25	$495.0M	$97.0M
Q3 25	$460.0M	$246.0M
Q2 25	$492.0M	$-28.0M
Q1 25	$351.0M	$384.0M
Q4 24	$392.0M	$146.0M
Q3 24	$341.0M	$-150.0M
Q2 24	$506.0M	$132.0M
Q1 24	$238.0M	$191.0M

Gross Margin

Q4 25	40.9%	18.2%
Q3 25	38.1%	19.6%
Q2 25	39.9%	19.1%
Q1 25	34.4%	20.6%
Q4 24	34.4%	19.1%
Q3 24	32.4%	17.6%
Q2 24	43.2%	23.3%
Q1 24	27.8%	24.2%

Operating Margin

Q4 25	33.0%	5.1%
Q3 25	35.0%	6.6%
Q2 25	34.3%	3.2%
Q1 25	27.4%	7.2%
Q4 24	28.9%	5.3%
Q3 24	26.6%	0.7%
Q2 24	40.6%	8.2%
Q1 24	20.6%	10.5%

Net Margin

Q4 25	26.4%	1.3%
Q3 25	27.7%	3.1%
Q2 25	26.0%	-0.4%
Q1 25	21.1%	5.0%
Q4 24	25.7%	1.9%
Q3 24	24.9%	-2.0%
Q2 24	32.2%	4.4%
Q1 24	16.2%	6.5%

EPS (diluted)

Q4 25	$2.56	$0.18
Q3 25	$2.19	$0.47
Q2 25	$2.37	$-0.05
Q1 25	$1.85	$0.73
Q4 24	$1.86	$-0.12
Q3 24	$1.55	$-0.30
Q2 24	$2.30	$0.51
Q1 24	$1.03	$0.73

Balance Sheet & Financial Strength

Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.

Metric	CF	SW
Cash + ST InvestmentsLiquidity on hand	—	$892.0M
Total DebtLower is stronger	$3.2B	$13.4B
Stockholders' EquityBook value	$4.8B	$18.3B
Total Assets	$14.1B	$45.2B
Debt / EquityLower = less leverage	0.66×	0.73×

8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.

Cash + ST Investments

Q4 25	—	$892.0M
Q3 25	—	$851.0M
Q2 25	—	$778.0M
Q1 25	—	$797.0M
Q4 24	—	$855.0M
Q3 24	—	—
Q2 24	—	$26.8K
Q1 24	—	$108

Total Debt

Q4 25	$3.2B	$13.4B
Q3 25	$3.0B	$13.3B
Q2 25	$3.0B	$13.3B
Q1 25	$3.0B	$12.9B
Q4 24	$3.0B	$12.5B
Q3 24	$3.0B	$13.2B
Q2 24	$3.0B	—
Q1 24	$3.0B	—

Stockholders' Equity

Q4 25	$4.8B	$18.3B
Q3 25	$4.8B	$18.4B
Q2 25	$5.0B	$18.3B
Q1 25	$4.8B	$17.9B
Q4 24	$5.0B	$17.4B
Q3 24	$5.2B	$18.0B
Q2 24	$5.5B	$14.5K
Q1 24	$5.4B	$108

Total Assets

Q4 25	$14.1B	$45.2B
Q3 25	$14.2B	$45.6B
Q2 25	$13.8B	$45.7B
Q1 25	$13.3B	$44.6B
Q4 24	$13.5B	$43.8B
Q3 24	$13.8B	$45.0B
Q2 24	$13.8B	$26.8K
Q1 24	$13.9B	$108

Debt / Equity

Q4 25	0.66×	0.73×
Q3 25	0.61×	0.72×
Q2 25	0.60×	0.73×
Q1 25	0.62×	0.72×
Q4 24	0.60×	0.72×
Q3 24	0.57×	0.73×
Q2 24	0.54×	—
Q1 24	0.55×	—

Cash Flow & Capital Efficiency

How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.

Metric	CF	SW
Operating Cash FlowLast quarter	$539.0M	$1.2B
Free Cash FlowOCF − Capex	$313.0M	$612.0M
FCF MarginFCF / Revenue	16.7%	8.1%
Capex IntensityCapex / Revenue; lower = less reinvestment burden	12.1%	7.7%
Cash ConversionOCF / Net Profit; >1× = earnings back up with cash	1.09×	12.32×
TTM Free Cash FlowTrailing 4 quarters	$1.8B	$1.2B

8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.

Operating Cash Flow

Q4 25	$539.0M	$1.2B
Q3 25	$1.1B	$1.1B
Q2 25	$563.0M	$829.0M
Q1 25	$586.0M	$235.0M
Q4 24	$420.0M	$781.0M
Q3 24	$931.0M	$320.0M
Q2 24	$475.0M	$340.0M
Q1 24	$445.0M	$42.0M

Free Cash Flow

Q4 25	$313.0M	$612.0M
Q3 25	$717.0M	$523.0M
Q2 25	$318.0M	$307.0M
Q1 25	$454.0M	$-242.0M
Q4 24	$223.0M	$212.0M
Q3 24	$792.0M	$-192.0M
Q2 24	$391.0M	$163.0M
Q1 24	$347.0M	$-166.0M

FCF Margin

Q4 25	16.7%	8.1%
Q3 25	43.2%	6.5%
Q2 25	16.8%	3.9%
Q1 25	27.3%	-3.2%
Q4 24	14.6%	2.8%
Q3 24	57.8%	-2.5%
Q2 24	24.9%	5.5%
Q1 24	23.6%	-5.7%

Capex Intensity

Q4 25	12.1%	7.7%
Q3 25	20.9%	7.6%
Q2 25	13.0%	6.6%
Q1 25	7.9%	6.2%
Q4 24	12.9%	7.5%
Q3 24	10.1%	6.7%
Q2 24	5.3%	6.0%
Q1 24	6.7%	7.1%

Cash Conversion

Q4 25	1.09×	12.32×
Q3 25	2.31×	4.61×
Q2 25	1.14×	—
Q1 25	1.67×	0.61×
Q4 24	1.07×	5.35×
Q3 24	2.73×	—
Q2 24	0.94×	2.58×
Q1 24	1.87×	0.22×

Financial Flow Comparison

Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.