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Side-by-side financial comparison of CF Industries (CF) and Workday, Inc. (WDAY). Click either name above to swap in a different company.
Workday, 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 10.4%, a 16.1% gap on every dollar of revenue. On growth, CF Industries posted the faster year-over-year revenue change (22.8% vs 12.6%). Workday, Inc. produced more free cash flow last quarter ($550.0M vs $313.0M). Over the past eight quarters, CF Industries's revenue compounded faster (12.8% CAGR vs 12.5%).
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.
Workday, Inc. is a leading global enterprise cloud software provider that develops and distributes human capital management, financial management, and enterprise resource planning solutions. It caters primarily to mid-sized and large organizations across sectors including education, healthcare, finance, and technology, with operations spanning North America, Europe, and Asia Pacific.
CF vs WDAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $2.4B |
| Net Profit | $495.0M | $252.0M |
| Gross Margin | 40.9% | — |
| Operating Margin | 33.0% | 10.6% |
| Net Margin | 26.4% | 10.4% |
| Revenue YoY | 22.8% | 12.6% |
| Net Profit YoY | 26.3% | 30.6% |
| EPS (diluted) | $2.56 | $0.94 |
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 | $2.3B | ||
| Q2 25 | $1.9B | $2.2B | ||
| Q1 25 | $1.7B | $2.2B | ||
| Q4 24 | $1.5B | $2.2B | ||
| Q3 24 | $1.4B | $2.1B | ||
| Q2 24 | $1.6B | $2.0B | ||
| Q1 24 | $1.5B | $1.9B |
| Q4 25 | $495.0M | $252.0M | ||
| Q3 25 | $460.0M | $228.0M | ||
| Q2 25 | $492.0M | $68.0M | ||
| Q1 25 | $351.0M | $94.0M | ||
| Q4 24 | $392.0M | $193.0M | ||
| Q3 24 | $341.0M | $132.0M | ||
| Q2 24 | $506.0M | $107.0M | ||
| Q1 24 | $238.0M | $1.2B |
| 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% | 10.6% | ||
| Q3 25 | 35.0% | 10.6% | ||
| Q2 25 | 34.3% | 1.7% | ||
| Q1 25 | 27.4% | 3.4% | ||
| Q4 24 | 28.9% | 7.6% | ||
| Q3 24 | 26.6% | 5.3% | ||
| Q2 24 | 40.6% | 3.2% | ||
| Q1 24 | 20.6% | 4.1% |
| Q4 25 | 26.4% | 10.4% | ||
| Q3 25 | 27.7% | 9.7% | ||
| Q2 25 | 26.0% | 3.0% | ||
| Q1 25 | 21.1% | 4.3% | ||
| Q4 24 | 25.7% | 8.9% | ||
| Q3 24 | 24.9% | 6.3% | ||
| Q2 24 | 32.2% | 5.4% | ||
| Q1 24 | 16.2% | 61.8% |
| Q4 25 | $2.56 | $0.94 | ||
| Q3 25 | $2.19 | $0.84 | ||
| Q2 25 | $2.37 | $0.25 | ||
| Q1 25 | $1.85 | $0.34 | ||
| Q4 24 | $1.86 | $0.72 | ||
| Q3 24 | $1.55 | $0.49 | ||
| Q2 24 | $2.30 | $0.40 | ||
| Q1 24 | $1.03 | $4.48 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $6.8B |
| Total DebtLower is stronger | $3.2B | — |
| Stockholders' EquityBook value | $4.8B | $8.9B |
| Total Assets | $14.1B | $17.8B |
| Debt / EquityLower = less leverage | 0.66× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $6.8B | ||
| Q3 25 | — | $8.2B | ||
| Q2 25 | — | $8.0B | ||
| Q1 25 | — | $8.0B | ||
| Q4 24 | — | $7.2B | ||
| Q3 24 | — | $7.4B | ||
| Q2 24 | — | $7.2B | ||
| Q1 24 | — | $7.8B |
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $3.0B | — | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $3.0B | $3.0B | ||
| Q1 24 | $3.0B | $3.0B |
| Q4 25 | $4.8B | $8.9B | ||
| Q3 25 | $4.8B | $9.2B | ||
| Q2 25 | $5.0B | $8.9B | ||
| Q1 25 | $4.8B | $9.0B | ||
| Q4 24 | $5.0B | $8.6B | ||
| Q3 24 | $5.2B | $8.3B | ||
| Q2 24 | $5.5B | $8.2B | ||
| Q1 24 | $5.4B | $8.1B |
| Q4 25 | $14.1B | $17.8B | ||
| Q3 25 | $14.2B | $18.0B | ||
| Q2 25 | $13.8B | $17.2B | ||
| Q1 25 | $13.3B | $18.0B | ||
| Q4 24 | $13.5B | $16.4B | ||
| Q3 24 | $13.8B | $16.2B | ||
| Q2 24 | $13.8B | $15.9B | ||
| Q1 24 | $13.9B | $16.5B |
| Q4 25 | 0.66× | — | ||
| Q3 25 | 0.61× | — | ||
| Q2 25 | 0.60× | — | ||
| Q1 25 | 0.62× | — | ||
| Q4 24 | 0.60× | — | ||
| Q3 24 | 0.57× | — | ||
| Q2 24 | 0.54× | 0.37× | ||
| Q1 24 | 0.55× | 0.37× |
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 | $588.0M |
| Free Cash FlowOCF − Capex | $313.0M | $550.0M |
| FCF MarginFCF / Revenue | 16.7% | 22.6% |
| Capex IntensityCapex / Revenue | 12.1% | 1.6% |
| Cash ConversionOCF / Net Profit | 1.09× | 2.33× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $2.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $588.0M | ||
| Q3 25 | $1.1B | $616.0M | ||
| Q2 25 | $563.0M | $457.0M | ||
| Q1 25 | $586.0M | $1.1B | ||
| Q4 24 | $420.0M | $406.0M | ||
| Q3 24 | $931.0M | $571.0M | ||
| Q2 24 | $475.0M | $372.0M | ||
| Q1 24 | $445.0M | $995.6M |
| Q4 25 | $313.0M | $550.0M | ||
| Q3 25 | $717.0M | $588.0M | ||
| Q2 25 | $318.0M | $421.0M | ||
| Q1 25 | $454.0M | $1.0B | ||
| Q4 24 | $223.0M | $359.0M | ||
| Q3 24 | $792.0M | $516.0M | ||
| Q2 24 | $391.0M | $291.0M | ||
| Q1 24 | $347.0M | $947.6M |
| Q4 25 | 16.7% | 22.6% | ||
| Q3 25 | 43.2% | 25.0% | ||
| Q2 25 | 16.8% | 18.8% | ||
| Q1 25 | 27.3% | 46.4% | ||
| Q4 24 | 14.6% | 16.6% | ||
| Q3 24 | 57.8% | 24.7% | ||
| Q2 24 | 24.9% | 14.6% | ||
| Q1 24 | 23.6% | 49.3% |
| Q4 25 | 12.1% | 1.6% | ||
| Q3 25 | 20.9% | 1.2% | ||
| Q2 25 | 13.0% | 1.6% | ||
| Q1 25 | 7.9% | 3.9% | ||
| Q4 24 | 12.9% | 2.2% | ||
| Q3 24 | 10.1% | 2.6% | ||
| Q2 24 | 5.3% | 4.1% | ||
| Q1 24 | 6.7% | 2.5% |
| Q4 25 | 1.09× | 2.33× | ||
| Q3 25 | 2.31× | 2.70× | ||
| Q2 25 | 1.14× | 6.72× | ||
| Q1 25 | 1.67× | 11.83× | ||
| Q4 24 | 1.07× | 2.10× | ||
| Q3 24 | 2.73× | 4.33× | ||
| Q2 24 | 0.94× | 3.48× | ||
| Q1 24 | 1.87× | 0.84× |
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% |
WDAY
| Subscription Services | $2.2B | 92% |
| Professional Services | $188.0M | 8% |
