CF Industries Holdings, Inc.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 25, 2026
CF$122.36+2.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (in millions) | |||
| Operating Activities: | |||
| Net earnings | $1,798 | $1,477 | $1,838 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
| Depreciation and amortization | 898 | 925 | 869 |
| Deferred income taxes | 6 | (115) | 81 |
| Stock-based compensation expense | 45 | 36 | 37 |
| Unrealized net loss (gain) on natural gas derivatives | 5 | (35) | (39) |
| Impairment of equity method investment in PLNL | — | — | 43 |
| Loss on debt extinguishment | 6 | — | — |
| Asset impairment | 76 | — | — |
| Pension settlement loss | 1 | — | — |
| Gain on sale of emission credits | (8) | (47) | (39) |
| Loss on disposal of property, plant and equipment | 3 | 12 | 4 |
| Loss on sale of Ince facility | 23 | — | — |
| Undistributed (earnings) loss of affiliate—net of taxes | (4) | (2) | 3 |
| Changes in assets and liabilities: | |||
| Accounts receivable—net | (98) | 77 | 100 |
| Inventories | (88) | (28) | 152 |
| Accrued and prepaid income taxes | 38 | 1 | (44) |
| Accounts payable and accrued expenses | 72 | 44 | (88) |
| Customer advances | (41) | (11) | (100) |
| Other—net | 20 | (63) | (60) |
| Net cash provided by operating activities | 2,752 | 2,271 | 2,757 |
| Investing Activities: | |||
| Additions to property, plant and equipment | (950) | (518) | (499) |
| Proceeds from sale of property, plant and equipment | 6 | 3 | 1 |
| Purchase of Waggaman ammonia production facility | — | 2 | (1,223) |
| Proceeds from sale of Ince facility | 4 | — | — |
| Purchase of emission credits | (1) | (3) | (2) |
| Proceeds from sale of emission credits | 8 | 47 | 39 |
| Other—net | — | — | 5 |
| Net cash used in investing activities | (933) | (469) | (1,679) |
| Financing Activities: | |||
| Proceeds from long-term borrowings | 999 | — | — |
| Repayments of short-term borrowings | (754) | — | — |
| Financing fees | (12) | — | (2) |
| Dividends paid on common stock | (326) | (364) | (311) |
| Contributions from noncontrolling interests | 291 | — | — |
| Distributions to noncontrolling interests | (304) | (308) | (459) |
| Purchases of treasury stock | (1,365) | (1,509) | (580) |
| Proceeds from issuances of common stock under employee stock plans | 1 | 2 | 2 |
| Cash paid for shares withheld for taxes | (14) | (26) | (22) |
| Net cash used in financing activities | (1,484) | (2,205) | (1,372) |
| Effect of exchange rate changes on cash and cash equivalents | 33 | (15) | 3 |
| Increase (decrease) in cash and cash equivalents | 368 | (418) | (291) |
| Cash and cash equivalents at beginning of period | 1,614 | 2,032 | 2,323 |
| Cash and cash equivalents at end of period | $1,982 | $1,614 | $2,032 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.