CF Industries Holdings

What CF Industries Holdings does

CF Industries Holdings, Inc. (NYSE: CF) is the world's largest producer of ammonia, operating nine manufacturing complexes across the United States (six), Canada (two), and the United Kingdom (one) with average annual gross ammonia capacity of approximately 10.5 million tons. Founded in 1946 as a regional fertilizer cooperative and publicly traded since 2005, the company manufactures nitrogen-based fertilizers and industrial nitrogen products through the Haber-Bosch process, using hydrogen synthesized from low-cost North American natural gas feedstock combined with atmospheric nitrogen. Its product portfolio spans ammonia, granular urea, urea ammonium nitrate (UAN) solutions, ammonium nitrate, diesel exhaust fluid (DEF), and hydrogen, with a strategic expansion into certified low-carbon ammonia, blue ammonia, and green ammonia enabled by carbon capture and sequestration (up to 2 million tons CO2 annually at Donaldsonville) and a 20MW electrolyzer installation.

The company generates revenue primarily through one-time sales of nitrogen fertilizers to agricultural customers (U.S. farmers and cooperatives), industrial customers (DEF for diesel emissions control, mining explosives), and emerging low-carbon ammonia off-takers (PepsiCo, POET, Envalior via Trafigura). Pricing follows global commodity market dynamics for standard products, while certified low-carbon offerings command premium pricing under the Verified Ammonia Carbon Intensity (VACI) Program. Distribution is multi-channel: direct enterprise sales to large agricultural operations, channel sales through agricultural cooperatives and retailers (WinField United, CHS, NuWay-K&H, New Cooperative), and Gulf Coast export logistics reaching Europe and Africa. The business is capital-intensive, requiring roughly $500 million in annual maintenance capex, with a FY2025 revenue of $7.08 billion (up 19% year-over-year), a 97% gross ammonia utilization rate versus approximately 87% for North American peers, and trailing twelve-month free cash flow of $1.65 billion.

Name

CF Industries Holdings

Legal name

CF Industries Holdings, Inc.

Website

https://cfindustries.com

Company type

Public

Founded year

1946

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

CF Industries Holdings is the world's largest producer of ammonia, operating nine manufacturing complexes across the U.S., Canada, and the UK with ~10.5 million tons of annual gross capacity, supplying nitrogen fertilizers and low-carbon ammonia to agricultural, industrial, and energy customers.

Ownership category

akta.pro rank

Product category

Nitrogen Fertilizers

NAICS

Nitrogenous Fertilizer Manufacturing (325311), Basic Chemical Manufacturing (3251), Other Basic Inorganic Chemical Manufacturing (325180)

SIC

Industrial Organic Chemicals (2860), Miscellaneous Chemical Products (2890)

akta.pro primary industry

Nitrogen Fertilizers (Ammonia/Urea/UAN) (IMAEAEAA)

akta.pro secondary industries

Nitrogen Fertilizers (Ammonia, Urea, UAN, Ammonium Nitrate/Sulfate) (AFABABAA), NPK & Compound/Blended Fertilizers (IMAEAEAD)

Keywords

• Nitrogen fertilizer manufacturing
• Ammonia production
• Clean energy ammonia
• Low-carbon fertilizers
• Agricultural chemicals

Headquarters

HQ city

Deerfield

HQ country

United States

HQ region

North America

Offices11 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Infrastructure, Supply Chain, Personnel, Technology or R&D

Revenue model

1. Nitrogen Fertilizer Products: CF Industries generates the majority of its revenue from manufacturing and selling nitrogen-based fertilizers including ammonia, granular urea, urea ammonium nitrate (UAN) solutions, and ammonium nitrate (AN). These are sold to agricultural customers for crop nutrition.
2. Ammonia: Sale of ammonia as a direct application fertilizer and as feedstock for upgraded nitrogen products. Ammonia is also sold for industrial applications including emissions control and as a hydrogen carrier.
3. Low-Carbon/ Green Ammonia Premium Products: Growing revenue stream from certified low-carbon ammonia and nitrogen fertilizer products that command premium pricing. Production enabled by CCS and green ammonia technologies, sold to customers seeking lower-carbon supply chains.
4. Industrial Nitrogen Products: Nitrogen products for industrial applications including diesel exhaust fluid (DEF) which reduces NOx emissions from diesel trucks, and products for mining industry explosives.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

CF Industries manufactures and sells nitrogen-based fertilizers and industrial nitrogen products, with ammonia as its foundational product. Its portfolio includes ammonia, granular urea, urea ammonium nitrate (UAN) solutions, and ammonium nitrate, sold to agricultural customers for crop nutrition and to industrial customers for diesel exhaust fluid (DEF), mining explosives, and other applications. The company is expanding into certified low-carbon ammonia, blue ammonia, and green ammonia products enabled by carbon capture and sequestration (CCS) and electrolysis technologies.

Product overview

CF Industries Holdings is a leading global manufacturer of hydrogen and nitrogen products, operating the world's largest ammonia production network. The company produces a portfolio of nitrogen fertilizers including ammonia (core building block), granular urea, urea ammonium nitrate (UAN) solution, and ammonium nitrate (AN). The company is strategically expanding into low-carbon products including low-carbon ammonia, blue ammonia (with CCS), and green ammonia (electrolysis-based), leveraging carbon capture and sequestration technologies at its Donaldsonville Complex. Manufacturing operations span six nitrogen complexes in the United States, two in Canada, and one in the United Kingdom, with an average annual capacity of nearly 10.5 million tons on a gross ammonia basis. The company also produces industrial products including diesel exhaust fluid (DEF).

Differentiator

Problem solved

Functional benefit

Products and services

• Ammonia CF Industries is the world's largest producer of ammonia, manufacturing hydrogen and nitrogen products through the Haber-Bosch process using natural gas feedstock. Ammonia serves as the foundation for nitrogen fertilizers and industrial applications.
• Granular Urea A solid nitrogen fertilizer produced from ammonia; one of the most widely used nitrogen fertilizers globally, applied directly to crops or as a source of nitrogen in blended fertilizers.
• Urea Ammonium Nitrate (UAN) Solution A liquid nitrogen fertilizer solution combining urea and ammonium nitrate, commonly used for broadcast applications and suitable for various crops including corn.
• Ammonium Nitrate (AN) A nitrogen fertilizer used for both agricultural purposes (fertilizer) and industrial applications (mining explosives component). Produced at facilities including Yazoo City Complex.
• Certified Low-Carbon UAN Urea ammonium nitrate solution manufactured with lower carbon intensity using carbon capture and sequestration technologies and nitric acid plant emissions abatement at the Donaldsonville facility. Certified low-carbon under the Verified Ammonia Carbon Intensity Program. Available to farmers who grow potatoes for PepsiCo's Frito-Lay brands.
• Certified Low-Carbon Ammonia Ammonia produced with significantly lower well-to-gate carbon footprint through carbon capture and sequestration at Donaldsonville Complex. Certified under the Verified Ammonia Carbon Intensity (VACI) Program, produced at approximately 1.9 million tons annually.
• Blue Ammonia Low-carbon ammonia produced using natural gas with carbon capture and storage, capturing up to 2 million metric tons of CO2 per year at the Donaldsonville Complex. Used for clean energy, fertilizer, and industrial applications.
• Green Ammonia Ammonia produced with hydrogen sourced from electrolysis-based production process that generates no carbon dioxide emissions. CF Industries completed installation of a 20MW electrolyzer at Donaldsonville Complex, with up to 20,000 tons annual production capacity.
• Diesel Exhaust Fluid (DEF) A urea-based solution used to reduce NOx emissions from diesel trucks, meeting Euro 6 emission standards. Produced at the Yazoo City Complex.
• Hydrogen Products Hydrogen produced as part of ammonia manufacturing, used for clean energy applications, emissions abatement, and other industrial activities.

Quantifiable outcome

• 97% gross ammonia utilization rate vs. ~87% for North American peers, producing ~1 million additional tons annually
• +4 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

15 partnerships are on record, tiered core, minor and flagship.

• PepsiCocoreStrategic or Co-development Partner · 23 April 2026First commercial launch of certified low-carbon UAN fertilizer for PepsiCo's Frito-Lay potato chip brands. Low-carbon UAN produced at Donaldsonville using CCS enables lower carbon footprint from U.S. potato supply chain.
• WinField United (Land O'Lakes)coreChannel Partner/ Reseller/ Distributor · 26 January 2026Crop inputs and insights business of Land O'Lakes participating in low-carbon fertilizer pilot program, distributing low-carbon fertilizer through cooperative system to member-owners.
• NuWay-K&H CooperativecoreChannel Partner/ Reseller/ Distributor · 26 January 2026Agricultural cooperative participating in low-carbon fertilizer pilot program across Iowa, Minnesota, Missouri, and Nebraska, distributing low-carbon fertilizer to corn growers.
• New CooperativecoreChannel Partner/ Reseller/ Distributor · 26 January 2026Iowa-based farmer-owned cooperative with over 12,000 members across 80 communities participating in low-carbon fertilizer pilot program.
• Farmer's Cooperative (Dorchester, NE)coreChannel Partner/ Reseller/ Distributor · 26 January 2026Southeast Nebraska cooperative providing grain, agronomy, energy, and feed services, participating in low-carbon fertilizer pilot program.
• TFG MarineminorStrategic or Co-development Partner · 15 January 2026MOU to advance low-carbon ammonia as marine fuel. Collaboration on market development, stakeholder engagement, and bunkering logistics planning, initially focusing on U.S. Gulf Coast and Northwest Europe.
• TrafiguracoreChannel Partner/ Reseller/ Distributor · 2 October 2025Trafigura purchased 23,500 metric tons of certified low-carbon ammonia from CF Industries for shipment to Envalior in Antwerp, Belgium. Development of low-carbon ammonia supply chain in advance of EU carbon border adjustment mechanism implementation.
• EnvaliorcoreChannel Partner/ Reseller/ Distributor · 2 October 2025Global engineering materials leader purchasing low-carbon ammonia from Trafigura for production of low-carbon caprolactam and downstream PA6 materials for customers seeking lower-carbon materials.
• ExxonMobilcoreStrategic or Co-development Partner · 25 July 2024Carbon capture and sequestration partnership at Yazoo City, Mississippi facility for transport and permanent geologic storage of CO2. ExxonMobil to sequester up to 500,000 metric tons annually starting 2028. Project expected to qualify for 45Q tax credits.
• ExxonMobilcoreStrategic or Co-development Partner · 25 July 2024CCS project at Donaldsonville, Louisiana facility sequestering up to 2 million tons of CO2 annually. Sequestration started July 2025. Enables production of certified low-carbon ammonia.
• POET LLCcoreStrategic or Co-development Partner · 15 July 2024Pilot project to demonstrate use of low-carbon ammonia fertilizer to reduce carbon intensity of corn production and ethanol. Low-carbon ammonia applications in fall 2024 and spring 2025 to produce corn for ethanol at POET facilities.
• JERA Co., Inc.flagshipStrategic or Co-development Partner · 18 April 2024Joint development agreement to explore development of greenfield low-carbon ammonia production capacity at CF Industries' Blue Point Complex in Louisiana. JERA contemplating 48% ownership stake in project and agreement to procure more than 500,000 metric tons of low-carbon ammonia annually. Target production commencement in 2028.
• Mitsui & Co., Ltd.flagshipStrategic or Co-development Partner · 18 April 2024Partnership with CF Industries and JERA for development of approximately 1.4 million metric ton capacity low-carbon ammonia plant in Louisiana. Targeting second half 2024 for final investment decision.
• CHS Inc.coreStrategic or Co-development Partner · 11 May 2023Partnership to accelerate quantifiable and certifiable agriculture and food system GHG emission reductions through production and distribution of low-carbon nitrogen fertilizer. Leverages CHS distribution network to place low-carbon fertilizers with growers.
• CF Fertilisers UKcoreOthersUK subsidiary of CF Industries operating Billingham manufacturing complex. Part of global manufacturing network of nine complexes across U.S., Canada, and UK.

Scale indicators11 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Nutrien Ltd. Nutrien is the world's largest fertilizer producer by capacity and a direct competitor to CF Industries in nitrogen (it operates large ammonia and urea plants across North America and Trinidad). It also competes in potash and phosphate, giving it broader crop-nutrient exposure but with significant overlap in CF's core nitrogen segment.
• Yara International ASA: Yara is a global nitrogen fertilizer leader headquartered in Norway, producing ammonia, urea, UAN, and NPK compounds. It is named alongside CF in the FTC investigation and directly competes in global nitrogen markets, particularly in Europe and emerging markets.
• Koch Ag & Energy Solutions (Koch Fertilizer): Koch Fertilizer is a major North American nitrogen fertilizer producer with multiple ammonia/urea/UAN plants. It is explicitly named in the FTC/DOJ nitrogen pricing investigation and is a primary direct competitor to CF Industries in U.S. and global nitrogen markets.
• OCI Global N.V. OCI Global is a Netherlands-based producer of nitrogen fertilizers (ammonia, urea, UAN) and methanol, with major plants in the U.S., Netherlands, and Egypt. It is a direct competitor in global nitrogen markets and is pursuing low-carbon ammonia projects similar to CF's strategy.
• ICL Group Ltd. ICL Group is an Israeli specialty fertilizer and chemicals company producing nitrogen-based specialty fertilizers, potash, phosphate, and industrial products. It overlaps with CF in nitrogen and serves similar agricultural customers globally.
• LSB Industries, Inc. LSB Industries is a U.S.-based producer of nitrogen-based fertilizers (ammonia, urea, UAN) and industrial chemicals, operating plants in Oklahoma, Arkansas, and Alabama. It is a smaller direct competitor to CF Industries in the North American nitrogen market.
• CVR Partners, LP: CVR Partners is a U.S. nitrogen fertilizer master limited partnership operating ammonia and UAN plants in Kansas and Iowa. It directly competes with CF Industries in the U.S. nitrogen market, though at materially smaller scale.

Broad incumbents

• The Mosaic Company: Mosaic is one of the world's largest crop nutrient producers, focused primarily on phosphate and potash but with broader fertilizer market exposure. It is named alongside CF in the FTC investigation and competes as a major incumbent in U.S. agricultural input distribution.

Regional players

• Incitec Pivot Limited: Incitec Pivot is an Australia-based fertilizer and explosives producer. It sold its Waggaman, Louisiana ammonia plant to CF Industries in December 2023, illustrating direct operational overlap, but its primary market is Australia/Asia-Pacific rather than North America.

Emerging players

• Compass Minerals International, Inc. Compass Minerals produces specialty plant nutrition products (including sulfate of potash and certain nitrogen-adjacent products) alongside its core salt business. It is an emerging participant in sustainable plant nutrition markets that intersect with CF's low-carbon fertilizer strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/cfindustries
• Facebookfacebook.com/cfindustries
• LinkedInlinkedin.com/company/cf-industries

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CF Industries Holdings