CF Industries reported second quarter 2026 net sales of $2.22 billion and EPS of $4.73, missing analyst expectations of $2.43 billion and $5.65, respectively. The results were driven by a favorable pricing environment, which boosted adjusted EBITDA, but this was more than offset by lower sales volumes.
Key Highlights
- Q2 Adjusted EBITDA increased to $1.19 billion, up from $761 million in the prior year, primarily due to a $588 million positive impact from pricing, partially offset by a $158 million negative impact from lower volumes.
- The company returned $302 million to shareholders during the quarter, consisting of $225 million in share repurchases and dividends, and announced a 20% increase in its quarterly dividend to $0.60 per share.
- CF Industries received permits for its Blue Point clean ammonia project in July, with construction now set to begin in August.
- Full-year 2026 gross ammonia production is forecast to be approximately 9.5 million tons, reflecting the ongoing outage at its Yazoo City Complex.