> ## Content Index
> Fetch the complete content index at: https://www.bullished.co/llms.txt
> Use this file to discover other available public pages before exploring further.

# CF Industries Nine-Month Profit Hits $1.78 Billion As Iran Conflict Squeezes Nitrogen Supply
- URL: https://www.bullished.co/cf-industries-nine-month-profit-hits-1-78-billion-as-iran-conflict-squeezes-nitrogen-952bb96b/
- Published: 2026-11-04T22:11:48.000Z
- Updated: 2026-11-04T22:11:48.000Z
- Description: The fertilizer maker earned $2.87 a share in the third quarter and ran its plants at high rates to serve demand customers had put off.
- Author: Matteo Parrino
- Tags: Earnings, CF, Industry: Materials

[CF Industries](https://www.bullished.co/tag/cf/), which makes ammonia and the nitrogen fertilizers derived from it, said Wednesday its first-nine-months net earnings reached [$1.78 billion](https://www.sec.gov/Archives/edgar/data/0001324404/000132440426000023/cf-11042026%5Fex991xearnings.htm?ref=bullished.co), up from $1.05 billion a year earlier. Higher nitrogen prices, which the company ties to a tight global supply further squeezed by the conflict with Iran, outweighed a 5% drop in sales volumes.

## Prices outran volumes

Earnings for the nine months came to [$11.60 per diluted](https://www.businesswire.com/news/home/20261104372347/en/CF-Industries-Holdings-Inc.-Reports-First-Nine-Months-2026-Net-Earnings-of-%241.78-Billion-Adjusted-EBITDA-of-%243.01-Billion?ref=bullished.co) share, against $6.39 a year earlier. They include a gain of about $170 million from a litigation settlement. Net sales rose to $6.07 billion from $5.21 billion.

The 5% volume decline came mainly from lower ammonium nitrate, ammonia and UAN sales, partly offset by higher granular urea. The company says the Yazoo City, Mississippi, outage after a November 2025 incident drove the AN and UAN declines, while ammonia fell on weaker phosphate demand and planned maintenance. Excluding lost Yazoo City output, volumes roughly matched last year.

Third-quarter net earnings were [$436 million](https://www.businesswire.com/news/home/20261104372347/en/CF-Industries-Holdings-Inc.-Reports-First-Nine-Months-2026-Net-Earnings-of-%241.78-Billion-Adjusted-EBITDA-of-%243.01-Billion?ref=bullished.co), or $2.87 per diluted share, versus $353 million, or $2.19\. Adjusted EBITDA, earnings before interest, taxes, depreciation and amortization with some items stripped out, was $833 million, up from $667 million. Quarterly sales were $1.86 billion, and volumes rose 7%.

"The CF Industries team executed exceptionally well in the third quarter of 2026," said Chris Bohn, president and chief executive officer, citing operation of the network "at high rates to meet substantial deferred customer demand." Plants have run at 97% of available ammonia capacity this year, excluding Yazoo City.

## Hormuz and a tight market

CF estimates only about half of average Middle East urea exports have left the Persian Gulf since the Iran conflict began. It expects supply from the region to stay below pre-conflict levels. It also sees about 35% of Trinidad's ammonia capacity being permanently shut down, and says an estimated 37% of Europe's nameplate ammonia capacity was reportedly offline or running at reduced rates in October 2026.

Management expects the supply-demand balance to stay constructive for low-cost North American producers. It projects Chinese urea exports in 2026 at 2 million to 4 million metric tons above 2025.

## Buybacks, Blue Point and Yazoo City

CF bought back 3.0 million shares for $367 million in the third quarter. About $1.11 billion remains under its $2 billion program as of September 30\. It paid a quarterly dividend of $0.60 per share, declared in October, payable November 30.

Construction began in August on Blue Point One, the low-carbon ammonia venture with JERA and Mitsui in which CF holds 40%. The plant is budgeted at about $3.7 billion, with production expected to start in 2029.

Management expects Yazoo City to resume operations in the first half of 2027\. It is finalizing restoration cost estimates and expects insurance to cover a substantial portion.

CF holds its earnings call at 11:00 a.m. ET on Thursday, and expects a final investment decision in 2027 on a Courtright, Ontario, diesel exhaust fluid expansion of more than 400,000 tons a year.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — CF Industries Holdings, Inc. (CF)](https://www.sec.gov/Archives/edgar/data/0001324404/000132440426000023/cf-20261104.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit cf-11042026\_ex991xearnings.htm — CF Industries Holdings, Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001324404/000132440426000023/cf-11042026%5Fex991xearnings.htm?ref=bullished.co) — SEC EDGAR
- [CF Industries Holdings, Inc. Reports First Nine Months 2026 Net Earnings of $1.78 Billion, Adjusted EBITDA of $3.01 Billion](https://www.businesswire.com/news/home/20261104372347/en/CF-Industries-Holdings-Inc.-Reports-First-Nine-Months-2026-Net-Earnings-of-%241.78-Billion-Adjusted-EBITDA-of-%243.01-Billion?ref=bullished.co) — businesswire.com

### More on CF Industries

- [CF Industries Third-Quarter Earnings Rise To $436 Million As Volume And Pricing Lift EBITDA To $833 Million](https://www.bullished.co/cf-industries-third-quarter-earnings-rise-to-436-million-as-volume-and-pricing-lift-ebitda-9c804d05/)

[All CF Industries (CF) coverage →](https://www.bullished.co/tag/cf/)