CF Industries Holdings, Inc. (CF) · Nov 4, 2026 · Earnings

CF Industries earnings beat revenue but miss EPS as costs linger

Miss — Diluted EPS $2.87 vs ~$3.02 consensus

CF Industries earnings showed a revenue beat but an EPS miss, with higher volumes offset by costs tied to Yazoo City and maintenance.

CF Industries is operating a low-cost North American nitrogen platform while navigating the prolonged Yazoo City outage and building its Blue Point low-carbon ammonia project. The quarter shows that favorable nitrogen pricing and demand are still supporting the core business, but the near-term earnings bar was higher than the company cleared.

The quarter missed on the metric that matters most for earnings comparisons. Diluted EPS was $2.87 versus published consensus of roughly $3.02, while revenue was $1.86 billion versus about $1.77 billion expected. That makes this an earnings miss despite a top-line beat. The prior-year comparison remains strong: EPS rose from $2.19 and revenue from $1.66 billion.

	Q3 2026	Q3 2025	Consensus
Net sales (Consolidated Results)	$1,860M (+12.1%)	$1,659M	~$1,770M
Diluted EPS (Consolidated Results)	$2.87 (+31.1%)	$2.19	~$3.02
Adjusted EBITDA (Non-GAAP Disclosure)	$833M (+24.9%)	$667M
Sales volume (Consolidated Results)	4,799k tons (+6.5%)	4,504k tons
Gross margin (Consolidated Results)	$720M (+13.9%)	$632M

Underlying operating execution was better than the EPS headline. Sales volumes increased 7% year over year, and management said volumes would have been approximately 13% higher excluding lost Yazoo City product availability. Higher ammonia, urea and UAN activity helped lift adjusted EBITDA to $833 million, even as maintenance, purchased-product, freight and distribution costs remained elevated. 〔0〕

Yazoo City is still the central drag on the story. The outage continues to reduce product availability and adds restoration and maintenance costs; management still expects the complex to resume operations in the first half of 2027. That timeline was not shortened, so the filing improves confidence in current demand execution more than it changes the capacity-recovery outlook. 〔1〕

The longer-term investment program remains on track, but it is not new upside. Blue Point construction has begun, 2026 capital expenditure expectations remain approximately $1.3 billion consolidated and roughly $950 million for CF after partner funding, while ammonia production is still expected to begin in 2029. Those milestones reinforce the existing low-carbon growth plan rather than materially advancing it. 〔2〕

Cash generation and capital returns remain supportive, but they do not erase the earnings miss. Trailing-twelve-month free cash flow reached $2.03 billion, and CF repurchased $612 million of stock in the first nine months. Those figures show financial capacity to fund Blue Point and return capital, while the unchanged $0.60 quarterly dividend and existing buyback authorization provide no new catalyst in this filing.

Bottom line: CF Industries delivered a healthy operating quarter with stronger volumes, pricing and cash flow, but it fell short of the earnings bar because costs and the Yazoo City outage remain real constraints. The business story is intact, yet this filing is modestly weaker than expected rather than a clean advance.

What to watch next

Q3 earnings call, November 5

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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CF Industries earnings beat revenue but miss EPS as costs linger

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