CF Industries Holdings, Inc. Reports First Half 2023 Net Earnings of $1.09 Billion, Adjusted EBITDA of $1.72 Billion

By: Corporate Communications
August 2, 2023


CF Industries Holdings, Inc. (NYSE: CF), a leading global manufacturer of hydrogen and nitrogen products, today announced results for the first half and second quarter ended June 30, 2023.


  • First half 2023 net earnings of $1.09 billion(1), or $5.55 per diluted share, EBITDA(2) of $1.78 billion, and adjusted EBITDA(2) of $1.72 billion
  • Second quarter 2023 net earnings of $527 million, or $2.70 per diluted share, EBITDA of $855 million, and adjusted EBITDA of $857 million
  • Trailing twelve months net cash from operating activities of $3.23 billion and free cash flow(3) of $2.12 billion
  • Repurchased 2 million shares for $130 million during the second quarter of 2023

“The CF Industries team delivered strong results in the first half of 2023, as we ran our plants well and navigated this year’s just-in-time buying pattern,” said Tony Will, president and chief executive officer, CF Industries Holdings, Inc. “We believe North American nitrogen channel inventories were drawn down significantly during the spring application season, setting up a positive demand dynamic in the second half of 2023.

“Longer term, forward global energy curves continue to suggest attractive margin opportunities for our cost-advantaged network well into the foreseeable future. As a result, we expect to continue to drive strong cash generation and create long-term shareholder value through disciplined investments in growth opportunities and returning substantial capital to shareholders.”

Read the complete press release here