CF Industries Holdings, Inc. Reports Full Year 2023 Net Earnings of $1.53 Billion, Adjusted EBITDA of $2.76 Billion

By: Corporate Communications
February 14, 2024


CF Industries Holdings, Inc. (NYSE: CF), a leading global manufacturer of hydrogen and nitrogen products, today announced results for the full year and fourth quarter ended December 31, 2023.


  • Full year net earnings(1)(2) of $1.53 billion, or $7.87 per diluted share, EBITDA(2) of $2.71 billion, and adjusted EBITDA(3) of $2.76 billion
  • Fourth quarter net earnings(1)(2) of $274 million, or $1.44 per diluted share, EBITDA of $556 million, and adjusted EBITDA of $592 million
  • Full year net cash from operating activities of $2.76 billion and free cash flow(4) of $1.80 billion
  • Closed acquisition of Waggaman ammonia production facility on December 1, 2023
  • Electrolyzer installation at Donaldsonville, LA, Complex mechanically complete; commissioning activities for green ammonia project underway
  • CF Industries and Mitsui & Co., Ltd. (“Mitsui”) targeting second half 2024 for final investment decision (FID) on proposed greenfield low-carbon ammonia plant in Louisiana
  • Repurchased 2.9 million shares for $225 million during the fourth quarter of 2023

“CF Industries’ 2023 results demonstrate the strength of our business and our team,” said Tony Will, president and chief executive officer, CF Industries Holdings, Inc. “We ran our plants well, added the Waggaman ammonia production facility to our network, and advanced our clean energy strategy. We believe that the global energy cost structure presents attractive margin opportunities for our North American-based production network in the near-term and that the global nitrogen supply-demand balance will tighten considerably in the medium-term. As a result, we expect to continue to drive strong cash generation, underpinning our ability to create significant shareholder value from disciplined investments in growth opportunities and returning substantial capital to shareholders.”

Read the full press release here.