---
title: "CF Industries: Business Model"
description: "CF Industries revenue by business segment and geography from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/cf-industries/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# CF Industries: Business Model & Revenue Engine



## Direct Answer

CF Industries reports revenue across 6 business segments in its fiscal 2025 Form 10-K. Ammonia is the largest, with $2.2 billion of revenue (31% of the total), followed by UAN at $2.2 billion (31%). 75% of revenue came from the United States.

## How Does CF Industries Make Money?

No single line supplies a majority of revenue: the largest, Ammonia, is 31%, which spreads CF Industries's exposure across several demand drivers. Between fiscal 2024 and 2025, UAN grew fastest (+28.8%) and Ammonium Nitrate slowest (+0.5%), so the revenue mix tilts toward UAN while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Ammonia | $2.2 billion | $1.7 billion | 30.7% | 25.3% |
| UAN | $2.2 billion | $1.7 billion | 30.5% | 28.8% |
| Urea | $1.8 billion | $1.6 billion | 25.1% | 11.3% |
| Other Products | $545 million | $503 million | 7.7% | 8.3% |
| All Other | $545 million | $503 million | 7.7% | 8.3% |
| Ammonium Nitrate | $421 million | $419 million | 5.9% | 0.5% |

![Bar chart of CF Industries revenue by segment for fiscal 2025: Ammonia 30.7%, UAN 30.5%, Urea 25.1%, Other Products 7.7%, All Other 7.7%, Ammonium Nitrate 5.9%.](https://www.getswoopr.com/images/charts/cf-industries-business-model-segment-mix.webp)
*CF Industries revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## Where Does CF Industries's Revenue Come From?

Regions follow the definitions in the filing; most companies assign revenue by customer location.

| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| United States | $5.3 billion | $4.4 billion | 75.4% | 20.8% |
| All Regions Outside of US and Canada | $712 million | $584 million | 10.1% | 21.9% |
| Canada | $598 million | $534 million | 8.4% | 12.0% |
| United Kingdom | $378 million | $327 million | 5.3% | 15.6% |
| North Americaexcluding United States and Canada | $58 million | $72 million | 0.8% | -19.4% |

## What the Segment Figures Do Not Show

The rows above add up to 108% of CF Industries's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value CF Industries reported in the segment note and revenue disclosures of its Form 10-K filed February 25, 2026 (accession 0001324404-26-000007), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are CF Industries's business segments?

In its fiscal 2025 Form 10-K, CF Industries reports revenue for Ammonia, UAN, Urea, Other Products, All Other and Ammonium Nitrate.

### Which part of CF Industries brings in the most revenue?

Ammonia, with $2.2 billion of revenue in fiscal 2025, or 31% of the total.

### How much of CF Industries's revenue comes from outside the United States?

25% in fiscal 2025, by the geographic breakdown CF Industries reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.

## References

- [SEC EDGAR: CF Industries Holdings, Inc. Form 10-K filed February 25, 2026](https://www.sec.gov/Archives/edgar/data/1324404/000132440426000007/cf-20251231.htm)
- [SEC EDGAR: CF Industries Holdings, Inc. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1324404&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [CF Industries company dossier](https://www.getswoopr.com/stocks/companies/cf-industries/)
- [CF Industries financial metrics](https://www.getswoopr.com/stocks/companies/cf-industries/metrics/)
- [CF Industries financial risk indicators](https://www.getswoopr.com/stocks/companies/cf-industries/risks/)
- [CF Industries peer comparison](https://www.getswoopr.com/stocks/companies/cf-industries/competitors/)
- [CF Industries business model and revenue mix](https://www.getswoopr.com/stocks/companies/cf-industries/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)





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