FolioLanternBeta
CFCF Industries · Insider ownership research

CF Industries insiders sold $72.2M in the past 12 months. How much of their stake is that?

About 48% overall. As a group they still hold 61% of their starting shares.

Updated Oct 9, 2026 from SEC filings · covers Oct 10, 2025 to Oct 9, 2026
How this comparesMore of their stake sold than at 409 of the 416 other companies we can measure (#8 of 417)See ranking
0
buyers among officers and directors, past 12 months
3.3%
of sales were under disclosed trading plans, past 12 months
8 of 23
officers and directors sold shares, past 12 months
Recent activity · past 30 days, Sep 10, 2026 to Oct 9, 2026

No officer or director trades were reported for the past 30 days. The most recent before that:

Mar 17, 20263 executives sold 11K shares ($1.4M) with no plan disclosed. That is between 7.9% and 19% of each person's total stake held that day (not shown for 1 person: the holdings on record that day are incomplete; why).
WhoSharesPrice% of total stakeTotal stake afterTrade dateFiled
Bert Frost
EVP, Chief Commercial Officer
6,000$126.007.9%69KMar 17, 2026Mar 19, 2026
Richard Hoker
VP and Corporate Controller
3,499$125.38n/an/aMar 17, 2026Mar 19, 2026
Erik Mayer
VP, Clean Energy & BusDevelop
1,500$124.6919%6.3KMar 17, 2026Mar 19, 2026

"% of total stake" is the shares in this event against all the vested shares the person held that day, across every share class and holding entity, after that day's vesting. "n/a" means the person's holdings don't reconcile, or the row is a purchase. "Holdings record incomplete" means more shares were sold than the filings show the person held that day, so a percentage would be wrong.

Is this normal? In line with the past 5 years. 8 insiders sold; the average is 5 a year. Year by year
Latest filing: Filed May 28 for a stock award on May 26. Andrew Scribner received an award of 6.5K shares. Filing
63 SEC ownership filings in the period · See the evidence

What stands out

Four insiders sold more than 25% of vested holdings: Anthony Will (92% of holdings, $59.2M, none under a disclosed plan), Susan Menzel (45% of holdings, $4.7M, none under a disclosed plan) and Bert Frost (36% of holdings, $4.0M, 60% under a disclosed plan), plus 1 more.Anthony Will: largest sale, Feb 20, 2026 · Susan Menzel: largest sale, Mar 12, 2026 · Bert Frost: largest sale, Mar 6, 2026
Richard Hoker sold $1.7M of stock with no disclosed trading plan. The filings don't state a reason.Largest such sale, Mar 5, 2026

Percentages cover 20 of 23 officers and directors. Left out: Richard Hoker (holdings couldn't be fully reconciled); Trevor Williams and Andrew Scribner (held no vested shares at the start). Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Each bar is 100% of that person's own stake; not comparable between people. The stake is the vested shares held at the start of the period (Oct 9, 2025); the gold part is what they sold.

SoldRest of starting stake
Anthony Will
Director
92% · $59.2MNo plan disclosed
Susan Menzel
EVP and Chief Admin. Officer
45% · $4.7MNo plan disclosed
Bert Frost
EVP, Chief Commercial Officer
36% · $4.0M60% planned 40% no plan disclosed
Richard Hoker
VP and Corporate Controller
Sold $1.7M (plan status beside the amount). Share of stake not shown: holdings couldn't be fully reconciled. Why
$1.7MNo plan disclosed
Ashraf Malik
Sr. VP, Manufacturing & D'istn
76% · $1.2MNo plan disclosed
All 8 sellers

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planNo plan disclosedOne dollar scale for every month; the tallest bar is labeled
OctNovDecJanFeb 2026: $22.2M no plan disclosedFebMar 2026: $2.4M under a disclosed planMar 2026: $47.6M no plan disclosed$50.0MMarAprMayJunJulAugSepOct

Common questions

Is the CF Industries CEO selling stock?

No. Christopher Bohn reported no open-market sales in the past 12 months.

Why are CF Industries insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 3% of sales by value ran under 10b5-1 trading plans disclosed in the filings and 97% had no disclosed plan. A trading plan schedules sales in advance.

Are any CF Industries insiders buying?

No. Officers and directors reported no purchases in the past 12 months.

How much of their stake did CF Industries insiders sell?

About 48% overall. As a group they still hold 61% of their starting shares. That covers the 12 months to Oct 9, 2026 and counts vested shares reported on SEC Forms 3, 4 and 5, which is not an insider's whole wealth.

The evidence

Who sold8 officers and directors: amount, % of holdings, trading plan
Who soldAmount% of holdingsTrading plan
Anthony Will
Director
$59.2M
553K shares
92%No plan disclosed
Susan Menzel
EVP and Chief Admin. Officer
$4.7M
39K shares
45%No plan disclosed
Bert Frost
EVP, Chief Commercial Officer
$4.0M
33K shares
36%60% under a disclosed plan 40% no plan disclosed
Richard Hoker
VP and Corporate Controller
$1.7M
15K shares
i
No percentage: holdings couldn't be fully reconciled.
No plan disclosed
Ashraf Malik
Sr. VP, Manufacturing & D'istn
$1.2M
11K shares
76%No plan disclosed
Michael McGrane
SVP, Gen. Counsel & Secretary
$719K
6.4K shares
32%No plan disclosed
Erik Mayer
VP, Clean Energy & BusDevelop
$443K
3.7K shares
40%No plan disclosed
Linda Dempsey
VP, Public Affairs
$313K
3K shares
17%No plan disclosed
The full ownership picture22 of 23 insiders fully reconciled · 23 officers and directors

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

InsiderHeld Oct 9, 2025SoldHeld Oct 9, 2026Still held
Anthony Will
Director
601K−553K101K17%
Vesting, gifts, unvested awards and holding lines for Anthony Will
0shares vested or exercised
−18Kgifted (net of own trusts)
−34Kwithheld by the company for taxes
30K → 0unvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon stock, par value $0.01 per share600,524101,044
Christopher Bohn
President & CEO, Director
168K0207Kno sales
Vesting, gifts, unvested awards and holding lines for Christopher Bohn
0shares vested or exercised
0gifted (net of own trusts)
−9.5Kwithheld by the company for taxes
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon stock, par value $0.01 per share168,074207,419
Bert Frost
EVP, Chief Commercial Officer
90K−33K69K77%
Vesting, gifts, unvested awards and holding lines for Bert Frost
0shares vested or exercised
0gifted (net of own trusts)
−8.5Kwithheld by the company for taxes
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon stock, par value $0.01 per share90,17669,472
Susan Menzel
EVP and Chief Admin. Officer
86K−39K56K65%
Vesting, gifts, unvested awards and holding lines for Susan Menzel
0shares vested or exercised
0gifted (net of own trusts)
−6Kwithheld by the company for taxes
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon stock, par value $0.01 per share86,33555,762
Robert Arzbaecher
i
Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
Director
67K057Kno sales
Vesting, gifts, unvested awards and holding lines for Robert Arzbaecher
0shares vested or exercised
−12Kgifted (net of own trusts)
none reportedunvested awards, start → end
  • Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock, par value $0.01 per share64,51454,304
IRACommon Stock, par value $0.01 per share2,3752,375

Additional holdings last reported May 4, 2021, not confirmed since: 175 shares. Not included in any total or percentage on this page.

Stephen Hagge
Director
60K060Kno sales
Vesting, gifts, unvested awards and holding lines for Stephen Hagge
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock, par value $0.01 per share59,89059,890
Theresa Wagler
Director
35K036Kno sales
Vesting, gifts, unvested awards and holding lines for Theresa Wagler
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock, par value $0.01 per share35,07436,464
Anne Noonan
Director
33K035Kno sales
Vesting, gifts, unvested awards and holding lines for Anne Noonan
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock, par value $0.01 per share32,66234,870
Gregory Cameron
EVP and CFO
33K029Kno sales
Vesting, gifts, unvested awards and holding lines for Gregory Cameron
0shares vested or exercised
0gifted (net of own trusts)
−3.5Kwithheld by the company for taxes
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon stock, par value $0.01 per share32,56829,082
John Eaves
Director
26K027Kno sales
Vesting, gifts, unvested awards and holding lines for John Eaves
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock, par value $0.01 per share25,94627,336
Michael Toelle
Director
26K027Kno sales
Vesting, gifts, unvested awards and holding lines for Michael Toelle
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock, par value $0.01 per share25,94627,336
Celso White
Director
22K023Kno sales
Vesting, gifts, unvested awards and holding lines for Celso White
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock, par value $0.01 per share22,03923,429
Javed Ahmed
Director
22K023Kno sales
Vesting, gifts, unvested awards and holding lines for Javed Ahmed
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock, par value $0.01 per share21,77523,165
Michael McGrane
SVP, Gen. Counsel & Secretary
20K−6.4K19K96%
Vesting, gifts, unvested awards and holding lines for Michael McGrane
0shares vested or exercised
0gifted (net of own trusts)
−1.9Kwithheld by the company for taxes
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon stock, par value $0.01 per share20,03819,161
Richard Hoker
!
Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: -36,866 shares on Jan 6, 2026 (Unresolved (see footnote)). See the filing Sales and other transactions for Richard Hoker are complete.
VP and Corporate Controller
n/a−15Kn/an/a
Vesting, gifts, unvested awards and holding lines for Richard Hoker
0shares vested or exercised
0gifted (net of own trusts)
−2.9Kwithheld by the company for taxes
none reportedunvested awards, start → end
  • An owner entity could not be identified from the footnotes.

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: -36,866 shares on Jan 6, 2026 (Unresolved (see footnote)). The balances below are as reported, not verified totals.

Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon stock, par value $0.01 per share12,14912,524
Unresolved (see footnote)Common stock, par value $0.01 per share7,5007,500
Linda Dempsey
VP, Public Affairs
18K−3K18K99%
Vesting, gifts, unvested awards and holding lines for Linda Dempsey
0shares vested or exercised
0gifted (net of own trusts)
−2.1Kwithheld by the company for taxes
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon stock, par value $0.01 per share17,75317,547
Ashraf Malik
Sr. VP, Manufacturing & D'istn
15K−11K4.3K30%
Vesting, gifts, unvested awards and holding lines for Ashraf Malik
0shares vested or exercised
0gifted (net of own trusts)
−3.3Kwithheld by the company for taxes
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon stock, par value $0.01 per share14,5654,299
Yris Madrazo
Director
11K012Kno sales
Vesting, gifts, unvested awards and holding lines for Yris Madrazo
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock, par value $0.01 per share11,08312,473
Deborah DeHaas
Director
11K012Kno sales
Vesting, gifts, unvested awards and holding lines for Deborah DeHaas
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock, par value $0.01 per share10,84312,233
Erik Mayer
i
Started reporting during the period; starting holdings are from the Form 3.
VP, Clean Energy & BusDevelop
9.4K−3.7K6.3K68%
Vesting, gifts, unvested awards and holding lines for Erik Mayer
0shares vested or exercised
0gifted (net of own trusts)
−284withheld by the company for taxes
none reportedunvested awards, start → end
  • Started reporting during the period; starting holdings are from the Form 3.
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon stock, par value $0.01 per share9,3576,341
Susan Ellerbusch
Director
5.9K07.3Kno sales
Vesting, gifts, unvested awards and holding lines for Susan Ellerbusch
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon Stock, par value $0.01 per share5,9337,323
Trevor Williams
SVP, Manufacturing & Dist'n
004.2Kno sales
Vesting, gifts, unvested awards and holding lines for Trevor Williams
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon stock, par value $0.01 per share04,184
Andrew Scribner
EVP and CFO
006.5Kno sales
Vesting, gifts, unvested awards and holding lines for Andrew Scribner
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 9, 2025Oct 9, 2026
DirectCommon stock, par value $0.01 per share06,464

22 of 23 insiders fully reconciled: starting holdings plus reported transactions match ending holdings (22 exactly, 0 with a minor or footnoted difference). For 1 we show sales but not holdings; the ! icon on that row explains why. Percentages cover 20 of 23 officers and directors. Left out: Richard Hoker (holdings couldn't be fully reconciled); Trevor Williams and Andrew Scribner (held no vested shares at the start). "Still held" compares ending with starting vested shares; a plus sign means the holding grew.

What explains the selling$72.2M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $72.2M across 664,213 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

The lighter segment is sales with no plan disclosed in the filing ($69.8M), including tax-related sales outside a plan.

No plan disclosed · $69.8M

Sales with no 10b5-1 plan and no tax reference in the filing. $59.2M of it is Anthony Will. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Anthony Will, Feb 20, 2026

Taxes

71,411 shares ($6.4M) were withheld by the company for taxes, which isn't a market sale.

SellerShares soldProceedsUnder a disclosed planShare of totalSales dates
Anthony Will
Director
553K$59.2M0%82%Feb 20, 2026 to Mar 13, 2026
Susan Menzel
EVP and Chief Admin. Officer
39K$4.7M0%7%Feb 26, 2026 to Mar 12, 2026
Bert Frost
EVP, Chief Commercial Officer
33K$4.0M60%6%Mar 2, 2026 to Mar 17, 2026
Richard Hoker
VP and Corporate Controller
15K$1.7M0%2%Feb 27, 2026 to Mar 17, 2026
Ashraf Malik
Sr. VP, Manufacturing & D'istn
11K$1.2M0%2%Mar 2, 2026 to Mar 5, 2026
Michael McGrane
SVP, Gen. Counsel & Secretary
6.4K$719K0%1.0%Mar 3, 2026 to Mar 6, 2026
Erik Mayer
VP, Clean Energy & BusDevelop
3.7K$443K0%0.6%Mar 6, 2026 to Mar 17, 2026
Linda Dempsey
VP, Public Affairs
3K$313K0%0.4%Feb 27, 2026 to Mar 5, 2026

Sales by month

MonthSale proceedsDisclosed planTo cover taxesNo plan disclosed
Oct 2025$0$0$0$0
Nov 2025$0$0$0$0
Dec 2025$0$0$0$0
Jan 2026$0$0$0$0
Feb 2026$22.2M$0$0$22.2M
Mar 2026$50.0M$2.4M$0$47.6M
Apr 2026$0$0$0$0
May 2026$0$0$0$0
Jun 2026$0$0$0$0
Jul 2026$0$0$0$0
Aug 2026$0$0$0$0
Sep 2026$0$0$0$0
Oct 2026$0$0$0$0
Is this normal? Selling year by year5 earlier years to compare with

In line with the past 5 years. 8 insiders sold; the average is 5 a year.

12 months endingShares soldInsiders who soldProceeds
Oct 9, 2026
Latest 12 months
664K8$72.2M
Oct 9, 2025
1 year earlier
71K3$6.9M
Oct 9, 2024
2 years earlier
34K4$2.9M
Oct 10, 2023
3 years earlier
47K2$3.2M
Oct 10, 2022
4 years earlier
2.43M10$199M
Oct 10, 2021
5 years earlier
429K8$24.1M

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertainty1 insider whose holdings couldn't be fully reconciled

Richard Hoker: holdings couldn't be fully reconciled (difference of 11,724 shares). Balance changed without a matching transaction, and the footnote does not state the amount: -36,866 shares on Jan 6, 2026 (Unresolved (see footnote)). Filing, Jan 6, 2026

Footnote: "The shares are held in a revocable trust for which the reporting person and his spouse are co-trustees and the reporting person is the sole beneficiary."

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology1,040 filings from SEC EDGAR, and how we read them

All 1,040 Forms 3, 4 and 5 filed for CF Industries (SEC CIK 1324404) from Aug 10, 2005 to May 28, 2026, retrieved from SEC EDGAR on Oct 9, 2026. Prices are the ones reported in each filing, often weighted averages. 2 filings were left out because CF Industries filed them as an owner of another company's stock.

Probable 5-for-1 stock split on or before Jun 17, 2015 (split date stated in a footnote). Splits aren't reported as transactions; 18 holding lines changed by exactly this ratio, so earlier share counts are restated.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (25)No filing in 18 months; last reported balances, not in any total
NameLast filedLast reported balance
Douglas BarnardJan 8, 202410,852 shares, last reported balance as of Jan 4, 2024
Stephen FurbacherMar 3, 202244,123 shares, last reported balance as of Mar 2, 2022
David HopkinsMar 17, 202123,514 shares, last reported balance as of Mar 15, 2021
William DavissonMar 9, 202136,191 shares, last reported balance as of Mar 8, 2021
Rosemary O'BrienMar 5, 202036,015 shares, last reported balance as of Mar 3, 2020
Dennis KelleherSep 3, 201940,874 shares, last reported balance as of Aug 30, 2019
John JohnsonMay 9, 201982,825 shares, last reported balance as of May 8, 2019
Adam HallMar 7, 201929,371 shares, last reported balance as of Mar 4, 2019
Edward SchmittMay 16, 201758,704 shares, last reported balance as of May 12, 2017
Robert KuhbachMay 16, 201730,184 shares, last reported balance as of May 12, 2017
Wendy JablowMar 7, 201744,699 shares, last reported balance as of Mar 3, 2017
Philipp KochNov 12, 201572,567 shares, last reported balance as of Nov 11, 2015
Stephen WilsonMar 20, 2014496,635 shares, last reported balance as of Mar 18, 2014
Lynn WhiteSep 7, 201215,645 shares, last reported balance as of Sep 5, 2012
David HarveyFeb 22, 201218,530 shares, last reported balance as of Feb 21, 2012
Wallace CreekAug 16, 201169,530 shares, last reported balance as of Aug 12, 2011
Anthony NocchieroAug 12, 2010127,780 shares, last reported balance as of Aug 10, 2010
Stephen ChaseSep 12, 200853,065 shares, last reported balance as of Sep 11, 2008
David PruettAug 28, 200895,050 shares, last reported balance as of Aug 26, 2008
Monty SummaAug 15, 200836,600 shares, last reported balance as of Aug 15, 2008
Fernando MugicaMar 3, 200818,500 shares, last reported balance as of Feb 29, 2008
Robert WebbMay 14, 200732,000 shares, last reported balance as of May 14, 2007
William EppelFeb 21, 200721,500 shares, last reported balance as of Feb 20, 2007
Ernest ThomasAug 14, 200671,000 shares, last reported balance as of Aug 10, 2006
John GhertyNov 15, 200549,120 shares, last reported balance as of Nov 14, 2005

Spotted something wrong on this page? Report an error. We check every report against the SEC filing and list what we fix in the corrections log.