Company: CF
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001324404-25-000030
Chunk: 152

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 152
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$51 $15 29 %Gross margin per nutrient ton(1)$233 $186 $47 25 %$191 $148 $43 29 %Depreciation and amortization$9 $10 $(1)(10)%$27 $30 $(3)(10)%Unrealized net mark-to-market gain on natural gas derivatives$— $— $— — %$— $(1)$1 100 %

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(1)AN represents between 29% and 35% of nitrogen content. Nutrient tons represent the tons of nitrogen within the product tons.

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Table of ContentsCF INDUSTRIES HOLDINGS, INC. 

Third Quarter of 2025 Compared to Third Quarter of 2024 

Net Sales.    Net sales in our AN segment increased $16 million, or 15%, to $122 million in the third quarter of 2025 from $106 million in the third quarter of 2024 due to a 13% increase in average selling prices and a 2% increase in sales volume. Average selling prices increased to $318 per ton in the third quarter of 2025 compared to $281 per ton in the third quarter of 2024 due primarily to strong global nitrogen demand, supply disruptions due to geopolitical issues, unexpected production outages in Egypt, Iran and Russia, and higher global energy costs that raised the global market clearing price required to meet global demand. 

Cost of Sales.    Cost of sales in our AN segment averaged $237 per ton in the third quarter of 2025, a 9% increase from $217 per ton in the third quarter of 2024. The increase was due primarily to higher costs associated with maintenance activity in the third quarter of 2025 compared to the third quarter of 2024.

Gross Margin.    Gross margin in our AN segment increased $7 million, or 29%, to $31 million in the third quarter of 2025 from $24 million in the third quarter of 2024, and our gross margin percentage was 25.4% in the third quarter of 2025 compared to 22.6% in the third quarter of 2024. The increase in gross margin was due primarily to a 13% increase in average selling prices, which increased gross margin by $12 million, and a 2% increase in sales volume, which increased gross margin by $2