Company: CF
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001324404-25-000030
Chunk: 24

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 24
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Net earnings attributable to noncontrolling interests increased $57 million to $252 million in the first nine months of 2025 compared to $195 million in the first nine months of 2024 due primarily to higher earnings of CFN driven by higher average selling prices and the impact of higher sales volume, partially offset by higher natural gas costs. In addition, the increase also reflects the earnings attributable to the noncontrolling interests in the Blue Point joint venture, which was formed in the second quarter of 2025. See “Overview of CF Holdings—Our Strategy—Blue Point joint venture,” above, Note 12—Variable Interest Entity and Note 13—Noncontrolling Interests for additional information on the Blue Point joint venture.

Diluted Net Earnings Per Share Attributable to Common Stockholders 

Diluted net earnings per share attributable to common stockholders increased $1.53, or 31%, to $6.39 per share in the first nine months of 2025 from $4.86 per share in the first nine months of 2024. This increase was due to higher net earnings driven by an increase in gross margin and lower weighted-average common shares outstanding. Diluted weighted-average common shares outstanding declined 10% from 183.1 million shares for the nine months ended September 30, 2024 to 164.3 million shares for the nine months ended September 30, 2025, due primarily to repurchases of common shares under our share repurchase program.

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Table of ContentsCF INDUSTRIES HOLDINGS, INC. 

Operating Results by Business Segment 

Our reportable segments consist of Ammonia, Granular Urea, UAN, AN and Other. These segments are differentiated by products. Our management uses gross margin to evaluate segment performance and allocate resources. Total other operating costs and expenses (consisting primarily of selling, general and administrative expenses and other operating—net) and non-operating expenses (consisting primarily of interest and income taxes), are centrally managed and are not included in the measurement of segment profitability reviewed by management. The following table presents summary operating results by business segment:

AmmoniaGranular Urea(1)UAN(1)AN(1)Other(1)Consolidated(dollars in millions)Three months ended September 30, 2025Net sales$457 $423 $517 $122 $140 $1,659 Cost of sales349 210 287