Company: CF
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001324404-25-000030
Chunk: 33

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 33
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5,158 183 4 %Sales volume by nutrient tons (000s)(1)495 570 (75)(13)%1,690 1,632 58 4 %Average selling price per product ton$331 $226 $105 46 %$299 $253 $46 18 %Average selling price per nutrient ton(1)$1,044 $712 $332 47 %$945 $800 $145 18 %Gross margin per product ton$147 $74 $73 99 %$120 $96 $24 25 %Gross margin per nutrient ton(1)$465 $235 $230 98 %$380 $302 $78 26 %Depreciation and amortization$60 $69 $(9)(13)%$205 $206 $(1)— %Unrealized net mark-to-market (gain) loss on natural gas derivatives$(1)$1 $(2)N/M$— $(9)$9 100 %

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N/M—Not Meaningful

(1)UAN represents between 28% and 32% of nitrogen content, depending on the concentration specified by the customer. Nutrient tons represent the tons of nitrogen within the product tons.

Third Quarter of 2025 Compared to Third Quarter of 2024 

Net Sales.    Net sales in our UAN segment increased $111 million, or 27%, to $517 million in the third quarter of 2025 from $406 million in the third quarter of 2024 due primarily to a 46% increase in average selling prices, partially offset by a 13% decrease in sales volume. Average selling prices increased to $331 per ton in the third quarter of 2025 compared to $226 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. Sales volume was lower due primarily to lower supply availability entering the third quarter of 2025 as a result of inventory drawdown to meet strong domestic and international demand in the second quarter of 2025. 

Cost of Sales.    Cost of sales in our UAN segment averaged $184 per ton in the third quarter of 2025