Company: CF
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001324404-25-000030
Chunk: 155

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 155
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87 $8 9 %$99 $94 $5 5 %Gross margin per nutrient ton(1)$472 $443 $29 7 %$490 $482 $8 2 %Depreciation and amortization$17 $15 $2 13 %$47 $48 $(1)(2)%Unrealized net mark-to-market gain on natural gas derivatives$— $— $— — %$— $(2)$2 100 %_______________________________________________________________________________

(1)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 Other segment increased by $23 million, or 20%, to $140 million in the third quarter of 2025 from $117 million in the third quarter of 2024 due to a 13% increase in average selling prices and a 6% increase in sales volume. Average selling prices increased by 13% 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. The increase in sales volume was due primarily to higher DEF and nitric acid sales volume. 

Cost of Sales.    Cost of sales in our Other segment averaged $172 per ton in the third quarter of 2025, a 15% increase from $149 per ton in the third quarter of 2024, due primarily to higher costs associated with maintenance activity, and higher realized natural gas costs, including the impact of realized derivatives, in the third quarter of 2025 compared to the third quarter of 2024.

Gross Margin.    Gross margin in our Other segment increased by $7 million, or 16%, to $50 million in the third quarter of 2025 from $43 million in the third quarter of 2024, and our gross margin percentage was 35.7% in the third quarter of 2025 compared to 36.8% 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 $16 million, and a 6% increase in sales volume, which increased gross margin by $6 million. These factors that increased gross