Company: CF
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001324404-25-000024
Chunk: 138

Company: CF Industries Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 138
---
52 23 %$452 $381 $71 19 %Gross margin percentage51.0 %49.7 %1.3 %45.8 %44.1 %1.7 %Sales volume by product tons (000s)1,188 1,251 (63)(5)%2,313 2,343 (30)(1)%Sales volume by nutrient tons (000s)(1)548 576 (28)(5)%1,065 1,078 (13)(1)%Average selling price per product ton$460 $365 $95 26 %$426 $369 $57 15 %Average selling price per nutrient ton(1)$998 $793 $205 26 %$926 $801 $125 16 %Gross margin per product ton$235 $181 $54 30 %$195 $163 $32 20 %Gross margin per nutrient ton(1)$509 $394 $115 29 %$424 $353 $71 20 %Depreciation and amortization$72 $76 $(4)(5)%$143 $145 $(2)(1)%Unrealized net mark-to-market gain on natural gas derivatives$— $— $— — %$— $(9)$9 100 %

_______________________________________________________________________________

(1)Granular urea represents 46% nitrogen content. Nutrient tons represent the tons of nitrogen within the product tons.

36

Table of ContentsCF INDUSTRIES HOLDINGS, INC. 

Second Quarter of 2025 Compared to Second Quarter of 2024 

Net Sales.    Net sales in our Granular Urea segment increased $90 million, or 20%, to $547 million in the second quarter of 2025 from $457 million in the second quarter of 2024. The increase in our net sales reflects a 26% increase in average selling prices, partially offset by a 5% decrease in sales volume. Average selling prices increased to $460 per ton in the second quarter of 2025 compared to $365 per ton in the second quarter of 2024. The increase in our average selling price was due primarily to higher global energy costs and natural gas availability-related supply disruptions in Egypt and Iran, which raised the global market clearing price required to meet