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

Company: CF Industries Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 25
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2520242025 v. 2024 (dollars in millions, except per ton amounts)Net sales$491 $409 $82 20 %$1,011 $811 $200 25 %Cost of sales355 262 93 35 %689 599 90 15 %Gross margin$136 $147 $(11)(7)%$322 $212 $110 52 %Gross margin percentage27.7 %35.9 %(8.2)%31.8 %26.1 %5.7 %Sales volume by product tons (000s)1,087 979 108 11 %2,233 1,897 336 18 %Sales volume by nutrient tons (000s)(1)891 802 89 11 %1,831 1,555 276 18 %Average selling price per product ton$452 $418 $34 8 %$453 $428 $25 6 %Average selling price per nutrient ton(1)$551 $510 $41 8 %$552 $522 $30 6 %Gross margin per product ton$125 $150 $(25)(17)%$144 $112 $32 29 %Gross margin per nutrient ton(1)$153 $183 $(30)(16)%$176 $136 $40 29 %Depreciation and amortization$52 $49 $3 6 %$100 $121 $(21)(17)%Unrealized net mark-to-market loss (gain) on natural gas derivatives $— $— $— — %$1 $(12)$13 N/M

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N/M—Not Meaningful

(1)Ammonia represents 82% nitrogen content. Nutrient tons represent the tons of nitrogen within the product tons.

Second Quarter of 2025 Compared to Second Quarter of 2024 

Net Sales.    Net sales in our Ammonia segment increased by $82 million, or 20%, to $491 million in the second quarter of 2025 from $409 million in the second quarter of 2024. The increase in our net sales reflects an 8% increase in average selling prices and an 11% increase in sales volume. Average selling prices