Company: CF
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001324404-25-000024
Chunk: 144

Company: CF Industries Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 144
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%$218 $212 $6 3 %Cost of sales92 75 17 23 %177 180 (3)(2)%Gross margin$25 $23 $2 9 %$41 $32 $9 28 %Gross margin percentage21.4 %23.5 %(2.1)%18.8 %15.1 %3.7 %Sales volume by product tons (000s)378 340 38 11 %706 730 (24)(3)%Sales volume by nutrient tons (000s)(1)130 116 14 12 %243 250 (7)(3)%Average selling price per product ton$310 $288 $22 8 %$309 $290 $19 7 %Average selling price per nutrient ton(1)$900 $845 $55 7 %$897 $848 $49 6 %Gross margin per product ton$66 $68 $(2)(3)%$58 $44 $14 32 %Gross margin per nutrient ton(1)$192 $198 $(6)(3)%$169 $128 $41 32 %Depreciation and amortization$10 $7 $3 43 %$18 $20 $(2)(10)%Unrealized net mark-to-market gain on natural gas derivatives$— $— $— — %$— $(1)$1 100 %

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(1)AN represents between 29% and 35% of 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 AN segment increased $19 million, or 19%, to $117 million in the second quarter of 2025 from $98 million in the second quarter of 2024 due to an 8% increase in average selling prices and an 11% increase in sales volume. Average selling prices increased to $310 per ton in the second quarter of 2025 compared to $288 per ton in the second quarter of 2024 as higher global energy costs raised the global market clearing price required to meet global demand. Sales volume was higher due primarily to higher beginning inventory entering the second quarter of