Company: CF
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001324404-25-000030
Chunk: 26

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 26
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 a fertilizer, in emissions control and in other industrial applications. In addition, we upgrade ammonia into other nitrogen products such as granular urea, UAN and AN. 

The following table presents summary operating data for our Ammonia segment: 

 Three Months Ended September 30,Nine Months Ended September 30, 202520242025 v. 2024202520242025 v. 2024 (dollars in millions, except per ton amounts)Net sales$457 $353 $104 29 %$1,468 $1,164 $304 26 %Cost of sales349 270 79 29 %1,038 869 169 19 %Gross margin$108 $83 $25 30 %$430 $295 $135 46 %Gross margin percentage23.6 %23.5 %0.1 %29.3 %25.3 %4.0 %Sales volume by product tons (000s)1,092 948 144 15 %3,325 2,845 480 17 %Sales volume by nutrient tons (000s)(1)895 778 117 15 %2,726 2,333 393 17 %Average selling price per product ton$418 $372 $46 12 %$442 $409 $33 8 %Average selling price per nutrient ton(1)$511 $454 $57 13 %$539 $499 $40 8 %Gross margin per product ton$99 $88 $11 13 %$129 $104 $25 24 %Gross margin per nutrient ton(1)$121 $107 $14 13 %$158 $126 $32 25 %Depreciation and amortization$64 $55 $9 16 %$164 $176 $(12)(7)%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.

Third Quarter of 2025 Compared to Third