Company: CF
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001324404-25-000030
Chunk: 150

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 150
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 decreased gross margin by $21 million. Gross margin also includes the impact of a $1 million unrealized net mark-to-market gain on natural gas derivatives in the third quarter of 2025 compared to a loss of $1 million in the third quarter of 2024.

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Table of ContentsCF INDUSTRIES HOLDINGS, INC. 

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024

Net Sales.    Net sales in our UAN segment increased $291 million, or 22%, to $1.60 billion in the nine months ended September 30, 2025 from $1.31 billion in the nine months ended September 30, 2024 due primarily to an 18% increase in average selling prices and a 4% increase in sales volume. Average selling prices increased to $299 per ton in the nine months ended September 30, 2025 compared to $253 per ton in the nine months ended September 30, 2024 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 supply availability as a result of higher production in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 and inventory drawdown to meet strong domestic and international demand in the second quarter of 2025. 

Cost of Sales.    Cost of sales in our UAN segment averaged $179 per ton in the nine months ended September 30, 2025, a 14% increase from $157 per ton in the nine months ended September 30, 2024, due primarily to higher realized natural gas costs, including the impact of realized derivatives.

Gross Margin.    Gross margin in our UAN segment increased by $149 million, or 30%, to $642 million in the nine months ended September 30, 2025 from $493 million in the nine months ended September 30, 2024, and our gross margin percentage was 40.2% in the nine months ended September 30, 2025 compared to 37.7% in the nine months ended September 30, 2024. The increase in gross margin was due primarily to an 18% increase in average selling prices