Company: CF
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001324404-25-000030
Chunk: 142

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 142
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 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 Quarter of 2024 

Net Sales.    Net sales in our Ammonia segment increased by $104 million, or 29%, to $457 million in the third quarter of 2025 from $353 million in the third quarter of 2024. The increase in our net sales reflects a 12% increase in average selling prices and a 15% increase in sales volume. Average selling prices increased to $418 per ton in the third quarter of 2025 compared to $372 per ton in the third quarter of 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.

Ammonia sales volume in the third quarter of 2025 was 1.1 million tons, an increase of 15% compared to 948,000 tons in the third quarter of 2024. The increase in sales volume was due primarily to strong international shipments in the third quarter of 2025.

Cost of Sales.    Cost of sales in our Ammonia segment averaged $319 per ton