Company: CF
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001324404-25-000030
Chunk: 151

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 151
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, which increased gross margin by $228 million, and a 4% increase in sales volume, which increased gross margin by $35 million. These factors that increased gross margin were partially offset by an increase in realized natural gas costs, including the impact of realized derivatives, which decreased gross margin by $80 million, and a net increase in manufacturing, maintenance and other costs, which decreased gross margin by $25 million. Gross margin also includes the impact of a $9 million unrealized net mark-to-market gain on natural gas derivatives in the nine months ended September 30, 2024.

AN Segment

Our AN segment produces ammonium nitrate (AN). AN, which has a nitrogen content between 29% and 35%, is produced by combining anhydrous ammonia and nitric acid. AN is used as nitrogen fertilizer and is also used extensively by the commercial explosives industry as a component of explosives. AN is produced at our Yazoo City and Billingham complexes.

The following table presents summary operating data for our AN 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$122 $106 $16 15 %$340 $318 $22 7 %Cost of sales91 82 9 11 %268 262 6 2 %Gross margin$31 $24 $7 29 %$72 $56 $16 29 %Gross margin percentage25.4 %22.6 %2.8 %21.2 %17.6 %3.6 %Sales volume by product tons (000s)384 377 7 2 %1,090 1,107 (17)(2)%Sales volume by nutrient tons (000s)(1)133 129 4 3 %376 379 (3)(1)%Average selling price per product ton$318 $281 $37 13 %$312 $287 $25 9 %Average selling price per nutrient ton(1)$917 $822 $95 12 %$904 $839 $65 8 %Gross margin per product ton$81 $64 $17 27 %$66