Company: CF
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001324404-25-000030
Chunk: 140

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 140
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 weighted-average common shares outstanding. Diluted weighted-average common shares outstanding declined 10% from 183.1 million shares for the nine months ended September 30, 2024 to 164.3 million shares for the nine months ended September 30, 2025, due primarily to repurchases of common shares under our share repurchase program.

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Table of ContentsCF INDUSTRIES HOLDINGS, INC. 

Operating Results by Business Segment 

Our reportable segments consist of Ammonia, Granular Urea, UAN, AN and Other. These segments are differentiated by products. Our management uses gross margin to evaluate segment performance and allocate resources. Total other operating costs and expenses (consisting primarily of selling, general and administrative expenses and other operating—net) and non-operating expenses (consisting primarily of interest and income taxes), are centrally managed and are not included in the measurement of segment profitability reviewed by management. The following table presents summary operating results by business segment:

AmmoniaGranular Urea(1)UAN(1)AN(1)Other(1)Consolidated(dollars in millions)Three months ended September 30, 2025Net sales$457 $423 $517 $122 $140 $1,659 Cost of sales349 210 287 91 90 1,027 Gross margin$108 $213 $230 $31 $50 $632 Gross margin percentage23.6 %50.4 %44.5 %25.4 %35.7 %38.1 %Three months ended September 30, 2024Net sales$353 $388 $406 $106 $117 $1,370 Cost of sales270 228 272 82 74 926 Gross margin$83 $160 $134 $24 $43 $444 Gross margin percentage23.5 %41.2 %33.0 %22.6 %36.8 %32.4 %Nine months ended September 30, 2025Net sales$1,468 $1,409 $1,597 $340 $398 $5,212 Cost of sales1,038 744 955 268 248 3,253 Gross margin$430 $665 $642 $72 $