Company: CF
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001324404-25-000030
Chunk: 39

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 39
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 $23 20 %$398 $372 $26 7 %Cost of sales90 74 16 22 %248 225 23 10 %Gross margin$50 $43 $7 16 %$150 $147 $3 2 %Gross margin percentage35.7 %36.8 %(1.1)%37.7 %39.5 %(1.8)%Sales volume by product tons (000s)525 496 29 6 %1,521 1,566 (45)(3)%Sales volume by nutrient tons (000s)(1)106 97 9 9 %306 305 1 — %Average selling price per product ton$267 $236 $31 13 %$262 $238 $24 10 %Average selling price per nutrient ton(1)$1,321 $1,206 $115 10 %$1,301 $1,220 $81 7 %Gross margin per product ton$95 $87 $8 9 %$99 $94 $5 5 %Gross margin per nutrient ton(1)$472 $443 $29 7 %$490 $482 $8 2 %Depreciation and amortization$17 $15 $2 13 %$47 $48 $(1)(2)%Unrealized net mark-to-market gain on natural gas derivatives$— $— $— — %$— $(2)$2 100 %_______________________________________________________________________________

(1)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 Other segment increased by $23 million, or 20%, to $140 million in the third quarter of 2025 from $117 million in the third quarter of 2024 due to a 13% increase in average selling prices and a 6% increase in sales volume. Average selling prices increased by 13% 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