Company: CF
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001324404-25-000030
Chunk: 166

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 166
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On January 31, 2025, CFN distributed $129 million to CHS for the distribution period ended December 31, 2024. On July 31, 2025, the CFN Board of Managers approved semi-annual distribution payments for the distribution period ended June 30, 2025 in accordance with CFN’s limited liability company agreement, and CFN distributed $175 million to CHS for this distribution period. The estimate of the partnership distribution earned by CHS, but not yet declared, for the third quarter of 2025 is approximately $106 million.

Cash Flows 

Net cash provided by operating activities during the first nine months of 2025 was $2.21 billion, an increase of $362 million, compared to $1.85 billion in the first nine months of 2024. The increase in cash flow from operations was due primarily to an increase in gross margin, driven by increased average selling prices and higher sales volume, partially offset by higher natural gas costs.  

Net cash used in investing activities was $707 million in the first nine months of 2025 compared to $273 million in the first nine months of 2024. Capital expenditures totaled $724 million during the first nine months of 2025 compared to $321 million in the first nine months of 2024. Our capital expenditures for the first nine months of 2025 included $213 million related to the Blue Point joint venture.

Net cash used in financing activities was $1.30 billion in the first nine months of 2025 compared to $1.74 billion in the first nine months of 2024. The decrease in net cash used in financing activities was due primarily to contributions from noncontrolling interests of $291 million in the first nine months of 2025, a decrease in share repurchases, and a decrease in dividends paid on common stock due to lower shares outstanding as a result of common shares repurchased under our share repurchase program. In the first nine months of 2025, we paid $1.02 billion for share repurchases compared to $1.13 billion in the first nine months of 2024. In the first nine months of 2025, dividends paid on common stock was $248 million compared to $278 million in the first nine months of 2024.

Critical Accounting Estimates 

During the first nine months of 2025, there