Company: CF
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001324404-25-000030
Chunk: 136

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 136
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 $5.21 billion in the first nine months of 2025 compared to $4.41 billion in the first nine months of 2024, due to higher average selling prices and higher sales volume. 

Our average selling price was $359 per ton in the first nine months of 2025 compared to $311 per ton in the first nine months of 2024. Average selling prices for all of our major products were higher in the first nine months of 2025 than in the first nine months of 2024 due primarily to strong demand for all nitrogen products, 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. Global demand was particularly strong in the Northern Hemisphere, India and 

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Table of ContentsCF INDUSTRIES HOLDINGS, INC. 

Brazil. The impact of higher average selling prices was an increase in net sales of approximately $657 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

Our total sales volume was 14.5 million product tons in the first nine months of 2025 compared to 14.2 million product tons in the first nine months of 2024, as higher sales volume in our Ammonia and UAN segments was partially offset by lower sales volume in our Granular Urea, Other and AN segments. The impact of higher sales volume was an increase in net sales of approximately $143 million. 

Cost of Sales

Our total cost of sales increased $373 million, or 13%, to $3.25 billion in the first nine months of 2025 from $2.88 billion in the first nine months of 2024. The increase in our cost of sales primarily reflects higher costs for natural gas, including the impact of realized derivatives, which increased cost of sales by $249 million, and an increase in sales volume, which increased cost of sales by $43 million. 

Cost of sales also includes the impact of a $1 million unrealized net mark-to-market loss on natural gas derivatives in the first nine months of 2025 compared to a $33 million gain in the first nine months of 2024. 

Cost of sales averaged $224 per ton in the first nine months of 2025, a 10% increase compared to $203 per ton in