Company: CF
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001324404-25-000030
Chunk: 32

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 32
---
 to $665 million in the nine months ended September 30, 2025 from $541 million in the nine months ended September 30, 2024, and our gross margin percentage was 47.2% in the nine months ended September 30, 2025 compared to 43.2% in the nine months ended September 30, 2024. The increase in gross margin was due primarily to a 22% increase in average selling prices, which increased gross margin by $242 million. The increase in average selling prices was partially offset by an increase in realized natural gas costs, including the impact of realized derivatives, which decreased gross margin by $65 million, and an 8% decrease in sales volume, which decreased gross margin by $38 million, and a net increase in manufacturing, maintenance and other costs, which decreased gross margin by $6 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.

38

Table of ContentsCF INDUSTRIES HOLDINGS, INC. 

UAN Segment

Our UAN segment produces urea ammonium nitrate solution (UAN). UAN, a liquid fertilizer product with a nitrogen content that typically ranges from 28% to 32%, is produced by combining urea and ammonium nitrate. UAN is produced at our Courtright, Donaldsonville, Port Neal, Verdigris, Woodward, and Yazoo City complexes.

The following table presents summary operating data for our UAN 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$517 $406 $111 27 %$1,597 $1,306 $291 22 %Cost of sales287 272 15 6 %955 813 142 17 %Gross margin$230 $134 $96 72 %$642 $493 $149 30 %Gross margin percentage44.5 %33.0 %11.5 %40.2 %37.7 %2.5 %Sales volume by product tons (000s)1,564 1,799 (235)(13)%5,341