Company: CF
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001324404-25-000024
Chunk: 28

Company: CF Industries Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 28
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64 million, and a net decrease in manufacturing, maintenance and other costs, which increased gross margin by $26 million. These factors that increased gross margin were partially offset by the impact of an increase in realized natural gas costs, including the impact of realized derivatives, which reduced gross margin by $50 million. Gross margin also includes the impact of a $1 million unrealized net mark-to-market loss on natural gas derivatives in the six months ended June 30, 2025 compared to a $12 million gain in the six months ended June 30, 2024.

Granular Urea Segment

Our Granular Urea segment produces granular urea, which contains 46% nitrogen. Produced from ammonia and carbon dioxide, it has the highest nitrogen content of any of our solid nitrogen fertilizers. Granular urea is produced at our Donaldsonville, Port Neal and Medicine Hat complexes.

The following table presents summary operating data for our Granular Urea segment:

 Three Months Ended June 30,Six Months Ended June 30, 202520242025 v. 2024202520242025 v. 2024 (dollars in millions, except per ton amounts)Net sales$547 $457 $90 20 %$986 $864 $122 14 %Cost of sales268 230 38 17 %534 483 51 11 %Gross margin$279 $227 $52 23 %$452 $381 $71 19 %Gross margin percentage51.0 %49.7 %1.3 %45.8 %44.1 %1.7 %Sales volume by product tons (000s)1,188 1,251 (63)(5)%2,313 2,343 (30)(1)%Sales volume by nutrient tons (000s)(1)548 576 (28)(5)%1,065 1,078 (13)(1)%Average selling price per product ton$460 $365 $95 26 %$426 $369 $57 15 %Average selling price per nutrient ton(1)$998 $793 $205 26 %$926 $801 $125 16 %Gross margin per product ton$235 $181 $54 30 %$195 $163 $32 20