Company: CF
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001324404-25-000030
Chunk: 28

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 28
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, 2024

Net Sales.    Net sales in our Ammonia segment increased by $304 million, or 26%, to $1.47 billion in the nine months ended September 30, 2025 from $1.16 billion in the nine months ended September 30, 2024. The increase in our net sales 

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Table of ContentsCF INDUSTRIES HOLDINGS, INC. 

reflects a 17% increase in sales volume and an 8% increase in average selling prices. Ammonia sales volume in the nine months ended September 30, 2025 was 3.3 million tons, an increase of 17% compared to 2.8 million tons in the nine months ended September 30, 2024. The increase in sales volume was due primarily to higher supply availability as a result of increased production in the first quarter of 2025 compared to the first quarter of 2024, which was adversely impacted by production outages from a winter storm. 

Average selling prices increased to $442 per ton in the nine months ended September 30, 2025 compared to $409 per ton in the nine months ended September 30, 2024 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. 

Cost of Sales.    Cost of sales in our Ammonia segment averaged $313 per ton in the nine months ended September 30, 2025, a 3% increase from $305 per ton in the nine months ended September 30, 2024. The increase was due primarily to higher realized natural gas costs, including the impact of realized derivatives, partially offset by lower costs for maintenance activity in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, which included higher costs for maintenance, repairs and certain unabsorbed fixed costs as a result of plant downtime, including the impact of the adverse weather in the first quarter of 2024 as discussed above.

Gross Margin.    Gross margin in our Ammonia segment increased by $135 million, or 46%, to $430 million in the nine months ended September 30, 2025 from $295 million in the nine months ended September 30, 2024, and our gross margin percentage was 29