Company: CF
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001324404-25-000024
Chunk: 141

Company: CF Industries Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 141
---
 81 31 %668 541 127 23 %Gross margin$270 $216 $54 25 %$412 $359 $53 15 %Gross margin percentage44.3 %45.5 %(1.2)%38.1 %39.9 %(1.8)%Sales volume by product tons (000s)1,902 1,748 154 9 %3,777 3,359 418 12 %Sales volume by nutrient tons (000s)(1)602 553 49 9 %1,195 1,062 133 13 %Average selling price per product ton$321 $272 $49 18 %$286 $268 $18 7 %Average selling price per nutrient ton(1)$1,013 $859 $154 18 %$904 $847 $57 7 %Gross margin per product ton$142 $124 $18 15 %$109 $107 $2 2 %Gross margin per nutrient ton(1)$449 $391 $58 15 %$345 $338 $7 2 %Depreciation and amortization$72 $68 $4 6 %$145 $137 $8 6 %Unrealized net mark-to-market loss (gain) on natural gas derivatives$— $— $— — %$1 $(10)$11 N/M

_______________________________________________________________________________

N/M—Not Meaningful

(1)UAN represents between 28% and 32% of nitrogen content, depending on the concentration specified by the customer. Nutrient tons represent the tons of nitrogen within the product tons.

Second Quarter of 2025 Compared to Second Quarter of 2024 

Net Sales.    Net sales in our UAN segment increased $135 million, or 28%, to $610 million in the second quarter of 2025 from $475 million in the second quarter of 2024 due primarily to an 18% increase in average selling prices and a 9% increase in sales volume. Average selling prices increased to $321 per ton in the second quarter of 2025 compared to $272 per ton in the second quarter of 2024 due primarily to higher global energy costs, which raised the global