Company: CF
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001324404-25-000030
Chunk: 147

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 147
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 13%, to $1.41 billion in the nine months ended September 30, 2025 from $1.25 billion in the nine months ended September 30, 2024 due primarily to a 22% increase in average selling prices, partially offset by an 8% decrease in sales volume. Average selling prices increased to $433 per ton in the nine months ended September 30, 2025 compared to $356 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. The decrease in sales volume was due primarily to decreased supply availability as a result of lower production and lower beginning inventory. 

Cost of Sales.    Cost of sales in our Granular Urea segment averaged $229 per ton in the nine months ended September 30, 2025, a 13% increase from $202 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.

Gross Margin.    Gross margin in our Granular Urea segment increased by $124 million, or 23%, 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.

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Table of ContentsCF INDUSTRIES HOLDINGS, INC. 

UAN Segment

Our UAN