Company: CF
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001324404-25-000030
Chunk: 29

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 29
---
.3% in the nine months ended September 30, 2025 compared to 25.3% in the nine months ended September 30, 2024. The increase in gross margin was due primarily to an 8% increase in average selling prices, which increased gross margin by $126 million, a 17% increase in sales volume, which increased gross margin by $103 million, and a net decrease in manufacturing, maintenance and other costs, which increased gross margin by $2 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 decreased gross margin by $83 million. Gross margin also includes the impact of a $1 million unrealized net mark-to-market loss on natural gas derivatives in the nine months ended September 30, 2025 compared to a $12 million gain in the nine months ended September 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 September 30,Nine Months Ended September 30, 202520242025 v. 2024202520242025 v. 2024 (dollars in millions, except per ton amounts)Net sales$423 $388 $35 9 %$1,409 $1,252 $157 13 %Cost of sales210 228 (18)(8)%744 711 33 5 %Gross margin$213 $160 $53 33 %$665 $541 $124 23 %Gross margin percentage50.4 %41.2 %9.2 %47.2 %43.2 %4.0 %Sales volume by product tons (000s)939 1,177 (238)(20)%3,252 3,520 (268)(8)%Sales volume by nutrient tons (000s)(1)431 541 (110)(20)%1,496 1,619 (123)(8)%Average selling price per product ton$450