Company: CF
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001324404-25-000024
Chunk: 23

Company: CF Industries Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 23
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 offset by higher natural gas costs. In addition, the increase also reflects the earnings attributable to the noncontrolling interests in the Blue Point joint venture, which was formed in the second quarter of 2025. See “Overview of CF Holdings—Our Strategy—Blue Point joint venture,” above, Note 12—Variable Interest Entity and Note 13—Noncontrolling Interests for additional information on the Blue Point joint venture.

Diluted Net Earnings Per Share Attributable to Common Stockholders 

Diluted net earnings per share attributable to common stockholders increased $0.89, or 27%, to $4.20 per share in the first six months of 2025 from $3.31 per share in the first six months of 2024. This increase was due to higher net earnings driven by an increase in gross margin and lower weighted-average common shares outstanding. Diluted weighted-average common shares outstanding declined 11% from 185.5 million shares for the six months ended June 30, 2024 to 165.9 million shares for the six months ended June 30, 2025, due primarily to repurchases of common shares under our share repurchase program.

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Table of ContentsCF INDUSTRIES HOLDINGS, INC. 

Operating Results by Business Segment 

Our reportable segments consist of Ammonia, Granular Urea, UAN, AN and Other. These segments are differentiated by products. Our management uses gross margin to evaluate segment performance and allocate resources. Total other operating costs and expenses (consisting primarily of selling, general and administrative expenses and other operating—net) and non-operating expenses (consisting primarily of interest and income taxes), are centrally managed and are not included in the measurement of segment profitability reviewed by management. The following table presents summary operating results by business segment:

AmmoniaGranular Urea(1)UAN(1)AN(1)Other(1)Consolidated(dollars in millions)Three months ended June 30, 2025Net sales$491 $547 $610 $117 $125 $1,890 Cost of sales355 268 340 92 80 1,135 Gross margin$136 $279 $270 $25 $45 $755 Gross margin percentage27.7 %51.0 %44.3 %21.4 %36.0 %39.9 %