Company: CF
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001324404-25-000030
Chunk: 30

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 30
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 $330 $120 36 %$433 $356 $77 22 %Average selling price per nutrient ton(1)$981 $717 $264 37 %$942 $773 $169 22 %Gross margin per product ton$227 $136 $91 67 %$204 $154 $50 32 %Gross margin per nutrient ton(1)$494 $296 $198 67 %$445 $334 $111 33 %Depreciation and amortization$58 $73 $(15)(21)%$201 $218 $(17)(8)%Unrealized net mark-to-market gain on natural gas derivatives$— $— $— — %$— $(9)$9 100 %

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(1)Granular urea represents 46% nitrogen content. Nutrient tons represent the tons of nitrogen within the product tons.

37

Table of ContentsCF INDUSTRIES HOLDINGS, INC. 

Third Quarter of 2025 Compared to Third Quarter of 2024 

Net Sales.    Net sales in our Granular Urea segment increased $35 million, or 9%, to $423 million in the third quarter of 2025 from $388 million in the third quarter of 2024. The increase in our net sales reflects a 36% increase in average selling prices, partially offset by a 20% decrease in sales volume. Average selling prices increased to $450 per ton in the third quarter of 2025 compared to $330 per ton in the third quarter of 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 in the third quarter of 2025 compared to the third quarter of 2024.

Cost of Sales.    Cost of sales in our Granular Urea segment averaged $223 per ton in the third quarter of 2025, a 15% increase from $194 per ton in the third quarter of 2024. The increase was due primarily to higher realized natural gas costs, including the impact of realized derivatives, and higher costs associated with maintenance activity in the third quarter of 2025 compared to