Company: CF
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001324404-25-000024
Chunk: 31

Company: CF Industries Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 31
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million, and a net decrease in manufacturing, maintenance and other costs, which increased gross margin by $4 million. These factors that increased gross margin were partially offset by an increase in realized natural gas costs, including the impact of realized derivatives, which reduced gross margin by $50 million, and a 1% decrease in sales volume, which decreased gross margin by $1 million. Gross margin also includes the impact of a $9 million unrealized net mark-to-market gain on natural gas derivatives in the six months ended June 30, 2024.

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Table of ContentsCF INDUSTRIES HOLDINGS, INC. 

UAN Segment

Our UAN segment produces urea ammonium nitrate solution (UAN). UAN, a liquid fertilizer product with a nitrogen content that typically ranges from 28% to 32%, is produced by combining urea and ammonium nitrate. UAN is produced at our Courtright, Donaldsonville, Port Neal, Verdigris, Woodward, and Yazoo City complexes.

The following table presents summary operating data for our UAN segment:

 Three Months Ended June 30,Six Months Ended June 30, 202520242025 v. 2024202520242025 v. 2024 (dollars in millions, except per ton amounts)Net sales$610 $475 $135 28 %$1,080 $900 $180 20 %Cost of sales340 259 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