Company: CF
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001324404-25-000030
Chunk: 132

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 132
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(293)(6)%14,529 14,196 333 2 %Production volume by product tons (000s):Ammonia(3) 2,440 2,433 7 — %7,614 7,183 431 6 %Granular urea1,011 1,167 (156)(13)%3,303 3,381 (78)(2)%UAN (32%)(4)1,650 1,521 129 8 %5,231 4,985 246 5 %AN360 364 (4)(1)%1,023 1,038 (15)(1)%___________________________________________________________________________

N/M—Not Meaningful

30

Table of ContentsCF INDUSTRIES HOLDINGS, INC. 

(1)Includes the cost of natural gas used for production and related transportation that is included in cost of sales during the period under the first-in, first-out inventory cost method. 

(2)Includes realized gains and losses on natural gas derivatives settled during the period. Excludes unrealized mark-to-market gains and losses on natural gas derivatives.

(3)Gross ammonia production, including amounts subsequently upgraded on-site into granular urea, UAN, or AN.

(4)UAN product tons assume a 32% nitrogen content basis for production volume.

Third Quarter of 2025 Compared to Third Quarter of 2024

Net Sales

Our total net sales increased $289 million, or 21%, to $1.66 billion in the third quarter of 2025 compared to $1.37 billion in the third quarter of 2024, due primarily to higher average selling prices, partially offset by lower sales volume. 

Our average selling price was $368 per ton in the third quarter of 2025 compared to $286 per ton in the third quarter of 2024. Average selling prices for all of our major products were higher in the third quarter of 2025 than in the third quarter of 2024 due primarily to strong demand for all nitrogen products, 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. Global demand was particularly strong in the Northern Hemisphere, India and Brazil. The impact of higher average selling prices was an increase in net sales of approximately $370 million for the third quarter of 2025 compared