Company: CF
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001324404-25-000030
Chunk: 156

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 156
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 margin were partially offset by a net increase in manufacturing, maintenance and other costs, which decreased gross margin by $12 million, and an increase in realized natural gas costs, including the impact of realized derivatives, which decreased gross margin by $3 million. 

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Table of ContentsCF INDUSTRIES HOLDINGS, INC. 

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024

Net Sales.    Net sales in our Other segment increased by $26 million, or 7%, to $398 million in the nine months ended September 30, 2025 from $372 million in the nine months ended September 30, 2024 due to a 10% increase in average selling prices, partially offset by a 3% decrease in sales volume. Average selling prices increased by 10% 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 lower nitric acid and DEF sales volume.

Cost of Sales.    Cost of sales in our Other segment averaged $163 per ton in the nine months ended September 30, 2025, a 13% increase from $144 per ton in the nine months ended September 30, 2024, due primarily to the impact of higher realized natural gas costs, including the impact of realized derivatives, and higher costs associated with maintenance activity in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

Gross Margin.    Gross margin in our Other segment increased by $3 million, or 2%, to $150 million in the nine months ended September 30, 2025 from $147 million in the nine months ended September 30, 2024, and our gross margin percentage was 37.7% in the nine months ended September 30, 2025 compared to 39.5% in the nine months ended September 30, 2024. The increase in gross margin was due primarily to a 10% increase in average selling prices, which increased gross margin by $35 million. The increase in average selling prices was partially offset by a net increase in manufacturing, maintenance and other costs, which decreased gross margin by $15 million, an increase in realized natural gas costs, including