Company: CF
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001324404-25-000030
Chunk: 143

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 143
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 in the third quarter of 2025, a 12% increase from $284 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, in the third quarter of 2025 compared to the third quarter of 2024.

Gross Margin.    Gross margin in our Ammonia segment increased by $25 million, or 30%, to $108 million in the third quarter of 2025 from $83 million in the third quarter of 2024, and our gross margin percentage was 23.6% in the third quarter of 2025 compared to 23.5% in the third quarter of 2024. The increase in gross margin was due primarily to a 12% increase in average selling prices, which increased gross margin by $62 million and a 15% increase in sales volume, which increased gross margin by $20 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 $33 million and a net increase in manufacturing, maintenance and other costs, which decreased gross margin by $24 million. 

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

Net Sales.    Net sales in our Ammonia segment increased by $304 million, or 26%, to $1.47 billion in the nine months ended September 30, 2025 from $1.16 billion in the nine months ended September 30, 2024. The increase in our net sales 

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Table of ContentsCF INDUSTRIES HOLDINGS, INC. 

reflects a 17% increase in sales volume and an 8% increase in average selling prices. Ammonia sales volume in the nine months ended September 30, 2025 was 3.3 million tons, an increase of 17% compared to 2.8 million tons in the nine months ended September 30, 2024. The increase in sales volume was due primarily to higher supply availability as a result of increased production in the first quarter of 2025 compared to the first quarter of 2024, which was adversely impacted by production outages from a winter storm. 

Average selling prices increased to $442 per ton in the nine months ended September 30, 2025 compared to $409 per ton in