Company: CF
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001324404-25-000030
Chunk: 36

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 36
---
 %$340 $318 $22 7 %Cost of sales91 82 9 11 %268 262 6 2 %Gross margin$31 $24 $7 29 %$72 $56 $16 29 %Gross margin percentage25.4 %22.6 %2.8 %21.2 %17.6 %3.6 %Sales volume by product tons (000s)384 377 7 2 %1,090 1,107 (17)(2)%Sales volume by nutrient tons (000s)(1)133 129 4 3 %376 379 (3)(1)%Average selling price per product ton$318 $281 $37 13 %$312 $287 $25 9 %Average selling price per nutrient ton(1)$917 $822 $95 12 %$904 $839 $65 8 %Gross margin per product ton$81 $64 $17 27 %$66 $51 $15 29 %Gross margin per nutrient ton(1)$233 $186 $47 25 %$191 $148 $43 29 %Depreciation and amortization$9 $10 $(1)(10)%$27 $30 $(3)(10)%Unrealized net mark-to-market gain on natural gas derivatives$— $— $— — %$— $(1)$1 100 %

_______________________________________________________________________________

(1)AN represents between 29% and 35% of nitrogen content. Nutrient tons represent the tons of nitrogen within the product tons.

40

Table of ContentsCF INDUSTRIES HOLDINGS, INC. 

Third Quarter of 2025 Compared to Third Quarter of 2024 

Net Sales.    Net sales in our AN segment increased $16 million, or 15%, to $122 million in the third quarter of 2025 from $106 million in the third quarter of 2024 due to a 13% increase in average selling prices and a 2% increase in sales volume. Average selling prices increased to $318 per ton in the third quarter of 2025 compared to $281 per ton in the third quarter of 2024 due primarily to strong global nitrogen demand, supply disruptions