07 Aug CF Industries Holdings, Inc. Reports First Half 2025 Net Earnings of $698 Million, Adjusted EBITDA of $1.41 Billion
Outstanding Operations, Positive Global Nitrogen Environment Drive Strong 1H 2025 Performance
Over $800 Million Returned to Shareholders 1H 2025 through Share Repurchases, Dividends
Donaldsonville CCS Project Starts-Up July 2025, Generating 45Q Tax Credits
NORTHBROOK, Ill.–(BUSINESS WIRE)–CF Industries Holdings, Inc. (NYSE: CF), a leading global manufacturer of hydrogen and nitrogen products, today announced results for the first half and second quarter ended June 30, 2025.
Highlights
- First half 2025 net earnings(1) of $698 million, or $4.20 per diluted share, EBITDA(2) of $1.37 billion, and adjusted EBITDA(2) of $1.41 billion
- Second quarter 2025 net earnings of $386 million, or $2.37 per diluted share, EBITDA of $757 million, and adjusted EBITDA of $761 million
- Trailing twelve months net cash from operating activities of $2.50 billion; free cash flow(3) of $1.73 billion for same period, which includes cash inflows and outflows associated with Blue Point joint venture
- Repurchased 2.8 million shares for $202 million during the second quarter of 2025
- Donaldsonville carbon capture and sequestration project began generating 45Q tax credits for permanent sequestration of carbon dioxide in July 2025
“The CF Industries team worked safely and delivered outstanding operational performance against the backdrop of constructive global nitrogen industry dynamics, helping drive strong financial results in the first half of 2025,” said Tony Will, president and chief executive officer, CF Industries Holdings, Inc. “We also have reached a historic milestone in our Company’s decarbonization journey with the start-up of the Donaldsonville CCS project and measurable emissions reduction. We are realizing the financial benefits of investing in low-carbon ammonia production through both 45Q tax credit generation and the premium that these low-carbon tons command in the global marketplace.”
Operations Overview
As of June 30, 2025, the Company’s 12-month rolling average recordable incident rate was 0.30 incidents per 200,000 work hours.
Gross ammonia production for the first half and second quarter of 2025 was approximately 5.2 million and 2.6 million tons, respectively, compared to 4.8 million and 2.6 million tons in the first half and second quarter, respectively, of 2024. The Company expects gross ammonia production for the full year 2025 to be approximately 10 million tons.
Financial Results Overview
First Half 2025 Financial Results
For the first half of 2025, net earnings attributable to common stockholders were $698 million, or $4.20 per diluted share, EBITDA was $1.37 billion, and adjusted EBITDA was $1.41 billion. These results compare to first half of 2024 net earnings attributable to common stockholders of $614 million, or $3.31 per diluted share, EBITDA of $1.24 billion, and adjusted EBITDA of $1.21 billion.
Net sales in the first half of 2025 were $3.55 billion compared to $3.04 billion in the first half of 2024. Average selling prices for the first half of 2025 were higher than in the first half of 2024 as higher global energy costs raised the global market clearing price required to meet global demand. Sales volumes in the first half of 2025 were higher than in the first half of 2024 due primarily to higher urea ammonium nitrate solution (UAN) sales volumes and greater ammonia 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 in January 2024.
Cost of sales for the first half of 2025 was higher compared to the first half of 2024 due to higher realized natural gas costs and higher sales volumes, partially offset by lower maintenance costs due primarily to not incurring maintenance events and plant outages related to severe cold weather and other operational events that occurred in the first quarter of 2024.
The average cost of natural gas, including the impact of realized derivatives, reflected in the Company’s cost of sales was $3.52 per MMBtu in the first half of 2025 compared to the average cost of natural gas in cost of sales of $2.53 per MMBtu in the first half of 2024.
Second Quarter 2025 Financial Results
For the second quarter of 2025, net earnings attributable to common stockholders were $386 million, or $2.37 per diluted share, EBITDA was $757 million, and adjusted EBITDA was $761 million. These results compare to second quarter of 2024 net earnings attributable to common stockholders of $420 million, or $2.30 per diluted share, EBITDA of $752 million, and adjusted EBITDA of $752 million.
Net sales in the second quarter of 2025 were $1.89 billion compared to $1.57 billion in the second quarter of 2024. Average selling prices were higher in the second quarter of 2025 compared to the second quarter of 2024 as higher global energy costs raised the global market clearing price required to meet global demand. Sales volumes were higher in the second quarter of 2025 compared to the second quarter of 2024 due primarily to higher UAN and ammonia sales.
Cost of sales for the second quarter of 2025 was higher compared to the second quarter of 2024 due primarily to higher realized natural gas costs.
The average cost of natural gas, including the impact of realized derivatives, reflected in the Company’s cost of sales was $3.36 per MMBtu in the second quarter of 2025 compared to the average cost of natural gas in cost of sales of $1.90 per MMBtu in the second quarter of 2024.
Capital Management
On April 8, 2025, CF Industries announced that it formed a joint venture (Blue Point joint venture) with JERA Co., Inc. (JERA) and Mitsui & Co., Ltd. (Mitsui) for the construction, production and offtake of low-carbon ammonia. Upon formation, CF Industries held 40% ownership, JERA held 35% ownership, and Mitsui held 25% ownership in the joint venture, with the joint venture to be funded by the equity partners according to their ownership percentage.(4)
In the second quarter of 2025, CF Industries began consolidating the Blue Point joint venture in its consolidated financial statements, with the combined 60% interest owned by JERA and Mitsui recorded as noncontrolling interest. CF Industries’ consolidated financial statements at June 30, 2025 included capital contributions from the joint venture equity partners, the cash held by the joint venture and the capital expenditures of the joint venture.
Cash and Cash Equivalents
As of June 30, 2025, CF Industries had cash and cash equivalents of $1.69 billion on the balance sheet, of which $264 million was held by the Blue Point joint venture.
Capital Expenditures
Capital expenditures in the second quarter and first half of 2025 were $245 million and $377 million, respectively, of which $90 million was attributable to the Blue Point joint venture in both the second quarter and first half of 2025.
|
|
Three months ended |
Six months ended |
||
|
|
(in millions) |
|||
|
Total Capital Expenditures |
$ |
245 |
$ |
377 |
|
CF Industries Existing Operations (100% attributable to CF Industries) |
|
155 |
|
287 |
|
Total Blue Point Joint Venture (40% attributable to CF Industries) |
|
90 |
|
90 |
|
Blue Point Common Facilities (100% attributable to CF Industries) |
|
— |
|
— |
Reflecting the consolidation of the Blue Point joint venture into CF Industries’ financial statements, management projects capital expenditures for full year 2025 will be approximately $800-$900 million, of which approximately $500 million is related to activities within the Company’s existing network and $300-$400 million is related to total estimated capital expenditures in 2025 of the Blue Point joint venture, which will be funded by each joint venture partner according to their ownership percentage. The Company expects to have up to $25 million in capital expenditures in 2025 related to its wholly owned Blue Point common facilities. For the full year, management projects capital expenditures, excluding the portion of capital expenditures funded by JERA and Mitsui, to be approximately $650 million.
Share Repurchase Programs
The Company repurchased 8.2 million shares for $636 million during the first half of 2025, which includes the repurchase of 2.8 million shares for $202 million during the second quarter of 2025. Since CF Industries commenced its current $3 billion share repurchase program in the second quarter of 2023, the Company has repurchased 32.6 million shares for approximately $2.6 billion. As of June 30, 2025, approximately $425 million remains under the program, which expires in December 2025.
On May 6, 2025, the Board of Directors of CF Industries Holdings, Inc., authorized a $2 billion share repurchase program. This program will commence upon completion of the current share repurchase program and is effective through December 2029.
CHS Inc. Distribution
On July 31, 2025, the Board of Managers of CF Industries Nitrogen, LLC approved a semi-annual distribution payment to CHS Inc. of $175 million for the distribution period ended June 30, 2025. The distribution was paid on July 31, 2025.
Nitrogen Market Outlook
Global nitrogen pricing was supported in the second quarter of 2025 and into the third quarter of 2025 by strong global demand led by North America, constrained supply availability due in part to natural gas shortages in Egypt and Trinidad, and geopolitical events that temporarily halted nitrogen production in Egypt and Iran, resulting in approximately 1 million metric tons of urea production lost, and at two nitrogen facilities in Russia, which affected global UAN supply.
In the near-term, management expects the global nitrogen supply-demand balance to remain constructive due to:
- Substantial global nitrogen requirements to be met through the end of 2025: Management expects continued positive global nitrogen demand in the second half of 2025, led by the world’s largest importing regions, Brazil and India. Brazil is projected to require more than 5 million metric tons of urea imports through the end of the year, supported by strong planted corn acreage. India is expected to tender for urea imports frequently over the same time period with urea stocks approximately 35% lower at the end of June 2025 compared to the prior year due to lower-than-targeted urea production and secured urea tender volumes.
- Low global nitrogen inventories and continued global nitrogen supply constraints: Management believes that global nitrogen inventories are lower-than-average entering the second half of 2025 while key production regions are expected to remain challenged by natural gas availability, such as Egypt and Trinidad, or high natural gas prices, such as Europe.
- Modest Chinese urea exports: The Chinese government has established a 3 million metric ton quota for urea exports for 2025 while maintaining its ongoing focus on Chinese food security and farmer economics. Management believes these volumes are required globally but not sufficient to loosen the global nitrogen supply-demand balance given the scale of lost nitrogen production globally in June and July of 2025 as well as strong anticipated second half 2025 demand. Chinese urea exports for 2025 are expected to conclude at the end of the third quarter as domestic nitrogen restocking in China begins.
Over the medium-term, significant energy cost differentials between North American producers and high-cost producers in Europe and Asia are expected to persist. As a result, the Company believes the global nitrogen cost structure will remain supportive of strong margin opportunities for low-cost North American producers.
Longer-term, management expects the global nitrogen supply-demand balance to tighten as global nitrogen capacity growth over the next four years is not projected to keep pace with expected global nitrogen demand growth of approximately 1.5% per year for traditional applications and new demand growth for clean energy applications. Global production is expected to remain constrained by poor margins for European ammonia producers and availability of natural gas in Egypt, Trinidad, and Iran.
Strategic Initiatives Update
Blue Point Joint Venture with JERA and Mitsui
The Blue Point joint venture will construct at CF Industries’ Blue Point Complex in Ascension Parish, Louisiana, an autothermal reforming (ATR) ammonia production facility with a carbon dioxide (CO2) dehydration and compression unit to prepare captured CO2 for transportation and sequestration. In June 2025, the joint venture signed agreements for Linde to build, own and operate a world-scale air separation unit to supply oxygen and nitrogen to the Blue Point ammonia production facility. As a result of the agreements, the joint venture estimates the cost for the low-carbon ATR ammonia production facility with carbon capture and sequestration technologies will be approximately $3.7 billion.
Donaldsonville Complex Carbon Capture and Sequestration Project
In July 2025, CF Industries announced the start-up of the CO2 dehydration and compression facility at its Donaldsonville Complex in Louisiana. The facility enables the transportation and permanent geological sequestration of up to 2 million metric tons of CO2 annually that would otherwise have been emitted into the atmosphere. ExxonMobil, the Company’s carbon capture and sequestration (CCS) partner for this project, is transporting and permanently storing the CO2. The project qualifies for tax credits under Section 45Q of the Internal Revenue Code, which provides a credit per metric ton of CO2 captured and disposed of in secure geologic storage.
On an interim basis, ExxonMobil is storing CO2 from the Donaldsonville Complex in permanent geologic sites through enhanced oil recovery. Upon receiving its applicable permits, ExxonMobil plans to transition to dedicated permanent storage, starting with its Rose CCS project. Rose is one of many dedicated permanent storage sites ExxonMobil is developing along the Gulf Coast to expand its integrated CCS network. The U.S. Environmental Protection Agency issued a draft Class VI permit for Rose in July 2025, and final permits are expected later this year.
As a result of its Donaldsonville CCS project, CF Industries expects to produce approximately 1.9 million tons of low-carbon ammonia on an annual basis.
| __________________________________________________ |
|
(1) Certain items recognized during the first half of 2025 impacted the Company’s financial results and their comparability to the prior year period. See the table accompanying this release for a summary of these items. |
|
(2) EBITDA is defined as net earnings attributable to common stockholders plus interest expense—net, income taxes and depreciation and amortization. See reconciliations of EBITDA and adjusted EBITDA to the most directly comparable GAAP measures in the tables accompanying this release. |
|
(3) Free cash flow is defined as net cash from operating activities, less capital expenditures and distributions to noncontrolling interest plus contributions from noncontrolling interests. See reconciliation of free cash flow to the most directly comparable GAAP measure in the table accompanying this release. |
|
(4) JERA has a conditional option to reduce its ownership percentage that expires on December 31, 2025. If the specified condition is met, JERA can reduce its ownership below 35% but not lower than 20%. CF Industries would have the right and obligation to increase its ownership by the same amount that JERA reduces its ownership. |
|
Consolidated Results |
|||||||||||||||
|
|
Three months ended |
|
Six months ended |
||||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
|
|
(dollars in millions, except per share and per MMBtu amounts) |
||||||||||||||
|
Net sales |
$ |
1,890 |
|
|
$ |
1,572 |
|
|
$ |
3,553 |
|
|
$ |
3,042 |
|
|
Cost of sales |
|
1,135 |
|
|
|
893 |
|
|
|
2,226 |
|
|
|
1,954 |
|
|
Gross margin |
$ |
755 |
|
|
$ |
679 |
|
|
$ |
1,327 |
|
|
$ |
1,088 |
|
|
Gross margin percentage |
|
39.9 |
% |
|
|
43.2 |
% |
|
|
37.3 |
% |
|
|
35.8 |
% |
|
|
|
|
|
|
|
|
|
||||||||
|
Net earnings attributable to common stockholders |
$ |
386 |
|
|
$ |
420 |
|
|
$ |
698 |
|
|
$ |
614 |
|
|
Net earnings per diluted share |
|
2.37 |
|
|
|
2.30 |
|
|
|
4.20 |
|
|
|
3.31 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
EBITDA(1) |
$ |
757 |
|
|
$ |
752 |
|
|
$ |
1,374 |
|
|
$ |
1,240 |
|
|
Adjusted EBITDA(1) |
|
761 |
|
|
|
752 |
|
|
|
1,405 |
|
|
|
1,211 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Sales volume by product tons (000s) |
|
5,021 |
|
|
|
4,875 |
|
|
|
10,025 |
|
|
|
9,399 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Natural gas supplemental data (per MMBtu): |
|
|
|
|
|
|
|
||||||||
|
Natural gas costs in cost of sales(2) |
$ |
3.36 |
|
|
$ |
1.90 |
|
|
$ |
3.53 |
|
|
$ |
2.30 |
|
|
Realized derivatives (gain) loss in cost of sales(3) |
|
— |
|
|
|
— |
|
|
|
(0.01 |
) |
|
|
0.23 |
|
|
Cost of natural gas used for production in cost of sales |
$ |
3.36 |
|
|
$ |
1.90 |
|
|
$ |
3.52 |
|
|
$ |
2.53 |
|
|
Average daily market price of natural gas at the Henry Hub |
$ |
3.16 |
|
|
$ |
2.04 |
|
|
$ |
3.71 |
|
|
$ |
2.24 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Unrealized net mark-to-market (gain) loss on natural gas derivatives |
$ |
— |
|
|
$ |
(1 |
) |
|
$ |
2 |
|
|
$ |
(34 |
) |
|
Depreciation and amortization |
|
232 |
|
|
|
222 |
|
|
|
453 |
|
|
|
475 |
|
|
Capital expenditures |
|
245 |
|
|
|
84 |
|
|
|
377 |
|
|
|
182 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Production volume by product tons (000s): |
|
|
|
|
|
|
|
||||||||
|
Ammonia(4) |
|
2,557 |
|
|
|
2,602 |
|
|
|
5,174 |
|
|
|
4,750 |
|
|
Granular urea |
|
1,182 |
|
|
|
1,255 |
|
|
|
2,292 |
|
|
|
2,214 |
|
|
UAN (32%)(5) |
|
1,725 |
|
|
|
1,833 |
|
|
|
3,581 |
|
|
|
3,464 |
|
|
Ammonium nitrate (AN) |
|
341 |
|
|
|
333 |
|
|
|
663 |
|
|
|
674 |
|
|
_______________________________________________________________________________ |
|||||||||||||||
|
(1) See reconciliations of EBITDA and adjusted EBITDA to the most directly comparable GAAP measures in the tables accompanying this release. |
|||||||||||||||
|
(2) 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. |
|||||||||||||||
|
(3) 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. |
|||||||||||||||
|
(4) Gross ammonia production, including amounts subsequently upgraded on-site into granular urea, UAN, or AN. |
|||||||||||||||
|
(5) UAN product tons assume a 32% nitrogen content basis for production volume. |
|||||||||||||||
Ammonia Segment
CF Industries’ ammonia segment produces anhydrous ammonia (ammonia), which is the base product that the Company manufactures, containing 82 percent nitrogen and 18 percent hydrogen. The results of the ammonia segment consist of sales of ammonia to external customers for its nitrogen content as a fertilizer, in emissions control and in other industrial applications. In addition, the Company upgrades ammonia into other nitrogen products such as granular urea, UAN and AN.
|
|
Three months ended |
|
Six months ended |
||||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
|
|
(dollars in millions, except per ton amounts) |
||||||||||||||
|
Net sales |
$ |
491 |
|
|
$ |
409 |
|
|
$ |
1,011 |
|
|
$ |
811 |
|
|
Cost of sales |
|
355 |
|
|
|
262 |
|
|
|
689 |
|
|
|
599 |
|
|
Gross margin |
$ |
136 |
|
|
$ |
147 |
|
|
$ |
322 |
|
|
$ |
212 |
|
|
Gross margin percentage |
|
27.7 |
% |
|
|
35.9 |
% |
|
|
31.8 |
% |
|
|
26.1 |
% |
|
|
|
|
|
|
|
|
|
||||||||
|
Sales volume by product tons (000s) |
|
1,087 |
|
|
|
979 |
|
|
|
2,233 |
|
|
|
1,897 |
|
|
Sales volume by nutrient tons (000s)(1) |
|
891 |
|
|
|
802 |
|
|
|
1,831 |
|
|
|
1,555 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Average selling price per product ton |
$ |
452 |
|
|
$ |
418 |
|
|
$ |
453 |
|
|
$ |
428 |
|
|
Average selling price per nutrient ton(1) |
|
551 |
|
|
|
510 |
|
|
|
552 |
|
|
|
522 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Adjusted gross margin(2): |
|
|
|
|
|
|
|
||||||||
|
Gross margin |
$ |
136 |
|
|
$ |
147 |
|
|
$ |
322 |
|
|
$ |
212 |
|
|
Depreciation and amortization |
|
52 |
|
|
|
49 |
|
|
|
100 |
|
|
|
121 |
|
|
Unrealized net mark-to-market loss (gain) on natural gas derivatives |
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
(12 |
) |
|
Adjusted gross margin |
$ |
188 |
|
|
$ |
196 |
|
|
$ |
423 |
|
|
$ |
321 |
|
|
Adjusted gross margin as a percent of net sales |
|
38.3 |
% |
|
|
47.9 |
% |
|
|
41.8 |
% |
|
|
39.6 |
% |
|
|
|
|
|
|
|
|
|
||||||||
|
Gross margin per product ton |
$ |
125 |
|
|
$ |
150 |
|
|
$ |
144 |
|
|
$ |
112 |
|
|
Gross margin per nutrient ton(1) |
|
153 |
|
|
|
183 |
|
|
|
176 |
|
|
|
136 |
|
|
Adjusted gross margin per product ton |
|
173 |
|
|
|
200 |
|
|
|
189 |
|
|
|
169 |
|
|
Adjusted gross margin per nutrient ton(1) |
|
211 |
|
|
|
244 |
|
|
|
231 |
|
|
|
206 |
|
|
_______________________________________________________________________________ |
|||||||||||||||
|
(1) Nutrient tons represent the tons of nitrogen within the product tons. |
|||||||||||||||
|
(2) Adjusted gross margin, adjusted gross margin as a percent of net sales and adjusted gross margin per product ton and per nutrient ton are non-GAAP financial measures. Adjusted gross margin is defined as gross margin excluding depreciation and amortization and unrealized net mark-to-market (gain) loss on natural gas derivatives. A reconciliation of adjusted gross margin, adjusted gross margin as a percent of net sales and adjusted gross margin per product ton and per nutrient ton to gross margin, the most directly comparable GAAP measure, is provided in the table above. See “Note Regarding Non-GAAP Financial Measures” in this release. |
|||||||||||||||
Comparison of first half 2025 to first half 2024:
- Ammonia sales volume for 2025 increased compared to 2024 due primarily to greater supply availability from higher gross ammonia production.
- Ammonia average selling prices increased for 2025 compared to 2024 as higher global energy costs raised the global market clearing price required to meet global demand.
- Ammonia adjusted gross margin per ton increased for 2025 compared to 2024 due primarily to higher average selling prices and lower maintenance costs partially offset by higher realized natural gas costs.
Granular Urea Segment
CF Industries’ granular urea segment produces granular urea, which contains 46 percent nitrogen. Produced from ammonia and carbon dioxide, it has the highest nitrogen content of any of the Company’s solid nitrogen products.
|
|
Three months ended |
|
Six months ended |
||||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
|
|
(dollars in millions, except per ton amounts) |
||||||||||||||
|
Net sales |
$ |
547 |
|
|
$ |
457 |
|
|
$ |
986 |
|
|
$ |
864 |
|
|
Cost of sales |
|
268 |
|
|
|
230 |
|
|
|
534 |
|
|
|
483 |
|
|
Gross margin |
$ |
279 |
|
|
$ |
227 |
|
|
$ |
452 |
|
|
$ |
381 |
|
|
Gross margin percentage |
|
51.0 |
% |
|
|
49.7 |
% |
|
|
45.8 |
% |
|
|
44.1 |
% |
|
|
|
|
|
|
|
|
|
||||||||
|
Sales volume by product tons (000s) |
|
1,188 |
|
|
|
1,251 |
|
|
|
2,313 |
|
|
|
2,343 |
|
|
Sales volume by nutrient tons (000s)(1) |
|
548 |
|
|
|
576 |
|
|
|
1,065 |
|
|
|
1,078 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Average selling price per product ton |
$ |
460 |
|
|
$ |
365 |
|
|
$ |
426 |
|
|
$ |
369 |
|
|
Average selling price per nutrient ton(1) |
|
998 |
|
|
|
793 |
|
|
|
926 |
|
|
|
801 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Adjusted gross margin(2): |
|
|
|
|
|
|
|
||||||||
|
Gross margin |
$ |
279 |
|
|
$ |
227 |
|
|
$ |
452 |
|
|
$ |
381 |
|
|
Depreciation and amortization |
|
72 |
|
|
|
76 |
|
|
|
143 |
|
|
|
145 |
|
|
Unrealized net mark-to-market gain on natural gas derivatives |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9 |
) |
|
Adjusted gross margin |
$ |
351 |
|
|
$ |
303 |
|
|
$ |
595 |
|
|
$ |
517 |
|
|
Adjusted gross margin as a percent of net sales |
|
64.2 |
% |
|
|
66.3 |
% |
|
|
60.3 |
% |
|
|
59.8 |
% |
|
|
|
|
|
|
|
|
|
||||||||
|
Gross margin per product ton |
$ |
235 |
|
|
$ |
181 |
|
|
$ |
195 |
|
|
$ |
163 |
|
|
Gross margin per nutrient ton(1) |
|
509 |
|
|
|
394 |
|
|
|
424 |
|
|
|
353 |
|
|
Adjusted gross margin per product ton |
|
295 |
|
|
|
242 |
|
|
|
257 |
|
|
|
221 |
|
|
Adjusted gross margin per nutrient ton(1) |
|
641 |
|
|
|
526 |
|
|
|
559 |
|
|
|
480 |
|
|
_______________________________________________________________________________ |
|||||||||||||||
|
(1) Nutrient tons represent the tons of nitrogen within the product tons. |
|||||||||||||||
|
(2) Adjusted gross margin, adjusted gross margin as a percent of net sales and adjusted gross margin per product ton and per nutrient ton are non-GAAP financial measures. Adjusted gross margin is defined as gross margin excluding depreciation and amortization and unrealized net mark-to-market (gain) loss on natural gas derivatives. A reconciliation of adjusted gross margin, adjusted gross margin as a percent of net sales and adjusted gross margin per product ton and per nutrient ton to gross margin, the most directly comparable GAAP measure, is provided in the table above. See “Note Regarding Non-GAAP Financial Measures” in this release. |
|||||||||||||||
Comparison of first half 2025 to first half 2024:
- Granular urea sales volumes for 2025 were similar to 2024.
- Granular urea average selling prices increased for 2025 compared to 2024 as higher global energy costs raised the global market clearing price required to meet global demand.
- Granular urea adjusted gross margin per ton increased for 2025 compared to 2024 due primarily to higher average selling prices partially offset by higher realized natural gas costs.
UAN Segment
Contacts
For additional information:
Media
Chris Close
Senior Director, Corporate Communications
847-405-2542 – cclose@cfindustries.com
Investors
Darla Rivera
Director, Investor Relations
847-405-2045 – darla.rivera@cfindustries.com
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