CF Industries Holdings, Inc. Reports First Nine Months 2025 Net Earnings of $1.05 Billion, Adjusted EBITDA of $2.07 Billion

November 6, 2025

Strong Operations, Constructive Global Nitrogen Environment Drive Outstanding Results

Completed $3B Share Repurchase Program and Commenced New $2B Program in October

Premium Low-Carbon Ammonia Sales Began in September

NORTHBROOK, Ill.–(BUSINESS WIRE)–CF Industries Holdings, Inc. (NYSE: CF), a leading global manufacturer of hydrogen and nitrogen products, today announced results for the nine months and third quarter ended September 30, 2025.

Highlights

First nine months 2025 net earnings⁽¹⁾ of $1.05 billion, or $6.39 per diluted share, EBITDA⁽²⁾ of $2.05 billion, and adjusted EBITDA⁽²⁾ of $2.07 billion
Third quarter 2025 net earnings of $353 million, or $2.19 per diluted share, EBITDA of $671 million, and adjusted EBITDA of $667 million
Trailing twelve months net cash from operating activities of $2.63 billion; free cash flow⁽³⁾ of $1.70 billion for same period, which includes cash inflows and outflows associated with the Blue Point joint venture
Repurchased 4.3 million shares for $364 million during the third quarter of 2025
Completed $3 billion share repurchase program authorized in 2022 and commenced $2 billion share repurchase program authorized in 2025 during October 2025
Sold cargoes of certified low-carbon ammonia at a premium price to conventional ammonia to customers in Africa and Europe in September
Completed a nitric acid plant abatement project at Verdigris, OK, facility in October 2025, that is expected to reduce carbon dioxide-equivalent (CO₂-e) emissions by over 600,000 metric tons on an annual basis

“The CF Industries team continues to deliver outstanding results, working safely and operating our network well against the backdrop of continued constructive global nitrogen industry dynamics, driving strong free cash generation in the quarter and over the last 12 months,” said Tony Will, president and chief executive officer, CF Industries Holdings, Inc. “We also reached a milestone in our clean energy strategy by both capturing a premium price for our first cargoes of certified low-carbon ammonia and earning 45Q tax credits as expected. The financial benefits from our investments in low-carbon ammonia and decarbonization projects are earning a very high rate of return for our shareholders.”

Operations Overview

As of September 30, 2025, the Company’s 12-month rolling average recordable incident rate was 0.37 incidents per 200,000 work hours.

Gross ammonia production for the first nine months and third quarter of 2025 was approximately 7.6 million and 2.4 million tons, respectively, compared to 7.2 million and 2.4 million tons in the first nine months and third 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 Nine Months 2025 Financial Results

For the first nine months of 2025, net earnings attributable to common stockholders were $1.05 billion, or $6.39 per diluted share, EBITDA was $2.05 billion, and adjusted EBITDA was $2.07 billion. These results compare to first nine months of 2024 net earnings attributable to common stockholders of $890 million, or $4.86 per diluted share, EBITDA of $1.75 billion, and adjusted EBITDA of $1.72 billion.

Net sales in the first nine months of 2025 were $5.21 billion compared to $4.41 billion in the first nine months of 2024. Average selling prices for the first nine months of 2025 were higher for all segments than in the first nine months of 2024 due to strong global nitrogen demand, supply disruptions due to geopolitical issues, and higher global energy costs that raised the global market clearing price required to meet global demand. Sales volumes in the first nine months of 2025 were higher than in the first nine months of 2024 due primarily to 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 nine months of 2025 was higher compared to the first nine months of 2024 due primarily to higher realized natural gas costs and higher sales volumes.

The average cost of natural gas, including the impact of realized derivatives, reflected in the Company’s cost of sales was $3.34 per MMBtu in the first nine months of 2025 compared to the average cost of natural gas in cost of sales of $2.38 per MMBtu in the first nine months of 2024.

Third Quarter 2025 Financial Results

For the third quarter of 2025, net earnings attributable to common stockholders were $353 million, or $2.19 per diluted share, EBITDA was $671 million, and adjusted EBITDA was $667 million. These results compare to third quarter of 2024 net earnings attributable to common stockholders of $276 million, or $1.55 per diluted share, EBITDA of $509 million, and adjusted EBITDA of $511 million.

Net sales in the third quarter of 2025 were $1.66 billion compared to $1.37 billion in the third quarter of 2024. Average selling prices were higher in the third quarter of 2025 compared to the third quarter of 2024 due to strong global nitrogen demand, supply disruptions due to geopolitical issues, and higher global energy costs that raised the global market clearing price required to meet global demand. Sales volumes were lower in the third quarter of 2025 compared to the third quarter of 2024 due primarily to lower beginning inventories.

Cost of sales for the third quarter of 2025 was higher compared to the third 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 $2.96 per MMBtu in the third quarter of 2025 compared to the average cost of natural gas in cost of sales of $2.10 per MMBtu in the third 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⁾

CF Industries consolidates 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 September 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 September 30, 2025, CF Industries had cash and cash equivalents of $1.84 billion, of which $233 million was held by the Blue Point joint venture.

Capital Expenditures

Capital expenditures in the third quarter and first nine months of 2025 were $347 million and $724 million, respectively, of which $123 million and $213 million was attributable to the Blue Point joint venture in the third quarter and first nine months of 2025, respectively.

	Three months ended September 30, 2025		Nine months ended September 30, 2025
	(in millions)
Total Capital Expenditures	$	347	$	724
CF Industries Existing Operations (100% attributable to CF Industries)		219		500
Total Blue Point Joint Venture (40% attributable to CF Industries)		123		213
Blue Point Common Facilities (100% attributable to CF Industries)		2		2
Capitalized Interest		3		9

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 $925 million, of which approximately $575 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 $725 million.

Share Repurchase Programs

The Company repurchased 12.5 million shares for $1.0 billion during the first nine months of 2025, which includes the repurchase of 4.3 million shares for $364 million during the third quarter of 2025.

In October 2025, the Company completed the share repurchase program that the Board of Directors authorized in 2022, having repurchased 37.6 million shares for $3 billion, reducing the outstanding share count by 19% since the beginning of the program. Upon completion of the 2022 share repurchase program, the Company commenced the $2 billion share repurchase program that the Board of Directors authorized in May 2025. The program is effective through December 2029.

Since 2010, CF Industries has repurchased 215.8 million shares for approximately $11.3 billion and reduced the outstanding share count by 56%.

CHS Inc. Distribution

CHS Inc. (CHS) is entitled to semi-annual distributions resulting from its minority equity investment in CF Industries Nitrogen, LLC (CFN). The estimate of the partnership distribution earned by CHS, but not yet declared, for the third quarter of 2025 is approximately $106 million.

Nitrogen Market Outlook

Global nitrogen pricing was supported into the start of the third quarter of 2025 by strong global demand led by North America, India and Brazil and constrained supply availability due to outages in the quarter and earlier in the year. Global urea pricing moderated through the third quarter as is typical for this period though global ammonia pricing strengthened due to scheduled and unscheduled outages as well as steady demand.

In the near-term, management expects the global nitrogen supply-demand balance to remain constructive due to:

Continued strong global nitrogen demand: Management expects continued positive global nitrogen demand through the end of 2025 and into 2026. India is projected to be the largest importer of urea in the world in 2025, with 7.3 million metric tons secured through urea tenders through the third quarter of 2025, with only another 430,000 metric tons secured in its October 2025 urea tender. The Company expects India to tender for urea frequently through March 2026 due to lower-than-expected domestic production and low inventory. Brazil is projected to require an additional 3 million metric tons of urea imports through the end of the year, supported by strong planted corn acreage. Nitrogen demand in North America is also expected to remain robust with farm economics currently favoring planting corn over soybeans in 2026.
Low global nitrogen inventories: Management believes that global nitrogen inventories were lower-than-average entering the fourth quarter of 2025 despite the resumption of urea exports from China in the third quarter of 2025. Strong demand, supply disruptions due to natural gas availability in key production regions, and challenging producer economics in Europe and Asia have all contributed to the current inventory landscape.
Emerging demand for low-carbon ammonia: Management expects demand for low-carbon ammonia to continue to grow in 2026 for both fertilizer and industrial applications led by European companies looking to establish a low-carbon ammonia supply chain in response to the implementation of the European Union’s carbon border adjustment mechanism.

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 under construction is not projected to keep pace with expected global nitrogen demand growth over the next four years 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. The project execution team has been assembled and procurement of long lead equipment items is largely complete. Detailed engineering activities along with the regulatory permitting process are progressing to support the start of facility civil construction in 2026.

Verdigris, OK, Complex Nitric Acid Abatement Project

In October 2025, CF Industries completed a nitric acid plant abatement project at its Verdigris, Oklahoma, facility. The abatement project is expected to significantly reduce N₂O emissions from the plant, lowering CO₂-e emissions by over 600,000 metric tons on an annual basis. The Company is monetizing the decarbonization project by selling environmental attributes generated by the project, including through the Low-Carbon Fertilizer Alliance, which is a collaborative initiative, launched by 3Degrees, that works to reduce emissions in agricultural supply chains by focusing on low-carbon fertilizers.

Yazoo City, MS, Carbon Capture and Sequestration Project

CF Industries signed a definitive commercial agreement in July 2024 with ExxonMobil for the transport and sequestration in permanent geologic storage of up to 500,000 metric tons of CO₂ annually from the Company’s Yazoo City, Mississippi, Complex. CF Industries will invest approximately $100 million into its Yazoo City Complex to build a CO₂ dehydration and compression unit to enable up to 500,000 metric tons of CO₂ captured from the ammonia production process per year to be transported and stored. The Company has ordered long lead equipment items, including the CO₂ compressor, and is progressing through detailed engineering to achieve a 2028 startup. CF Industries expects the project to qualify for tax credits under Section 45Q of the Internal Revenue Code, which provides a credit per metric ton of CO₂ sequestered.

__________________________________________________

(1) Certain items recognized during the first nine months 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 (income)—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 September 30,						Nine months ended September 30,
		2025			2024			2025			2024
	(dollars in millions, except per share and per MMBtu amounts)
Net sales	$	1,659		$	1,370		$	5,212		$	4,412
Cost of sales		1,027			926			3,253			2,880
Gross margin	$	632		$	444		$	1,959		$	1,532
Gross margin percentage		38.1	%		32.4	%		37.6	%		34.7	%

Net earnings attributable to common stockholders	$	353		$	276		$	1,051		$	890
Net earnings per diluted share		2.19			1.55			6.39			4.86

EBITDA⁽¹⁾	$	671		$	509		$	2,045		$	1,749
Adjusted EBITDA⁽¹⁾		667			511			2,072			1,722

Sales volume by product tons (000s)		4,504			4,797			14,529			14,196

Natural gas supplemental data (per MMBtu):
Natural gas costs in cost of sales⁽²⁾	$	2.96		$	2.09		$	3.35		$	2.23
Realized derivatives loss (gain) in cost of sales⁽³⁾		—			0.01			(0.01	)		0.15
Cost of natural gas used for production in cost of sales	$	2.96		$	2.10		$	3.34		$	2.38
Average daily market price of natural gas at the Henry Hub	$	3.03		$	2.08		$	3.48		$	2.19

Unrealized net mark-to-market (gain) loss on natural gas derivatives	$	(1	)	$	1		$	1		$	(33	)
Depreciation and amortization		217			229			670			704
Capital expenditures		347			139			724			321

Production volume by product tons (000s):
Ammonia⁽⁴⁾		2,440			2,433			7,614			7,183
Granular urea		1,011			1,167			3,303			3,381
Urea ammonium nitrate solution (UAN) (32%)⁽⁵⁾		1,650			1,521			5,231			4,985
Ammonium nitrate (AN)		360			364			1,023			1,038
_______________________________________________________________________________
(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 September 30,						Nine months ended September 30,
		2025			2024			2025			2024
	(dollars in millions, except per ton amounts)
Net sales	$	457		$	353		$	1,468		$	1,164
Cost of sales		349			270			1,038			869
Gross margin	$	108		$	83		$	430		$	295
Gross margin percentage		23.6	%		23.5	%		29.3	%		25.3	%

Sales volume by product tons (000s)		1,092			948			3,325			2,845
Sales volume by nutrient tons (000s)⁽¹⁾		895			778			2,726			2,333

Average selling price per product ton	$	418		$	372		$	442		$	409
Average selling price per nutrient ton⁽¹⁾		511			454			539			499

Adjusted gross margin⁽²⁾:
Gross margin	$	108		$	83		$	430		$	295
Depreciation and amortization		64			55			164			176
Unrealized net mark-to-market loss (gain) on natural gas derivatives		—			—			1			(12	)
Adjusted gross margin	$	172		$	138		$	595		$	459
Adjusted gross margin as a percent of net sales		37.6	%		39.1	%		40.5	%		39.4	%

Gross margin per product ton	$	99		$	88		$	129		$	104
Gross margin per nutrient ton⁽¹⁾		121			107			158			126
Adjusted gross margin per product ton		158			146			179			161
Adjusted gross margin per nutrient ton⁽¹⁾		192			177			218			197
_______________________________________________________________________________
(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 nine months of 2025 to first nine months of 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 strong global nitrogen demand, supply disruptions due to geopolitical issues, and 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 September 30,						Nine months ended September 30,
		2025			2024			2025			2024
	(dollars in millions, except per ton amounts)
Net sales	$	423		$	388		$	1,409		$	1,252
Cost of sales		210			228			744			711
Gross margin	$	213		$	160		$	665		$	541
Gross margin percentage		50.4	%		41.2	%		47.2	%		43.2	%

Sales volume by product tons (000s)		939			1,177			3,252			3,520
Sales volume by nutrient tons (000s)⁽¹⁾		431			541			1,496			1,619

Average selling price per product ton	$	450		$	330		$	433		$	356
Average selling price per nutrient ton⁽¹⁾		981			717			942			773

Adjusted gross margin⁽²⁾:
Gross margin	$	213		$	160		$	665		$	541
Depreciation and amortization		58			73			201			218
Unrealized net mark-to-market gain on natural gas derivatives		—			—			—			(9	)
Adjusted gross margin	$	271		$	233		$	866		$	750
Adjusted gross margin as a percent of net sales		64.1	%		60.1	%		61.5	%		59.9	%

Gross margin per product ton	$	227		$	136		$	204		$	154
Gross margin per nutrient ton⁽¹⁾		494			296			445			334
Adjusted gross margin per product ton		289			198			266			213
Adjusted gross margin per nutrient ton⁽¹⁾		629			431			579			463
_______________________________________________________________________________
(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.