01—Abstract
Summary
Summary of the 10-K filed February 25, 2026. Cited figures are marked; the original filing is the authoritative source.
CF Industries Holdings reported net sales of $7.08 billiona for 2025, up from $5.94 billion in 2024, on higher average selling prices of $372 per ton versus $313 per ton, with sales volume of 19.1 million tons.
Gross margin rose to $2.72 billionb from $2.06 billion, and net earnings attributable to common stockholders were $1.46 billion, or $8.97 per diluted share, compared with $6.74 per diluted share in 2024. Higher natural gas costs, which rose 38% to $3.31 per MMBtu including realized derivatives, reduced gross margin by $316 million, partially offsetting the pricing gains. The filing highlights two significant operating and capital developments.
An November 2025 incident at the Yazoo City complex idled all production there, with management not expecting production to resume until the fourth quarter of 2026 at the earliest. The company also recorded asset impairment charges totaling $76 millionc tied to Yazoo City and the abandonment of its Donaldsonville electrolyzer project. On the growth side, the company formed the Blue Point joint venture with JERA and Mitsui, which is consolidated as a VIE, and estimates the low-carbon ammonia facility will cost approximately $3.7 billion, with production expected to begin in 2029.
Consolidated 2026 capital expenditures are anticipated at approximately $1.3 billiond. Balance sheet and shareholder returns remained substantial.
Cash and cash equivalents were $1.98 billion at year-end, and total funded debt was $3.25 billion, consisting solely of unsecured senior notes. The company repurchased $1.37 billion of common stock in 2025 and paid $326 million in common dividends, while CHS, which holds an approximately 11% interest in CF Industries Nitrogen, LLC, was the largest customer at about 13% of consolidated net sales.
02—Key points
Key Highlights
- Net sales rose 19% to $7.08 billion in 2025, driven by a 19% increase in average selling prices to $372 per ton.
- Gross margin increased to $2.72 billion from $2.06 billion, with gross margin percentage of 38.5% versus 34.6% in 2024.
- Diluted EPS attributable to common stockholders was $8.97, up from $6.74, on diluted weighted-average shares of 162.2 million, down 10% year over year.
- Natural gas costs including realized derivatives rose 38% to $3.31 per MMBtu, reducing gross margin by approximately $316 million.
- The Yazoo City complex was idled after a November 2025 incident; production is not expected to resume until the fourth quarter of 2026 at the earliest, and $76 million of asset impairments were recorded in 2025.
- The Blue Point low-carbon ammonia joint venture is estimated at approximately $3.7 billion, with production expected to begin in 2029; 2026 consolidated capital expenditures are anticipated at approximately $1.3 billion.
- The company repurchased $1.37 billion of common stock in 2025 and ended the year with $1.98 billion of cash and cash equivalents against $3.25 billion of senior notes.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, CF Industries Holdings kept $0.21.
- Revenue$7.08B100.0%
- Cost of revenue−$4.36B61.5%
- Gross profit$2.72B38.5%
- Operating costs−$424.0M6.0%
- Operating income$2.30B32.5%
- Interest, other & tax−$845.0M11.9%
- Net income$1.46B20.5%
Where FY2025 revenue went
$7.08B- Cost of revenue: $4.36B, 62% of revenue
- Net income: $1.46B, 21% of revenue
- SG&A: $364.0M, 5.1% of revenue
- Other operating costs: $60.0M, 0.8% of revenue
- Interest, other & tax: $845.0M, 12% of revenue
Kept 21% as net incomeOther operating costs $60.0M · 0.8%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 25, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $7.08B$5.94B | +19.3% |
| Cost of Revenue | $4.36B$3.88B | +12.4% |
| Gross Profit | $2.72B$2.06B | +32.5% |
| SG&A Expenses | $364.00M$320.00M | +13.8% |
| Operating Income | $2.30B$1.75B | +31.7% |
| Interest Expense | $155.00M$150.00M | +3.3% |
| Net Income | $1.46B$1.22B | +19.5% |
| EPS (Basic) | $8.98$6.75 | +33.0% |
| EPS (Diluted) | $8.97$6.74 | +33.1% |
| Shares Outstanding (Basic) | 162.10M180.40M | −10.1% |
| Shares Outstanding (Diluted) | 162.20M180.70M | −10.2% |
05—Questions
Frequently Asked Questions
What drove the increase in CF Industries' 2025 earnings?
Higher average selling prices were the primary driver. The average selling price rose to $372 per ton from $313 per ton, which increased gross margin by $1.06 billion. This was partially offset by higher natural gas costs, which decreased gross margin by $316 million. Net earnings attributable to common stockholders increased to $1.46 billion from $1.22 billion.
What happened at the Yazoo City complex and what is the financial impact?
In November 2025, an incident in the AN upgrade area required the company to temporarily idle all production at the Yazoo City complex. The ammonia plant and other upgrade units were not damaged. The company recorded a $25 million impairment of certain AN fixed assets and does not expect production to resume until the fourth quarter of 2026 at the earliest. The filing also notes that 2026 gross ammonia production is expected to be approximately 9.5 million tons, reflecting a decrease from 2025 due in part to the Yazoo City outage.
What is the Blue Point joint venture and how is it funded?
Blue Point Number One, LLC was formed in April 2025 with JERA (35%) and Mitsui (25%), with CF Industries holding 40%. It will build a low-carbon ATR ammonia facility estimated at approximately $3.7 billion, with production expected to begin in 2029. Funding comes through periodic capital calls in proportion to ownership. Because the company is the primary beneficiary, it consolidates the entity, with the 60% partner interest recorded as noncontrolling interests.
How much debt does CF Industries carry and how is its liquidity position?
As of December 31, 2025, total funded indebtedness was $3.25 billion, consisting solely of unsecured senior notes maturing between 2034 and 2044. The company also had $750 million of unused borrowing capacity under its revolving credit agreement. Cash and cash equivalents were $1.98 billion. In November 2025 the company issued $1 billion of 5.300% senior notes due 2035 and used about $756 million of the proceeds to redeem the $750 million 4.500% senior secured notes due 2026.
How much capital has the company returned to shareholders?
In 2025 the company paid $1.37 billion for share repurchases and $326 million in dividends on common stock, with dividends declared at $2.00 per share. It completed the $3 billion 2022 Share Repurchase Program and began repurchasing under the $2 billion 2025 Share Repurchase Program, which runs through December 31, 2029. The company repurchased 3.4 million shares under the 2025 program for $278 million.
06—Continue