CF Industries Reports Strong Financial Performance for First Nine Months of 2025
$1.05 Billion Net Earnings; $2.07 Billion Adjusted EBITDA; Solid Progress in Low-Carbon Ammonia Strategy
Deerfield, Illinois – November 2025 – CF Industries Holdings, Inc. (NYSE: CF), a leading global manufacturer of hydrogen and nitrogen products, today announced financial results for the nine months and third quarter ended September 30, 2025. The company delivered strong profitability, continued free cash flow generation, and notable milestones in its clean energy initiatives.
Financial and Operational Highlights
- First Nine Months 2025 Results
- Net earnings: $1.05 billion, or $6.39 per diluted share
- EBITDA: $2.05 billion; Adjusted EBITDA: $2.07 billion
- Third Quarter 2025 Results
- Net earnings: $353 million, or $2.19 per diluted share
- EBITDA: $671 million; Adjusted EBITDA: $667 million
- Cash Flow and Capital Management
- Trailing twelve-month net cash from operating activities: $2.63 billion
- Free cash flow(3): $1.70 billion, including Blue Point joint venture cash flows
- Repurchased 4.3 million shares for $364 million in Q3
- Completed $3 billion share repurchase program (authorized 2022)
- Commenced new $2 billion share repurchase program in October 2025
- Clean Energy and Decarbonization Progress
- Sold certified low-carbon ammonia cargoes at premium prices to customers in Africa and Europe
- Completed a nitric acid abatement project at the Verdigris, OK facility, expected to reduce CO₂-e emissions by over 600,000 metric tons annually
CEO Commentary
“The CF Industries team continues to deliver outstanding results, operating safely and efficiently against a constructive global nitrogen market backdrop,” said Tony Will, President and Chief Executive Officer of CF Industries Holdings, Inc. “Our strong performance reflects disciplined execution, strong free cash generation, and progress toward our clean energy goals.”
Will added, “Reaching premium pricing for our first cargoes of certified low-carbon ammonia and securing 45Q tax credits demonstrates that our decarbonization investments are creating tangible value. These initiatives are generating exceptional returns for shareholders while positioning CF Industries as a leader in low-carbon ammonia production.”
Operational Performance
As of September 30, 2025, CF Industries reported a 12-month rolling average recordable incident rate of 0.37 incidents per 200,000 work hours, reflecting its ongoing commitment to safety and operational excellence.
Ammonia production for the first nine months of 2025 totaled approximately 7.6 million tons, up from 7.2 million tons in the same period of 2024. Third-quarter ammonia production was 2.4 million tons, unchanged year-over-year. The company expects full-year 2025 ammonia production of around 10 million tons, underscoring continued strong plant performance and reliability.
Financial Overview
First Nine Months 2025 Results
For the first nine months of 2025, net earnings attributable to common stockholders were $1.05 billion, or $6.39 per diluted share, compared to $890 million, or $4.86 per diluted share, in the same period of 2024. EBITDA rose to $2.05 billion from $1.75 billion, while adjusted EBITDA improved to $2.07 billion from $1.72 billion.
Net sales reached $5.21 billion, up from $4.41 billion in the prior-year period. The increase reflected higher average selling prices across all segments, supported by strong global nitrogen demand, geopolitical-driven supply disruptions, and elevated energy costs that raised global market clearing prices. Sales volumes also increased due to higher ammonia availability, as the company avoided weather-related outages that had affected first-quarter 2024 production.
Cost of sales rose versus the prior year, primarily driven by higher realized natural gas costs and increased sales volumes. The average cost of natural gas, including realized derivatives, was $3.34 per MMBtu, up from $2.38 per MMBtu in 2024.
Third Quarter 2025 Results
For the third quarter, net earnings totaled $353 million, or $2.19 per diluted share, up from $276 million, or $1.55 per diluted share, in Q3 2024. EBITDA increased to $671 million from $509 million, and adjusted EBITDA was $667 million compared to $511 million a year earlier.
Net sales for the quarter were $1.66 billion, compared to $1.37 billion in the third quarter of 2024. The increase was driven by higher average selling prices, while sales volumes declined due to lower starting inventories.
Cost of sales rose primarily because of higher realized natural gas prices, averaging $2.96 per MMBtu, compared to $2.10 per MMBtu in the prior-year quarter.
Capital Management and Shareholder Returns
CF Industries maintained a disciplined capital management approach throughout 2025. During the third quarter, the company repurchased 4.3 million shares for $364 million, completing its $3 billion share repurchase program initiated in 2022. In October 2025, CF launched a new $2 billion repurchase program, underscoring confidence in its balance sheet strength and long-term value creation potential.
The company’s trailing twelve-month free cash flow totaled $1.70 billion, reflecting strong operational performance and the inclusion of Blue Point joint venture cash flows. Net cash from operating activities over the same period was $2.63 billion.
Blue Point Joint Venture
On April 8, 2025, CF Industries formed the Blue Point joint venture with JERA Co., Inc. and Mitsui & Co., Ltd. The partnership focuses on the construction, production, and offtake of low-carbon ammonia, advancing CF’s clean energy strategy. Under the joint venture’s structure, CF Industries holds 40% ownership, JERA 35%, and Mitsui 25%, with funding allocated proportionally among the partners.(4)
CF Industries consolidates the Blue Point joint venture in its financial statements, recording the combined 60% ownership interest of JERA and Mitsui as noncontrolling interest. As of September 30, 2025, the company’s consolidated statements included the capital contributions from joint venture partners, cash held by the joint venture, and capital expenditures related to Blue Point.
Outlook
Looking ahead, CF Industries expects continued favorable nitrogen market conditions driven by resilient agricultural demand, constrained global supply, and ongoing geopolitical uncertainty. The company remains focused on maximizing production efficiency, advancing low-carbon ammonia projects, and delivering strong returns through disciplined capital deployment.
CF Industries is well-positioned to lead the transition to a low-carbon ammonia economy while continuing to generate substantial value for shareholders,” Will concluded. “Our combination of operational strength, financial flexibility, and innovation is driving both near-term performance and long-term growth.
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