CF Industries Holdings, Inc. reported third‑quarter 2025 results that surpassed analyst expectations, delivering net earnings of $353 million and diluted earnings per share of $2.19. Revenue rose 21.1% to $1.66 billion, while EBITDA climbed to $671 million. For the first nine months of 2025, the company posted net earnings of $1.05 billion, revenue of $2.39 billion, and EBITDA of $2.05 billion, all up from the same period in 2024.
The year‑over‑year comparison underscores the company’s accelerating performance. Q3 2024 net earnings were $276 million and EPS $1.55, so the current quarter’s $353 million and $2.19 EPS represent a 28% and 41% increase, respectively. Revenue in Q3 2024 was $1.37 billion, making the 21% jump in 2025 a clear sign of robust demand. The nine‑month net earnings growth from $890 million to $1.05 billion and the nine‑month revenue rise from $1.72 billion to $2.39 billion further illustrate the company’s momentum.
Gross margin expanded to 38.1% in Q3 2025 from 32.4% a year earlier, driven by higher average selling prices across all segments. The company’s ability to maintain pricing power amid rising natural‑gas costs—average cost rose to $2.96 per MMBtu from $2.10—combined with disciplined cost management, allowed margin improvement. EBITDA margin also improved, reflecting the company’s operational leverage and efficient scale.
Segment analysis shows that ammonia and granular urea contributed the largest share of revenue, with both benefiting from strong global nitrogen demand and the company’s premium pricing for low‑carbon ammonia. The UAN and AN segments also posted solid growth, supported by a favorable mix shift toward higher‑margin products. The company’s low‑carbon initiative—capturing a premium for certified low‑carbon ammonia cargoes and earning 45Q tax credits—has added a new revenue stream and reinforced its competitive position in the decarbonization market.
Management guidance signals confidence in continued growth. CF Industries maintained its full‑year revenue outlook of $4.40 billion, up from the prior guidance of $4.14 billion, and reiterated its target for adjusted operating income of $2.15 billion. CEO Tony Will highlighted the company’s strong free‑cash‑flow generation and the high return on investment from low‑carbon projects, while noting the upcoming leadership transition as Will plans to retire in January 2026 and Christopher Bohn will succeed him. The company also announced a new $2 billion share‑repurchase program, underscoring its commitment to returning capital to shareholders.
"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. "We also reached a milestone in our clean‑energy strategy by 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."
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