CF Industries reports $1.05 billion in 9M2025 profit as demand, prices lift fertilizer margins

CF Industries Holdings reported net earnings of $1.05 billion for the first nine months of 2025, a 18% increase from a year earlier, driven by higher nitrogen prices and robust demand across key fertilizer markets.

The U.S.-based nitrogen and hydrogen producer said adjusted EBITDA rose to $2.07 billion from $1.72 billion in the same period of 2024, while revenue climbed 18% to $5.21 billion. Earnings per diluted share rose to $6.39, compared with $4.86 a year earlier.

Third-quarter net income stood at $353 million, or $2.19 per share, up from $276 million, or $1.55 per share, in the same quarter last year. Quarterly adjusted EBITDA totaled $667 million.

CF Industries attributed the stronger performance to firm global nitrogen demand and elevated energy costs that pushed up international market-clearing prices. The company also cited supply constraints tied to geopolitical disruptions and maintenance outages in key production regions.

“The CF Industries team continues to deliver outstanding results,” said Tony Will, president and chief executive officer. “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.”

Operational and market context

Gross ammonia production reached 7.6 million tons in the first nine months, up from 7.2 million tons a year earlier. CF expects to produce about 10 million tons of ammonia for the full year.

Natural gas costs averaged $3.34 per MMBtu during the nine-month period, up from $2.38 in 2024. Despite the rise, margins expanded on higher average product prices across all segments — ammonia, granular urea, UAN and ammonium nitrate.

The company’s global sales benefited from continued strong fertilizer demand in North America, India, and Brazil. CF said India is expected to remain the world’s largest urea importer through early 2026, while Brazil’s corn acreage continues to support nitrogen consumption.

Capital and clean energy investments

Capital expenditures reached $724 million in the first nine months of 2025, including $213 million tied to the Blue Point joint venture with Japan’s JERA and Mitsui & Co. The Louisiana-based project will produce low-carbon ammonia using autothermal reforming technology.

In October, CF completed a nitric acid abatement project at its Verdigris, Oklahoma, plant, expected to cut more than 600,000 metric tons of carbon dioxide-equivalent emissions annually. The company is also progressing with a carbon capture and sequestration partnership with ExxonMobil at its Yazoo City, Mississippi, facility.

Shareholder returns

CF repurchased 12.5 million shares worth $1 billion during the first nine months, completing its $3 billion buyback program launched in 2022. A new $2 billion repurchase plan, authorized in May 2025, is now in effect through 2029.

Since 2010, the company has repurchased 216 million shares for about $11.3 billion, reducing its outstanding share count by 56%.

Outlook

CF Industries said global nitrogen markets remain “constructive,” with tight inventories and high energy costs likely to support prices into 2026. Demand for low-carbon ammonia is expected to grow, particularly in Europe, as the EU’s carbon border adjustment mechanism takes effect.

The company projects total 2025 capital spending at about $925 million, including joint venture contributions. Management expects continued favorable margins for North American producers due to their energy cost advantage over European and Asian competitors.