CF Industries posts $1.46 billion in 2025 profit as nitrogen margins strengthen

CF Industries Holdings reported net earnings of $1.46 billion for full-year 2025, up from $1.22 billion in 2024, as strong global nitrogen demand and supply disruptions supported higher selling prices across its product segments. Adjusted EBITDA rose to $2.89 billion from $2.28 billion a year earlier, while net sales increased to $7.08 billion from $5.94 billion.

Fourth-quarter net earnings reached $404 million, compared with $328 million in the same period of 2024, on sales of $1.87 billion. Average selling prices increased across ammonia, granular urea, and urea ammonium nitrate (UAN), offsetting higher realized natural gas costs, which averaged $3.31 per MMBtu for the year, up from $2.40 in 2024. Gross ammonia production totaled 10.1 million tons in 2025, up from 9.8 million tons a year earlier.

The company returned $1.7 billion to shareholders during 2025, including $1.34 billion in share repurchases, reducing its outstanding share count by about 10% compared with year-end 2024. Looking ahead, CF Industries expects 2026 gross ammonia production of about 9.5 million tons, reflecting an ongoing outage at its Yazoo City, Mississippi, complex following a late-2025 incident. Management said the global nitrogen supply-demand balance remains constructive, supported by resilient demand in North America, Brazil and India and continued supply constraints in parts of Europe and Asia.