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Aug. 7, 2025 Source: CF Industries news release NORTHBROOK, Ill.-- CF Industries Holdings, Inc. (NYSE: CF), a leading global manufacturer of hydrogen and nitrogen products, today announced results for the first half and second quarter ended June 30, 2025. Highlights *First half 2025 net earnings (1) of $698 million, or $4.20 per diluted share, EBITDA (2) of $1.37 billion, and adjusted EBITDA (2) of $1.41 billion *Second quarter 2025 net earnings of $386 million, or $2.37 per diluted share, EBITDA of $757 million, and adjusted EBITDA of $761 million *Trailing twelve months net cash from operating activities of $2.50 billion; free cash flow (3) of $1.73 billion for same period, which includes cash inflows and outflows associated with Blue Point joint venture *Repurchased 2.8 million shares for $202 million during the second quarter of 2025 *Donaldsonville carbon capture and sequestration project began generating 45Q tax credits for permanent sequestration of carbon dioxide in July 2025 "The CF Industries team worked safely and delivered outstanding operational performance against the backdrop of constructive global nitrogen industry dynamics, helping drive strong financial results in the first half of 2025," said Tony Will, president and chief executive officer, CF Industries Holdings, Inc. "We also have reached a historic milestone in our Company's decarbonization journey with the start-up of the Donaldsonville CCS project and measurable emissions reduction. We are realizing the financial benefits of investing in low-carbon ammonia production through both 45Q tax credit generation and the premium that these low-carbon tons command in the global marketplace." Operations Overview As of June 30, 2025, the Company's 12-month rolling average recordable incident rate was 0.30 incidents per 200,000 work hours. Gross ammonia production for the first half and second quarter of 2025 was approximately 5.2 million and 2.6 million tons, respectively, compared to 4.8 million and 2.6 million tons in the first half and second quarter, respectively, of 2024. The Company expects gross ammonia production for the full year 2025 to be approximately 10 million tons. Financial Results Overview First Half 2025 Financial Results For the first half of 2025, net earnings attributable to common stockholders were $698 million, or $4.20 per diluted share, EBITDA was $1.37 billion, and adjusted EBITDA was $1.41 billion. These results compare to first half of 2024 net earnings attributable to common stockholders of $614 million, or $3.31 per diluted share, EBITDA of $1.24 billion, and adjusted EBITDA of $1.21 billion. Net sales in the first half of 2025 were $3.55 billion compared to $3.04 billion in the first half of 2024. Average selling prices for the first half of 2025 were higher than in the first half of 2024 as higher global energy costs raised the global market clearing price required to meet global demand. Sales volumes in the first half of 2025 were higher than in the first half of 2024 due primarily to higher urea ammonium nitrate solution (UAN) sales volumes and greater ammonia supply availability as a result of increased production in the first quarter of 2025 compared to the first quarter of 2024, which was adversely impacted by production outages from a winter storm in January 2024. Cost of sales for the first half of 2025 was higher compared to the first half of 2024 due to higher realized natural gas costs and higher sales volumes, partially offset by lower maintenance costs due primarily to not incurring maintenance events and plant outages related to severe cold weather and other operational events that occurred in the first quarter of 2024. The average cost of natural gas, including the impact of realized derivatives, reflected in the Company's cost of sales was $3.52 per MMBtu in the first half of 2025 compared to the average cost of natural gas in cost of sales of $2.53 per MMBtu in the first half of 2024. To read the entire report click here. Tweet |
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