Key Takeaways:
- CF Industries posted net earnings of $353 million for Q3 2025 and $1.05 billion for the first nine months of 2025.
- Adjusted EBITDA reached $667 million for the quarter and $2.07 billion year-to-date, up from 2024 levels.
- The company sold its first certified low-carbon ammonia cargoes at a premium, advancing its clean-energy strategy.
- CF Industries completed a $3 billion share repurchase program and launched a new $2 billion program in October 2025.
- Key decarbonization projects include the Blue Point joint venture in Louisiana and emission-reduction initiatives in Oklahoma and Mississippi.
Financial Overview
CF Industries Holdings, Inc. (NYSE: CF) announced solid results for the nine months and third quarter ended September 30, 2025.
Third-quarter net earnings were $353 million, or $2.19 per diluted share, compared with $276 million, or $1.55 per share, in Q3 2024. EBITDA totaled $671 million, with adjusted EBITDA of $667 million.
For the first nine months of 2025, the company reported net earnings of $1.05 billion and EBITDA of $2.05 billion, reflecting higher average selling prices across all product segments. Net sales rose 18 % year-over-year to $5.21 billion, supported by strong global nitrogen demand and supply constraints caused by energy-related disruptions and geopolitical factors.
Operating cash flow for the trailing twelve months reached $2.63 billion, while free cash flow totaled $1.70 billion.
CEO Commentary
“The CF Industries team continues to deliver outstanding results, operating our network well against the backdrop of constructive global nitrogen market dynamics,” said Tony Will, president and chief executive officer. “We reached a milestone in our clean-energy strategy by selling our first certified low-carbon ammonia cargoes at a premium 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.”
Operational and Market Performance
Ammonia production totaled 7.6 million tons in the first nine months of 2025, up from 7.2 million tons a year earlier. For the full year, output is expected to reach 10 million tons.
Segment results were supported by higher pricing across ammonia, granular urea, UAN, and ammonium nitrate, offset partly by higher natural-gas costs. The company’s average realized gas cost was $3.34 per MMBtu for the first nine months of 2025 versus $2.38 per MMBtu in 2024.
Global nitrogen prices remained firm due to strong agricultural demand in North America, India, and Brazil and continued supply-chain disruptions in Europe and Asia. CF Industries expects market conditions to remain supportive through 2026, with emerging demand for low-carbon ammonia in both fertilizer and industrial applications.
Capital Management and Share Repurchases
The company repurchased 4.3 million shares for $364 million in Q3 2025 and 12.5 million shares for $1 billion year-to-date, completing its 2022 authorization of $3 billion in total repurchases.
In October 2025, CF Industries launched a new $2 billion share repurchase program, effective through 2029. Since 2010, the company has repurchased 215.8 million shares, reducing total outstanding shares by 56 %.
Strategic and Decarbonization Initiatives
Blue Point Joint Venture
In April 2025, CF Industries formed the Blue Point joint venture with Japan’s JERA Co., Inc. and Mitsui & Co., Ltd. to build a low-carbon ammonia facility in Ascension Parish, Louisiana. The plant will use autothermal reforming technology with CO₂ capture and sequestration. Construction is expected to begin in 2026, following ongoing engineering and permitting work.
Verdigris, Oklahoma, Abatement Project
Completed in October 2025, this project is expected to cut CO₂-equivalent emissions by over 600,000 metric tons annually by reducing N₂O emissions from nitric acid production.
Yazoo City, Mississippi, Carbon Capture and Storage
A commercial agreement with ExxonMobil, signed in 2024, will enable the permanent storage of up to 500,000 metric tons of CO₂ per year. The facility is targeted for startup in 2028 and is expected to qualify for 45Q tax credits.
Outlook
CF Industries anticipates continued strong nitrogen demand and supportive pricing driven by agricultural trends, low global inventories, and the emerging clean-ammonia market. The company projects that energy-cost advantages in North America will sustain favorable margins relative to higher-cost producers in Europe and Asia.
Longer term, CF Industries expects global nitrogen capacity growth to lag demand, particularly as new clean-energy applications expand.
Read the complete financial results here.
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