CF Industries Holdings, Inc. Reports First Nine Months 2026 Net Earnings of $1.78 Billion, Adjusted EBITDA of $3.01 Billion
Safety and Operational Excellence Drive High Asset Utilization
Global Nitrogen Supply-Demand Fundamentals Remain Constructive into 2027
Blue Point One Construction Commenced in August 2026
NORTHBROOK, Ill.--(BUSINESS WIRE)--CF Industries Holdings, Inc. (NYSE: CF), a leading global manufacturer of hydrogen and nitrogen products, today announced results for the nine months and third quarter ended September 30, 2026.
Highlights
- First nine months 2026 net earnings(1) of $1.78 billion, or $11.60 per diluted share, EBITDA(2) of $3.00 billion, and adjusted EBITDA(2) of $3.01 billion. First nine months 2026 financial results include a gain of approximately $170 million from a litigation settlement
- Third quarter 2026 net earnings of $436 million, or $2.87 per diluted share, EBITDA of $822 million, and adjusted EBITDA of $833 million
- Trailing twelve months net cash from operating activities of $3.08 billion; free cash flow(3) of $2.03 billion for same period, which includes cash inflows and outflows associated with the Blue Point One joint venture
- Repurchased 3.0 million shares for $367 million during the third quarter of 2026
”The CF Industries team executed exceptionally well in the third quarter of 2026, delivering strong safety performance while operating our network at high rates to meet substantial deferred customer demand,” said Chris Bohn, president and chief executive officer, CF Industries Holdings, Inc. “Our low-cost and low-risk North American asset base, tangible growth platform and industry-leading free cash flow conversion position CF Industries well to continue to create compounding value by investing in high-return initiatives and returning capital to shareholders.”
Operations Overview
The Company’s trailing twelve-month recordable incident rate was 0.10 incidents per 200,000 work hours as of September 30, 2026.
Gross ammonia production for the first nine months and third quarter of 2026 was approximately 7.2 million and 2.4 million tons, respectively. Year-to-date, the Company has operated at a 97% utilization rate of available ammonia capacity.(4)
The Company expects gross ammonia production for the full year 2026 to be approximately 9.5 million tons, which includes the impact of the ongoing outage at the Yazoo City, Mississippi, Complex as a result of an incident that occurred in November 2025.
Financial Results Overview
First Nine Months 2026 Financial Results
For the first nine months of 2026, net earnings attributable to common stockholders were $1.78 billion, or $11.60 per diluted share, EBITDA was $3.00 billion, and adjusted EBITDA was $3.01 billion. These results compare to first nine months of 2025 net earnings attributable to common stockholders of $1.05 billion, or $6.39 per diluted share, EBITDA of $2.05 billion, and adjusted EBITDA of $2.07 billion. First nine months 2026 financial results include a gain of approximately $170 million from a litigation settlement.
Net sales in the first nine months of 2026 were $6.07 billion compared to $5.21 billion in the first nine months of 2025. Average selling prices for the first nine months of 2026 were higher than in the first nine months of 2025. Sales volumes were 5% lower in the first nine months of 2026 than in the first nine months of 2025 due primarily to lower ammonium nitrate (AN), ammonia and urea ammonium nitrate solution (UAN) sales, partially offset by higher granular urea and other sales. Excluding the impact of lost product availability from the Company’s Yazoo City Complex, sales volumes in the first nine months of 2026 approximated the first nine months of 2025.
Cost of sales for the first nine months of 2026 was higher compared to the first nine months of 2025 due primarily to higher maintenance costs, including the extended outage at the Company’s Yazoo City Complex, and higher realized natural gas costs, including the impact of realized derivatives.
The average cost of natural gas, including the impact of realized derivatives, reflected in the Company’s cost of sales was $3.63 per MMBtu in the first nine months of 2026 compared to the average cost of natural gas in cost of sales of $3.34 per MMBtu in the first nine months of 2025.
Third Quarter 2026 Financial Results
For the third quarter of 2026, net earnings attributable to common stockholders were $436 million, or $2.87 per diluted share, EBITDA was $822 million, and adjusted EBITDA was $833 million. These results compare to third quarter of 2025 net earnings attributable to common stockholders of $353 million, or $2.19 per diluted share, EBITDA of $671 million, and adjusted EBITDA of $667 million.
Net sales in the third quarter of 2026 were $1.86 billion compared to $1.66 billion in the third quarter of 2025. Average selling prices were higher for the ammonia, AN and other segments in the third quarter of 2026 compared to the third quarter of 2025, while selling prices for urea and UAN were lower. Sales volumes were 7% higher in the third quarter of 2026 compared to the third quarter of 2025 due to higher UAN, urea and other sales, partially offset by AN and ammonia sales. Excluding the impact of lost product availability from the Company’s Yazoo City Complex, sales volumes in the third quarter of 2026 were approximately 13% higher than the third quarter of 2025.
Cost of sales for the third quarter of 2026 was higher compared to the third quarter of 2025 due primarily to the impact of higher costs for purchased products, freight and distribution and maintenance, including the extended outage at the Company’s Yazoo City Complex, partially offset by lower realized natural gas costs.
The average cost of natural gas, including the impact of realized derivatives, reflected in the Company’s cost of sales was $2.88 per MMBtu in the third quarter of 2026 compared to the average cost of natural gas in cost of sales of $2.96 per MMBtu in the third quarter of 2025.
Capital Management
On April 8, 2025, CF Industries announced that it formed a joint venture (Blue Point One joint venture) with JERA Co., Inc. (JERA) and Mitsui & Co., Ltd. (Mitsui) for the construction, production and offtake of low-carbon ammonia. CF Industries holds 40% ownership, JERA holds 35% ownership, and Mitsui holds 25% ownership in the joint venture, with the joint venture funded by the equity partners according to their ownership percentages.
CF Industries consolidates the Blue Point One joint venture in its consolidated financial statements, with the combined 60% interest owned by JERA and Mitsui recorded as noncontrolling interests. CF Industries’ consolidated financial statements at September 30, 2026, included the cash held by the joint venture, capital contributions from the joint venture equity partners and the capital expenditures of the joint venture.
Cash and Cash Equivalents
As of September 30, 2026, CF Industries had cash and cash equivalents of $2.82 billion, of which $496 million was held by the Blue Point One joint venture.
Capital Expenditures
Capital expenditures in the third quarter and first nine months of 2026 were $282 million and $776 million, respectively, of which $89 million and $232 million, respectively, was attributable to the Blue Point One joint venture.
|
Three months ended
|
|
Nine months ended
| ||
| (in millions) | ||||
Total Capital Expenditures | $ | 282 |
| $ | 776 |
CF Industries Existing Operations (100% attributable to CF Industries) |
| 143 |
|
| 421 |
Total Blue Point One Joint Venture (40% attributable to CF Industries) |
| 89 |
|
| 232 |
Blue Point Common Facilities (100% attributable to CF Industries) |
| 40 |
|
| 99 |
Capitalized Interest |
| 10 |
|
| 24 |
Reflecting the consolidation of the Blue Point One joint venture into CF Industries’ financial statements, management projects capital expenditures for full year 2026 will be approximately $1.3 billion, of which approximately $600 million is related to activities within the Company’s existing network and approximately $600 million is related to total estimated capital expenditures in 2026 of the Blue Point One joint venture, which will be funded by each joint venture partner according to their ownership percentage. The Company expects to have approximately $150 million in capital expenditures in 2026 related to its wholly owned Blue Point common facilities. For the full year, management projects capital expenditures for CF Industries, excluding the portion of capital expenditures funded by JERA and Mitsui, to be approximately $950 million.
Additionally, the Company expects to record approximately $40 million of capitalized interest for the full year 2026 as capital expenditures. Interest expense will be reduced by a corresponding amount.
Management continues to project that the cost of the Blue Point One ammonia plant will be approximately $3.7 billion, which includes $500 million budgeted for contingency, with ammonia production expected to commence in 2029. Additionally, CF Industries expects the cost of the common facilities that it is constructing at the Blue Point site will be approximately $550 million.
Share Repurchase Program
The Company repurchased 5.2 million shares for $612 million during the first nine months of 2026, which includes the repurchase of 3.0 million shares for $367 million during the third quarter of 2026. Since CF Industries commenced its current $2 billion share repurchase program in October 2025, the Company has repurchased 8.6 million shares for approximately $890 million. As of September 30, 2026, approximately $1.11 billion remains under the program, which expires in December 2029.
CHS Inc. Distribution
CHS Inc. (CHS) is entitled to semi-annual distributions resulting from its minority equity investment in CF Industries Nitrogen, LLC (CFN). The estimate of the partnership distribution earned by CHS, but not yet declared, for the third quarter of 2026 is approximately $93 million.
Nitrogen Market Outlook
Global nitrogen purchasing slowed late in the second quarter of 2026, but rebounded in the third quarter in North America, India, South America and Europe. Buying activity was driven by higher corn and wheat prices, which, in addition to lower global nitrogen prices than earlier in 2026, enabled some catch-up purchases following demand deferral. Global nitrogen prices increased through the quarter compared to the end of the second quarter of 2026 as a result of the higher demand against continued constrained global nitrogen supply.
Based on continued global nitrogen supply constraints, management expects the global nitrogen supply-demand balance to remain constructive for producers operating in low-cost and low-risk North America in the near- and longer-terms.
Ongoing geopolitical risks for major nitrogen exporters: CF Industries estimates that only about half of average urea exports from the Middle East have exited the Persian Gulf region since the conflict with Iran began. Management expects supply from the region to remain below pre-conflict levels due to continued hostilities, difficulty transiting the Strait of Hormuz, and the time required to restore production facilities. The Company also expects higher shipping costs from the region to persist over the longer term. Production from nitrogen facilities in Russia also remains at risk due to the ongoing Russia-Ukraine war and shipments are constrained due to hostilities in the Black Sea.
High-cost, gas-constrained production remains at-risk: Production economics in Europe have become more challenged due to sharply higher natural gas prices and stable global nitrogen prices while natural gas availability continues to affect production in Trinidad. An estimated 37% of Europe’s nameplate ammonia capacity was reportedly offline or operating at reduced rates in October 2026. In addition, approximately 35% of ammonia capacity in Trinidad is being permanently shut down. The Company believes these dynamics will further pressure marginal producers in Europe and other gas-constrained regions.
Global demand expected to remain robust: Management believes nitrogen channel inventory is low throughout the global system for all nitrogen products, including in North America. India is expected to import over 10 million metric tons of urea in 2026 while nitrogen imports into South America and Southeast Asian countries are below average levels year-to-date. As a result, management expects robust demand in the short- to medium-term to meet global nitrogen requirements.
Chinese urea exports helping meet global demand: Management projects that Chinese urea exports in 2026 will be 2-4 million metric tons higher than in 2025, filling part of the gap in traded supply due to geopolitical disruptions in the Middle East and in Russia. Management expects the Chinese government to continue to manage nitrogen export levels in line with its domestic food security policies.
The Company continues to expect the global nitrogen supply-demand balance to tighten over the long term, as capacity additions under construction are not projected to keep pace with demand growth over the next four years. Additionally, the time required for building future nitrogen production has increased in part due to geopolitical disruptions affecting the procurement of long-lead equipment, extending the cycle duration for new capacity additions to the global market.
Strategic Initiatives Update
Blue Point One Joint Venture with JERA and Mitsui
The Blue Point One joint venture is constructing at CF Industries’ Blue Point Complex in Modeste, Louisiana, an autothermal reforming ammonia production facility with a carbon dioxide (CO2) dehydration and compression unit to prepare captured CO2 for transportation and sequestration, and CF Industries will build scalable infrastructure to supply the ammonia production facility with services, including production storage and vessel loading. Construction on Blue Point One and the common facilities commenced in August.
Courtright Diesel Exhaust Fluid (DEF) FEED Study
CF Industries commenced a front-end engineering and design (FEED) study led by thyssenkrupp Uhde for the construction of a new urea liquor upgrade plant at its Courtright, Ontario, Complex. The project, if a positive final investment decision (FID) is reached, is expected to add incremental DEF capacity of more than 400,000 tons per year. FID is expected in 2027.
Yazoo City Restoration Project
Management expects the Yazoo City Complex to resume operations during the first half of 2027. The Company is finalizing cost estimates for restoration of operations at the facility and expects a substantial portion of the cost will be covered by insurance. The Yazoo City Complex carbon capture and sequestration project is proceeding as scheduled and is expected to start up in 2028.
___________________________________________________ | |
(1) | Certain items recognized during the first nine months of 2026 impacted the Company’s financial results and their comparability to the prior year period. See the table accompanying this release for a summary of these items. |
(2) | EBITDA is defined as net earnings attributable to common stockholders plus interest expense—net, income taxes and depreciation and amortization. See reconciliations of EBITDA and adjusted EBITDA to the most directly comparable GAAP measures in the tables accompanying this release. |
(3) | Free cash flow is defined as net cash provided by operating activities, less capital expenditures and distributions to noncontrolling interests plus contributions from noncontrolling interests. See reconciliation of free cash flow to the most directly comparable GAAP measure in the table accompanying this release. |
(4) | Available ammonia capacity represents CF Industries’ average annual gross ammonia capacity of its manufacturing network as described in the Company’s 2025 Form 10-K less the average annual gross ammonia capacity of its Yazoo City Complex, which management currently expects will resume operations in the first half of 2027. |
Consolidated Results | |||||||||||||||
| Three months ended September 30, |
| Nine months ended September 30, | ||||||||||||
| 2026 |
| 2025 |
| 2026 |
| 2025 | ||||||||
| (dollars in millions, except per share and per MMBtu amounts) | ||||||||||||||
Net sales | $ | 1,860 |
|
| $ | 1,659 |
|
| $ | 6,068 |
|
| $ | 5,212 |
|
Cost of sales |
| 1,140 |
|
|
| 1,027 |
|
|
| 3,457 |
|
|
| 3,253 |
|
Gross margin | $ | 720 |
|
| $ | 632 |
|
| $ | 2,611 |
|
| $ | 1,959 |
|
Gross margin percentage |
| 38.7 | % |
|
| 38.1 | % |
|
| 43.0 | % |
|
| 37.6 | % |
|
|
|
|
|
|
|
| ||||||||
Net earnings attributable to common stockholders | $ | 436 |
|
| $ | 353 |
|
| $ | 1,778 |
|
| $ | 1,051 |
|
Net earnings per diluted share |
| 2.87 |
|
|
| 2.19 |
|
|
| 11.60 |
|
|
| 6.39 |
|
|
|
|
|
|
|
|
| ||||||||
EBITDA(1) | $ | 822 |
|
| $ | 671 |
|
| $ | 2,996 |
|
| $ | 2,045 |
|
Adjusted EBITDA(1) |
| 833 |
|
|
| 667 |
|
|
| 3,008 |
|
|
| 2,072 |
|
|
|
|
|
|
|
|
| ||||||||
Sales volume by product tons (000s) |
| 4,799 |
|
|
| 4,504 |
|
|
| 13,734 |
|
|
| 14,529 |
|
|
|
|
|
|
|
|
| ||||||||
Natural gas supplemental data (per MMBtu): |
|
|
|
|
|
|
| ||||||||
Natural gas costs in cost of sales(2) | $ | 2.87 |
|
| $ | 2.96 |
|
| $ | 3.76 |
|
| $ | 3.35 |
|
Realized derivatives loss (gain) in cost of sales(3) |
| 0.01 |
|
|
| — |
|
|
| (0.13 | ) |
|
| (0.01 | ) |
Cost of natural gas used for production in cost of sales | $ | 2.88 |
|
| $ | 2.96 |
|
| $ | 3.63 |
|
| $ | 3.34 |
|
Average daily market price of natural gas at the Henry Hub | $ | 2.87 |
|
| $ | 3.03 |
|
| $ | 3.56 |
|
| $ | 3.48 |
|
|
|
|
|
|
|
|
| ||||||||
Unrealized net mark-to-market loss (gain) on natural gas derivatives | $ | 2 |
|
| $ | (1 | ) |
| $ | (3 | ) |
| $ | 1 |
|
Depreciation and amortization |
| 233 |
|
|
| 217 |
|
|
| 676 |
|
|
| 670 |
|
Capital expenditures(4) |
| 282 |
|
|
| 347 |
|
|
| 776 |
|
|
| 724 |
|
|
|
|
|
|
|
|
| ||||||||
Production volume by product tons (000s): |
|
|
|
|
|
|
| ||||||||
Ammonia(5) |
| 2,367 |
|
|
| 2,440 |
|
|
| 7,221 |
|
|
| 7,614 |
|
Granular urea |
| 1,070 |
|
|
| 1,011 |
|
|
| 3,491 |
|
|
| 3,303 |
|
UAN (32%)(6) |
| 1,632 |
|
|
| 1,650 |
|
|
| 4,799 |
|
|
| 5,231 |
|
AN |
| 146 |
|
|
| 360 |
|
|
| 386 |
|
|
| 1,023 |
|
_______________________________________________________________________________ | |
(1) | See reconciliations of EBITDA and adjusted EBITDA to the most directly comparable GAAP measures in the tables accompanying this release. |
(2) | Includes the cost of natural gas used for production and related transportation that is included in cost of sales during the period under the first-in, first-out inventory cost method. |
(3) | Includes realized gains and losses on natural gas derivatives settled during the period. Excludes unrealized mark-to-market gains and losses on natural gas derivatives. |
(4) | For the three and nine months ended September 30, 2026, includes $89 million and $232 million, respectively, attributable to the Blue Point One joint venture. |
(5) | Gross ammonia production, including amounts subsequently upgraded on-site into granular urea, UAN, or AN. |
(6) | UAN product tons assume a 32% nitrogen content basis for production volume. |
Ammonia Segment
CF Industries’ ammonia segment produces anhydrous ammonia (ammonia), which is the base product that the Company manufactures, containing 82 percent nitrogen and 18 percent hydrogen. The results of the ammonia segment consist of sales of ammonia to external customers for its nitrogen content as a fertilizer, in emissions control and in other industrial applications. In addition, the Company upgrades ammonia into other nitrogen products such as granular urea, UAN and AN.
| Three months ended September 30, |
| Nine months ended September 30, | ||||||||||||
| 2026 |
| 2025 |
| 2026 |
| 2025 | ||||||||
| (dollars in millions, except per ton amounts) | ||||||||||||||
Net sales | $ | 534 |
|
| $ | 457 |
|
| $ | 1,747 |
|
| $ | 1,468 |
|
Cost of sales |
| 340 |
|
|
| 349 |
|
|
| 1,097 |
|
|
| 1,038 |
|
Gross margin | $ | 194 |
|
| $ | 108 |
|
| $ | 650 |
|
| $ | 430 |
|
Gross margin percentage |
| 36.3 | % |
|
| 23.6 | % |
|
| 37.2 | % |
|
| 29.3 | % |
|
|
|
|
|
|
|
| ||||||||
Sales volume by product tons (000s) |
| 1,003 |
|
|
| 1,092 |
|
|
| 2,971 |
|
|
| 3,325 |
|
Sales volume by nutrient tons (000s)(1) |
| 823 |
|
|
| 895 |
|
|
| 2,436 |
|
|
| 2,726 |
|
|
|
|
|
|
|
|
| ||||||||
Average selling price per product ton | $ | 532 |
|
| $ | 418 |
|
| $ | 588 |
|
| $ | 442 |
|
Average selling price per nutrient ton(1) |
| 649 |
|
|
| 511 |
|
|
| 717 |
|
|
| 539 |
|
|
|
|
|
|
|
|
| ||||||||
Adjusted gross margin(2): |
|
|
|
|
|
|
| ||||||||
Gross margin | $ | 194 |
|
| $ | 108 |
|
| $ | 650 |
|
| $ | 430 |
|
Depreciation and amortization |
| 58 |
|
|
| 64 |
|
|
| 179 |
|
|
| 164 |
|
Unrealized net mark-to-market loss (gain) on natural gas derivatives |
| 1 |
|
|
| — |
|
|
| (1 | ) |
|
| 1 |
|
Adjusted gross margin | $ | 253 |
|
| $ | 172 |
|
| $ | 828 |
|
| $ | 595 |
|
Adjusted gross margin as a percent of net sales |
| 47.4 | % |
|
| 37.6 | % |
|
| 47.4 | % |
|
| 40.5 | % |
|
|
|
|
|
|
|
| ||||||||
Gross margin per product ton | $ | 193 |
|
| $ | 99 |
|
| $ | 219 |
|
| $ | 129 |
|
Gross margin per nutrient ton(1) |
| 236 |
|
|
| 121 |
|
|
| 267 |
|
|
| 158 |
|
Adjusted gross margin per product ton |
| 252 |
|
|
| 158 |
|
|
| 279 |
|
|
| 179 |
|
Adjusted gross margin per nutrient ton(1) |
| 307 |
|
|
| 192 |
|
|
| 340 |
|
|
| 218 |
|
_______________________________________________________________________________ | |
(1) | Nutrient tons represent the tons of nitrogen within the product tons. |
(2) | Adjusted gross margin, adjusted gross margin as a percent of net sales and adjusted gross margin per product ton and per nutrient ton are non-GAAP financial measures. Adjusted gross margin is defined as gross margin excluding depreciation and amortization and unrealized net mark-to-market (gain) loss on natural gas derivatives. A reconciliation of adjusted gross margin, adjusted gross margin as a percent of net sales and adjusted gross margin per product ton and per nutrient ton to gross margin, the most directly comparable GAAP measure, is provided in the table above. See “Note Regarding Non-GAAP Financial Measures” in this release. |
Comparison of first nine months of 2026 to first nine months of 2025:
- Ammonia sales volumes for 2026 were lower than 2025 due primarily to lower global demand for ammonia in the production of phosphate fertilizers and lower supply availability due to planned maintenance.
- Ammonia average selling prices increased for 2026 compared to 2025 due to a tight global nitrogen supply-demand balance, which was further tightened by supply disruptions related to the conflict with Iran.
- Ammonia adjusted gross margin per ton increased for 2026 compared to 2025 due primarily to higher average selling prices partially offset by higher maintenance costs and higher realized natural gas costs.
Granular Urea Segment
CF Industries’ granular urea segment produces granular urea, which contains 46 percent nitrogen. Produced from ammonia and CO2, it has the highest nitrogen content of any of the Company’s solid nitrogen products.
| Three months ended September 30, |
| Nine months ended September 30, | ||||||||||||
| 2026 |
| 2025 |
| 2026 |
| 2025 | ||||||||
| (dollars in millions, except per ton amounts) | ||||||||||||||
Net sales | $ | 456 |
|
| $ | 423 |
|
| $ | 1,805 |
|
| $ | 1,409 |
|
Cost of sales |
| 262 |
|
|
| 210 |
|
|
| 879 |
|
|
| 744 |
|
Gross margin | $ | 194 |
|
| $ | 213 |
|
| $ | 926 |
|
| $ | 665 |
|
Gross margin percentage |
| 42.5 | % |
|
| 50.4 | % |
|
| 51.3 | % |
|
| 47.2 | % |
|
|
|
|
|
|
|
| ||||||||
Sales volume by product tons (000s) |
| 1,079 |
|
|
| 939 |
|
|
| 3,650 |
|
|
| 3,252 |
|
Sales volume by nutrient tons (000s)(1) |
| 496 |
|
|
| 431 |
|
|
| 1,679 |
|
|
| 1,496 |
|
|
|
|
|
|
|
|
| ||||||||
Average selling price per product ton | $ | 423 |
|
| $ | 450 |
|
| $ | 495 |
|
| $ | 433 |
|
Average selling price per nutrient ton(1) |
| 919 |
|
|
| 981 |
|
|
| 1,075 |
|
|
| 942 |
|
|
|
|
|
|
|
|
| ||||||||
Adjusted gross margin(2): |
|
|
|
|
|
|
| ||||||||
Gross margin | $ | 194 |
|
| $ | 213 |
|
| $ | 926 |
|
| $ | 665 |
|
Depreciation and amortization |
| 69 |
|
|
| 58 |
|
|
| 220 |
|
|
| 201 |
|
Unrealized net mark-to-market loss (gain) on natural gas derivatives |
| 1 |
|
|
| — |
|
|
| (1 | ) |
|
| — |
|
Adjusted gross margin | $ | 264 |
|
| $ | 271 |
|
| $ | 1,145 |
|
| $ | 866 |
|
Adjusted gross margin as a percent of net sales |
| 57.9 | % |
|
| 64.1 | % |
|
| 63.4 | % |
|
| 61.5 | % |
|
|
|
|
|
|
|
| ||||||||
Gross margin per product ton | $ | 180 |
|
| $ | 227 |
|
| $ | 254 |
|
| $ | 204 |
|
Gross margin per nutrient ton(1) |
| 391 |
|
|
| 494 |
|
|
| 552 |
|
|
| 445 |
|
Adjusted gross margin per product ton |
| 245 |
|
|
| 289 |
|
|
| 314 |
|
|
| 266 |
|
Adjusted gross margin per nutrient ton(1) |
| 532 |
|
|
| 629 |
|
|
| 682 |
|
|
| 579 |
|
_______________________________________________________________________________ | |
(1) | Nutrient tons represent the tons of nitrogen within the product tons. |
(2) | Adjusted gross margin, adjusted gross margin as a percent of net sales and adjusted gross margin per product ton and per nutrient ton are non-GAAP financial measures. Adjusted gross margin is defined as gross margin excluding depreciation and amortization and unrealized net mark-to-market (gain) loss on natural gas derivatives. A reconciliation of adjusted gross margin, adjusted gross margin as a percent of net sales and adjusted gross margin per product ton and per nutrient ton to gross margin, the most directly comparable GAAP measure, is provided in the table above. See “Note Regarding Non-GAAP Financial Measures” in this release. |
Contacts
Media
Chris Close
Senior Director, Corporate Communications
847-405-2542 - cclose@cfindustries.com
Investors
Darla Rivera
Director, Investor Relations
847-405-2045 - darla.rivera@cfindustries.com
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| Sep-21 | |
| Sep-21 | |
| Sep-18 | |
| Sep-03 |
