CF Industries Holdings (CF) FY2025 results: revenue $7.1 billion, up 19.3% on the year

CF Industries produces ammonia. It uses the Haber-Bosch process to fix atmospheric nitrogen with hydrogen from natural gas into anhydrous ammonia, 82% nitrogen and 18% hydrogen, then sells the ammonia or upgrades it into granular urea, urea ammonium nitrate solution and ammonium nitrate, with diesel exhaust fluid, urea liquor, nitric acid and aqua ammonia sold mainly to industrial customers. Most of the output goes into fertiliser, while ammonium nitrate is also used by the commercial explosives industry. Customers are cooperatives, retailers, independent fertiliser distributors, traders, wholesalers and industrial users. The company sold 19.1 million product tons in 2025, and its segments, Ammonia, Granular Urea, UAN, AN and Other, are split by product.

The plants

Six manufacturing facilities in the United States: Donaldsonville, Louisiana, which the filing calls the largest ammonia production complex in the world, Sergeant Bluff, Iowa, known as Port Neal, Yazoo City, Mississippi, Claremore, Oklahoma, known as Verdigris, Woodward, Oklahoma, and Waggaman, Louisiana. Waggaman is wholly owned and the other five sit inside CF Industries Nitrogen, of which the company owns approximately 89% and CHS Inc. the remainder. There are two Canadian plants, at Medicine Hat, Alberta, described as the largest ammonia complex in Canada, and Courtright, Ontario, and one at Billingham in the United Kingdom, alongside a 50% interest in Point Lisas Nitrogen in Trinidad and Tobago carried under the equity method. Under the strategic venture with CHS, CHS may buy up to approximately 1.1 million tons of granular urea and 580,000 tons of UAN a year at market prices and takes semi-annual cash distributions from the subsidiary.

Carbon capture

At Donaldsonville and Yazoo City the company is building carbon dioxide dehydration and compression units so that process carbon dioxide can be transported and permanently stored, which keeps approximately 60% of the carbon dioxide generated by ammonia production out of the atmosphere, with ExxonMobil contracted at both sites. The Donaldsonville unit was completed in July 2025 and handles up to 2 million metric tons a year, giving that complex the capacity to make up to approximately 1.9 million tons of low-carbon ammonia annually, and it qualifies for tax credits under Section 45Q. At Yazoo City the filing states that capture is expected to begin in 2028 and to cover up to approximately 500,000 metric tons a year. A nitric acid abatement project at Verdigris was finished in the fourth quarter of 2025.

Blue Point

The Blue Point joint venture was formed on 8 April 2025 with JERA and Mitsui to build a low-carbon ammonia plant at the Blue Point complex in Modeste, Louisiana. CF holds 40%, JERA 35% and Mitsui 25%, and because CF is the primary beneficiary the venture is consolidated, with the partners' combined 60% shown as noncontrolling interests. The plant is to use autothermal reforming with its own dehydration and compression unit, and the filing states that construction is expected to begin in 2026 and production in 2029, after engineering and procurement started in the second quarter of 2025. CF manages development, construction, operation and maintenance under contracts with the venture, and the three partners must buy the output in proportion to their stakes.

Gas and shipping

Natural gas is the principal raw material and primary fuel, accounting for approximately 34% of total production costs in 2025. Consumption ran to approximately 350 million MMBtus, bought through a mix of daily spot and term purchases and hedged with financial instruments, with the plants connected to trading hubs including Henry Hub, ONEOK, AECO, Ventura, Dawn and the National Balancing Point. North American plants ship by truck and rail using a leased fleet of approximately 5,000 tank and hopper cars, and by water from Donaldsonville, Verdigris, Waggaman and Yazoo City with up to thirteen tow boats and forty-two river barges. Donaldsonville and Waggaman connect to the 2,000-mile Sunoco ammonia pipeline feeding ten company-owned terminals in the Midwestern corn belt, and Donaldsonville and Billingham can export by seagoing vessel.

People

The company employed approximately 2,900 people at 31 December 2025, 80% in the United States, 14% in Canada and 6% in the United Kingdom. Nearly all were full-time and approximately 5% were covered by collective bargaining agreements.

From CF Industries' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 25 February 2026: read the full 10-K.