CF Industries Holdings, a leading global manufacturer of hydrogen and nitrogen products, posted robust full-year and fourth-quarter results for 2025, underscoring the strength of its North American operations and clean energy platform.

 

The company reported full-year net earnings of $1.46 billion, or $8.97 per diluted share, with EBITDA of $2.78 billion and adjusted EBITDA of $2.89 billion. Fourth-quarter net earnings reached $404 million, or $2.59 per diluted share, while EBITDA hit $731 million and adjusted EBITDA totaled $821 million.

 

Net cash from operating activities for 2025 was $2.75 billion, with free cash flow of $1.79 billion, including inflows and outflows related to the Blue Point joint venture. CF Industries also returned capital to shareholders, repurchasing 16.6 million shares for $1.34 billion, cutting its outstanding share count by roughly 10% compared to year-end 2024.

 

“CF Industries delivered outstanding results in 2025, demonstrating the strength of our business and of our team,” said Chris Bohn, president and chief executive officer of CF Industries Holdings, Inc. 

 

“We remain committed to creating long-term value for our shareholders through accretive investments both within our cost-advantaged North American manufacturing and distribution network and across our clean energy growth platform as well as through returning capital to shareholders.”

 

Safety remained a priority, with a recordable incident rate of just 0.26 incidents per 200,000 work hours for 2025. Gross ammonia production reached 10.1 million tons for the year and 2.5 million tons in the fourth quarter, up from 9.8 million and 2.6 million tons in 2024, respectively.

 

However, production at the Yazoo City, Mississippi, Complex is expected to remain offline until at least the fourth quarter of 2026 following a late-2025 incident, leading the company to project 2026 gross ammonia output of approximately 9.5 million tons.

 

Full-year 2025 net sales rose to $7.08 billion from $5.94 billion in 2024, driven by higher selling prices across all segments amid strong global nitrogen demand and supply disruptions. Higher realized natural gas costs pushed up the company’s cost of sales, with the average cost of natural gas increasing to $3.31 per MMBtu from $2.40 per MMBtu in 2024.

 

In the fourth quarter, net sales climbed to $1.87 billion from $1.52 billion a year earlier. While volumes dipped due to lower granular urea and ammonium nitrate sales, higher prices fueled earnings growth. Fourth-quarter cost of sales rose due to natural gas costs, which averaged $3.20 per MMBtu versus $2.43 per MMBtu in the same period of 2024.

 

CF Industries’ results highlight the company’s ability to navigate market volatility while investing in growth and returning value to shareholders.