CF · 10-Q · 2026Q2 · Full report

Competition and Pricing Pressure

CF Industries Holdings, Inc. · 2026-08-06 · Importance 69 · Surprise 64

Average selling prices for all major nitrogen products increased as the global nitrogen supply and demand balance tightened. In the second quarter, ammonia pricing rose 50% to $677 per ton, granular urea pricing rose 29% to $593 per ton, UAN pricing rose 37% to $441 per ton, and AN pricing rose 77% to $550 per ton. For the first six months, ammonia, granular urea, UAN and AN prices increased 36%, 23%, 37% and 61%, respectively. The filing attributes the pricing environment primarily to supply disruptions associated with geopolitical events, including the conflict with Iran.