CF · 10-Q · 2026Q2 · Full report
Revenue Performance and Mix
CF Industries Holdings, Inc. · 2026-08-06 · Importance 54 · Surprise 40 · No source text
Total net sales increased 18% to $2.22 billion in the second quarter of 2026 from $1.89 billion in the second quarter of 2025, while six-month sales increased 18% to $4.21 billion from $3.55 billion. Average selling price increased 39% to $523 per ton in the second quarter and 33% to $471 per ton for the six-month period, driven by tighter global nitrogen supply and demand and geopolitical supply disruptions. Total sales volume declined 14% to 4.3 million product tons in the second quarter and 11% to 8.9 million tons for the six months, with lower UAN, AN and Ammonia volumes partly offset by higher Granular Urea and Other volumes. For the six months, Granular Urea sales increased 37% to $1.35 billion, Ammonia increased 20% to $1.21 billion, UAN increased 11% to $1.20 billion, and AN decreased 41% to $129 million.
Key facts
- Other segment net sales Q2 2026: $193 million, increased $68 million or 54% from $125 million in Q2 2025 due to 26% increase in sales volume and 23% increase in average selling prices. source
- The average selling price for CF Industries products was $523 per ton in Q2 2026, 39% higher than $376 per ton in Q2 2025, resulting in an increase in net sales of approximately $588 million for Q2 2026 compared to Q2 2025. source
- In the six months ended June 30, 2026, the average selling price was $471 per ton, 33% higher than $354 per ton in the six months ended June 30, 2025, resulting in an increase in net sales of approximately $989 million. source
- Granular Urea net sales Q2 2026: $759 million, increased $212 million or 39% from $547 million in Q2 2025. source
- Net sales in our Other segment increased by $63 million, or 24%, to $321 million in the six months ended June 30, 2026 from $258 million in the six months ended June 30, 2025. source
- Total net sales Q2 2026: $2.22 billion, up $332 million or 18% from $1.89 billion in Q2 2025. source
- Six months net sales Jan–Jun 2026: $4.21 billion, increased $655 million or 18% from $3.55 billion in first six months of 2025. source
- Ammonia segment net sales Q2 2026: $586 million, increased $95 million or 19% from $491 million in Q2 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +44.5% | In the six months ended June 30, 2026, the average selling price was $471 per ton, 33% higher than $354 per ton in the six months ended… |
| revenue | positive | realized | +29.5% | Six months net sales Jan–Jun 2026: $4.21 billion, increased $655 million or 18% from $3.55 billion in first six months of 2025. |
| revenue | positive | realized | +26.5% | Impact of higher average selling prices on net sales Q2 2026 vs Q2 2025: increase of approximately $588 million. |
| revenue | negative | realized | -15.0% | Sales volume in the six months ended June 30, 2026 was 8.9 million tons compared to 10.0 million tons in the six months ended June 30,… |
| revenue | positive | realized | +14.9% | Total net sales Q2 2026: $2.22 billion, up $332 million or 18% from $1.89 billion in Q2 2025. |
| revenue | negative | realized | -11.5% | Sales volume was 4.3 million tons in Q2 2026 compared to 5.0 million tons in Q2 2025, and lower sales volume resulted in a decrease in net… |
| revenue | positive | realized | +9.5% | Granular Urea net sales Q2 2026: $759 million, increased $212 million or 39% from $547 million in Q2 2025. |
| revenue | positive | realized | +4.3% | Ammonia segment net sales Q2 2026: $586 million, increased $95 million or 19% from $491 million in Q2 2025. |
| revenue | positive | realized | +3.1% | Other segment net sales Q2 2026: $193 million, increased $68 million or 54% from $125 million in Q2 2025 due to 26% increase in sales… |
| revenue | positive | realized | +2.8% | Net sales in our Other segment increased by $63 million, or 24%, to $321 million in the six months ended June 30, 2026 from $258 million… |
| revenue | negative | realized | -2.1% | AN net sales Q2 2026: $71 million, decreased $46 million or 39% from $117 million in Q2 2025 due to 66% decrease in sales volume partially… |
| revenue | positive | realized | +0.1% | UAN net sales Q2 2026: $613 million vs $610 million in Q2 2025; increase of $3 million due primarily to 37% increase in average selling… |