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LSB Industries uses natural gas to make ammonia, which it sells or processes into chemicals for factories, explosives manufacturers and agriculture. Ammonium nitrate and nitric acid together form its largest revenue category; liquid fertilizer made from urea and ammonium nitrate, known as UAN, and ammonia supply most of the rest. Customers pay LSB directly or buy through distributors, mainly in the United States.
The two markets work differently. Industrial customers generally buy under contracts with prices that pass through primary raw-material costs. Explosives manufacturers use its ammonium nitrate products for mining, quarrying and construction. Farmers and fertilizer dealers buy UAN and ammonia at spot prices or commit ahead of delivery. Agricultural earnings therefore depend on seasonal fertilizer demand and selling prices as well as natural-gas costs; not all sales pass input-cost increases through to customers. A small group of customers supplies a substantial share of revenue.
LSB can adjust its product mix as demand changes, but production depends on natural-gas supplies and functioning chemical plants. Operations also require environmental permits. At Pryor, it continues using a wastewater injection well under a state consent order after the permit expired, while it develops a replacement treatment process.
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Beyond fertilizer prices and natural-gas costs, LSB depends on industrial demand—watch its Covestro facility relationship and contracted ammonium-nitrate supply to Freeport’s U.S. copper mines.
CF Industries competes with LSB for North American agricultural and industrial buyers of ammonia, liquid nitrogen fertilizer (UAN) and ammonium nitrate, leaving both exposed to nitrogen-fertilizer prices and natural-gas costs. Watch CF Industries’ ammonia and UAN gross margins for clues to the conditions facing LSB’s fertilizer business.
CVR Partners and LSB compete to sell liquid nitrogen fertilizer (UAN) to U.S. agricultural distributors and ammonia to agricultural and industrial customers, so U.S. fertilizer prices and seasonal demand matter to both. CVR Partners’ UAN sales offer a focused read on that market: including freight, they made up approximately 67% of its 2025 net sales.
Nutrien’s nitrogen-fertilizer production business competes with LSB for North American fertilizer buyers. Watch Nutrien’s Nitrogen segment rather than its overall results for the closer comparison with LSB, since Nutrien also has substantial potash and agricultural retail operations.
AdvanSix and LSB depend on the same farm fertilizer spending cycle, although AdvanSix sells ammonium sulfate to agricultural distributors and retailers while LSB sells UAN and ammonia. Watch AdvanSix’s ammonium-sulfate sales to those buyers for clues to fertilizer demand, rather than its nylon and chemical-intermediate sales.
LSB INDUSTRIES INC earningsThis company
LSB Industries is shifting some fertilizer-grade ammonium nitrate production to industrial ammonium nitrate solution, and this report will show whether production and product mix are supporting profit.
Read sales volumes for AN and nitric acid alongside UAN volumes and gross margin, and watch whether sales are shifting toward industrial AN solution. Rising volumes with a steady margin would show that reliable production and contracted industrial sales are turning into profitable shipments. Weaker volumes or a narrowing margin would show that natural-gas costs or spot prices for agricultural products are still squeezing profit. Industrial contracts pass through some raw-material costs, while agricultural spot sales may not adjust prices as quickly; the results will show which side is supporting the business.
CVR Partners, LP earningsUAN
CVR Partners, LP's UAN sales show what fertilizer buyers and prices are doing in a market that also affects LSB Industries' UAN sales.
Watch CVR Partners, LP's UAN sales and selling prices. If both strengthen, demand or supply conditions are favoring the UAN market, which could support LSB Industries' spot sales of agricultural UAN. If sales or prices weaken, market pressure may be building and LSB's UAN sales face a tougher setting; that would not tell you how its industrial contracts are performing.
CF Industries Holding, Inc. earningsCF
CF Industries' ammonia and UAN margins show how prices and natural-gas costs are affecting nitrogen products LSB Industries also sells.
Read CF Industries' ammonia and UAN margins alongside natural-gas costs to see how much remains after the main feedstock cost. Wider margins would indicate favorable market economics for products LSB Industries also sells and could support its agricultural ammonia and UAN business; narrower margins would signal less room between selling prices and costs. LSB's industrial contracts pass through some raw-material costs, so CF's margins speak more directly to the market for agricultural products, not to the profit on every LSB product.
Industrial Production MoM (Oct)
Industrial production and capacity use track how much factories, mines and utilities make, which can change demand and sales volumes for LSB Industries’ chemicals, including ANS supplied to mining customers under multi-year contracts.
Stronger production points to firmer demand for LSB’s industrial chemicals and may support sales volumes, including ANS supplied to mining customers; weaker production points to softer demand and possible volume pressure.
