CF Industries reported its results for the full year and Q4 of 2025 yesterday afternoon. On this call, we'll review the results, discuss our outlook, and then host a question-and-answer session. Yesterday afternoon, we posted results for the full year 2025, in which we generated adjusted EBITDA of approximately $2.9 billion. Starting with safety, our full-year recordable incident rate was 0.26 incidents per 200,000 hours worked, and we experienced our lowest-ever number of process safety events.
This included our partners securing offtake from new low-carbon ammonia demand sources and receiving Contract for Difference awards from the Japanese government. Finally, we continue to efficiently convert adjusted EBITDA to free cash flow at a rate outpacing material and industrial sector averages, as you can see on slide 10. Net cash from operations in 2025 was $2.75 billion, and free cash flow was approximately $1.8 billion. Given our high-performing, high-margin business, progress on strategic initiatives, and what we believe are constructive global nitrogen industry dynamics ahead, we expect to continue to generate substantial free cash flow.
As a result, we remain firmly committed to our capital allocation framework, investing in the business for growth and returning capital to long-term shareholders. New capacity has been delayed, global production has not maintained historical levels, and demand continues to grow. Strong demand, led by India, Brazil, and North America, as well by European buyers securing volumes before the EU's Carbon Border Adjustment Mechanism was implemented, has pushed demand to the right. India's February urea tender is atypical for this time of year, suggesting demand continues to meaningfully outstrip lower than expected domestic production.