Nutrien Ltd. Common Shares
NTR · NYSE
Sep 2026
Next quarter
Reports Nov 4, 2026.
Consensus is $0.84 EPS for Sep 2026 across 6 estimates, ranging $0.61 to $1.01.
NTR Jun 2026
- 3.89%
- -0.24%
- $2.57
- $2.67
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Highlights
- Earnings beat: Supplied reported EPS was $2.67 versus consensus of $2.57, a 3.89% surprise; Nutrien's release shows diluted IFRS EPS of $2.53 and adjusted EPS of $2.61.
- Quarterly performance: Sales rose 4% year over year to $10.812 billion, while net earnings fell 1% to $1.222 billion and adjusted EBITDA declined 2% to $2.430 billion.
- Potash strength: Potash adjusted EBITDA increased 4% to $658 million, supported by higher benchmarks and 3.943 million tonnes of sales; first-half adjusted EBITDA rose 15% to $1.236 billion.
- Potash execution: First-half potash production reached a record 7.656 million tonnes, while controllable cash cost remained $57 per tonne; full-year sales-volume guidance increased to 14.2–14.8 million tonnes.
- Retail resilience: Retail adjusted EBITDA was $1.131 billion, down 2% year over year in the quarter as lower crop nutrient volumes and higher fuel costs offset stronger proprietary-product margins; first-half EBITDA increased 4% to $1.239 billion.
- Nitrogen mixed: Nitrogen adjusted EBITDA fell 5% to $635 million in the quarter because of lower volumes, despite higher benchmark prices and natural gas costs falling to $2.10 per MMBtu from $3.31.
- Phosphate pressure: Phosphate adjusted EBITDA dropped 75% to $23 million as sulfur costs overwhelmed higher selling prices and volumes; gross margin turned negative at $25 million.
- Cash returns and efficiency: First-half operating cash flow rose 12% to $1.633 billion, while dividends and buybacks totaled $848 million, including $320 million of repurchases; 2026 capital-expenditure guidance was lowered to $1.95–$2.05 billion.
Analysis
Nutrien's second quarter was a modest year-over-year operating decline wrapped in a better-than-expected per-share result. Supplied reported EPS of $2.67 exceeded the $2.57 consensus by 3.89%, although the release reports diluted IFRS EPS of $2.53 and adjusted EPS of $2.61. Sales increased 4% to $10.812 billion, but net earnings fell 1% to $1.222 billion and adjusted EBITDA declined 2% to $2.430 billion. The quarter was sharply stronger than the seasonally weak first quarter, when diluted EPS was $0.27 and adjusted EPS was $0.50.
The central positive was potash: higher benchmarks, record production and strong offshore demand lifted adjusted EBITDA 4% to $658 million, with first-half EBITDA up 15% to $1.236 billion. Retail remained structurally profitable but quarterly EBITDA slipped 2% as lower crop nutrient volumes and fuel costs offset proprietary-product gains. Nitrogen EBITDA declined 5% on volume disruptions, while phosphate EBITDA plunged 75% to $23 million as sulfur costs drove negative gross margin. Management raised potash volume guidance to 14.2–14.8 million tonnes and cut capital-spending guidance to $1.95–$2.05 billion, reinforcing the focus on cash generation and shareholder returns.
Quarterly earnings
- Revenue and profit: Sales rose 4% year over year to $10.812 billion, but net earnings slipped 1% to $1.222 billion and adjusted EBITDA fell 2% to $2.430 billion.
- Per-share result: The release reports diluted IFRS EPS of $2.53 versus $2.50 a year earlier, while adjusted EPS was $2.61 versus $2.65. The supplied earnings data identifies reported EPS of $2.67 against $2.57 consensus, a 3.89% beat.
- Sequential comparison: Results improved substantially from Q1's diluted EPS of $0.27 and adjusted EPS of $0.50, reflecting Nutrien's pronounced seasonal earnings pattern.
Potash execution
- Earnings growth: Potash adjusted EBITDA increased 4% year over year to $658 million in the quarter and 15% to $1.236 billion in the first half.
- Pricing and volumes: Average net selling price increased to $267 per tonne from $248, while quarterly sales volumes were 3.943 million tonnes. First-half volumes reached a record 7.453 million tonnes, supported by low inventories and favorable affordability in offshore markets.
- Cost position: Production reached a quarterly record of 3.996 million tonnes, and controllable cash cost held at $55 per tonne in the quarter and $57 per tonne in the first half despite higher royalties and maintenance costs.
- Guidance: Full-year potash sales-volume guidance increased at the low end to 14.2–14.8 million tonnes from 14.1–14.8 million tonnes.
Retail performance
- Quarterly result: Retail sales increased 4% to $8.270 billion, gross margin rose 1% to $2.046 billion, and adjusted EBITDA declined 2% to $1.131 billion.
- Margin mix: Higher proprietary crop nutrient and crop protection sales supported margins, but lower crop nutrient volumes, particularly phosphate and nitrogen products, and higher fuel costs weighed on EBITDA.
- First-half trend: First-half Retail adjusted EBITDA increased 4% to $1.239 billion, driven by proprietary-product margins and strong Australian livestock economics. Crop protection gross margin rose to $933 million from $867 million, while seed gross margin fell to $326 million from $336 million because of product mix.
Nitrogen and phosphate
- Nitrogen: Adjusted EBITDA declined 5% to $635 million. Sales volumes fell to 2.253 million tonnes from 3.017 million tonnes because of the Trinidad and New Madrid shutdowns, Carseland maintenance and deferred customer purchases, partly offset by higher prices and lower natural gas costs.
- Nitrogen operations: Average net selling price rose to $452 per tonne from $387, while cost of goods sold declined to $216 per tonne from $219. The quarter included the largest turnaround in Carseland's history and higher costs associated with Trinidad's controlled shutdown.
- Phosphate: Adjusted EBITDA fell 75% to $23 million. Sales volumes increased to 590,000 tonnes and average selling price rose to $781 per tonne, but cost of goods sold jumped to $812 per tonne as sulfur costs drove quarterly gross margin to negative $25 million.
- Portfolio decisions: Nutrien remains on track to determine the optimal path for its Phosphate business and Trinidad Nitrogen facility in 2026.
Capital allocation
- Cash generation: First-half operating cash flow increased 12% to $1.633 billion, although second-quarter operating cash flow declined 2% year over year to $2.484 billion as lower fertilizer volumes and higher sulfur costs offset benchmark-price gains.
- Shareholder returns: Dividends and repurchases totaled $848 million in the first half, up from $786 million, including $320 million of share repurchases versus $253 million. Nutrien repurchased approximately $82 million of shares in Q3 through August 4.
- Capital efficiency: Capital expenditures totaled $816 million in the first half, and full-year guidance was lowered to $1.95–$2.05 billion from $2.0–$2.1 billion.
- Portfolio optimization: Agreements signed since June are expected to generate approximately $90 million of gross proceeds, bringing non-core asset divestitures since Q4 2024 to approximately $1 billion.
