Nutrien (NTR) Q1 2026 earnings summary

Executive summary

• Achieved record potash sales volumes and strong performance in Nitrogen and Retail segments in Q1 2026, with net earnings of $139 million and adjusted EBITDA of $1.11 billion, reflecting robust operational execution amid global market disruptions.

• Strategic priorities, capital allocation, and full-year guidance remain unchanged, focusing on operational excellence, customer service, and targeted growth investments.

• Growth initiatives included proprietary product expansion, network optimization, and a $45 million tuck-in acquisition in the U.S. Corn Belt.

• Portfolio reviews and active sales processes are ongoing for the phosphate business, Trinidad nitrogen operations, and Brazilian assets, with significant market interest.

• Returned $409 million to shareholders via dividends and share repurchases in Q1 2026.

Financial highlights

• Q1 2026 net earnings were $139 million; adjusted EBITDA reached $1.105 billion, driven by strong demand, higher benchmark prices, and solid execution.

• Retail adjusted EBITDA was $108 million, up 135% year-over-year; Potash adjusted EBITDA was $578 million, up 30%; Nitrogen adjusted EBITDA was $482 million, up 19%; Phosphate adjusted EBITDA was $57 million.

• Potash sales volumes hit a record 3.5 million tonnes; Nitrogen achieved a 92% ammonia operating rate.

• Sales increased 19% year-over-year to $6,046 million; gross margin up 25% to $1,646 million.

• Diluted net earnings per share increased to $0.27; adjusted net earnings per share rose to $0.51.

Outlook and guidance

• Full-year 2026 guidance reaffirmed: Retail adjusted EBITDA $1.75–$1.95 billion; Potash sales volume 14.1–14.8 million tonnes; Nitrogen sales volume 9.2–9.7 million tonnes; Phosphate 2.4–2.6 million tonnes.

• Capital expenditures guidance for 2026 remains at $2.0–$2.1 billion, including $400 million for growth investments.

• Effective tax rate on adjusted net earnings projected at 24–26%.

• Free cash flow expected to be supported by tight global fertilizer supply-demand fundamentals and business improvements.

• Market outlook expects strong crop input demand, tight potash and nitrogen fundamentals, and robust global grain prices.