Nutrien (NTR) Q2 2026 earnings summary

Executive summary

• Achieved record potash sales volumes and robust proprietary product margin growth in H1 2026, with enhanced reliability and cost position in nitrogen assets.

• Portfolio optimization generated approximately $1 billion in gross proceeds from asset divestitures since Q4 2024, including $90 million in new agreements since June 2026; strategic reviews of Phosphate, Trinidad Nitrogen, and Brazilian Retail businesses are ongoing.

• Accelerated share repurchases, returning $848 million to shareholders in H1 2026, with a 26% increase year-over-year.

Financial highlights

• H1 2026 adjusted EBITDA rose 6% year-over-year to $3.54 billion; net earnings increased 9% to $1.36 billion.

• Cash from operating activities up 12% in H1 2026 to $1.63 billion.

• Q2 2026 adjusted EBITDA was $2.4 billion; Q2 sales were $10.81 billion.

• Potash segment Q2 adjusted EBITDA: $658 million; nitrogen segment Q2 adjusted EBITDA: $635 million.

• Retail adjusted EBITDA for H1: $1.24 billion, up 4% year-over-year.

Outlook and guidance

• Raised 2026 potash sales volume guidance to 14.2–14.8 million tonnes; Canpotex fully committed for Q3 sales.

• Maintained 2026 nitrogen sales volume guidance at 9.2–9.7 million tonnes; phosphate guidance at 2.4–2.6 million tonnes.

• Retail adjusted EBITDA guidance for 2026: $1.75–$1.95 billion, with high single-digit proprietary product gross margin growth projected.

• Reduced capital expenditures guidance by $50 million to $1.95–$2.05 billion.

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