Nutrien (NTR) Q3 2025 earnings summary

Executive summary

• Achieved record upstream fertilizer sales volumes and structural earnings growth in the first nine months of 2025, supported by improved reliability and higher Retail earnings, while reducing capital expenditures and increasing cash returned to shareholders.

• Advanced strategic objectives, including portfolio simplification and divestiture of non-core assets, generating $900 million in gross proceeds and enhancing free cash flow.

• On track to achieve $200 million cost reduction target one year ahead of schedule, supporting higher shareholder returns.

• Announced leadership transition in downstream retail business, effective end of 2025.

• Strategic review initiated for the Phosphate business and agreement to sell 50% stake in Profertil S.A. for ~$0.6 billion.

Financial highlights

• Q3 2025 adjusted EBITDA reached $1.4 billion, up 42% year-over-year; nine-month adjusted EBITDA was $4.8 billion.

• Net earnings for Q3 2025 were $0.5 billion; nine-month net earnings reached $1.7 billion.

• Potash segment delivered $733 million in Q3 adjusted EBITDA and $1.8 billion for nine months, driven by higher net selling prices and record sales volumes.

• Nitrogen segment generated $556 million in Q3 adjusted EBITDA and $1.6 billion for nine months, benefiting from higher prices, volumes, and a 94% ammonia operating rate.

• Retail segment achieved $230 million in Q3 adjusted EBITDA, up 52% year-over-year, and $1.4 billion for nine months, with strong crop input demand and margin growth in proprietary products.

Outlook and guidance

• Full-year 2025 potash sales volume guidance raised to 14–14.5 million tonnes, supported by strong offshore demand.

• Nitrogen sales volume guidance set at 10.7–11 million tonnes; phosphate at 2.35–2.55 million tonnes.

• Retail adjusted EBITDA guidance narrowed to $1.68–$1.82 billion, reflecting business stability.

• Capital expenditures expected at $2.0–$2.1 billion for 2025.

• Global potash shipments forecast at 73–75 million tonnes for 2025, rising to 74–77 million tonnes in 2026.