-- Full-year results demonstrate strong execution of our strategic plan
and progress towards 2026 performance targets.
-- 2026 guidance reflects growth in upstream fertilizer sales volumes from
our North American plants, higher Retail earnings, and a disciplined and
consistent approach to capital allocation.
All amounts are in US dollars, except as otherwise noted
SASKATOON, Saskatchewan--(BUSINESS WIRE)--February 18, 2026--
Nutrien Ltd. (TSX and NYSE: NTR) announced today its fourth quarter 2025 results, with net earnings of $0.58 billion ($1.18 diluted net earnings per share). Fourth quarter 2025 adjusted EBITDA(1) was $1.28 billion and adjusted net earnings per share(1) was $0.83.
"2025 was a defining year for our Company, with exceptional performance across all our operating segments and a reduction in cost and capital expenditures that surpassed our targets. Alongside delivering structural free cash flow growth, we took decisive actions to optimize our portfolio, strengthen our balance sheet and increase cash returns to shareholders," commented Ken Seitz, Nutrien's President and CEO.
"As we move into 2026, our priorities remain unchanged and we expect to build on our momentum supported by strong potash market fundamentals, an improved Nitrogen margin profile, and higher Retail earnings. I am excited about Nutrien's extraordinary potential as we continue to position the Company for long-term growth and resilience," added Mr. Seitz.
Highlights(2) :
-- Generated net earnings of $2.30 billion and adjusted EBITDA of $6.05
billion for the full year of 2025. Adjusted EBITDA increased due to
higher fertilizer net selling prices, record upstream fertilizer sales
volumes and higher Retail earnings.
-- Generated strong free cash flow in 2025 and approximately $900 million
in gross proceeds from asset divestiture proceeds since the fourth
quarter of 2024, enabling a reduction in adjusted net debt and a 30
percent increase in total cash returns to shareholders.3
-- Retail adjusted EBITDA increased to $1.74 billion in 2025 due to lower
operating expenses from our cost savings initiatives, stronger
proprietary products gross margin and disciplined execution of our Brazil
margin improvement plan. We continue to simplify our business and deliver
earnings growth through proven organic initiatives.
-- Potash adjusted EBITDA increased to $2.25 billion in 2025 due to higher
net selling prices and record sales volumes, supported by strong potash
affordability and underlying consumption growth in key offshore markets.
We mined 49 percent of our potash ore tonnes using automation, further
strengthening our low-cost advantage.
-- Nitrogen adjusted EBITDA increased to $2.15 billion in 2025 due to
higher net selling prices. Total ammonia production increased in 2025,
supported by a four-percentage-point improvement in ammonia operating
rate4 as we advanced reliability initiatives across our North American
plants and completed low-cost debottlenecks at Redwater and Geismar.
-- We repurchased approximately 2 percent of our shares outstanding in
2025 for a total of $551 million. Nutrien's Board of Directors approved a
1 percent increase in the quarterly dividend to $0.55 per share and
approved the purchase of up to 5 percent of outstanding common shares
over a twelve-month period through a normal course issuer bid ("NCIB").
The NCIB is subject to acceptance by the Toronto Stock Exchange.
1 This is a non-GAAP financial measure. See the "Non-GAAP Financial
Measures" section. All references to per share amounts pertain to diluted
net earnings per share, unless otherwise noted.
2 Our discussion of highlights set out on this page is a comparison of the
results for the twelve months ended December 31, 2025 to the results for
the twelve months ended December 31, 2024, unless otherwise noted.
3 Cash used for dividends and share repurchases.
4 Excludes Trinidad and Joffre.
Update on Strategic Actions:
We continue to take actions to simplify our portfolio and focus on core assets to enhance earnings quality and free cash flow.
-- On December 10, 2025, we completed the sale of our 50 percent equity
interest in Profertil S.A. ("Profertil") for approximately $0.6 billion.
Since initiating portfolio actions in the fourth quarter of 2024, Nutrien
has generated approximately $900 million in gross proceeds, enhancing
capital efficiency and portfolio resilience while strengthening the
balance sheet and increasing cash returns to shareholders.
-- We are progressing as planned with the review of strategic alternatives
for our Phosphate business and intend to solidify the optimal path in
2026.
-- We continue to assess options for our Trinidad Nitrogen facility, and
consistent with our approach of reviewing non-core assets, we ceased
production at our New Madrid Nitrogen upgrade facility at year-end 2025.
Our Trinidad and New Madrid plants combined accounted for approximately
1.6 million tonnes of Nitrogen sales volumes in 2025, however contributed
marginal free cash flow. These portfolio actions improve the margin
profile of our Nitrogen business, allow for greater focus on enhancing
our core North American assets, and provide increased stability to
consolidated free cash flow.
Market Outlook and Guidance
Agriculture and Retail Markets
-- Higher global grain and oilseed production in 2025 increased
stocks-to-use ratios towards historical average levels and led to
significant nutrient removal from the soil. Strong demand for food, feed
and biofuel uses is expected to drive continued need for higher global
crop production and related crop inputs.
-- We expect total US crop acres in 2026 to be consistent with 2025 levels
and project corn plantings of 94 to 96 million acres and soybean
plantings of 84 to 86 million acres. This acreage outlook, combined with
a compressed fertilizer application season in the fall of 2025, is
expected to support increased crop input demand in the first half of
2026.
-- In Brazil, soybean production is expected to set another record in
2026, with harvest currently underway, and we anticipate a 3 to 5 percent
increase in safrinha corn plantings. Growth in planted area is expected
to support crop input demand; however, weaker affordability is expected
to result in just-in-time purchases and a continued shift to lower
analysis nitrogen and phosphate products.
-- In Australia, improved weather compared to the first half of 2025 is
expected to support crop input demand and strong livestock prices to
support sales of Retail products and services.
Crop Nutrient Markets
-- Global potash shipments increased to approximately 74.5 million tonnes
in 2025, primarily driven by strong demand in Southeast Asia. We expect a
fourth consecutive year of growth in 2026, with total global potash
shipments ranging between 74 and 77 million tonnes. Demand is supported
by the need to replenish soil nutrients following a record crop,
favorable relative affordability and low inventory levels in key markets
such as China and Brazil. We anticipate relatively tight fundamentals
throughout 2026, as trend line demand growth is testing existing global
operating and supply chain capabilities.
-- Global nitrogen demand is expected to grow in line with historical
rates, driven by increasing use in agricultural growth markets such as
Asia and Latin America. Global ammonia markets remain tight due to
project delays and plant outages. Global urea markets have strengthened
in the first quarter of 2026 due to strong seasonal demand from India,
North America and Brazil and geopolitical uncertainties impacting
supply.
-- Global phosphate markets eased in the fourth quarter of 2025 due to
lower demand related to weaker affordability relative to potash and
nitrogen. Phosphate markets have strengthened in the first quarter of
2026 due to Chinese export restrictions and elevated input costs.
Financial and Operational Guidance
-- Retail adjusted EBITDA guidance of $1.75 to $1.95 billion represents
continued structural growth in our downstream business consistent with
historical rates. The mid-point of our guidance range assumes high-single
digit growth in proprietary products gross margins, a mid-single digit
increase in our North American crop nutrient sales volumes, improved
weather conditions in Australia and cost reduction initiatives across all
geographies.
-- Potash sales volume guidance of 14.1 to 14.8 million tonnes is
consistent with our global shipment expectation.
-- Nitrogen sales volume guidance of 9.2 to 9.7 million tonnes assumes no
production from our Trinidad and New Madrid facility, which accounted for
approximately 1.4 million tonnes and 0.2 million tonnes, respectively, in
2025. Nitrogen sales volumes are supported by planned reliability
improvements and debottlenecks.
-- Phosphate sales volume guidance of 2.4 to 2.6 million tonnes reflect
the benefits of reliability improvement initiatives completed in 2025.
-- Total capital expenditures of $2.0 to $2.1 billion is consistent with
2025 as we continue to optimize capital to sustain safe and reliable
operations and to progress a set of targeted growth investments. The
total includes approximately $400 million in investing capital focused on
proprietary products, network optimization and digital capabilities in
Retail, low-cost brownfield expansions and product optimization projects
in Nitrogen, and mine automation in Potash.
All guidance numbers, including those noted above, are outlined in the table below. In addition, set forth below are anticipated fertilizer pricing and natural gas price sensitivities relating to adjusted EBITDA (consolidated) and adjusted net earnings per share.
2026 Guidance ranges(1) as of
February 18, 2026
------------------------------- ------------
($ billions, except as
otherwise noted) Low High 2025 Actual
------------------------- ----------------- ------------ ------------
Retail adjusted EBITDA 1.75 1.95 1.74
Potash sales volumes
(million tonnes) (2) 14.1 14.8 14.25
Nitrogen sales volumes
(million tonnes) (2) 9.2 9.7 10.89
Phosphate sales volumes
(million tonnes) (2) 2.4 2.6 2.36
Depreciation and
amortization 2.4 2.5 2.4
Finance costs 0.65 0.75 0.7
Effective tax rate on
adjusted net earnings
(%) (3) 24.0 26.0 24.9
Capital expenditures (4) 2.0 2.1 2.0
------------------------- ----------------- ------------ ------------
1 See the "Forward-Looking Statements" section.
2 Manufactured product only.
3 This is a non-GAAP financial measure. See the "Non-GAAP Financial
Measures" section.
4 Comprised of sustaining capital expenditures, investing capital
expenditures and mine development and pre-stripping capital expenditures,
which are supplementary financial measures. See the "Other Financial
Measures" section.
2026 Annual Sensitivities Effect on(1)
--------------------------------
($ millions, except EPS amounts) Adjusted EBITDA Adjusted EPS(4)
---------------------------------------- --------------- ---------------
$25 per tonne change in potash net
selling prices +/- 280 +/- 0.45
$25 per tonne change in ammonia net
selling prices (2) +/- 35 +/- 0.05
$25 per tonne change in urea and ESN$(R)$
net selling prices +/- 65 +/- 0.10
$25 per tonne change in solutions,
nitrates and sulfates net selling
prices +/- 135 +/- 0.20
$1 per MMBtu change in NYMEX natural gas
price (3) +/- 180 +/- 0.30
---------------------------------------- --------------- ---------------
1 See the "Forward-Looking Statements" section.
2 Excludes Trinidad.
3 Nitrogen related impact.
4 Based on shares outstanding as at December 31, 2025.
Consolidated Results
Three Months Ended Twelve Months Ended
December 31 December 31
-------------------------- -------------------------
($ millions,
except as
otherwise
noted) 2025 2024 % Change 2025 2024 % Change
------------- ------- ------- -------- ------ ------- --------
Sales 5,340 5,079 5 26,885 25,972 4
Gross margin 1,888 1,581 19 8,347 7,530 11
Expenses 967 1,184 (18) 4,611 5,674 (19)
Net earnings 580 118 392 2,297 700 228
Adjusted
EBITDA (1) 1,277 1,055 21 6,046 5,355 13
Diluted net
earnings per
share
(dollars)
(2) 1.18 0.23 413 4.66 1.36 243
Adjusted net
earnings per
share
(dollars)
(1, 2) 0.83 0.31 168 4.56 3.47 31
------------- ------- ------- -------- ------ ------- --------
1 This is a non-GAAP financial measure. See the "Non-GAAP Financial
Measures" section.
2 All references to per share amounts pertain to diluted net
earnings per share, unless otherwise noted.
Net earnings and adjusted EBITDA increased in the fourth quarter primarily due to higher fertilizer net selling prices and Potash sales volumes, partially offset by lower Nitrogen sales volumes and Retail earnings. For the full year of 2025, net earnings and adjusted EBITDA increased due to higher fertilizer net selling prices, increased upstream fertilizer sales volumes and higher Retail earnings. Net earnings for the fourth quarter of 2025 were positively impacted by the gain on sale of investment related to the disposal of our 50 percent equity ownership in Profertil.
Segment Results
Our discussion of segment results set out on the following pages is a comparison of the results for the three and twelve months ended December 31, 2025 to the results for the three and twelve months ended December 31, 2024, unless otherwise noted.
Retail
Three Months Ended Twelve Months Ended
December 31 December 31
-------------------------- -------------------------
($ millions,
except as
otherwise
noted) 2025 2024 % Change 2025 2024 % Change
------------- ------- ------- -------- ------ ------- --------
Sales 3,144 3,179 (1) 17,620 17,832 (1)
Cost of goods
sold 2,167 2,193 (1) 13,017 13,211 (1)
Gross margin 977 986 (1) 4,603 4,621 --
Adjusted
EBITDA (1) 311 340 (9) 1,736 1,696 2
------------- ------- ------- -------- ------ ------- --------
1 See Note 2 to the interim financial statements.
-- Retail adjusted EBITDA decreased in the fourth quarter as the prior
period benefited from other income items, most notably a $25 million gain
on sale of land in Argentina. Adjusted EBITDA increased for the full year
of 2025 due to lower operating expenses from our cost savings initiatives,
higher proprietary products gross margin and strategic actions related to
our Brazil margin improvement plan.
Three Months Ended Twelve Months Ended December
December 31 31
------------------------- ------------------------------
Gross
Sales Margin Sales Gross Margin
------------ ----------- -------------- --------------
($ millions) 2025 2024 2025 2024 2025 2024 2025 2024
------------- ----- ----- ---- ----- ------ ------ ----- -------
Crop
nutrients 1,512 1,528 288 294 7,285 7,211 1,424 1,444
Crop
protection
products 931 948 324 351 6,105 6,313 1,590 1,622
Seed 162 184 48 52 2,128 2,235 408 431
Services and
other 254 228 219 188 944 918 750 716
Merchandise 226 230 39 40 875 897 148 150
Nutrien
Financial 82 77 82 77 376 361 376 361
Nutrien
Financial
elimination
(1) (23) (16) (23) (16) (93) (103) (93) (103)
------------- ----- ----- ---- ----- ------ ------ ----- -------
Total 3,144 3,179 977 986 17,620 17,832 4,603 4,621
------------- ----- ----- ---- ----- ------ ------ ----- -------
1 Represents elimination of the interest and service fees charged by
Nutrien Financial to Retail branches.
-- Crop nutrients sales and gross margin decreased in the fourth quarter
of 2025 due to lower sales volumes from a weather-shortened fall
application window in the US and reduced demand for phosphate, partially
offset by higher proprietary products gross margin. For the full year of
2025, sales increased due to higher selling prices, and gross margin was
impacted by product mix shifts in North America and reduced demand in the
fourth quarter. International crop nutrient sales volumes were lower in
the fourth quarter and full year of 2025 mainly due to strategic actions
in South America.
-- Crop protection products sales and gross margin were lower in the
fourth quarter and full year of 2025 due to product mix shifts in North
America and dry conditions in Australia, partially offset by higher
proprietary products gross margin.
-- Seed sales and gross margin decreased in the fourth quarter due to
strategic actions in South America. Sales and gross margin were lower for
the full year of 2025 due to weather related impacts in the Southern US
leading to fewer planted acres which impacted proprietary products gross
margin.
Supplemental Three Months Ended December Twelve Months Ended December
Data 31 31
---------------------------- -----------------------------
% of Product % of Product
Gross Margin Line (1) Gross Margin Line (1)
------------ -------------- ------------- --------------
($ millions,
except as
otherwise
noted) 2025 2024 2025 2024 2025 2024 2025 2024
---------------- ---- ------ ---- -------- ----- ------ ---- --------
Proprietary
products
Crop
nutrients 65 60 22 19 450 421 32 29
Crop
protection
products 43 41 13 11 503 470 32 29
Seed 7 6 18 16 137 154 34 36
Merchandise 4 4 9 9 14 15 9 10
---------------- ---- ------ ---- -------- ----- ------ ---- --------
Total 119 111 12 11 1,104 1,060 24 23
---------------- ---- ------ ---- -------- ----- ------ ---- --------
1 Represents percentage of proprietary product margins over total product
line gross margin.
Three Months Ended December 31 Twelve Months Ended December 31
-------------------------------------- --------------------------------------
Gross Margin / Gross Margin /
Sales Volumes Tonne Sales Volumes Tonne
(tonnes - thousands) (dollars) (tonnes - thousands) (dollars)
---------------------- -------------- ---------------------- --------------
2025 2024 2025 2024 2025 2024 2025 2024
------------------ ------- ------------- ---- -------- ------- ------------- ---- --------
Crop nutrients
North America 1,600 1,854 137 125 8,502 8,547 143 142
International 626 716 108 87 3,358 3,715 61 62
------------------ ------- ------------- ---- -------- ------- ------------- ---- --------
Total 2,226 2,570 129 114 11,860 12,262 120 118
------------------ ------- ------------- ---- -------- ------- ------------- ---- --------
(percentages) December 31, 2025 December 31, 2024
------------------------------------ ----------------- -----------------
Financial performance measures (1,
2)
Cash operating coverage ratio 62 63
Average working capital to sales 22 20
Average working capital to sales
excluding Nutrien Financial 1 -
Nutrien Financial adjusted net
interest margin 5.4 5.3
------------------------------------ ----------------- -----------------
1 Rolling four quarters.
2 These are non-GAAP financial measures. See the "Non-GAAP Financial
Measures" section.
Potash
Three Months Ended Twelve Months Ended
December 31 December 31
-------------------------- -------------------------
($ millions,
except as
otherwise
noted) 2025 2024 % Change 2025 2024 % Change
------------- ------- ------- -------- ------ ------- --------
Net sales 736 536 37 3,593 2,989 20
Cost of goods
sold 324 309 5 1,581 1,448 9
Gross margin 412 227 81 2,012 1,541 31
Adjusted
EBITDA (1) 445 291 53 2,254 1,848 22
------------- ------- ------- -------- ------ ------- --------
1 See Note 2 to the interim financial statements.
-- Potash adjusted EBITDA increased in the fourth quarter and full year of
2025 due to higher net selling prices and higher sales volumes, partially
offset by higher provincial mining taxes. Total and offshore sales
volumes in 2025 were the highest on record.
Three Months Ended Twelve Months Ended
Manufactured Product December 31 December 31
-------------------- ---------------------
($ per tonne, except as
otherwise noted) 2025 2024 2025 2024
--------------------------- --------- --------- ---------- ---------
Sales volumes (tonnes -
thousands)
North America 726 718 4,638 4,672
Offshore 2,077 2,040 9,615 9,214
--------------------------- --------- --------- ---------- ---------
Total sales volumes 2,803 2,758 14,253 13,886
--------------------------- --------- --------- ---------- ---------
Net selling price
North America 305 270 286 285
Offshore 247 168 235 180
--------------------------- --------- --------- ---------- ---------
Average net selling
price 262 194 252 215
Cost of goods sold 115 112 111 104
--------------------------- --------- --------- ---------- ---------
Gross margin 147 82 141 111
Depreciation and
amortization 45 49 46 44
--------------------------- --------- --------- ---------- ---------
Gross margin excluding
depreciation and
amortization (1) 192 131 187 155
--------------------------- --------- --------- ---------- ---------
1 This is a non-GAAP financial measure. See the "Non-GAAP Financial
Measures" section.
-- Sales volumes were higher in the fourth quarter and full year of 2025
compared to the same periods in 2024. Higher offshore sales volumes were
supported by strong potash affordability and underlying consumption
growth in key offshore markets. North America sales volumes in the fourth
quarter and full year of 2025 were consistent to the same periods in
2024.
-- Net selling price per tonne increased in the fourth quarter and full
year of 2025 due to higher global benchmark prices.
-- Cost of goods sold per tonne increased in the fourth quarter and full
year of 2025 primarily due to higher royalties and maintenance costs,
with the full year also impacted by higher depreciation.
Three Months Ended Twelve Months Ended
Supplemental Data December 31 December 31
-------------------- ---------------------
2025 2024 2025 2024
--------------------------- --------- --------- ---------- ---------
Production volumes (tonnes
-- thousands) 3,539 3,369 13,966 14,205
Potash controllable cash
cost of product
manufactured per tonne
(1) 61 59 58 54
--------------------------- --------- --------- ---------- ---------
Canpotex sales by market
(percentage of sales
volumes) (2)
Latin America 35 35 39 40
Other Asian markets (3) 26 24 29 28
China 13 16 11 13
India 11 11 6 7
Other markets 15 14 15 12
--------------------------- --------- --------- ---------- ---------
Total 100 100 100 100
--------------------------- --------- --------- ---------- ---------
1 This is a non-GAAP financial measure. See the "Non-GAAP Financial
Measures" section.
2 See Note 10 to the interim financial statements.
3 All Asian markets except China and India.
Nitrogen
Three Months Ended Twelve Months Ended
December 31 December 31
-------------------------- --------------------------
($ millions,
except as
otherwise
noted) 2025 2024(1,2) % Change 2025 2024(1,2) % Change
------------- ----- --------- -------- ----- --------- --------
Net sales 1,093 981 11 4,187 3,576 17
Cost of goods
sold 682 669 2 2,580 2,374 9
Gross margin 411 312 32 1,607 1,202 34
Adjusted
EBITDA (2) 521 471 11 2,147 1,880 14
------------- ----- --------- -------- ----- --------- --------
1 Comparative figures have been reclassified for our Purchase for
Resale business from Nitrogen to the Corporate and Others segment.
2 See Note 2 to the interim financial statements.
-- Nitrogen adjusted EBITDA increased in the fourth quarter and the full
year of 2025 due to higher net selling prices, partially offset by lower
equity earnings from Profertil. Adjusted EBITDA for the full year of 2024
benefitted from insurance recoveries. Total ammonia production increased
in 2025, supported by a four-percentage-point improvement in ammonia
operating rate as we advanced reliability initiatives across our North
American plants and completed low-cost debottlenecks at Redwater and
Geismar.
Three Months Ended Twelve Months Ended
Manufactured Product December 31 December 31
-------------------- ---------------------
($ per tonne, except as
otherwise noted) 2025 2024 2025 2024
--------------------------- --------- --------- ---------- ---------
Sales volumes (tonnes -
thousands)
Ammonia 546 701 2,420 2,483
Urea and ESN(R) 656 888 3,099 3,188
Solutions, nitrates and
sulfates 1,373 1,325 5,369 5,023
--------------------------- --------- --------- ---------- ---------
Total sales volumes 2,575 2,914 10,888 10,694
--------------------------- --------- --------- ---------- ---------
Net selling price
Ammonia 470 448 422 410
Urea and ESN(R) 505 403 490 421
Solutions, nitrates and
sulfates 272 213 268 221
--------------------------- --------- --------- ---------- ---------
Average net selling
price 373 327 365 324
Cost of goods sold 214 221 219 213
--------------------------- --------- --------- ---------- ---------
Gross margin 159 106 146 111
Depreciation and
amortization 59 58 57 55
--------------------------- --------- --------- ---------- ---------
Gross margin excluding
depreciation and
amortization (1) 218 164 203 166
--------------------------- --------- --------- ---------- ---------
1 This is a non-GAAP financial measure. See the "Non-GAAP Financial
Measures" section.
-- Sales volumes decreased in the fourth quarter of 2025 due to the
previously announced controlled shutdown of our Trinidad facility on
October 23, 2025 and planned turnarounds at our North American
operations. Sales volumes increased for the full year of 2025 due to
higher production from reliability improvements and low-cost
debottlenecks that increased the availability of upgraded products.
-- Net selling price per tonne was higher in the fourth quarter and full
year of 2025 for all major nitrogen products due to stronger benchmark
prices.
-- Cost of goods sold per tonne decreased in the fourth quarter of 2025
due to a higher percentage of sales coming from our low-cost North
American nitrogen plants. For the full year of 2025, cost of goods sold
per tonne increased compared to the prior year due to higher natural gas
costs, mainly driven by Henry Hub benchmark.
Three Months Ended Twelve Months Ended
Supplemental Data December 31 December 31
-------------------- ---------------------
2025 2024 2025 2024
--------------------------- --------- --------- ---------- ---------
Sales volumes (tonnes --
thousands)
Fertilizer 1,545 1,801 6,425 6,259
Industrial and feed 1,030 1,113 4,463 4,435
Production volumes (tonnes
-- thousands)
Ammonia production --
total (1) 1,192 1,451 5,706 5,608
Ammonia production --
adjusted (1, 2) 1,004 1,041 4,135 3,953
Ammonia operating rate (%)
(2) 89 92 92 88
Natural gas costs (dollars
per MMBtu)
Overall natural gas
cost excluding
realized derivative
impact 3.31 3.56 3.53 3.15
Realized derivative
impact (3) -- 0.10 -- 0.09
--------------------------- --------- --------- ---------- ---------
Overall natural gas
cost 3.31 3.66 3.53 3.24
--------------------------- --------- --------- ---------- ---------
1 All figures are provided on a gross production basis in thousands of
product tonnes.
2 Excludes Trinidad and Joffre.
3 Includes realized derivative impacts recorded as part of cost of goods
sold or other income and expenses. Refer to Note 4 to the interim
financial statements.
Phosphate
Three Months Ended Twelve Months Ended
December 31 December 31
-------------------------- -------------------------
($ millions,
except as
otherwise
noted) 2025 2024 % Change 2025 2024 % Change
------------- ------- ------- -------- ------ ------- --------
Net sales 483 414 17 1,734 1,657 5
Cost of goods
sold 430 394 9 1,590 1,510 5
Gross margin 53 20 165 144 147 (2)
Adjusted
EBITDA (1) 107 86 24 382 384 (1)
------------- ------- ------- -------- ------ ------- --------
1 See Note 2 to the interim financial statements.
-- Phosphate adjusted EBITDA increased in the fourth quarter of 2025 due
to higher net selling prices and sales volumes, partially offset by
higher sulfur input costs. Adjusted EBITDA slightly decreased for the
full year of 2025 due to higher sulfur input costs and lower sales
volumes, partially offset by higher net selling prices.
Three Months Ended Twelve Months Ended
Manufactured Product December 31 December 31
-------------------- ---------------------
($ per tonne, except as
otherwise noted) 2025 2024 2025 2024
--------------------------- ---------- -------- ---------- ---------
Sales volumes (tonnes -
thousands)
Fertilizer 468 435 1,646 1,751
Industrial and feed 186 173 717 683
--------------------------- ---------- -------- ---------- ---------
Total sales volumes 654 608 2,363 2,434
--------------------------- ---------- -------- ---------- ---------
Net selling price
Fertilizer 677 615 677 612
Industrial and feed 875 812 835 822
--------------------------- ---------- -------- ---------- ---------
Average net selling
price 733 671 725 671
Cost of goods sold 646 631 657 603
--------------------------- ---------- -------- ---------- ---------
Gross margin 87 40 68 68
Depreciation and
amortization 112 127 121 119
--------------------------- ---------- -------- ---------- ---------
Gross margin excluding
depreciation and
amortization (1) 199 167 189 187
--------------------------- ---------- -------- ---------- ---------
1 This is a non-GAAP financial measure. See the "Non-GAAP Financial
Measures" section.
-- Sales volumes were higher in the fourth quarter of 2025 due to higher
production from reliability improvements and weather-related events that
impacted the fourth quarter of 2024 production volumes, partially offset
by reduced demand for phosphate. Sales volumes were lower for the full
year due to lower production volumes in the first quarter of 2025.
-- Net selling price per tonne increased in the fourth quarter and full
year of 2025 due to the strength of fertilizer benchmark prices.
-- Cost of goods sold per tonne increased in the fourth quarter and full
year of 2025 primarily due to higher sulfur input costs.
Three Months Ended Twelve Months Ended
Supplemental Data December 31 December 31
-------------------- ---------------------
2025 2024 2025 2024
--------------------------- --------- --------- ---------- ---------
Production volumes (P(2)
O(5) tonnes -- thousands) 367 319 1,360 1,327
P(2) O(5) operating rate
(%) 86 75 80 78
--------------------------- --------- --------- ---------- ---------
Corporate and Others and Eliminations
Three Months Ended December Twelve Months Ended
31 December 31
--------------------------- ---------------------------
($ millions, except
as otherwise
noted) 2025 2024(1, 2) % Change 2025 2024(1, 2) % Change
------------------- ----- ---------- -------- ----- ---------- --------
Corporate and
Others
Gross margin
(2) 7 14 (50) 27 21 29
Selling
expenses
(recovery) 5 8 (38) (1) 2 n/m
General and
administrative
expenses 106 126 (16) 392 405 (3)
Share-based
compensation
expense 44 20 120 163 37 341
Foreign
exchange
(gain) loss,
net of related
derivatives (9) 1 n/m 9 360 (98)
Gain on sale of
investment in
Profertil (3) (301) -- -- (301) -- --
Other expenses 111 105 6 207 379 (45)
Adjusted EBITDA
(2) (133) (160) (17) (427) (452) (6)
------------------- ----- ---------- -------- ----- ---------- --------
Eliminations
Gross margin 28 22 27 (46) (2) n/m
Adjusted EBITDA
(2) 26 27 (4) (46) (1) n/m
------------------- ----- ---------- -------- ----- ---------- --------
1 Comparative figures have been reclassified for our Purchase for Resale
business from Nitrogen to the Corporate and Others segment.
2 See Note 2 to the interim financial statements.
3 See Note 6 to the interim financial statements.
-- Share-based compensation expense was higher in the fourth quarter and
full year of 2025 due to an increase in the fair value of our share-based
awards. The fair value of our share-based awards takes into consideration
several factors, such as our share price movement, our performance
relative to our peer group and our return on invested capital.
-- Foreign exchange (gain) loss, net of related derivatives was lower in
the full year of 2025 due to a lower loss on foreign currency derivatives
in Brazil and lower foreign exchange losses primarily from our South
American Retail region.
-- Gain on sale of investment was higher in the fourth quarter and full
year of 2025 due to the sale of our 50 percent equity ownership in
Profertil.
-- Other expenses was lower in the full year of 2025 as the comparable
period of 2024 included a higher expense for asset retirement obligations
related to our non-operating sites.
Finance Costs, Income Taxes and Other Comprehensive (Loss) Income
Three Months Ended Twelve Months Ended
December 31 December 31
------------------------- -------------------------
($ millions,
except as
otherwise
noted) 2025 2024 % Change 2025 2024 % Change
-------------- ------ ------- -------- ------- ------ --------
Finance costs 183 195 (6) 687 720 (5)
Income taxes
Income tax
expense 158 84 88 752 436 72
Actual
effective
tax rate
including
discrete
items
(%) 22 42 (48) 25 38 (34)
Other
comprehensive
income
(loss) 33 (298) n/m 224 (234) n/m
-------------- ------ ------- -------- ------- ------ --------
-- Income tax expense increased in the fourth quarter and full year of
2025 mainly due to higher earnings. The decrease in the actual effective
tax rate for the three months ended December 31, 2025 is mainly due to
the tax impact of the gain on sale of investment in Profertil. The
decrease in the actual effective tax rate for the full year of 2025 is
mainly due to lower non-recognizable losses in South America compared to
the same period in 2024.
-- Other comprehensive income (loss) increased in the fourth quarter and
full year of 2025 mainly due to the appreciation of the Australian,
Brazilian and Canadian currencies, relative to the US dollar, compared to
losses for the same periods in 2024.
Forward-Looking Statements
Certain statements and other information included in this document, including within the "Market Outlook and Guidance" section, constitute "forward-looking information" or "forward-looking statements" (collectively, "forward-looking statements") under applicable securities laws (such statements are often accompanied by words such as "anticipate", "forecast", "expect", "believe", "may", "will", "should", "estimate", "project", "intend" or other similar words). All statements in this document, other than those relating to historical information or current conditions, are forward-looking statements, including, but not limited to: Nutrien's business strategies, plans, prospects and opportunities; Nutrien's 2026 full-year guidance, including expectations regarding Retail adjusted EBITDA, Potash sales volumes, Nitrogen sales volumes, Phosphate sales volumes, depreciation and amortization, finance costs, effective tax rate on adjusted net earnings and capital expenditures, including the assumptions and expectations stated therein; expectations regarding our capital allocation intentions and strategies including our intentions with respect to our strategic actions, including the review of strategic alternatives for our Phosphate business and the controlled shutdown of our Trinidad Nitrogen facility and options for our Trinidad operations and expectations related thereto, including the expected timing for strategic decisions in respect thereof; our expectations regarding Nutrien's strategic priorities and our ability to advance and achieve such strategic priorities in 2026 and beyond; expectations regarding various performance targets in 2026 and beyond and our ability to achieve those; capital spending expectations for 2026 and beyond; expectations regarding performance of our operating segments in 2026 and beyond; the expectation that internally generated cash flow, supplemented by available borrowings, if necessary, will be sufficient to meet our anticipated capital expenditures, planned growth and development activities, and other cash requirements; expectations regarding payment of dividends and share repurchases; our operating segment market outlooks and our expectations for market conditions and fundamentals, and the anticipated supply and demand for our products and services, including the expected impact of supply availability on global shipments of phosphate fertilizer and the expected impact of affordability on demand, crop input demand, expected market, industry and growing conditions with respect to crop nutrient application rates, planted acres, farmer crop investment, crop mix, including the need to replenish soil nutrient levels, input costs, production volumes and expenses, shipments, natural gas costs and availability, consumption, prices, operating rates and the impact of seasonality, import and export volumes, tariffs, trade or export restrictions, economic sanctions and restrictions, operating rates, inventories, crop development and natural gas curtailments; the negotiation of sales contracts; expected grower margins; acquisitions and divestitures and the anticipated benefits thereof; and expectations in connection with our ability to generate free cash flow and deliver long-term returns to shareholders.
These forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such forward-looking statements. As such, undue reliance should not be placed on these forward-looking statements.
All of the forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions referred to below and elsewhere in this document. Although we believe that these assumptions are reasonable, having regard to our experience and our perception of historical trends, this list is not exhaustive of the factors that may affect any of the forward-looking statements and the reader should not place undue reliance on these assumptions and such forward-looking statements. Current conditions, economic and otherwise, render assumptions, although reasonable when made, subject to greater uncertainty.
The additional key assumptions that have been made in relation to the operation of our business as currently planned and our ability to achieve our business objectives include, among other things, assumptions with respect to: our ability to successfully implement our business strategies, growth and capital allocation investments and initiatives that we will conduct our operations and achieve results of operations as anticipated; growth in crop nutrient sales volumes; our ability to successfully complete, integrate and realize the anticipated benefits of our already completed and future acquisitions and divestitures, and that we will be able to implement our standards, controls, procedures and policies in respect of any acquired businesses and realize the expected synergies on the anticipated timeline or at all; increased proprietary products gross margin; successful execution of margin improvement plan in Brazil; a return to historical average crop protection product margin percentages; continued reliability improvements; sustained operating rates in Phosphate and Nitrogen; that future business, regulatory and industry conditions will be within the parameters expected by us, including with respect to prices, expenses, margins, demand, supply, product availability, shipments, consumption, weather conditions, supplier agreements, product distribution agreements, inventory levels, exports, tariffs, including general or retaliatory tariffs, trade restrictions, international trade arrangements, government support, crop development and cost of labor and interest, exchange and effective tax rates; potash demand growth in offshore markets; global economic conditions and the accuracy of our market outlook expectations for 2026 and in the future; assumptions related to our assessment of recoverable amount estimates of our assets; our intention to complete share repurchases under our normal course issuer bid programs, the funding of such share repurchases, existing and future market conditions, including with respect to the price of our common shares, capital allocation priorities and compliance with respect to applicable limitations under securities laws and regulations and stock exchange policies and assumptions related to our ability to fund our dividends at the current level; our expectations regarding the impacts, direct and indirect, of certain geopolitical conflicts on, among other things, global supply and demand, including for crop nutrients, energy and commodity prices, global interest rates, supply chains and the global macroeconomic environment, including inflation; the adequacy of our cash generated from operations and our ability to access our credit facilities or capital markets for additional sources of financing; our ability to identify suitable candidates for acquisitions and divestitures and negotiate acceptable terms; availability of investment opportunities that align with our strategic priorities and growth strategy; our ability to maintain investment grade ratings and achieve our performance targets; and our ability to successfully negotiate sales and other contracts and our ability to successfully implement new initiatives and programs.
Events or circumstances that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: general global economic, market and business conditions; failure to achieve expected results of our business strategy, capital allocation initiatives, results of operations or targets; failure to complete announced and future strategic and asset optimization initiatives, acquisitions or divestitures at all or on the expected terms and within the expected timeline; seasonality of our business; climate change and weather conditions, including impacts from regional flooding and/or drought conditions; crop planted acreage, yield and prices; the supply and demand and price levels for our products; governmental and regulatory requirements and actions by governmental authorities, including changes in government policy (including general or retaliatory tariffs, trade restrictions, or other changes to international trade arrangements; the results of our review of strategic alternative for our Phosphate business, including the process and the timing thereof, and whether the review will result in Nutrien undertaking a transaction, including the terms and timing relating thereto, the completion thereof and realizing benefits resulting therefrom; the effects of current and future multinational trade agreements or other developments affecting the level of trade or export restrictions and climate change initiatives), government ownership requirements, changes in environmental, tax, antitrust and other laws or regulations and the interpretation thereof; political or military risks, including civil unrest, actions by armed groups or conflict and malicious acts including terrorism and industrial espionage; our ability to access sufficient, cost-effective and timely transportation, distribution and storage of products (including potential rail transportation and port disruptions due to labor strikes and/or work stoppages or other similar actions); the occurrence of a major environmental or safety incident or becoming subject to legal or regulatory proceedings; innovation and cybersecurity risks related to our systems, including our costs of addressing or mitigating such risks; counterparty and sovereign risk; delays in completion of turnarounds at our major facilities or challenges related to our major facilities that are out of our control; interruptions of or constraints in availability of key inputs, including natural gas and sulfur; any significant impairment of the carrying amount of certain assets; the risk that rising interest rates and/or deteriorated business operating results may result in the further impairment of assets or goodwill attributed to certain of our cash generating units; risks related to reputational loss; certain complications that may arise in our mining processes; the ability to attract, engage and retain skilled employees and strikes or other forms of work stoppages; geopolitical conflicts and their potential impact on, among other things, global market conditions and supply and demand, including for crop nutrients, energy and commodity prices, interest rates, supply chains and the global economy generally; our ability to execute on our strategies related to environmental, social and governance matters, and achieve related expectations, targets and commitments, including risks associated with disclosure thereof; and other risk factors detailed from time to time in Nutrien reports filed with the Canadian securities regulators and the SEC.
The purpose of our Retail adjusted EBITDA, depreciation and amortization, finance costs, effective tax rate and capital expenditures guidance ranges are to assist readers in understanding our expected and targeted financial results, and this information may not be appropriate for other purposes.
The forward-looking statements in this document are made as of the date hereof and Nutrien disclaims any intention or obligation to update or revise any forward-looking statements in this document as a result of new information or future events, except as may be required under applicable Canadian securities legislation or applicable US federal securities laws.
Terms and Definitions
For the definitions of certain financial and non-financial terms used in this document, as well as a list of abbreviated company names and sources, see the "Terms and definitions" section of our 2024 Annual Report. All references to per share amounts pertain to diluted net earnings (loss) per share, "n/m" indicates information that is not meaningful, and all financial amounts are stated in millions of US dollars, unless otherwise noted.
About Nutrien
Nutrien is a leading global provider of crop inputs and services. We operate a world-class network of production, distribution and ag retail facilities that positions us to efficiently serve farmers. Our vision is to be the leading global agricultural solutions provider, delivering superior shareholder value through safe and sustainable operations. To achieve this vision, our strategy is anchored in three priorities: simplify and focus, operational excellence and a disciplined and intentional approach to capital allocation. This strategy is designed to create low-risk, structural free cash flow growth by leveraging our core competencies and to deliver reliable, growing cash returns to shareholders.
More information about Nutrien can be found at www.nutrien.com.
Selected financial data for download can be found in our data tool at https://www.nutrien.com/investors/interactive-data-tool
Such data is not incorporated by reference herein.
Nutrien will host a Conference Call on Thursday, February 19, 2026 at 10:00 a.m. Eastern Time.
Telephone conference dial-in numbers:
-- From Canada and the US: 1-800-990-2777
-- International: 1-416-855-9085
-- Conference ID: 93473. Please dial in 15 minutes prior to ensure you are
placed on the call in a timely manner.
Live Audio Webcast: Visit https://www.nutrien.com/news/events/2025-q4-earnings-conference-call
Non-GAAP Financial Measures
We use both IFRS measures and certain non-GAAP financial measures to assess performance. Non-GAAP financial measures are financial measures disclosed by the Company that: (a) depict historical or expected future financial performance, financial position or cash flow of the Company; (b) with respect to their composition, exclude amounts that are included in, or include amounts that are excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the Company; (c) are not disclosed in the financial statements of the Company; and (d) are not a ratio, fraction, percentage or similar representation. Non-GAAP ratios are financial measures disclosed by the Company that are in the form of a ratio, fraction, percentage or similar representation that has a non-GAAP financial measure as one or more of its components, and that are not disclosed in the financial statements of the Company.
These non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under IFRS and, therefore, are unlikely to be comparable to similar financial measures presented by other companies. Management believes these non-GAAP financial measures and non-GAAP ratios provide transparent and useful supplemental information to help investors evaluate our financial performance, financial condition and liquidity using the same measures as management. These non-GAAP financial measures and non-GAAP ratios should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with IFRS.
The following section outlines our non-GAAP financial measures and non-GAAP ratios, their compositions, and why management uses each measure. It also includes reconciliations to the most directly comparable IFRS measures. Except as otherwise described herein, our non-GAAP financial measures and non-GAAP ratios are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable. As additional non-recurring or unusual items arise in the future, we generally exclude these items in our calculations.
Adjusted EBITDA (Consolidated)
Most directly comparable IFRS financial measure: Net earnings (loss).
Definition: Adjusted EBITDA is calculated as net earnings (loss) before finance costs, income taxes, depreciation and amortization, share-based compensation and foreign exchange gain/loss (net of related derivatives). We also adjust this measure for the following other income and expenses that are excluded when management evaluates the performance of our day-to-day operations: certain integration and restructuring related costs, impairment or reversal of impairment of assets, gain or loss on sale of certain businesses and investments, asset retirement obligations ("ARO") and accrued environmental costs ("ERL") related to our non-operating sites, and loss related to financial instruments in Argentina.
Why we use the measure and why it is useful to investors: It is not impacted by long-term investment and financing decisions, but rather focuses on the performance of our day-to-day operations. It provides a measure of our ability to service debt and to meet other payment obligations and as a component of employee remuneration calculations.
Three Months Ended Twelve Months Ended
December 31 December 31
-------------------- ---------------------
($ millions) 2025 2024 2025 2024
--------------------------- --------- --------- ---------- ---------
Net earnings 580 118 2,297 700
Finance costs 183 195 687 720
Income tax expense 158 84 752 436
Depreciation and
amortization 567 590 2,369 2,339
--------------------------- --------- --------- ---------- ---------
EBITDA (1) 1,488 987 6,105 4,195
Adjustments:
Share-based compensation
expense 44 20 163 37
Foreign exchange (gain)
loss, net of related
derivatives (9) 1 9 360
ARO/ERL related expenses
(income) for
non-operating sites 9 (1) 2 151
Loss related to financial
instruments in
Argentina -- 1 -- 35
Restructuring costs 46 47 68 47
Impairment of assets -- -- -- 530
Gain on sale of
investment in Profertil (301) -- (301) --
--------------------------- --------- --------- ---------- ---------
Adjusted EBITDA 1,277 1,055 6,046 5,355
--------------------------- --------- --------- ---------- ---------
1 EBITDA is calculated as net earnings before finance costs, income
taxes, and depreciation and amortization.
Adjusted Net Earnings and Adjusted Net Earnings Per Share
Most directly comparable IFRS financial measure: Net earnings (loss) and diluted net earnings (loss) per share.
Definition: Adjusted net earnings and related per share information are calculated as net earnings (loss) before share-based compensation and foreign exchange gain/loss (net of related derivatives), net of tax. We also adjust this measure for the following other income and expenses (net of tax) that are excluded when management evaluates the performance of our day-to-day operations: certain integration and restructuring related costs, impairment or reversal of impairment of assets, gain or loss on sale of certain businesses and investments, gain or loss on early extinguishment of debt or on settlement of derivatives due to discontinuance of hedge accounting, asset retirement obligations and accrued environmental costs related to our non-operating sites, loss related to financial instruments in Argentina, change in recognition of tax losses and deductible temporary differences related to impairments and certain changes to tax declarations. We generally apply the annual forecasted effective tax rate to specific adjustments during the year, and at year-end, we apply the actual effective tax rate.
Why we use the measure and why it is useful to investors: Focuses on the performance of our day-to-day operations and is used as a component of employee remuneration calculations.
Three Months Ended Twelve Months Ended
December 31, 2025 December 31, 2025
------------------------------ ------------------------------
Per Per
Increases Diluted Increases Diluted
($ millions,
except as
otherwise
noted) (Decreases) Post-Tax Share (Decreases) Post-Tax Share
---------------- ----------- -------- ------- ----------- -------- -------
Net earnings
attributable to
equity holders
of Nutrien 571 1.18 2,267 4.66
---------------- ----------- -------- ------- ----------- -------- -------
Adjustments:
Share-based
compensation
expense 44 33 0.07 163 123 0.25
Foreign
exchange
(gain) loss,
net of
related
derivatives (9) (8) (0.02) 9 6 0.03
Restructuring
costs 46 41 0.09 68 59 0.12
ARO/ERL
related
expenses for
non-operating
sites 9 7 0.01 2 2 --
Gain on sale
of investment
in Profertil (301) (241) (0.50) (301) (241) (0.50)
---------------- ----------- -------- ------- ----------- -------- -------
Sub-total
adjustments (211) (168) (0.35) (59) (51) (0.10)
---------------- ----------- -------- ------- ----------- -------- -------
Adjusted net
earnings 403 0.83 2,216 4.56
---------------- ----------- -------- ------- ----------- -------- -------
Three Months Ended Twelve Months Ended
December 31, 2024 December 31, 2024
------------------------------ ------------------------------
Per Per
Increases Diluted Increases Diluted
($ millions,
except as
otherwise
noted) (Decreases) Post-Tax Share (Decreases) Post-Tax Share
---------------- ----------- -------- ------- ----------- -------- -------
Net earnings
attributable to
equity holders
of Nutrien 113 0.23 674 1.36
---------------- ----------- -------- ------- ----------- -------- -------
Adjustments:
Share-based
compensation
expense 20 15 0.03 37 27 0.05
Foreign
exchange loss
(gain), net
of related
derivatives 1 (16) (0.03) 360 346 0.70
Restructuring
costs 47 38 0.08 47 38 0.08
Impairment of
assets -- -- -- 530 492 1.00
ARO/ERL
related
(income)
expenses for
non-operating
sites (1) (1) -- 151 106 0.21
Loss related
to financial
instruments
in Argentina 1 1 -- 35 35 0.07
---------------- ----------- -------- ------- ----------- -------- -------
Sub-total
adjustments 68 37 0.08 1,160 1,044 2.11
---------------- ----------- -------- ------- ----------- -------- -------
Adjusted net
earnings 150 0.31 1,718 3.47
---------------- ----------- -------- ------- ----------- -------- -------
Effective Tax Rate on Adjusted Net Earnings
Effective tax rate on adjusted net earnings guidance is a forward-looking non-GAAP financial measure as it includes adjusted net earnings, which is a non-GAAP financial measure. It is provided to assist readers in understanding our expected financial results. Effective tax rate on adjusted net earnings guidance excludes certain items that management is aware of that permit management to focus on the performance of our operations (see the Adjusted Net Earnings and Adjusted Net Earnings Per Share section for items generally adjusted). We do not provide a reconciliation of this forward-looking measure to the most directly comparable financial measures calculated and presented in accordance with IFRS because a meaningful or accurate calculation of reconciling items and the information is not available without unreasonable effort due to unknown variables, including the timing and amount of certain reconciling items, and the uncertainty related to future results. These unknown variables may include unpredictable transactions of significant value that may be inherently difficult to determine without unreasonable efforts. The probable significance of such unavailable information, which could be material to future results, cannot be addressed.
Effective tax rate on adjusted net earnings is calculated as adjusted income tax expense divided by adjusted earnings before income taxes. We use this measure to provide the actual result for a previously disclosed forward-looking effective tax rate on adjusted net earnings guidance.
($ millions, except as otherwise noted) 2025 ---------------------------------------------------------------- ------- Earnings before income taxes 3,049 Adjustments (1) (59) ----------------------------------------------------------------- ------- Adjusted earnings before income taxes 2,990 ----------------------------------------------------------------- ------- Income tax expense 752 Adjustments (2) (8) ----------------------------------------------------------------- ------- Adjusted income tax expense 744 ----------------------------------------------------------------- -------
Effective tax rate on adjusted net earnings (%) 24.9 ----------------------------------------------------------------- ------- 1 Calculated as sum of pre-tax adjustments noted in the Adjusted Net Earnings section. 2 Calculated as difference between the sum of pre-tax and post-tax adjustments noted in the Adjusted Net Earnings section.
Gross Margin Excluding Depreciation and Amortization Per Tonne -- Manufactured Product
Most directly comparable IFRS financial measure: Gross margin.
Definition: Gross margin per tonne less depreciation and amortization per tonne for manufactured products. Reconciliations are provided in the "Segment Results" section.
Why we use the measure and why it is useful to investors: Focuses on the performance of our day-to-day operations, which excludes the effects of items that primarily reflect the impact of long-term investment and financing decisions.
Potash Controllable Cash Cost of Product Manufactured ("COPM") Per Tonne
Most directly comparable IFRS financial measure: Cost of goods sold ("COGS") for the Potash segment.
Definition: Total Potash COGS excluding depreciation and amortization expense included in COPM, royalties, natural gas costs and carbon taxes, change in inventory, and other adjustments, divided by potash production tonnes.
Why we use the measure and why it is useful to investors: To assess operational performance. Potash controllable cash COPM excludes the effects of production from other periods and the impacts of our long-term investment decisions, supporting a focus on the performance of our day-to-day operations. Potash controllable cash COPM also excludes royalties and natural gas costs and carbon taxes, which management does not consider controllable, as they are primarily driven by regulatory and market conditions.
Three Months Ended Twelve Months Ended
December 31 December 31
-------------------- ---------------------
($ millions, except as
otherwise noted) 2025 2024 2025 2024
--------------------------- ---------- -------- ---------- ---------
Total COGS -- Potash 324 309 1,581 1,448
Change in inventory 94 66 (2) 36
Other adjustments (1) (7) (7) (27) (21)
--------------------------- ---------- -------- ---------- ---------
COPM 411 368 1,552 1,463
Depreciation and
amortization in COPM (157) (142) (606) (581)
Royalties in COPM (25) (17) (93) (79)
Natural gas costs and
carbon taxes in COPM (12) (9) (42) (36)
--------------------------- ---------- -------- ---------- ---------
Controllable cash COPM 217 200 811 767
Production volumes (tonnes
-- thousands) 3,539 3,369 13,966 14,205
--------------------------- ---------- -------- ---------- ---------
Potash controllable cash
COPM per tonne 61 59 58 54
--------------------------- ---------- -------- ---------- ---------
1 Other adjustments include unallocated production overhead that is
recognized as part of cost of goods sold but is not included in the
measurement of inventory and changes in inventory balances.
Nutrien Financial Adjusted Net Interest Margin
Definition: Nutrien Financial revenue less deemed interest expense divided by average Nutrien Financial net receivables outstanding for the last four rolling quarters.
Why we use the measure and why it is useful to investors: Used by credit rating agencies and others to evaluate the financial performance of Nutrien Financial.
Rolling Four Quarters Ended December 31, 2025
-----------------------------------------------------
($ millions,
except as
otherwise
noted) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Total/Average
--------------- -------- -------- -------- ------- --------------
Nutrien
Financial
revenue 70 135 89 82
Deemed interest
expense (1) (29) (49) (52) (47)
--------------- -------- -------- -------- ------- --------------
Net interest 41 86 37 35 199
--------------- -------- -------- -------- ------- --------------
Average Nutrien
Financial net
receivables 2,569 4,645 4,452 3,106 3,693
--------------- -------- -------- -------- ------- --------------
Nutrien
Financial
adjusted net
interest
margin (%) 5.4
--------------- -------- -------- -------- ------- --------------
Rolling Four Quarters Ended December 31, 2024
-----------------------------------------------------
($ millions,
except as
otherwise
noted) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Total/Average
--------------- -------- -------- -------- ------- --------------
Nutrien
Financial
revenue 66 133 85 77
Deemed interest
expense (1) (27) (50) (52) (45)
--------------- -------- -------- -------- ------- --------------
Net interest 39 83 33 32 187
--------------- -------- -------- -------- ------- --------------
Average Nutrien
Financial net
receivables 2,489 4,560 4,318 2,877 3,561
--------------- -------- -------- -------- ------- --------------
Nutrien
Financial
adjusted net
interest
margin (%) 5.3
--------------- -------- -------- -------- ------- --------------
1 Average borrowing rate applied to the notional debt required to fund
the portfolio of receivables from customers monitored and serviced by
Nutrien Financial.
Retail Cash Operating Coverage Ratio
Definition: Retail selling, general and administrative, and other expenses (income), excluding depreciation and amortization expense, divided by Retail gross margin excluding depreciation and amortization expense in cost of goods sold, for the last four rolling quarters.
Why we use the measure and why it is useful to investors: To understand the costs and underlying economics of our Retail operations and to assess our Retail operating performance and ability to generate cash flow.
Rolling Four Quarters Ended December 31, 2025
---------------------------------------------------
($ millions,
except as
otherwise
noted) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Total
--------------- --------- --------- ---------- --------- ------
Selling
expenses 755 948 792 811 3,306
General and
administrative
expenses 44 44 44 40 172
Other (income)
expenses 25 54 40 4 123
--------------- --------- --------- ---------- --------- ------
Operating
expenses 824 1,046 876 855 3,601
Depreciation
and
amortization
in operating
expenses (179) (172) (179) (184) (714)
--------------- --------- --------- ---------- --------- ------
Operating
expenses
excluding
depreciation
and
amortization 645 874 697 671 2,887
--------------- --------- --------- ---------- --------- ------
Gross margin 686 2,018 922 977 4,603
Depreciation
and
amortization
in cost of
goods sold 5 5 5 5 20
--------------- --------- --------- ---------- --------- ------
Gross margin
excluding
depreciation
and
amortization 691 2,023 927 982 4,623
--------------- --------- --------- ---------- --------- ------
Cash operating
coverage ratio
(%) 62
--------------- --------- --------- ---------- --------- ------
Rolling Four Quarters Ended December 31, 2024
---------------------------------------------------
($ millions,
except as
otherwise
noted) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Total
--------------- --------- --------- ---------- --------- ------
Selling
expenses 790 1,005 815 808 3,418
General and
administrative
expenses 52 51 51 37 191
Other expenses
(income) 22 41 32 (8) 87
--------------- --------- --------- ---------- --------- ------
Operating
expenses 864 1,097 898 837 3,696
Depreciation
and
amortization
in operating
expenses (190) (193) (182) (186) (751)
--------------- --------- --------- ---------- --------- ------
Operating
expenses
excluding
depreciation
and
amortization 674 904 716 651 2,945
--------------- --------- --------- ---------- --------- ------
Gross margin 747 2,029 859 986 4,621
Depreciation
and
amortization
in cost of
goods sold 4 3 8 5 20
--------------- --------- --------- ---------- --------- ------
Gross margin
excluding
depreciation
and
amortization 751 2,032 867 991 4,641
--------------- --------- --------- ---------- --------- ------
Cash operating
coverage ratio
(%) 63 --------------- --------- --------- ---------- --------- ------
Retail Average Working Capital to Sales and Retail Average Working Capital to Sales Excluding Nutrien Financial
Definition: Retail average working capital divided by Retail sales for the last four rolling quarters. We also look at this metric excluding Nutrien Financial revenue and working capital.
Why we use the measure and why it is useful to investors: To evaluate operational efficiency. A lower or higher percentage represents increased or decreased efficiency, respectively. The metric excluding Nutrien Financial shows the impact that the working capital of Nutrien Financial has on the ratio.
Rolling Four Quarters Ended December 31, 2025
----------------------------------------------------
($ millions,
except as
otherwise
noted) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Average/Total
-------------- -------- -------- -------- ------- -------------
Current assets 11,510 11,442 10,823 11,185
Current
liabilities (7,561) (8,051) (5,348) (8,275)
-------------- -------- -------- -------- ------- -------------
Working
capital 3,949 3,391 5,475 2,910 3,931
Nutrien
Financial
working
capital (2,569) (4,645) (4,452) (3,106)
-------------- -------- -------- -------- ------- -------------
Working
capital
excluding
Nutrien
Financial 1,380 (1,254) 1,023 (196) 238
-------------- -------- -------- -------- ------- -------------
Sales 3,090 7,959 3,427 3,144 17,620
Nutrien
Financial
revenue (70) (135) (89) (82)
-------------- -------- -------- -------- ------- -------------
Sales
excluding
Nutrien
Financial 3,020 7,824 3,338 3,062 17,244
-------------- -------- -------- -------- ------- -------------
Average
working
capital to
sales (%) 22
Average working capital to sales excluding
Nutrien Financial (%) 1
Rolling Four Quarters Ended December 31, 2024
----------------------------------------------------
($ millions,
except as
otherwise
noted) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Average/Total
-------------- -------- -------- -------- ------- -------------
Current assets 11,821 11,181 10,559 10,360
Current
liabilities (8,401) (8,002) (5,263) (8,028)
-------------- -------- -------- -------- ------- -------------
Working
capital 3,420 3,179 5,296 2,332 3,557
Nutrien
Financial
working
capital (2,489) (4,560) (4,318) (2,877)
-------------- -------- -------- -------- ------- -------------
Working
capital
excluding
Nutrien
Financial 931 (1,381) 978 (545) (4)
-------------- -------- -------- -------- ------- -------------
Sales 3,308 8,074 3,271 3,179 17,832
Nutrien
Financial
revenue (66) (133) (85) (77)
-------------- -------- -------- -------- ------- -------------
Sales
excluding
Nutrien
Financial 3,242 7,941 3,186 3,102 17,471
-------------- -------- -------- -------- ------- -------------
Average
working
capital to
sales (%) 20
Average working capital to sales excluding --
Nutrien Financial (%)
Other Financial Measures
Selected Additional Financial Data
As at
Nutrien December
Financial As at December 31, 2025 31, 2024
-------------- ---------------------------------------------------------------- -----------
<31 31--90 >90
Days Days Days Net
past past past Gross Allowance receivables Net
($ millions) Current due due due receivables (1) (2) receivables
-------------- ------- ---- ------ ---- ----------- --------- ----------- -----------
North America 1,831 260 110 181 2,382 (50) 2,332 2,178
International 647 82 21 31 781 (7) 774 699
-------------- ------- ---- ------ ---- ----------- --------- ----------- -----------
Nutrien
Financial
receivables 2,478 342 131 212 3,163 (57) 3,106 2,877
-------------- ------- ---- ------ ---- ----------- --------- ----------- -----------
1 Bad debt expense on the above receivables for the twelve months ended December 31, 2025 was
$46 million, in the Retail segment.
2 In 2025, we assume a debt-to-equity ratio of 9:1 (2024 -- 7:1) in funding Nutrien Financial
receivables, based on the underlying credit quality of the assets.
Supplementary Financial Measures
Supplementary financial measures are financial measures disclosed by the Company that (a) are, or are intended to be, disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of the Company, (b) are not disclosed in the financial statements of the Company, (c) are not non-GAAP financial measures, and (d) are not non-GAAP ratios.
The following section provides an explanation of the composition of those supplementary financial measures, if not previously provided.
Sustaining capital expenditures: Represents capital expenditures that are required to sustain operations at existing levels and include major repairs and maintenance and plant turnarounds.
Investing capital expenditures: Represents capital expenditures related to significant expansions of current operations or to create cost savings (synergies). Investing capital expenditures exclude capital outlays for business acquisitions and equity-accounted investees.
Mine development and pre-stripping capital expenditures: Represents capital expenditures that are required for activities to open new areas underground and/or develop a mine or ore body to allow for future production mining and activities required to prepare and/or access the ore, i.e., removal of an overburden that allows access to the ore.
Cash used for dividends and share repurchases: Calculated as dividends paid to Nutrien's shareholders plus repurchase of common shares as reflected in the unaudited condensed consolidated statements of cash flows. This measure is useful as it represents return of cash to shareholders.
Condensed Consolidated Financial Statements
Unaudited
Condensed Consolidated Statements of Earnings
Three Months Ended Twelve Months Ended
December 31 December 31
------------------------ ------------------------
($ millions, except
as otherwise noted) Note 2025 2024 2025 2024
-------------------- ----- ----------- ----------- ----------- -----------
Sales 2, 10 5,340 5,079 26,885 25,972
Freight,
transportation and
distribution 198 215 936 956
Cost of goods sold 3,254 3,283 17,602 17,486
-------------------- ----- ----------- ----------- ----------- -----------
Gross Margin 1,888 1,581 8,347 7,530
Selling expenses 817 813 3,320 3,435
General and
administrative
expenses 156 176 600 644
Provincial mining
taxes 83 45 372 255
Share-based
compensation
expense 44 20 163 37
Impairment of assets 3 -- -- -- 530
Foreign exchange
(gain) loss, net of
related
derivatives 7 (9) 1 9 360
Gain on sale of
investment in
Profertil 6 (301) -- (301) --
Other expenses 4 177 129 448 413
-------------------- ----- ----------- ----------- ----------- -----------
Earnings Before Finance
Costs and Income Taxes 921 397 3,736 1,856
Finance costs 183 195 687 720
-------------------- ----- ----------- ----------- ----------- -----------
Earnings Before
Income Taxes 738 202 3,049 1,136
Income tax expense 5 158 84 752 436
-------------------- ----- ----------- ----------- ----------- -----------
Net Earnings 580 118 2,297 700
-------------------- ----- ----------- ----------- ----------- -----------
Attributable to
Equity holders
of Nutrien 571 113 2,267 674
Non-controlling
interest 9 5 30 26
-------------------- ----- ----------- ----------- ----------- -----------
Net Earnings 580 118 2,297 700
-------------------- ----- ----------- ----------- ----------- -----------
Net Earnings Per Share Attributable to Equity Holders of Nutrien ("EPS")
-------------------------------------------------------------------------------
Basic 1.18 0.23 4.66 1.36
Diluted 1.18 0.23 4.66 1.36
-------------------- ----- ----------- ----------- ----------- -----------
Weighted average
shares outstanding
for basic EPS 483,028,000 492,843,000 486,335,000 494,198,000
Weighted average
shares outstanding
for diluted EPS 483,234,000 492,930,000 486,518,000 494,365,000
-------------------- ----- ----------- ----------- ----------- -----------
(See Notes to the Condensed Consolidated Financial Statements)
Condensed Consolidated Statements of Comprehensive Income (Loss)
Three Months Ended Twelve Months Ended
December 31 December 31
-------------------- ---------------------
($ millions, net of related
income taxes) 2025 2024 2025 2024
--------------------------- -------- ---------- ---------- ---------
Net Earnings 580 118 2,297 700
Other comprehensive income
(loss)
Items that will not be
reclassified to net
earnings:
Net actuarial gain
on defined benefit
plans 6 17 6 17
Net fair value gain
(loss) on
investments -- 2 (18) 55
Items that have been or
may be subsequently
reclassified to net
earnings:
Gain (loss) on
currency
translation of
foreign
operations 16 (282) 212 (254)
Other 11 (35) 24 (52)
--------------------------- -------- ---------- ---------- ---------
Other Comprehensive Income
(Loss) 33 (298) 224 (234)
--------------------------- -------- ---------- ---------- ---------
Comprehensive Income (Loss) 613 (180) 2,521 466
--------------------------- -------- ---------- ---------- ---------
Attributable to
Equity holders of
Nutrien 604 (182) 2,490 443
Non-controlling
interest 9 2 31 23
--------------------------- -------- ---------- ---------- ---------
Comprehensive Income (Loss) 613 (180) 2,521 466
--------------------------- -------- ---------- ---------- ---------
(See Notes to the Condensed Consolidated Financial Statements)
Condensed Consolidated Statements of Cash Flows
Three Months Ended Twelve Months Ended
December 31 December 31
-------------------- -------------------
($ millions) Note 2025 2024 2025 2024
--------------------- ---- --------- --------- -------- ---------
Operating Activities
Net earnings 580 118 2,297 700
Adjustments for:
Depreciation and
amortization 567 590 2,369 2,339
Share-based
compensation
expense 44 20 163 37
Impairment of
assets 3 -- -- -- 530
Gain on sale of
investment in
Profertil 6 (301) -- (301) --
Provision for
deferred income
tax 23 16 250 31
Net
(undistributed)
distributed
earnings of
equity-accounted
investees (1) (22) 65 (8)
Loss related to
financial
instruments in
Argentina 4 -- 1 -- 35
Long-term income
tax receivables
and payables (83) 30 (65) 47
Other long-term
assets,
liabilities and
miscellaneous 61 (16) 12 311
--------------------- ---- --------- --------- -------- ---------
Cash from operations
before working
capital changes 890 737 4,790 4,022
Changes in non-cash
operating working
capital:
Receivables 2,120 2,170 (128) (224)
Inventories and
prepaid expenses
and other
current assets (2,434) (2,205) (557) 60
Trade, other
payables and
accrued
liabilities 2,401 2,421 (98) (323)
--------------------- ---- --------- --------- -------- ---------
Cash Provided by
Operating
Activities 2,977 3,123 4,007 3,535
--------------------- ---- --------- --------- -------- ---------
Investing Activities
Capital expenditures
(1) (751) (767) (2,005) (2,154)
Business
acquisitions, net of
cash acquired (11) (15) (23) (21)
Proceeds from
(purchase of)
investments, held
within three months,
net 35 74 (33) 44
Purchase of
investments (1) -- (94) (112)
Proceeds from sale of
investments 6 416 79 838 138
Net changes in
non-cash working
capital 61 82 6 27
Other -- 28 (61) (55)
--------------------- ---- --------- --------- -------- ---------
Cash Used in
Investing
Activities (251) (519) (1,372) (2,133)
--------------------- ---- --------- --------- -------- ---------
Financing Activities
Repayment of debt,
maturing within
three months, net (1,621) (1,231) (696) (142)
Proceeds from debt 8 -- 24 998 1,022
Repayment of debt 8 (527) (527) (1,089) (659)
Repayment of
principal portion of
lease liabilities (106) (102) (419) (402)
Dividends paid to
Nutrien's
shareholders 9 (263) (265) (1,061) (1,060)
Repurchase of common
shares 9 (150) (134) (551) (184)
Issuance of common
shares 9 2 38 18
Other (3) (6) (37) (46)
--------------------- ---- --------- --------- -------- ---------
Cash Used in
Financing
Activities (2,661) (2,239) (2,817) (1,453)
--------------------- ---- --------- --------- -------- ---------
Effect of Exchange
Rate Changes on Cash
and Cash
Equivalents 12 (32) 30 (37)
--------------------- ---- --------- --------- -------- ---------
Increase (Decrease)
in Cash and Cash
Equivalents 77 333 (152) (88)
Cash and Cash
Equivalents --
Beginning of Period 624 520 853 941
--------------------- ---- --------- --------- -------- ---------
Cash and Cash
Equivalents -- End
of Period 701 853 701 853
--------------------- ---- --------- --------- -------- ---------
Cash and cash
equivalents is
composed of:
Cash 566 741 566 741
Short-term
investments 135 112 135 112
--------------------- ---- --------- --------- -------- ---------
701 853 701 853
--------------------- ---- --------- --------- -------- ---------
Supplemental Cash
Flows Information
Interest paid 220 244 738 740
Income taxes paid 134 61 335 321
Total cash outflow
for leases 144 140 567 558
--------------------- ---- --------- --------- -------- ---------
1 Includes additions to property, plant and equipment, and intangible
assets for the three months ended December 31, 2025 of $707 million
and $44 million (2024 -- $735 million and $32 million), respectively,
and for the twelve months ended December 31, 2025 of $1,882 million
and $123 million (2024 -- $2,025 million and $129 million),
respectively.
(See Notes to the Condensed Consolidated Financial Statements)
Condensed Consolidated Statements of Changes in Shareholders' Equity
Accumulated other
comprehensive
(loss) income ("AOCI")
---------------------------
($ millions,
inclusive of (Loss) gain
related tax, on currency Equity
except as Number of translation holders Non-
otherwise common Share Contributed of foreign Total Retained of controlling Total
noted) shares capital surplus operations Other AOCI earnings Nutrien interest equity
---------------- ----------- ------- ------------ ------------ ----- ------ --------- -------- ------------ -------
Balance -- December 31, 2023 494,551,730 13,838 83 (286) (10) (296) 11,531 25,156 45 25,201 Net earnings -- -- -- -- -- -- 674 674 26 700 Other comprehensive (loss) income -- -- -- (251) 20 (231) -- (231) (3) (234) Shares repurchased for cancellation (Note 9) (3,944,903) (110) (20) -- -- -- (60) (190) -- (190) Dividends declared (1) -- -- -- -- -- -- (1,063) (1,063) -- (1,063) Non-controlling interest transactions -- -- -- -- -- -- -- -- (33) (33) Effect of share-based compensation including issuance of common shares 418,619 20 5 -- -- -- -- 25 -- 25 Transfer of net gain on sale of investment -- -- -- -- -- -- 7 7 -- 7 Transfer of net loss on cash flow hedges -- -- -- -- 29 29 -- 29 -- 29 Transfer of net actuarial gain on defined benefit plans -- -- -- -- (17) (17) 17 -- -- -- ---------------- ----------- ------- ------------ ------------ ----- ------ --------- -------- ------------ ------- Balance -- December 31, 2024 491,025,446 13,748 68 (537) 22 (515) 11,106 24,407 35 24,442 ---------------- ----------- ------- ------------ ------------ ----- ------ --------- -------- ------------ ------- Net earnings -- -- -- -- -- -- 2,267 2,267 30 2,297 Other comprehensive income -- -- -- 211 12 223 -- 223 1 224 Shares repurchased for cancellation (Note 9) (9,829,408) (275) (10) -- -- -- (275) (560) -- (560) Dividends declared (1) -- -- -- -- -- -- (1,059) (1,059) -- (1,059) Non-controlling interest transactions -- -- -- -- -- -- 1 1 (24) (23) Effect of share-based compensation including issuance of common shares 766,195 46 (1) -- -- -- -- 45 -- 45 Transfer of net gain on sale of investment -- -- -- -- (27) (27) 27 -- -- -- Transfer of net gain on cash flow hedges -- -- -- -- (1) (1) -- (1) -- (1) Transfer of net actuarial gain on defined benefit plans -- -- -- -- (6) (6) 6 -- -- -- Other -- -- -- (3) -- (3) 3 -- -- -- ---------------- ----------- ------- ------------ ------------ ----- ------ --------- -------- ------------ ------- Balance -- December 31, 2025 481,962,233 13,519 57 (329) -- (329) 12,076 25,323 42 25,365 ---------------- ----------- ------- ------------ ------------ ----- ------ --------- -------- ------------ ------- 1 During the twelve months ended December 31, 2025, we declared dividends of $2.18 per share (2024 - $2.16 per share). (See Notes to the Condensed Consolidated Financial Statements)
Condensed Consolidated Balance Sheets
As at As at
December 31 December 31
----------- -----------
($ millions) Note 2025 2024
------------------------------------------ ---- ----------- -----------
Assets
Current assets
Cash and cash equivalents 701 853
Receivables 10 5,675 5,390
Inventories 6,977 6,148
Prepaid expenses and other current
assets 1,396 1,401
------------------------------------------ ---- ----------- -----------
14,749 13,792
Non-current assets
Property, plant and equipment 3 22,747 22,604
Goodwill 3 12,136 12,043
Intangible assets 3 1,667 1,819
Investments 6 144 698
Other assets 858 884
------------------------------------------ ---- ----------- -----------
Total Assets 52,301 51,840
------------------------------------------ ---- ----------- -----------
Liabilities
Current liabilities
Short-term debt 873 1,534
Current portion of long-term debt 8 513 1,037
Current portion of lease liabilities 346 356
Trade, other payables and accrued
liabilities 10 9,309 9,118
------------------------------------------ ---- ----------- -----------
11,041 12,045
Non-current liabilities
Long-term debt 8 9,350 8,881
Lease liabilities 937 999
Deferred income tax liabilities 3,666 3,539
Pension and other post-retirement
benefit liabilities 221 227
Asset retirement obligations and
accrued environmental costs 1,468 1,543
Other non-current liabilities 253 164
------------------------------------------ ---- ----------- -----------
Total Liabilities 26,936 27,398
------------------------------------------ ---- ----------- -----------
Shareholders' Equity
Share capital 9 13,519 13,748
Contributed surplus 57 68
Accumulated other comprehensive loss (329) (515)
Retained earnings 12,076 11,106
------------------------------------------ ---- ----------- -----------
Equity holders of Nutrien 25,323 24,407
Non-controlling interest 42 35
------------------------------------------ ---- ----------- -----------
Total Shareholders' Equity 25,365 24,442
------------------------------------------ ---- ----------- -----------
Total Liabilities and Shareholders' Equity 52,301 51,840
------------------------------------------ ---- ----------- -----------
(See Notes to the Condensed Consolidated Financial Statements)
Notes to the Condensed Consolidated Financial Statements
As at and for the Three and Twelve Months Ended December 31, 2025
Note 1 Basis of presentation
Nutrien Ltd. (collectively with its subsidiaries, "Nutrien", "we", "us", "our" or "the Company") is a leading global provider of crop inputs and services. We operate a world-class network of production, distribution and ag retail facilities that positions us to efficiently serve the needs of farmers.
These unaudited interim condensed consolidated financial statements ("interim financial statements") are based on International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board and have been prepared in accordance with IAS 34, "Interim Financial Reporting". The accounting policies and methods of computation used in preparing these interim financial statements are materially consistent with those used in the preparation of our 2024 annual audited consolidated financial statements. These interim financial statements include the accounts of Nutrien and its subsidiaries; however, they do not include all disclosures normally provided in annual audited consolidated financial statements and should be read in conjunction with our 2024 annual audited consolidated financial statements. These interim financial statements are presented in millions of US dollars, unless otherwise indicated, which is the functional currency of Nutrien and the majority of its subsidiaries.
Certain immaterial 2024 figures have been reclassified in Note 2 Segment information and Note 4 Other expenses (income).
In management's opinion, the interim financial statements include all adjustments necessary to fairly present such information in all material respects. Interim results are not necessarily indicative of the results expected for any other interim period or the fiscal year.
These interim financial statements were authorized by the Audit Committee of the Board of Directors for issue on February 18, 2026.
Note 2 Segment information
We have four reportable operating segments: Retail, Potash, Nitrogen and Phosphate. Our downstream Retail segment distributes crop nutrients, crop protection products, seed and merchandise, and provides agronomic application services and solutions, including the services offered through Nutrien Financial. Retail also manufactures and distributes proprietary products and provides services directly to farmers through a network of retail locations in North America, South America and Australia. Our upstream Potash, Nitrogen and Phosphate segments are differentiated by the chemical nutrient contained in the products that each segment produces and are supported by midstream activities, which include the global sales, freight, transportation and distribution of our products, which are reported within these segments, respectively. Potash freight, transportation and distribution costs only apply to our North American potash sales volumes. Sales reported under our Corporate and Others segment relates to our non-core businesses. EBITDA presented in the succeeding tables is calculated as net earnings (loss) before finance costs, income taxes, and depreciation and amortization.
In the fourth quarter of 2025, the Chief Operating Decision Maker ("CODM") reassessed our product groupings and determined that the performance of our Purchase for Resale business should be evaluated as part of the Corporate and Others segment. It had previously been recorded in our Nitrogen segment. The Purchase for Resale business focuses primarily on sales to international customers. Purchased product that remains in upstream is primarily purchases of inventory to satisfy sales contracts that we cannot fulfill with our manufactured products. The CODM concluded this change was appropriate based on the nature and strategic alignment of purchase for resale activities. Comparative amounts for the Corporate and Others and Nitrogen segments were reclassified. As a result of the reclassification, the Corporate and Others segment reflected the following increases and the Nitrogen segment reflected the corresponding decreases for the three and twelve months ended December 31, 2024.
Three Months Ended Twelve Months Ended
($ millions) December 31, 2024 December 31, 2024
------------- ------------------ -------------------
Sales 33 173
Gross Margin 1 8
EBITDA 1 4
------------- ------------------ -------------------
Three Months Ended December 31, 2025
------------------------------------------------------------------------------
Downstream Upstream and Midstream
---------- ---------------------------
Corporate
and
($ millions) Retail Potash Nitrogen Phosphate Others Eliminations Consolidated
---------------------- ---------- ------ -------- --------- --------- ------------ ------------
-- third
Sales party 3,137 686 994 478 45 -- 5,340
-- intersegment 7 106 246 65 -- (424) --
-------------------- ---------- ------ -------- --------- --------- ------------ ------------
Sales -- total 3,144 792 1,240 543 45 (424) 5,340
Freight,
transportation and
distribution (1) -- 56 147 60 (1) (64) 198
---------------------- ---------- ------ -------- --------- --------- ------------ ------------
Net sales 3,144 736 1,093 483 46 (360) 5,142
Cost of goods sold 2,167 324 682 430 39 (388) 3,254
---------------------- ---------- ------ -------- --------- --------- ------------ ------------
Gross margin 977 412 411 53 7 28 1,888
Selling expenses
(recovery) 811 2 5 1 5 (7) 817
General and
administrative
expenses 40 3 4 3 106 -- 156
Provincial mining
taxes -- 83 -- -- -- -- 83
Share-based
compensation expense -- -- -- -- 44 -- 44
Foreign exchange gain,
net of related
derivatives -- -- -- -- (9) -- (9)
Gain on sale of
investment in
Profertil -- -- -- -- (301) -- (301)
Other expenses 4 6 32 15 111 9 177
---------------------- ---------- ------ -------- --------- --------- ------------ ------------
Earnings before
finance costs and
income taxes 122 318 370 34 51 26 921
Depreciation and
amortization 189 127 151 73 27 -- 567
---------------------- ---------- ------ -------- --------- --------- ------------ ------------
EBITDA 311 445 521 107 78 26 1,488
Restructuring costs -- -- -- -- 46 -- 46
Share-based
compensation expense -- -- -- -- 44 -- 44
ARO/ERL related
expenses for
non-operating sites -- -- -- -- 9 -- 9
Foreign exchange gain,
net of related
derivatives -- -- -- -- (9) -- (9)
Gain on sale of
investment in
Profertil -- -- -- -- (301) -- (301)
---------------------- ---------- ------ -------- --------- --------- ------------ ------------
Adjusted EBITDA 311 445 521 107 (133) 26 1,277
---------------------- ---------- ------ -------- --------- --------- ------------ ------------
1 Potash freight, transportation and distribution costs only apply to our North American potash sales
volumes.
Three Months Ended December 31, 2024
---------------------------------------------------------------------------------
Downstream Upstream and Midstream
---------- ------------------------------
Corporate
and
($ millions) Retail Potash Nitrogen(1) Phosphate Others(1) Eliminations Consolidated
---------------------- ---------- ------ ----------- --------- --------- ------------ ------------
-- third
Sales party 3,179 522 920 403 55 -- 5,079
-- intersegment -- 65 223 68 -- (356) --
-------------------- ---------- ------ ----------- --------- --------- ------------ ------------
Sales -- total 3,179 587 1,143 471 55 (356) 5,079
Freight,
transportation and
distribution (2) -- 51 162 57 1 (56) 215
---------------------- ---------- ------ ----------- --------- --------- ------------ ------------
Net sales 3,179 536 981 414 54 (300) 4,864
Cost of goods sold 2,193 309 669 394 40 (322) 3,283
---------------------- ---------- ------ ----------- --------- --------- ------------ ------------
Gross margin 986 227 312 20 14 22 1,581
Selling expenses
(recovery) 808 1 2 1 8 (7) 813
General and
administrative
expenses 37 2 8 3 126 -- 176
Provincial mining
taxes -- 45 -- -- -- -- 45
Share-based
compensation expense -- -- -- -- 20 -- 20
Foreign exchange loss,
net of related
derivatives -- -- -- -- 1 -- 1
Other (income)
expenses (8) 22 1 7 105 2 129
---------------------- ---------- ------ ----------- --------- --------- ------------ ------------
Earnings (loss) before
finance costs and
income taxes 149 157 301 9 (246) 27 397
Depreciation and
amortization 191 134 170 77 18 -- 590
---------------------- ---------- ------ ----------- --------- --------- ------------ ------------
EBITDA 340 291 471 86 (228) 27 987
Restructuring costs -- -- -- -- 47 -- 47
Share-based
compensation expense -- -- -- -- 20 -- 20
Loss related to
financial instruments
in Argentina -- -- -- -- 1 -- 1
ARO/ERL related income
for non-operating
sites -- -- -- -- (1) -- (1)
Foreign exchange loss,
net of related
derivatives -- -- -- -- 1 -- 1
---------------------- ---------- ------ ----------- --------- --------- ------------ ------------
Adjusted EBITDA 340 291 471 86 (160) 27 1,055
---------------------- ---------- ------ ----------- --------- --------- ------------ ------------
1 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the
Corporate and Others segment.
2 Potash freight, transportation and distribution costs only apply to our North American potash sales
volumes.
Twelve Months Ended December 31, 2025
------------------------------------------------------------------------------
Downstream Upstream and Midstream
---------- ---------------------------
Corporate
and
($ millions) Retail Potash Nitrogen Phosphate Others Eliminations Consolidated
---------------------- ---------- ------ -------- --------- --------- ------------ ------------
-- third
Sales party 17,601 3,571 3,807 1,660 246 -- 26,885
-- intersegment 19 424 932 298 -- (1,673) --
-------------------- ---------- ------ -------- --------- --------- ------------ ------------
Sales -- total 17,620 3,995 4,739 1,958 246 (1,673) 26,885
Freight,
transportation and
distribution (1) -- 402 552 224 (1) (241) 936
---------------------- ---------- ------ -------- --------- --------- ------------ ------------
Net sales 17,620 3,593 4,187 1,734 247 (1,432) 25,949
Cost of goods sold 13,017 1,581 2,580 1,590 220 (1,386) 17,602
---------------------- ---------- ------ -------- --------- --------- ------------ ------------
Gross margin 4,603 2,012 1,607 144 27 (46) 8,347
Selling expenses
(recovery) 3,306 10 26 6 (1) (27) 3,320
General and
administrative
expenses 172 10 18 8 392 -- 600
Provincial mining
taxes -- 372 -- -- -- -- 372
Share-based
compensation expense -- -- -- -- 163 -- 163
Foreign exchange loss,
net of related
derivatives -- -- -- -- 9 -- 9
Gain on sale of
investment in
Profertil -- -- -- -- (301) -- (301)
Other expenses 123 26 32 33 207 27 448
---------------------- ---------- ------ -------- --------- --------- ------------ ------------
Earnings (loss) before
finance costs and
income taxes 1,002 1,594 1,531 97 (442) (46) 3,736
Depreciation and
amortization 734 660 616 285 74 -- 2,369
---------------------- ---------- ------ -------- --------- --------- ------------ ------------
EBITDA 1,736 2,254 2,147 382 (368) (46) 6,105
Restructuring costs -- -- -- -- 68 -- 68
Share-based
compensation expense -- -- -- -- 163 -- 163
ARO/ERL related
expenses for
non-operating sites -- -- -- -- 2 -- 2
Foreign exchange loss,
net of related
derivatives -- -- -- -- 9 -- 9
Gain on sale of
investment in
Profertil -- -- -- -- (301) -- (301)
---------------------- ---------- ------ -------- --------- --------- ------------ ------------
Adjusted EBITDA 1,736 2,254 2,147 382 (427) (46) 6,046
---------------------- ---------- ------ -------- --------- --------- ------------ ------------
1 Potash freight, transportation and distribution costs only apply to our North American potash sales
volumes.
Twelve Months Ended December 31, 2024
---------------------------------------------------------------------------------
Downstream Upstream and Midstream
---------- ------------------------------
Corporate
and
($ millions) Retail Potash Nitrogen(1) Phosphate Others(1) Eliminations Consolidated
---------------------- ---------- ------ ----------- --------- --------- ------------ ------------
-- third
Sales party 17,832 3,008 3,327 1,610 195 -- 25,972
-- intersegment -- 370 807 278 -- (1,455) --
-------------------- ---------- ------ ----------- --------- --------- ------------ ------------
Sales -- total 17,832 3,378 4,134 1,888 195 (1,455) 25,972
Freight,
transportation and
distribution (2) -- 389 558 231 4 (226) 956
---------------------- ---------- ------ ----------- --------- --------- ------------ ------------
Net sales 17,832 2,989 3,576 1,657 191 (1,229) 25,016
Cost of goods sold 13,211 1,448 2,374 1,510 170 (1,227) 17,486
---------------------- ---------- ------ ----------- --------- --------- ------------ ------------
Gross margin 4,621 1,541 1,202 147 21 (2) 7,530
Selling expenses
(recovery) 3,418 10 24 6 2 (25) 3,435
General and
administrative
expenses 191 12 22 14 405 -- 644
Provincial mining
taxes -- 255 -- -- -- -- 255
Share-based
compensation expense -- -- -- -- 37 -- 37
Impairment of assets 335 -- 195 -- -- -- 530
Foreign exchange loss,
net of related
derivatives -- -- -- -- 360 -- 360
Other expenses
(income) 87 25 (135) 33 379 24 413
---------------------- ---------- ------ ----------- --------- --------- ------------ ------------
Earnings (loss) before
finance costs and
income taxes 590 1,239 1,096 94 (1,162) (1) 1,856
Depreciation and
amortization 771 609 589 290 80 -- 2,339
---------------------- ---------- ------ ----------- --------- --------- ------------ ------------
EBITDA 1,361 1,848 1,685 384 (1,082) (1) 4,195
Restructuring costs -- -- -- -- 47 -- 47
Share-based
compensation expense -- -- -- -- 37 -- 37
Impairment of assets 335 -- 195 -- -- -- 530
Loss related to
financial instruments
in Argentina -- -- -- -- 35 -- 35
ARO/ERL related
expenses for
non-operating sites -- -- -- -- 151 -- 151
Foreign exchange loss,
net of related
derivatives -- -- -- -- 360 -- 360
---------------------- ---------- ------ ----------- --------- --------- ------------ ------------
Adjusted EBITDA 1,696 1,848 1,880 384 (452) (1) 5,355
---------------------- ---------- ------ ----------- --------- --------- ------------ ------------
1 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the
Corporate and Others segment.
2 Potash freight, transportation and distribution costs only apply to our North American potash sales
volumes.
Three Months Ended Twelve Months Ended
December 31 December 31
-------------------- ---------------------
($ millions) 2025 2024 2025 2024
--------------------------- --------- --------- ---------- ---------
Retail sales by product
line
Crop nutrients 1,512 1,528 7,285 7,211
Crop protection
products 931 948 6,105 6,313
Seed 162 184 2,128 2,235
Services and other 254 228 944 918
Merchandise 226 230 875 897
Nutrien Financial 82 77 376 361
Nutrien Financial
elimination (1) (23) (16) (93) (103)
--------------------------- --------- --------- ---------- ---------
3,144 3,179 17,620 17,832
--------------------------- --------- --------- ---------- ---------
Potash sales by geography
Manufactured product
North America 278 245 1,727 1,719
Offshore (2) 514 342 2,264 1,658
Other potash and
purchased products -- -- 4 1
--------------------------- --------- --------- ---------- ---------
792 587 3,995 3,378
--------------------------- --------- --------- ---------- ---------
Nitrogen sales by product
line
Manufactured product
Ammonia 319 376 1,218 1,232
Urea and ESN(R) 360 395 1,648 1,480
Solutions, nitrates
and sulfates 424 339 1,641 1,300
Other nitrogen and
purchased products
(3) 137 33 232 122
--------------------------- --------- --------- ---------- ---------
1,240 1,143 4,739 4,134
--------------------------- --------- --------- ---------- ---------
Phosphate sales by product
line
Manufactured product
Fertilizer 362 309 1,275 1,237
Industrial and feed 177 157 661 627
Other phosphate and
purchased products 4 5 22 24
--------------------------- --------- --------- ---------- ---------
543 471 1,958 1,888
--------------------------- --------- --------- ---------- ---------
1 Represents elimination of the interest and service fees charged by
Nutrien Financial to Retail branches.
2 Relates to Canpotex Limited ("Canpotex") (see Note 10) and includes
provisional pricing adjustments for the three months ended December 31,
2025 of $3 million (2024 -- $(3) million) and the twelve months ended
December 31, 2025 of $48 million (2024 -- $4 million).
3 Comparative figures have been reclassified for our Purchase for Resale
business from Nitrogen to the Corporate and Others segment.
Note 3 Impairment of assets
During the three and twelve months ended December 31, 2025, we assessed our assets for indicators of impairment. No impairment was recognized during the year.
Nitrogen
At December 31, 2025, circumstances within our Trinidad cash generating unit (CGU) presented an indicator of impairment. On October 23, 2025, the Trinidad nitrogen facility completed a controlled shutdown in response to port access restrictions imposed by Trinidad and Tobago's National Energy Corporation and a lack of reliable and economic natural gas supply. As a result, we performed impairment testing on our Trinidad CGU, part of our Nitrogen segment. No impairment was recognized, as the recoverable amount of the Trinidad CGU exceeded its carrying amount. The recoverable amount was determined using a fair value less costs of disposal ("FVLCD") methodology. The valuation was based on post-tax discounted cash flows using a 10-year projection and a 2.0% terminal growth rate discounted at a post-tax rate of 11.8%.
Goodwill impairment testing
As at December 31 ($ millions) 2025 2024
--------------------------------- ------ ------
Goodwill by CGU or Group of CGUs
Retail -- North America 7,006 6,961
Retail -- Australia 587 539
Potash 154 154
Nitrogen 4,389 4,389
--------------------------------- ------ ------
12,136 12,043
--------------------------------- ------ ------
During the three and twelve months ended December 31, 2025, we performed our annual impairment test on goodwill and did not identify any impairment.
In testing for impairment of goodwill, we calculate the recoverable amount for a CGU or groups of CGUs containing goodwill. We used the FVLCD methodology based on post-tax discounted cash flows (five-year or 10-year projections plus a terminal value) and incorporated assumptions an independent market participant would apply. We adjusted discount rates for each CGU or group of CGUs for the risk associated with achieving our forecasts and for the country risk premium in which we expect to generate cash flows. FVLCD is a Level 3 measurement. We use our market capitalization (where applicable) and comparative market multiples to ensure discounted cash flow results are reasonable.
The key assumptions with the greatest influence on the calculation of the recoverable amounts are the discount rates, terminal growth rates and forecasted EBITDA. The key forecast assumptions were based on historical data and our estimates of future results from internal sources considering industry and market information.
Retail -- North America CGU
During our performance of our annual impairment test, the Retail -- North America group of CGUs recoverable amount exceeded its carrying amount by $2.9 billion. Goodwill is more susceptible to impairment risk if there is an increase in the discount rate or a deterioration in business operating results or economic conditions and actual results do not meet our forecasts. A reduction in the terminal growth rate, an increase in the discount rate or a decrease in forecasted EBITDA could cause impairment in the future as shown in the table below.
Change required for
Key assumption carrying amount
2025 Annual used in impairment to equal recoverable
impairment testing model amount
--------------------- -------------------- --------------------------
Terminal growth rate Percentage point
(%) 2.3 1.8 decrease
Percentage point
Discount rate (1) (%) 7.7 1.2 increase
Forecasted EBITDA over
forecast period ($
millions) 8,500 12 Percent decrease
---------------------- -------------------- ---- --------------------
1 The discount rate used in the previous measurement at October 1, 2024
was 7.3 percent.
Retail -- Australia, Potash, and Nitrogen CGUs
The following table indicates the key assumptions used in testing the remaining groups of CGUs:
Terminal growth rate (%) Post-tax discount rate (%)
-------------------------- ----------------------------
2025 2024 2025 2024
-------------- ------------ ------------ ------------- -------------
Retail --
Australia 2.5 2.6 7.6 7.9
Potash 2.0 2.5 7.3 6.3
Nitrogen 2.0 2.3 8.7 7.6
-------------- ------------ ------------ ------------- -------------
2024 Impairment of assets
In the twelve months ended December 31, 2024, we recorded the following non-cash impairment of assets in the condensed consolidated statements of earnings:
($ millions) December 31, 2024 ------------------------------------------ ----------------- Segment Category Retail Intangible assets 200 Property, plant and equipment 120 Other 15 Nitrogen Property, plant and equipment 195 ---------- ------------------------------- ----------------- Impairment of assets 530 ------------------------------------------ -----------------
Note 4 Other expenses (income)
Three Months Ended Twelve Months Ended
December 31 December 31
-------------------- ---------------------
($ millions) 2025 2024 2025 2024
--------------------------- --------- --------- --------- ----------
Restructuring costs 46 47 68 47
Earnings of
equity-accounted
investees (1) (23) (37) (130)
Bad debt (recovery) expense (3) 23 85 117
Project feasibility costs 39 26 108 92
Customer prepayment costs 13 12 63 58
Legal expenses 8 15 21 47
ARO/ERL related expenses
(income) for non-operating
sites (1) 9 (1) 2 151
Loss on natural gas
derivatives not designated
as a hedge -- 1 -- 8
Loss related to financial
instruments in Argentina -- 1 -- 35
Insurance recoveries -- (3) (1) (65)
Other expenses 66 31 139 53
--------------------------- --------- --------- --------- ----------
177 129 448 413
--------------------------- --------- --------- --------- ----------
1 ARO/ERL refers to asset retirement obligations and accrued
environmental costs.
Note 5 Income taxes
Three Months Ended Twelve Months Ended
December 31 December 31
-------------------- ---------------------
($ millions, except as
otherwise noted) 2025 2024 2025 2024
--------------------------- --------- --------- ---------- ---------
Actual effective tax rate
on earnings (%) 21 33 24 40
Actual effective tax rate
including discrete items
(%) 22 42 25 38
Discrete tax adjustments
that impacted the tax rate
(1) 4 18 27 (13)
--------------------------- --------- --------- ---------- ---------
1 Discrete tax adjustments arise from specific, significant or unusual
events that are recognized in the period in which the event occurs,
rather than being allocated across the year through the annual effective
tax rate.
Note 6 Investments
Proportion of
Ownership Interest
and
Voting Rights Held
(%) Carrying Amount
-------------------- ------------------
Principal As at As at As at
($ millions, Place of December As at December December
except as Principal Business and 31, December 31, 31,
otherwise noted) Activity Incorporation 2025 31, 2024 2025 2024
----------------- ------------ -------------- -------- ---------- -------- --------
Equity-accounted
investees
Profertil S.A. Nitrogen
("Profertil") producer Argentina -- 50 -- 349
Marketing and
logistics of
Canpotex potash Canada 50 50 -- --
Other associates and joint ventures 134 128
-------------------------------------------------- -------- ---------- -------- --------
Total equity-accounted investees 134 477
-------------------------------------------------- -------- ---------- -------- --------
Investments at
FVTOCI
Sinofert Holdings Fertilizer
Limited supplier and
("Sinofert") distributor China/Bermuda -- 19 -- 211
Other 10 10
-------------------------------------------------- -------- ---------- -------- --------
Total investments at FVTOCI 10 221
-------------------------------- -------------- -------- ---------- -------- --------
Total investments 144 698
-------------------------------------------------- -------- ---------- -------- --------
Equity-accounted investees
In 2025, as part of our strategic priority to simplify and focus, we entered into an agreement to sell our 50 percent equity ownership in Profertil, which had been classified as an equity-accounted investment. A deposit of $120 million was received from the purchaser on September 5, 2025. The sale closed on December 10, 2025 resulting in gross proceeds of $595 million and a gain of $301 million recorded in the consolidated statement of earnings within our Corporate and Others segment. This gain reflects the difference between the net proceeds and the carrying amount of the investment at the date of sale. The buyer remitted the applicable withholding tax on behalf of Nutrien, resulting in a $60 million non-cash transaction.
Investments at fair value through other comprehensive income
In 2025, as part of our strategic priority to simplify and focus, we fully divested our remaining equity ownership interest in Sinofert, which had been classified as a financial asset measured at fair value through other comprehensive income. Gross proceeds from the sale were $193 million and reflected the fair value of the investment at the date of derecognition. A fair value loss of $18 million related to the investment was recognized in other comprehensive income. Upon derecognition, the cumulative unrealized gain previously recognized in other comprehensive income of $27 million was reclassified to retained earnings.
Note 7 Financial instruments
Foreign currency derivatives
Three Months Ended Twelve Months Ended
December 31 December 31
-------------------- ---------------------
($ millions) 2025 2024 2025 2024
--------------------------- --------- --------- ---------- ---------
Foreign exchange loss
(gain) 7 (13) (2) 14
Hyperinflationary loss (1) -- 12 -- 97
(Gain) loss on foreign
currency derivatives at
fair value through profit
or loss ("FVTPL") (16) 2 11 249
--------------------------- --------- --------- ---------- ---------
Foreign exchange (gain)
loss, net of related
derivatives (9) 1 9 360
--------------------------- --------- --------- ---------- ---------
1 In 2025, the functional currency of our Argentina operations changed
from the Argentine peso to the US dollar and was applied prospectively
from the date of change, eliminating the need for hyperinflationary
adjustments.
Our financial instruments carrying amounts are a reasonable approximation of their fair values, except for our long-term debt, including current portion, that has a carrying value of $9,863 million and fair value of $9,476 million as at December 31, 2025. There were no transfers between levels for financial instruments measured at fair value on a recurring basis.
Note 8 Debt
In 2025, we extended the maturity of our $4,500 million unsecured committed revolving term facility to September 4, 2030. We also extended the term of our unsecured committed revolving term credit facility to September 2, 2026 and reduced the facility limit from $750 million to $500 million.
($ millions, except as
otherwise noted) Rate of interest (%) Maturity Amount
------------------------ -------------------- ---------------- ------
Senior notes repaid in
2025 3.000 April 1, 2025 500
Senior notes repaid in
2025 5.950 November 7, 2025 500
------------------------ -------------------- ---------------- ------
1,000
------------------------ -------------------- ---------------- ------
Senior notes issued in
2025 4.500 March 12, 2027 400
Senior notes issued in
2025 5.250 March 12, 2032 600
------------------------ -------------------- ---------------- ------
1,000
------------------------ -------------------- ---------------- ------
The senior notes issued in the twelve months ended December 31, 2025, are unsecured, rank equally with our existing unsecured debt, and have no sinking fund requirements prior to maturity. Each series of outstanding senior notes is redeemable and has various provisions for redemption prior to maturity, at our option, at specified prices.
Note 9 Share capital
Share repurchase programs
The following table summarizes our share repurchase activities during the periods indicated below:
Three Months Ended Twelve Months Ended
December 31 December 31
-------------------- ---------------------
($ millions, except as
otherwise noted) 2025 2024 2025 2024
--------------------------- --------- --------- ---------- ---------
Number of common shares
repurchased for
cancellation 2,540,498 2,905,718 9,829,408 3,944,903
Average price per share (US
dollars) 58.76 47.02 55.94 47.31
Total cost, inclusive of
tax 151 139 560 190
--------------------------- --------- --------- ---------- ---------
Subsequent to December 31, 2025, as of February 17, 2026, an additional 1,097,694 common shares were repurchased for cancellation at a cost of $73 million and an average price per share of $66.97.
On February 18, 2026, our Board of Directors approved a share repurchase program for up to five percent of our outstanding common shares. The 2026 normal course issuer bid, which is subject to the acceptance by the Toronto Stock Exchange, will expire after a 12-month period, if we acquire the maximum number of common shares allowable or otherwise decide not to make any further repurchases.
Dividends declared
We declared a dividend per share of $0.545 (2024 -- $0.54) during the three months ended December 31, 2025, payable on January 16, 2026 to shareholders of record on December 31, 2025.
On February 18, 2026, our Board of Directors declared and increased our quarterly dividend to $0.55 per share payable on April 16, 2026, to shareholders of record on March 31, 2026. The total estimated dividend to be paid is $265 million.
Note 10 Related party transactions
We sell potash outside Canada and the US exclusively through Canpotex. Our total revenue is recognized at the amount received from Canpotex representing proceeds from their sale of potash, less net costs of Canpotex. The receivable outstanding from Canpotex arose from sale transactions described above. It is unsecured and bears no interest. Any credit losses held against this receivable are expected to be negligible. Canpotex sells potash to buyers, including Nutrien, in export markets pursuant to term and spot contracts at agreed-upon prices. Purchases from Canpotex for the three months ended December 31, 2025 were $50 million (2024 -- $34 million) and the twelve months ended December 31, 2025 were $150 million (2024 -- $146 million).
As at As at
($ millions) December 31, 2025 December 31, 2024
-------------------------- ----------------- -----------------
Receivables from Canpotex 279 122
Payables to Canpotex 63 66
--------------------------- ----------------- -----------------
Note 11 Accounting policies, estimates and judgments
Amendments to IFRS 9 and IFRS 7, Classification and Measurement of Financial Instruments, issued in May 2024, describe the timing of recognition and derecognition for a financial asset or financial liability, including clarifying that a financial liability is derecognized on the settlement date. In addition to these clarifications, the amendments introduce an accounting policy choice to derecognize financial liabilities settled using an electronic payment system before the settlement date if specific conditions are met. These amendments will be effective January 1, 2026, and will not apply to comparative information. Nutrien has reviewed its banking procedures and assessed that the impact of the amendment is immaterial as at January 1, 2026.
IFRS 18, Presentation and Disclosure in Financial Statements, issued in April 2024, would replace IAS 1, Presentation of Financial Statements, and introduce new presentation requirements, including defined subtotals and enhances guidance on aggregation and disaggregation. IFRS 18 will be effective January 1, 2027, and will also apply to comparative information. We are reviewing the standard to determine the potential impact.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260210872647/en/
CONTACT: Investor Contact:
Jeff Holzman
Senior Vice President, Investor Relations and FP&A
(306) 933-8545 -- investors@nutrien.com
Media Contact:
Simon Scott
Vice President, Global Communications
(403) 225-7213 -- media@nutrien.com
(END) Dow Jones Newswires
February 18, 2026 17:26 ET (22:26 GMT)