Strong customer demand and solid operational performance in the first quarter
Strategic priorities and capital allocation approach remain unchanged
Full-year guidance ranges reaffirmed
All amounts are in US dollars, except as otherwise noted
SASKATOON, Saskatchewan--(BUSINESS WIRE)--May 06, 2026--
Nutrien Ltd. (TSX and NYSE: NTR) announced today its first quarter 2026 results, with net earnings of $139 million ($0.27 diluted net earnings per share). First quarter 2026 adjusted EBITDA(1) was $1.11 billion and adjusted net earnings per share(1) was $0.51.
"Nutrien delivered record potash sales volumes and stronger Nitrogen and Retail performance in the first quarter. We increased production from our low-cost North American assets and positioned our supply chain to reliably supply our customers amid tightening global fertilizer supply and demand fundamentals," commented Ken Seitz, Nutrien's President and CEO. "We continue to take purposeful steps to simplify the business, strengthen and grow our core asset base and improve capital efficiency, resulting in a more resilient portfolio and delivering structural free cash flow growth."
Highlights(2) :
-- Retail adjusted EBITDA increased to $108 million in the first quarter
of 2026 due to higher crop nutrient sales volumes and stronger
proprietary products gross margins in the US and Australia. In the first
quarter, we completed a tuck-in acquisition of a high-quality retail
business located in the US corn belt.
-- Potash adjusted EBITDA increased to $578 million in the first quarter
of 2026 due to higher global benchmarks and record sales volumes. We
increased potash production and continued to progress mine automation,
maintaining our controllable cash cost of product manufactured1 below $60
per tonne.
-- Nitrogen adjusted EBITDA increased to $482 million in the first quarter
of 2026 primarily due to higher global benchmarks. Our low-cost North
American nitrogen plants delivered an ammonia operating rate3 of 92
percent in the first quarter of 2026, consistent with our planned
production and reflective of a continued focus on reliability
initiatives.
-- Returned $409 million to shareholders in the first quarter of 2026
through dividends and share repurchases.
-- Progressing as planned with the review of strategic alternatives for
our Phosphate business, Trinidad Nitrogen facility and Brazilian Retail
business with a focus on enhancing earnings quality and free cash flow.
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 three months ended March 31, 2026 to the results for the three
months ended March 31, 2025, unless otherwise noted.
3 Excludes Trinidad and Joffre.
Management's Discussion and Analysis
The following management's discussion and analysis ("MD&A") is the responsibility of management and is dated as of May 6, 2026. The Board of Directors ("Board") of Nutrien carries out its responsibility for review of this disclosure principally through its Audit Committee, composed entirely of independent directors. The Audit Committee reviews and, prior to its publication, approves this disclosure pursuant to the authority delegated to it by the Board. The term "Nutrien" refers to Nutrien Ltd. and the terms "we", "us", "our", "Nutrien" and "the Company" refer to Nutrien and, as applicable, Nutrien and its direct and indirect subsidiaries on a consolidated basis. Additional information relating to Nutrien (which, except as otherwise noted, is not incorporated by reference herein), including our annual report dated February 19, 2026 ("2025 Annual Report"), which includes our annual audited consolidated financial statements ("annual financial statements") and MD&A, and our annual information form dated February 19, 2026, each for the year ended December 31, 2025, can be found on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. No update is provided to the disclosure in our 2025 annual MD&A except for material information since the date of our annual MD&A. The Company is a foreign private issuer under the rules and regulations of the US Securities and Exchange Commission (the "SEC").
This MD&A is based on, and should be read in conjunction with, the Company's unaudited interim condensed consolidated financial statements as at and for the three months ended March 31, 2026 ("interim financial statements") based on International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board and prepared in accordance with International Accounting Standard ("IAS") 34 "Interim Financial Reporting", unless otherwise noted. This MD&A contains certain non-GAAP financial measures and ratios and forward-looking statements, which are described in the "Non-GAAP Financial Measures" and the "Forward-Looking Statements" sections, respectively.
Market Outlook and Guidance
-- The conflict in the Middle East and related geopolitical uncertainty
has disrupted global fertilizer and energy markets, with the most direct
impact on nitrogen and phosphate supply from that region, as well as
associated feedstock cost and availability. The outlook below reflects
current market conditions and ongoing market dynamics.
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 is expected to drive continued need for higher global crop
production and related crop inputs. Global grain and oilseed prices have
strengthened in 2026 due to robust demand and the emergence of regional
weather issues that could impact prospective production.
-- We have maintained our US crop acreage projections with corn plantings
of 94 to 96 million acres and soybean plantings of 84 to 86 million acres
in 2026. We have seen healthy crop input demand over the first four
months of 2026 in line with our prior expectations, supported by above
average planting progress and the need to replenish soil nutrients
following last year's record crop.
-- In Australia, favorable weather conditions across key cropping regions
and strong livestock prices are supporting sales of retail products and
services. In Brazil, safrinha corn planting supported crop input demand
in the first quarter and growers prioritized potash purchases.
Crop Nutrient Markets
-- Global potash demand remains strong and we have maintained our previous
forecast range for global potash shipments of 74 to 77 million tonnes in
2026. We anticipate relatively tight potash fundamentals throughout 2026
with demand trends expected to test existing global operating and supply
chain capabilities.
-- Global nitrogen market fundamentals have tightened due to trade flow
disruptions and elevated natural gas costs and LNG availability have
impacted nitrogen production and costs for producers in Asia, Europe and
other key regions. The outlook for the remainder of 2026 is expected to
be impacted by uneven restoration of trade flows and restart of nitrogen
assets, as well as uncertainty regarding Chinese urea exports and Indian
urea imports.
-- Global phosphate supply and demand has been impacted by trade flow
disruptions, lower global operating rates due to elevated feedstock costs
that have pressured margins, and continued uncertainty regarding Chinese
exports.
Financial and Operational Guidance
-- We have maintained all 2026 full year financial and operational
guidance ranges.
-- Retail adjusted EBITDA guidance of $1.75 to $1.95 billion represents
structural growth in our downstream business consistent with historical
rates.
-- 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 is
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 guidance 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 $400 million in investing
capital expenditures focused on proprietary products, network
optimization and digital capabilities in Retail, low-cost brownfield
expansions and product optimization projects in Nitrogen, and mine
automation in Potash.
All guidance numbers, including those noted above, are outlined in the table below. Refer to page 33 of our 2025 Annual Report for anticipated fertilizer pricing and natural gas price sensitivities relating to adjusted EBITDA (consolidated) and adjusted net earnings per share.
2026 Guidance Ranges(1) as of
----------------------------------------
May 6, 2026 February 18, 2026
------------------- -------------------
($ billions, except as
otherwise noted) Low High Low High
------------------------------ --------- -------- ---------- -------
Retail adjusted EBITDA 1.75 1.95 1.75 1.95
Potash sales volumes (million
tonnes)(2) 14.1 14.8 14.1 14.8
Nitrogen sales volumes
(million tonnes)(2) 9.2 9.7 9.2 9.7
Phosphate sales volumes
(million tonnes)(2) 2.4 2.6 2.4 2.6
Depreciation and amortization 2.4 2.5 2.4 2.5
Finance costs 0.65 0.75 0.65 0.75
Effective tax rate on adjusted
net earnings (%)(3) 24.0 26.0 24.0 26.0
Capital expenditures(4) 2.0 2.1 2.0 2.1
------------------------------ --------- -------- ---------- -------
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.
Consolidated Results
Three Months Ended
March 31
--------------------------
($ millions, except as otherwise noted) 2026 2025 % Change
---------------------------------------------- ------- ------ ---------
Sales 6,046 5,100 19
Gross margin 1,646 1,320 25
Expenses 1,286 1,094 18
Net earnings 139 19 n/m
Adjusted EBITDA(1) 1,105 852 30
Diluted net earnings per share (dollars)(2) 0.27 0.02 n/m
Adjusted net earnings per share (dollars)(1,
2) 0.51 0.11 n/m
---------------------------------------------- ------- ------ ---------
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 first quarter of 2026 primarily due to higher fertilizer global benchmarks, increased Retail earnings and record Potash sales volumes compared to the first quarter of 2025.
Segment Results
Our discussion of segment results set out on the following pages is a comparison of the results for the three months ended March 31, 2026 to the results for the three months ended March 31, 2025, unless otherwise noted.
Retail
Three Months Ended
March 31
----------------------
($ millions, except as otherwise noted) 2026 2025 % Change
---------------------------------------- ----- ----- --------
Sales 3,640 3,090 18
Cost of goods sold 2,840 2,404 18
Gross margin 800 686 17
Adjusted EBITDA(1) 108 46 135
---------------------------------------- ----- ----- --------
1 See Note 2 to the interim financial statements.
-- Retail adjusted EBITDA increased in the first quarter of 2026 due to
higher crop nutrient sales volumes and stronger proprietary products
gross margins in the US and Australia. Expenses increased due to selling
expenses related to higher sales volumes.
Three Months Ended
March 31
----------------------------------
Sales Gross Margin
------------------ --------------
($ millions) 2026 2025 2026 2025
------------------------------------ -------- -------- ------ ------
Crop nutrients 1,483 1,194 250 219
Crop protection products 1,137 972 226 191
Seed 562 532 84 70
Services and other 175 146 144 118
Merchandise 223 189 36 31
Nutrien Financial 80 70 80 70
Nutrien Financial elimination(1) (20) (13) (20) (13)
------------------------------------ -------- -------- ------ ------
Total 3,640 3,090 800 686
------------------------------------ -------- -------- ------ ------
1 Represents elimination of the interest and service fees charged by
Nutrien Financial to Retail branches.
-- Crop nutrients sales and gross margin increased in the first quarter of
2026 due to higher sales volumes from our core geographies, including an
earlier start to field activity in the US relative to the same period in
2025.
-- Crop protection products sales and gross margin increased in the first
quarter of 2026 due to higher sales of proprietary products, supported by
earlier field activity in the US relative to the same period in 2025.
-- Seed sales and gross margin increased in the first quarter of 2026 due
to higher sales volumes, including higher-margin canola seed.
-- Services and other sales and gross margin increased in the first
quarter of 2026 due to a strong livestock market in Australia.
Three Months Ended
Supplemental Data March 31
--------------------------------------
Gross Margin % of Product Line(1)
-------------- ----------------------
($ millions, except as otherwise
noted) 2026 2025 2026 2025
-------------------------------- ------ ------ ----------- ---------
Proprietary products
Crop nutrients 80 69 32 31
Crop protection products 88 53 38 28
Seed 21 28 25 40
Merchandise 2 3 6 9
-------------------------------- ------ ------ ----------- ---------
Total 191 153 24 22
-------------------------------- ------ ------ ----------- ---------
1 Represents percentage of proprietary product margins over total
product line gross margin.
Three Months Ended
March 31
------------------------------------------------
Sales Volumes Gross Margin / Tonne
(tonnes -- thousands) (dollars)
------------------------ ----------------------
2026 2025 2026 2025
------------------ ----------- ----------- ---------- ----------
Crop nutrients
North America 1,600 1,464 131 130
International 848 826 48 34
------------------ ----------- ----------- ---------- ----------
Total 2,448 2,290 102 95
------------------ ----------- ----------- ---------- ----------
(percentages) March 31, 2026 December 31, 2025
--------------------------------- ----------------- --------------------
Financial performance measures(1,
2)
Cash operating coverage ratio 62 62
Average working capital to
sales 23 22
--------------------------------- ----------------- --------------------
1 Rolling four quarters.
2 These are non-GAAP financial measures. See the "Non-GAAP Financial
Measures" section.
Potash
Three Months Ended
March 31
---------------------------
($ millions, except as otherwise noted) 2026 2025 % Change
---------------------------------------- -------- ------- --------
Net sales 926 744 24
Cost of goods sold 422 380 11
Gross margin 504 364 38
Adjusted EBITDA(1) 578 446 30
---------------------------------------- -------- ------- --------
1 See Note 2 to the interim financial statements.
-- Potash adjusted EBITDA increased in the first quarter of 2026 due to
higher global benchmarks and record sales volumes. We increased potash
production and continued to progress mine automation, maintaining our
controllable cash cost of product manufactured1 below $60 per tonne.
Three Months Ended
Manufactured Product March 31
--------------------
($ per tonne, except as otherwise noted) 2026 2025
------------------------------------------------------ --------- ---------
Sales volumes (tonnes -- thousands)
North America 1,285 1,312
Offshore 2,225 2,090
------------------------------------------------------ --------- ---------
Total sales volumes 3,510 3,402
------------------------------------------------------ --------- ---------
Net selling price
North America 287 243
Offshore 250 204
------------------------------------------------------ --------- ---------
Average net selling price 264 219
Cost of goods sold 120 112
------------------------------------------------------ --------- ---------
Gross margin 144 107
Depreciation and amortization 50 46
------------------------------------------------------ --------- ---------
Gross margin excluding depreciation and
amortization(1) 194 153
------------------------------------------------------ --------- ---------
1 This is a non-GAAP financial measure. See the "Non-GAAP Financial
Measures" section.
-- Sales volumes in the first quarter of 2026 were the highest on record,
supported by low inventory levels and favorable potash affordability in
key offshore markets.
-- Net selling price per tonne increased in the first quarter of 2026 due
to higher global benchmark prices.
-- Cost of goods sold per tonne increased in the first quarter of 2026
primarily due to higher depreciation. Controllable cash cost of product
manufactured per tonne decreased in the first quarter of 2026 due to
higher potash production.
Three Months Ended
Supplemental Data March 31
--------------------
2026 2025
------------------------------------------------------ --------- ---------
Production volumes (tonnes -- thousands) 3,660 3,289
Potash controllable cash cost of product manufactured
per tonne(1) 59 60
------------------------------------------------------ --------- ---------
Canpotex sales by market (percentage of sales
volumes)(2)
Latin America 41 31
Other Asian markets(3) 30 32
China 17 17
India 1 4
Other markets 11 16
------------------------------------------------------ --------- ---------
Total 100 100
------------------------------------------------------ --------- ---------
1 This is a non-GAAP financial measure. See the "Non-GAAP Financial
Measures" section.
2 See Note 8 to the interim financial statements.
3 All Asian markets except China and India.
Nitrogen
Three Months Ended
March 31
----------------------------------
($ millions, except as otherwise
noted) 2026 2025(1, 2) % Change
-------------------------------------- -------- -------------- --------
Net sales 1,014 885 15
Cost of goods sold 647 598 8
Gross margin 367 287 28
Adjusted EBITDA(2) 482 405 19
-------------------------------------- -------- -------------- --------
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 first quarter of 2026
primarily due to higher global benchmarks. Our low-cost North American
nitrogen plants delivered an ammonia operating rate2 of 92 percent in the
first quarter of 2026, consistent with our planned production and
reflective of a continued focus on reliability initiatives.
Three Months Ended
Manufactured Product March 31
--------------------
($ per tonne, except as otherwise noted) 2026 2025
------------------------------------------------------ --------- ---------
Sales volumes (tonnes -- thousands)
Ammonia 298 496
Urea and ESN$(R)$ 748 795
Solutions, nitrates and sulfates 1,295 1,178
------------------------------------------------------ --------- ---------
Total sales volumes 2,341 2,469
------------------------------------------------------ --------- ---------
Net selling price
Ammonia 479 418
Urea and ESN(R) 515 438
Solutions, nitrates and sulfates 282 236
------------------------------------------------------ --------- ---------
Average net selling price 381 337
Cost of goods sold 225 224
------------------------------------------------------ --------- ---------
Gross margin 156 113
Depreciation and amortization 65 58
------------------------------------------------------ --------- ---------
Gross margin excluding depreciation and
amortization(1) 221 171
------------------------------------------------------ --------- ---------
1 This is a non-GAAP financial measure. See the "Non-GAAP Financial
Measures" section.
-- Sales volumes decreased in the first quarter of 2026, reflecting no
production from the Trinidad and New Madrid facilities4, partially offset
by higher solutions, nitrates and sulfates sales volumes supported by
reliability and debottleneck initiatives.
-- Net selling price per tonne was higher in the first quarter of 2026 for
all major nitrogen products due to stronger global benchmark prices.
-- Cost of goods sold per tonne was flat in the first quarter of 2026, as
lower overall natural gas costs were offset by higher depreciation and
other variable costs. The lower overall natural gas cost reflects a
higher proportion of production from our low-cost North American nitrogen
plants compared to the same period of 2025.
Three Months Ended
Supplemental Data March 31
--------------------
2026 2025
------------------------------------------------------ --------- ---------
Sales volumes (tonnes -- thousands)
Fertilizer 1,409 1,389
Industrial and feed 932 1,080
Production volumes (tonnes -- thousands)
Ammonia production -- total(1) 1,122 1,543
Ammonia production -- adjusted(1, 2) 1,019 1,076
Ammonia operating rate (%)(2) 92 98
Natural gas costs (dollars per MMBtu)
Overall natural gas cost excluding realized
derivative impact 3.28 3.91
Realized derivative impact(3) -- --
------------------------------------------------------ --------- ---------
Overall natural gas cost 3.28 3.91
------------------------------------------------------ --------- ---------
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.
4 As previously disclosed, on October 23, 2025, the Trinidad nitrogen
facility completed a controlled shutdown and we ceased production at our New
Madrid nitrogen upgrade facility at year-end 2025.
Phosphate
Three Months Ended
March 31
--------------------------
($ millions, except as otherwise noted) 2026 2025 % Change
---------------------------------------- ------- ------- --------
Net sales 485 360 35
Cost of goods sold 489 361 35
Gross margin (4) (1) n/m
Adjusted EBITDA(1) 57 61 (7)
---------------------------------------- ------- ------- --------
1 See Note 2 to the interim financial statements.
-- Phosphate adjusted EBITDA decreased in the first quarter of 2026 due to
higher sulfur input costs, partially offset by higher global benchmarks
and sales volumes compared to the same period of 2025.
Three Months Ended
Manufactured Product March 31
--------------------
($ per tonne, except as otherwise noted) 2026 2025
------------------------------------------------------ --------- ---------
Sales volumes (tonnes -- thousands)
Fertilizer 468 332
Industrial and feed 190 168
------------------------------------------------------ --------- ---------
Total sales volumes 658 500
------------------------------------------------------ --------- ---------
Net selling price
Fertilizer 668 656
Industrial and feed 883 817
------------------------------------------------------ --------- ---------
Average net selling price 730 710
Cost of goods sold 726 700
------------------------------------------------------ --------- ---------
Gross margin 4 10
Depreciation and amortization 109 144
------------------------------------------------------ --------- ---------
Gross margin excluding depreciation and
amortization(1) 113 154
------------------------------------------------------ --------- ---------
1 This is a non-GAAP financial measure. See the "Non-GAAP Financial
Measures" section.
-- Sales volumes were higher in the first quarter of 2026 due to higher
production volumes from reliability improvements compared to the same
period of 2025.
-- Net selling price per tonne increased in the first quarter of 2026 due
to stronger global benchmark prices.
-- Cost of goods sold per tonne increased in the first quarter of 2026
primarily due to higher sulfur input costs, more than offsetting higher
production volumes that improved cost absorption and lowered depreciation
per tonne compared to the same period of 2025.
Three Months Ended
Supplemental Data March 31
--------------------
2026 2025
--------------------------------------------------- --------- ---------
Production volumes (P(2) O(5) tonnes -- thousands) 337 282
P(2) O(5) operating rate (%) 80 67
--------------------------------------------------- --------- ---------
Corporate and Others and Eliminations
Three Months Ended
March 31
---------------------------
($ millions, except as otherwise noted) 2026 2025(1, 2) % Change
--------------------------------------------- ----- ---------- --------
Corporate and Others
Gross margin(2) 14 14 --
Selling recovery (3) (3) --
General and administrative expenses 111 99 12
Share-based compensation expense 116 42 176
Foreign exchange loss, net of related
derivatives 5 7 (29)
Other expenses 10 18 (44)
Adjusted EBITDA(2) (84) (78) 8
--------------------------------------------- ----- ---------- --------
Eliminations
Gross margin (35) (30) 17
Adjusted EBITDA(2) (36) (28) 29
--------------------------------------------- ----- ---------- --------
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.
-- Share-based compensation expense was higher in the first quarter of
2026 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.
Finance Costs, Income Taxes and Other Comprehensive (Loss) Income
Three Months Ended
March 31
----------------------
($ millions, except as otherwise noted) 2026 2025 % Change
-------------------------------------------------- ----- ---- ---------
Finance costs 176 179 (2)
Income taxes
Income tax expense 45 28 61
Actual effective tax rate including discrete
items (%) 24 60 (60)
Other comprehensive income 66 25 164
-------------------------------------------------- ----- ---- ---------
-- Income tax expense increased in the first quarter of 2026 mainly due to
higher earnings. The actual effective tax rate including discrete items
decreased due to a change in the proportion of earnings (loss) between
tax jurisdictions.
Liquidity and Capital Resources
Sources and uses of liquidity
We continued to manage our capital in accordance with our capital allocation strategy. We believe that our internally generated cash flow, supplemented by available borrowings under new or existing financing sources, if necessary, will be sufficient to meet our anticipated capital expenditures, planned growth and development activities, and other cash requirements for the foreseeable future. Refer to the "Capital Structure and Management" section for details on our existing long-term debt and credit facilities.
Sources and uses of cash
Three Months Ended
March 31
---------------------------
($ millions, except as otherwise noted) 2026 2025 % Change
--------------------------------------------- ------ -------- ---------
Cash used in operating activities (851) (1,082) (21)
Cash used in investing activities (487) (243) 100
Cash provided by financing activities 1,426 1,365 4
Cash used for dividends and share
repurchases(1) (409) (413) (1)
--------------------------------------------- ------ -------- ---------
1 This is a supplementary financial measure. See the "Other Financial
Measures" section.
Cash used in operating activities Cash used in operating activities in
the first quarter of 2026 was lower
compared to the same period in 2025
primarily due to higher fertilizer
global benchmarks, increased Retail
earnings and record Potash sales
volumes.
------------------------------------- -------------------------------------
Cash used in investing activities Cash used in investing activities in
the first quarter of 2026 was higher
compared to the same period in 2025
due to higher cash used on business
acquisitions in 2026. The 2025
comparative period included proceeds
from the disposal of our investment
in Sinofert Holdings Limited.
------------------------------------- -------------------------------------
Cash provided by financing activities Cash provided by financing activities
in the first quarter of 2026 was
higher compared to the same period in
2025 due to higher commercial paper
issuances in 2026. Additionally, in
2025, we issued $1.0 billion of
senior notes. We had no issuances of
senior notes in the first quarter of
2026.
------------------------------------- -------------------------------------
Cash used for dividends and share Cash used for dividends and share
repurchases repurchases was consistent in the
first quarter of 2026 compared to the
same period in 2025.
------------------------------------- -------------------------------------
Financial Condition Review
The following is a comparison of balance sheet categories that are considered material:
As at
--------------------------------
($ millions,
except as
otherwise December 31,
noted) March 31, 2026 2025 $ Change % Change
---------------- -------------- ---------------- -------- --------
Assets
Cash and cash
equivalents 777 701 76 11
Receivables 6,284 5,675 609 11
Inventories 8,681 6,977 1,704 24
Prepaid expenses
and other
current assets 733 1,396 (663) (47)
Property, plant
and equipment 22,659 22,747 (88) --
---------------- -------------- ---------------- -------- --------
Liabilities and
Shareholders'
Equity
Short-term debt 2,766 873 1,893 217
Trade, other
payables and
accrued
liabilities 9,137 9,309 (172) (2)
Long-term debt,
including
current
portion 9,861 9,863 (2) --
Share capital 13,515 13,519 (4) --
Retained
earnings 11,853 12,076 (223) (2)
---------------- -------------- ---------------- -------- --------
-- Explanations for changes in Cash and cash equivalents are in the
"Liquidity and Capital Resources - Sources and uses of cash" section.
-- Receivables increased due to higher fertilizer global benchmarks and
the seasonality of our Retail segment, resulting in higher receivables
with customers and vendor rebates, partially offset by improved
collection of receivables in North America. Receivables also increased
from record Potash sales volumes.
-- Inventories increased due to the seasonality of our Retail segment. Our
North American inventory levels generally increase at year-end, peak in
the first quarter of the year in preparation for the planting and
application seasons, and are drawn down in the succeeding quarters.
-- Prepaid expenses and other current assets decreased due to Retail
taking delivery of prepaid inventories in preparation for the spring
planting and applications season in North America.
-- Short-term debt increased due to higher commercial paper issuances to
support working capital requirements driven by the seasonality of our
business.
-- Trade, other payables and accrued liabilities decreased due to the
settlement in the first quarter of 2026 of our Retail supplier financing
arrangement obligations that were entered into in the fourth quarter of
2025. This was partially offset by higher Retail customer prepayments
received in the first quarter of 2026 in anticipation of crop input price
increases.
Capital Structure and Management
Principal debt instruments
As part of the normal course of business, we closely monitor our liquidity position. We use a combination of cash generated from operations and short-term and long-term debt to finance our operations. We continually evaluate various financing arrangements and may seek to engage in transactions from time to time when market and other conditions are favorable. We were in compliance with our debt covenants and did not have any changes to our credit ratings for the three months ended March 31, 2026.
Capital structure (debt and equity)
($ millions) March 31, 2026 December 31, 2025 ------------------------------------- -------------- ----------------- Short-term debt 2,766 873 Current portion of long-term debt 1,036 513 Current portion of lease liabilities 362 346 Long-term debt 8,825 9,350 Lease liabilities 957 937 Shareholders' equity 25,192 25,365 ------------------------------------- -------------- -----------------
Commercial paper, credit facilities and other debt
We have a total facility limit of approximately $7,426 million comprised of several credit facilities available in the jurisdictions where we operate. In North America, we have a commercial paper program, which is limited to the undrawn amount under our $4,500 million unsecured revolving term credit facility and excess cash invested in highly liquid securities.
As at March 31, 2026, we utilized $2,780 million of our total facility limit, which includes $2,421 million of commercial paper outstanding. In the first quarter of 2026, we extended the maturity of our accounts receivable purchase facility from March 6, 2026 to March 31, 2028 and entered into a $69 million uncommitted revolving demand facility.
As at March 31, 2026, $234 million in letters of credit were outstanding and committed, with $352 million of remaining credit available under our letter of credit facilities.
Our long-term debt consists primarily of notes and debentures. See the "Capital Structure and Management" section of our 2025 Annual Report for information on balances, rates and maturities for our notes and debentures.
Outstanding share data
As at May 5, 2026
---------------------------------- -----------------
Common shares 480,023,548
Options to purchase common shares 1,921,277
---------------------------------- -----------------
For more information on our capital management, see Note 4 to the annual financial statements in our 2025 Annual Report.
Quarterly Results
($ millions,
except as
otherwise Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2
noted) 2026 2025 2025 2025 2025 2024 2024 2024
---------------- ----- ----- ----- ------ ----- ----- ----- ------
Sales 6,046 5,340 6,007 10,438 5,100 5,079 5,348 10,156
Net earnings 139 580 469 1,229 19 118 25 392
Net earnings
attributable to
equity holders
of Nutrien 131 571 464 1,221 11 113 18 385
Net earnings per
share
attributable to
equity holders
of Nutrien
Basic 0.27 1.18 0.96 2.51 0.02 0.23 0.04 0.78
Diluted 0.27 1.18 0.96 2.50 0.02 0.23 0.04 0.78
---------------- ----- ----- ----- ------ ----- ----- ----- ------
Our quarterly earnings are significantly affected by the seasonality of our business, fertilizer benchmark prices, global demand-supply conditions, grower affordability and weather. See Note 2 to the interim financial statements.
Accounting Policies and New IFRS Standards
Significant accounting policies are disclosed in our 2025 Annual Report and have been consistently applied for the three months ended March 31, 2026, except as described below.
Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments
Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments, were adopted effective January 1, 2026, the required adoption date. The impact was not material. On initial adoption, there was an adjustment of $(13) million to opening cash and cash equivalents as at January 1, 2026, which has been reflected in the condensed consolidated statement of cash flows for the three months ended March 31, 2026.
Critical Accounting Estimates
The preparation of financial statements in accordance with IFRS requires management to make estimates and judgments that affect reported assets, liabilities, revenues and expenses. We have discussed the development, selection and application of our key accounting policies, and the critical accounting estimates and assumptions they involve, with the Audit Committee of the Board.
Our critical accounting estimates are discussed on pages 64 to 65 of our 2025 Annual Report. There were no material changes to our critical accounting estimates for the three months ended March 31, 2026.
Controls and Procedures
Management is responsible for establishing and maintaining adequate internal control over financial reporting ("ICFR"), as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended, and National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings. ICFR is designed to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with IFRS. Any system of ICFR, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.
There has been no change in our ICFR during the three months ended March 31, 2026, that has materially affected, or is reasonably likely to materially affect, our ICFR.
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 the review of strategic alternatives for our Phosphate business, Trinidad Nitrogen facility and Brazilian Retail business and associated outcomes; expectations regarding structural growth in our downstream business; expectations regarding our capital allocation approach and strategies, including our intentions with respect to our strategic actions and the expected timing 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 such targets; 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, crop input demand, expected market, industry and growing conditions with respect to crop nutrient application rates, planted acres, farmer crop investment, crop mix and the need to replenish soil nutrient levels, input costs, production volumes and expenses, shipments, natural gas costs and availability, consumption, prices, operating rates, the impact of seasonality, import and export volumes, tariffs, trade or export restrictions, economic sanctions and restrictions, geopolitical disruptions, including the ongoing conflict in the Middle East, inventories, crop development, and natural gas curtailments; the negotiation of sales contracts; acquisitions and divestitures and the anticipated benefits thereof; and expectations in connection with our ability to generate free cash flow, enhance earnings quality, 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 and gross margins; 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 the review of strategic alternatives for our Phosphate business, Trinidad Nitrogen facility and Brazilian Retail business, within the anticipated timing and parameters, and realization of the expected benefits therefrom; continued reliability improvements; that future business, regulatory and industry conditions will be within the parameters expected by us, including with respect to prices, expenses, margins, operating rates, 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; 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, including the ongoing conflict in the Middle East, 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; the 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) and regulatory investigations; current and future litigation proceedings; the results of our review of strategic alternatives for our Phosphate business, Trinidad Nitrogen facility and Brazilian Retail 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 the benefits to be realized therefrom; the effects of current and future multinational trade agreements or other developments affecting the level of trade or export restrictions; 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, including the ongoing conflict in the Middle East, 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 2025 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, May 7, 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: 89180. 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/2026-q1-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
March 31
--------------------
($ millions) 2026 2025
------------------------------------------------------ ----------- -------
Net earnings 139 19
Finance costs 176 179
Income tax expense 45 28
Depreciation and amortization 606 571
------------------------------------------------------ ----------- -------
EBITDA(1) 966 797
Adjustments:
Share-based compensation expense 116 42
Foreign exchange loss, net of related derivatives 5 7
ARO/ERL related (income) expenses for
non-operating sites (28) 5
Restructuring costs 16 1
Impairment of assets recorded in other income and
expenses 30 --
------------------------------------------------------ ----------- -------
Adjusted EBITDA 1,105 852
------------------------------------------------------ ----------- -------
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
March 31, 2026
------------------------------
Per
Increases Diluted
($ millions, except as otherwise noted) (Decreases) Post-Tax Share
---------------------------------------- ----------- -------- -------
Net earnings attributable to equity
holders of Nutrien 131 0.27
---------------------------------------- ----------- -------- -------
Adjustments:
Share-based compensation expense 116 88 0.18
Foreign exchange loss, net of
related derivatives 5 10 0.02
Restructuring costs 16 16 0.03
Impairment of assets recorded in
other income and expenses 30 22 0.05
ARO/ERL related (income) for
non-operating sites (28) (22) (0.04)
---------------------------------------- ----------- -------- -------
Sub-total adjustments 139 114 0.24
---------------------------------------- ----------- -------- -------
Adjusted net earnings 245 0.51
---------------------------------------- ----------- -------- -------
Three Months Ended
March 31, 2025
------------------------------
Per
Increases Diluted
($ millions, except as otherwise noted) (Decreases) Post-Tax Share
---------------------------------------- ----------- -------- -------
Net earnings attributable to equity
holders of Nutrien 11 0.02
---------------------------------------- ----------- -------- -------
Adjustments:
Share-based compensation expense 42 31 0.06
Foreign exchange loss, net of
related derivatives 7 6 0.01
Restructuring costs 1 1 --
ARO/ERL related expenses for
non-operating sites 5 4 0.02
---------------------------------------- ----------- -------- -------
Sub-total adjustments 55 42 0.09
---------------------------------------- ----------- -------- -------
Adjusted net earnings 53 0.11
---------------------------------------- ----------- -------- -------
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.
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
March 31
--------------------
($ millions, except as otherwise noted) 2026 2025
------------------------------------------------------ ---------- --------
Total COGS -- Potash 422 380
Change in inventory 8 7
Other adjustments(1) (5) (13)
------------------------------------------------------ ---------- --------
COPM 425 374
Depreciation and amortization in COPM (171) (145)
Royalties in COPM (26) (19)
Natural gas costs and carbon taxes in COPM (13) (12)
------------------------------------------------------ ---------- --------
Controllable cash COPM 215 198
Production volumes (tonnes -- thousands) 3,660 3,289
------------------------------------------------------ ---------- --------
Potash controllable cash COPM per tonne 59 60
------------------------------------------------------ ---------- --------
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.
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 March 31, 2026
---------------------------------------------------
($ millions,
except as
otherwise
noted) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Total
--------------- --------- --------- ---------- --------- ------
Selling
expenses 948 792 811 798 3,349
General and
administrative
expenses 44 44 40 44 172
Other expenses 54 40 4 36 134
--------------- --------- --------- ---------- --------- ------
Operating
expenses 1,046 876 855 878 3,655
Depreciation
and
amortization
in operating
expenses (172) (179) (184) (179) (714)
--------------- --------- --------- ---------- --------- ------
Operating
expenses
excluding
depreciation
and
amortization 874 697 671 699 2,941
--------------- --------- --------- ---------- --------- ------
Gross margin 2,018 922 977 800 4,717
Depreciation
and
amortization
in cost of
goods sold 5 5 5 5 20
--------------- --------- --------- ---------- --------- ------
Gross margin
excluding
depreciation
and
amortization 2,023 927 982 805 4,737
--------------- --------- --------- ---------- --------- ------
Cash operating
coverage ratio
(%) 62
--------------- --------- --------- ---------- --------- ------
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 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
--------------- --------- --------- ---------- --------- ------
Retail Average Working Capital to Sales
Definition: Retail average working capital divided by Retail sales for the last four rolling quarters.
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.
Rolling Four Quarters Ended March 31, 2026
---------------------------------------------------
($ millions,
except as
otherwise
noted) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Average/Total
------------- ------- -------- -------- ------- -------------
Current
assets 11,442 10,823 11,185 12,558
Current
liabilities (8,051) (5,348) (8,275) (7,799)
------------- ------- -------- -------- ------- -------------
Working
capital 3,391 5,475 2,910 4,759 4,134
------------- ------- -------- -------- ------- -------------
Sales 7,959 3,427 3,144 3,640 18,170
------------- ------- -------- -------- ------- -------------
Average
working
capital to
sales (%) 23
------------- ------- -------- -------- ------- -------------
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
------------- ------- -------- -------- ------- -------------
Sales 3,090 7,959 3,427 3,144 17,620
------------- ------- -------- -------- ------- -------------
Average
working
capital to
sales (%) 22
------------- ------- -------- -------- ------- -------------
Other Financial Measures
Selected Additional Financial Data
As at
December
Nutrien Financial Aging As at March 31, 2026 31, 2025
----------------------- ------------------------------------------------------------- -----------
<31 31--90 >90
Days Days Days
past past past Gross Net Net
($ millions) Current due due due receivables Allowance(1) receivables(2) receivables
-------------- ------- ---- ------ ---- ----------- ------------ -------------- -----------
North America 1,566 89 223 196 2,074 (55) 2,019 2,332
International 879 64 53 26 1,022 (6) 1,016 774
-------------- ------- ---- ------ ---- ----------- ------------ -------------- -----------
Nutrien
Financial
receivables 2,445 153 276 222 3,096 (61) 3,035 3,106
-------------- ------- ---- ------ ---- ----------- ------------ -------------- -----------
1 Bad debt expense on the above receivables for the three months ended March 31, 2026 was $9
million, in the Retail segment.
2 In 2026, we assume a debt-to-equity ratio of 9:1 (2025 -- 9:1) in funding Nutrien Financial
receivables, based on the underlying credit quality of the assets.
Nutrien
Financial Net
Receivables Rolling Four Quarters Ended March 31, 2026
-------------- --------------------------------------------------
($ millions,
except as
otherwise
noted) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Average/Total
-------------- -------- ------- ------- ------- -------------
Average
Nutrien
Financial net
receivables 4,645 4,452 3,106 3,035 3,810
-------------- -------- ------- ------- ------- -------------
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
March 31
------------------------
($ millions, except as otherwise noted) Note 2026 2025
------------------------------------------ ---- ----------- -----------
Sales 2, 8 6,046 5,100
Freight, transportation and distribution 244 226
Cost of goods sold 4,156 3,554
------------------------------------------ ---- ----------- -----------
Gross Margin 1,646 1,320
Selling expenses 799 757
General and administrative expenses 164 152
Provincial mining taxes 90 68
Share-based compensation expense 116 42
Foreign exchange loss, net of related
derivatives 3 7
Other expenses 3 114 68
------------------------------------------ ---- ----------- -----------
Earnings Before Finance Costs and Income Taxes 360 226
Finance costs 176 179
------------------------------------------ ---- ----------- -----------
Earnings Before Income Taxes 184 47
Income tax expense 4 45 28
------------------------------------------ ---- ----------- -----------
Net Earnings 139 19
------------------------------------------ ---- ----------- -----------
Attributable to
Equity holders of Nutrien 131 11
Non-controlling interest 8 8
------------------------------------------ ---- ----------- -----------
Net Earnings 139 19
------------------------------------------ ---- ----------- -----------
Net Earnings Per Share Attributable to Equity Holders of Nutrien ("EPS")
--------------------------------------------------------------------------
Basic 0.27 0.02
Diluted 0.27 0.02
------------------------------------------ ---- ----------- -----------
Weighted average shares outstanding for
basic EPS 481,260,000 489,397,000
Weighted average shares outstanding for
diluted EPS 481,647,000 489,540,000
------------------------------------------ ---- ----------- -----------
(See Notes to the Condensed Consolidated Financial Statements)
Condensed Consolidated Statements of Comprehensive Income
Three Months Ended
March 31
--------------------
($ millions, net of related income taxes) 2026 2025
------------------------------------------------------ --------- ---------
Net Earnings 139 19
Other comprehensive income
Items that will not be reclassified to net
earnings:
Net fair value loss on investments -- (18)
Items that have been or may be subsequently
reclassified to net earnings:
Gain on currency translation of foreign
operations 72 39
Other (6) 4
------------------------------------------------------ --------- ---------
Other Comprehensive Income 66 25
------------------------------------------------------ --------- ---------
Comprehensive Income 205 44
------------------------------------------------------ --------- ---------
Attributable to
Equity holders of Nutrien 196 36
Non-controlling interest 9 8
------------------------------------------------------ --------- ---------
Comprehensive Income 205 44
------------------------------------------------------ --------- ---------
(See Notes to the Condensed Consolidated Financial Statements)
Condensed Consolidated Statements of Cash Flows
Three Months Ended
March 31
--------------------
($ millions) Note 2026 2025
---------------------------------------------- ---- -------- ----------
Operating Activities
Net earnings 139 19
Adjustments for:
Depreciation and amortization 606 571
Share-based compensation expense 116 42
Provision for deferred income tax 41 80
Net undistributed earnings of
equity-accounted investees (1) (5)
Long-term income tax receivables and
payables (15) (38)
Other long-term assets, liabilities and
miscellaneous 27 5
---------------------------------------------- ---- -------- ----------
Cash from operations before working capital
changes 913 674
Changes in non-cash operating working capital:
Receivables (530) (143)
Inventories and prepaid expenses and other
current assets (991) (1,274)
Trade, other payables and accrued
liabilities (243) (339)
---------------------------------------------- ---- -------- ----------
Cash Used in Operating Activities (851) (1,082)
---------------------------------------------- ---- -------- ----------
Investing Activities
Capital expenditures(1) (325) (300)
Business acquisitions, net of cash acquired (50) (11)
Purchase of investments, held within three
months, net (8) (16)
Purchase of investments -- (2)
Proceeds from sale of investments -- 183
Net changes in non-cash working capital (94) (88)
Other (10) (9)
---------------------------------------------- ---- -------- ----------
Cash Used in Investing Activities (487) (243)
---------------------------------------------- ---- -------- ----------
Financing Activities
Proceeds from debt, maturing within three
months, net 1,921 912
Proceeds from debt -- 998
Repayment of debt (9) (4)
Repayment of principal portion of lease
liabilities (100) (110)
Dividends paid to Nutrien's shareholders 7 (262) (265)
Repurchase of common shares 7 (147) (148)
Issuance of common shares 45 3
Other (22) (21)
---------------------------------------------- ---- -------- ----------
Cash Provided by Financing Activities 1,426 1,365
---------------------------------------------- ---- -------- ----------
Effect of Exchange Rate Changes on Cash and
Cash Equivalents 1 2
---------------------------------------------- ---- -------- ----------
Increase in Cash and Cash Equivalents 89 42
---------------------------------------------- ---- -------- ----------
January 1, 2026 opening balance prior to
restatement for amendments to IFRS 9 9 701 --
Adjustment on initial application of
amendments to IFRS 9 on January 1, 2026 9 (13) --
---------------------------------------------- ---- -------- ----------
Cash and Cash Equivalents -- Beginning of
Period 688 853
---------------------------------------------- ---- -------- ----------
Cash and Cash Equivalents -- End of Period 777 895
---------------------------------------------- ---- -------- ----------
Cash and cash equivalents is composed of:
Cash 712 828
Short-term investments 65 67
---------------------------------------------- ---- -------- ----------
777 895
---------------------------------------------- ---- -------- ----------
Supplemental Cash Flows Information
Interest paid 148 132
Income taxes paid 37 7
Total cash outflow for leases 137 150
---------------------------------------------- ---- -------- ----------
1 Includes additions to property, plant and equipment, and intangible
assets for the three months ended March 31, 2026 of $299 million and $26
million (2025 -- $279 million and $21 million).
(See Notes to the Condensed Consolidated Financial Statements)
Condensed Consolidated Statements of Changes in Shareholders' Equity
Accumulated other
comprehensive
(loss) income ("AOCI")
---------------------------
($ 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,
2024 491,025,446 13,748 68 (537) 22 (515) 11,106 24,407 35 24,442
Net earnings -- -- -- -- -- -- 11 11 8 19
Other
comprehensive
income (loss) -- -- -- 39 (14) 25 -- 25 -- 25
Shares
repurchased for
cancellation
(Note 7) (2,862,814) (80) -- -- -- -- (69) (149) -- (149)
Dividends
declared(1) -- -- -- -- -- -- (266) (266) -- (266)
Non-controlling
interest
transactions -- -- -- -- -- -- -- -- (11) (11)
Effect of
share-based
compensation
including
issuance of
common shares 59,751 3 1 -- -- -- -- 4 -- 4
Transfer of net
gain on sale of
investment -- -- -- -- (27) (27) 27 -- -- --
Transfer of net
loss on cash
flow hedges -- -- -- -- 6 6 -- 6 -- 6
---------------- ----------- ------- ------------ ------------ ----- ------ --------- -------- ------------ ------
Balance -- March
31, 2025 488,222,383 13,671 69 (498) (13) (511) 10,809 24,038 32 24,070
---------------- ----------- ------- ------------ ------------ ----- ------ --------- -------- ------------ ------
Balance --
December 31,
2025 481,962,233 13,519 57 (329) -- (329) 12,076 25,323 42 25,365
---------------- ----------- ------- ------------ ------------ ----- ------ --------- -------- ------------ ------
Net earnings -- -- -- -- -- -- 131 131 8 139
Other
comprehensive
income (loss) -- -- -- 71 (6) 65 -- 65 1 66
Shares
repurchased for
cancellation
(Note 7) (2,081,503) (58) -- -- -- -- (90) (148) -- (148)
Dividends
declared(1) -- -- -- -- -- -- (264) (264) -- (264)
Non-controlling
interest
transactions -- -- -- -- -- -- -- -- (13) (13)
Effect of
share-based
compensation
including
issuance of
common shares 876,975 54 (8) -- -- -- -- 46 -- 46
Transfer of net
loss on cash
flow hedges -- -- -- -- 1 1 -- 1 -- 1
---------------- ----------- ------- ------------ ------------ ----- ------ --------- -------- ------------ ------
Balance -- March
31, 2026 480,757,705 13,515 49 (258) (5) (263) 11,853 25,154 38 25,192
---------------- ----------- ------- ------------ ------------ ----- ------ --------- -------- ------------ ------
1 During the three months ended March 31, 2026, we declared dividends of $0.55 per share (2025 - $0.545 per share).
(See Notes to the Condensed Consolidated Financial Statements)
Condensed Consolidated Balance Sheets
As at
As at March 31 December 31
---------------- -----------
($ millions) Note 2026 2025 2025
----------------------------------- ---- ------- ------- -----------
Assets
Current assets
Cash and cash equivalents 777 895 701
Receivables 8 6,284 5,612 5,675
Inventories 8,681 7,992 6,977
Prepaid expenses and other
current assets 733 863 1,396
----------------------------------- ---- ------- ------- -----------
16,475 15,362 14,749
Non-current assets
Property, plant and equipment 22,659 22,488 22,747
Goodwill 12,176 12,058 12,136
Intangible assets 1,621 1,791 1,667
Investments 146 495 144
Other assets 846 875 858
----------------------------------- ---- ------- ------- -----------
Total Assets 53,923 53,069 52,301
----------------------------------- ---- ------- ------- -----------
Liabilities
Current liabilities
Short-term debt 6 2,766 2,437 873
Current portion of long-term
debt 1,036 1,038 513
Current portion of lease
liabilities 362 364 346
Trade, other payables and
accrued liabilities 8 9,137 8,752 9,309
----------------------------------- ---- ------- ------- -----------
13,301 12,591 11,041
Non-current liabilities
Long-term debt 8,825 9,870 9,350
Lease liabilities 957 998 937
Deferred income tax liabilities 3,701 3,591 3,666
Pension and other
post-retirement benefit
liabilities 218 225 221
Asset retirement obligations
and accrued environmental
costs 1,478 1,528 1,468
Other non-current liabilities 251 196 253
----------------------------------- ---- ------- ------- -----------
Total Liabilities 28,731 28,999 26,936
----------------------------------- ---- ------- ------- -----------
Shareholders' Equity
Share capital 7 13,515 13,671 13,519
Contributed surplus 49 69 57
Accumulated other comprehensive
loss (263) (511) (329)
Retained earnings 11,853 10,809 12,076
----------------------------------- ---- ------- ------- -----------
Equity holders of Nutrien 25,154 24,038 25,323
Non-controlling interest 38 32 42
----------------------------------- ---- ------- ------- -----------
Total Shareholders' Equity 25,192 24,070 25,365
----------------------------------- ---- ------- ------- -----------
Total Liabilities and Shareholders'
Equity 53,923 53,069 52,301
----------------------------------- ---- ------- ------- -----------
(See Notes to the Condensed Consolidated Financial Statements)
Notes to the Condensed Consolidated Financial Statements
As at and for the Three Months Ended March 31, 2026
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 2025 annual audited consolidated financial statements with the exception of the amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments, which were adopted effective January 1, 2026 (refer to Note 9). 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 2025 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 2025 figures have been reclassified in Note 2 Segment information.
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 May 6, 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, Australia and South America. 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.
Seasonality in our business results from increased demand for products during planting season. Crop input sales are generally higher in the spring and fall application seasons. Crop input inventories are normally accumulated leading up to each application season. Our cash collections generally occur after the application season is complete, while customer prepayments made to us are typically concentrated in December and January and inventory prepayments paid to our suppliers are typically concentrated in the period from November to January. Feed and industrial sales are more evenly distributed throughout the year.
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 presented 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 months ended March 31, 2025.
Three Months Ended
($ millions) March 31, 2025
------------- ------------------
Sales 70
Gross Margin 4
EBITDA 3
-------------- ------------------
Three Months Ended March 31, 2026
------------------------------------------------------------------------------
Downstream Upstream and Midstream
---------- ---------------------------
Corporate
and
($ millions) Retail Potash Nitrogen Phosphate Others Eliminations Consolidated
---------------------- ---------- ------ -------- --------- --------- ------------ ------------
-- third
Sales party 3,640 966 884 478 78 -- 6,046
-- intersegment -- 75 247 69 -- (391) --
-------------------- ---------- ------ -------- --------- --------- ------------ ------------
Sales -- total 3,640 1,041 1,131 547 78 (391) 6,046
Freight,
transportation and
distribution(1) -- 115 117 62 -- (50) 244
---------------------- ---------- ------ -------- --------- --------- ------------ ------------
Net sales 3,640 926 1,014 485 78 (341) 5,802
Cost of goods sold 2,840 422 647 489 64 (306) 4,156
---------------------- ---------- ------ -------- --------- --------- ------------ ------------
Gross margin 800 504 367 (4) 14 (35) 1,646
Selling expenses
(recovery) 798 3 6 2 (3) (7) 799
General and
administrative
expenses 44 3 4 2 111 -- 164
Provincial mining
taxes -- 90 -- -- -- -- 90
Share-based
compensation expense -- -- -- -- 116 -- 116
Foreign exchange
(gain) loss, net of
related derivatives (2) -- -- -- 5 -- 3
Other expenses 36 26 27 7 10 8 114
---------------------- ---------- ------ -------- --------- --------- ------------ ------------
Earnings (loss) before
finance costs and
income taxes (76) 382 330 (15) (225) (36) 360
Depreciation and
amortization 184 175 152 72 23 -- 606
---------------------- ---------- ------ -------- --------- --------- ------------ ------------
EBITDA 108 557 482 57 (202) (36) 966
Restructuring costs
(Note 3) -- -- -- -- 16 -- 16
Share-based
compensation expense -- -- -- -- 116 -- 116
Impairment of assets
recorded in other
income and expenses
(Note 3) -- 21 -- -- 9 -- 30
ARO/ERL related income
for non-operating
sites(2) (Note 3) -- -- -- -- (28) -- (28)
Foreign exchange loss,
net of related
derivatives -- -- -- -- 5 -- 5
---------------------- ---------- ------ -------- --------- --------- ------------ ------------
Adjusted EBITDA 108 578 482 57 (84) (36) 1,105
---------------------- ---------- ------ -------- --------- --------- ------------ ------------
1 Potash freight, transportation and distribution costs only apply to our North American potash sales
volumes.
2 ARO/ERL refers to asset retirement obligations and accrued environmental costs.
Three Months Ended March 31, 2025
---------------------------------------------------------------------------------
Downstream Upstream and Midstream
---------- ------------------------------
Corporate
and
($ millions) Retail Potash Nitrogen(1) Phosphate Others(1) Eliminations Consolidated
---------------------- ---------- ------ ----------- --------- --------- ------------ ------------
-- third
Sales party 3,090 766 822 338 84 -- 5,100
-- intersegment -- 95 182 67 -- (344) --
-------------------- ---------- ------ ----------- --------- --------- ------------ ------------
Sales -- total 3,090 861 1,004 405 84 (344) 5,100
Freight,
transportation and
distribution(2) -- 117 119 45 1 (56) 226
---------------------- ---------- ------ ----------- --------- --------- ------------ ------------
Net sales 3,090 744 885 360 83 (288) 4,874
Cost of goods sold 2,404 380 598 361 69 (258) 3,554
---------------------- ---------- ------ ----------- --------- --------- ------------ ------------
Gross margin 686 364 287 (1) 14 (30) 1,320
Selling expenses
(recovery) 755 3 7 2 (3) (7) 757
General and
administrative
expenses 44 2 5 2 99 -- 152
Provincial mining
taxes -- 68 -- -- -- -- 68
Share-based
compensation expense -- -- -- -- 42 -- 42
Foreign exchange loss,
net of related
derivatives -- -- -- -- 7 -- 7
Other expenses 25 2 12 6 18 5 68
---------------------- ---------- ------ ----------- --------- --------- ------------ ------------
Earnings (loss) before
finance costs and
income taxes (138) 289 263 (11) (149) (28) 226
Depreciation and
amortization 184 157 142 72 16 -- 571
---------------------- ---------- ------ ----------- --------- --------- ------------ ------------
EBITDA 46 446 405 61 (133) (28) 797
Restructuring costs
(Note 3) -- -- -- -- 1 -- 1
Share-based
compensation expense -- -- -- -- 42 -- 42
ARO/ERL related
expenses for
non-operating sites
(Note 3) -- -- -- -- 5 -- 5
Foreign exchange loss,
net of related
derivatives -- -- -- -- 7 -- 7
---------------------- ---------- ------ ----------- --------- --------- ------------ ------------
Adjusted EBITDA 46 446 405 61 (78) (28) 852
---------------------- ---------- ------ ----------- --------- --------- ------------ ------------
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
March 31
--------------------
($ millions) 2026 2025
------------------------------------------------------ --------- ---------
Retail sales by product line
Crop nutrients 1,483 1,194
Crop protection products 1,137 972
Seed 562 532
Services and other 175 146
Merchandise 223 189
Nutrien Financial 80 70
Nutrien Financial elimination(1) (20) (13)
------------------------------------------------------ --------- ---------
3,640 3,090
------------------------------------------------------ --------- ---------
Potash sales by geography
Manufactured product
North America 484 434
Offshore(2) 557 426
Other potash and purchased products -- 1
------------------------------------------------------ --------- ---------
1,041 861
------------------------------------------------------ --------- ---------
Nitrogen sales by product line
Manufactured product
Ammonia 167 240
Urea and ESN(R) 416 382
Solutions, nitrates and sulfates 416 321
Other nitrogen and purchased products(3) 132 61
------------------------------------------------------ --------- ---------
1,131 1,004
------------------------------------------------------ --------- ---------
Phosphate sales by product line
Manufactured product
Fertilizer 359 249
Industrial and feed 183 151
Other phosphate and purchased products 5 5
------------------------------------------------------ --------- ---------
547 405
------------------------------------------------------ --------- ---------
1 Represents elimination of the interest and service fees charged by Nutrien
Financial to Retail branches.
2 Relates to Canpotex Limited ("Canpotex") (see Note 8) and includes
provisional pricing adjustments for the three months ended March 31, 2026 of
$(3) million (2025 -- $31 million).
3 Comparative figures have been reclassified for our Purchase for Resale
business from Nitrogen to the Corporate and Others segment.
Note 3 Other expenses (income)
Three Months Ended
March 31
--------------------
($ millions) 2026 2025
------------------------------------------------------ --------- ---------
Restructuring costs 16 1
Earnings of equity-accounted investees (2) (5)
Bad debt expense 15 19
Project feasibility costs 18 15
Customer prepayment costs 19 18
Legal expenses 5 5
ARO/ERL related (income) expenses for non-operating
sites (28) 5
Impairment of assets 30 --
Other expenses 41 10
------------------------------------------------------ --------- ---------
114 68
------------------------------------------------------ --------- ---------
Note 4 Income taxes
Three Months Ended
March 31
--------------------
($ millions, except as otherwise noted) 2026 2025
------------------------------------------------------ --------- ---------
Actual effective tax rate on earnings (%) 29 49
Actual effective tax rate including discrete items (%) 24 60
Discrete tax adjustments that impacted the tax rate(1) (8) 5
------------------------------------------------------ --------- ---------
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 5 Financial instruments
During the three months ended March 31, 2026, we entered into interest rate derivative contracts to manage exposure to changes in variable interest rates on certain long-term debt instruments.
The following table presents the Company's interest rate derivatives outstanding as at March 31, 2026:
As at March 31, 2026
------------------------------------------------------
Maturities Average fixed Fair value of
($ millions,
except as
otherwise interest rate
noted) Notional(1) (year) (%) assets(2)
-------------- ----------- ---------- -------------- -------------
Interest rate
derivatives -
5-year 250 2026 3.6473 3
Interest rate
derivatives -
10-year 350 2026 4.0774 8
-------------- ----------- ---------- -------------- -------------
1 Notional amounts represent the gross contractual amount outstanding.
2 Fair value of interest rate derivatives are based on a discounted cash
flow model using observable market inputs which are classified as Level
2.
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 $9,861 million and fair value of $9,372 million as at March 31, 2026. There were no transfers between levels for financial instruments measured at fair value on a recurring basis.
Note 6 Debt
On March 3, 2026, we entered into a $69 million uncommitted revolving demand facility. As at March 31, 2026, there were no borrowings outstanding under this facility.
During the three months ended March 31, 2026, we extended the maturity of our accounts receivable purchase facility from March 6, 2026 to March 31, 2028.
Note 7 Share capital
Share repurchase programs
The following table summarizes our share repurchase activities during the periods indicated below:
Three Months Ended
March 31
--------------------
($ millions, except as otherwise noted) 2026 2025
----------------------------------------------------- --------- ---------
Number of common shares repurchased for cancellation 2,081,503 2,862,814
Average price per share (US dollars) 70.97 51.08
Total cost, inclusive of tax 148 149
----------------------------------------------------- --------- ---------
Subsequent to March 31, 2026, as of May 5, 2026, an additional 865,577 common shares were repurchased for cancellation at a cost of $66 million and an average price per share of $73.71.
Dividends declared
We declared a dividend per share of $0.55 (2025 -- $0.545) during the three months ended March 31, 2026, payable on April 16, 2026 to shareholders of record on March 31, 2026.
Note 8 Related party transactions
We sell potash outside Canada and the US exclusively through Canpotex. Our total revenue is recognized, at the time product is loaded for shipping, 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 March 31, 2026 were $64 million (2025 -- $57 million).
As at As at
($ millions) March 31, 2026 December 31, 2025
-------------------------- -------------- -----------------
Receivables from Canpotex 293 279
Payables to Canpotex 74 63
--------------------------- -------------- -----------------
Note 9 Accounting policies, estimates and judgments
Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments
Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments, were adopted effective January 1, 2026, the required adoption date. The amendments clarified the timing of recognition and derecognition of financial assets and financial liabilities. The adoption resulted in a change in the accounting policy relating to the timing of the derecognition of certain financial assets and financial liabilities, such that derecognition now occurs upon settlement.
The amendments were applied retrospectively without restatement of prior periods in accordance with the transitional provisions other than, on initial adoption, there was an adjustment of $(13) million to opening cash and cash equivalents as at January 1, 2026, which has been reflected in the condensed consolidated statement of cash flows for the three months ended March 31, 2026.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260428899674/en/
CONTACT:
For Further Information:
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
May 06, 2026 17:00 ET (21:00 GMT)