Nutrien Reports Third Quarter 2026 Results

Nutrien Ltd. (NTR) reported third-quarter 2026 net earnings of $0.29 billion, or $0.60 diluted earnings per share, compared to $0.469 billion, or $0.96 per share, in the same period of 2025. Adjusted EBITDA for the quarter was $1.31 billion, down from $1.431 billion, while adjusted EPS came in at $0.61 versus $0.97.

For the first nine months of 2026, the company posted net earnings of $1.649 billion against $1.717 billion in the prior year period. Adjusted EBITDA rose to $4.845 billion from $4.769 billion, and adjusted EPS increased slightly to $3.73 from $3.72. Sales for the nine-month period grew 6% to $22.922 billion.

Segment performance for the third quarter showed mixed results. Retail adjusted EBITDA fell to $203 million from $230 million. Potash adjusted EBITDA was $730 million, compared to $733 million. Nitrogen adjusted EBITDA declined to $497 million from $556 million, and Phosphate adjusted EBITDA dropped to $8 million from $122 million.

The company completed its phosphate strategic review, announcing it will retain Aurora and integrated upgrade facilities while shutting the White Springs operation in the second quarter of 2027. The White Springs carrying value of $430 million is to be assessed for impairment. Nutrien stated that the closure is expected to reduce annual sustaining capital expenditures and lease payments by approximately $50 million.

Additionally, the Trinidad nitrogen facility was placed on indefinite shutdown on October 5, 2026. The carrying value of $760 million is to be assessed for impairment. Nutrien noted that its 2026 nitrogen guidance already assumed no production from the Trinidad facility.

The company updated its full-year guidance, making several adjustments. Retail adjusted EBITDA is now projected at $1.72–$1.85 billion, down from $1.75–$1.95 billion. Potash volumes were raised to 14.3–14.8 million tonnes from 14.2–14.8 million tonnes, and nitrogen volumes were increased to 9.3–9.7 million tonnes from 9.2–9.7 million tonnes. Conversely, phosphate volumes were cut to 2.40–2.55 million tonnes from 2.40–2.60 million tonnes. Capital expenditures were lowered to $1.95–$2.00 billion from $1.95–$2.05 billion, while the effective tax rate was raised to 25.5–27.0% from 24.0–26.0%.

Nutrien returned $1.3 billion to shareholders in the first nine months through dividends and buybacks, including a 36% increase in repurchases. The company repurchased approximately $83 million of shares in the fourth quarter through November 3. Cash holdings stood at $919 million as of September 30.

The earnings release highlighted nine-month “structural earnings growth” and record potash volumes, even as Q3 net earnings fell 39% and Q3 adjusted EBITDA declined 8%. The provided release text is truncated at the balance sheet, so Q3 total debt and full cash-flow details are not available.

Nutrien Ltd. (NTR) reported a materially negative third-quarter earnings release, characterized by a miss on earnings expectations, a cut in retail guidance, reduced phosphate volumes, a higher tax rate, and pending impairments at its White Springs and Trinidad operations. For the quarter, adjusted EBITDA fell 8% year over year, while adjusted EPS dropped 37% and net earnings declined 39%.

The reduction in retail guidance represents the most significant operating negative, as retail is the company’s largest segment by sales. Prior transcripts had maintained a range of $1.75–$1.95 billion, but the new guidance of $1.72–$1.85 billion cuts the midpoint by 3.5%. This adjustment points to lower crop-nutrient gross margins in Q3 rather than a one-off timing issue.

Phosphate operations remain a distinct weak spot. Q3 phosphate adjusted EBITDA was $8 million compared to $122 million in the prior year period, with the nine-month figure coming in at $88 million versus $275 million. Q3 gross margin for the segment was negative $50 million. While the decision to retain Aurora and close White Springs is expected to reduce future losses, the $430 million carrying value is now subject to impairment.

The shutdown of the Trinidad facility removes a chronic drag on free cash flow, but the $760 million carrying value is under impairment review, marking a material balance-sheet event. The release did not quantify the actual impairment, meaning the Q4 charge could be significant.

Positive offsets include raised potash and nitrogen volume guidance, a cut in capital expenditures, a 17% rise in nine-month operating cash flow, and a 36% increase in buybacks. The closure of White Springs is expected to save approximately $50 million annually in sustaining capex and lease payments. However, these factors are smaller than the negative guidance and impairment signals.

The outcome of the strategic review removes a potential phosphate sale catalyst. Management stated that non-binding bids did not adequately reflect long-term value. While this position may be defensible, it leaves Nutrien owning a phosphate business that is currently losing money at the gross-margin line.

Nutrien Ltd. (NTR) is a fertilizer producer and agricultural retailer headquartered in Saskatoon, Saskatchewan, with listings on the TSX and NYSE. The company operates across four segments: Retail, Potash, Nitrogen, and Phosphate.

Potash serves as the largest upstream earnings driver, with Nutrien operating low-cost mines in Saskatchewan and selling through Canpotex. Record potash sales volumes and automation were key positives during the first nine months of 2026.

The Nitrogen segment includes North American nitrogen plants and the Trinidad facility. Trinidad is currently on indefinite shutdown, and production at New Madrid ceased at the end of 2025. Nutrien is relying on North American reliability and debottlenecking efforts to grow volumes.

The Phosphate segment comprises Aurora and integrated upgrade facilities, as well as White Springs. Aurora has approximately 1.2 million tonnes of P2O5 capacity and a long reserve life. White Springs is scheduled to be shut in the second quarter of 2027.

The Retail segment sells crop nutrients, crop protection products, seed, merchandise, services, and livestock-related services, with operations in North America, Australia, and Brazil. Proprietary products and the Australian livestock market were the main positive drivers in 2026.