Nutrien Q2 Earnings Call Highlights

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Sun, August 9, 2026 at 12:03 AM GMT+3 7 min read

Key Points

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Nutrien delivered solid first-half results: Adjusted EBITDA rose 6% to $3.5 billion, supported by record potash volumes, proprietary-product margins and operational execution. The company raised its 2026 potash sales-volume outlook and maintained its global potash shipment forecast.
Retail and nitrogen performance was mixed: Lower commodity fertilizer volumes weighed on retail, but proprietary-product gross margin grew 10% in the first half. Nitrogen EBITDA reached $635 million, while production disruptions and maintenance reduced sales volumes.
Nutrien increased capital returns and is reviewing assets: It cut 2026 capital-expenditure guidance to $1.95 billion–$2.05 billion and raised its share-repurchase pace to about $75 million per month. Management is evaluating strategic alternatives for its phosphate, Trinidad nitrogen and parts of its Brazilian retail businesses.

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Nutrien (NYSE:NTR) reported second-quarter adjusted EBITDA of $2.4 billion and first-half adjusted EBITDA of $3.5 billion, up 6% from a year earlier, as record potash sales volumes, proprietary-product margin growth and operating execution supported results.

Cash provided by operating activities increased 12% in the first half, Chief Financial Officer Mark Thompson said. The company raised the lower end of its 2026 potash sales-volume guidance, reduced its capital-expenditure outlook and increased the pace of share repurchases.

Potash volumes and automation progress

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Nutrien raised its 2026 potash sales-volume forecast to 14.2 million to 14.8 million tons, from its prior range beginning below 14.2 million tons. Thompson attributed the revision to strong first-half sales and improved visibility into second-half orders. Canpotex is fully committed for third-quarter sales volumes, while Nutrien received a favorable response to its domestic summer-fill program, he said.

Second-quarter potash adjusted EBITDA was $658 million, supported by higher global benchmark prices as well as supply-chain and operational execution. The company's second-quarter and first-half controllable cash cost of product manufactured was flat from the prior year, and Nutrien continues to target full-year controllable cash costs below $60 per ton.

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President and CEO Ken Seitz said the company mined 53% of ore tons using automation in the first half, surpassing the upper end of its 2024 Investor Day target. Automation is helping the company improve safety and productivity while producing more ore from existing assets, he said.

Seitz said Nutrien currently has roughly 15 million tons of potash production capacity and can add capacity from its six-mine network with relatively short lead times. The company estimates the capital cost to expand capacity from 15 million to 18 million tons at about $200 to $300 per ton, compared with a higher cost for greenfield development. Nutrien aims to maintain a global potash market share of approximately 19% to 20%.

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The company maintained its forecast for global potash shipments of 74 million to 77 million tons in 2026. Management said demand remains healthy across major markets, supported by potash affordability, low starting inventories and stable prices. The upper end of the global range would require sufficient effective supply-chain capacity globally, while weather, inventories and potential El Niño-related risks could influence the lower end.

Nitrogen operations and market conditions

Nutrien's nitrogen segment generated $635 million in second-quarter adjusted EBITDA. Nitrogen sales volumes declined from the prior year because of no production from Trinidad and New Madrid, planned maintenance at Carseland and deferred customer purchases amid late-quarter volatility, Thompson said.

The company maintained its 2026 nitrogen sales-volume guidance of 9.2 million to 9.7 million tons. Most third-quarter fertilizer sales volumes have been committed, and Nutrien expects planned turnarounds at its Lima and Redwater facilities during the quarter, followed by higher ammonia operating rates in the fourth quarter.

Seitz said the Carseland turnaround, the largest in the facility's history, included a debottlenecking project that increased annual production capacity. The project was completed with zero lost-time injuries, ahead of schedule and under budget, despite having a larger scope than the previous major turnaround.

Management said global urea prices fell in the latter half of the second quarter during a seasonal demand lull, compounded by geopolitical developments. Fundamentals strengthened in the third quarter amid trade-flow disruptions, outages, higher energy prices and increased demand. Seitz also cited volumes being held upstream of the Strait of Hormuz and said Nutrien's North American assets benefit from secure, low-cost feedstock and market access.

Retail growth led by proprietary products

First-half adjusted EBITDA in Nutrien's downstream retail business rose 4% to $1.24 billion. The company maintained its full-year retail adjusted EBITDA guidance of $1.75 billion to $1.95 billion.

Retail crop-nutrient volumes declined in the second quarter, particularly for phosphate and nitrogen, following a strong start to the application season. Seitz said phosphate volumes fell about 10%, reflecting what he described as demand destruction amid pressure on phosphate economics. Nitrogen volumes declined about 7%, affected by lower corn acres, a larger 2025 fall application season, a delayed Western Canadian planting season and some purchase deferrals.

Those lower commodity fertilizer volumes were offset by proprietary-product performance. Proprietary crop-nutrient gross margin increased 10% in the first half despite softer fertilizer demand, while sales volumes for certain nutritional products rose nearly tenfold from the prior year. Nutrien launched 26 new proprietary products during the year, Seitz said.

Management expects high-single-digit proprietary-products gross-margin growth for the full year. It also expects higher crop-nutrient margins per ton to partly offset lower volumes, with nitrogen and potash applications anticipated to be near historical average levels in the fall, while phosphate demand remains below historical levels.

In Australia, strong livestock prices and favorable weather supported the retail business. Chris Reynolds, executive vice president of global sales, said continued export demand for lamb and beef has supported livestock prices and stock-agent commissions.

Capital allocation and portfolio review

Nutrien lowered its 2026 capital-expenditure guidance by $50 million to $1.95 billion to $2.05 billion. The company increased first-half share repurchases by 26% from the prior year and has raised its third-quarter repurchase pace to approximately $75 million per month, compared with about $50 million per month at the beginning of the year.

Thompson said the company's capital-return strategy is supported by cash generation, divestiture proceeds and a balance-sheet objective of maintaining net debt to EBITDA near 1.5 times at mid-cycle prices. Nutrien has generated about $1 billion in gross proceeds from divestments since the fourth quarter of 2024, including agreements announced since June 2026 for approximately $90 million of non-core asset sales.

The company is reviewing strategic alternatives for its phosphate business and said it has received numerous non-binding bids. It is also evaluating options for its Trinidad nitrogen operations and components of its Brazilian retail business, with management expecting to determine the optimal paths for those businesses in 2026.

Seitz said Nutrien plans to host an Investor Day in Toronto on Nov. 30 to outline additional value-creation opportunities across the business.

About Nutrien (NYSE:NTR)

Nutrien Ltd. is a global fertilizer and agricultural-services company headquartered in Saskatoon, Saskatchewan, Canada. The company is publicly traded and operates across the farm input value chain, combining upstream fertilizer production with a broad retail and services platform aimed at supporting crop production worldwide. Nutrien's business model integrates the manufacture and distribution of crop nutrients with on-the-ground agronomic support for growers and agricultural businesses.

Nutrien produces and supplies the three primary fertilizer nutrients—potash, nitrogen and phosphate—through its wholesale operations, and markets a wide range of crop inputs including seeds and crop protection products.

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