Business
Nutrien Reports Full-Year 2025 Results and Provides 2026 Guidance
SASKATOON, Saskatchewan, February 18, 2026--Nutrien Ltd. (TSX and NYSE: NTR) announced today its fourth quarter 2025 results, with net earnings of $0.58 billion ($1.18 diluted net earnings per share). Fourth quarter 2025 adjusted EBITDA1 was $1.28 billion and adjusted net earnings per share1 was $0.83.
About this update from Nutrien Ltd.
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","length":187,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":302,"olType":false},{"type":"text","content":"All amounts are in US dollars, except as otherwise noted","length":56,"tagName":"p"},{"type":"text","content":" SASKATOON, Saskatchewan, February 18, 2026 --( BUSINESS WIRE )--Nutrien Ltd. (TSX and NYSE: NTR) announced today its fourth quarter 2025 results, with net earnings of $0.58 billion ($1.18 diluted net earnings per share). Fourth quarter 2025 adjusted EBITDA 1 was $1.28 billion and adjusted net earnings per share 1 was $0.83.","length":320,"tagName":"p"},{"type":"text","content":""2025 was a defining year for our Company, with exceptional performance across all our operating segments and a reduction in cost and capital expenditures that surpassed our targets. Alongside delivering structural free cash flow growth, we took decisive actions to optimize our portfolio, strengthen our balance sheet and increase cash returns to shareholders," commented Ken Seitz, Nutrien’s President and CEO.","length":422,"tagName":"p"},{"type":"text","content":""As we move into 2026, our priorities remain unchanged and we expect to build on our momentum supported by strong potash market fundamentals, an improved Nitrogen margin profile, and higher Retail earnings. I am excited about Nutrien’s extraordinary potential as we continue to position the Company for long-term growth and resilience," added Mr. Seitz.","length":363,"tagName":"p"},{"type":"text","content":" Highlights 2 : ","length":12,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Generated net earnings of $2.30 billion and adjusted EBITDA of $6.05 billion for the full year of 2025. Adjusted EBITDA increased due to higher fertilizer net selling prices, record upstream fertilizer sales volumes and higher Retail earnings.","length":243,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":243,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"Generated strong free cash flow in 2025 and approximately $900 million in gross proceeds from asset divestiture proceeds since the fourth quarter of 2024, enabling a reduction in adjusted net debt and a 30 percent increase in total cash returns to shareholders. 3 ","length":262,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":262,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"Retail adjusted EBITDA increased to $1.74 billion in 2025 due to lower operating expenses from our cost savings initiatives, stronger proprietary products gross margin and disciplined execution of our Brazil margin improvement plan. We continue to simplify our business and deliver earnings growth through proven organic initiatives.","length":333,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":333,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"Potash adjusted EBITDA increased to $2.25 billion in 2025 due to higher net selling prices and record sales volumes, supported by strong potash affordability and underlying consumption growth in key offshore markets. We mined 49 percent of our potash ore tonnes using automation, further strengthening our low-cost advantage.","length":325,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":325,"olType":false},{"type":"readMore"},{"type":"list","items":[{"val":[{"type":"text","content":"Nitrogen adjusted EBITDA increased to $2.15 billion in 2025 due to higher net selling prices. Total ammonia production increased in 2025, supported by a four-percentage-point improvement in ammonia operating rate 4 as we advanced reliability initiatives across our North American plants and completed low-cost debottlenecks at Redwater and Geismar.","length":347,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":347,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"We repurchased approximately 2 percent of our shares outstanding in 2025 for a total of $551 million. Nutrien’s Board of Directors approved a 1 percent increase in the quarterly dividend to $0.55 per share and approved the purchase of up to 5 percent of outstanding common shares over a twelve-month period through a normal course issuer bid ("NCIB"). The NCIB is subject to acceptance by the Toronto Stock Exchange.","length":426,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":426,"olType":false},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:top;","val":[{"type":"text","content":"1","length":1,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","val":[]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;padding-left:0.0px;","val":[{"type":"text","content":"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.","length":197,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:top;","val":[{"type":"text","content":"2","length":1,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","val":[]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;padding-left:0.0px;","val":[{"type":"text","content":"Our discussion of highlights set out on this page is a comparison of the results for the twelve months ended December 31, 2025 to the results for the twelve months ended December 31, 2024, unless otherwise noted.","length":212,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:top;","val":[{"type":"text","content":"3","length":1,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","val":[]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;padding-left:0.0px;","val":[{"type":"text","content":"Cash used for dividends and share repurchases.","length":46,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;padding-right:0.0px;text-align:center;list-style-position:inside;vertical-align:middle;","val":[{"type":"text","content":"4","length":1,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;","val":[]},{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;","val":[{"type":"text","content":"Excludes Trinidad and Joffre.","length":29,"tagName":"p","attribs":{}}]}]}],"length":488},{"type":"text","content":" Update on Strategic Actions: ","length":28,"tagName":"p"},{"type":"text","content":"We continue to take actions to simplify our portfolio and focus on core assets to enhance earnings quality and free cash flow.","length":126,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"On December 10, 2025, we completed the sale of our 50 percent equity interest in Profertil S.A. ("Profertil") for approximately $0.6 billion. Since initiating portfolio actions in the fourth quarter of 2024, Nutrien has generated approximately $900 million in gross proceeds, enhancing capital efficiency and portfolio resilience while strengthening the balance sheet and increasing cash returns to shareholders.","length":422,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":422,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"We are progressing as planned with the review of strategic alternatives for our Phosphate business and intend to solidify the optimal path in 2026.","length":147,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":147,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"We continue to assess options for our Trinidad Nitrogen facility, and consistent with our approach of reviewing non-core assets, we ceased production at our New Madrid Nitrogen upgrade facility at year-end 2025. Our Trinidad and New Madrid plants combined accounted for approximately 1.6 million tonnes of Nitrogen sales volumes in 2025, however contributed marginal free cash flow. These portfolio actions improve the margin profile of our Nitrogen business, allow for greater focus on enhancing our core North American assets, and provide increased stability to consolidated free cash flow.","length":592,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":592,"olType":false},{"type":"text","content":" Market Outlook and Guidance ","length":27,"tagName":"p"},{"type":"text","content":" Agriculture and Retail Markets ","length":30,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Higher global grain and oilseed production in 2025 increased stocks-to-use ratios towards historical average levels and led to significant nutrient removal from the soil. Strong demand for food, feed and biofuel uses is expected to drive continued need for higher global crop production and related crop inputs.","length":311,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":311,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"We expect total US crop acres in 2026 to be consistent with 2025 levels and project corn plantings of 94 to 96 million acres and soybean plantings of 84 to 86 million acres. This acreage outlook, combined with a compressed fertilizer application season in the fall of 2025, is expected to support increased crop input demand in the first half of 2026.","length":351,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":351,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"In Brazil, soybean production is expected to set another record in 2026, with harvest currently underway, and we anticipate a 3 to 5 percent increase in safrinha corn plantings. 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We expect a fourth consecutive year of growth in 2026, with total global potash shipments ranging between 74 and 77 million tonnes. Demand is supported by the need to replenish soil nutrients following a record crop, favorable relative affordability and low inventory levels in key markets such as China and Brazil. We anticipate relatively tight fundamentals throughout 2026, as trend line demand growth is testing existing global operating and supply chain capabilities.","length":605,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":605,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"Global nitrogen demand is expected to grow in line with historical rates, driven by increasing use in agricultural growth markets such as Asia and Latin America. Global ammonia markets remain tight due to project delays and plant outages. Global urea markets have strengthened in the first quarter of 2026 due to strong seasonal demand from India, North America and Brazil and geopolitical uncertainties impacting supply.","length":421,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":421,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"Global phosphate markets eased in the fourth quarter of 2025 due to lower demand related to weaker affordability relative to potash and nitrogen. 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