Nutrien (NYSE: NTR) posts strong 2025 profit jump and sets 2026 guidance
Rhea-AI Filing Summary
Nutrien Ltd. reported much stronger results for 2025, driven by higher fertilizer prices and solid volumes across its Potash, Nitrogen and Retail businesses. Full-year sales reached $26.9 billion, up 4% from 2024, while gross margin rose 11% to $8.3 billion. Net earnings climbed to $2.3 billion, compared with $0.7 billion a year earlier, and diluted net earnings per share increased to $4.66 from $1.36. Adjusted EBITDA grew 13% to $6.0 billion and adjusted net earnings per share rose 31% to $4.56, reflecting stronger underlying operations.
In the fourth quarter, net earnings were $0.58 billion, or $1.18 per diluted share, and adjusted EBITDA was $1.28 billion with adjusted EPS of $0.83. Results benefited from higher potash net selling prices, increased potash volumes and improved upstream fertilizer performance, partly offset by lower Nitrogen volumes and softer Retail earnings. Net income also included a gain on the sale of Nutrien’s 50% investment in Profertil.
For 2026, Nutrien targets Retail adjusted EBITDA of $1.75 billion to $1.95 billion, potash sales of 14.1 to 14.8 million tonnes, nitrogen sales of 9.2 to 9.7 million tonnes and capital expenditures of $2.0 to $2.1 billion, assuming an effective tax rate on adjusted net earnings of 24% to 26%.
Positive
- Strong earnings rebound: 2025 net earnings rose to $2.3 billion and adjusted EBITDA to $6.0 billion, with adjusted EPS up 31% to $4.56, reflecting broad operational improvement.
Negative
- None.
Insights
2025 earnings rebounded sharply and 2026 guidance points to stable to slightly higher profitability.
Nutrien delivered a sizeable recovery in 2025 profitability. Net earnings rose to
Fourth-quarter performance also improved meaningfully year over year, though part of the uplift in net income came from a one-time
For
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
Under the Securities Exchange Act of 1934
For the month of February, 2026
Commission File Number: 001-38336
NUTRIEN LTD.
(Name of registrant)
Suite 1700, 211 19th Street East
Saskatoon, Saskatchewan, Canada
S7K 5R6
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☐ Form 40-F ☒
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| NUTRIEN LTD. | ||||||
| Date: February 18, 2026 | By: | /s/ Noralee Bradley | ||||
| Name: | Noralee Bradley | |||||
| Title: | Executive Vice President, External Affairs, Chief Legal Officer and Corporate Secretary | |||||
EXHIBIT INDEX
| Exhibit | Description of Exhibit | |
| 99.1 | News Release dated February 18, 2026 | |
Exhibit 99.1
|
News Release | |
|
TSX, NYSE: NTR
|
February 18, 2026 – all amounts are in US dollars, except as otherwise noted
Nutrien Reports Full-Year 2025 Results and Provides 2026 Guidance
| • | Full-year results demonstrate strong execution of our strategic plan and progress towards 2026 performance targets. |
| • | 2026 guidance reflects growth in upstream fertilizer sales volumes from our North American plants, higher Retail earnings, and a disciplined and consistent approach to capital allocation. |
SASKATOON, Saskatchewan - 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.
“2025 was a defining year for our Company, with exceptional performance across all our operating segments and a reduction in cost and capital expenditures that surpassed our targets. Alongside delivering structural free cash flow growth, we took decisive actions to optimize our portfolio, strengthen our balance sheet and increase cash returns to shareholders,” commented Ken Seitz, Nutrien’s President and CEO.
“As we move into 2026, our priorities remain unchanged and we expect to build on our momentum supported by strong potash market fundamentals, an improved Nitrogen margin profile, and higher Retail earnings. I am excited about Nutrien’s extraordinary potential as we continue to position the Company for long-term growth and resilience,” added Mr. Seitz.
Highlights2:
| • | Generated net earnings of $2.30 billion and adjusted EBITDA of $6.05 billion for the full year of 2025. Adjusted EBITDA increased due to higher fertilizer net selling prices, record upstream fertilizer sales volumes and higher Retail earnings. |
| • | Generated strong free cash flow in 2025 and approximately $900 million in gross proceeds from asset divestiture proceeds since the fourth quarter of 2024, enabling a reduction in adjusted net debt and a 30 percent increase in total cash returns to shareholders.3 |
| • | Retail adjusted EBITDA increased to $1.74 billion in 2025 due to lower operating expenses from our cost savings initiatives, stronger proprietary products gross margin and disciplined execution of our Brazil margin improvement plan. We continue to simplify our business and deliver earnings growth through proven organic initiatives. |
| • | Potash adjusted EBITDA increased to $2.25 billion in 2025 due to higher net selling prices and record sales volumes, supported by strong potash affordability and underlying consumption growth in key offshore markets. We mined 49 percent of our potash ore tonnes using automation, further strengthening our low-cost advantage. |
| • | Nitrogen adjusted EBITDA increased to $2.15 billion in 2025 due to higher net selling prices. Total ammonia production increased in 2025, supported by a four-percentage-point improvement in ammonia operating rate4 as we advanced reliability initiatives across our North American plants and completed low-cost debottlenecks at Redwater and Geismar. |
| • | We repurchased approximately 2 percent of our shares outstanding in 2025 for a total of $551 million. Nutrien’s Board of Directors approved a 1 percent increase in the quarterly dividend to $0.55 per share and approved the purchase of up to 5 percent of outstanding common shares over a twelve-month period through a normal course issuer bid (“NCIB”). The NCIB is subject to acceptance by the Toronto Stock Exchange. |
1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section. All references to per share amounts pertain to diluted net earnings per share, unless otherwise noted.
2 Our discussion of highlights set out on this page is a comparison of the results for the twelve months ended December 31, 2025 to the results for the twelve months ended December 31, 2024, unless otherwise noted.
3 Cash used for dividends and share repurchases.
4 Excludes Trinidad and Joffre.
1
Update on Strategic Actions:
We continue to take actions to simplify our portfolio and focus on core assets to enhance earnings quality and free cash flow.
| • | On December 10, 2025, we completed the sale of our 50 percent equity interest in Profertil S.A. (“Profertil”) for approximately $0.6 billion. Since initiating portfolio actions in the fourth quarter of 2024, Nutrien has generated approximately $900 million in gross proceeds, enhancing capital efficiency and portfolio resilience while strengthening the balance sheet and increasing cash returns to shareholders. |
| • | We are progressing as planned with the review of strategic alternatives for our Phosphate business and intend to solidify the optimal path in 2026. |
| • | We continue to assess options for our Trinidad Nitrogen facility, and consistent with our approach of reviewing non-core assets, we ceased production at our New Madrid Nitrogen upgrade facility at year-end 2025. Our Trinidad and New Madrid plants combined accounted for approximately 1.6 million tonnes of Nitrogen sales volumes in 2025, however contributed marginal free cash flow. These portfolio actions improve the margin profile of our Nitrogen business, allow for greater focus on enhancing our core North American assets, and provide increased stability to consolidated free cash flow. |
2
Market Outlook and Guidance
Agriculture and Retail Markets
| • | Higher global grain and oilseed production in 2025 increased stocks-to-use ratios towards historical average levels and led to significant nutrient removal from the soil. Strong demand for food, feed and biofuel uses is expected to drive continued need for higher global crop production and related crop inputs. |
| • | We expect total US crop acres in 2026 to be consistent with 2025 levels and project corn plantings of 94 to 96 million acres and soybean plantings of 84 to 86 million acres. This acreage outlook, combined with a compressed fertilizer application season in the fall of 2025, is expected to support increased crop input demand in the first half of 2026. |
| • | In Brazil, soybean production is expected to set another record in 2026, with harvest currently underway, and we anticipate a 3 to 5 percent increase in safrinha corn plantings. Growth in planted area is expected to support crop input demand; however, weaker affordability is expected to result in just-in-time purchases and a continued shift to lower analysis nitrogen and phosphate products. |
| • | In Australia, improved weather compared to the first half of 2025 is expected to support crop input demand and strong livestock prices to support sales of Retail products and services. |
Crop Nutrient Markets
| • | Global potash shipments increased to approximately 74.5 million tonnes in 2025, primarily driven by strong demand in Southeast Asia. We expect a fourth consecutive year of growth in 2026, with total global potash shipments ranging between 74 and 77 million tonnes. Demand is supported by the need to replenish soil nutrients following a record crop, favorable relative affordability and low inventory levels in key markets such as China and Brazil. We anticipate relatively tight fundamentals throughout 2026, as trend line demand growth is testing existing global operating and supply chain capabilities. |
| • | Global nitrogen demand is expected to grow in line with historical rates, driven by increasing use in agricultural growth markets such as Asia and Latin America. Global ammonia markets remain tight due to project delays and plant outages. Global urea markets have strengthened in the first quarter of 2026 due to strong seasonal demand from India, North America and Brazil and geopolitical uncertainties impacting supply. |
| • | Global phosphate markets eased in the fourth quarter of 2025 due to lower demand related to weaker affordability relative to potash and nitrogen. Phosphate markets have strengthened in the first quarter of 2026 due to Chinese export restrictions and elevated input costs. |
3
Financial and Operational Guidance
| • | Retail adjusted EBITDA guidance of $1.75 to $1.95 billion represents continued structural growth in our downstream business consistent with historical rates. The mid-point of our guidance range assumes high-single digit growth in proprietary products gross margins, a mid-single digit increase in our North American crop nutrient sales volumes, improved weather conditions in Australia and cost reduction initiatives across all geographies. |
| • | Potash sales volume guidance of 14.1 to 14.8 million tonnes is consistent with our global shipment expectation. |
| • | Nitrogen sales volume guidance of 9.2 to 9.7 million tonnes assumes no production from our Trinidad and New Madrid facility, which accounted for approximately 1.4 million tonnes and 0.2 million tonnes, respectively, in 2025. Nitrogen sales volumes are supported by planned reliability improvements and debottlenecks. |
| • | Phosphate sales volume guidance of 2.4 to 2.6 million tonnes reflect the benefits of reliability improvement initiatives completed in 2025. |
| • | Total capital expenditures of $2.0 to $2.1 billion is consistent with 2025 as we continue to optimize capital to sustain safe and reliable operations and to progress a set of targeted growth investments. The total includes approximately $400 million in investing capital focused on proprietary products, network optimization and digital capabilities in Retail, low-cost brownfield expansions and product optimization projects in Nitrogen, and mine automation in Potash. |
All guidance numbers, including those noted above, are outlined in the table below. In addition, set forth below are anticipated fertilizer pricing and natural gas price sensitivities relating to adjusted EBITDA (consolidated) and adjusted net earnings per share.
| 2026 Guidance ranges1 as of February 18, 2026 |
||||||||||||
| ($ billions, except as otherwise noted) | Low | High | 2025 Actual | |||||||||
| Retail adjusted EBITDA |
1.75 | 1.95 | 1.74 | |||||||||
| Potash sales volumes (million tonnes) 2 |
14.1 | 14.8 | 14.25 | |||||||||
| Nitrogen sales volumes (million tonnes) 2 |
9.2 | 9.7 | 10.89 | |||||||||
| Phosphate sales volumes (million tonnes) 2 |
2.4 | 2.6 | 2.36 | |||||||||
| Depreciation and amortization |
2.4 | 2.5 | 2.4 | |||||||||
| Finance costs |
0.65 | 0.75 | 0.7 | |||||||||
| Effective tax rate on adjusted net earnings (%) 3 |
24.0 | 26.0 | 24.9 | |||||||||
| Capital expenditures 4 |
2.0 | 2.1 | 2.0 | |||||||||
1 See the “Forward-Looking Statements” section.
2 Manufactured product only.
3 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.
4 Comprised of sustaining capital expenditures, investing capital expenditures and mine development and pre-stripping capital expenditures, which are supplementary financial measures. See the “Other Financial Measures” section.
| 2026 Annual Sensitivities | Effect on1 | |||||||
| ($ millions, except EPS amounts) | Adjusted EBITDA | Adjusted EPS4 | ||||||
| $25 per tonne change in potash net selling prices |
± 280 | ± 0.45 | ||||||
| $25 per tonne change in ammonia net selling prices 2 |
± 35 | ± 0.05 | ||||||
| $25 per tonne change in urea and ESN® net selling prices |
± 65 | ± 0.10 | ||||||
| $25 per tonne change in solutions, nitrates and sulfates net selling prices |
± 135 | ± 0.20 | ||||||
| $1 per MMBtu change in NYMEX natural gas price 3 |
± 180 | ± 0.30 | ||||||
1 See the “Forward-Looking Statements” section.
2 Excludes Trinidad.
3 Nitrogen related impact.
4 Based on shares outstanding as at December 31, 2025.
4
Consolidated Results
| Three Months Ended December 31 | Twelve Months Ended December 31 | |||||||||||||||||||||||||||
| ($ millions, except as otherwise noted) | 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||||||||||||||||||
| Sales | 5,340 | 5,079 | 5 | 26,885 | 25,972 | 4 | ||||||||||||||||||||||
| Gross margin | 1,888 | 1,581 | 19 | 8,347 | 7,530 | 11 | ||||||||||||||||||||||
| Expenses | 967 | 1,184 | (18 | ) | 4,611 | 5,674 | (19 | ) | ||||||||||||||||||||
| Net earnings | 580 | 118 | 392 | 2,297 | 700 | 228 | ||||||||||||||||||||||
| Adjusted EBITDA 1 | 1,277 | 1,055 | 21 | 6,046 | 5,355 | 13 | ||||||||||||||||||||||
| Diluted net earnings per share (dollars) 2 | 1.18 | 0.23 | 413 | 4.66 | 1.36 | 243 | ||||||||||||||||||||||
| Adjusted net earnings per share (dollars) 1, 2 | 0.83 | 0.31 | 168 | 4.56 | 3.47 | 31 | ||||||||||||||||||||||
1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.
2 All references to per share amounts pertain to diluted net earnings per share, unless otherwise noted.
Net earnings and adjusted EBITDA increased in the fourth quarter primarily due to higher fertilizer net selling prices and Potash sales volumes, partially offset by lower Nitrogen sales volumes and Retail earnings. For the full year of 2025, net earnings and adjusted EBITDA increased due to higher fertilizer net selling prices, increased upstream fertilizer sales volumes and higher Retail earnings. Net earnings for the fourth quarter of 2025 were positively impacted by the gain on sale of investment related to the disposal of our 50 percent equity ownership in Profertil.
Segment Results
Our discussion of segment results set out on the following pages is a comparison of the results for the three and twelve months ended December 31, 2025 to the results for the three and twelve months ended December 31, 2024, unless otherwise noted.
|
Retail
|
| Three Months Ended December 31 | Twelve Months Ended December 31 | |||||||||||||||||||||||||||
| ($ millions, except as otherwise noted) | 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||||||||||||||||||
| Sales | 3,144 | 3,179 | (1 | ) | 17,620 | 17,832 | (1 | ) | ||||||||||||||||||||
| Cost of goods sold | 2,167 | 2,193 | (1 | ) | 13,017 | 13,211 | (1 | ) | ||||||||||||||||||||
| Gross margin | 977 | 986 | (1 | ) | 4,603 | 4,621 | - | |||||||||||||||||||||
| Adjusted EBITDA 1 | 311 | 340 | (9 | ) | 1,736 | 1,696 | 2 | |||||||||||||||||||||
1 See Note 2 to the interim financial statements.
| • | Retail adjusted EBITDA decreased in the fourth quarter as the prior period benefited from other income items, most notably a $25 million gain on sale of land in Argentina. Adjusted EBITDA increased for the full year of 2025 due to lower operating expenses from our cost savings initiatives, higher proprietary products gross margin and strategic actions related to our Brazil margin improvement plan. |
| Three Months Ended December 31 | Twelve Months Ended December 31 | |||||||||||||||||||||||||||||||||||||||
| Sales | Gross Margin | Sales | Gross Margin | |||||||||||||||||||||||||||||||||||||
| ($ millions) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||||||
| Crop nutrients |
1,512 | 1,528 | 288 | 294 | 7,285 | 7,211 | 1,424 | 1,444 | ||||||||||||||||||||||||||||||||
| Crop protection products |
931 | 948 | 324 | 351 | 6,105 | 6,313 | 1,590 | 1,622 | ||||||||||||||||||||||||||||||||
| Seed |
162 | 184 | 48 | 52 | 2,128 | 2,235 | 408 | 431 | ||||||||||||||||||||||||||||||||
| Services and other |
254 | 228 | 219 | 188 | 944 | 918 | 750 | 716 | ||||||||||||||||||||||||||||||||
| Merchandise |
226 | 230 | 39 | 40 | 875 | 897 | 148 | 150 | ||||||||||||||||||||||||||||||||
| Nutrien Financial |
82 | 77 | 82 | 77 | 376 | 361 | 376 | 361 | ||||||||||||||||||||||||||||||||
| Nutrien Financial elimination 1 |
(23 | ) | (16 | ) | (23 | ) | (16 | ) | (93 | ) | (103 | ) | (93 | ) | (103 | ) | ||||||||||||||||||||||||
| Total |
3,144 | 3,179 | 977 | 986 | 17,620 | 17,832 | 4,603 | 4,621 | ||||||||||||||||||||||||||||||||
1 Represents elimination of the interest and service fees charged by Nutrien Financial to Retail branches.
5
| • | Crop nutrients sales and gross margin decreased in the fourth quarter of 2025 due to lower sales volumes from a weather-shortened fall application window in the US and reduced demand for phosphate, partially offset by higher proprietary products gross margin. For the full year of 2025, sales increased due to higher selling prices, and gross margin was impacted by product mix shifts in North America and reduced demand in the fourth quarter. International crop nutrient sales volumes were lower in the fourth quarter and full year of 2025 mainly due to strategic actions in South America. |
| • | Crop protection products sales and gross margin were lower in the fourth quarter and full year of 2025 due to product mix shifts in North America and dry conditions in Australia, partially offset by higher proprietary products gross margin. |
| • | Seed sales and gross margin decreased in the fourth quarter due to strategic actions in South America. Sales and gross margin were lower for the full year of 2025 due to weather related impacts in the Southern US leading to fewer planted acres which impacted proprietary products gross margin. |
| Supplemental Data | Three Months Ended December 31 | Twelve Months Ended December 31 | ||||||||||||||||||||||||||||||||||||||
| Gross Margin | % of Product Line 1 | Gross Margin | % of Product Line 1 | |||||||||||||||||||||||||||||||||||||
| ($ millions, except as otherwise noted) |
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||||||
| Proprietary products |
||||||||||||||||||||||||||||||||||||||||
| Crop nutrients |
65 | 60 | 22 | 19 | 450 | 421 | 32 | 29 | ||||||||||||||||||||||||||||||||
| Crop protection products |
43 | 41 | 13 | 11 | 503 | 470 | 32 | 29 | ||||||||||||||||||||||||||||||||
| Seed |
7 | 6 | 18 | 16 | 137 | 154 | 34 | 36 | ||||||||||||||||||||||||||||||||
| Merchandise |
4 | 4 | 9 | 9 | 14 | 15 | 9 | 10 | ||||||||||||||||||||||||||||||||
| Total |
119 | 111 | 12 | 11 | 1,104 | 1,060 | 24 | 23 | ||||||||||||||||||||||||||||||||
1 Represents percentage of proprietary product margins over total product line gross margin.
| Three Months Ended December 31 | Twelve Months Ended December 31 | |||||||||||||||||||||||||||||||||||||||
| Sales Volumes (tonnes - thousands) |
Gross Margin / Tonne (dollars) |
Sales Volumes (tonnes - thousands) |
Gross Margin / Tonne (dollars) |
|||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||||||||||||
| Crop nutrients |
||||||||||||||||||||||||||||||||||||||||
| North America |
1,600 | 1,854 | 137 | 125 | 8,502 | 8,547 | 143 | 142 | ||||||||||||||||||||||||||||||||
| International |
626 | 716 | 108 | 87 | 3,358 | 3,715 | 61 | 62 | ||||||||||||||||||||||||||||||||
| Total |
2,226 | 2,570 | 129 | 114 | 11,860 | 12,262 | 120 | 118 | ||||||||||||||||||||||||||||||||
| (percentages) | December 31, 2025 | December 31, 2024 | ||||||||||
| Financial performance measures 1, 2 |
||||||||||||
| Cash operating coverage ratio |
62 | 63 | ||||||||||
| Average working capital to sales |
22 | 20 | ||||||||||
| Average working capital to sales excluding Nutrien Financial |
1 | - | ||||||||||
| Nutrien Financial adjusted net interest margin |
5.4 | 5.3 | ||||||||||
1 Rolling four quarters.
2 These are non-GAAP financial measures. See the “Non-GAAP Financial Measures” section.
6
|
Potash
|
| Three Months Ended December 31 | Twelve Months Ended December 31 | |||||||||||||||||||||||||||
| ($ millions, except as otherwise noted) | 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||||||||||||||||||
| Net sales |
736 | 536 | 37 | 3,593 | 2,989 | 20 | ||||||||||||||||||||||
| Cost of goods sold |
324 | 309 | 5 | 1,581 | 1,448 | 9 | ||||||||||||||||||||||
| Gross margin |
412 | 227 | 81 | 2,012 | 1,541 | 31 | ||||||||||||||||||||||
| Adjusted EBITDA 1 |
445 | 291 | 53 | 2,254 | 1,848 | 22 | ||||||||||||||||||||||
1 See Note 2 to the interim financial statements.
| • | Potash adjusted EBITDA increased in the fourth quarter and full year of 2025 due to higher net selling prices and higher sales volumes, partially offset by higher provincial mining taxes. Total and offshore sales volumes in 2025 were the highest on record. |
| Manufactured Product | Three Months Ended December 31 |
Twelve Months Ended December 31 |
||||||||||||||||||
| ($ per tonne, except as otherwise noted) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Sales volumes (tonnes - thousands) |
||||||||||||||||||||
| North America |
726 | 718 | 4,638 | 4,672 | ||||||||||||||||
| Offshore |
2,077 | 2,040 | 9,615 | 9,214 | ||||||||||||||||
| Total sales volumes |
2,803 | 2,758 | 14,253 | 13,886 | ||||||||||||||||
| Net selling price |
||||||||||||||||||||
| North America |
305 | 270 | 286 | 285 | ||||||||||||||||
| Offshore |
247 | 168 | 235 | 180 | ||||||||||||||||
| Average net selling price |
262 | 194 | 252 | 215 | ||||||||||||||||
| Cost of goods sold |
115 | 112 | 111 | 104 | ||||||||||||||||
| Gross margin |
147 | 82 | 141 | 111 | ||||||||||||||||
| Depreciation and amortization |
45 | 49 | 46 | 44 | ||||||||||||||||
| Gross margin excluding depreciation and amortization 1 |
192 | 131 | 187 | 155 | ||||||||||||||||
1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.
| • | Sales volumes were higher in the fourth quarter and full year of 2025 compared to the same periods in 2024. Higher offshore sales volumes were supported by strong potash affordability and underlying consumption growth in key offshore markets. North America sales volumes in the fourth quarter and full year of 2025 were consistent to the same periods in 2024. |
| • | Net selling price per tonne increased in the fourth quarter and full year of 2025 due to higher global benchmark prices. |
| • | Cost of goods sold per tonne increased in the fourth quarter and full year of 2025 primarily due to higher royalties and maintenance costs, with the full year also impacted by higher depreciation. |
| Supplemental Data | Three Months Ended December 31 |
Twelve Months Ended December 31 |
||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| Production volumes (tonnes – thousands) |
3,539 | 3,369 | 13,966 | 14,205 | ||||||||||||||||
| Potash controllable cash cost of product manufactured per tonne 1 |
61 | 59 | 58 | 54 | ||||||||||||||||
| Canpotex sales by market (percentage of sales volumes) 2 |
||||||||||||||||||||
| Latin America |
35 | 35 | 39 | 40 | ||||||||||||||||
| Other Asian markets 3 |
26 | 24 | 29 | 28 | ||||||||||||||||
| China |
13 | 16 | 11 | 13 | ||||||||||||||||
| India |
11 | 11 | 6 | 7 | ||||||||||||||||
| Other markets |
15 | 14 | 15 | 12 | ||||||||||||||||
| Total |
100 | 100 | 100 | 100 | ||||||||||||||||
1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.
2 See Note 10 to the interim financial statements.
3 All Asian markets except China and India.
7
|
Nitrogen
|
| Three Months Ended December 31 | Twelve Months Ended December 31 | |||||||||||||||||||||||||||
| ($ millions, except as otherwise noted) |
2025 | 2024 | 1, 2 | % Change | 2025 | 2024 | 1, 2 | % Change | ||||||||||||||||||||
| Net sales |
1,093 | 981 | 11 | 4,187 | 3,576 | 17 | ||||||||||||||||||||||
| Cost of goods sold |
682 | 669 | 2 | 2,580 | 2,374 | 9 | ||||||||||||||||||||||
| Gross margin |
411 | 312 | 32 | 1,607 | 1,202 | 34 | ||||||||||||||||||||||
| Adjusted EBITDA 2 |
521 | 471 | 11 | 2,147 | 1,880 | 14 | ||||||||||||||||||||||
1 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment.
2 See Note 2 to the interim financial statements.
| • | Nitrogen adjusted EBITDA increased in the fourth quarter and the full year of 2025 due to higher net selling prices, partially offset by lower equity earnings from Profertil. Adjusted EBITDA for the full year of 2024 benefitted from insurance recoveries. Total ammonia production increased in 2025, supported by a four-percentage-point improvement in ammonia operating rate as we advanced reliability initiatives across our North American plants and completed low-cost debottlenecks at Redwater and Geismar. |
| Manufactured Product | Three Months Ended December 31 |
Twelve Months Ended December 31 |
||||||||||||||||||
| ($ per tonne, except as otherwise noted) |
2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Sales volumes (tonnes - thousands) |
||||||||||||||||||||
| Ammonia |
546 | 701 | 2,420 | 2,483 | ||||||||||||||||
| Urea and ESN® |
656 | 888 | 3,099 | 3,188 | ||||||||||||||||
| Solutions, nitrates and sulfates |
1,373 | 1,325 | 5,369 | 5,023 | ||||||||||||||||
| Total sales volumes |
2,575 | 2,914 | 10,888 | 10,694 | ||||||||||||||||
| Net selling price |
||||||||||||||||||||
| Ammonia |
470 | 448 | 422 | 410 | ||||||||||||||||
| Urea and ESN® |
505 | 403 | 490 | 421 | ||||||||||||||||
| Solutions, nitrates and sulfates |
272 | 213 | 268 | 221 | ||||||||||||||||
| Average net selling price |
373 | 327 | 365 | 324 | ||||||||||||||||
| Cost of goods sold |
214 | 221 | 219 | 213 | ||||||||||||||||
| Gross margin |
159 | 106 | 146 | 111 | ||||||||||||||||
| Depreciation and amortization |
59 | 58 | 57 | 55 | ||||||||||||||||
| Gross margin excluding depreciation and amortization 1 |
218 | 164 | 203 | 166 | ||||||||||||||||
1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.
| • | Sales volumes decreased in the fourth quarter of 2025 due to the previously announced controlled shutdown of our Trinidad facility on October 23, 2025 and planned turnarounds at our North American operations. Sales volumes increased for the full year of 2025 due to higher production from reliability improvements and low-cost debottlenecks that increased the availability of upgraded products. |
| • | Net selling price per tonne was higher in the fourth quarter and full year of 2025 for all major nitrogen products due to stronger benchmark prices. |
| • | Cost of goods sold per tonne decreased in the fourth quarter of 2025 due to a higher percentage of sales coming from our low-cost North American nitrogen plants. For the full year of 2025, cost of goods sold per tonne increased compared to the prior year due to higher natural gas costs, mainly driven by Henry Hub benchmark. |
| Supplemental Data | Three Months Ended December 31 |
Twelve Months Ended December 31 |
||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| Sales volumes (tonnes – thousands) |
||||||||||||||||||||
| Fertilizer |
1,545 | 1,801 | 6,425 | 6,259 | ||||||||||||||||
| Industrial and feed |
1,030 | 1,113 | 4,463 | 4,435 | ||||||||||||||||
| Production volumes (tonnes – thousands) |
||||||||||||||||||||
| Ammonia production – total 1 |
1,192 | 1,451 | 5,706 | 5,608 | ||||||||||||||||
| Ammonia production – adjusted 1, 2 |
1,004 | 1,041 | 4,135 | 3,953 | ||||||||||||||||
| Ammonia operating rate (%) 2 |
89 | 92 | 92 | 88 | ||||||||||||||||
| Natural gas costs (dollars per MMBtu) |
||||||||||||||||||||
| Overall natural gas cost excluding realized derivative impact |
3.31 | 3.56 | 3.53 | 3.15 | ||||||||||||||||
| Realized derivative impact 3 |
- | 0.10 | - | 0.09 | ||||||||||||||||
| Overall natural gas cost |
3.31 | 3.66 | 3.53 | 3.24 | ||||||||||||||||
1 All figures are provided on a gross production basis in thousands of product tonnes.
2 Excludes Trinidad and Joffre.
3 Includes realized derivative impacts recorded as part of cost of goods sold or other income and expenses. Refer to Note 4 to the interim financial statements.
8
|
Phosphate
|
| Three Months Ended December 31 | Twelve Months Ended December 31 | |||||||||||||||||||||||||||
| ($ millions, except as otherwise noted) |
2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||||||||||||||||||
| Net sales |
483 | 414 | 17 | 1,734 | 1,657 | 5 | ||||||||||||||||||||||
| Cost of goods sold |
430 | 394 | 9 | 1,590 | 1,510 | 5 | ||||||||||||||||||||||
| Gross margin |
53 | 20 | 165 | 144 | 147 | (2 | ) | |||||||||||||||||||||
| Adjusted EBITDA 1 |
107 | 86 | 24 | 382 | 384 | (1 | ) | |||||||||||||||||||||
1 See Note 2 to the interim financial statements.
| • | Phosphate adjusted EBITDA increased in the fourth quarter of 2025 due to higher net selling prices and sales volumes, partially offset by higher sulfur input costs. Adjusted EBITDA slightly decreased for the full year of 2025 due to higher sulfur input costs and lower sales volumes, partially offset by higher net selling prices. |
| Manufactured Product | Three Months Ended December 31 |
Twelve Months Ended December 31 |
||||||||||||||||||
| ($ per tonne, except as otherwise noted) |
2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Sales volumes (tonnes - thousands) |
||||||||||||||||||||
| Fertilizer |
468 | 435 | 1,646 | 1,751 | ||||||||||||||||
| Industrial and feed |
186 | 173 | 717 | 683 | ||||||||||||||||
| Total sales volumes |
654 | 608 | 2,363 | 2,434 | ||||||||||||||||
| Net selling price |
||||||||||||||||||||
| Fertilizer |
677 | 615 | 677 | 612 | ||||||||||||||||
| Industrial and feed |
875 | 812 | 835 | 822 | ||||||||||||||||
| Average net selling price |
733 | 671 | 725 | 671 | ||||||||||||||||
| Cost of goods sold |
646 | 631 | 657 | 603 | ||||||||||||||||
| Gross margin |
87 | 40 | 68 | 68 | ||||||||||||||||
| Depreciation and amortization |
112 | 127 | 121 | 119 | ||||||||||||||||
| Gross margin excluding depreciation and amortization 1 |
199 | 167 | 189 | 187 | ||||||||||||||||
1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.
| • | Sales volumes were higher in the fourth quarter of 2025 due to higher production from reliability improvements and weather-related events that impacted the fourth quarter of 2024 production volumes, partially offset by reduced demand for phosphate. Sales volumes were lower for the full year due to lower production volumes in the first quarter of 2025. |
| • | Net selling price per tonne increased in the fourth quarter and full year of 2025 due to the strength of fertilizer benchmark prices. |
| • | Cost of goods sold per tonne increased in the fourth quarter and full year of 2025 primarily due to higher sulfur input costs. |
| Supplemental Data | Three Months Ended December 31 |
Twelve Months Ended December 31 |
||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| Production volumes (P2O5 tonnes – thousands) |
367 | 319 | 1,360 | 1,327 | ||||||||||||||||
| P2O5 operating rate (%) |
86 | 75 | 80 | 78 | ||||||||||||||||
9
|
Corporate and Others and Eliminations
|
| Three Months Ended December 31 | Twelve Months Ended December 31 | |||||||||||||||||||||||||||
| ($ millions, except as otherwise noted) |
2025 | 2024 | 1, 2 | % Change | 2025 | 2024 | 1, 2 | % Change | ||||||||||||||||||||
| Corporate and Others |
||||||||||||||||||||||||||||
| Gross margin 2 |
7 | 14 | (50 | ) | 27 | 21 | 29 | |||||||||||||||||||||
| Selling expenses (recovery) |
5 | 8 | (38 | ) | (1 | ) | 2 | n/m | ||||||||||||||||||||
| General and administrative expenses |
106 | 126 | (16 | ) | 392 | 405 | (3 | ) | ||||||||||||||||||||
| Share-based compensation expense |
44 | 20 | 120 | 163 | 37 | 341 | ||||||||||||||||||||||
| Foreign exchange (gain) loss, net of related derivatives |
(9 | ) | 1 | n/m | 9 | 360 | (98 | ) | ||||||||||||||||||||
| Gain on sale of investment in Profertil 3 |
(301 | ) | - | - | (301 | ) | - | - | ||||||||||||||||||||
| Other expenses |
111 | 105 | 6 | 207 | 379 | (45 | ) | |||||||||||||||||||||
| Adjusted EBITDA 2 |
(133 | ) | (160 | ) | (17 | ) | (427 | ) | (452 | ) | (6 | ) | ||||||||||||||||
| Eliminations |
||||||||||||||||||||||||||||
| Gross margin |
28 | 22 | 27 | (46 | ) | (2 | ) | n/m | ||||||||||||||||||||
| Adjusted EBITDA 2 |
26 | 27 | (4 | ) | (46 | ) | (1 | ) | n/m | |||||||||||||||||||
1 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment.
2 See Note 2 to the interim financial statements.
3 See Note 6 to the interim financial statements.
| • | Share-based compensation expense was higher in the fourth quarter and full year of 2025 due to an increase in the fair value of our share-based awards. The fair value of our share-based awards takes into consideration several factors, such as our share price movement, our performance relative to our peer group and our return on invested capital. |
| • | Foreign exchange (gain) loss, net of related derivatives was lower in the full year of 2025 due to a lower loss on foreign currency derivatives in Brazil and lower foreign exchange losses primarily from our South American Retail region. |
| • | Gain on sale of investment was higher in the fourth quarter and full year of 2025 due to the sale of our 50 percent equity ownership in Profertil. |
| • | Other expenses was lower in the full year of 2025 as the comparable period of 2024 included a higher expense for asset retirement obligations related to our non-operating sites. |
Finance Costs, Income Taxes and Other Comprehensive (Loss) Income
| Three Months Ended December 31 | Twelve Months Ended December 31 | |||||||||||||||||||||||||||
| ($ millions, except as otherwise noted) |
2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||||||||||||||||||
| Finance costs |
183 | 195 | (6 | ) | 687 | 720 | (5 | ) | ||||||||||||||||||||
| Income taxes |
||||||||||||||||||||||||||||
| Income tax expense |
158 | 84 | 88 | 752 | 436 | 72 | ||||||||||||||||||||||
| Actual effective tax rate including discrete items (%) |
22 | 42 | (48 | ) | 25 | 38 | (34 | ) | ||||||||||||||||||||
| Other comprehensive income (loss) |
33 | (298 | ) | n/m | 224 | (234 | ) | n/m | ||||||||||||||||||||
| • | Income tax expense increased in the fourth quarter and full year of 2025 mainly due to higher earnings. The decrease in the actual effective tax rate for the three months ended December 31, 2025 is mainly due to the tax impact of the gain on sale of investment in Profertil. The decrease in the actual effective tax rate for the full year of 2025 is mainly due to lower non-recognizable losses in South America compared to the same period in 2024. |
| • | Other comprehensive income (loss) increased in the fourth quarter and full year of 2025 mainly due to the appreciation of the Australian, Brazilian and Canadian currencies, relative to the US dollar, compared to losses for the same periods in 2024. |
10
Forward-Looking Statements
Certain statements and other information included in this document, including within the “Market Outlook and Guidance” section, constitute “forward-looking information” or “forward-looking statements” (collectively, “forward-looking statements”) under applicable securities laws (such statements are often accompanied by words such as “anticipate”, “forecast”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “project”, “intend” or other similar words). All statements in this document, other than those relating to historical information or current conditions, are forward-looking statements, including, but not limited to: Nutrien’s business strategies, plans, prospects and opportunities; Nutrien’s 2026 full-year guidance, including expectations regarding Retail adjusted EBITDA, Potash sales volumes, Nitrogen sales volumes, Phosphate sales volumes, depreciation and amortization, finance costs, effective tax rate on adjusted net earnings and capital expenditures, including the assumptions and expectations stated therein; expectations regarding our capital allocation intentions and strategies including our intentions with respect to our strategic actions, including the review of strategic alternatives for our Phosphate business and the controlled shutdown of our Trinidad Nitrogen facility and options for our Trinidad operations and expectations related thereto, including the expected timing for strategic decisions in respect thereof; our expectations regarding Nutrien’s strategic priorities and our ability to advance and achieve such strategic priorities in 2026 and beyond; expectations regarding various performance targets in 2026 and beyond and our ability to achieve those; capital spending expectations for 2026 and beyond; expectations regarding performance of our operating segments in 2026 and beyond; the expectation that internally generated cash flow, supplemented by available borrowings, if necessary, will be sufficient to meet our anticipated capital expenditures, planned growth and development activities, and other cash requirements; expectations regarding payment of dividends and share repurchases; our operating segment market outlooks and our expectations for market conditions and fundamentals, and the anticipated supply and demand for our products and services, including the expected impact of supply availability on global shipments of phosphate fertilizer and the expected impact of affordability on demand, crop input demand, expected market, industry and growing conditions with respect to crop nutrient application rates, planted acres, farmer crop investment, crop mix, including the need to replenish soil nutrient levels, input costs, production volumes and expenses, shipments, natural gas costs and availability, consumption, prices, operating rates and the impact of seasonality, import and export volumes, tariffs, trade or export restrictions, economic sanctions and restrictions, operating rates, inventories, crop development and natural gas curtailments; the negotiation of sales contracts; expected grower margins; acquisitions and divestitures and the anticipated benefits thereof; and expectations in connection with our ability to generate free cash flow and deliver long-term returns to shareholders.
These forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such forward-looking statements. As such, undue reliance should not be placed on these forward-looking statements.
All of the forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions referred to below and elsewhere in this document. Although we believe that these assumptions are reasonable, having regard to our experience and our perception of historical trends, this list is not exhaustive of the factors that may affect any of the forward-looking statements and the reader should not place undue reliance on these assumptions and such forward-looking statements. Current conditions, economic and otherwise, render assumptions, although reasonable when made, subject to greater uncertainty.
The additional key assumptions that have been made in relation to the operation of our business as currently planned and our ability to achieve our business objectives include, among other things, assumptions with respect to: our ability to successfully implement our business strategies, growth and capital allocation investments and initiatives that we will conduct our operations and achieve results of operations as anticipated; growth in crop nutrient sales volumes; our ability to successfully complete, integrate and realize the anticipated benefits of our already completed and future acquisitions and divestitures, and that we will be able to implement our standards, controls, procedures and policies in respect of any acquired businesses and realize the expected synergies on the anticipated timeline or at all; increased proprietary products gross margin; successful execution of margin improvement plan in Brazil; a return to historical average crop protection product margin percentages; continued reliability improvements; sustained operating rates in Phosphate and Nitrogen; that future business, regulatory and industry conditions will be within the parameters expected by us, including with respect to prices, expenses, margins, demand, supply, product availability, shipments, consumption, weather conditions, supplier agreements, product distribution agreements, inventory levels, exports, tariffs, including general or retaliatory tariffs, trade restrictions, international trade arrangements, government support, crop development and cost of labor and interest, exchange and effective tax rates; potash demand growth in offshore markets; global economic conditions and the accuracy of our market outlook expectations for 2026 and in the future; assumptions related to our assessment of recoverable amount estimates of our assets; our intention to complete share repurchases under our normal course issuer bid programs, the funding of such share repurchases, existing and future market conditions, including with respect to the price of our common shares, capital allocation priorities and compliance with respect to applicable limitations under securities laws and regulations and stock exchange policies and assumptions related to our ability to fund our dividends at the current level; our expectations regarding the impacts, direct and indirect, of certain geopolitical conflicts on, among other things, global supply and demand, including for crop nutrients, energy and commodity prices, global interest rates, supply chains and the global macroeconomic environment, including inflation; the adequacy of our cash generated from operations and our ability to access our credit facilities or capital markets for additional sources of financing; our ability to identify suitable candidates for acquisitions and divestitures and negotiate acceptable terms; availability of investment opportunities that align with our strategic priorities and growth strategy; our ability to maintain investment grade ratings and achieve our performance
11
targets; and our ability to successfully negotiate sales and other contracts and our ability to successfully implement new initiatives and programs.
Events or circumstances that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: general global economic, market and business conditions; failure to achieve expected results of our business strategy, capital allocation initiatives, results of operations or targets; failure to complete announced and future strategic and asset optimization initiatives, acquisitions or divestitures at all or on the expected terms and within the expected timeline; seasonality of our business; climate change and weather conditions, including impacts from regional flooding and/or drought conditions; crop planted acreage, yield and prices; the supply and demand and price levels for our products; governmental and regulatory requirements and actions by governmental authorities, including changes in government policy (including general or retaliatory tariffs, trade restrictions, or other changes to international trade arrangements; the results of our review of strategic alternative for our Phosphate business, including the process and the timing thereof, and whether the review will result in Nutrien undertaking a transaction, including the terms and timing relating thereto, the completion thereof and realizing benefits resulting therefrom; the effects of current and future multinational trade agreements or other developments affecting the level of trade or export restrictions and climate change initiatives), government ownership requirements, changes in environmental, tax, antitrust and other laws or regulations and the interpretation thereof; political or military risks, including civil unrest, actions by armed groups or conflict and malicious acts including terrorism and industrial espionage; our ability to access sufficient, cost-effective and timely transportation, distribution and storage of products (including potential rail transportation and port disruptions due to labor strikes and/or work stoppages or other similar actions); the occurrence of a major environmental or safety incident or becoming subject to legal or regulatory proceedings; innovation and cybersecurity risks related to our systems, including our costs of addressing or mitigating such risks; counterparty and sovereign risk; delays in completion of turnarounds at our major facilities or challenges related to our major facilities that are out of our control; interruptions of or constraints in availability of key inputs, including natural gas and sulfur; any significant impairment of the carrying amount of certain assets; the risk that rising interest rates and/or deteriorated business operating results may result in the further impairment of assets or goodwill attributed to certain of our cash generating units; risks related to reputational loss; certain complications that may arise in our mining processes; the ability to attract, engage and retain skilled employees and strikes or other forms of work stoppages; geopolitical conflicts and their potential impact on, among other things, global market conditions and supply and demand, including for crop nutrients, energy and commodity prices, interest rates, supply chains and the global economy generally; our ability to execute on our strategies related to environmental, social and governance matters, and achieve related expectations, targets and commitments, including risks associated with disclosure thereof; and other risk factors detailed from time to time in Nutrien reports filed with the Canadian securities regulators and the SEC.
The purpose of our Retail adjusted EBITDA, depreciation and amortization, finance costs, effective tax rate and capital expenditures guidance ranges are to assist readers in understanding our expected and targeted financial results, and this information may not be appropriate for other purposes.
The forward-looking statements in this document are made as of the date hereof and Nutrien disclaims any intention or obligation to update or revise any forward-looking statements in this document as a result of new information or future events, except as may be required under applicable Canadian securities legislation or applicable US federal securities laws.
Terms and Definitions
For the definitions of certain financial and non-financial terms used in this document, as well as a list of abbreviated company names and sources, see the “Terms and definitions” section of our 2024 Annual Report. All references to per share amounts pertain to diluted net earnings (loss) per share, “n/m” indicates information that is not meaningful, and all financial amounts are stated in millions of US dollars, unless otherwise noted.
12
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.
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
More information about Nutrien can be found at www.nutrien.com.
Selected financial data for download can be found in our data tool at https://www.nutrien.com/investors/interactive-data-tool Such data is not incorporated by reference herein.
Nutrien will host a Conference Call on Thursday, February 19, 2026 at 10:00 a.m. Eastern Time.
Telephone conference dial-in numbers:
| • | From Canada and the US: 1-800-990-2777 |
| • | International: 1-416-855-9085 |
| • | Conference ID: 93473. Please dial in 15 minutes prior to ensure you are placed on the call in a timely manner. |
Live Audio Webcast: Visit https://www.nutrien.com/news/events/2025-q4-earnings-conference-call
13
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 December 31 | Twelve Months Ended December 31 | |||||||||||||||
| ($ millions) |
2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net earnings |
580 | 118 | 2,297 | 700 | ||||||||||||
| Finance costs |
183 | 195 | 687 | 720 | ||||||||||||
| Income tax expense |
158 | 84 | 752 | 436 | ||||||||||||
| Depreciation and amortization |
567 | 590 | 2,369 | 2,339 | ||||||||||||
| EBITDA 1 |
1,488 | 987 | 6,105 | 4,195 | ||||||||||||
| Adjustments: |
||||||||||||||||
| Share-based compensation expense |
44 | 20 | 163 | 37 | ||||||||||||
| Foreign exchange (gain) loss, net of related derivatives |
(9 | ) | 1 | 9 | 360 | |||||||||||
| ARO/ERL related expenses (income) for non-operating sites |
9 | (1) | 2 | 151 | ||||||||||||
| Loss related to financial instruments in Argentina |
- | 1 | - | 35 | ||||||||||||
| Restructuring costs |
46 | 47 | 68 | 47 | ||||||||||||
| Impairment of assets |
- | - | - | 530 | ||||||||||||
| Gain on sale of investment in Profertil |
(301 | ) | - | (301 | ) | - | ||||||||||
| Adjusted EBITDA |
1,277 | 1,055 | 6,046 | 5,355 | ||||||||||||
1 EBITDA is calculated as net earnings before finance costs, income taxes, and depreciation and amortization.
14
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 December 31, 2025 |
Twelve Months Ended December 31, 2025 |
|||||||||||||||||||||||
| ($ millions, except as otherwise noted) |
|
Increases (Decreases |
) |
Post-Tax | |
Per Diluted Share |
|
|
Increases (Decreases |
) |
Post-Tax | |
Per Diluted Share |
| ||||||||||
| Net earnings attributable to equity holders of Nutrien |
571 | 1.18 | 2,267 | 4.66 | ||||||||||||||||||||
| Adjustments: |
||||||||||||||||||||||||
| Share-based compensation expense |
44 | 33 | 0.07 | 163 | 123 | 0.25 | ||||||||||||||||||
| Foreign exchange (gain) loss, net of related derivatives |
(9 | ) | (8 | ) | (0.02 | ) | 9 | 6 | 0.03 | |||||||||||||||
| Restructuring costs |
46 | 41 | 0.09 | 68 | 59 | 0.12 | ||||||||||||||||||
| ARO/ERL related expenses for non-operating sites |
9 | 7 | 0.01 | 2 | 2 | - | ||||||||||||||||||
| Gain on sale of investment in Profertil |
(301 | ) | (241 | ) | (0.50 | ) | (301 | ) | (241 | ) | (0.50 | ) | ||||||||||||
| Sub-total adjustments |
(211 | ) | (168 | ) | (0.35 | ) | (59 | ) | (51 | ) | (0.10 | ) | ||||||||||||
| Adjusted net earnings |
403 | 0.83 | 2,216 | 4.56 | ||||||||||||||||||||
| Three Months Ended December 31, 2024 |
Twelve Months Ended December 31, 2024 |
|||||||||||||||||||||||
| ($ millions, except as otherwise noted) |
|
Increases (Decreases |
) |
Post-Tax | |
Per Diluted Share |
|
|
Increases (Decreases |
) |
Post-Tax | |
Per Diluted Share |
| ||||||||||
| Net earnings attributable to equity holders of Nutrien |
113 | 0.23 | 674 | 1.36 | ||||||||||||||||||||
| Adjustments: |
||||||||||||||||||||||||
| Share-based compensation expense |
20 | 15 | 0.03 | 37 | 27 | 0.05 | ||||||||||||||||||
| Foreign exchange loss (gain), net of related derivatives |
1 | (16 | ) | (0.03 | ) | 360 | 346 | 0.70 | ||||||||||||||||
| Restructuring costs |
47 | 38 | 0.08 | 47 | 38 | 0.08 | ||||||||||||||||||
| Impairment of assets |
- | - | - | 530 | 492 | 1.00 | ||||||||||||||||||
| ARO/ERL related (income) expenses for non-operating sites |
(1 | ) | (1 | ) | - | 151 | 106 | 0.21 | ||||||||||||||||
| Loss related to financial instruments in Argentina |
1 | 1 | - | 35 | 35 | 0.07 | ||||||||||||||||||
| Sub-total adjustments |
68 | 37 | 0.08 | 1,160 | 1,044 | 2.11 | ||||||||||||||||||
| Adjusted net earnings |
150 | 0.31 | 1,718 | 3.47 | ||||||||||||||||||||
15
Effective Tax Rate on Adjusted Net Earnings
Effective tax rate on adjusted net earnings guidance is a forward-looking non-GAAP financial measure as it includes adjusted net earnings, which is a non-GAAP financial measure. It is provided to assist readers in understanding our expected financial results. Effective tax rate on adjusted net earnings guidance excludes certain items that management is aware of that permit management to focus on the performance of our operations (see the Adjusted Net Earnings and Adjusted Net Earnings Per Share section for items generally adjusted). We do not provide a reconciliation of this forward-looking measure to the most directly comparable financial measures calculated and presented in accordance with IFRS because a meaningful or accurate calculation of reconciling items and the information is not available without unreasonable effort due to unknown variables, including the timing and amount of certain reconciling items, and the uncertainty related to future results. These unknown variables may include unpredictable transactions of significant value that may be inherently difficult to determine without unreasonable efforts. The probable significance of such unavailable information, which could be material to future results, cannot be addressed.
Effective tax rate on adjusted net earnings is calculated as adjusted income tax expense divided by adjusted earnings before income taxes. We use this measure to provide the actual result for a previously disclosed forward-looking effective tax rate on adjusted net earnings guidance.
| ($ millions, except as otherwise noted) |
2025 | |||
| Earnings before income taxes |
3,049 | |||
| Adjustments 1 |
(59 | ) | ||
| Adjusted earnings before income taxes |
2,990 | |||
| Income tax expense |
752 | |||
|
Adjustments 2 |
(8 | ) | ||
| Adjusted income tax expense |
744 | |||
| Effective tax rate on adjusted net earnings (%) |
24.9 |
1 Calculated as sum of pre-tax adjustments noted in the Adjusted Net Earnings section.
2 Calculated as difference between the sum of pre-tax and post-tax adjustments noted in the Adjusted Net Earnings section.
Gross Margin Excluding Depreciation and Amortization Per Tonne – Manufactured Product
Most directly comparable IFRS financial measure: Gross margin.
Definition: Gross margin per tonne less depreciation and amortization per tonne for manufactured products. Reconciliations are provided in the “Segment Results” section.
Why we use the measure and why it is useful to investors: Focuses on the performance of our day-to-day operations, which excludes the effects of items that primarily reflect the impact of long-term investment and financing decisions.
Potash Controllable Cash Cost of Product Manufactured (“COPM”) Per Tonne
Most directly comparable IFRS financial measure: Cost of goods sold (“COGS”) for the Potash segment.
Definition: Total Potash COGS excluding depreciation and amortization expense included in COPM, royalties, natural gas costs and carbon taxes, change in inventory, and other adjustments, divided by potash production tonnes.
Why we use the measure and why it is useful to investors: To assess operational performance. Potash controllable cash COPM excludes the effects of production from other periods and the impacts of our long-term investment decisions, supporting a focus on the performance of our day-to-day operations. Potash controllable cash COPM also excludes royalties and natural gas costs and carbon taxes, which management does not consider controllable, as they are primarily driven by regulatory and market conditions.
16
| Three Months Ended December 31 | Twelve Months Ended December 31 | |||||||||||||||
| ($ millions, except as otherwise noted) |
2025 | 2024 | 2025 | 2024 | ||||||||||||
| Total COGS – Potash |
324 | 309 | 1,581 | 1,448 | ||||||||||||
| Change in inventory |
94 | 66 | (2 | ) | 36 | |||||||||||
| Other adjustments 1 |
(7 | ) | (7 | ) | (27 | ) | (21 | ) | ||||||||
| COPM |
411 | 368 | 1,552 | 1,463 | ||||||||||||
| Depreciation and amortization in COPM |
(157 | ) | (142 | ) | (606 | ) | (581 | ) | ||||||||
| Royalties in COPM |
(25 | ) | (17 | ) | (93 | ) | (79 | ) | ||||||||
| Natural gas costs and carbon taxes in COPM |
(12 | ) | (9 | ) | (42 | ) | (36 | ) | ||||||||
| Controllable cash COPM |
217 | 200 | 811 | 767 | ||||||||||||
| Production volumes (tonnes – thousands) |
3,539 | 3,369 | 13,966 | 14,205 | ||||||||||||
| Potash controllable cash COPM per tonne |
61 | 59 | 58 | 54 | ||||||||||||
1 Other adjustments include unallocated production overhead that is recognized as part of cost of goods sold but is not included in the measurement of inventory and changes in inventory balances.
Nutrien Financial Adjusted Net Interest Margin
Definition: Nutrien Financial revenue less deemed interest expense divided by average Nutrien Financial net receivables outstanding for the last four rolling quarters.
Why we use the measure and why it is useful to investors: Used by credit rating agencies and others to evaluate the financial performance of Nutrien Financial.
| Rolling Four Quarters Ended December 31, 2025 | ||||||||||||||||||||
| ($ millions, except as otherwise noted) | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Total/Average | |||||||||||||||
| Nutrien Financial revenue |
70 | 135 | 89 | 82 | ||||||||||||||||
| Deemed interest expense 1 |
(29 | ) | (49 | ) | (52 | ) | (47 | ) | ||||||||||||
| Net interest |
41 | 86 | 37 | 35 | 199 | |||||||||||||||
| Average Nutrien Financial net receivables |
2,569 | 4,645 | 4,452 | 3,106 | 3,693 | |||||||||||||||
| Nutrien Financial adjusted net interest margin (%) |
5.4 | |||||||||||||||||||
| Rolling Four Quarters Ended December 31, 2024 | ||||||||||||||||||||
| ($ millions, except as otherwise noted) | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Total/Average | |||||||||||||||
| Nutrien Financial revenue |
66 | 133 | 85 | 77 | ||||||||||||||||
| Deemed interest expense 1 |
(27 | ) | (50 | ) | (52 | ) | (45 | ) | ||||||||||||
| Net interest |
39 | 83 | 33 | 32 | 187 | |||||||||||||||
| Average Nutrien Financial net receivables |
2,489 | 4,560 | 4,318 | 2,877 | 3,561 | |||||||||||||||
| Nutrien Financial adjusted net interest margin (%) |
5.3 | |||||||||||||||||||
1 Average borrowing rate applied to the notional debt required to fund the portfolio of receivables from customers monitored and serviced by Nutrien Financial.
17
Retail Cash Operating Coverage Ratio
Definition: Retail selling, general and administrative, and other expenses (income), excluding depreciation and amortization expense, divided by Retail gross margin excluding depreciation and amortization expense in cost of goods sold, for the last four rolling quarters.
Why we use the measure and why it is useful to investors: To understand the costs and underlying economics of our Retail operations and to assess our Retail operating performance and ability to generate cash flow.
| Rolling Four Quarters Ended December 31, 2025 | ||||||||||||||||||||
| ($ millions, except as otherwise noted) | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Total | |||||||||||||||
| Selling expenses |
755 | 948 | 792 | 811 | 3,306 | |||||||||||||||
| General and administrative expenses |
44 | 44 | 44 | 40 | 172 | |||||||||||||||
| Other (income) expenses |
25 | 54 | 40 | 4 | 123 | |||||||||||||||
| Operating expenses |
824 | 1,046 | 876 | 855 | 3,601 | |||||||||||||||
| Depreciation and amortization in operating expenses |
(179 | ) | (172 | ) | (179 | ) | (184 | ) | (714 | ) | ||||||||||
| Operating expenses excluding depreciation and amortization |
645 | 874 | 697 | 671 | 2,887 | |||||||||||||||
| Gross margin |
686 | 2,018 | 922 | 977 | 4,603 | |||||||||||||||
| Depreciation and amortization in cost of goods sold |
5 | 5 | 5 | 5 | 20 | |||||||||||||||
| Gross margin excluding depreciation and amortization |
691 | 2,023 | 927 | 982 | 4,623 | |||||||||||||||
| Cash operating coverage ratio (%) |
62 | |||||||||||||||||||
| Rolling Four Quarters Ended December 31, 2024 | ||||||||||||||||||||
| ($ millions, except as otherwise noted) | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Total | |||||||||||||||
| Selling expenses |
790 | 1,005 | 815 | 808 | 3,418 | |||||||||||||||
| General and administrative expenses |
52 | 51 | 51 | 37 | 191 | |||||||||||||||
| Other expenses (income) |
22 | 41 | 32 | (8 | ) | 87 | ||||||||||||||
| Operating expenses |
864 | 1,097 | 898 | 837 | 3,696 | |||||||||||||||
| Depreciation and amortization in operating expenses |
(190 | ) | (193 | ) | (182 | ) | (186 | ) | (751 | ) | ||||||||||
| Operating expenses excluding depreciation and amortization |
674 | 904 | 716 | 651 | 2,945 | |||||||||||||||
| Gross margin |
747 | 2,029 | 859 | 986 | 4,621 | |||||||||||||||
| Depreciation and amortization in cost of goods sold |
4 | 3 | 8 | 5 | 20 | |||||||||||||||
| Gross margin excluding depreciation and amortization |
751 | 2,032 | 867 | 991 | 4,641 | |||||||||||||||
| Cash operating coverage ratio (%) |
63 | |||||||||||||||||||
18
Retail Average Working Capital to Sales and Retail Average Working Capital to Sales Excluding Nutrien Financial
Definition: Retail average working capital divided by Retail sales for the last four rolling quarters. We also look at this metric excluding Nutrien Financial revenue and working capital.
Why we use the measure and why it is useful to investors: To evaluate operational efficiency. A lower or higher percentage represents increased or decreased efficiency, respectively. The metric excluding Nutrien Financial shows the impact that the working capital of Nutrien Financial has on the ratio.
| Rolling Four Quarters Ended December 31, 2025 | ||||||||||||||||||||||
| ($ millions, except as otherwise noted) | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Average/Total | |||||||||||||||||
| Current assets |
11,510 | 11,442 | 10,823 | 11,185 | ||||||||||||||||||
| Current liabilities |
(7,561 | ) | (8,051 | ) | (5,348 | ) | (8,275 | ) | ||||||||||||||
| Working capital |
3,949 | 3,391 | 5,475 | 2,910 | 3,931 | |||||||||||||||||
| Nutrien Financial working capital |
(2,569 | ) | (4,645 | ) | (4,452 | ) | (3,106 | ) | ||||||||||||||
| Working capital excluding Nutrien Financial |
1,380 | (1,254 | ) | 1,023 | (196 | ) | 238 | |||||||||||||||
| Sales |
3,090 | 7,959 | 3,427 | 3,144 | 17,620 | |||||||||||||||||
| Nutrien Financial revenue |
(70 | ) | (135 | ) | (89 | ) | (82 | ) | ||||||||||||||
| Sales excluding Nutrien Financial |
3,020 | 7,824 | 3,338 | 3,062 | 17,244 | |||||||||||||||||
| Average working capital to sales (%) |
22 | |||||||||||||||||||||
| Average working capital to sales excluding Nutrien Financial (%) |
|
1 | ||||||||||||||||||||
| Rolling Four Quarters Ended December 31, 2024 | ||||||||||||||||||||||
| ($ millions, except as otherwise noted) | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Average/Total | |||||||||||||||||
| Current assets |
11,821 | 11,181 | 10,559 | 10,360 | ||||||||||||||||||
| Current liabilities |
(8,401 | ) | (8,002 | ) | (5,263 | ) | (8,028 | ) | ||||||||||||||
| Working capital |
3,420 | 3,179 | 5,296 | 2,332 | 3,557 | |||||||||||||||||
| Nutrien Financial working capital |
(2,489 | ) | (4,560 | ) | (4,318 | ) | (2,877 | ) | ||||||||||||||
| Working capital excluding Nutrien Financial |
931 | (1,381 | ) | 978 | (545 | ) | (4 | ) | ||||||||||||||
| Sales |
3,308 | 8,074 | 3,271 | 3,179 | 17,832 | |||||||||||||||||
| Nutrien Financial revenue |
(66 | ) | (133 | ) | (85 | ) | (77 | ) | ||||||||||||||
| Sales excluding Nutrien Financial |
3,242 | 7,941 | 3,186 | 3,102 | 17,471 | |||||||||||||||||
| Average working capital to sales (%) |
20 | |||||||||||||||||||||
| Average working capital to sales excluding Nutrien Financial (%) |
|
- | ||||||||||||||||||||
19
Other Financial Measures
Selected Additional Financial Data
| Nutrien Financial | As at December 31, 2025 | As at December 31, 2024 |
||||||||||||||||||||||||||||||
| ($ millions) | Current | <31 Days past due |
31–90 past due |
>90 Days past due |
Gross receivables |
Allowance 1 | Net receivables 2 |
Net receivables |
||||||||||||||||||||||||
| North America |
1,831 | 260 | 110 | 181 | 2,382 | (50 | ) | 2,332 | 2,178 | |||||||||||||||||||||||
| International |
647 | 82 | 21 | 31 | 781 | (7 | ) | 774 | 699 | |||||||||||||||||||||||
| Nutrien Financial receivables |
2,478 | 342 | 131 | 212 | 3,163 | (57 | ) | 3,106 | 2,877 | |||||||||||||||||||||||
1 Bad debt expense on the above receivables for the twelve months ended December 31, 2025 was $46 million, in the Retail segment.
2 In 2025, we assume a debt-to-equity ratio of 9:1 (2024 – 7:1) in funding Nutrien Financial receivables, based on the underlying credit quality of the assets.
Supplementary Financial Measures
Supplementary financial measures are financial measures disclosed by the Company that (a) are, or are intended to be, disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of the Company, (b) are not disclosed in the financial statements of the Company, (c) are not non-GAAP financial measures, and (d) are not non-GAAP ratios.
The following section provides an explanation of the composition of those supplementary financial measures, if not previously provided.
Sustaining capital expenditures: Represents capital expenditures that are required to sustain operations at existing levels and include major repairs and maintenance and plant turnarounds.
Investing capital expenditures: Represents capital expenditures related to significant expansions of current operations or to create cost savings (synergies). Investing capital expenditures exclude capital outlays for business acquisitions and equity-accounted investees.
Mine development and pre-stripping capital expenditures: Represents capital expenditures that are required for activities to open new areas underground and/or develop a mine or ore body to allow for future production mining and activities required to prepare and/or access the ore, i.e., removal of an overburden that allows access to the ore.
Cash used for dividends and share repurchases: Calculated as dividends paid to Nutrien’s shareholders plus repurchase of common shares as reflected in the unaudited condensed consolidated statements of cash flows. This measure is useful as it represents return of cash to shareholders.
20
| Unaudited |
Condensed Consolidated Financial Statements
Condensed Consolidated Statements of Earnings
| Three Months Ended December 31 |
Twelve Months Ended December 31 |
|||||||||||||||||||
| ($ millions, except as otherwise noted) | Note | 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| Sales |
2, 10 | 5,340 | 5,079 | 26,885 | 25,972 | |||||||||||||||
| Freight, transportation and distribution |
198 | 215 | 936 | 956 | ||||||||||||||||
| Cost of goods sold |
3,254 | 3,283 | 17,602 | 17,486 | ||||||||||||||||
| Gross Margin |
1,888 | 1,581 | 8,347 | 7,530 | ||||||||||||||||
| Selling expenses |
817 | 813 | 3,320 | 3,435 | ||||||||||||||||
| General and administrative expenses |
156 | 176 | 600 | 644 | ||||||||||||||||
| Provincial mining taxes |
83 | 45 | 372 | 255 | ||||||||||||||||
| Share-based compensation expense |
44 | 20 | 163 | 37 | ||||||||||||||||
| Impairment of assets |
3 | - | - | - | 530 | |||||||||||||||
| Foreign exchange (gain) loss, net of related derivatives |
7 | (9 | ) | 1 | 9 | 360 | ||||||||||||||
| Gain on sale of investment in Profertil |
6 | (301 | ) | - | (301 | ) | - | |||||||||||||
| Other expenses |
4 | 177 | 129 | 448 | 413 | |||||||||||||||
| Earnings Before Finance Costs and Income Taxes |
|
921 | 397 | 3,736 | 1,856 | |||||||||||||||
| Finance costs |
183 | 195 | 687 | 720 | ||||||||||||||||
| Earnings Before Income Taxes |
738 | 202 | 3,049 | 1,136 | ||||||||||||||||
| Income tax expense |
5 | 158 | 84 | 752 | 436 | |||||||||||||||
| Net Earnings |
580 | 118 | 2,297 | 700 | ||||||||||||||||
| Attributable to |
||||||||||||||||||||
| Equity holders of Nutrien |
571 | 113 | 2,267 | 674 | ||||||||||||||||
| Non-controlling interest |
9 | 5 | 30 | 26 | ||||||||||||||||
| Net Earnings |
580 | 118 | 2,297 | 700 | ||||||||||||||||
| Net Earnings Per Share Attributable to Equity Holders of Nutrien (“EPS”) |
|
|||||||||||||||||||
| Basic |
1.18 | 0.23 | 4.66 | 1.36 | ||||||||||||||||
| Diluted |
1.18 | 0.23 | 4.66 | 1.36 | ||||||||||||||||
| Weighted average shares outstanding for basic EPS |
483,028,000 | 492,843,000 | 486,335,000 | 494,198,000 | ||||||||||||||||
| Weighted average shares outstanding for diluted EPS |
483,234,000 | 492,930,000 | 486,518,000 | 494,365,000 | ||||||||||||||||
| Condensed Consolidated Statements of Comprehensive Income (Loss) |
| |||||||||||||||||||
| Three Months Ended December 31 |
Twelve Months Ended December 31 |
|||||||||||||||||||
| ($ millions, net of related income taxes) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Net Earnings |
580 | 118 | 2,297 | 700 | ||||||||||||||||
| Other comprehensive income (loss) |
||||||||||||||||||||
| Items that will not be reclassified to net earnings: |
||||||||||||||||||||
| Net actuarial gain on defined benefit plans |
6 | 17 | 6 | 17 | ||||||||||||||||
| Net fair value gain (loss) on investments |
- | 2 | (18 | ) | 55 | |||||||||||||||
| Items that have been or may be subsequently reclassified to net earnings: |
||||||||||||||||||||
| Gain (loss) on currency translation of foreign operations |
16 | (282 | ) | 212 | (254 | ) | ||||||||||||||
| Other |
11 | (35 | ) | 24 | (52 | ) | ||||||||||||||
| Other Comprehensive Income (Loss) |
33 | (298 | ) | 224 | (234 | ) | ||||||||||||||
| Comprehensive Income (Loss) |
613 | (180 | ) | 2,521 | 466 | |||||||||||||||
| Attributable to |
||||||||||||||||||||
| Equity holders of Nutrien |
604 | (182 | ) | 2,490 | 443 | |||||||||||||||
| Non-controlling interest |
9 | 2 | 31 | 23 | ||||||||||||||||
| Comprehensive Income (Loss) |
613 | (180 | ) | 2,521 | 466 | |||||||||||||||
(See Notes to the Condensed Consolidated Financial Statements)
21
| Unaudited |
Condensed Consolidated Statements of Cash Flows
| Three Months Ended December 31 |
Twelve Months Ended December 31 |
|||||||||||||||||||
| ($ millions) | Note | 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| Operating Activities |
||||||||||||||||||||
| Net earnings |
580 | 118 | 2,297 | 700 | ||||||||||||||||
| Adjustments for: |
||||||||||||||||||||
| Depreciation and amortization |
567 | 590 | 2,369 | 2,339 | ||||||||||||||||
| Share-based compensation expense |
44 | 20 | 163 | 37 | ||||||||||||||||
| Impairment of assets |
3 | - | - | - | 530 | |||||||||||||||
| Gain on sale of investment in Profertil |
6 | (301 | ) | - | (301 | ) | - | |||||||||||||
| Provision for deferred income tax |
23 | 16 | 250 | 31 | ||||||||||||||||
| Net (undistributed) distributed earnings of equity-accounted investees |
(1 | ) | (22 | ) | 65 | (8 | ) | |||||||||||||
| Loss related to financial instruments in Argentina |
4 | - | 1 | - | 35 | |||||||||||||||
| Long-term income tax receivables and payables |
(83 | ) | 30 | (65 | ) | 47 | ||||||||||||||
| Other long-term assets, liabilities and miscellaneous |
61 | (16 | ) | 12 | 311 | |||||||||||||||
| Cash from operations before working capital changes |
890 | 737 | 4,790 | 4,022 | ||||||||||||||||
| Changes in non-cash operating working capital: |
||||||||||||||||||||
| Receivables |
2,120 | 2,170 | (128 | ) | (224 | ) | ||||||||||||||
| Inventories and prepaid expenses and other current assets |
(2,434 | ) | (2,205 | ) | (557 | ) | 60 | |||||||||||||
| Trade, other payables and accrued liabilities |
2,401 | 2,421 | (98 | ) | (323 | ) | ||||||||||||||
| Cash Provided by Operating Activities |
2,977 | 3,123 | 4,007 | 3,535 | ||||||||||||||||
| Investing Activities |
||||||||||||||||||||
| Capital expenditures 1 |
(751 | ) | (767 | ) | (2,005 | ) | (2,154 | ) | ||||||||||||
| Business acquisitions, net of cash acquired |
(11 | ) | (15 | ) | (23 | ) | (21 | ) | ||||||||||||
| Proceeds from (purchase of) investments, held within three months, net |
35 | 74 | (33 | ) | 44 | |||||||||||||||
| Purchase of investments |
(1 | ) | - | (94 | ) | (112 | ) | |||||||||||||
| Proceeds from sale of investments |
6 | 416 | 79 | 838 | 138 | |||||||||||||||
| Net changes in non-cash working capital |
61 | 82 | 6 | 27 | ||||||||||||||||
| Other |
- | 28 | (61 | ) | (55 | ) | ||||||||||||||
| Cash Used in Investing Activities |
(251 | ) | (519 | ) | (1,372 | ) | (2,133 | ) | ||||||||||||
| Financing Activities |
||||||||||||||||||||
| Repayment of debt, maturing within three months, net |
(1,621 | ) | (1,231 | ) | (696 | ) | (142 | ) | ||||||||||||
| Proceeds from debt |
8 | - | 24 | 998 | 1,022 | |||||||||||||||
| Repayment of debt |
8 | (527 | ) | (527 | ) | (1,089 | ) | (659 | ) | |||||||||||
| Repayment of principal portion of lease liabilities |
(106 | ) | (102 | ) | (419 | ) | (402 | ) | ||||||||||||
| Dividends paid to Nutrien’s shareholders |
9 | (263 | ) | (265 | ) | (1,061 | ) | (1,060 | ) | |||||||||||
| Repurchase of common shares |
9 | (150 | ) | (134 | ) | (551 | ) | (184 | ) | |||||||||||
| Issuance of common shares |
9 | 2 | 38 | 18 | ||||||||||||||||
| Other |
(3 | ) | (6 | ) | (37 | ) | (46 | ) | ||||||||||||
| Cash Used in Financing Activities |
(2,661 | ) | (2,239 | ) | (2,817 | ) | (1,453 | ) | ||||||||||||
| Effect of Exchange Rate Changes on Cash and Cash Equivalents |
12 | (32 | ) | 30 | (37 | ) | ||||||||||||||
| Increase (Decrease) in Cash and Cash Equivalents |
77 | 333 | (152 | ) | (88 | ) | ||||||||||||||
| Cash and Cash Equivalents – Beginning of Period |
624 | 520 | 853 | 941 | ||||||||||||||||
| Cash and Cash Equivalents – End of Period |
701 | 853 | 701 | 853 | ||||||||||||||||
| Cash and cash equivalents is composed of: |
||||||||||||||||||||
| Cash |
566 | 741 | 566 | 741 | ||||||||||||||||
| Short-term investments |
135 | 112 | 135 | 112 | ||||||||||||||||
| 701 | 853 | 701 | 853 | |||||||||||||||||
| Supplemental Cash Flows Information |
||||||||||||||||||||
| Interest paid |
220 | 244 | 738 | 740 | ||||||||||||||||
| Income taxes paid |
134 | 61 | 335 | 321 | ||||||||||||||||
| Total cash outflow for leases |
144 | 140 | 567 | 558 | ||||||||||||||||
1 Includes additions to property, plant and equipment, and intangible assets for the three months ended December 31, 2025 of $707 million and $44 million (2024 – $735 million and $32 million), respectively, and for the twelve months ended December 31, 2025 of $1,882 million and $123 million (2024 – $2,025 million and $129 million), respectively.
(See Notes to the Condensed Consolidated Financial Statements)
22
| Unaudited |
Condensed Consolidated Statements of Changes in Shareholders’ Equity
| Accumulated other comprehensive (loss) income (“AOCI”) |
||||||||||||||||||||||||||||||||||||||||
| ($ millions, inclusive of related tax, except as otherwise noted) |
Number of common shares |
Share capital |
Contributed surplus |
(Loss) gain on currency translation of foreign operations |
Other | Total AOCI |
Retained earnings |
Equity holders of Nutrien |
Non- controlling interest |
Total equity |
||||||||||||||||||||||||||||||
| Balance – December 31, 2023 |
494,551,730 | 13,838 | 83 | (286 | ) | (10 | ) | (296 | ) | 11,531 | 25,156 | 45 | 25,201 | |||||||||||||||||||||||||||
| Net earnings |
- | - | - | - | - | - | 674 | 674 | 26 | 700 | ||||||||||||||||||||||||||||||
| Other comprehensive (loss) income |
- | - | - | (251 | ) | 20 | (231 | ) | - | (231 | ) | (3 | ) | (234 | ) | |||||||||||||||||||||||||
| Shares repurchased for cancellation (Note 9) |
(3,944,903 | ) | (110 | ) | (20 | ) | - | - | - | (60 | ) | (190 | ) | - | (190 | ) | ||||||||||||||||||||||||
| Dividends declared 1 |
- | - | - | - | - | - | (1,063 | ) | (1,063 | ) | - | (1,063 | ) | |||||||||||||||||||||||||||
| Non-controlling interest transactions |
- | - | - | - | - | - | - | - | (33 | ) | (33 | ) | ||||||||||||||||||||||||||||
| Effect of share-based compensation including |
418,619 | 20 | 5 | - | - | - | - | 25 | - | 25 | ||||||||||||||||||||||||||||||
| Transfer of net gain on sale of investment |
- | - | - | - | - | - | 7 | 7 | - | 7 | ||||||||||||||||||||||||||||||
| Transfer of net loss on cash flow hedges |
- | - | - | - | 29 | 29 | - | 29 | - | 29 | ||||||||||||||||||||||||||||||
| Transfer of net actuarial gain on defined benefit plans |
- | - | - | - | (17 | ) | (17 | ) | 17 | - | - | - | ||||||||||||||||||||||||||||
| Balance – December 31, 2024 |
491,025,446 | 13,748 | 68 | (537 | ) | 22 | (515 | ) | 11,106 | 24,407 | 35 | 24,442 | ||||||||||||||||||||||||||||
| Net earnings |
- | - | - | - | - | - | 2,267 | 2,267 | 30 | 2,297 | ||||||||||||||||||||||||||||||
| Other comprehensive income |
- | - | - | 211 | 12 | 223 | - | 223 | 1 | 224 | ||||||||||||||||||||||||||||||
| Shares repurchased for cancellation (Note 9) |
(9,829,408 | ) | (275 | ) | (10 | ) | - | - | - | (275 | ) | (560 | ) | - | (560 | ) | ||||||||||||||||||||||||
| Dividends declared 1 |
- | - | - | - | - | - | (1,059 | ) | (1,059 | ) | - | (1,059 | ) | |||||||||||||||||||||||||||
| Non-controlling interest transactions |
- | - | - | - | - | - | 1 | 1 | (24 | ) | (23 | ) | ||||||||||||||||||||||||||||
| Effect of share-based compensation including |
766,195 | 46 | (1 | ) | - | - | - | - | 45 | - | 45 | |||||||||||||||||||||||||||||
| Transfer of net gain on sale of investment |
- | - | - | - | (27 | ) | (27 | ) | 27 | - | - | - | ||||||||||||||||||||||||||||
| Transfer of net gain on cash flow hedges |
- | - | - | - | (1 | ) | (1 | ) | - | (1 | ) | - | (1 | ) | ||||||||||||||||||||||||||
| Transfer of net actuarial gain on defined benefit plans |
- | - | - | - | (6 | ) | (6 | ) | 6 | - | - | - | ||||||||||||||||||||||||||||
| Other |
- | - | - | (3 | ) | - | (3 | ) | 3 | - | - | - | ||||||||||||||||||||||||||||
| Balance – December 31, 2025 |
481,962,233 | 13,519 | 57 | (329 | ) | - | (329 | ) | 12,076 | 25,323 | 42 | 25,365 | ||||||||||||||||||||||||||||
1 During the twelve months ended December 31, 2025, we declared dividends of $2.18 per share (2024 – $2.16 per share).
(See Notes to the Condensed Consolidated Financial Statements)
23
| Unaudited |
Condensed Consolidated Balance Sheets
| As at December 31 |
As at December 31 |
|||||||||||||
| ($ millions) | Note | 2025 | 2024 | |||||||||||
| Assets |
||||||||||||||
| Current assets |
||||||||||||||
| Cash and cash equivalents |
701 | 853 | ||||||||||||
| Receivables |
10 | 5,675 | 5,390 | |||||||||||
| Inventories |
6,977 | 6,148 | ||||||||||||
| Prepaid expenses and other current assets |
1,396 | 1,401 | ||||||||||||
| 14,749 | 13,792 | |||||||||||||
| Non-current assets |
||||||||||||||
| Property, plant and equipment |
3 | 22,747 | 22,604 | |||||||||||
| Goodwill |
3 | 12,136 | 12,043 | |||||||||||
| Intangible assets |
3 | 1,667 | 1,819 | |||||||||||
| Investments |
6 | 144 | 698 | |||||||||||
| Other assets |
858 | 884 | ||||||||||||
| Total Assets |
52,301 | 51,840 | ||||||||||||
| Liabilities |
||||||||||||||
| Current liabilities |
||||||||||||||
| Short-term debt |
873 | 1,534 | ||||||||||||
| Current portion of long-term debt |
8 | 513 | 1,037 | |||||||||||
| Current portion of lease liabilities |
346 | 356 | ||||||||||||
| Trade, other payables and accrued liabilities |
10 | 9,309 | 9,118 | |||||||||||
| 11,041 | 12,045 | |||||||||||||
| Non-current liabilities |
||||||||||||||
| Long-term debt |
8 | 9,350 | 8,881 | |||||||||||
| Lease liabilities |
937 | 999 | ||||||||||||
| Deferred income tax liabilities |
3,666 | 3,539 | ||||||||||||
| Pension and other post-retirement benefit liabilities |
221 | 227 | ||||||||||||
| Asset retirement obligations and accrued environmental costs |
1,468 | 1,543 | ||||||||||||
| Other non-current liabilities |
253 | 164 | ||||||||||||
| Total Liabilities |
26,936 | 27,398 | ||||||||||||
| Shareholders’ Equity |
||||||||||||||
| Share capital |
9 | 13,519 | 13,748 | |||||||||||
| Contributed surplus |
57 | 68 | ||||||||||||
| Accumulated other comprehensive loss |
(329 | ) | (515 | ) | ||||||||||
| Retained earnings |
12,076 | 11,106 | ||||||||||||
| Equity holders of Nutrien |
25,323 | 24,407 | ||||||||||||
| Non-controlling interest |
42 | 35 | ||||||||||||
| Total Shareholders’ Equity |
25,365 | 24,442 | ||||||||||||
| Total Liabilities and Shareholders’ Equity |
52,301 | 51,840 | ||||||||||||
(See Notes to the Condensed Consolidated Financial Statements)
24
| Unaudited |
Notes to the Condensed Consolidated Financial Statements
As at and for the Three and Twelve Months Ended December 31, 2025
Note 1 Basis of presentation
Nutrien Ltd. (collectively with its subsidiaries, “Nutrien”, “we”, “us”, “our” or “the Company”) is a leading global provider of crop inputs and services. We operate a world-class network of production, distribution and ag retail facilities that positions us to efficiently serve the needs of farmers.
These unaudited interim condensed consolidated financial statements (“interim financial statements”) are based on International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and have been prepared in accordance with IAS 34, “Interim Financial Reporting”. The accounting policies and methods of computation used in preparing these interim financial statements are materially consistent with those used in the preparation of our 2024 annual audited consolidated financial statements. These interim financial statements include the accounts of Nutrien and its subsidiaries; however, they do not include all disclosures normally provided in annual audited consolidated financial statements and should be read in conjunction with our 2024 annual audited consolidated financial statements. These interim financial statements are presented in millions of US dollars, unless otherwise indicated, which is the functional currency of Nutrien and the majority of its subsidiaries.
Certain immaterial 2024 figures have been reclassified in Note 2 Segment information and Note 4 Other expenses (income).
In management’s opinion, the interim financial statements include all adjustments necessary to fairly present such information in all material respects. Interim results are not necessarily indicative of the results expected for any other interim period or the fiscal year.
These interim financial statements were authorized by the Audit Committee of the Board of Directors for issue on February 18, 2026.
Note 2 Segment information
We have four reportable operating segments: Retail, Potash, Nitrogen and Phosphate. Our downstream Retail segment distributes crop nutrients, crop protection products, seed and merchandise, and provides agronomic application services and solutions, including the services offered through Nutrien Financial. Retail also manufactures and distributes proprietary products and provides services directly to farmers through a network of retail locations in North America, South America and Australia. Our upstream Potash, Nitrogen and Phosphate segments are differentiated by the chemical nutrient contained in the products that each segment produces and are supported by midstream activities, which include the global sales, freight, transportation and distribution of our products, which are reported within these segments, respectively. Potash freight, transportation and distribution costs only apply to our North American potash sales volumes. Sales reported under our Corporate and Others segment relates to our non-core businesses. EBITDA presented in the succeeding tables is calculated as net earnings (loss) before finance costs, income taxes, and depreciation and amortization.
In the fourth quarter of 2025, the Chief Operating Decision Maker (“CODM”) reassessed our product groupings and determined that the performance of our Purchase for Resale business should be evaluated as part of the Corporate and Others segment. It had previously been recorded in our Nitrogen segment. The Purchase for Resale business focuses primarily on sales to international customers. Purchased product that remains in upstream is primarily purchases of inventory to satisfy sales contracts that we cannot fulfill with our manufactured products. The CODM concluded this change was appropriate based on the nature and strategic alignment of purchase for resale activities. Comparative amounts for the Corporate and Others and Nitrogen segments were reclassified. As a result of the reclassification, the Corporate and Others segment reflected the following increases and the Nitrogen segment reflected the corresponding decreases for the three and twelve months ended December 31, 2024.
| ($ millions) | Three Months Ended December 31, 2024 |
Twelve Months Ended December 31, 2024 |
||||||
| Sales |
33 | 173 | ||||||
| Gross Margin |
1 | 8 | ||||||
| EBITDA |
1 | 4 | ||||||
25
| Unaudited |
| Three Months Ended December 31, 2025 | ||||||||||||||||||||||||||||||||
| Downstream | Upstream and Midstream | |||||||||||||||||||||||||||||||
| ($ millions) | Retail | Potash | Nitrogen | Phosphate | Corporate and Others |
Eliminations | Consolidated | |||||||||||||||||||||||||
| Sales – third party |
3,137 | 686 | 994 | 478 | 45 | - | 5,340 | |||||||||||||||||||||||||
| – intersegment |
7 | 106 | 246 | 65 | - | (424 | ) | - | ||||||||||||||||||||||||
| Sales – total |
3,144 | 792 | 1,240 | 543 | 45 | (424 | ) | 5,340 | ||||||||||||||||||||||||
| Freight, transportation and distribution 1 |
- | 56 | 147 | 60 | (1 | ) | (64 | ) | 198 | |||||||||||||||||||||||
| Net sales |
3,144 | 736 | 1,093 | 483 | 46 | (360 | ) | 5,142 | ||||||||||||||||||||||||
| Cost of goods sold |
2,167 | 324 | 682 | 430 | 39 | (388 | ) | 3,254 | ||||||||||||||||||||||||
| Gross margin |
977 | 412 | 411 | 53 | 7 | 28 | 1,888 | |||||||||||||||||||||||||
| Selling expenses (recovery) |
811 | 2 | 5 | 1 | 5 | (7 | ) | 817 | ||||||||||||||||||||||||
| General and administrative expenses |
40 | 3 | 4 | 3 | 106 | - | 156 | |||||||||||||||||||||||||
| Provincial mining taxes |
- | 83 | - | - | - | - | 83 | |||||||||||||||||||||||||
| Share-based compensation expense |
- | - | - | - | 44 | - | 44 | |||||||||||||||||||||||||
| Foreign exchange gain, net of related derivatives |
- | - | - | - | (9 | ) | - | (9 | ) | |||||||||||||||||||||||
| Gain on sale of investment in Profertil |
- | - | - | - | (301 | ) | - | (301 | ) | |||||||||||||||||||||||
| Other expenses |
4 | 6 | 32 | 15 | 111 | 9 | 177 | |||||||||||||||||||||||||
| Earnings before finance costs and income taxes |
122 | 318 | 370 | 34 | 51 | 26 | 921 | |||||||||||||||||||||||||
| Depreciation and amortization |
189 | 127 | 151 | 73 | 27 | - | 567 | |||||||||||||||||||||||||
| EBITDA |
311 | 445 | 521 | 107 | 78 | 26 | 1,488 | |||||||||||||||||||||||||
| Restructuring costs |
- | - | - | - | 46 | - | 46 | |||||||||||||||||||||||||
| Share-based compensation expense |
- | - | - | - | 44 | - | 44 | |||||||||||||||||||||||||
| ARO/ERL related expenses for non-operating sites |
- | - | - | - | 9 | - | 9 | |||||||||||||||||||||||||
| Foreign exchange gain, net of related derivatives |
- | - | - | - | (9 | ) | - | (9 | ) | |||||||||||||||||||||||
| Gain on sale of investment in Profertil |
- | - | - | - | (301 | ) | - | (301 | ) | |||||||||||||||||||||||
| Adjusted EBITDA |
311 | 445 | 521 | 107 | (133 | ) | 26 | 1,277 | ||||||||||||||||||||||||
1 Potash freight, transportation and distribution costs only apply to our North American potash sales volumes.
26
| Unaudited |
| Three Months Ended December 31, 2024 | ||||||||||||||||||||||||||||||||
| Downstream | Upstream and Midstream | |||||||||||||||||||||||||||||||
| ($ millions) | Retail | Potash | Nitrogen1 | Phosphate | Corporate and Others1 |
Eliminations | Consolidated | |||||||||||||||||||||||||
| Sales – third party |
3,179 | 522 | 920 | 403 | 55 | - | 5,079 | |||||||||||||||||||||||||
| – intersegment |
- | 65 | 223 | 68 | - | (356 | ) | - | ||||||||||||||||||||||||
| Sales – total |
3,179 | 587 | 1,143 | 471 | 55 | (356 | ) | 5,079 | ||||||||||||||||||||||||
| Freight, transportation and distribution 2 |
- | 51 | 162 | 57 | 1 | (56 | ) | 215 | ||||||||||||||||||||||||
| Net sales |
3,179 | 536 | 981 | 414 | 54 | (300 | ) | 4,864 | ||||||||||||||||||||||||
| Cost of goods sold |
2,193 | 309 | 669 | 394 | 40 | (322 | ) | 3,283 | ||||||||||||||||||||||||
| Gross margin |
986 | 227 | 312 | 20 | 14 | 22 | 1,581 | |||||||||||||||||||||||||
| Selling expenses (recovery) |
808 | 1 | 2 | 1 | 8 | (7 | ) | 813 | ||||||||||||||||||||||||
| General and administrative expenses |
37 | 2 | 8 | 3 | 126 | - | 176 | |||||||||||||||||||||||||
| Provincial mining taxes |
- | 45 | - | - | - | - | 45 | |||||||||||||||||||||||||
| Share-based compensation expense |
- | - | - | - | 20 | - | 20 | |||||||||||||||||||||||||
| Foreign exchange loss, net of related derivatives |
- | - | - | - | 1 | - | 1 | |||||||||||||||||||||||||
| Other (income) expenses |
(8 | ) | 22 | 1 | 7 | 105 | 2 | 129 | ||||||||||||||||||||||||
| Earnings (loss) before finance costs and income taxes |
149 | 157 | 301 | 9 | (246 | ) | 27 | 397 | ||||||||||||||||||||||||
| Depreciation and amortization |
191 | 134 | 170 | 77 | 18 | - | 590 | |||||||||||||||||||||||||
| EBITDA |
340 | 291 | 471 | 86 | (228 | ) | 27 | 987 | ||||||||||||||||||||||||
| Restructuring costs |
- | - | - | - | 47 | - | 47 | |||||||||||||||||||||||||
| Share-based compensation expense |
- | - | - | - | 20 | - | 20 | |||||||||||||||||||||||||
| Loss related to financial instruments in Argentina |
- | - | - | - | 1 | - | 1 | |||||||||||||||||||||||||
| ARO/ERL related income for non-operating sites |
- | - | - | - | (1 | ) | - | (1 | ) | |||||||||||||||||||||||
| Foreign exchange loss, net of related derivatives |
- | - | - | - | 1 | - | 1 | |||||||||||||||||||||||||
| Adjusted EBITDA |
340 | 291 | 471 | 86 | (160 | ) | 27 | 1,055 | ||||||||||||||||||||||||
1 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment.
2 Potash freight, transportation and distribution costs only apply to our North American potash sales volumes.
27
| Unaudited |
| Twelve Months Ended December 31, 2025 | ||||||||||||||||||||||||||||||||
| Downstream | Upstream and Midstream | |||||||||||||||||||||||||||||||
| ($ millions) | Retail | Potash | Nitrogen | Phosphate | Corporate and Others |
Eliminations | Consolidated | |||||||||||||||||||||||||
| Sales – third party |
17,601 | 3,571 | 3,807 | 1,660 | 246 | - | 26,885 | |||||||||||||||||||||||||
| – intersegment |
19 | 424 | 932 | 298 | - | (1,673 | ) | - | ||||||||||||||||||||||||
| Sales – total |
17,620 | 3,995 | 4,739 | 1,958 | 246 | (1,673 | ) | 26,885 | ||||||||||||||||||||||||
| Freight, transportation and distribution 1 |
- | 402 | 552 | 224 | (1 | ) | (241 | ) | 936 | |||||||||||||||||||||||
| Net sales |
17,620 | 3,593 | 4,187 | 1,734 | 247 | (1,432 | ) | 25,949 | ||||||||||||||||||||||||
| Cost of goods sold |
13,017 | 1,581 | 2,580 | 1,590 | 220 | (1,386 | ) | 17,602 | ||||||||||||||||||||||||
| Gross margin |
4,603 | 2,012 | 1,607 | 144 | 27 | (46 | ) | 8,347 | ||||||||||||||||||||||||
| Selling expenses (recovery) |
3,306 | 10 | 26 | 6 | (1 | ) | (27 | ) | 3,320 | |||||||||||||||||||||||
| General and administrative expenses |
172 | 10 | 18 | 8 | 392 | - | 600 | |||||||||||||||||||||||||
| Provincial mining taxes |
- | 372 | - | - | - | - | 372 | |||||||||||||||||||||||||
| Share-based compensation expense |
- | - | - | - | 163 | - | 163 | |||||||||||||||||||||||||
| Foreign exchange loss, net of related derivatives |
- | - | - | - | 9 | - | 9 | |||||||||||||||||||||||||
| Gain on sale of investment in Profertil |
- | - | - | - | (301 | ) | - | (301 | ) | |||||||||||||||||||||||
| Other expenses |
123 | 26 | 32 | 33 | 207 | 27 | 448 | |||||||||||||||||||||||||
| Earnings (loss) before finance costs and income taxes |
1,002 | 1,594 | 1,531 | 97 | (442 | ) | (46 | ) | 3,736 | |||||||||||||||||||||||
| Depreciation and amortization |
734 | 660 | 616 | 285 | 74 | - | 2,369 | |||||||||||||||||||||||||
| EBITDA |
1,736 | 2,254 | 2,147 | 382 | (368 | ) | (46 | ) | 6,105 | |||||||||||||||||||||||
| Restructuring costs |
- | - | - | - | 68 | - | 68 | |||||||||||||||||||||||||
| Share-based compensation expense |
- | - | - | - | 163 | - | 163 | |||||||||||||||||||||||||
| ARO/ERL related expenses for non-operating sites |
- | - | - | - | 2 | - | 2 | |||||||||||||||||||||||||
| Foreign exchange loss, net of related derivatives |
- | - | - | - | 9 | - | 9 | |||||||||||||||||||||||||
| Gain on sale of investment in Profertil |
- | - | - | - | (301 | ) | - | (301 | ) | |||||||||||||||||||||||
| Adjusted EBITDA |
1,736 | 2,254 | 2,147 | 382 | (427 | ) | (46 | ) | 6,046 | |||||||||||||||||||||||
1 Potash freight, transportation and distribution costs only apply to our North American potash sales volumes.
28
| Unaudited |
| Twelve Months Ended December 31, 2024 | ||||||||||||||||||||||||||||||||
| Downstream | Upstream and Midstream | |||||||||||||||||||||||||||||||
| ($ millions) | Retail | Potash | Nitrogen1 | Phosphate | Corporate and Others1 |
Eliminations | Consolidated | |||||||||||||||||||||||||
| Sales – third party |
17,832 | 3,008 | 3,327 | 1,610 | 195 | - | 25,972 | |||||||||||||||||||||||||
| – intersegment |
- | 370 | 807 | 278 | - | (1,455 | ) | - | ||||||||||||||||||||||||
| Sales – total |
17,832 | 3,378 | 4,134 | 1,888 | 195 | (1,455 | ) | 25,972 | ||||||||||||||||||||||||
| Freight, transportation and distribution 2 |
- | 389 | 558 | 231 | 4 | (226 | ) | 956 | ||||||||||||||||||||||||
| Net sales |
17,832 | 2,989 | 3,576 | 1,657 | 191 | (1,229 | ) | 25,016 | ||||||||||||||||||||||||
| Cost of goods sold |
13,211 | 1,448 | 2,374 | 1,510 | 170 | (1,227 | ) | 17,486 | ||||||||||||||||||||||||
| Gross margin |
4,621 | 1,541 | 1,202 | 147 | 21 | (2 | ) | 7,530 | ||||||||||||||||||||||||
| Selling expenses (recovery) |
3,418 | 10 | 24 | 6 | 2 | (25 | ) | 3,435 | ||||||||||||||||||||||||
| General and administrative expenses |
191 | 12 | 22 | 14 | 405 | - | 644 | |||||||||||||||||||||||||
| Provincial mining taxes |
- | 255 | - | - | - | - | 255 | |||||||||||||||||||||||||
| Share-based compensation expense |
- | - | - | - | 37 | - | 37 | |||||||||||||||||||||||||
| Impairment of assets |
335 | - | 195 | - | - | - | 530 | |||||||||||||||||||||||||
| Foreign exchange loss, net of related derivatives |
- | - | - | - | 360 | - | 360 | |||||||||||||||||||||||||
| Other expenses (income) |
87 | 25 | (135 | ) | 33 | 379 | 24 | 413 | ||||||||||||||||||||||||
| Earnings (loss) before finance costs and income taxes |
590 | 1,239 | 1,096 | 94 | (1,162 | ) | (1 | ) | 1,856 | |||||||||||||||||||||||
| Depreciation and amortization |
771 | 609 | 589 | 290 | 80 | - | 2,339 | |||||||||||||||||||||||||
| EBITDA |
1,361 | 1,848 | 1,685 | 384 | (1,082 | ) | (1 | ) | 4,195 | |||||||||||||||||||||||
| Restructuring costs |
- | - | - | - | 47 | - | 47 | |||||||||||||||||||||||||
| Share-based compensation expense |
- | - | - | - | 37 | - | 37 | |||||||||||||||||||||||||
| Impairment of assets |
335 | - | 195 | - | - | - | 530 | |||||||||||||||||||||||||
| Loss related to financial instruments in Argentina |
- | - | - | - | 35 | - | 35 | |||||||||||||||||||||||||
| ARO/ERL related expenses for non-operating sites |
- | - | - | - | 151 | - | 151 | |||||||||||||||||||||||||
| Foreign exchange loss, net of related derivatives |
- | - | - | - | 360 | - | 360 | |||||||||||||||||||||||||
| Adjusted EBITDA |
1,696 | 1,848 | 1,880 | 384 | (452 | ) | (1 | ) | 5,355 | |||||||||||||||||||||||
1 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment.
2 Potash freight, transportation and distribution costs only apply to our North American potash sales volumes.
29
| Unaudited |
| Three Months Ended December 31 |
Twelve Months Ended December 31 |
|||||||||||||||
| ($ millions) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Retail sales by product line |
||||||||||||||||
| Crop nutrients |
1,512 | 1,528 | 7,285 | 7,211 | ||||||||||||
| Crop protection products |
931 | 948 | 6,105 | 6,313 | ||||||||||||
| Seed |
162 | 184 | 2,128 | 2,235 | ||||||||||||
| Services and other |
254 | 228 | 944 | 918 | ||||||||||||
| Merchandise |
226 | 230 | 875 | 897 | ||||||||||||
| Nutrien Financial |
82 | 77 | 376 | 361 | ||||||||||||
| Nutrien Financial elimination 1 |
(23 | ) | (16 | ) | (93 | ) | (103 | ) | ||||||||
| 3,144 | 3,179 | 17,620 | 17,832 | |||||||||||||
| Potash sales by geography |
||||||||||||||||
| Manufactured product |
||||||||||||||||
| North America |
278 | 245 | 1,727 | 1,719 | ||||||||||||
| Offshore 2 |
514 | 342 | 2,264 | 1,658 | ||||||||||||
| Other potash and purchased products |
- | - | 4 | 1 | ||||||||||||
| 792 | 587 | 3,995 | 3,378 | |||||||||||||
| Nitrogen sales by product line |
||||||||||||||||
| Manufactured product |
||||||||||||||||
| Ammonia |
319 | 376 | 1,218 | 1,232 | ||||||||||||
| Urea and ESN® |
360 | 395 | 1,648 | 1,480 | ||||||||||||
| Solutions, nitrates and sulfates |
424 | 339 | 1,641 | 1,300 | ||||||||||||
| Other nitrogen and purchased products 3 |
137 | 33 | 232 | 122 | ||||||||||||
| 1,240 | 1,143 | 4,739 | 4,134 | |||||||||||||
| Phosphate sales by product line |
||||||||||||||||
| Manufactured product |
||||||||||||||||
| Fertilizer |
362 | 309 | 1,275 | 1,237 | ||||||||||||
| Industrial and feed |
177 | 157 | 661 | 627 | ||||||||||||
| Other phosphate and purchased products |
4 | 5 | 22 | 24 | ||||||||||||
| 543 | 471 | 1,958 | 1,888 | |||||||||||||
1 Represents elimination of the interest and service fees charged by Nutrien Financial to Retail branches.
2 Relates to Canpotex Limited (“Canpotex”) (see Note 10) and includes provisional pricing adjustments for the three months ended December 31, 2025 of $3 million (2024 – $(3) million) and the twelve months ended December 31, 2025 of $48 million (2024 – $4 million).
3 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment.
Note 3 Impairment of assets
During the three and twelve months ended December 31, 2025, we assessed our assets for indicators of impairment. No impairment was recognized during the year.
Nitrogen
At December 31, 2025, circumstances within our Trinidad cash generating unit (CGU) presented an indicator of impairment. On October 23, 2025, the Trinidad nitrogen facility completed a controlled shutdown in response to port access restrictions imposed by Trinidad and Tobago’s National Energy Corporation and a lack of reliable and economic natural gas supply. As a result, we performed impairment testing on our Trinidad CGU, part of our Nitrogen segment. No impairment was recognized, as the recoverable amount of the Trinidad CGU exceeded its carrying amount. The recoverable amount was determined using a fair value less costs of disposal (“FVLCD”) methodology. The valuation was based on post-tax discounted cash flows using a 10-year projection and a 2.0% terminal growth rate discounted at a post-tax rate of 11.8%.
30
| Unaudited |
Goodwill impairment testing
| As at December 31 ($ millions) | 2025 | 2024 | ||||||
| Goodwill by CGU or Group of CGUs |
||||||||
| Retail – North America |
7,006 | 6,961 | ||||||
| Retail – Australia |
587 | 539 | ||||||
| Potash |
154 | 154 | ||||||
| Nitrogen |
4,389 | 4,389 | ||||||
| 12,136 | 12,043 | |||||||
During the three and twelve months ended December 31, 2025, we performed our annual impairment test on goodwill and did not identify any impairment.
In testing for impairment of goodwill, we calculate the recoverable amount for a CGU or groups of CGUs containing goodwill. We used the FVLCD methodology based on post-tax discounted cash flows (five-year or 10-year projections plus a terminal value) and incorporated assumptions an independent market participant would apply. We adjusted discount rates for each CGU or group of CGUs for the risk associated with achieving our forecasts and for the country risk premium in which we expect to generate cash flows. FVLCD is a Level 3 measurement. We use our market capitalization (where applicable) and comparative market multiples to ensure discounted cash flow results are reasonable.
The key assumptions with the greatest influence on the calculation of the recoverable amounts are the discount rates, terminal growth rates and forecasted EBITDA. The key forecast assumptions were based on historical data and our estimates of future results from internal sources considering industry and market information.
Retail – North America CGU
During our performance of our annual impairment test, the Retail – North America group of CGUs recoverable amount exceeded its carrying amount by $2.9 billion. Goodwill is more susceptible to impairment risk if there is an increase in the discount rate or a deterioration in business operating results or economic conditions and actual results do not meet our forecasts. A reduction in the terminal growth rate, an increase in the discount rate or a decrease in forecasted EBITDA could cause impairment in the future as shown in the table below.
| 2025 Annual impairment testing | Key assumption used in impairment model |
Change required for carrying amount to equal recoverable amount | ||||||||
| Terminal growth rate (%) |
2.3 | 1.8 | Percentage point decrease | |||||||
| Discount rate 1 (%) |
7.7 | 1.2 | Percentage point increase | |||||||
| Forecasted EBITDA over forecast period ($ millions) |
8,500 | 12 | Percent decrease | |||||||
1 The discount rate used in the previous measurement at October 1, 2024 was 7.3 percent.
Retail – Australia, Potash, and Nitrogen CGUs
The following table indicates the key assumptions used in testing the remaining groups of CGUs:
| Terminal growth rate (%) | Post-tax discount rate (%) | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Retail – Australia |
2.5 | 2.6 | 7.6 | 7.9 | ||||||||||||
| Potash |
2.0 | 2.5 | 7.3 | 6.3 | ||||||||||||
| Nitrogen |
2.0 | 2.3 | 8.7 | 7.6 | ||||||||||||
2024 Impairment of assets
In the twelve months ended December 31, 2024, we recorded the following non-cash impairment of assets in the condensed consolidated statements of earnings:
| ($ millions) | December 31, 2024 | |||||
| Segment |
Category | |||||
| Retail |
Intangible assets | 200 | ||||
| Property, plant and equipment | 120 | |||||
| Other | 15 | |||||
| Nitrogen |
Property, plant and equipment |
195 | ||||
| Impairment of assets |
530 | |||||
31
| Unaudited |
Note 4 Other expenses (income)
| Three Months Ended December 31 |
Twelve Months Ended December 31 |
|||||||||||||||
| ($ millions) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Restructuring costs |
46 | 47 | 68 | 47 | ||||||||||||
| Earnings of equity-accounted investees |
(1 | ) | (23 | ) | (37 | ) | (130 | ) | ||||||||
| Bad debt (recovery) expense |
(3) | 23 | 85 | 117 | ||||||||||||
| Project feasibility costs |
39 | 26 | 108 | 92 | ||||||||||||
| Customer prepayment costs |
13 | 12 | 63 | 58 | ||||||||||||
| Legal expenses |
8 | 15 | 21 | 47 | ||||||||||||
| ARO/ERL related expenses (income) for non-operating sites 1 |
9 | (1 | ) | 2 | 151 | |||||||||||
| Loss on natural gas derivatives not designated as a hedge |
- | 1 | - | 8 | ||||||||||||
| Loss related to financial instruments in Argentina |
- | 1 | - | 35 | ||||||||||||
| Insurance recoveries |
- | (3 | ) | (1 | ) | (65 | ) | |||||||||
| Other expenses |
66 | 31 | 139 | 53 | ||||||||||||
| 177 | 129 | 448 | 413 | |||||||||||||
1 ARO/ERL refers to asset retirement obligations and accrued environmental costs.
Note 5 Income taxes
| Three Months Ended December 31 |
Twelve Months Ended December 31 |
|||||||||||||||
| ($ millions, except as otherwise noted) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Actual effective tax rate on earnings (%) |
21 | 33 | 24 | 40 | ||||||||||||
| Actual effective tax rate including discrete items (%) |
22 | 42 | 25 | 38 | ||||||||||||
| Discrete tax adjustments that impacted the tax rate 1 |
4 | 18 | 27 | (13 | ) | |||||||||||
1 Discrete tax adjustments arise from specific, significant or unusual events that are recognized in the period in which the event occurs, rather than being allocated across the year through the annual effective tax rate.
Note 6 Investments
| ($ millions, except as otherwise noted) | Principal Activity |
Principal Place of Business and Incorporation |
Proportion of Ownership Interest and |
Carrying Amount | ||||||||||||||||||||||||
| As at December 31, 2025 |
As at December 31, 2024 |
As at December 31, 2025 |
As at December 31, 2024 |
|||||||||||||||||||||||||
| Equity-accounted investees |
|
|||||||||||||||||||||||||||
| Profertil S.A. (“Profertil”) |
Nitrogen producer | Argentina | - | 50 | - | 349 | ||||||||||||||||||||||
| Canpotex |
|
Marketing and logistics of potash |
|
Canada | 50 | 50 | - | - | ||||||||||||||||||||
| Other associates and joint ventures |
134 | 128 | ||||||||||||||||||||||||||
| Total equity-accounted investees |
134 | 477 | ||||||||||||||||||||||||||
| Investments at FVTOCI |
|
|||||||||||||||||||||||||||
| Sinofert Holdings |
|
Fertilizer supplier and distributor |
|
China/Bermuda | - | 19 | - | 211 | ||||||||||||||||||||
| Other |
10 | 10 | ||||||||||||||||||||||||||
| Total investments at FVTOCI |
10 | 221 | ||||||||||||||||||||||||||
| Total investments |
144 | 698 | ||||||||||||||||||||||||||
32
| Unaudited |
Equity-accounted investees
In 2025, as part of our strategic priority to simplify and focus, we entered into an agreement to sell our 50 percent equity ownership in Profertil, which had been classified as an equity-accounted investment. A deposit of $120 million was received from the purchaser on September 5, 2025. The sale closed on December 10, 2025 resulting in gross proceeds of $595 million and a gain of $301 million recorded in the consolidated statement of earnings within our Corporate and Others segment. This gain reflects the difference between the net proceeds and the carrying amount of the investment at the date of sale. The buyer remitted the applicable withholding tax on behalf of Nutrien, resulting in a $60 million non-cash transaction.
Investments at fair value through other comprehensive income
In 2025, as part of our strategic priority to simplify and focus, we fully divested our remaining equity ownership interest in Sinofert, which had been classified as a financial asset measured at fair value through other comprehensive income. Gross proceeds from the sale were $193 million and reflected the fair value of the investment at the date of derecognition. A fair value loss of $18 million related to the investment was recognized in other comprehensive income. Upon derecognition, the cumulative unrealized gain previously recognized in other comprehensive income of $27 million was reclassified to retained earnings.
Note 7 Financial instruments
Foreign currency derivatives
| Three Months Ended December 31 |
Twelve Months Ended December 31 |
|||||||||||||||
| ($ millions) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Foreign exchange loss (gain) |
7 | (13 | ) | (2 | ) | 14 | ||||||||||
| Hyperinflationary loss 1 |
- | 12 | - | 97 | ||||||||||||
| (Gain) loss on foreign currency derivatives at fair value through profit or loss (“FVTPL”) |
(16 | ) | 2 | 11 | 249 | |||||||||||
| Foreign exchange (gain) loss, net of related derivatives |
(9 | ) | 1 | 9 | 360 | |||||||||||
1 In 2025, the functional currency of our Argentina operations changed from the Argentine peso to the US dollar and was applied prospectively from the date of change, eliminating the need for hyperinflationary adjustments.
Our financial instruments carrying amounts are a reasonable approximation of their fair values, except for our long-term debt, including current portion, that has a carrying value of $9,863 million and fair value of $9,476 million as at December 31, 2025. There were no transfers between levels for financial instruments measured at fair value on a recurring basis.
Note 8 Debt
In 2025, we extended the maturity of our $4,500 million unsecured committed revolving term facility to September 4, 2030. We also extended the term of our unsecured committed revolving term credit facility to September 2, 2026 and reduced the facility limit from $750 million to $500 million.
| ($ millions, except as otherwise noted) | Rate of interest (%) | Maturity | Amount | |||||||||
| Senior notes repaid in 2025 |
3.000 | April 1, 2025 | 500 | |||||||||
| Senior notes repaid in 2025 |
5.950 | November 7, 2025 | 500 | |||||||||
| 1,000 | ||||||||||||
| Senior notes issued in 2025 |
4.500 | March 12, 2027 | 400 | |||||||||
| Senior notes issued in 2025 |
5.250 | March 12, 2032 | 600 | |||||||||
| 1,000 | ||||||||||||
The senior notes issued in the twelve months ended December 31, 2025, are unsecured, rank equally with our existing unsecured debt, and have no sinking fund requirements prior to maturity. Each series of outstanding senior notes is redeemable and has various provisions for redemption prior to maturity, at our option, at specified prices.
33
| Unaudited |
Note 9 Share capital
Share repurchase programs
The following table summarizes our share repurchase activities during the periods indicated below:
| Three Months Ended December 31 |
Twelve Months Ended December 31 |
|||||||||||||||
| ($ millions, except as otherwise noted) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Number of common shares repurchased for cancellation |
2,540,498 | 2,905,718 | 9,829,408 | 3,944,903 | ||||||||||||
| Average price per share (US dollars) |
58.76 | 47.02 | 55.94 | 47.31 | ||||||||||||
| Total cost, inclusive of tax |
151 | 139 | 560 | 190 | ||||||||||||
Subsequent to December 31, 2025, as of February 17, 2026, an additional 1,097,694 common shares were repurchased for cancellation at a cost of $73 million and an average price per share of $66.97.
On February 18, 2026, our Board of Directors approved a share repurchase program for up to five percent of our outstanding common shares. The 2026 normal course issuer bid, which is subject to the acceptance by the Toronto Stock Exchange, will expire after a 12-month period, if we acquire the maximum number of common shares allowable or otherwise decide not to make any further repurchases.
Dividends declared
We declared a dividend per share of $0.545 (2024 – $0.54) during the three months ended December 31, 2025, payable on January 16, 2026 to shareholders of record on December 31, 2025.
On February 18, 2026, our Board of Directors declared and increased our quarterly dividend to $0.55 per share payable on April 16, 2026, to shareholders of record on March 31, 2026. The total estimated dividend to be paid is $265 million.
Note 10 Related party transactions
We sell potash outside Canada and the US exclusively through Canpotex. Our total revenue is recognized at the amount received from Canpotex representing proceeds from their sale of potash, less net costs of Canpotex. The receivable outstanding from Canpotex arose from sale transactions described above. It is unsecured and bears no interest. Any credit losses held against this receivable are expected to be negligible. Canpotex sells potash to buyers, including Nutrien, in export markets pursuant to term and spot contracts at agreed-upon prices. Purchases from Canpotex for the three months ended December 31, 2025 were $50 million (2024 – $34 million) and the twelve months ended December 31, 2025 were $150 million (2024 – $146 million).
| ($ millions) | As at December 31, 2025 |
As at December 31, 2024 |
||||||
| Receivables from Canpotex |
279 | 122 | ||||||
| Payables to Canpotex |
63 | 66 | ||||||
Note 11 Accounting policies, estimates and judgments
Amendments to IFRS 9 and IFRS 7, Classification and Measurement of Financial Instruments, issued in May 2024, describe the timing of recognition and derecognition for a financial asset or financial liability, including clarifying that a financial liability is derecognized on the settlement date. In addition to these clarifications, the amendments introduce an accounting policy choice to derecognize financial liabilities settled using an electronic payment system before the settlement date if specific conditions are met. These amendments will be effective January 1, 2026, and will not apply to comparative information. Nutrien has reviewed its banking procedures and assessed that the impact of the amendment is immaterial as at January 1, 2026.
IFRS 18, Presentation and Disclosure in Financial Statements, issued in April 2024, would replace IAS 1, Presentation of Financial Statements, and introduce new presentation requirements, including defined subtotals and enhances guidance on aggregation and disaggregation. IFRS 18 will be effective January 1, 2027, and will also apply to comparative information. We are reviewing the standard to determine the potential impact.
34
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