Nutrien has opened 2026 with solid momentum, reporting first-quarter net earnings of $139 million, or $0.27 per diluted share, alongside adjusted EBITDA of $1.11 billion and adjusted net earnings per share of $0.51.

 

“Nutrien delivered record potash sales volumes and stronger Nitrogen and Retail performance in the first quarter. We increased production from our low-cost North American assets and positioned our supply chain to reliably supply our customers amid tightening global fertilizer supply and demand fundamentals,” commented Ken Seitz, Nutrien’s President and CEO. 

 

“We continue to take purposeful steps to simplify the business, strengthen and grow our core asset base and improve capital efficiency, resulting in a more resilient portfolio and delivering structural free cash flow growth.”

 

The company’s performance was driven by strength across all major segments.

 

Retail adjusted EBITDA rose to $108 million, supported by higher crop nutrient sales volumes and stronger proprietary product margins in the US and Australia. Nutrien also completed a tuck-in acquisition in the US corn belt, further expanding its retail footprint.

 

Potash delivered a standout quarter, with adjusted EBITDA climbing to $578 million on the back of higher global prices and record sales volumes. Production increased, automation initiatives advanced, and unit costs remained tightly controlled at under $60 per tonne of product manufactured.

 

Nitrogen also strengthened, posting adjusted EBITDA of $482 million, driven primarily by higher global benchmarks. Operating performance remained robust, with North American ammonia plants running at a 92% operating rate, reflecting a continued focus on reliability and steady production.

 

Capital returns remained a priority, with $409 million returned to shareholders through dividends and share repurchases during the quarter.

 

Nutrien also advanced its portfolio reshaping strategy, continuing reviews of its Phosphate business, Trinidad nitrogen facility, and Brazilian retail operations, with a stated focus on improving earnings quality and free cash flow.

 

The company’s update comes against a volatile global fertilizer backdrop. Geopolitical disruptions in the Middle East have tightened supply chains, particularly in nitrogen and phosphate markets, while energy costs continue to pressure global production economics.

 

Despite this, demand fundamentals remain firm. Strong grain and oilseed production in 2025 has boosted soil nutrient depletion, while 2026 crop prices have strengthened on weather risks and sustained demand for food, feed, and biofuels.

 

In the US, Nutrien maintained its acreage assumptions—94 to 96 million acres of corn and 84 to 86 million acres of soybeans—with early-season input demand tracking in line with expectations.

 

Potash markets remain particularly tight, with global shipments projected at 74 to 77 million tonnes and demand expected to stretch supply chains through the year.

 

Nitrogen and phosphate markets are also under pressure from disrupted trade flows, high energy costs, and uncertain export dynamics in key producing regions including China and India.

 

 

Despite market turbulence, Nutrien held all 2026 guidance steady. Retail EBITDA is forecast at $1.75 to $1.95 billion, while potash sales are expected between 14.1 and 14.8 million tonnes. Nitrogen and phosphate volumes are projected at 9.2 to 9.7 million tonnes and 2.4 to 2.6 million tonnes, respectively.

 

Capital spending is set at $2.0 to $2.1 billion, with investments focused on retail expansion, nitrogen efficiency upgrades, and potash mine automation.

 

For now, Nutrien’s message is clear: tight global fertilizer markets, disciplined operations, and high utilization across low-cost assets are keeping earnings stable—even as geopolitical and energy pressures reshape the industry landscape.