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Nutrien's Q2 Earnings Lag, Revenues Beat Estimates on Higher Prices
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Key Takeaways
Nutrien reported Q2 sales of $10.81 billion, up 4%, while adjusted EPS missed the consensus estimate.
Potash adjusted EBITDA rose 4% on higher benchmark prices and strong operational and supply chain execution.
Nutrien raised Potash volume guidance and lowered 2026 capital spending guidance to $1.95-$2.05 billion.
Nutrien Ltd. (NTR - Free Report) reported net earnings of $1.22 billion or $2.53 per share for the second quarter of 2026. This compares with net earnings of $1.23 billion or $2.50 per share in the year-ago quarter.
Barring one-time items, adjusted earnings were $2.61 per share, which missed the Zacks Consensus Estimate of $2.70. Adjusted earnings were down about 2% from $2.65 per share in the prior-year quarter.
The company reported second-quarter sales of $10,812 million, up 4% from $10,438 million in the previous-year quarter. The figure surpassed the Zacks Consensus Estimate of $10,672.6 million.
Adjusted EBITDA declined 2% year over year to $2.43 billion for the quarter. Higher global fertilizer benchmark prices were more than offset by lower fertilizer volumes and higher sulfur costs.
The Nutrien Ag Solutions (Retail) segment recorded sales of $8,270 million in the second quarter, up 4% from $7,959 million a year ago. The figure beat our estimate of $7,864.4 million. Retail adjusted EBITDA declined 2% to $1,131 million, mainly due to lower crop nutrient sales volumes and higher fuel costs.
The Potash segment generated net sales of $1,053 million, up 6% year over year from $991 million. The figure missed our estimate of $1,236.7 million. Potash adjusted EBITDA increased 4% to $658 million, aided by higher global benchmark prices and strong operational and supply chain execution, partly offset by higher provincial mining taxes.
Nitrogen net sales were $1,154 million, down 3% from $1,187 million in the year-ago quarter. The figure topped our estimate of $1,138.2 million. Adjusted EBITDA fell 5% to $635 million as lower sales volumes more than offset the benefit of higher global benchmark prices.
Phosphate net sales rose 18% year over year to $468 million from $396 million. The figure surpassed our estimate of $437.6 million. Adjusted EBITDA decreased 75% to $23 million, primarily due to higher sulfur input costs, partly offset by stronger global benchmark prices and higher sales volumes.
NTR's Financials
Cash provided by operating activities was $2.48 billion in the second quarter compared with $2.54 billion in the prior-year quarter. Cash used for dividends and share repurchases increased 18% year over year to $439 million from $373 million.
As of June 30, 2026, Nutrien had cash and cash equivalents of $921 million compared with $701 million at the end of 2025. Long-term debt, including the current portion, was $10.86 billion, up from $9.86 billion at year-end 2025, reflecting the issuance of $1 billion of senior notes in the second quarter.
NTR's Outlook
For 2026, Nutrien maintained Retail adjusted EBITDA guidance of $1.75-$1.95 billion. The midpoint assumes high-single-digit growth in proprietary products gross margins, strong crop input and services demand in Australia, increased crop nutrient margins per ton and lower crop nutrient sales volumes compared with 2025.
The company raised its 2026 Potash sales volume guidance to 14.2-14.8 million tons from 14.1-14.8 million tons, supported by strong demand in key offshore markets. Global potash shipments are still projected at 74-77 million tons for 2026.
Nitrogen sales volume guidance was maintained at 9.2-9.7 million tons, while Phosphate sales volume guidance remains 2.4-2.6 million tons. The Nitrogen outlook reflects planned reliability improvements and debottlenecking initiatives, while the Phosphate guidance reflects benefits from reliability improvements completed in 2025.
Nutrien lowered its 2026 capital expenditure guidance to $1.95-$2.05 billion from $2-$2.1 billion, reflecting a continued focus on capital efficiency and structural free cash flow growth.
NTR’s Price Performance
Nutrien’s shares have gained 18.3% in the past year against the 46.1% decline of the industry.
Image Source: Zacks Investment Research
NTR’s Zacks Rank & Key Picks
NTR currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks are Almonty Industries Inc. (ALM - Free Report) , ClearSign Technologies Corporation (CLIR - Free Report) and Applied Industrial Technologies, Inc. (AIT - Free Report) .
Almonty is expected to report second-quarter results on Aug. 13. The Zacks Consensus Estimate for ALM’s second-quarter earnings is pegged at 10 cents per share. It carries a Zacks Rank #2 (Buy) at present.
Applied Industrial is scheduled to report fourth-quarter fiscal 2026 results on Aug. 13. The Zacks Consensus Estimate for AIT’s fourth-quarter earnings per share is pegged at $2.92. AIT carries a Zacks Rank #2 at present.
View the Zacks #1 Rank List
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Nutrien's Q2 Earnings Lag, Revenues Beat Estimates on Higher Prices
Key Takeaways
Nutrien Ltd. (NTR - Free Report) reported net earnings of $1.22 billion or $2.53 per share for the second quarter of 2026. This compares with net earnings of $1.23 billion or $2.50 per share in the year-ago quarter.
Barring one-time items, adjusted earnings were $2.61 per share, which missed the Zacks Consensus Estimate of $2.70. Adjusted earnings were down about 2% from $2.65 per share in the prior-year quarter.
The company reported second-quarter sales of $10,812 million, up 4% from $10,438 million in the previous-year quarter. The figure surpassed the Zacks Consensus Estimate of $10,672.6 million.
Adjusted EBITDA declined 2% year over year to $2.43 billion for the quarter. Higher global fertilizer benchmark prices were more than offset by lower fertilizer volumes and higher sulfur costs.
Nutrien Ltd. Price, Consensus and EPS Surprise
Nutrien Ltd. price-consensus-eps-surprise-chart | Nutrien Ltd. Quote
Segment Highlights of NTR
The Nutrien Ag Solutions (Retail) segment recorded sales of $8,270 million in the second quarter, up 4% from $7,959 million a year ago. The figure beat our estimate of $7,864.4 million. Retail adjusted EBITDA declined 2% to $1,131 million, mainly due to lower crop nutrient sales volumes and higher fuel costs.
The Potash segment generated net sales of $1,053 million, up 6% year over year from $991 million. The figure missed our estimate of $1,236.7 million. Potash adjusted EBITDA increased 4% to $658 million, aided by higher global benchmark prices and strong operational and supply chain execution, partly offset by higher provincial mining taxes.
Nitrogen net sales were $1,154 million, down 3% from $1,187 million in the year-ago quarter. The figure topped our estimate of $1,138.2 million. Adjusted EBITDA fell 5% to $635 million as lower sales volumes more than offset the benefit of higher global benchmark prices.
Phosphate net sales rose 18% year over year to $468 million from $396 million. The figure surpassed our estimate of $437.6 million. Adjusted EBITDA decreased 75% to $23 million, primarily due to higher sulfur input costs, partly offset by stronger global benchmark prices and higher sales volumes.
NTR's Financials
Cash provided by operating activities was $2.48 billion in the second quarter compared with $2.54 billion in the prior-year quarter. Cash used for dividends and share repurchases increased 18% year over year to $439 million from $373 million.
As of June 30, 2026, Nutrien had cash and cash equivalents of $921 million compared with $701 million at the end of 2025. Long-term debt, including the current portion, was $10.86 billion, up from $9.86 billion at year-end 2025, reflecting the issuance of $1 billion of senior notes in the second quarter.
NTR's Outlook
For 2026, Nutrien maintained Retail adjusted EBITDA guidance of $1.75-$1.95 billion. The midpoint assumes high-single-digit growth in proprietary products gross margins, strong crop input and services demand in Australia, increased crop nutrient margins per ton and lower crop nutrient sales volumes compared with 2025.
The company raised its 2026 Potash sales volume guidance to 14.2-14.8 million tons from 14.1-14.8 million tons, supported by strong demand in key offshore markets. Global potash shipments are still projected at 74-77 million tons for 2026.
Nitrogen sales volume guidance was maintained at 9.2-9.7 million tons, while Phosphate sales volume guidance remains 2.4-2.6 million tons. The Nitrogen outlook reflects planned reliability improvements and debottlenecking initiatives, while the Phosphate guidance reflects benefits from reliability improvements completed in 2025.
Nutrien lowered its 2026 capital expenditure guidance to $1.95-$2.05 billion from $2-$2.1 billion, reflecting a continued focus on capital efficiency and structural free cash flow growth.
NTR’s Price Performance
Nutrien’s shares have gained 18.3% in the past year against the 46.1% decline of the industry.
NTR’s Zacks Rank & Key Picks
NTR currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks are Almonty Industries Inc. (ALM - Free Report) , ClearSign Technologies Corporation (CLIR - Free Report) and Applied Industrial Technologies, Inc. (AIT - Free Report) .
Almonty is expected to report second-quarter results on Aug. 13. The Zacks Consensus Estimate for ALM’s second-quarter earnings is pegged at 10 cents per share. It carries a Zacks Rank #2 (Buy) at present.
ClearSign is scheduled to report second-quarter 2026 results on Aug. 19. The consensus estimate for CLIR’s loss per share is pegged at 25 cents. CLIR presently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Applied Industrial is scheduled to report fourth-quarter fiscal 2026 results on Aug. 13. The Zacks Consensus Estimate for AIT’s fourth-quarter earnings per share is pegged at $2.92. AIT carries a Zacks Rank #2 at present.