Q2 26 EPS
$N/A
Q2 26 Revenue
N/A
vs S&P Since Q2 26
-8.2%
TRAILING MARKET
NTR -7.3% vs S&P +0.8%
Market Reaction
Did NTR Beat Earnings? Q2 2026 Results
Nutrien Ltd. Delivered a mixed first quarter for 2026, posting revenue of $6.05 billion, a result that topped the $5.29 billion consensus estimate by 14.39% and reflected an 18.6% year-over-year gain, even as adjusted earnings per share of $0.51 fell… Read more Nutrien Ltd. Delivered a mixed first quarter for 2026, posting revenue of $6.05 billion, a result that topped the $5.29 billion consensus estimate by 14.39% and reflected an 18.6% year-over-year gain, even as adjusted earnings per share of $0.51 fell just short of the $0.54 analyst estimate by 5.38%. The standout driver was the Potash segment, which delivered record sales volumes of 3,510 thousand tonnes and a 30% jump in adjusted EBITDA to $578 million, fueled by higher global benchmark prices that lifted the average net selling price to $264 per tonne from $219 a year ago. Net earnings climbed sharply to $139 million from just $19 million in Q1 2025, while consolidated adjusted EBITDA rose 30% to $1.10 billion. The strong quarterly showing has done little to quiet skeptics, as retail investors remain cautious on the stock despite its recent run. Looking ahead, Nutrien reaffirmed its full-year 2026 guidance, including potash sales volumes of 14.1 to 14.8 million tonnes and retail adjusted EBITDA of $1.75 to $1.95 billion.
Key Takeaways
- • Higher global fertilizer benchmark prices across potash, nitrogen, and phosphate
- • Record potash sales volumes of 3,510 thousand tonnes supported by low inventory levels and favorable affordability in offshore markets
- • Stronger Retail performance from higher crop nutrient volumes and proprietary product margins in the US and Australia
- • Earlier start to field activity in the US relative to Q1 2025
- • Potash controllable cash cost of product manufactured maintained below $60 per tonne through mine automation
- • Lower overall natural gas costs for Nitrogen ($3.28/MMBtu vs $3.91/MMBtu) due to higher proportion of low-cost North American production
- • Phosphate production volumes increased with P2O5 operating rate improving to 80% from 67%
- • Increased potash production volumes to 3,660 thousand tonnes from 3,289 thousand tonnes
- • Higher solutions, nitrates and sulfates sales volumes supported by reliability and debottleneck initiatives
- • Phosphate sales volumes rose to 658 thousand tonnes from 500 thousand tonnes driven by reliability improvements
NTR Forward Guidance & Outlook
Nutrien reaffirmed all 2026 full-year guidance ranges. Retail adjusted EBITDA is guided at $1.75–$1.95 billion. Potash sales volumes are expected at 14.1–14.8 million tonnes, nitrogen sales volumes at 9.2–9.7 million tonnes, and phosphate sales volumes at 2.4–2.6 million tonnes. Total capital expenditures are guided at $2.0–$2.1 billion. Depreciation and amortization is expected at $2.4–$2.5 billion, finance costs at $0.65–$0.75 billion, and effective tax rate on adjusted net earnings at 24–26%. Global potash fundamentals are expected to remain relatively tight throughout 2026 with demand testing existing global operating capacity. Nitrogen market fundamentals have tightened due to trade flow disruptions and elevated natural gas costs in Asia, Europe, and other regions. The Middle East conflict and geopolitical uncertainty continue to disrupt global fertilizer and energy markets. Global grain and oilseed prices have strengthened in 2026 due to robust demand and regional weather concerns. US crop acreage projections maintained at 94–96 million acres corn and 84–86 million acres soybeans.
NTR YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
NTR Revenue by Segment
With YoY comparisons, source: SEC Filings
NTR Revenue by Geography
Regional revenue distribution
“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.”
— Ken Seitz, Q2 2026 Earnings Press Release
NTR Earnings Trends
NTR vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NTR EPS Trend
Earnings per share: estimate vs actual
NTR Revenue Trend
Quarterly revenue: estimate vs actual
NTR Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | — | — | — | — |
| Q1 26 MISS | $0.52 | $0.51 | -1.92% | $6.05B | +14.39% |
| Q4 25 BEAT FY | $0.92 | $1.18 | +27.66% | $5.34B | +9.02% |
| FY Full Year | $4.60 | $4.66 | +1.25% | $26.89B | +1.93% |
| Q3 25 BEAT | $0.97 | $0.97 | +0.09% | $6.01B | +7.24% |
| Q2 25 BEAT | $2.42 | $2.65 | +9.66% | $10.44B | -0.09% |