Q2 26 EPS Adjusted
$2.61
MISS 4.15%
Est. $2.72
Includes $66 million pre-tax restructuring costs ($52 million post-tax, $0.11 per diluted share) related to portfolio optimization initiatives
Q2 26 Revenue
$10.81B
BEAT +3.92%
Est. $10.40B
vs S&P Since Q2 26
-4.7%
TRAILING MARKET
NTR -4.1% vs S&P +0.6%
Market Reaction
Did NTR Beat Earnings? Q2 2026 Results
Nutrien Ltd. Delivered a split verdict for Q2 2026, posting revenue that cleared Wall Street's bar while earnings fell short, painting a picture of a company navigating uneven conditions across its core businesses. The Canadian fertilizer giant repor… Read more Nutrien Ltd. Delivered a split verdict for Q2 2026, posting revenue that cleared Wall Street's bar while earnings fell short, painting a picture of a company navigating uneven conditions across its core businesses. The Canadian fertilizer giant reported sales of $10.81 billion, up 3.6% year over year and ahead of the $10.40 billion consensus by 3.92%, yet adjusted EPS of $2.61 missed the $2.72 analyst estimate by 4.15%, with the shortfall driven primarily by a 75% collapse in Phosphate adjusted EBITDA to just $23 million as elevated sulfur costs pushed the segment's gross margin negative. Restructuring charges of $66 million pre-tax, tied to portfolio optimization initiatives, added further pressure. Potash remained a relative bright spot, with adjusted EBITDA rising 4% to $658 million on record first-half production, and Nutrien nudged its full-year Potash volume guidance modestly higher to 14.2 to 14.8 million tonnes while trimming capital expenditure guidance to $1.95 to $2.05 billion, signaling a sharper focus on capital efficiency heading into the second half.
Key Takeaways
- • Higher global fertilizer benchmark prices
- • Record first half potash sales volumes driven by strong offshore demand and favorable affordability
- • Strong growth in proprietary products gross margins in Retail
- • Lower natural gas costs for nitrogen ($2.10/MMBtu vs $3.31/MMBtu in Q2 2025)
- • Strong livestock market in Australia supporting Retail services
- • Potash controllable cash cost of product manufactured maintained at $55 per tonne in Q2
- • Higher crop protection proprietary margins reaching 45% of product line gross margin vs 37% prior year
NTR Forward Guidance & Outlook
Nutrien raised its full-year 2026 Potash sales volume guidance to 14.2–14.8 million tonnes (from 14.1–14.8 million tonnes) and lowered capital expenditures guidance to $1.95–$2.05 billion (from $2.0–$2.1 billion). Retail adjusted EBITDA guidance of $1.75–$1.95 billion assumes high-single digit proprietary products gross margin growth and lower crop nutrient volumes. Nitrogen sales volumes guided at 9.2–9.7 million tonnes, supported by planned turnaround completions in Q3 and higher ammonia operating rates in Q4. Phosphate volumes guided at 2.4–2.6 million tonnes. Global potash shipments forecasted at 74–77 million tonnes. Global nitrogen market fundamentals expected to remain tight in H2 2026 due to trade disruptions, production outages, and elevated energy prices. El Niño conditions expected to place upside pressure on crop prices. Strategic reviews for Phosphate, Trinidad Nitrogen, and Brazilian Retail remain on track for completion in 2026.
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
“In the first half of 2026, Nutrien delivered record potash sales volumes, strong growth in proprietary products margins and further enhanced the reliability and cost position of our nitrogen assets in a dynamic global operating environment.”
— 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 MISS Includes $66 million pre-tax restructuring costs ($52 million post-tax, $0.11 per diluted share) related to portfolio optimization initiatives | $2.72 | $2.61 | -4.15% | $10.81B | +3.92% |
| Q1 26 MISS | $0.54 | $0.51 | -5.38% | $6.05B | +14.39% |
| Q4 25 BEAT FY | $0.91 | $1.18 | +30.01% | $5.34B | +0.63% |
| 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% |