Nutrien Ltd 6-K, filed Aug 5, 2026
Nutrien Ltd. (NTR)
About this 6-K
Nutrien Ltd filed this 6-K on August 5, 2026.
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 August, 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 ☒
Exhibits 99.2 and 99.3 to this report on Form 6-K shall be incorporated by reference into the registrant’s Registration Statements on Form S-8 (File Nos. 333-222384, 333-222385 and 333-226295) and on Form F-10 (File No. 333-294761) under the Securities Act of 1933, as amended.
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: August 5, 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 August 5, 2026 | |
| 99.2 | Management’s Discussion and Analysis | |
| 99.3 | Interim Financial Statements and Notes | |
Exhibit 99.1
|
News Release | |
|
TSX, NYSE: NTR
|
August 5, 2026 – all amounts are in US dollars, except as otherwise noted
Nutrien Reports Second Quarter 2026 Results
First half results demonstrate continued operational excellence and strong financial performance
Raised Potash sales volumes and lowered capital expenditures guidance ranges
Increased cash returns to shareholders
SASKATOON, Saskatchewan - Nutrien Ltd. (TSX and NYSE: NTR) announced today its second quarter 2026 results, with net earnings of $1.22 billion ($2.53 diluted net earnings per share). Second quarter 2026 adjusted EBITDA1 was $2.43 billion and adjusted net earnings per share1 was $2.61.
“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,” commented Ken Seitz, Nutrien’s President and CEO. “Our focus on operational excellence, targeted growth investments and ongoing portfolio optimization initiatives is strengthening our business, supporting structural free cash flow growth and increasing cash returns to shareholders.”
Highlights2:
| • | Retail adjusted EBITDA increased to $1.24 billion in the first half of 2026 due to higher proprietary products gross margins and a strong livestock market in Australia, partially offset by lower crop nutrient sales volumes and higher fuel costs. |
| • | Potash adjusted EBITDA increased to $1.24 billion in the first half of 2026 due to higher global benchmarks and strong operational and supply chain execution that supported record first half sales volumes. We had record potash production and progressed mine automation, maintaining our controllable cash cost of product manufactured1 below $60 per tonne. |
| • | Nitrogen adjusted EBITDA increased to $1.12 billion in the first half of 2026 due to higher global nitrogen benchmarks and lower natural gas costs. Production from our low-cost North American nitrogen plants was consistent with our plan, which included the successful execution of the largest turnaround in our Carseland facility’s history. |
| • | Cash provided by operating activities increased by 12 percent in the first half of 2026. We returned $848 million to shareholders in the first half of 2026 through dividends and share repurchases, including a 26 percent increase in share repurchases. We further increased the pace of share repurchases in the third quarter of 2026 and repurchased approximately $82 million of common shares in the quarter as of August 4, 2026. |
| • | Since June 2026, we entered into agreements to sell non-core assets for expected gross proceeds of approximately $90 million. Including these agreements, we have divested approximately $1 billion of non-core assets since the fourth quarter of 2024. |
| • | Remain on track to solidify the optimal path for our Phosphate business, Trinidad Nitrogen facility and Brazilian Retail business in 2026. |
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 six months ended June 30, 2026 to the results for the six months ended June 30, 2025, unless otherwise noted.
1
Management’s Discussion and Analysis
The following management’s discussion and analysis (“MD&A”) is the responsibility of management and is dated as of August 5, 2026. The Board of Directors (“Board”) of Nutrien carries out its responsibility for review of this disclosure principally through its Audit Committee, composed entirely of independent directors. The Audit Committee reviews and, prior to its publication, approves this disclosure pursuant to the authority delegated to it by the Board. The term “Nutrien” refers to Nutrien Ltd. and the terms “we”, “us”, “our”, “Nutrien” and “the Company” refer to Nutrien and, as applicable, Nutrien and its direct and indirect subsidiaries on a consolidated basis. Additional information relating to Nutrien (which, except as otherwise noted, is not incorporated by reference herein), including our annual report dated February 19, 2026 (“2025 Annual Report”), which includes our annual audited consolidated financial statements (“annual financial statements”) and MD&A, and our annual information form dated February 19, 2026, each for the year ended December 31, 2025, can be found on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. No update is provided to the disclosure in our 2025 annual MD&A except for material information since the date of our annual MD&A. The Company is a foreign private issuer under the rules and regulations of the US Securities and Exchange Commission (the “SEC”).
This MD&A is based on, and should be read in conjunction with, the Company’s unaudited interim condensed consolidated financial statements as at and for the three and six months ended June 30, 2026 (“interim financial statements”) based on International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and prepared in accordance with International Accounting Standard (“IAS”) 34 “Interim Financial Reporting”, unless otherwise noted. This MD&A contains certain non-GAAP financial measures and ratios and forward-looking statements, which are described in the “Non-GAAP Financial Measures” and the “Forward-Looking Statements” sections, respectively.
2
Market Outlook and Guidance
Agriculture and Retail Markets
| • | Global agricultural markets are supported by robust grain and oilseed demand. Risks to global crop production and trade have increased due to geopolitical uncertainty and forecasts indicating El Niño conditions, which are expected to place upside pressure on crop prices. |
| • | In North America, firming crop prices and a focus on protecting yield potential is expected to support crop input demand in the third quarter of 2026. A faster than average pace of crop development supports the potential for an earlier start to the fall fertilizer application season. |
| • | In Australia, grower engagement across key cropping regions and strong livestock economics are supporting demand for retail products and services. In Brazil, soybean acreage is expected to moderately increase from the prior year and purchasing activity continues to be influenced by credit availability and affordability. |
Crop Nutrient Markets
| • | Global potash markets remain constructive due to favorable affordability, healthy demand in all major global markets and stable supply relative to other commodities. We have maintained our forecast for global potash shipments of 74 to 77 million tonnes in 2026 as projected shipment levels are expected to be consistent with consumption. |
| • | Global urea prices have strengthened in the third quarter of 2026 following a decline in the latter half of the second quarter during a seasonal low point for demand that was exacerbated this year due to evolving geopolitical developments. Global nitrogen market fundamentals are expected to remain tight in the second half of 2026, driven by ongoing trade flow disruptions, production outages, elevated energy prices and import demand from key consuming regions such as India and Brazil. |
| • | Global phosphate market fundamentals continue to be affected by trade flow disruptions, constrained sulfur feedstock availability and elevated costs, which have placed unsustainable pressure on phosphate producer margins and have resulted in reduced global operating rates. |
3
Financial and Operational Guidance
| • | Retail adjusted EBITDA guidance of $1.75 to $1.95 billion represents structural growth in our downstream business consistent with historical rates. The mid-point of our full-year guidance range assumes high-single digit growth in proprietary products gross margins, strong demand for crop inputs and services in Australia, increased crop nutrient margins per tonne and lower crop nutrient sales volumes compared to the prior year. |
| • | Potash sales volume guidance was increased to 14.2 to 14.8 million tonnes due to strong demand in key offshore markets and is consistent with our global shipment expectation. |
| • | Nitrogen sales volume guidance of 9.2 to 9.7 million tonnes is supported by planned reliability improvements and debottlenecking initiatives. The range reflects the completion of planned turnarounds in the third quarter of 2026 and higher ammonia operating rates in the fourth quarter compared to the prior year. |
| • | Phosphate sales volume guidance of 2.4 to 2.6 million tonnes reflects the benefits of reliability improvement initiatives completed in 2025. |
| • | Total capital expenditures guidance was lowered to $1.95 to $2.05 billion and reflects a focus on capital efficiency and structurally growing free cash flow. |
All guidance expectations, including those noted above, are outlined in the table below. Refer to page 33 of our 2025 Annual Report for anticipated fertilizer pricing and natural gas price sensitivities relating to adjusted EBITDA (consolidated) and adjusted net earnings per share.
| 2026 Guidance Ranges1 as of | ||||||||||||||
| August 5, 2026 | May 6, 2026 | |||||||||||||
| ($ billions, except as otherwise noted) |
Low | High | Low | High | ||||||||||
| Retail adjusted EBITDA |
1.75 | 1.95 | 1.75 | 1.95 | ||||||||||
| Potash sales volumes (million tonnes)2 |
14.2 | 14.8 | 14.1 | 14.8 | ||||||||||
| Nitrogen sales volumes (million tonnes)2 |
9.2 | 9.7 | 9.2 | 9.7 | ||||||||||
| Phosphate sales volumes (million tonnes)2 |
2.4 | 2.6 | 2.4 | 2.6 | ||||||||||
| Depreciation and amortization |
2.4 | 2.5 | 2.4 | 2.5 | ||||||||||
| Finance costs |
0.65 | 0.75 | 0.65 | 0.75 | ||||||||||
| Effective tax rate on adjusted net earnings (%)3 |
24.0 | 26.0 | 24.0 | 26.0 | ||||||||||
| Capital expenditures4 |
1.95 | 2.05 | 2.0 | 2.1 | ||||||||||
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.
4
Consolidated Results
| Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||||
| ($ millions, except as otherwise noted) |
2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||
| Sales |
10,812 | 10,438 | 4 | 16,858 | 15,538 | 8 | ||||||||||||||||||||||
| Gross margin |
3,251 | 3,175 | 2 | 4,897 | 4,495 | 9 | ||||||||||||||||||||||
| Expenses |
1,474 | 1,393 | 6 | 2,760 | 2,487 | 11 | ||||||||||||||||||||||
| Net earnings |
1,222 | 1,229 | (1 | ) | 1,361 | 1,248 | 9 | |||||||||||||||||||||
| Adjusted EBITDA1 |
2,430 | 2,486 | (2 | ) | 3,535 | 3,338 | 6 | |||||||||||||||||||||
| Diluted net earnings per share (dollars)2 |
2.53 | 2.50 | 1 | 2.80 | 2.52 | 11 | ||||||||||||||||||||||
| Adjusted net earnings per share (dollars)1, 2 |
2.61 | 2.65 | (2 | ) | 3.11 | 2.75 | 13 | |||||||||||||||||||||
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 first half of 2026, primarily due to increased global fertilizer benchmarks, higher Retail earnings and record Potash sales volumes. Net earnings and adjusted EBITDA decreased in the second quarter of 2026, as higher global fertilizer benchmarks were more than offset by lower fertilizer volumes and increased sulfur costs.
Segment Results
Our discussion of segment results set out on the following pages is a comparison of the results for the three and six months ended June 30, 2026 to the results for the three and six months ended June 30, 2025, unless otherwise noted.
|
Retail
|
| Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||||
| ($ millions, except as otherwise noted) |
2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||
| Sales |
8,270 | 7,959 | 4 | 11,910 | 11,049 | 8 | ||||||||||||||||||||||
| Cost of goods sold |
6,224 | 5,941 | 5 | 9,064 | 8,345 | 9 | ||||||||||||||||||||||
| Gross margin |
2,046 | 2,018 | 1 | 2,846 | 2,704 | 5 | ||||||||||||||||||||||
| Adjusted EBITDA1 |
1,131 | 1,149 | (2 | ) | 1,239 | 1,195 | 4 | |||||||||||||||||||||
1 See Note 2 to the interim financial statements.
| • | Retail adjusted EBITDA increased in the first half of 2026 due to higher proprietary products gross margins and a strong livestock market in Australia. Retail adjusted EBITDA decreased in the second quarter of 2026 mainly due to lower crop nutrient sales volumes and higher fuel costs. |
| Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||||||||||||||||||||
| Sales | Gross Margin | Sales | Gross Margin | |||||||||||||||||||||||||||||||||||||||||
| ($ millions) |
2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||||
| Crop nutrients |
3,541 | 3,391 | 695 | 697 | 5,024 | 4,585 | 945 | 916 | ||||||||||||||||||||||||||||||||||||
| Crop protection products |
2,755 | 2,666 | 707 | 676 | 3,892 | 3,638 | 933 | 867 | ||||||||||||||||||||||||||||||||||||
| Seed |
1,278 | 1,278 | 242 | 266 | 1,840 | 1,810 | 326 | 336 | ||||||||||||||||||||||||||||||||||||
| Services and other |
308 | 286 | 256 | 235 | 483 | 432 | 400 | 353 | ||||||||||||||||||||||||||||||||||||
| Merchandise |
291 | 238 | 49 | 44 | 514 | 427 | 85 | 75 | ||||||||||||||||||||||||||||||||||||
| Nutrien Financial |
145 | 135 | 145 | 135 | 225 | 205 | 225 | 205 | ||||||||||||||||||||||||||||||||||||
| Nutrien Financial elimination1 |
(48 | ) | (35 | ) | (48 | ) | (35 | ) | (68 | ) | (48 | ) | (68 | ) | (48 | ) | ||||||||||||||||||||||||||||
| Total |
8,270 | 7,959 | 2,046 | 2,018 | 11,910 | 11,049 | 2,846 | 2,704 | ||||||||||||||||||||||||||||||||||||
1 Represents elimination of the interest and service fees charged by Nutrien Financial to Retail branches.
| • | Crop nutrients sales increased in the second quarter and first half of 2026 due to higher selling prices. Gross margin was relatively flat in the second quarter of 2026, as increased sales of proprietary nutritional products was offset by lower crop nutrient sales volumes, in particular phosphate and nitrogen products. Gross margin increased in the first half of 2026, reflecting increased sales of proprietary nutritional products. |
| • | Crop protection products sales and gross margin increased in the second quarter and first half of 2026 due to higher sales of proprietary products, supported by increased herbicide sales volumes in the US and earlier grower engagement in Australia. |
5
| • | Seed gross margin decreased in the second quarter and first half of 2026 primarily due to product mix shifts, partially offset by higher sales volumes, including higher-margin canola seed in Australia. |
| • | Services and other sales and gross margin increased in the second quarter and first half of 2026 due to a strong livestock market in Australia. |
| Supplemental Data | Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||||||||||||||||||||||||||||
| Gross Margin | % of Product Line1 | Gross Margin | % of Product Line1 | |||||||||||||||||||||||||||||||||||||||||
| ($ millions, except as otherwise noted) |
2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||||
| Proprietary products |
||||||||||||||||||||||||||||||||||||||||||||
| Crop nutrients |
248 | 228 | 36 | 33 | 328 | 297 | 35 | 32 | ||||||||||||||||||||||||||||||||||||
| Crop protection products |
314 | 246 | 45 | 37 | 402 | 299 | 43 | 34 | ||||||||||||||||||||||||||||||||||||
| Seed |
86 | 87 | 35 | 37 | 107 | 115 | 33 | 34 | ||||||||||||||||||||||||||||||||||||
| Merchandise |
4 | 3 | 8 | 6 | 6 | 6 | 7 | 7 | ||||||||||||||||||||||||||||||||||||
| Total |
652 | 564 | 32 | 29 | 843 | 717 | 30 | 27 | ||||||||||||||||||||||||||||||||||||
| 1 Represents percentage of proprietary product margins over total product line gross margin. |
| |||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||||||||||||||||||||
| Sales Volumes (tonnes – thousands) |
Gross Margin / Tonne (dollars) |
Sales Volumes (tonnes – thousands) |
Gross Margin / Tonne (dollars) | |||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||||||||
| Crop nutrients |
||||||||||||||||||||||||||||||||||||||||||||
| North America |
3,795 | 4,419 | 167 | 146 | 5,395 | 5,883 | 156 | 142 | ||||||||||||||||||||||||||||||||||||
| International |
1,057 | 1,072 | 58 | 48 | 1,905 | 1,898 | 54 | 42 | ||||||||||||||||||||||||||||||||||||
| Total |
4,852 | 5,491 | 143 | 127 | 7,300 | 7,781 | 129 | 118 | ||||||||||||||||||||||||||||||||||||
| (percentages) |
June 30, 2026 | December 31, 2025 | ||||||||||
| Financial performance measures1, 2 |
||||||||||||
| Cash operating coverage ratio |
63 | 62 | ||||||||||
| Average working capital to sales |
23 | 22 | ||||||||||
1 Rolling four quarters.
2 These are non-GAAP financial measures. See the “Non-GAAP Financial Measures” section.
6
|
Potash
|
| Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||||
| ($ millions, except as otherwise noted) |
2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||
| Net sales |
1,053 | 991 | 6 | 1,979 | 1,735 | 14 | ||||||||||||||||||||||
| Cost of goods sold |
446 | 440 | 1 | 868 | 820 | 6 | ||||||||||||||||||||||
| Gross margin |
607 | 551 | 10 | 1,111 | 915 | 21 | ||||||||||||||||||||||
| Adjusted EBITDA1 |
658 | 630 | 4 | 1,236 | 1,076 | 15 | ||||||||||||||||||||||
1 See Note 2 to the interim financial statements.
| • | Potash adjusted EBITDA increased in the second quarter and first half of 2026 due to higher global benchmarks and strong operational and supply chain execution that supported record first half sales volumes, partially offset by higher provincial mining taxes. We had record production and progressed mine automation, maintaining our controllable cash cost of product manufactured1 below $60 per tonne. |
| Manufactured Product |
|
Three Months Ended June 30 |
|
|
Six Months Ended June 30 |
| ||||||||||||||
| ($ per tonne, except as otherwise noted) |
2026 | 2025 | 2026 | 2025 | ||||||||||||||||
| Sales volumes (tonnes – thousands) |
||||||||||||||||||||
| North America |
922 | 1,038 | 2,207 | 2,350 | ||||||||||||||||
| Offshore |
3,021 | 2,951 | 5,246 | 5,041 | ||||||||||||||||
| Total sales volumes |
3,943 | 3,989 | 7,453 | 7,391 | ||||||||||||||||
| Net selling price |
||||||||||||||||||||
| North America |
295 | 279 | 290 | 259 | ||||||||||||||||
| Offshore |
259 | 237 | 255 | 224 | ||||||||||||||||
| Average net selling price |
267 | 248 | 266 | 235 | ||||||||||||||||
| Cost of goods sold |
113 | 110 | 117 | 112 | ||||||||||||||||
| Gross margin |
154 | 138 | 149 | 123 | ||||||||||||||||
| Depreciation and amortization |
47 | 47 | 48 | 47 | ||||||||||||||||
| Gross margin excluding depreciation and amortization1 |
201 | 185 | 197 | 170 | ||||||||||||||||
1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.
| • | Sales volumes increased in the first half of 2026 due to low inventory levels and favorable potash affordability in key offshore markets. |
| • | Net selling price per tonne increased in the second quarter and first half of 2026 due to higher global benchmark prices, partially offset by higher offshore freight and insurance costs. |
| • | Cost of goods sold per tonne increased in the second quarter and first half of 2026 primarily due to higher royalties and maintenance costs. |
| Supplemental Data |
|
Three Months Ended June 30 |
|
|
Six Months Ended June 30 |
| ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||
| Production volumes (tonnes – thousands) |
3,996 | 3,531 | 7,656 | 6,820 | ||||||||||||||||
| Potash controllable cash cost of product manufactured per tonne1 |
55 | 55 | 57 | 57 | ||||||||||||||||
| Canpotex sales by market (percentage of sales volumes)2 |
||||||||||||||||||||
| Latin America |
47 | 42 | 44 | 37 | ||||||||||||||||
| Other Asian markets3 |
23 | 34 | 26 | 33 | ||||||||||||||||
| China |
11 | 8 | 14 | 12 | ||||||||||||||||
| India |
4 | - | 3 | 2 | ||||||||||||||||
| Other markets |
15 | 16 | 13 | 16 | ||||||||||||||||
| Total |
100 | 100 | 100 | 100 | ||||||||||||||||
1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.
2 See Note 8 to the interim financial statements.
3 All Asian markets except China and India.
7
|
Nitrogen
|
| Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||||
| ($ millions, except as otherwise noted) |
2026 | 20251, 2 | % Change | 2026 | 20251, 2 | % Change | ||||||||||||||||||||||
| Net sales |
1,154 | 1,187 | (3 | ) | 2,168 | 2,072 | 5 | |||||||||||||||||||||
| Cost of goods sold |
611 | 674 | (9 | ) | 1,258 | 1,272 | (1 | ) | ||||||||||||||||||||
| Gross margin |
543 | 513 | 6 | 910 | 800 | 14 | ||||||||||||||||||||||
| Adjusted EBITDA2 |
635 | 665 | (5 | ) | 1,117 | 1,070 | 4 | |||||||||||||||||||||
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 first half of 2026 due to higher global nitrogen benchmarks and lower natural gas costs. Production from our low-cost North American nitrogen plants was consistent with our plan, which included the successful execution of the largest turnaround in our Carseland facility’s history. Nitrogen adjusted EBITDA decreased in the second quarter of 2026 due to lower sales volumes, partially offset by higher global benchmarks. Other expenses increased in the second quarter and first half of 2026 due to Trinidad safe mode costs incurred in connection with its controlled shutdown and the absence of Profertil equity earnings recognized in the comparable periods in 2025. |
| Manufactured Product |
|
Three Months Ended June 30 |
|
|
Six Months Ended June 30 |
| ||||||||||||||
| ($ per tonne, except as otherwise noted) |
2026 | 2025 | 2026 | 2025 | ||||||||||||||||
| Sales volumes (tonnes – thousands) |
||||||||||||||||||||
| Ammonia |
403 | 734 | 701 | 1,230 | ||||||||||||||||
| Urea and ESN® |
536 | 961 | 1,284 | 1,756 | ||||||||||||||||
| Solutions, nitrates and sulfates |
1,314 | 1,322 | 2,609 | 2,500 | ||||||||||||||||
| Total sales volumes |
2,253 | 3,017 | 4,594 | 5,486 | ||||||||||||||||
| Net selling price |
||||||||||||||||||||
| Ammonia |
609 | 408 | 554 | 412 | ||||||||||||||||
| Urea and ESN® |
620 | 509 | 559 | 477 | ||||||||||||||||
| Solutions, nitrates and sulfates |
335 | 287 | 309 | 263 | ||||||||||||||||
| Average net selling price |
452 | 387 | 416 | 365 | ||||||||||||||||
| Cost of goods sold |
216 | 219 | 220 | 222 | ||||||||||||||||
| Gross margin |
236 | 168 | 196 | 143 | ||||||||||||||||
| Depreciation and amortization |
56 | 55 | 58 | 56 | ||||||||||||||||
| Gross margin excluding depreciation and amortization1 |
292 | 223 | 254 | 199 | ||||||||||||||||
1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.
| • | Sales volumes decreased in the second quarter of 2026, reflecting no production from the Trinidad and New Madrid facilities4, planned maintenance at Carseland and deferred customer purchases. For the first half of 2026, the impact of these factors was partially offset by higher solutions, nitrates and sulfates sales volumes driven by reliability and debottlenecking initiatives. |
| • | Net selling price per tonne was higher in the second quarter and first half of 2026 for all major nitrogen products due to stronger global benchmark prices. In the second quarter of 2026, net selling prices reflected the portion of sales volumes established earlier in the year, prior to the onset of geopolitical conflict in the Middle East. |
| • | Cost of goods sold per tonne was lower in the second quarter and first half of 2026 due to lower overall natural gas costs, partially offset by higher sulfur input costs for ammonium sulfate and turnaround costs. The lower overall natural gas cost reflects a higher proportion of production from our low-cost North American nitrogen plants compared to the same periods in 2025. |
| Supplemental Data |
|
Three Months Ended June 30 |
|
|
Six Months Ended June 30 |
| ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||
| Sales volumes (tonnes – thousands) |
||||||||||||||||||||
| Fertilizer |
1,346 | 1,845 | 2,755 | 3,234 | ||||||||||||||||
| Industrial and feed |
907 | 1,172 | 1,839 | 2,252 | ||||||||||||||||
| Production volumes (tonnes – thousands) |
||||||||||||||||||||
| Ammonia production – total1 |
1,056 | 1,535 | 2,178 | 3,078 | ||||||||||||||||
| Ammonia production – adjusted1, 2 |
956 | 1,088 | 1,975 | 2,164 | ||||||||||||||||
| Ammonia operating rate (%)2 |
86 | 98 | 89 | 98 | ||||||||||||||||
| Natural gas costs (dollars per MMBtu) |
||||||||||||||||||||
| Overall natural gas cost excluding realized derivative impact |
2.10 | 3.31 | 2.72 | 3.61 | ||||||||||||||||
| Realized derivative impact3 |
- | - | - | - | ||||||||||||||||
| Overall natural gas cost |
2.10 | 3.31 | 2.72 | 3.61 | ||||||||||||||||
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.
4 As previously disclosed, on October 23, 2025, the Trinidad nitrogen facility completed a controlled shutdown and we ceased production at our New Madrid nitrogen upgrade facility at year-end 2025.
8
|
Phosphate
|
| Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||||
| ($ millions, except as otherwise noted) |
2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||
| Net sales |
468 | 396 | 18 | 953 | 756 | 26 | ||||||||||||||||||||||
| Cost of goods sold |
493 | 363 | 36 | 982 | 724 | 36 | ||||||||||||||||||||||
| Gross margin |
(25 | ) | 33 | n/m | (29 | ) | 32 | n/m | ||||||||||||||||||||
| Adjusted EBITDA1 |
23 | 92 | (75 | ) | 80 | 153 | (48 | ) | ||||||||||||||||||||
1 See Note 2 to the interim financial statements.
| • | Phosphate adjusted EBITDA decreased in the second quarter and first half of 2026 due to higher sulfur input costs, partially offset by higher global benchmarks and sales volumes compared to the same periods of 2025. |
| Manufactured Product |
|
Three Months Ended June 30 |
|
|
Six Months Ended June 30 |
| ||||||||||||||
| ($ per tonne, except as otherwise noted) |
2026 | 2025 | 2026 | 2025 | ||||||||||||||||
| Sales volumes (tonnes – thousands) |
||||||||||||||||||||
| Fertilizer |
409 | 374 | 877 | 706 | ||||||||||||||||
| Industrial and feed |
181 | 169 | 371 | 337 | ||||||||||||||||
| Total sales volumes |
590 | 543 | 1,248 | 1,043 | ||||||||||||||||
| Net selling price |
||||||||||||||||||||
| Fertilizer |
719 | 666 | 692 | 661 | ||||||||||||||||
| Industrial and feed |
919 | 821 | 901 | 819 | ||||||||||||||||
| Average net selling price |
781 | 714 | 754 | 712 | ||||||||||||||||
| Cost of goods sold |
812 | 646 | 766 | 672 | ||||||||||||||||
| Gross margin |
(31 | ) | 68 | (12 | ) | 40 | ||||||||||||||
| Depreciation and amortization |
117 | 125 | 113 | 134 | ||||||||||||||||
| Gross margin excluding depreciation and amortization1 |
86 | 193 | 101 | 174 | ||||||||||||||||
1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.
| • | Sales volumes were higher in the second quarter and the first half of 2026 due to higher production volumes from reliability improvements compared to the first half of 2025. |
| • | Net selling price per tonne increased in the second quarter and first half of 2026 due to stronger global benchmark prices. |
| • | Cost of goods sold per tonne increased in the second quarter and first half of 2026 primarily due to higher sulfur input costs. |
| Supplemental Data |
|
Three Months Ended June 30 |
|
|
Six Months Ended June 30 |
| ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||
| Production volumes (P2O5 tonnes – thousands) |
319 | 333 | 656 | 615 | ||||||||||||||||
| P2O5 operating rate (%) |
75 | 79 | 78 | 73 | ||||||||||||||||
9
|
Corporate and Others and Eliminations
|
| Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||||
| ($ millions, except as otherwise noted) |
2026 | 20251, 2 | % Change | 2026 | 20251, 2 | % Change | ||||||||||||||||||||||
| Corporate and Others |
||||||||||||||||||||||||||||
| Gross margin2 |
- | 4 | n/m | 14 | 18 | (22 | ) | |||||||||||||||||||||
| Selling recovery |
- | (1 | ) | n/m | (3 | ) | (4 | ) | (25 | ) | ||||||||||||||||||
| General and administrative expenses |
100 | 95 | 5 | 211 | 194 | 9 | ||||||||||||||||||||||
| Share-based compensation (recovery) expense |
(41 | ) | 49 | n/m | 75 | 91 | (18 | ) | ||||||||||||||||||||
| Foreign exchange loss, net of related derivatives |
13 | 22 | (41 | ) | 18 | 29 | (38 | ) | ||||||||||||||||||||
| Other expenses |
87 | 46 | 89 | 97 | 64 | 52 | ||||||||||||||||||||||
| Adjusted EBITDA2 |
(89 | ) | (102 | ) | (13 | ) | (173 | ) | (180 | ) | (4 | ) | ||||||||||||||||
| Eliminations |
||||||||||||||||||||||||||||
| Gross margin |
80 | 56 | 43 | 45 | 26 | 73 | ||||||||||||||||||||||
| Adjusted EBITDA2 |
72 | 52 | 38 | 36 | 24 | 50 | ||||||||||||||||||||||
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.
| • | Share-based compensation (recovery) expense was a recovery in the second quarter and a lower expense in the first half of 2026 due to a decrease 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. |
| • | Other expenses increased in the second quarter and first half of 2026 due to higher restructuring costs associated with portfolio optimization initiatives. |
Finance Costs, Income Taxes and Other Comprehensive (Loss) Income
| Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||||
| ($ millions, except as otherwise noted) |
2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||
| Finance costs |
173 | 155 | 12 | 349 | 334 | 4 | ||||||||||||||||||||||
| Income taxes |
||||||||||||||||||||||||||||
| Income tax expense |
382 | 398 | (4 | ) | 427 | 426 | - | |||||||||||||||||||||
| Actual effective tax rate including discrete items (%) |
24 | 24 | - | 24 | 25 | (4 | ) | |||||||||||||||||||||
| Other comprehensive (loss) income |
(30 | ) | 184 | n/m | 36 | 209 | (83 | ) | ||||||||||||||||||||
| • | Other comprehensive (loss) income is primarily driven by changes in the currency of our foreign operations. There was a loss in the second quarter and lower income in the first half of 2026 due to lower appreciation of the Australian and Brazilian currencies and depreciation of the Canadian currency, relative to the US dollar, compared to the same periods in 2025. |
10
Liquidity and Capital Resources
Sources and uses of liquidity
We continued to manage our capital in accordance with our current capital allocation strategy. We believe that our internally generated cash flow, supplemented by available borrowings under new or existing financing sources, if necessary, will be sufficient to meet our anticipated capital expenditures, planned growth and development activities, and other cash requirements for the foreseeable future. Refer to the “Capital Structure and Management” section for details on our existing long-term debt and credit facilities.
Sources and uses of cash
| Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||||
| ($ millions, except as otherwise noted) |
2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||
| Cash provided by operating activities |
2,484 | 2,538 | (2 | ) | 1,633 | 1,456 | 12 | |||||||||||||||||||||
| Cash used in investing activities |
(505 | ) | (495 | ) | 2 | (992 | ) | (738 | ) | 34 | ||||||||||||||||||
| Cash used in financing activities |
(1,822 | ) | (1,572 | ) | 16 | (396 | ) | (207 | ) | 91 | ||||||||||||||||||
| Cash used for dividends and share repurchases1 |
(439 | ) | (373 | ) | 18 | (848 | ) | (786 | ) | 8 | ||||||||||||||||||
1 This is a supplementary financial measure. See the “Other Financial Measures” section.
| Cash provided by operating activities | • Decreased in the second quarter of 2026 as higher global fertilizer benchmarks were more than offset by lower fertilizer volumes and increased sulfur costs. • Increased in the first half of 2026 due to increased global fertilizer benchmarks, higher Retail earnings and record Potash sales volumes. | |
| Cash used in investing activities | • Increased in the second quarter and first half of 2026, primarily due to the absence of proceeds from the sale of our investment in Sinofert Holdings Limited recognized in the comparable period. In the first half of 2026 capital expenditures increased due to the timing of turnaround activities in Nitrogen as well as an increase in cash used on business acquisitions. | |
| Cash used in financing activities | • Increased in the second quarter and first half of 2026 due to higher commercial paper repayments, partially offset by the issuance of $1.0 billion in senior notes in the second quarter of 2026 with no comparable issuance in the second quarter of 2025. In addition, we repaid senior notes maturing in the second quarter of 2025 with no comparable repayment in the second quarter of 2026. | |
| Cash used for dividends and share repurchases
|
• Increased in the second quarter and first half of 2026 due to higher share repurchases. | |
11
Financial Condition Review
The following is a comparison of balance sheet categories that are considered material:
| As at | ||||||||||||||||
| ($ millions, except as otherwise noted) |
June 30, 2026 | December 31, 2025 | $ | Change | % Change | |||||||||||
| Assets |
||||||||||||||||
| Cash and cash equivalents |
921 | 701 | 220 | 31 | ||||||||||||
| Receivables |
8,687 | 5,675 | 3,012 | 53 | ||||||||||||
| Inventories |
6,164 | 6,977 | (813 | ) | (12 | ) | ||||||||||
| Prepaid expenses and other current assets |
395 | 1,396 | (1,001 | ) | (72 | ) | ||||||||||
| Property, plant and equipment |
22,672 | 22,747 | (75 | ) | - | |||||||||||
| Liabilities and Shareholders’ Equity |
||||||||||||||||
| Short-term debt |
527 | 873 | (346 | ) | (40 | ) | ||||||||||
| Trade, other payables and accrued liabilities |
9,296 | 9,309 | (13 | ) | - | |||||||||||
| Long-term debt, including current portion |
10,861 | 9,863 | 998 | 10 | ||||||||||||
| Share capital |
13,446 | 13,519 | (73 | ) | (1 | ) | ||||||||||
| Retained earnings |
12,694 | 12,076 | 618 | 5 | ||||||||||||
| • | Explanations for changes in Cash and cash equivalents are in the “Liquidity and Capital Resources - Sources and uses of cash” section. |
| • | Receivables increased primarily due to the seasonality of Retail sales and a strategic extension of credit terms to our Retail customers. |
| • | Inventories decreased due to the seasonality of our Retail segment. Our North American inventory levels generally increase at year-end, peak in the first quarter of the year in preparation for the planting and application seasons, and are drawn down in the succeeding quarters. |
| • | Prepaid expenses and other current assets decreased due to Retail taking delivery of prepaid inventories during the planting and application season in North America. |
| • | Short-term debt decreased due to repayments of, and lower draws on, our credit facilities due to the issuance of $1.0 billion of senior notes. |
| • | Trade, other payables and accrued liabilities decreased due to lower customer prepayments in North America as Retail customers took delivery of prepaid sales, as well as settlement of our Retail supplier financing arrangements in 2026 that were entered into in the fourth quarter of 2025. This was partially offset by higher income tax payable as our tax provision exceeded payments. |
| • | Long-term debt, including current portion, increased due to the issuance of $1.0 billion of senior notes in the second quarter of 2026, the net proceeds of which were used to pay short-term debt. |
12
Capital Structure and Management
Principal debt instruments
As part of the normal course of business, we closely monitor our liquidity position. We use a combination of cash generated from operations and short-term and long-term debt to finance our operations. We continually evaluate various financing arrangements and may seek to engage in transactions from time to time when market and other conditions are favorable. We were in compliance with our debt covenants and did not have any changes to our credit ratings for the six months ended June 30, 2026.
Capital structure (debt and equity)
| ($ millions) |
June 30, 2026 | December 31, 2025 | ||||||
| Short-term debt |
527 | 873 | ||||||
| Current portion of long-term debt |
1,434 | 513 | ||||||
| Current portion of lease liabilities |
366 | 346 | ||||||
| Long-term debt |
9,427 | 9,350 | ||||||
| Lease liabilities |
974 | 937 | ||||||
| Shareholders’ equity |
25,938 | 25,365 | ||||||
Commercial paper, credit facilities and other debt
We have a total facility limit of approximately $7,310 million comprised of several credit facilities available in the jurisdictions where we operate. In North America, we have a commercial paper program, which is limited to the undrawn amount under our $4,500 million unsecured revolving term credit facility and excess cash invested in highly liquid securities.
As at June 30, 2026, we utilized $540 million of our total facility limit, which includes $419 million of commercial paper outstanding. During the first half of 2026, we extended the maturity of our accounts receivable purchase facility from March 6, 2026 to March 31, 2028 and entered into a $69 million uncommitted revolving demand facility.
As at June 30, 2026, $231 million in letters of credit were outstanding and committed, with $258 million of remaining credit available under our letter of credit facilities.
Our long-term debt consists primarily of notes and debentures. See the “Capital Structure and Management” section of our 2025 Annual Report for information on balances, rates and maturities for our notes and debentures. During the first half of 2026, we issued $500 million of 4.850 percent senior notes due May 29, 2031 and $500 million of 5.350 percent senior notes due May 29, 2036. See Note 6 to the interim financial statements.
Outstanding share data
| As at August 4, 2026 | ||||
| Common shares |
477,210,074 | |||
| Options to purchase common shares |
1,890,151 | |||
For more information on our capital management, see Note 4 to the annual financial statements in our 2025 Annual Report.
13
Quarterly Results
| ($ millions, except as otherwise noted) | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | ||||||||||||||||||||||||
| Sales |
10,812 | 6,046 | 5,340 | 6,007 | 10,438 | 5,100 | 5,079 | 5,348 | ||||||||||||||||||||||||
| Net earnings |
1,222 | 139 | 580 | 469 | 1,229 | 19 | 118 | 25 | ||||||||||||||||||||||||
| Net earnings attributable to equity holders of Nutrien |
1,214 | 131 | 571 | 464 | 1,221 | 11 | 113 | 18 | ||||||||||||||||||||||||
| Net earnings per share attributable to equity holders of Nutrien |
||||||||||||||||||||||||||||||||
| Basic |
2.53 | 0.27 | 1.18 | 0.96 | 2.51 | 0.02 | 0.23 | 0.04 | ||||||||||||||||||||||||
| Diluted |
2.53 | 0.27 | 1.18 | 0.96 | 2.50 | 0.02 | 0.23 | 0.04 | ||||||||||||||||||||||||
Our quarterly earnings are significantly affected by the seasonality of our business, fertilizer benchmark prices, global demand-supply conditions, grower affordability and weather. See Note 2 to the interim financial statements.
Accounting Policies and New IFRS Standards
Significant accounting policies are disclosed in our 2025 Annual Report and have been consistently applied for the six months ended June 30, 2026, except as described below.
Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments
Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments, were adopted effective January 1, 2026, the required adoption date. The impact was not material. On initial adoption, there was an adjustment of $(13) million to opening cash and cash equivalents as at January 1, 2026, which has been reflected in the condensed consolidated statement of cash flows for the six months ended June 30, 2026.
Critical Accounting Estimates
The preparation of financial statements in accordance with IFRS requires management to make estimates and judgments that affect reported assets, liabilities, revenues and expenses. We have discussed the development, selection and application of our key accounting policies, and the critical accounting estimates and assumptions they involve, with the Audit Committee of the Board.
Our critical accounting estimates are discussed on pages 64 to 65 of our 2025 Annual Report. There were no material changes to our critical accounting estimates for the three months ended June 30, 2026.
Controls and Procedures
Management is responsible for establishing and maintaining adequate internal control over financial reporting (“ICFR”), as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended, and National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings. ICFR is designed to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with IFRS. Any system of ICFR, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.
There has been no change in our ICFR during the three months ended June 30, 2026, that has materially affected, or is reasonably likely to materially affect, our ICFR.
14
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 and within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 (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 the review of strategic alternatives for our Phosphate business, Trinidad Nitrogen facility and Brazilian Retail business and associated outcomes and the anticipated timing thereof; expectations regarding structural growth in our downstream business; expectations regarding our capital allocation approach and strategies, including our intentions with respect to our strategic actions and the expected timing 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 such targets; 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, crop input demand, expected market, industry and growing conditions with respect to crop nutrient application rates, planted acres, farmer crop investment, crop mix and the need to replenish soil nutrient levels, weather conditions, input costs, production volumes and expenses, shipments, natural gas costs and availability, consumption, prices, operating rates, the impact of seasonality, import and export volumes, tariffs, trade or export restrictions, economic sanctions and restrictions, geopolitical disruptions, including the ongoing conflict in the Middle East, inventories, crop development, and natural gas curtailments; the negotiation of sales contracts; acquisitions and divestitures and the anticipated benefits thereof, including timing of the completion of, and expected proceeds from, pending or announced dispositions of non-core assets; and expectations in connection with our ability to generate free cash flow, enhance earnings quality, 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 and gross margins; 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 the review of strategic alternatives for our Phosphate business, Trinidad Nitrogen facility and Brazilian Retail business, within the anticipated timing and parameters, and realization of the expected benefits therefrom; continued reliability improvements; that future business, regulatory and industry conditions will be within the parameters expected by us, including with respect to prices, expenses, margins, operating rates, 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; global economic conditions and the accuracy of our market outlook expectations for 2026 and in the future; the reliability and accuracy of third-party weather and climate forecasts, including forecasts regarding El Niño/La Niña conditions, underlying our crop production and crop price expectations; 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,
15
including the ongoing conflict in the Middle East, 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 and volatility in oil prices; 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; the availability of investment opportunities that align with our strategic priorities and growth strategy; our ability to maintain investment grade ratings and achieve our performance 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) and regulatory investigations; current and future litigation proceedings, investigations and other contingencies; the results of our review of strategic alternatives for our Phosphate business, Trinidad Nitrogen facility and Brazilian Retail 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 the benefits to be realized therefrom; the effects of current and future multinational trade agreements or other developments affecting the level of trade or export restrictions; 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, including the ongoing conflict in the Middle East, 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 2025 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.
16
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, August 6, 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: 57930. 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/2026-q2-earnings-conference-call
17
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 June 30 |
Six Months Ended June 30 | |||||||||||||||
| ($ millions) |
2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net earnings |
1,222 | 1,229 | 1,361 | 1,248 | ||||||||||||
| Finance costs |
173 | 155 | 349 | 334 | ||||||||||||
| Income tax expense |
382 | 398 | 427 | 426 | ||||||||||||
| Depreciation and amortization |
604 | 614 | 1,210 | 1,185 | ||||||||||||
| EBITDA1 |
2,381 | 2,396 | 3,347 | 3,193 | ||||||||||||
| Adjustments: |
||||||||||||||||
| Share-based compensation (recovery) expense |
(41 | ) | 49 | 75 | 91 | |||||||||||
| Foreign exchange loss, net of related derivatives |
13 | 22 | 18 | 29 | ||||||||||||
| ARO/ERL related expenses (income) for non-operating sites |
11 | (2 | ) | (17 | ) | 3 | ||||||||||
| Restructuring costs |
66 | 21 | 82 | 22 | ||||||||||||
| Impairment of assets recorded in other income and expenses |
- | - | 30 | - | ||||||||||||
| Adjusted EBITDA |
2,430 | 2,486 | 3,535 | 3,338 | ||||||||||||
1 EBITDA is calculated as net earnings before finance costs, income taxes, and depreciation and amortization.
18
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 June 30, 2026 |
Six Months Ended June 30, 2026 |
|||||||||||||||||||||||
| ($ 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 |
1,214 | 2.53 | 1,345 | 2.80 | ||||||||||||||||||||
| Adjustments: |
||||||||||||||||||||||||
| Share-based compensation (recovery) expense |
(41 | ) | (32 | ) | (0.07 | ) | 75 | 56 | 0.12 | |||||||||||||||
| Foreign exchange loss, net of related derivatives |
13 | 8 | 0.02 | 18 | 18 | 0.03 | ||||||||||||||||||
| ARO/ERL related expenses (income) for non-operating sites |
11 | 9 | 0.02 | (17 | ) | (13 | ) | (0.03 | ) | |||||||||||||||
| Restructuring costs |
66 | 52 | 0.11 | 82 | 68 | 0.14 | ||||||||||||||||||
| Impairment of assets recorded in other income and expenses |
- | - | - | 30 | 22 | 0.05 | ||||||||||||||||||
| Sub-total adjustments |
49 | 37 | 0.08 | 188 | 151 | 0.31 | ||||||||||||||||||
| Adjusted net earnings |
1,251 | 2.61 | 1,496 | 3.11 | ||||||||||||||||||||
| Three Months Ended June 30, 2025 |
Six Months Ended June 30, 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 |
1,221 | 2.50 | 1,232 | 2.52 | ||||||||||||||||||||
| Adjustments: |
||||||||||||||||||||||||
| Share-based compensation expense |
49 | 37 | 0.08 | 91 | 68 | 0.14 | ||||||||||||||||||
| Foreign exchange loss, net of related derivatives |
22 | 17 | 0.04 | 29 | 23 | 0.05 | ||||||||||||||||||
| ARO/ERL related (income) expenses for non-operating sites |
(2 | ) | (1 | ) | - | 3 | 3 | - | ||||||||||||||||
| Restructuring costs |
21 | 17 | 0.03 | 22 | 18 | 0.04 | ||||||||||||||||||
| Sub-total adjustments |
90 | 70 | 0.15 | 145 | 112 | 0.23 | ||||||||||||||||||
| Adjusted net earnings |
1,291 | 2.65 | 1,344 | 2.75 | ||||||||||||||||||||
19
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.
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.
|
Three Months Ended June 30 |
Six Months Ended June 30 | |||||||||||||||
| ($ millions, except as otherwise noted) |
2026 | 2025 | 2026 | 2025 | ||||||||||||
| Total COGS – Potash |
446 | 440 | 868 | 820 | ||||||||||||
| Change in inventory |
1 | (58 | ) | 9 | (51 | ) | ||||||||||
| Other adjustments1 |
(4 | ) | (8 | ) | (9 | ) | (21 | ) | ||||||||
| COPM |
443 | 374 | 868 | 748 | ||||||||||||
| Depreciation and amortization in COPM |
(183 | ) | (147 | ) | (354 | ) | (292 | ) | ||||||||
| Royalties in COPM |
(27 | ) | (23 | ) | (53 | ) | (42 | ) | ||||||||
| Natural gas costs and carbon taxes in COPM |
(12 | ) | (10 | ) | (25 | ) | (22 | ) | ||||||||
| Controllable cash COPM |
221 | 194 | 436 | 392 | ||||||||||||
| Production volumes (tonnes – thousands) |
3,996 | 3,531 | 7,656 | 6,820 | ||||||||||||
| Potash controllable cash COPM per tonne |
55 | 55 | 57 | 57 | ||||||||||||
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.
20
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 June 30, 2026 | ||||||||||||||||||
| ($ millions, except as otherwise noted) |
Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Total | |||||||||||||
| Selling expenses |
792 | 811 | 798 | 998 | 3,399 | |||||||||||||
| General and administrative expenses |
44 | 40 | 44 | 55 | 183 | |||||||||||||
| Other expenses |
40 | 4 | 36 | 45 | 125 | |||||||||||||
| Operating expenses |
876 | 855 | 878 | 1,098 | 3,707 | |||||||||||||
| Depreciation and amortization in operating expenses |
(179 | ) | (184 | ) | (179 | ) | (177 | ) | (719) | |||||||||
| Operating expenses excluding depreciation and amortization |
697 | 671 | 699 | 921 | 2,988 | |||||||||||||
| Gross margin |
922 | 977 | 800 | 2,046 | 4,745 | |||||||||||||
| Depreciation and amortization in cost of goods sold |
5 | 5 | 5 | 6 | 21 | |||||||||||||
| Gross margin excluding depreciation and amortization |
927 | 982 | 805 | 2,052 | 4,766 | |||||||||||||
| Cash operating coverage ratio (%) |
63 | |||||||||||||||||
| 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 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 | |||||||||||||||||
Retail Average Working Capital to Sales
Definition: Retail average working capital divided by Retail sales for the last four rolling quarters.
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.
| Rolling Four Quarters Ended June 30, 2026 | ||||||||||||||||||
| ($ millions, except as otherwise noted) |
Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Average/Total | |||||||||||||
| Current assets |
10,823 | 11,185 | 12,558 | 12,063 | ||||||||||||||
| Current liabilities |
(5,348 | ) | (8,275 | ) | (7,799 | ) | (7,930 | ) | ||||||||||
| Working capital |
5,475 | 2,910 | 4,759 | 4,133 | 4,319 | |||||||||||||
| Sales |
3,427 | 3,144 | 3,640 | 8,270 | 18,481 | |||||||||||||
| Average working capital to sales (%) |
23 | |||||||||||||||||
| 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 | |||||||||||||
| Sales |
3,090 | 7,959 | 3,427 | 3,144 | 17,620 | |||||||||||||
| Average working capital to sales (%) |
22 | |||||||||||||||||
21
Other Financial Measures
Selected Additional Financial Data
| Nutrien Financial Aging |
As at June 30, 2026 | |
As at December 31, 2025 |
| ||||||||||||||||||||||||||||
| ($ millions) |
Current | |
<31 Days past due |
|
|
31–90 Days past due |
|
|
>90 Days past due |
|
|
Gross receivables |
|
Allowance1 | |
Net receivables2 |
|
|
Net receivables |
| ||||||||||||
| North America |
3,686 | 157 | 60 | 226 | 4,129 | (66 | ) | 4,063 | 2,332 | |||||||||||||||||||||||
| International |
916 | 70 | 23 | 36 | 1,045 | (7 | ) | 1,038 | 774 | |||||||||||||||||||||||
| Nutrien Financial receivables |
4,602 | 227 | 83 | 262 | 5,174 | (73 | ) | 5,101 | 3,106 | |||||||||||||||||||||||
1 Bad debt expense on the above receivables for the six months ended June 30, 2026 was $32 million, in the Retail segment.
2 In 2026, we assume a debt-to-equity ratio of 9:1 (2025 – 9:1) in funding Nutrien Financial receivables, based on the underlying credit quality of the assets.
| Nutrien Financial Net Receivables |
Rolling Four Quarters Ended June 30, 2026 | |||||||||
| ($ millions, except as otherwise noted) |
Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Average/Total | |||||
| Average Nutrien Financial net receivables |
4,452 | 3,106 | 3,035 | 5,101 | 3,924 | |||||
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.
22
Unaudited
Condensed Consolidated Financial Statements
Condensed Consolidated Statements of Earnings
| Three Months
Ended |
Six Months
Ended |
|||||||||||||||||||
| ($ millions, except as otherwise noted) | Note | 2026 | 2025 | 2026 | 2025 | |||||||||||||||
| Sales |
2, 8 | 10,812 | 10,438 | 16,858 | 15,538 | |||||||||||||||
| Freight, transportation and distribution |
203 | 240 | 447 | 466 | ||||||||||||||||
| Cost of goods sold |
7,358 | 7,023 | 11,514 | 10,577 | ||||||||||||||||
| Gross Margin |
3,251 | 3,175 | 4,897 | 4,495 | ||||||||||||||||
| Selling expenses |
1,001 | 951 | 1,800 | 1,708 | ||||||||||||||||
| General and administrative expenses |
169 | 148 | 333 | 300 | ||||||||||||||||
| Provincial mining taxes |
110 | 97 | 200 | 165 | ||||||||||||||||
| Share-based compensation (recovery) expense |
(41 | ) | 49 | 75 | 91 | |||||||||||||||
| Foreign exchange loss, net of related derivatives |
13 | 22 | 16 | 29 | ||||||||||||||||
| Other expenses |
3 | 222 | 126 | 336 | 194 | |||||||||||||||
| Earnings Before Finance Costs and Income Taxes |
|
1,777 | 1,782 | 2,137 | 2,008 | |||||||||||||||
| Finance costs |
173 | 155 | 349 | 334 | ||||||||||||||||
| Earnings Before Income Taxes |
1,604 | 1,627 | 1,788 | 1,674 | ||||||||||||||||
| Income tax expense |
4 | 382 | 398 | 427 | 426 | |||||||||||||||
| Net Earnings |
1,222 | 1,229 | 1,361 | 1,248 | ||||||||||||||||
| Attributable to |
||||||||||||||||||||
| Equity holders of Nutrien |
1,214 | 1,221 | 1,345 | 1,232 | ||||||||||||||||
| Non-controlling interest |
8 | 8 | 16 | 16 | ||||||||||||||||
| Net Earnings |
1,222 | 1,229 | 1,361 | 1,248 | ||||||||||||||||
| Net Earnings Per Share Attributable to Equity Holders of Nutrien (“EPS”) |
|
|||||||||||||||||||
| Basic |
2.53 | 2.51 | 2.80 | 2.52 | ||||||||||||||||
| Diluted |
2.53 | 2.50 | 2.80 | 2.52 | ||||||||||||||||
| Weighted average shares outstanding for basic EPS |
479,600,000 | 487,396,000 | 480,426,000 | 488,391,000 | ||||||||||||||||
| Weighted average shares outstanding for diluted EPS |
479,824,000 | 487,598,000 | 480,725,000 | 488,563,000 | ||||||||||||||||
| Condensed Consolidated Statements of Comprehensive Income |
| |||||||||||||||||||
| Three Months
Ended |
Six Months
Ended |
|||||||||||||||||||
| ($ millions, net of related income taxes) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||
| Net Earnings |
1,222 | 1,229 | 1,361 | 1,248 | ||||||||||||||||
| Other comprehensive (loss) income |
||||||||||||||||||||
| Items that will not be reclassified to net earnings: |
||||||||||||||||||||
| Net fair value loss on investments |
(10 | ) | - | (10 | ) | (18 | ) | |||||||||||||
| Items that have been or may be subsequently reclassified to net earnings: |
||||||||||||||||||||
| (Loss) gain on currency translation of foreign operations |
(11 | ) | 162 | 61 | 201 | |||||||||||||||
| Other |
(9 | ) | 22 | (15 | ) | 26 | ||||||||||||||
| Other Comprehensive (Loss) Income |
(30 | ) | 184 | 36 | 209 | |||||||||||||||
| Comprehensive Income |
1,192 | 1,413 | 1,397 | 1,457 | ||||||||||||||||
| Attributable to |
||||||||||||||||||||
| Equity holders of Nutrien |
1,184 | 1,404 | 1,380 | 1,440 | ||||||||||||||||
| Non-controlling interest |
8 | 9 | 17 | 17 | ||||||||||||||||
| Comprehensive Income |
1,192 | 1,413 | 1,397 | 1,457 | ||||||||||||||||
(See Notes to the Condensed Consolidated Financial Statements)
23
Unaudited
Condensed Consolidated Statements of Cash Flows
|
Three Months Ended |
Six Months Ended |
|||||||||||||||||||
| ($ millions) | Note | 2026 | 2025 | 2026 | 2025 | |||||||||||||||
| Operating Activities |
||||||||||||||||||||
| Net earnings |
1,222 | 1,229 | 1,361 | 1,248 | ||||||||||||||||
| Adjustments for: |
||||||||||||||||||||
| Depreciation and amortization |
604 | 614 | 1,210 | 1,185 | ||||||||||||||||
| Share-based compensation (recovery) expense |
(41 | ) | 49 | 75 | 91 | |||||||||||||||
| (Recovery of) provision for deferred income tax |
(17 | ) | (48 | ) | 24 | 32 | ||||||||||||||
| Net (undistributed) distributed earnings of equity-accounted investees |
(1 | ) | 90 | (2 | ) | 85 | ||||||||||||||
| Long-term income tax receivables and payables |
1 | 54 | (14 | ) | 16 | |||||||||||||||
| Other long-term assets, liabilities and miscellaneous |
70 | (37 | ) | 97 | (32 | ) | ||||||||||||||
| Cash from operations before working capital changes |
1,838 | 1,951 | 2,751 | 2,625 | ||||||||||||||||
| Changes in non-cash operating working capital: |
||||||||||||||||||||
| Receivables |
(2,385 | ) | (2,462 | ) | (2,915 | ) | (2,605 | ) | ||||||||||||
| Inventories and prepaid expenses and other current assets |
2,909 | 2,894 | 1,918 | 1,620 | ||||||||||||||||
| Trade, other payables and accrued liabilities |
122 | 155 | (121 | ) | (184 | ) | ||||||||||||||
| Cash Provided by Operating Activities |
2,484 | 2,538 | 1,633 | 1,456 | ||||||||||||||||
| Investing Activities |
||||||||||||||||||||
| Capital expenditures1 |
(491 | ) | (424 | ) | (816 | ) | (724 | ) | ||||||||||||
| Business acquisitions, net of cash acquired |
10 | - | (40 | ) | (11 | ) | ||||||||||||||
| Purchase of investments, held within three months, net |
(33 | ) | (53 | ) | (41 | ) | (69 | ) | ||||||||||||
| Purchase of investments |
(1 | ) | (91 | ) | (1 | ) | (93 | ) | ||||||||||||
| Proceeds from sale of investments |
- | 93 | - | 276 | ||||||||||||||||
| Net changes in non-cash working capital |
16 | 10 | (78 | ) | (78 | ) | ||||||||||||||
| Other |
(6 | ) | (30 | ) | (16 | ) | (39 | ) | ||||||||||||
| Cash Used in Investing Activities |
(505 | ) | (495 | ) | (992 | ) | (738 | ) | ||||||||||||
| Financing Activities |
||||||||||||||||||||
| (Repayment of) proceeds from debt, maturing within three months, net |
(2,239 | ) | (578 | ) | (318 | ) | 334 | |||||||||||||
| Proceeds from debt |
6 | 1,000 | - | 1,000 | 998 | |||||||||||||||
| Repayment of debt |
(36 | ) | (531 | ) | (45 | ) | (535 | ) | ||||||||||||
| Repayment of principal portion of lease liabilities |
(108 | ) | (106 | ) | (208 | ) | (216 | ) | ||||||||||||
| Dividends paid to Nutrien’s shareholders |
7 | (266 | ) | (268 | ) | (528 | ) | (533 | ) | |||||||||||
| Repurchase of common shares |
7 | (173 | ) | (105 | ) | (320 | ) | (253 | ) | |||||||||||
| Issuance of common shares |
2 | 26 | 47 | 29 | ||||||||||||||||
| Other |
(2 | ) | (10 | ) | (24 | ) | (31 | ) | ||||||||||||
| Cash Used in Financing Activities |
(1,822 | ) | (1,572 | ) | (396 | ) | (207 | ) | ||||||||||||
| Effect of Exchange Rate Changes on Cash and Cash Equivalents |
(13 | ) | 21 | (12 | ) | 23 | ||||||||||||||
| Increase in Cash and Cash Equivalents |
144 | 492 | 233 | 534 | ||||||||||||||||
| January 1, 2026 opening balance prior to restatement for amendments to IFRS 9 |
9 | - | - | 701 | - | |||||||||||||||
| Adjustment on initial application of amendments to IFRS 9 on January 1, 2026 |
9 | - | - | (13 | ) | - | ||||||||||||||
| Cash and Cash Equivalents – Beginning of Period |
777 | 895 | 688 | 853 | ||||||||||||||||
| Cash and Cash Equivalents – End of Period |
921 | 1,387 | 921 | 1,387 | ||||||||||||||||
| Cash and cash equivalents is composed of: |
||||||||||||||||||||
| Cash |
726 | 1,228 | 726 | 1,228 | ||||||||||||||||
| Short-term investments |
195 | 159 | 195 | 159 | ||||||||||||||||
| 921 | 1,387 | 921 | 1,387 | |||||||||||||||||
| Supplemental Cash Flows Information |
||||||||||||||||||||
| Interest paid |
192 | 220 | 340 | 352 | ||||||||||||||||
| Income taxes paid (received) |
87 | (19 | ) | 124 | (12 | ) | ||||||||||||||
| Total cash outflow for leases |
159 | 139 | 296 | 289 | ||||||||||||||||
1 Includes additions to property, plant and equipment, and intangible assets for the three months ended June 30, 2026 of $469 million and $22 million (2025 – $398 million and $26 million), respectively, and for the six months ended June 30, 2026 of $768 million and $48 million (2025 – $677 million and $47 million), respectively.
(See Notes to the Condensed Consolidated Financial Statements)
24
Unaudited
Condensed Consolidated Statements of Changes in Shareholders’ Equity
| Accumulated other comprehensive (loss) income (“AOCI”) |
||||||||||||||||||||||||||||||||||||||||
| ($ 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, 2024 |
491,025,446 | 13,748 | 68 | (537 | ) | 22 | (515 | ) | 11,106 | 24,407 | 35 | 24,442 | ||||||||||||||||||||||||||||
| Net earnings |
- | - | - | - | - | - | 1,232 | 1,232 | 16 | 1,248 | ||||||||||||||||||||||||||||||
| Other comprehensive income |
- | - | - | 200 | 8 | 208 | - | 208 | 1 | 209 | ||||||||||||||||||||||||||||||
| Shares repurchased for cancellation (Note 7) |
(4,741,786 | ) | (133 | ) | (10 | ) | - | - | - | (114 | ) | (257 | ) | - | (257 | ) | ||||||||||||||||||||||||
| Dividends declared1 |
- | - | - | - | - | - | (533 | ) | (533 | ) | - | (533 | ) | |||||||||||||||||||||||||||
| Non-controlling interest transactions |
- | - | - | - | - | - | - | - | (21 | ) | (21 | ) | ||||||||||||||||||||||||||||
| Effect of share-based compensation including issuance of common shares |
581,799 | 35 | (3 | ) | - | - | - | - | 32 | - | 32 | |||||||||||||||||||||||||||||
| Transfer of net gain on sale of investment |
- | - | - | - | (27 | ) | (27 | ) | 27 | - | - | - | ||||||||||||||||||||||||||||
| Transfer of net loss on cash flow hedges |
- | - | - | - | 1 | 1 | - | 1 | - | 1 | ||||||||||||||||||||||||||||||
| Other |
- | - | - | (2 | ) | - | (2 | ) | 1 | (1 | ) | - | (1 | ) | ||||||||||||||||||||||||||
| Balance – June 30, 2025 |
486,865,459 | 13,650 | 55 | (339 | ) | 4 | (335 | ) | 11,719 | 25,089 | 31 | 25,120 | ||||||||||||||||||||||||||||
| Balance – December 31, 2025 |
481,962,233 | 13,519 | 57 | (329 | ) | - | (329 | ) | 12,076 | 25,323 | 42 | 25,365 | ||||||||||||||||||||||||||||
| Net earnings |
- | - | - | - | - | - | 1,345 | 1,345 | 16 | 1,361 | ||||||||||||||||||||||||||||||
| Other comprehensive income (loss) |
- | - | - | 60 | (25 | ) | 35 | - | 35 | 1 | 36 | |||||||||||||||||||||||||||||
| Shares repurchased for cancellation (Note 7) |
(4,576,390 | ) | (128 | ) | - | - | - | - | (199 | ) | (327 | ) | - | (327 | ) | |||||||||||||||||||||||||
| Dividends declared1 |
- | - | - | - | - | - | (529 | ) | (529 | ) | - | (529 | ) | |||||||||||||||||||||||||||
| Non-controlling interest transactions |
- | - | - | - | - | - | - | - | (23 | ) | (23 | ) | ||||||||||||||||||||||||||||
| Effect of share-based compensation including issuance of common shares |
906,954 | 55 | (6 | ) | - | - | - | - | 49 | - | 49 | |||||||||||||||||||||||||||||
| Transfer of net loss on cash flow hedges |
- | - | - | - | 5 | 5 | - | 5 | - | 5 | ||||||||||||||||||||||||||||||
| Other |
- | - | - | - | - | - | 1 | 1 | - | 1 | ||||||||||||||||||||||||||||||
| Balance – June 30, 2026 |
478,292,797 | 13,446 | 51 | (269 | ) | (20 | ) | (289 | ) | 12,694 | 25,902 | 36 | 25,938 | |||||||||||||||||||||||||||
1 During the six months ended June 30, 2026, we declared dividends of $1.10 per share (2025 – $1.09 per share).
(See Notes to the Condensed Consolidated Financial Statements)
25
Unaudited
Condensed Consolidated Balance Sheets
| As at June 30 |
As at December 31 |
|||||||||||||||
| ($ millions) | Note |
2026 | 2025 | 2025 | ||||||||||||
| Assets |
||||||||||||||||
| Current assets |
||||||||||||||||
| Cash and cash equivalents |
921 | 1,387 | 701 | |||||||||||||
| Receivables |
8 |
8,687 | 8,086 | 5,675 | ||||||||||||
| Inventories |
6,164 | 5,576 | 6,977 | |||||||||||||
| Prepaid expenses and other current assets |
395 | 566 | 1,396 | |||||||||||||
| 16,167 | 15,615 | 14,749 | ||||||||||||||
| Non-current assets |
||||||||||||||||
| Property, plant and equipment |
22,672 | 22,496 | 22,747 | |||||||||||||
| Goodwill |
12,174 | 12,121 | 12,136 | |||||||||||||
| Intangible assets |
1,565 | 1,745 | 1,667 | |||||||||||||
| Investments |
137 | 407 | 144 | |||||||||||||
| Other assets |
840 | 871 | 858 | |||||||||||||
| Total Assets |
53,555 | 53,255 | 52,301 | |||||||||||||
| Liabilities |
||||||||||||||||
| Current liabilities |
||||||||||||||||
| Short-term debt |
6 |
527 | 1,882 | 873 | ||||||||||||
| Current portion of long-term debt |
6 |
1,434 | 538 | 513 | ||||||||||||
| Current portion of lease liabilities |
366 | 363 | 346 | |||||||||||||
| Trade, other payables and accrued liabilities |
8 |
9,296 | 8,991 | 9,309 | ||||||||||||
| 11,623 | 11,774 | 11,041 | ||||||||||||||
| Non-current liabilities |
||||||||||||||||
| Long-term debt |
6 |
9,427 | 9,867 | 9,350 | ||||||||||||
| Lease liabilities |
974 | 988 | 937 | |||||||||||||
| Deferred income tax liabilities |
3,687 | 3,512 | 3,666 | |||||||||||||
| Pension and other post-retirement benefit liabilities |
214 | 232 | 221 | |||||||||||||
| Asset retirement obligations and accrued environmental costs |
1,447 | 1,536 | 1,468 | |||||||||||||
| Other non-current liabilities |
245 | 226 | 253 | |||||||||||||
| Total Liabilities |
27,617 | 28,135 | 26,936 | |||||||||||||
| Shareholders’ Equity |
||||||||||||||||
| Share capital |
7 |
13,446 | 13,650 | 13,519 | ||||||||||||
| Contributed surplus |
51 | 55 | 57 | |||||||||||||
| Accumulated other comprehensive loss |
(289 | ) | (335 | ) | (329 | ) | ||||||||||
| Retained earnings |
12,694 | 11,719 | 12,076 | |||||||||||||
| Equity holders of Nutrien |
25,902 | 25,089 | 25,323 | |||||||||||||
| Non-controlling interest |
36 | 31 | 42 | |||||||||||||
| Total Shareholders’ Equity |
25,938 | 25,120 | 25,365 | |||||||||||||
| Total Liabilities and Shareholders’ Equity |
53,555 | 53,255 | 52,301 | |||||||||||||
(See Notes to the Condensed Consolidated Financial Statements)
26
Unaudited
Notes to the Condensed Consolidated Financial Statements
As at and for the Three and Six Months Ended June 30, 2026
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 2025 annual audited consolidated financial statements with the exception of the amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments, which were adopted effective January 1, 2026 (refer to Note 9). 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 2025 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 2025 figures have been reclassified in Note 2 Segment information.
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 August 5, 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, Australia and South America. 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 reported 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.
Seasonality in our business results from increased demand for products during planting season. Crop input sales are generally higher in the spring and fall application seasons. Crop input inventories are normally accumulated leading up to each application season. Our cash collections generally occur after the application season is complete, while customer prepayments made to us are typically concentrated in December and January and inventory prepayments paid to our suppliers are typically concentrated in the period from November to January. Feed and industrial sales are more evenly distributed throughout the year.
27
Unaudited
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 presented 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 six months ended June 30, 2025.
| ($ millions) |
|
Three Months Ended June 30, 2025 |
|
|
Six Months Ended June 30, 2025 |
| ||
| Sales |
73 | 143 | ||||||
| Gross Margin |
3 | 7 | ||||||
| EBITDA |
2 | 5 |
| Three Months Ended June 30, 2026 | ||||||||||||||||||||||||||||||||
| Downstream | Upstream and Midstream | |||||||||||||||||||||||||||||||
| ($ millions) | Retail | Potash | Nitrogen | Phosphate | Corporate and Others |
Eliminations | Consolidated | |||||||||||||||||||||||||
| Sales – third party |
8,270 | 1,055 | 959 | 441 | 87 | - | 10,812 | |||||||||||||||||||||||||
|
– intersegment |
- | 80 | 314 | 84 | - | (478 | ) | - | ||||||||||||||||||||||||
| Sales – total |
8,270 | 1,135 | 1,273 | 525 | 87 | (478 | ) | 10,812 | ||||||||||||||||||||||||
| Freight, transportation and distribution1 |
- | 82 | 119 | 57 | (1 | ) | (54 | ) | 203 | |||||||||||||||||||||||
| Net sales |
8,270 | 1,053 | 1,154 | 468 | 88 | (424 | ) | 10,609 | ||||||||||||||||||||||||
| Cost of goods sold |
6,224 | 446 | 611 | 493 | 88 | (504 | ) | 7,358 | ||||||||||||||||||||||||
| Gross margin |
2,046 | 607 | 543 | (25 | ) | - | 80 | 3,251 | ||||||||||||||||||||||||
| Selling expenses (recovery) |
998 | 2 | 6 | 2 | - | (7 | ) | 1,001 | ||||||||||||||||||||||||
| General and administrative expenses |
55 | 4 | 7 | 3 | 100 | - | 169 | |||||||||||||||||||||||||
| Provincial mining taxes |
- | 110 | - | - | - | - | 110 | |||||||||||||||||||||||||
| Share-based compensation recovery |
- | - | - | - | (41 | ) | - | (41 | ) | |||||||||||||||||||||||
| Foreign exchange loss, net of related derivatives |
- | - | - | - | 13 | - | 13 | |||||||||||||||||||||||||
| Other expenses |
45 | 14 | 45 | 16 | 87 | 15 | 222 | |||||||||||||||||||||||||
| Earnings (loss) before finance costs and income taxes |
948 | 477 | 485 | (46 | ) | (159 | ) | 72 | 1,777 | |||||||||||||||||||||||
| Depreciation and amortization |
183 | 181 | 150 | 69 | 21 | - | 604 | |||||||||||||||||||||||||
| EBITDA |
1,131 | 658 | 635 | 23 | (138 | ) | 72 | 2,381 | ||||||||||||||||||||||||
| Share-based compensation recovery |
- | - | - | - | (41 | ) | - | (41 | ) | |||||||||||||||||||||||
| Foreign exchange loss, net of related derivatives |
- | - | - | - | 13 | - | 13 | |||||||||||||||||||||||||
| ARO/ERL related expenses for non-operating sites2 (Note 3) |
- | - | - | - | 11 | - | 11 | |||||||||||||||||||||||||
| Restructuring costs (Note 3) |
- | - | - | - | 66 | - | 66 | |||||||||||||||||||||||||
| Adjusted EBITDA |
1,131 | 658 | 635 | 23 | (89 | ) | 72 | 2,430 | ||||||||||||||||||||||||
1 Potash freight, transportation and distribution costs only apply to our North American potash sales volumes.
2 ARO/ERL refers to asset retirement obligations and accrued environmental costs.
28
Unaudited
| Three Months Ended June 30, 2025 | ||||||||||||||||||||||||||||||||
| Downstream | Upstream and Midstream | |||||||||||||||||||||||||||||||
| ($ millions) | Retail | Potash | Nitrogen1 | Phosphate | Corporate and Others1 |
Eliminations | Consolidated | |||||||||||||||||||||||||
| Sales – third party |
7,959 | 992 | 1,031 | 382 | 74 | - | 10,438 | |||||||||||||||||||||||||
|
– intersegment |
- | 93 | 309 | 67 | - | (469 | ) | - | ||||||||||||||||||||||||
| Sales – total |
7,959 | 1,085 | 1,340 | 449 | 74 | (469 | ) | 10,438 | ||||||||||||||||||||||||
| Freight, transportation and distribution2 |
- | 94 | 153 | 53 | - | (60 | ) | 240 | ||||||||||||||||||||||||
| Net sales |
7,959 | 991 | 1,187 | 396 | 74 | (409 | ) | 10,198 | ||||||||||||||||||||||||
| Cost of goods sold |
5,941 | 440 | 674 | 363 | 70 | (465 | ) | 7,023 | ||||||||||||||||||||||||
| Gross margin |
2,018 | 551 | 513 | 33 | 4 | 56 | 3,175 | |||||||||||||||||||||||||
| Selling expenses (recovery) |
948 | 2 | 7 | 1 | (1 | ) | (6 | ) | 951 | |||||||||||||||||||||||
| General and administrative expenses |
44 | 2 | 6 | 1 | 95 | - | 148 | |||||||||||||||||||||||||
| Provincial mining taxes |
- | 97 | - | - | - | - | 97 | |||||||||||||||||||||||||
| Share-based compensation expense |
- | - | - | - | 49 | - | 49 | |||||||||||||||||||||||||
| Foreign exchange loss, net of related derivatives |
- | - | - | - | 22 | - | 22 | |||||||||||||||||||||||||
| Other expenses |
54 | 8 | 1 | 7 | 46 | 10 | 126 | |||||||||||||||||||||||||
| Earnings (loss) before finance costs and income taxes |
972 | 442 | 499 | 24 | (207 | ) | 52 | 1,782 | ||||||||||||||||||||||||
| Depreciation and amortization |
177 | 188 | 166 | 68 | 15 | - | 614 | |||||||||||||||||||||||||
| EBITDA |
1,149 | 630 | 665 | 92 | (192 | ) | 52 | 2,396 | ||||||||||||||||||||||||
| Share-based compensation expense |
- | - | - | - | 49 | - | 49 | |||||||||||||||||||||||||
| Foreign exchange loss, net of related derivatives |
- | - | - | - | 22 | - | 22 | |||||||||||||||||||||||||
| ARO/ERL related income for non-operating sites (Note 3) |
- | - | - | - | (2 | ) | - | (2 | ) | |||||||||||||||||||||||
| Restructuring costs (Note 3) |
- | - | - | - | 21 | - | 21 | |||||||||||||||||||||||||
| Adjusted EBITDA |
1,149 | 630 | 665 | 92 | (102 | ) | 52 | 2,486 | ||||||||||||||||||||||||
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
| Six Months Ended June 30, 2026 | ||||||||||||||||||||||||||||||||
| Downstream | Upstream and Midstream | |||||||||||||||||||||||||||||||
| ($ millions) | Retail | Potash | Nitrogen | Phosphate | Corporate and Others |
Eliminations | Consolidated | |||||||||||||||||||||||||
| Sales – third party |
11,910 | 2,021 | 1,843 | 919 | 165 | - | 16,858 | |||||||||||||||||||||||||
|
– intersegment |
- | 155 | 561 | 153 | - | (869 | ) | - | ||||||||||||||||||||||||
| Sales – total |
11,910 | 2,176 | 2,404 | 1,072 | 165 | (869 | ) | 16,858 | ||||||||||||||||||||||||
| Freight, transportation and distribution1 |
- | 197 | 236 | 119 | (1 | ) | (104 | ) | 447 | |||||||||||||||||||||||
| Net sales |
11,910 | 1,979 | 2,168 | 953 | 166 | (765 | ) | 16,411 | ||||||||||||||||||||||||
| Cost of goods sold |
9,064 | 868 | 1,258 | 982 | 152 | (810 | ) | 11,514 | ||||||||||||||||||||||||
| Gross margin |
2,846 | 1,111 | 910 | (29 | ) | 14 | 45 | 4,897 | ||||||||||||||||||||||||
| Selling expenses (recovery) |
1,796 | 5 | 12 | 4 | (3 | ) | (14 | ) | 1,800 | |||||||||||||||||||||||
| General and administrative expenses |
99 | 7 | 11 | 5 | 211 | - | 333 | |||||||||||||||||||||||||
| Provincial mining taxes |
- | 200 | - | - | - | - | 200 | |||||||||||||||||||||||||
| Share-based compensation expense |
- | - | - | - | 75 | - | 75 | |||||||||||||||||||||||||
| Foreign exchange (gain) loss, net of related derivatives |
(2 | ) | - | - | - | 18 | - | 16 | ||||||||||||||||||||||||
| Other expenses |
81 | 40 | 72 | 23 | 97 | 23 | 336 | |||||||||||||||||||||||||
| Earnings (loss) before finance costs and income taxes |
872 | 859 | 815 | (61 | ) | (384 | ) | 36 | 2,137 | |||||||||||||||||||||||
| Depreciation and amortization |
367 | 356 | 302 | 141 | 44 | - | 1,210 | |||||||||||||||||||||||||
| EBITDA |
1,239 | 1,215 | 1,117 | 80 | (340 | ) | 36 | 3,347 | ||||||||||||||||||||||||
| Share-based compensation expense |
- | - | - | - | 75 | - | 75 | |||||||||||||||||||||||||
| Foreign exchange loss, net of related derivatives |
- | - | - | - | 18 | - | 18 | |||||||||||||||||||||||||
| ARO/ERL related income for non-operating sites (Note 3) |
- | - | - | - | (17 | ) | - | (17 | ) | |||||||||||||||||||||||
| Restructuring costs (Note 3) |
- | - | - | - | 82 | - | 82 | |||||||||||||||||||||||||
| Impairment of assets recorded in other income and expenses (Note 3) |
- | 21 | - | - | 9 | - | 30 | |||||||||||||||||||||||||
| Adjusted EBITDA |
1,239 | 1,236 | 1,117 | 80 | (173 | ) | 36 | 3,535 | ||||||||||||||||||||||||
1 Potash freight, transportation and distribution costs only apply to our North American potash sales volumes.
30
Unaudited
| Six Months Ended June 30, 2025 | ||||||||||||||||||||||||||||||||
| Downstream | Upstream and Midstream | |||||||||||||||||||||||||||||||
| ($ millions) | Retail | Potash | Nitrogen1 | Phosphate | Corporate and Others1 |
Eliminations | Consolidated | |||||||||||||||||||||||||
| Sales – third party |
11,049 | 1,758 | 1,853 | 720 | 158 | - | 15,538 | |||||||||||||||||||||||||
|
– intersegment |
- | 188 | 491 | 134 | - | (813 | ) | - | ||||||||||||||||||||||||
| Sales – total |
11,049 | 1,946 | 2,344 | 854 | 158 | (813 | ) | 15,538 | ||||||||||||||||||||||||
| Freight, transportation and distribution2 |
- | 211 | 272 | 98 | 1 | (116 | ) | 466 | ||||||||||||||||||||||||
| Net sales |
11,049 | 1,735 | 2,072 | 756 | 157 | (697 | ) | 15,072 | ||||||||||||||||||||||||
| Cost of goods sold |
8,345 | 820 | 1,272 | 724 | 139 | (723 | ) | 10,577 | ||||||||||||||||||||||||
| Gross margin |
2,704 | 915 | 800 | 32 | 18 | 26 | 4,495 | |||||||||||||||||||||||||
| Selling expenses (recovery) |
1,703 | 5 | 14 | 3 | (4 | ) | (13 | ) | 1,708 | |||||||||||||||||||||||
| General and administrative expenses |
88 | 4 | 11 | 3 | 194 | - | 300 | |||||||||||||||||||||||||
| Provincial mining taxes |
- | 165 | - | - | - | - | 165 | |||||||||||||||||||||||||
| Share-based compensation expense |
- | - | - | - | 91 | - | 91 | |||||||||||||||||||||||||
| Foreign exchange loss, net of related derivatives |
- | - | - | - | 29 | - | 29 | |||||||||||||||||||||||||
| Other expenses |
79 | 10 | 13 | 13 | 64 | 15 | 194 | |||||||||||||||||||||||||
| Earnings (loss) before finance costs and income taxes |
834 | 731 | 762 | 13 | (356 | ) | 24 | 2,008 | ||||||||||||||||||||||||
| Depreciation and amortization |
361 | 345 | 308 | 140 | 31 | - | 1,185 | |||||||||||||||||||||||||
| EBITDA |
1,195 | 1,076 | 1,070 | 153 | (325 | ) | 24 | 3,193 | ||||||||||||||||||||||||
| Share-based compensation expense |
- | - | - | - | 91 | - | 91 | |||||||||||||||||||||||||
| Foreign exchange loss, net of related derivatives |
- | - | - | - | 29 | - | 29 | |||||||||||||||||||||||||
| ARO/ERL related expenses for non-operating sites (Note 3) |
- | - | - | - | 3 | - | 3 | |||||||||||||||||||||||||
| Restructuring costs (Note 3) |
- | - | - | - | 22 | - | 22 | |||||||||||||||||||||||||
| Adjusted EBITDA |
1,195 | 1,076 | 1,070 | 153 | (180 | ) | 24 | 3,338 | ||||||||||||||||||||||||
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.
31
Unaudited
|
Three Months Ended |
Six Months Ended |
|||||||||||||||
| ($ millions) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Retail sales by product line |
||||||||||||||||
| Crop nutrients |
3,541 | 3,391 | 5,024 | 4,585 | ||||||||||||
| Crop protection products |
2,755 | 2,666 | 3,892 | 3,638 | ||||||||||||
| Seed |
1,278 | 1,278 | 1,840 | 1,810 | ||||||||||||
| Services and other |
308 | 286 | 483 | 432 | ||||||||||||
| Merchandise |
291 | 238 | 514 | 427 | ||||||||||||
| Nutrien Financial |
145 | 135 | 225 | 205 | ||||||||||||
| Nutrien Financial elimination1 |
(48 | ) | (35 | ) | (68 | ) | (48 | ) | ||||||||
| 8,270 | 7,959 | 11,910 | 11,049 | |||||||||||||
| Potash sales by geography |
||||||||||||||||
| Manufactured product |
||||||||||||||||
| North America |
353 | 382 | 837 | 816 | ||||||||||||
| Offshore2 |
781 | 701 | 1,338 | 1,127 | ||||||||||||
| Other potash and purchased products |
1 | 2 | 1 | 3 | ||||||||||||
| 1,135 | 1,085 | 2,176 | 1,946 | |||||||||||||
| Nitrogen sales by product line |
||||||||||||||||
| Manufactured product |
||||||||||||||||
| Ammonia |
289 | 359 | 456 | 599 | ||||||||||||
| Urea and ESN® |
355 | 530 | 771 | 912 | ||||||||||||
| Solutions, nitrates and sulfates |
492 | 430 | 908 | 751 | ||||||||||||
| Other nitrogen and purchased products3 |
137 | 21 | 269 | 82 | ||||||||||||
| 1,273 | 1,340 | 2,404 | 2,344 | |||||||||||||
| Phosphate sales by product line |
||||||||||||||||
| Manufactured product |
||||||||||||||||
| Fertilizer |
335 | 285 | 694 | 534 | ||||||||||||
| Industrial and feed |
183 | 155 | 366 | 306 | ||||||||||||
| Other phosphate and purchased products |
7 | 9 | 12 | 14 | ||||||||||||
| 525 | 449 | 1,072 | 854 | |||||||||||||
1 Represents elimination of the interest and service fees charged by Nutrien Financial to Retail branches.
2 Relates to Canpotex Limited (“Canpotex”) (see Note 8) and includes provisional pricing adjustments for the three months ended June 30, 2026 of $18 million (2025 – $27 million) and the six months ended June 30, 2026 of $15 million (2025 – $58 million).
3 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment.
Note 3 Other expenses (income)
|
Three Months Ended |
Six Months Ended |
|||||||||||||||
| ($ millions) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Restructuring costs |
66 | 21 | 82 | 22 | ||||||||||||
| Earnings of equity-accounted investees |
(4 | ) | (9 | ) | (6 | ) | (14 | ) | ||||||||
| Bad debt expense |
34 | 38 | 49 | 57 | ||||||||||||
| Project feasibility costs |
24 | 26 | 42 | 41 | ||||||||||||
| Customer prepayment costs |
19 | 19 | 38 | 37 | ||||||||||||
| Legal expenses |
12 | 5 | 17 | 7 | ||||||||||||
| ARO/ERL related expenses (income) for non-operating sites |
11 | (2 | ) | (17 | ) | 3 | ||||||||||
| Impairment of assets |
- | - | 30 | - | ||||||||||||
| Other expenses |
60 | 28 | 101 | 41 | ||||||||||||
| 222 | 126 | 336 | 194 | |||||||||||||
32
Unaudited
Note 4 Income taxes
|
Three Months Ended |
Six Months
Ended |
|||||||||||||||
| ($ millions, except as otherwise noted) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Actual effective tax rate on earnings (%) |
23 | 23 | 24 | 24 | ||||||||||||
| Actual effective tax rate including discrete items (%) |
24 | 24 | 24 | 25 | ||||||||||||
| Discrete tax adjustments that impacted the tax rate1 |
11 | 22 | 3 | 27 | ||||||||||||
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 5 Financial instruments
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 $10,861 million and fair value of $10,400 million as at June 30, 2026. There were no transfers between levels for financial instruments measured at fair value on a recurring basis.
Note 6 Debt
On May 29, 2026, we issued $1 billion of senior notes. The senior notes are unsecured, rank equally with our existing unsecured debt, and have no sinking fund requirements prior to maturity. Each series of outstanding senior notes is redeemable and has various provisions for redemption prior to maturity, at our option, at specified prices.
| ($ millions, except as otherwise noted) | Rate of interest (%) | Maturity | Amount | |||||||||
| Senior notes issued in 2026 |
4.850 | May 29, 2031 | 500 | |||||||||
| Senior notes issued in 2026 |
5.350 | May 29, 2036 | 500 | |||||||||
| 1,000 | ||||||||||||
During the six months ended June 30, 2026, we entered into a $69 million uncommitted revolving demand facility. As at June 30, 2026, there were no borrowings outstanding under this facility. We also extended the maturity of our accounts receivable purchase facility from March 6, 2026 to March 31, 2028.
Note 7 Share capital
Share repurchase programs
The following table summarizes our share repurchase activities during the periods indicated below:
|
Three Months Ended |
Six Months Ended |
|||||||||||||||
| ($ millions, except as otherwise noted) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Number of common shares repurchased for cancellation |
2,494,887 | 1,878,972 | 4,576,390 | 4,741,786 | ||||||||||||
| Average price per share (US dollars) |
69.33 | 56.39 | 70.08 | 53.19 | ||||||||||||
| Total cost, inclusive of tax |
179 | 108 | 327 | 257 | ||||||||||||
Subsequent to June 30, 2026, as of August 4, 2026, an additional 1,238,033 common shares were repurchased for cancellation at a cost of $82 million and an average price per share of $66.98.
Dividends declared
We declared a dividend per share of $0.55 (2025 – $0.545) during the three months ended June 30, 2026, payable on July 17, 2026 to shareholders of record on June 30, 2026.
33
Unaudited
Note 8 Related party transactions
We sell potash outside Canada and the US exclusively through Canpotex. Our total revenue is recognized at the time product is loaded for shipping, 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 June 30, 2026 were $58 million (2025 – $20 million) and the six months ended June 30, 2026 were $122 million (2025 – $77 million).
| ($ millions) | As at June 30, 2026 |
As at December 31, 2025 |
||||||
| Receivables from Canpotex |
339 | 279 | ||||||
| Payables to Canpotex |
100 | 63 | ||||||
Note 9 Accounting policies, estimates and judgments
Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments
Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments, were adopted effective January 1, 2026, the required adoption date. The amendments clarified the timing of recognition and derecognition of financial assets and financial liabilities. The adoption resulted in a change in the accounting policy relating to the timing of the derecognition of certain financial assets and financial liabilities, such that derecognition now occurs upon settlement.
The amendments were applied retrospectively without restatement of prior periods in accordance with the transitional provisions other than, on initial adoption, there was an adjustment of $(13) million to opening cash and cash equivalents as at January 1, 2026, which has been reflected in the condensed consolidated statement of cash flows for the six months ended June 30, 2026.
34
Exhibit 99.2
NUTRIEN LTD.
MANAGEMENT’S DISCUSSION AND ANALYSIS
AS AT AND FOR THE THREE AND SIX MONTHS ENDED
JUNE 30, 2026
Management’s Discussion and Analysis
The following management’s discussion and analysis (“MD&A”) is the responsibility of management and is dated as of August 5, 2026. The Board of Directors (“Board”) of Nutrien carries out its responsibility for review of this disclosure principally through its Audit Committee, composed entirely of independent directors. The Audit Committee reviews and, prior to its publication, approves this disclosure pursuant to the authority delegated to it by the Board. The term “Nutrien” refers to Nutrien Ltd. and the terms “we”, “us”, “our”, “Nutrien” and “the Company” refer to Nutrien and, as applicable, Nutrien and its direct and indirect subsidiaries on a consolidated basis. Additional information relating to Nutrien (which, except as otherwise noted, is not incorporated by reference herein), including our annual report dated February 19, 2026 (“2025 Annual Report”), which includes our annual audited consolidated financial statements (“annual financial statements”) and MD&A, and our annual information form dated February 19, 2026, each for the year ended December 31, 2025, can be found on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. No update is provided to the disclosure in our 2025 annual MD&A except for material information since the date of our annual MD&A. The Company is a foreign private issuer under the rules and regulations of the US Securities and Exchange Commission (the “SEC”).
This MD&A is based on, and should be read in conjunction with, the Company’s unaudited interim condensed consolidated financial statements as at and for the three and six months ended June 30, 2026 (“interim financial statements”) based on International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and prepared in accordance with International Accounting Standard (“IAS”) 34 “Interim Financial Reporting”, unless otherwise noted. This MD&A contains certain non-GAAP financial measures and ratios and forward-looking statements, which are described in the “Non-GAAP Financial Measures” and the “Forward-Looking Statements” sections, respectively.
2
Market Outlook and Guidance
Agriculture and Retail Markets
| • | Global agricultural markets are supported by robust grain and oilseed demand. Risks to global crop production and trade have increased due to geopolitical uncertainty and forecasts indicating El Niño conditions, which are expected to place upside pressure on crop prices. |
| • | In North America, firming crop prices and a focus on protecting yield potential is expected to support crop input demand in the third quarter of 2026. A faster than average pace of crop development supports the potential for an earlier start to the fall fertilizer application season. |
| • | In Australia, grower engagement across key cropping regions and strong livestock economics are supporting demand for retail products and services. In Brazil, soybean acreage is expected to moderately increase from the prior year and purchasing activity continues to be influenced by credit availability and affordability. |
Crop Nutrient Markets
| • | Global potash markets remain constructive due to favorable affordability, healthy demand in all major global markets and stable supply relative to other commodities. We have maintained our forecast for global potash shipments of 74 to 77 million tonnes in 2026 as projected shipment levels are expected to be consistent with consumption. |
| • | Global urea prices have strengthened in the third quarter of 2026 following a decline in the latter half of the second quarter during a seasonal low point for demand that was exacerbated this year due to evolving geopolitical developments. Global nitrogen market fundamentals are expected to remain tight in the second half of 2026, driven by ongoing trade flow disruptions, production outages, elevated energy prices and import demand from key consuming regions such as India and Brazil. |
| • | Global phosphate market fundamentals continue to be affected by trade flow disruptions, constrained sulfur feedstock availability and elevated costs, which have placed unsustainable pressure on phosphate producer margins and have resulted in reduced global operating rates. |
3
Financial and Operational Guidance
| • | Retail adjusted EBITDA guidance of $1.75 to $1.95 billion represents structural growth in our downstream business consistent with historical rates. The mid-point of our full-year guidance range assumes high-single digit growth in proprietary products gross margins, strong demand for crop inputs and services in Australia, increased crop nutrient margins per tonne and lower crop nutrient sales volumes compared to the prior year. |
| • | Potash sales volume guidance was increased to 14.2 to 14.8 million tonnes due to strong demand in key offshore markets and is consistent with our global shipment expectation. |
| • | Nitrogen sales volume guidance of 9.2 to 9.7 million tonnes is supported by planned reliability improvements and debottlenecking initiatives. The range reflects the completion of planned turnarounds in the third quarter of 2026 and higher ammonia operating rates in the fourth quarter compared to the prior year. |
| • | Phosphate sales volume guidance of 2.4 to 2.6 million tonnes reflects the benefits of reliability improvement initiatives completed in 2025. |
| • | Total capital expenditures guidance was lowered to $1.95 to $2.05 billion and reflects a focus on capital efficiency and structurally growing free cash flow. |
All guidance expectations, including those noted above, are outlined in the table below. Refer to page 33 of our 2025 Annual Report for anticipated fertilizer pricing and natural gas price sensitivities relating to adjusted EBITDA (consolidated) and adjusted net earnings per share.
| 2026 Guidance Ranges1 as of | ||||||||||||||
| August 5, 2026 | May 6, 2026 | |||||||||||||
| ($ billions, except as otherwise noted) |
Low | High | Low | High | ||||||||||
| Retail adjusted EBITDA |
1.75 | 1.95 | 1.75 | 1.95 | ||||||||||
| Potash sales volumes (million tonnes)2 |
14.2 | 14.8 | 14.1 | 14.8 | ||||||||||
| Nitrogen sales volumes (million tonnes)2 |
9.2 | 9.7 | 9.2 | 9.7 | ||||||||||
| Phosphate sales volumes (million tonnes)2 |
2.4 | 2.6 | 2.4 | 2.6 | ||||||||||
| Depreciation and amortization |
2.4 | 2.5 | 2.4 | 2.5 | ||||||||||
| Finance costs |
0.65 | 0.75 | 0.65 | 0.75 | ||||||||||
| Effective tax rate on adjusted net earnings (%)3 |
24.0 | 26.0 | 24.0 | 26.0 | ||||||||||
| Capital expenditures4 |
1.95 | 2.05 | 2.0 | 2.1 | ||||||||||
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.
4
Consolidated Results
| Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||||
| ($ millions, except as otherwise noted) |
2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||
| Sales |
10,812 | 10,438 | 4 | 16,858 | 15,538 | 8 | ||||||||||||||||||||||
| Gross margin |
3,251 | 3,175 | 2 | 4,897 | 4,495 | 9 | ||||||||||||||||||||||
| Expenses |
1,474 | 1,393 | 6 | 2,760 | 2,487 | 11 | ||||||||||||||||||||||
| Net earnings |
1,222 | 1,229 | (1 | ) | 1,361 | 1,248 | 9 | |||||||||||||||||||||
| Adjusted EBITDA1 |
2,430 | 2,486 | (2 | ) | 3,535 | 3,338 | 6 | |||||||||||||||||||||
| Diluted net earnings per share (dollars)2 |
2.53 | 2.50 | 1 | 2.80 | 2.52 | 11 | ||||||||||||||||||||||
| Adjusted net earnings per share (dollars)1, 2 |
2.61 | 2.65 | (2 | ) | 3.11 | 2.75 | 13 | |||||||||||||||||||||
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 first half of 2026, primarily due to increased global fertilizer benchmarks, higher Retail earnings and record Potash sales volumes. Net earnings and adjusted EBITDA decreased in the second quarter of 2026, as higher global fertilizer benchmarks were more than offset by lower fertilizer volumes and increased sulfur costs.
Segment Results
Our discussion of segment results set out on the following pages is a comparison of the results for the three and six months ended June 30, 2026 to the results for the three and six months ended June 30, 2025, unless otherwise noted.
|
Retail
|
| Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||||
| ($ millions, except as otherwise noted) |
2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||
| Sales |
8,270 | 7,959 | 4 | 11,910 | 11,049 | 8 | ||||||||||||||||||||||
| Cost of goods sold |
6,224 | 5,941 | 5 | 9,064 | 8,345 | 9 | ||||||||||||||||||||||
| Gross margin |
2,046 | 2,018 | 1 | 2,846 | 2,704 | 5 | ||||||||||||||||||||||
| Adjusted EBITDA1 |
1,131 | 1,149 | (2 | ) | 1,239 | 1,195 | 4 | |||||||||||||||||||||
1 See Note 2 to the interim financial statements.
| • | Retail adjusted EBITDA increased in the first half of 2026 due to higher proprietary products gross margins and a strong livestock market in Australia. Retail adjusted EBITDA decreased in the second quarter of 2026 mainly due to lower crop nutrient sales volumes and higher fuel costs. |
| Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||||||||||||||||||||
| Sales | Gross Margin | Sales | Gross Margin | |||||||||||||||||||||||||||||||||||||||||
| ($ millions) |
2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||||
| Crop nutrients |
3,541 | 3,391 | 695 | 697 | 5,024 | 4,585 | 945 | 916 | ||||||||||||||||||||||||||||||||||||
| Crop protection products |
2,755 | 2,666 | 707 | 676 | 3,892 | 3,638 | 933 | 867 | ||||||||||||||||||||||||||||||||||||
| Seed |
1,278 | 1,278 | 242 | 266 | 1,840 | 1,810 | 326 | 336 | ||||||||||||||||||||||||||||||||||||
| Services and other |
308 | 286 | 256 | 235 | 483 | 432 | 400 | 353 | ||||||||||||||||||||||||||||||||||||
| Merchandise |
291 | 238 | 49 | 44 | 514 | 427 | 85 | 75 | ||||||||||||||||||||||||||||||||||||
| Nutrien Financial |
145 | 135 | 145 | 135 | 225 | 205 | 225 | 205 | ||||||||||||||||||||||||||||||||||||
| Nutrien Financial elimination1 |
(48 | ) | (35 | ) | (48 | ) | (35 | ) | (68 | ) | (48 | ) | (68 | ) | (48 | ) | ||||||||||||||||||||||||||||
| Total |
8,270 | 7,959 | 2,046 | 2,018 | 11,910 | 11,049 | 2,846 | 2,704 | ||||||||||||||||||||||||||||||||||||
1 Represents elimination of the interest and service fees charged by Nutrien Financial to Retail branches.
| • | Crop nutrients sales increased in the second quarter and first half of 2026 due to higher selling prices. Gross margin was relatively flat in the second quarter of 2026, as increased sales of proprietary nutritional products was offset by lower crop nutrient sales volumes, in particular phosphate and nitrogen products. Gross margin increased in the first half of 2026, reflecting increased sales of proprietary nutritional products. |
| • | Crop protection products sales and gross margin increased in the second quarter and first half of 2026 due to higher sales of proprietary products, supported by increased herbicide sales volumes in the US and earlier grower engagement in Australia. |
5
| • | Seed gross margin decreased in the second quarter and first half of 2026 primarily due to product mix shifts, partially offset by higher sales volumes, including higher-margin canola seed in Australia. |
| • | Services and other sales and gross margin increased in the second quarter and first half of 2026 due to a strong livestock market in Australia. |
| Supplemental Data | Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||||||||||||||||||||||||||||
| Gross Margin | % of Product Line1 | Gross Margin | % of Product Line1 | |||||||||||||||||||||||||||||||||||||||||
| ($ millions, except as otherwise noted) |
2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||||
| Proprietary products |
||||||||||||||||||||||||||||||||||||||||||||
| Crop nutrients |
248 | 228 | 36 | 33 | 328 | 297 | 35 | 32 | ||||||||||||||||||||||||||||||||||||
| Crop protection products |
314 | 246 | 45 | 37 | 402 | 299 | 43 | 34 | ||||||||||||||||||||||||||||||||||||
| Seed |
86 | 87 | 35 | 37 | 107 | 115 | 33 | 34 | ||||||||||||||||||||||||||||||||||||
| Merchandise |
4 | 3 | 8 | 6 | 6 | 6 | 7 | 7 | ||||||||||||||||||||||||||||||||||||
| Total |
652 | 564 | 32 | 29 | 843 | 717 | 30 | 27 | ||||||||||||||||||||||||||||||||||||
| 1 Represents percentage of proprietary product margins over total product line gross margin. |
| |||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||||||||||||||||||||
| Sales Volumes (tonnes – thousands) |
Gross Margin / Tonne (dollars) |
Sales Volumes (tonnes – thousands) |
Gross Margin / Tonne (dollars) | |||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||||||||
| Crop nutrients |
||||||||||||||||||||||||||||||||||||||||||||
| North America |
3,795 | 4,419 | 167 | 146 | 5,395 | 5,883 | 156 | 142 | ||||||||||||||||||||||||||||||||||||
| International |
1,057 | 1,072 | 58 | 48 | 1,905 | 1,898 | 54 | 42 | ||||||||||||||||||||||||||||||||||||
| Total |
4,852 | 5,491 | 143 | 127 | 7,300 | 7,781 | 129 | 118 | ||||||||||||||||||||||||||||||||||||
| (percentages) |
June 30, 2026 | December 31, 2025 | ||||||||||
| Financial performance measures1, 2 |
||||||||||||
| Cash operating coverage ratio |
63 | 62 | ||||||||||
| Average working capital to sales |
23 | 22 | ||||||||||
1 Rolling four quarters.
2 These are non-GAAP financial measures. See the “Non-GAAP Financial Measures” section.
6
|
Potash
|
| Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||||
| ($ millions, except as otherwise noted) |
2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||
| Net sales |
1,053 | 991 | 6 | 1,979 | 1,735 | 14 | ||||||||||||||||||||||
| Cost of goods sold |
446 | 440 | 1 | 868 | 820 | 6 | ||||||||||||||||||||||
| Gross margin |
607 | 551 | 10 | 1,111 | 915 | 21 | ||||||||||||||||||||||
| Adjusted EBITDA1 |
658 | 630 | 4 | 1,236 | 1,076 | 15 | ||||||||||||||||||||||
1 See Note 2 to the interim financial statements.
| • | Potash adjusted EBITDA increased in the second quarter and first half of 2026 due to higher global benchmarks and strong operational and supply chain execution that supported record first half sales volumes, partially offset by higher provincial mining taxes. We had record production and progressed mine automation, maintaining our controllable cash cost of product manufactured1 below $60 per tonne. |
| Manufactured Product |
|
Three Months Ended June 30 |
|
|
Six Months Ended June 30 |
| ||||||||||||||
| ($ per tonne, except as otherwise noted) |
2026 | 2025 | 2026 | 2025 | ||||||||||||||||
| Sales volumes (tonnes – thousands) |
||||||||||||||||||||
| North America |
922 | 1,038 | 2,207 | 2,350 | ||||||||||||||||
| Offshore |
3,021 | 2,951 | 5,246 | 5,041 | ||||||||||||||||
| Total sales volumes |
3,943 | 3,989 | 7,453 | 7,391 | ||||||||||||||||
| Net selling price |
||||||||||||||||||||
| North America |
295 | 279 | 290 | 259 | ||||||||||||||||
| Offshore |
259 | 237 | 255 | 224 | ||||||||||||||||
| Average net selling price |
267 | 248 | 266 | 235 | ||||||||||||||||
| Cost of goods sold |
113 | 110 | 117 | 112 | ||||||||||||||||
| Gross margin |
154 | 138 | 149 | 123 | ||||||||||||||||
| Depreciation and amortization |
47 | 47 | 48 | 47 | ||||||||||||||||
| Gross margin excluding depreciation and amortization1 |
201 | 185 | 197 | 170 | ||||||||||||||||
1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.
| • | Sales volumes increased in the first half of 2026 due to low inventory levels and favorable potash affordability in key offshore markets. |
| • | Net selling price per tonne increased in the second quarter and first half of 2026 due to higher global benchmark prices, partially offset by higher offshore freight and insurance costs. |
| • | Cost of goods sold per tonne increased in the second quarter and first half of 2026 primarily due to higher royalties and maintenance costs. |
| Supplemental Data |
|
Three Months Ended June 30 |
|
|
Six Months Ended June 30 |
| ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||
| Production volumes (tonnes – thousands) |
3,996 | 3,531 | 7,656 | 6,820 | ||||||||||||||||
| Potash controllable cash cost of product manufactured per tonne1 |
55 | 55 | 57 | 57 | ||||||||||||||||
| Canpotex sales by market (percentage of sales volumes)2 |
||||||||||||||||||||
| Latin America |
47 | 42 | 44 | 37 | ||||||||||||||||
| Other Asian markets3 |
23 | 34 | 26 | 33 | ||||||||||||||||
| China |
11 | 8 | 14 | 12 | ||||||||||||||||
| India |
4 | - | 3 | 2 | ||||||||||||||||
| Other markets |
15 | 16 | 13 | 16 | ||||||||||||||||
| Total |
100 | 100 | 100 | 100 | ||||||||||||||||
1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.
2 See Note 8 to the interim financial statements.
3 All Asian markets except China and India.
7
|
Nitrogen
|
| Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||||
| ($ millions, except as otherwise noted) |
2026 | 20251, 2 | % Change | 2026 | 20251, 2 | % Change | ||||||||||||||||||||||
| Net sales |
1,154 | 1,187 | (3 | ) | 2,168 | 2,072 | 5 | |||||||||||||||||||||
| Cost of goods sold |
611 | 674 | (9 | ) | 1,258 | 1,272 | (1 | ) | ||||||||||||||||||||
| Gross margin |
543 | 513 | 6 | 910 | 800 | 14 | ||||||||||||||||||||||
| Adjusted EBITDA2 |
635 | 665 | (5 | ) | 1,117 | 1,070 | 4 | |||||||||||||||||||||
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 first half of 2026 due to higher global nitrogen benchmarks and lower natural gas costs. Production from our low-cost North American nitrogen plants was consistent with our plan, which included the successful execution of the largest turnaround in our Carseland facility’s history. Nitrogen adjusted EBITDA decreased in the second quarter of 2026 due to lower sales volumes, partially offset by higher global benchmarks. Other expenses increased in the second quarter and first half of 2026 due to Trinidad safe mode costs incurred in connection with its controlled shutdown and the absence of Profertil equity earnings recognized in the comparable periods in 2025. |
| Manufactured Product |
|
Three Months Ended June 30 |
|
|
Six Months Ended June 30 |
| ||||||||||||||
| ($ per tonne, except as otherwise noted) |
2026 | 2025 | 2026 | 2025 | ||||||||||||||||
| Sales volumes (tonnes – thousands) |
||||||||||||||||||||
| Ammonia |
403 | 734 | 701 | 1,230 | ||||||||||||||||
| Urea and ESN® |
536 | 961 | 1,284 | 1,756 | ||||||||||||||||
| Solutions, nitrates and sulfates |
1,314 | 1,322 | 2,609 | 2,500 | ||||||||||||||||
| Total sales volumes |
2,253 | 3,017 | 4,594 | 5,486 | ||||||||||||||||
| Net selling price |
||||||||||||||||||||
| Ammonia |
609 | 408 | 554 | 412 | ||||||||||||||||
| Urea and ESN® |
620 | 509 | 559 | 477 | ||||||||||||||||
| Solutions, nitrates and sulfates |
335 | 287 | 309 | 263 | ||||||||||||||||
| Average net selling price |
452 | 387 | 416 | 365 | ||||||||||||||||
| Cost of goods sold |
216 | 219 | 220 | 222 | ||||||||||||||||
| Gross margin |
236 | 168 | 196 | 143 | ||||||||||||||||
| Depreciation and amortization |
56 | 55 | 58 | 56 | ||||||||||||||||
| Gross margin excluding depreciation and amortization1 |
292 | 223 | 254 | 199 | ||||||||||||||||
1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.
| • | Sales volumes decreased in the second quarter of 2026, reflecting no production from the Trinidad and New Madrid facilities4, planned maintenance at Carseland and deferred customer purchases. For the first half of 2026, the impact of these factors was partially offset by higher solutions, nitrates and sulfates sales volumes driven by reliability and debottlenecking initiatives. |
| • | Net selling price per tonne was higher in the second quarter and first half of 2026 for all major nitrogen products due to stronger global benchmark prices. In the second quarter of 2026, net selling prices reflected the portion of sales volumes established earlier in the year, prior to the onset of geopolitical conflict in the Middle East. |
| • | Cost of goods sold per tonne was lower in the second quarter and first half of 2026 due to lower overall natural gas costs, partially offset by higher sulfur input costs for ammonium sulfate and turnaround costs. The lower overall natural gas cost reflects a higher proportion of production from our low-cost North American nitrogen plants compared to the same periods in 2025. |
| Supplemental Data |
|
Three Months Ended June 30 |
|
|
Six Months Ended June 30 |
| ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||
| Sales volumes (tonnes – thousands) |
||||||||||||||||||||
| Fertilizer |
1,346 | 1,845 | 2,755 | 3,234 | ||||||||||||||||
| Industrial and feed |
907 | 1,172 | 1,839 | 2,252 | ||||||||||||||||
| Production volumes (tonnes – thousands) |
||||||||||||||||||||
| Ammonia production – total1 |
1,056 | 1,535 | 2,178 | 3,078 | ||||||||||||||||
| Ammonia production – adjusted1, 2 |
956 | 1,088 | 1,975 | 2,164 | ||||||||||||||||
| Ammonia operating rate (%)2 |
86 | 98 | 89 | 98 | ||||||||||||||||
| Natural gas costs (dollars per MMBtu) |
||||||||||||||||||||
| Overall natural gas cost excluding realized derivative impact |
2.10 | 3.31 | 2.72 | 3.61 | ||||||||||||||||
| Realized derivative impact3 |
- | - | - | - | ||||||||||||||||
| Overall natural gas cost |
2.10 | 3.31 | 2.72 | 3.61 | ||||||||||||||||
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.
4 As previously disclosed, on October 23, 2025, the Trinidad nitrogen facility completed a controlled shutdown and we ceased production at our New Madrid nitrogen upgrade facility at year-end 2025.
8
|
Phosphate
|
| Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||||
| ($ millions, except as otherwise noted) |
2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||
| Net sales |
468 | 396 | 18 | 953 | 756 | 26 | ||||||||||||||||||||||
| Cost of goods sold |
493 | 363 | 36 | 982 | 724 | 36 | ||||||||||||||||||||||
| Gross margin |
(25 | ) | 33 | n/m | (29 | ) | 32 | n/m | ||||||||||||||||||||
| Adjusted EBITDA1 |
23 | 92 | (75 | ) | 80 | 153 | (48 | ) | ||||||||||||||||||||
1 See Note 2 to the interim financial statements.
| • | Phosphate adjusted EBITDA decreased in the second quarter and first half of 2026 due to higher sulfur input costs, partially offset by higher global benchmarks and sales volumes compared to the same periods of 2025. |
| Manufactured Product |
|
Three Months Ended June 30 |
|
|
Six Months Ended June 30 |
| ||||||||||||||
| ($ per tonne, except as otherwise noted) |
2026 | 2025 | 2026 | 2025 | ||||||||||||||||
| Sales volumes (tonnes – thousands) |
||||||||||||||||||||
| Fertilizer |
409 | 374 | 877 | 706 | ||||||||||||||||
| Industrial and feed |
181 | 169 | 371 | 337 | ||||||||||||||||
| Total sales volumes |
590 | 543 | 1,248 | 1,043 | ||||||||||||||||
| Net selling price |
||||||||||||||||||||
| Fertilizer |
719 | 666 | 692 | 661 | ||||||||||||||||
| Industrial and feed |
919 | 821 | 901 | 819 | ||||||||||||||||
| Average net selling price |
781 | 714 | 754 | 712 | ||||||||||||||||
| Cost of goods sold |
812 | 646 | 766 | 672 | ||||||||||||||||
| Gross margin |
(31 | ) | 68 | (12 | ) | 40 | ||||||||||||||
| Depreciation and amortization |
117 | 125 | 113 | 134 | ||||||||||||||||
| Gross margin excluding depreciation and amortization1 |
86 | 193 | 101 | 174 | ||||||||||||||||
1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.
| • | Sales volumes were higher in the second quarter and the first half of 2026 due to higher production volumes from reliability improvements compared to the first half of 2025. |
| • | Net selling price per tonne increased in the second quarter and first half of 2026 due to stronger global benchmark prices. |
| • | Cost of goods sold per tonne increased in the second quarter and first half of 2026 primarily due to higher sulfur input costs. |
| Supplemental Data |
|
Three Months Ended June 30 |
|
|
Six Months Ended June 30 |
| ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||
| Production volumes (P2O5 tonnes – thousands) |
319 | 333 | 656 | 615 | ||||||||||||||||
| P2O5 operating rate (%) |
75 | 79 | 78 | 73 | ||||||||||||||||
9
|
Corporate and Others and Eliminations
|
| Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||||
| ($ millions, except as otherwise noted) |
2026 | 20251, 2 | % Change | 2026 | 20251, 2 | % Change | ||||||||||||||||||||||
| Corporate and Others |
||||||||||||||||||||||||||||
| Gross margin2 |
- | 4 | n/m | 14 | 18 | (22 | ) | |||||||||||||||||||||
| Selling recovery |
- | (1 | ) | n/m | (3 | ) | (4 | ) | (25 | ) | ||||||||||||||||||
| General and administrative expenses |
100 | 95 | 5 | 211 | 194 | 9 | ||||||||||||||||||||||
| Share-based compensation (recovery) expense |
(41 | ) | 49 | n/m | 75 | 91 | (18 | ) | ||||||||||||||||||||
| Foreign exchange loss, net of related derivatives |
13 | 22 | (41 | ) | 18 | 29 | (38 | ) | ||||||||||||||||||||
| Other expenses |
87 | 46 | 89 | 97 | 64 | 52 | ||||||||||||||||||||||
| Adjusted EBITDA2 |
(89 | ) | (102 | ) | (13 | ) | (173 | ) | (180 | ) | (4 | ) | ||||||||||||||||
| Eliminations |
||||||||||||||||||||||||||||
| Gross margin |
80 | 56 | 43 | 45 | 26 | 73 | ||||||||||||||||||||||
| Adjusted EBITDA2 |
72 | 52 | 38 | 36 | 24 | 50 | ||||||||||||||||||||||
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.
| • | Share-based compensation (recovery) expense was a recovery in the second quarter and a lower expense in the first half of 2026 due to a decrease 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. |
| • | Other expenses increased in the second quarter and first half of 2026 due to higher restructuring costs associated with portfolio optimization initiatives. |
Finance Costs, Income Taxes and Other Comprehensive (Loss) Income
| Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||||
| ($ millions, except as otherwise noted) |
2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||
| Finance costs |
173 | 155 | 12 | 349 | 334 | 4 | ||||||||||||||||||||||
| Income taxes |
||||||||||||||||||||||||||||
| Income tax expense |
382 | 398 | (4 | ) | 427 | 426 | - | |||||||||||||||||||||
| Actual effective tax rate including discrete items (%) |
24 | 24 | - | 24 | 25 | (4 | ) | |||||||||||||||||||||
| Other comprehensive (loss) income |
(30 | ) | 184 | n/m | 36 | 209 | (83 | ) | ||||||||||||||||||||
| • | Other comprehensive (loss) income is primarily driven by changes in the currency of our foreign operations. There was a loss in the second quarter and lower income in the first half of 2026 due to lower appreciation of the Australian and Brazilian currencies and depreciation of the Canadian currency, relative to the US dollar, compared to the same periods in 2025. |
10
Liquidity and Capital Resources
Sources and uses of liquidity
We continued to manage our capital in accordance with our current capital allocation strategy. We believe that our internally generated cash flow, supplemented by available borrowings under new or existing financing sources, if necessary, will be sufficient to meet our anticipated capital expenditures, planned growth and development activities, and other cash requirements for the foreseeable future. Refer to the “Capital Structure and Management” section for details on our existing long-term debt and credit facilities.
Sources and uses of cash
| Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||||
| ($ millions, except as otherwise noted) |
2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||
| Cash provided by operating activities |
2,484 | 2,538 | (2 | ) | 1,633 | 1,456 | 12 | |||||||||||||||||||||
| Cash used in investing activities |
(505 | ) | (495 | ) | 2 | (992 | ) | (738 | ) | 34 | ||||||||||||||||||
| Cash used in financing activities |
(1,822 | ) | (1,572 | ) | 16 | (396 | ) | (207 | ) | 91 | ||||||||||||||||||
| Cash used for dividends and share repurchases1 |
(439 | ) | (373 | ) | 18 | (848 | ) | (786 | ) | 8 | ||||||||||||||||||
1 This is a supplementary financial measure. See the “Other Financial Measures” section.
| Cash provided by operating activities | • Decreased in the second quarter of 2026 as higher global fertilizer benchmarks were more than offset by lower fertilizer volumes and increased sulfur costs. • Increased in the first half of 2026 due to increased global fertilizer benchmarks, higher Retail earnings and record Potash sales volumes. | |
| Cash used in investing activities | • Increased in the second quarter and first half of 2026, primarily due to the absence of proceeds from the sale of our investment in Sinofert Holdings Limited recognized in the comparable period. In the first half of 2026 capital expenditures increased due to the timing of turnaround activities in Nitrogen as well as an increase in cash used on business acquisitions. | |
| Cash used in financing activities | • Increased in the second quarter and first half of 2026 due to higher commercial paper repayments, partially offset by the issuance of $1.0 billion in senior notes in the second quarter of 2026 with no comparable issuance in the second quarter of 2025. In addition, we repaid senior notes maturing in the second quarter of 2025 with no comparable repayment in the second quarter of 2026. | |
| Cash used for dividends and share repurchases
|
• Increased in the second quarter and first half of 2026 due to higher share repurchases. | |
11
Financial Condition Review
The following is a comparison of balance sheet categories that are considered material:
| As at | ||||||||||||||||
| ($ millions, except as otherwise noted) |
June 30, 2026 | December 31, 2025 | $ | Change | % Change | |||||||||||
| Assets |
||||||||||||||||
| Cash and cash equivalents |
921 | 701 | 220 | 31 | ||||||||||||
| Receivables |
8,687 | 5,675 | 3,012 | 53 | ||||||||||||
| Inventories |
6,164 | 6,977 | (813 | ) | (12 | ) | ||||||||||
| Prepaid expenses and other current assets |
395 | 1,396 | (1,001 | ) | (72 | ) | ||||||||||
| Property, plant and equipment |
22,672 | 22,747 | (75 | ) | - | |||||||||||
| Liabilities and Shareholders’ Equity |
||||||||||||||||
| Short-term debt |
527 | 873 | (346 | ) | (40 | ) | ||||||||||
| Trade, other payables and accrued liabilities |
9,296 | 9,309 | (13 | ) | - | |||||||||||
| Long-term debt, including current portion |
10,861 | 9,863 | 998 | 10 | ||||||||||||
| Share capital |
13,446 | 13,519 | (73 | ) | (1 | ) | ||||||||||
| Retained earnings |
12,694 | 12,076 | 618 | 5 | ||||||||||||
| • | Explanations for changes in Cash and cash equivalents are in the “Liquidity and Capital Resources - Sources and uses of cash” section. |
| • | Receivables increased primarily due to the seasonality of Retail sales and a strategic extension of credit terms to our Retail customers. |
| • | Inventories decreased due to the seasonality of our Retail segment. Our North American inventory levels generally increase at year-end, peak in the first quarter of the year in preparation for the planting and application seasons, and are drawn down in the succeeding quarters. |
| • | Prepaid expenses and other current assets decreased due to Retail taking delivery of prepaid inventories during the planting and application season in North America. |
| • | Short-term debt decreased due to repayments of, and lower draws on, our credit facilities due to the issuance of $1.0 billion of senior notes. |
| • | Trade, other payables and accrued liabilities decreased due to lower customer prepayments in North America as Retail customers took delivery of prepaid sales, as well as settlement of our Retail supplier financing arrangements in 2026 that were entered into in the fourth quarter of 2025. This was partially offset by higher income tax payable as our tax provision exceeded payments. |
| • | Long-term debt, including current portion, increased due to the issuance of $1.0 billion of senior notes in the second quarter of 2026, the net proceeds of which were used to pay short-term debt. |
12
Capital Structure and Management
Principal debt instruments
As part of the normal course of business, we closely monitor our liquidity position. We use a combination of cash generated from operations and short-term and long-term debt to finance our operations. We continually evaluate various financing arrangements and may seek to engage in transactions from time to time when market and other conditions are favorable. We were in compliance with our debt covenants and did not have any changes to our credit ratings for the six months ended June 30, 2026.
Capital structure (debt and equity)
| ($ millions) |
June 30, 2026 | December 31, 2025 | ||||||
| Short-term debt |
527 | 873 | ||||||
| Current portion of long-term debt |
1,434 | 513 | ||||||
| Current portion of lease liabilities |
366 | 346 | ||||||
| Long-term debt |
9,427 | 9,350 | ||||||
| Lease liabilities |
974 | 937 | ||||||
| Shareholders’ equity |
25,938 | 25,365 | ||||||
Commercial paper, credit facilities and other debt
We have a total facility limit of approximately $7,310 million comprised of several credit facilities available in the jurisdictions where we operate. In North America, we have a commercial paper program, which is limited to the undrawn amount under our $4,500 million unsecured revolving term credit facility and excess cash invested in highly liquid securities.
As at June 30, 2026, we utilized $540 million of our total facility limit, which includes $419 million of commercial paper outstanding. During the first half of 2026, we extended the maturity of our accounts receivable purchase facility from March 6, 2026 to March 31, 2028 and entered into a $69 million uncommitted revolving demand facility.
As at June 30, 2026, $231 million in letters of credit were outstanding and committed, with $258 million of remaining credit available under our letter of credit facilities.
Our long-term debt consists primarily of notes and debentures. See the “Capital Structure and Management” section of our 2025 Annual Report for information on balances, rates and maturities for our notes and debentures. During the first half of 2026, we issued $500 million of 4.850 percent senior notes due May 29, 2031 and $500 million of 5.350 percent senior notes due May 29, 2036. See Note 6 to the interim financial statements.
Outstanding share data
| As at August 4, 2026 | ||||
| Common shares |
477,210,074 | |||
| Options to purchase common shares |
1,890,151 | |||
For more information on our capital management, see Note 4 to the annual financial statements in our 2025 Annual Report.
13
Quarterly Results
| ($ millions, except as otherwise noted) | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | ||||||||||||||||||||||||
| Sales |
10,812 | 6,046 | 5,340 | 6,007 | 10,438 | 5,100 | 5,079 | 5,348 | ||||||||||||||||||||||||
| Net earnings |
1,222 | 139 | 580 | 469 | 1,229 | 19 | 118 | 25 | ||||||||||||||||||||||||
| Net earnings attributable to equity holders of Nutrien |
1,214 | 131 | 571 | 464 | 1,221 | 11 | 113 | 18 | ||||||||||||||||||||||||
| Net earnings per share attributable to equity holders of Nutrien |
||||||||||||||||||||||||||||||||
| Basic |
2.53 | 0.27 | 1.18 | 0.96 | 2.51 | 0.02 | 0.23 | 0.04 | ||||||||||||||||||||||||
| Diluted |
2.53 | 0.27 | 1.18 | 0.96 | 2.50 | 0.02 | 0.23 | 0.04 | ||||||||||||||||||||||||
Our quarterly earnings are significantly affected by the seasonality of our business, fertilizer benchmark prices, global demand-supply conditions, grower affordability and weather. See Note 2 to the interim financial statements.
Accounting Policies and New IFRS Standards
Significant accounting policies are disclosed in our 2025 Annual Report and have been consistently applied for the six months ended June 30, 2026, except as described below.
Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments
Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments, were adopted effective January 1, 2026, the required adoption date. The impact was not material. On initial adoption, there was an adjustment of $(13) million to opening cash and cash equivalents as at January 1, 2026, which has been reflected in the condensed consolidated statement of cash flows for the six months ended June 30, 2026.
Critical Accounting Estimates
The preparation of financial statements in accordance with IFRS requires management to make estimates and judgments that affect reported assets, liabilities, revenues and expenses. We have discussed the development, selection and application of our key accounting policies, and the critical accounting estimates and assumptions they involve, with the Audit Committee of the Board.
Our critical accounting estimates are discussed on pages 64 to 65 of our 2025 Annual Report. There were no material changes to our critical accounting estimates for the three months ended June 30, 2026.
Controls and Procedures
Management is responsible for establishing and maintaining adequate internal control over financial reporting (“ICFR”), as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended, and National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings. ICFR is designed to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with IFRS. Any system of ICFR, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.
There has been no change in our ICFR during the three months ended June 30, 2026, that has materially affected, or is reasonably likely to materially affect, our ICFR.
14
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 and within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 (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 the review of strategic alternatives for our Phosphate business, Trinidad Nitrogen facility and Brazilian Retail business and associated outcomes and the anticipated timing thereof; expectations regarding structural growth in our downstream business; expectations regarding our capital allocation approach and strategies, including our intentions with respect to our strategic actions and the expected timing 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 such targets; 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, crop input demand, expected market, industry and growing conditions with respect to crop nutrient application rates, planted acres, farmer crop investment, crop mix and the need to replenish soil nutrient levels, weather conditions, input costs, production volumes and expenses, shipments, natural gas costs and availability, consumption, prices, operating rates, the impact of seasonality, import and export volumes, tariffs, trade or export restrictions, economic sanctions and restrictions, geopolitical disruptions, including the ongoing conflict in the Middle East, inventories, crop development, and natural gas curtailments; the negotiation of sales contracts; acquisitions and divestitures and the anticipated benefits thereof, including timing of the completion of, and expected proceeds from, pending or announced dispositions of non-core assets; and expectations in connection with our ability to generate free cash flow, enhance earnings quality, 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 and gross margins; 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 the review of strategic alternatives for our Phosphate business, Trinidad Nitrogen facility and Brazilian Retail business, within the anticipated timing and parameters, and realization of the expected benefits therefrom; continued reliability improvements; that future business, regulatory and industry conditions will be within the parameters expected by us, including with respect to prices, expenses, margins, operating rates, 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; global economic conditions and the accuracy of our market outlook expectations for 2026 and in the future; the reliability and accuracy of third-party weather and climate forecasts, including forecasts regarding El Niño/La Niña conditions, underlying our crop production and crop price expectations; 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,
15
including the ongoing conflict in the Middle East, 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 and volatility in oil prices; 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; the availability of investment opportunities that align with our strategic priorities and growth strategy; our ability to maintain investment grade ratings and achieve our performance 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) and regulatory investigations; current and future litigation proceedings, investigations and other contingencies; the results of our review of strategic alternatives for our Phosphate business, Trinidad Nitrogen facility and Brazilian Retail 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 the benefits to be realized therefrom; the effects of current and future multinational trade agreements or other developments affecting the level of trade or export restrictions; 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, including the ongoing conflict in the Middle East, 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 2025 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.
16
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 June 30 |
Six Months Ended June 30 | |||||||||||||||
| ($ millions) |
2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net earnings |
1,222 | 1,229 | 1,361 | 1,248 | ||||||||||||
| Finance costs |
173 | 155 | 349 | 334 | ||||||||||||
| Income tax expense |
382 | 398 | 427 | 426 | ||||||||||||
| Depreciation and amortization |
604 | 614 | 1,210 | 1,185 | ||||||||||||
| EBITDA1 |
2,381 | 2,396 | 3,347 | 3,193 | ||||||||||||
| Adjustments: |
||||||||||||||||
| Share-based compensation (recovery) expense |
(41 | ) | 49 | 75 | 91 | |||||||||||
| Foreign exchange loss, net of related derivatives |
13 | 22 | 18 | 29 | ||||||||||||
| ARO/ERL related expenses (income) for non-operating sites |
11 | (2 | ) | (17 | ) | 3 | ||||||||||
| Restructuring costs |
66 | 21 | 82 | 22 | ||||||||||||
| Impairment of assets recorded in other income and expenses |
- | - | 30 | - | ||||||||||||
| Adjusted EBITDA |
2,430 | 2,486 | 3,535 | 3,338 | ||||||||||||
1 EBITDA is calculated as net earnings before finance costs, income taxes, and depreciation and amortization.
18
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 June 30, 2026 |
Six Months Ended June 30, 2026 |
|||||||||||||||||||||||
| ($ 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 |
1,214 | 2.53 | 1,345 | 2.80 | ||||||||||||||||||||
| Adjustments: |
||||||||||||||||||||||||
| Share-based compensation (recovery) expense |
(41 | ) | (32 | ) | (0.07 | ) | 75 | 56 | 0.12 | |||||||||||||||
| Foreign exchange loss, net of related derivatives |
13 | 8 | 0.02 | 18 | 18 | 0.03 | ||||||||||||||||||
| ARO/ERL related expenses (income) for non-operating sites |
11 | 9 | 0.02 | (17 | ) | (13 | ) | (0.03 | ) | |||||||||||||||
| Restructuring costs |
66 | 52 | 0.11 | 82 | 68 | 0.14 | ||||||||||||||||||
| Impairment of assets recorded in other income and expenses |
- | - | - | 30 | 22 | 0.05 | ||||||||||||||||||
| Sub-total adjustments |
49 | 37 | 0.08 | 188 | 151 | 0.31 | ||||||||||||||||||
| Adjusted net earnings |
1,251 | 2.61 | 1,496 | 3.11 | ||||||||||||||||||||
| Three Months Ended June 30, 2025 |
Six Months Ended June 30, 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 |
1,221 | 2.50 | 1,232 | 2.52 | ||||||||||||||||||||
| Adjustments: |
||||||||||||||||||||||||
| Share-based compensation expense |
49 | 37 | 0.08 | 91 | 68 | 0.14 | ||||||||||||||||||
| Foreign exchange loss, net of related derivatives |
22 | 17 | 0.04 | 29 | 23 | 0.05 | ||||||||||||||||||
| ARO/ERL related (income) expenses for non-operating sites |
(2 | ) | (1 | ) | - | 3 | 3 | - | ||||||||||||||||
| Restructuring costs |
21 | 17 | 0.03 | 22 | 18 | 0.04 | ||||||||||||||||||
| Sub-total adjustments |
90 | 70 | 0.15 | 145 | 112 | 0.23 | ||||||||||||||||||
| Adjusted net earnings |
1,291 | 2.65 | 1,344 | 2.75 | ||||||||||||||||||||
19
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.
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.
|
Three Months Ended June 30 |
Six Months Ended June 30 | |||||||||||||||
| ($ millions, except as otherwise noted) |
2026 | 2025 | 2026 | 2025 | ||||||||||||
| Total COGS – Potash |
446 | 440 | 868 | 820 | ||||||||||||
| Change in inventory |
1 | (58 | ) | 9 | (51 | ) | ||||||||||
| Other adjustments1 |
(4 | ) | (8 | ) | (9 | ) | (21 | ) | ||||||||
| COPM |
443 | 374 | 868 | 748 | ||||||||||||
| Depreciation and amortization in COPM |
(183 | ) | (147 | ) | (354 | ) | (292 | ) | ||||||||
| Royalties in COPM |
(27 | ) | (23 | ) | (53 | ) | (42 | ) | ||||||||
| Natural gas costs and carbon taxes in COPM |
(12 | ) | (10 | ) | (25 | ) | (22 | ) | ||||||||
| Controllable cash COPM |
221 | 194 | 436 | 392 | ||||||||||||
| Production volumes (tonnes – thousands) |
3,996 | 3,531 | 7,656 | 6,820 | ||||||||||||
| Potash controllable cash COPM per tonne |
55 | 55 | 57 | 57 | ||||||||||||
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.
20
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 June 30, 2026 | ||||||||||||||||||
| ($ millions, except as otherwise noted) |
Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Total | |||||||||||||
| Selling expenses |
792 | 811 | 798 | 998 | 3,399 | |||||||||||||
| General and administrative expenses |
44 | 40 | 44 | 55 | 183 | |||||||||||||
| Other expenses |
40 | 4 | 36 | 45 | 125 | |||||||||||||
| Operating expenses |
876 | 855 | 878 | 1,098 | 3,707 | |||||||||||||
| Depreciation and amortization in operating expenses |
(179 | ) | (184 | ) | (179 | ) | (177 | ) | (719) | |||||||||
| Operating expenses excluding depreciation and amortization |
697 | 671 | 699 | 921 | 2,988 | |||||||||||||
| Gross margin |
922 | 977 | 800 | 2,046 | 4,745 | |||||||||||||
| Depreciation and amortization in cost of goods sold |
5 | 5 | 5 | 6 | 21 | |||||||||||||
| Gross margin excluding depreciation and amortization |
927 | 982 | 805 | 2,052 | 4,766 | |||||||||||||
| Cash operating coverage ratio (%) |
63 | |||||||||||||||||
| 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 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 | |||||||||||||||||
Retail Average Working Capital to Sales
Definition: Retail average working capital divided by Retail sales for the last four rolling quarters.
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.
| Rolling Four Quarters Ended June 30, 2026 | ||||||||||||||||||
| ($ millions, except as otherwise noted) |
Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Average/Total | |||||||||||||
| Current assets |
10,823 | 11,185 | 12,558 | 12,063 | ||||||||||||||
| Current liabilities |
(5,348 | ) | (8,275 | ) | (7,799 | ) | (7,930 | ) | ||||||||||
| Working capital |
5,475 | 2,910 | 4,759 | 4,133 | 4,319 | |||||||||||||
| Sales |
3,427 | 3,144 | 3,640 | 8,270 | 18,481 | |||||||||||||
| Average working capital to sales (%) |
23 | |||||||||||||||||
| 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 | |||||||||||||
| Sales |
3,090 | 7,959 | 3,427 | 3,144 | 17,620 | |||||||||||||
| Average working capital to sales (%) |
22 | |||||||||||||||||
21
Other Financial Measures
Selected Additional Financial Data
| Nutrien Financial Aging |
As at June 30, 2026 | |
As at December 31, 2025 |
| ||||||||||||||||||||||||||||
| ($ millions) |
Current | |
<31 Days past due |
|
|
31–90 Days past due |
|
|
>90 Days past due |
|
|
Gross receivables |
|
Allowance1 | |
Net receivables2 |
|
|
Net receivables |
| ||||||||||||
| North America |
3,686 | 157 | 60 | 226 | 4,129 | (66 | ) | 4,063 | 2,332 | |||||||||||||||||||||||
| International |
916 | 70 | 23 | 36 | 1,045 | (7 | ) | 1,038 | 774 | |||||||||||||||||||||||
| Nutrien Financial receivables |
4,602 | 227 | 83 | 262 | 5,174 | (73 | ) | 5,101 | 3,106 | |||||||||||||||||||||||
1 Bad debt expense on the above receivables for the six months ended June 30, 2026 was $32 million, in the Retail segment.
2 In 2026, we assume a debt-to-equity ratio of 9:1 (2025 – 9:1) in funding Nutrien Financial receivables, based on the underlying credit quality of the assets.
| Nutrien Financial Net Receivables |
Rolling Four Quarters Ended June 30, 2026 | |||||||||
| ($ millions, except as otherwise noted) |
Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Average/Total | |||||
| Average Nutrien Financial net receivables |
4,452 | 3,106 | 3,035 | 5,101 | 3,924 | |||||
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.
22
Exhibit 99.3
NUTRIEN LTD.
INTERIM FINANCIAL STATEMENTS AND NOTES
AS AT AND FOR THE THREE AND SIX MONTHS ENDED
JUNE 30, 2026
Unaudited
Condensed Consolidated Financial Statements
Condensed Consolidated Statements of Earnings
| Three Months
Ended |
Six Months
Ended |
|||||||||||||||||||
| ($ millions, except as otherwise noted) | Note | 2026 | 2025 | 2026 | 2025 | |||||||||||||||
| Sales |
2, 8 | 10,812 | 10,438 | 16,858 | 15,538 | |||||||||||||||
| Freight, transportation and distribution |
203 | 240 | 447 | 466 | ||||||||||||||||
| Cost of goods sold |
7,358 | 7,023 | 11,514 | 10,577 | ||||||||||||||||
| Gross Margin |
3,251 | 3,175 | 4,897 | 4,495 | ||||||||||||||||
| Selling expenses |
1,001 | 951 | 1,800 | 1,708 | ||||||||||||||||
| General and administrative expenses |
169 | 148 | 333 | 300 | ||||||||||||||||
| Provincial mining taxes |
110 | 97 | 200 | 165 | ||||||||||||||||
| Share-based compensation (recovery) expense |
(41 | ) | 49 | 75 | 91 | |||||||||||||||
| Foreign exchange loss, net of related derivatives |
13 | 22 | 16 | 29 | ||||||||||||||||
| Other expenses |
3 | 222 | 126 | 336 | 194 | |||||||||||||||
| Earnings Before Finance Costs and Income Taxes |
|
1,777 | 1,782 | 2,137 | 2,008 | |||||||||||||||
| Finance costs |
173 | 155 | 349 | 334 | ||||||||||||||||
| Earnings Before Income Taxes |
1,604 | 1,627 | 1,788 | 1,674 | ||||||||||||||||
| Income tax expense |
4 | 382 | 398 | 427 | 426 | |||||||||||||||
| Net Earnings |
1,222 | 1,229 | 1,361 | 1,248 | ||||||||||||||||
| Attributable to |
||||||||||||||||||||
| Equity holders of Nutrien |
1,214 | 1,221 | 1,345 | 1,232 | ||||||||||||||||
| Non-controlling interest |
8 | 8 | 16 | 16 | ||||||||||||||||
| Net Earnings |
1,222 | 1,229 | 1,361 | 1,248 | ||||||||||||||||
| Net Earnings Per Share Attributable to Equity Holders of Nutrien (“EPS”) |
|
|||||||||||||||||||
| Basic |
2.53 | 2.51 | 2.80 | 2.52 | ||||||||||||||||
| Diluted |
2.53 | 2.50 | 2.80 | 2.52 | ||||||||||||||||
| Weighted average shares outstanding for basic EPS |
479,600,000 | 487,396,000 | 480,426,000 | 488,391,000 | ||||||||||||||||
| Weighted average shares outstanding for diluted EPS |
479,824,000 | 487,598,000 | 480,725,000 | 488,563,000 | ||||||||||||||||
| Condensed Consolidated Statements of Comprehensive Income |
| |||||||||||||||||||
| Three Months
Ended |
Six Months
Ended |
|||||||||||||||||||
| ($ millions, net of related income taxes) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||
| Net Earnings |
1,222 | 1,229 | 1,361 | 1,248 | ||||||||||||||||
| Other comprehensive (loss) income |
||||||||||||||||||||
| Items that will not be reclassified to net earnings: |
||||||||||||||||||||
| Net fair value loss on investments |
(10 | ) | - | (10 | ) | (18 | ) | |||||||||||||
| Items that have been or may be subsequently reclassified to net earnings: |
||||||||||||||||||||
| (Loss) gain on currency translation of foreign operations |
(11 | ) | 162 | 61 | 201 | |||||||||||||||
| Other |
(9 | ) | 22 | (15 | ) | 26 | ||||||||||||||
| Other Comprehensive (Loss) Income |
(30 | ) | 184 | 36 | 209 | |||||||||||||||
| Comprehensive Income |
1,192 | 1,413 | 1,397 | 1,457 | ||||||||||||||||
| Attributable to |
||||||||||||||||||||
| Equity holders of Nutrien |
1,184 | 1,404 | 1,380 | 1,440 | ||||||||||||||||
| Non-controlling interest |
8 | 9 | 17 | 17 | ||||||||||||||||
| Comprehensive Income |
1,192 | 1,413 | 1,397 | 1,457 | ||||||||||||||||
(See Notes to the Condensed Consolidated Financial Statements)
23
Unaudited
Condensed Consolidated Statements of Cash Flows
|
Three Months Ended |
Six Months Ended |
|||||||||||||||||||
| ($ millions) | Note | 2026 | 2025 | 2026 | 2025 | |||||||||||||||
| Operating Activities |
||||||||||||||||||||
| Net earnings |
1,222 | 1,229 | 1,361 | 1,248 | ||||||||||||||||
| Adjustments for: |
||||||||||||||||||||
| Depreciation and amortization |
604 | 614 | 1,210 | 1,185 | ||||||||||||||||
| Share-based compensation (recovery) expense |
(41 | ) | 49 | 75 | 91 | |||||||||||||||
| (Recovery of) provision for deferred income tax |
(17 | ) | (48 | ) | 24 | 32 | ||||||||||||||
| Net (undistributed) distributed earnings of equity-accounted investees |
(1 | ) | 90 | (2 | ) | 85 | ||||||||||||||
| Long-term income tax receivables and payables |
1 | 54 | (14 | ) | 16 | |||||||||||||||
| Other long-term assets, liabilities and miscellaneous |
70 | (37 | ) | 97 | (32 | ) | ||||||||||||||
| Cash from operations before working capital changes |
1,838 | 1,951 | 2,751 | 2,625 | ||||||||||||||||
| Changes in non-cash operating working capital: |
||||||||||||||||||||
| Receivables |
(2,385 | ) | (2,462 | ) | (2,915 | ) | (2,605 | ) | ||||||||||||
| Inventories and prepaid expenses and other current assets |
2,909 | 2,894 | 1,918 | 1,620 | ||||||||||||||||
| Trade, other payables and accrued liabilities |
122 | 155 | (121 | ) | (184 | ) | ||||||||||||||
| Cash Provided by Operating Activities |
2,484 | 2,538 | 1,633 | 1,456 | ||||||||||||||||
| Investing Activities |
||||||||||||||||||||
| Capital expenditures1 |
(491 | ) | (424 | ) | (816 | ) | (724 | ) | ||||||||||||
| Business acquisitions, net of cash acquired |
10 | - | (40 | ) | (11 | ) | ||||||||||||||
| Purchase of investments, held within three months, net |
(33 | ) | (53 | ) | (41 | ) | (69 | ) | ||||||||||||
| Purchase of investments |
(1 | ) | (91 | ) | (1 | ) | (93 | ) | ||||||||||||
| Proceeds from sale of investments |
- | 93 | - | 276 | ||||||||||||||||
| Net changes in non-cash working capital |
16 | 10 | (78 | ) | (78 | ) | ||||||||||||||
| Other |
(6 | ) | (30 | ) | (16 | ) | (39 | ) | ||||||||||||
| Cash Used in Investing Activities |
(505 | ) | (495 | ) | (992 | ) | (738 | ) | ||||||||||||
| Financing Activities |
||||||||||||||||||||
| (Repayment of) proceeds from debt, maturing within three months, net |
(2,239 | ) | (578 | ) | (318 | ) | 334 | |||||||||||||
| Proceeds from debt |
6 | 1,000 | - | 1,000 | 998 | |||||||||||||||
| Repayment of debt |
(36 | ) | (531 | ) | (45 | ) | (535 | ) | ||||||||||||
| Repayment of principal portion of lease liabilities |
(108 | ) | (106 | ) | (208 | ) | (216 | ) | ||||||||||||
| Dividends paid to Nutrien’s shareholders |
7 | (266 | ) | (268 | ) | (528 | ) | (533 | ) | |||||||||||
| Repurchase of common shares |
7 | (173 | ) | (105 | ) | (320 | ) | (253 | ) | |||||||||||
| Issuance of common shares |
2 | 26 | 47 | 29 | ||||||||||||||||
| Other |
(2 | ) | (10 | ) | (24 | ) | (31 | ) | ||||||||||||
| Cash Used in Financing Activities |
(1,822 | ) | (1,572 | ) | (396 | ) | (207 | ) | ||||||||||||
| Effect of Exchange Rate Changes on Cash and Cash Equivalents |
(13 | ) | 21 | (12 | ) | 23 | ||||||||||||||
| Increase in Cash and Cash Equivalents |
144 | 492 | 233 | 534 | ||||||||||||||||
| January 1, 2026 opening balance prior to restatement for amendments to IFRS 9 |
9 | - | - | 701 | - | |||||||||||||||
| Adjustment on initial application of amendments to IFRS 9 on January 1, 2026 |
9 | - | - | (13 | ) | - | ||||||||||||||
| Cash and Cash Equivalents – Beginning of Period |
777 | 895 | 688 | 853 | ||||||||||||||||
| Cash and Cash Equivalents – End of Period |
921 | 1,387 | 921 | 1,387 | ||||||||||||||||
| Cash and cash equivalents is composed of: |
||||||||||||||||||||
| Cash |
726 | 1,228 | 726 | 1,228 | ||||||||||||||||
| Short-term investments |
195 | 159 | 195 | 159 | ||||||||||||||||
| 921 | 1,387 | 921 | 1,387 | |||||||||||||||||
| Supplemental Cash Flows Information |
||||||||||||||||||||
| Interest paid |
192 | 220 | 340 | 352 | ||||||||||||||||
| Income taxes paid (received) |
87 | (19 | ) | 124 | (12 | ) | ||||||||||||||
| Total cash outflow for leases |
159 | 139 | 296 | 289 | ||||||||||||||||
1 Includes additions to property, plant and equipment, and intangible assets for the three months ended June 30, 2026 of $469 million and $22 million (2025 – $398 million and $26 million), respectively, and for the six months ended June 30, 2026 of $768 million and $48 million (2025 – $677 million and $47 million), respectively.
(See Notes to the Condensed Consolidated Financial Statements)
24
Unaudited
Condensed Consolidated Statements of Changes in Shareholders’ Equity
| Accumulated other comprehensive (loss) income (“AOCI”) |
||||||||||||||||||||||||||||||||||||||||
| ($ 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, 2024 |
491,025,446 | 13,748 | 68 | (537 | ) | 22 | (515 | ) | 11,106 | 24,407 | 35 | 24,442 | ||||||||||||||||||||||||||||
| Net earnings |
- | - | - | - | - | - | 1,232 | 1,232 | 16 | 1,248 | ||||||||||||||||||||||||||||||
| Other comprehensive income |
- | - | - | 200 | 8 | 208 | - | 208 | 1 | 209 | ||||||||||||||||||||||||||||||
| Shares repurchased for cancellation (Note 7) |
(4,741,786 | ) | (133 | ) | (10 | ) | - | - | - | (114 | ) | (257 | ) | - | (257 | ) | ||||||||||||||||||||||||
| Dividends declared1 |
- | - | - | - | - | - | (533 | ) | (533 | ) | - | (533 | ) | |||||||||||||||||||||||||||
| Non-controlling interest transactions |
- | - | - | - | - | - | - | - | (21 | ) | (21 | ) | ||||||||||||||||||||||||||||
| Effect of share-based compensation including issuance of common shares |
581,799 | 35 | (3 | ) | - | - | - | - | 32 | - | 32 | |||||||||||||||||||||||||||||
| Transfer of net gain on sale of investment |
- | - | - | - | (27 | ) | (27 | ) | 27 | - | - | - | ||||||||||||||||||||||||||||
| Transfer of net loss on cash flow hedges |
- | - | - | - | 1 | 1 | - | 1 | - | 1 | ||||||||||||||||||||||||||||||
| Other |
- | - | - | (2 | ) | - | (2 | ) | 1 | (1 | ) | - | (1 | ) | ||||||||||||||||||||||||||
| Balance – June 30, 2025 |
486,865,459 | 13,650 | 55 | (339 | ) | 4 | (335 | ) | 11,719 | 25,089 | 31 | 25,120 | ||||||||||||||||||||||||||||
| Balance – December 31, 2025 |
481,962,233 | 13,519 | 57 | (329 | ) | - | (329 | ) | 12,076 | 25,323 | 42 | 25,365 | ||||||||||||||||||||||||||||
| Net earnings |
- | - | - | - | - | - | 1,345 | 1,345 | 16 | 1,361 | ||||||||||||||||||||||||||||||
| Other comprehensive income (loss) |
- | - | - | 60 | (25 | ) | 35 | - | 35 | 1 | 36 | |||||||||||||||||||||||||||||
| Shares repurchased for cancellation (Note 7) |
(4,576,390 | ) | (128 | ) | - | - | - | - | (199 | ) | (327 | ) | - | (327 | ) | |||||||||||||||||||||||||
| Dividends declared1 |
- | - | - | - | - | - | (529 | ) | (529 | ) | - | (529 | ) | |||||||||||||||||||||||||||
| Non-controlling interest transactions |
- | - | - | - | - | - | - | - | (23 | ) | (23 | ) | ||||||||||||||||||||||||||||
| Effect of share-based compensation including issuance of common shares |
906,954 | 55 | (6 | ) | - | - | - | - | 49 | - | 49 | |||||||||||||||||||||||||||||
| Transfer of net loss on cash flow hedges |
- | - | - | - | 5 | 5 | - | 5 | - | 5 | ||||||||||||||||||||||||||||||
| Other |
- | - | - | - | - | - | 1 | 1 | - | 1 | ||||||||||||||||||||||||||||||
| Balance – June 30, 2026 |
478,292,797 | 13,446 | 51 | (269 | ) | (20 | ) | (289 | ) | 12,694 | 25,902 | 36 | 25,938 | |||||||||||||||||||||||||||
1 During the six months ended June 30, 2026, we declared dividends of $1.10 per share (2025 – $1.09 per share).
(See Notes to the Condensed Consolidated Financial Statements)
25
Unaudited
Condensed Consolidated Balance Sheets
| As at June 30 |
As at December 31 |
|||||||||||||||
| ($ millions) | Note |
2026 | 2025 | 2025 | ||||||||||||
| Assets |
||||||||||||||||
| Current assets |
||||||||||||||||
| Cash and cash equivalents |
921 | 1,387 | 701 | |||||||||||||
| Receivables |
8 |
8,687 | 8,086 | 5,675 | ||||||||||||
| Inventories |
6,164 | 5,576 | 6,977 | |||||||||||||
| Prepaid expenses and other current assets |
395 | 566 | 1,396 | |||||||||||||
| 16,167 | 15,615 | 14,749 | ||||||||||||||
| Non-current assets |
||||||||||||||||
| Property, plant and equipment |
22,672 | 22,496 | 22,747 | |||||||||||||
| Goodwill |
12,174 | 12,121 | 12,136 | |||||||||||||
| Intangible assets |
1,565 | 1,745 | 1,667 | |||||||||||||
| Investments |
137 | 407 | 144 | |||||||||||||
| Other assets |
840 | 871 | 858 | |||||||||||||
| Total Assets |
53,555 | 53,255 | 52,301 | |||||||||||||
| Liabilities |
||||||||||||||||
| Current liabilities |
||||||||||||||||
| Short-term debt |
6 |
527 | 1,882 | 873 | ||||||||||||
| Current portion of long-term debt |
6 |
1,434 | 538 | 513 | ||||||||||||
| Current portion of lease liabilities |
366 | 363 | 346 | |||||||||||||
| Trade, other payables and accrued liabilities |
8 |
9,296 | 8,991 | 9,309 | ||||||||||||
| 11,623 | 11,774 | 11,041 | ||||||||||||||
| Non-current liabilities |
||||||||||||||||
| Long-term debt |
6 |
9,427 | 9,867 | 9,350 | ||||||||||||
| Lease liabilities |
974 | 988 | 937 | |||||||||||||
| Deferred income tax liabilities |
3,687 | 3,512 | 3,666 | |||||||||||||
| Pension and other post-retirement benefit liabilities |
214 | 232 | 221 | |||||||||||||
| Asset retirement obligations and accrued environmental costs |
1,447 | 1,536 | 1,468 | |||||||||||||
| Other non-current liabilities |
245 | 226 | 253 | |||||||||||||
| Total Liabilities |
27,617 | 28,135 | 26,936 | |||||||||||||
| Shareholders’ Equity |
||||||||||||||||
| Share capital |
7 |
13,446 | 13,650 | 13,519 | ||||||||||||
| Contributed surplus |
51 | 55 | 57 | |||||||||||||
| Accumulated other comprehensive loss |
(289 | ) | (335 | ) | (329 | ) | ||||||||||
| Retained earnings |
12,694 | 11,719 | 12,076 | |||||||||||||
| Equity holders of Nutrien |
25,902 | 25,089 | 25,323 | |||||||||||||
| Non-controlling interest |
36 | 31 | 42 | |||||||||||||
| Total Shareholders’ Equity |
25,938 | 25,120 | 25,365 | |||||||||||||
| Total Liabilities and Shareholders’ Equity |
53,555 | 53,255 | 52,301 | |||||||||||||
(See Notes to the Condensed Consolidated Financial Statements)
26
Unaudited
Notes to the Condensed Consolidated Financial Statements
As at and for the Three and Six Months Ended June 30, 2026
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 2025 annual audited consolidated financial statements with the exception of the amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments, which were adopted effective January 1, 2026 (refer to Note 9). 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 2025 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 2025 figures have been reclassified in Note 2 Segment information.
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 August 5, 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, Australia and South America. 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 reported 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.
Seasonality in our business results from increased demand for products during planting season. Crop input sales are generally higher in the spring and fall application seasons. Crop input inventories are normally accumulated leading up to each application season. Our cash collections generally occur after the application season is complete, while customer prepayments made to us are typically concentrated in December and January and inventory prepayments paid to our suppliers are typically concentrated in the period from November to January. Feed and industrial sales are more evenly distributed throughout the year.
27
Unaudited
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 presented 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 six months ended June 30, 2025.
| ($ millions) |
|
Three Months Ended June 30, 2025 |
|
|
Six Months Ended June 30, 2025 |
| ||
| Sales |
73 | 143 | ||||||
| Gross Margin |
3 | 7 | ||||||
| EBITDA |
2 | 5 |
| Three Months Ended June 30, 2026 | ||||||||||||||||||||||||||||||||
| Downstream | Upstream and Midstream | |||||||||||||||||||||||||||||||
| ($ millions) | Retail | Potash | Nitrogen | Phosphate | Corporate and Others |
Eliminations | Consolidated | |||||||||||||||||||||||||
| Sales – third party |
8,270 | 1,055 | 959 | 441 | 87 | - | 10,812 | |||||||||||||||||||||||||
|
– intersegment |
- | 80 | 314 | 84 | - | (478 | ) | - | ||||||||||||||||||||||||
| Sales – total |
8,270 | 1,135 | 1,273 | 525 | 87 | (478 | ) | 10,812 | ||||||||||||||||||||||||
| Freight, transportation and distribution1 |
- | 82 | 119 | 57 | (1 | ) | (54 | ) | 203 | |||||||||||||||||||||||
| Net sales |
8,270 | 1,053 | 1,154 | 468 | 88 | (424 | ) | 10,609 | ||||||||||||||||||||||||
| Cost of goods sold |
6,224 | 446 | 611 | 493 | 88 | (504 | ) | 7,358 | ||||||||||||||||||||||||
| Gross margin |
2,046 | 607 | 543 | (25 | ) | - | 80 | 3,251 | ||||||||||||||||||||||||
| Selling expenses (recovery) |
998 | 2 | 6 | 2 | - | (7 | ) | 1,001 | ||||||||||||||||||||||||
| General and administrative expenses |
55 | 4 | 7 | 3 | 100 | - | 169 | |||||||||||||||||||||||||
| Provincial mining taxes |
- | 110 | - | - | - | - | 110 | |||||||||||||||||||||||||
| Share-based compensation recovery |
- | - | - | - | (41 | ) | - | (41 | ) | |||||||||||||||||||||||
| Foreign exchange loss, net of related derivatives |
- | - | - | - | 13 | - | 13 | |||||||||||||||||||||||||
| Other expenses |
45 | 14 | 45 | 16 | 87 | 15 | 222 | |||||||||||||||||||||||||
| Earnings (loss) before finance costs and income taxes |
948 | 477 | 485 | (46 | ) | (159 | ) | 72 | 1,777 | |||||||||||||||||||||||
| Depreciation and amortization |
183 | 181 | 150 | 69 | 21 | - | 604 | |||||||||||||||||||||||||
| EBITDA |
1,131 | 658 | 635 | 23 | (138 | ) | 72 | 2,381 | ||||||||||||||||||||||||
| Share-based compensation recovery |
- | - | - | - | (41 | ) | - | (41 | ) | |||||||||||||||||||||||
| Foreign exchange loss, net of related derivatives |
- | - | - | - | 13 | - | 13 | |||||||||||||||||||||||||
| ARO/ERL related expenses for non-operating sites2 (Note 3) |
- | - | - | - | 11 | - | 11 | |||||||||||||||||||||||||
| Restructuring costs (Note 3) |
- | - | - | - | 66 | - | 66 | |||||||||||||||||||||||||
| Adjusted EBITDA |
1,131 | 658 | 635 | 23 | (89 | ) | 72 | 2,430 | ||||||||||||||||||||||||
1 Potash freight, transportation and distribution costs only apply to our North American potash sales volumes.
2 ARO/ERL refers to asset retirement obligations and accrued environmental costs.
28
Unaudited
| Three Months Ended June 30, 2025 | ||||||||||||||||||||||||||||||||
| Downstream | Upstream and Midstream | |||||||||||||||||||||||||||||||
| ($ millions) | Retail | Potash | Nitrogen1 | Phosphate | Corporate and Others1 |
Eliminations | Consolidated | |||||||||||||||||||||||||
| Sales – third party |
7,959 | 992 | 1,031 | 382 | 74 | - | 10,438 | |||||||||||||||||||||||||
|
– intersegment |
- | 93 | 309 | 67 | - | (469 | ) | - | ||||||||||||||||||||||||
| Sales – total |
7,959 | 1,085 | 1,340 | 449 | 74 | (469 | ) | 10,438 | ||||||||||||||||||||||||
| Freight, transportation and distribution2 |
- | 94 | 153 | 53 | - | (60 | ) | 240 | ||||||||||||||||||||||||
| Net sales |
7,959 | 991 | 1,187 | 396 | 74 | (409 | ) | 10,198 | ||||||||||||||||||||||||
| Cost of goods sold |
5,941 | 440 | 674 | 363 | 70 | (465 | ) | 7,023 | ||||||||||||||||||||||||
| Gross margin |
2,018 | 551 | 513 | 33 | 4 | 56 | 3,175 | |||||||||||||||||||||||||
| Selling expenses (recovery) |
948 | 2 | 7 | 1 | (1 | ) | (6 | ) | 951 | |||||||||||||||||||||||
| General and administrative expenses |
44 | 2 | 6 | 1 | 95 | - | 148 | |||||||||||||||||||||||||
| Provincial mining taxes |
- | 97 | - | - | - | - | 97 | |||||||||||||||||||||||||
| Share-based compensation expense |
- | - | - | - | 49 | - | 49 | |||||||||||||||||||||||||
| Foreign exchange loss, net of related derivatives |
- | - | - | - | 22 | - | 22 | |||||||||||||||||||||||||
| Other expenses |
54 | 8 | 1 | 7 | 46 | 10 | 126 | |||||||||||||||||||||||||
| Earnings (loss) before finance costs and income taxes |
972 | 442 | 499 | 24 | (207 | ) | 52 | 1,782 | ||||||||||||||||||||||||
| Depreciation and amortization |
177 | 188 | 166 | 68 | 15 | - | 614 | |||||||||||||||||||||||||
| EBITDA |
1,149 | 630 | 665 | 92 | (192 | ) | 52 | 2,396 | ||||||||||||||||||||||||
| Share-based compensation expense |
- | - | - | - | 49 | - | 49 | |||||||||||||||||||||||||
| Foreign exchange loss, net of related derivatives |
- | - | - | - | 22 | - | 22 | |||||||||||||||||||||||||
| ARO/ERL related income for non-operating sites (Note 3) |
- | - | - | - | (2 | ) | - | (2 | ) | |||||||||||||||||||||||
| Restructuring costs (Note 3) |
- | - | - | - | 21 | - | 21 | |||||||||||||||||||||||||
| Adjusted EBITDA |
1,149 | 630 | 665 | 92 | (102 | ) | 52 | 2,486 | ||||||||||||||||||||||||
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
| Six Months Ended June 30, 2026 | ||||||||||||||||||||||||||||||||
| Downstream | Upstream and Midstream | |||||||||||||||||||||||||||||||
| ($ millions) | Retail | Potash | Nitrogen | Phosphate | Corporate and Others |
Eliminations | Consolidated | |||||||||||||||||||||||||
| Sales – third party |
11,910 | 2,021 | 1,843 | 919 | 165 | - | 16,858 | |||||||||||||||||||||||||
|
– intersegment |
- | 155 | 561 | 153 | - | (869 | ) | - | ||||||||||||||||||||||||
| Sales – total |
11,910 | 2,176 | 2,404 | 1,072 | 165 | (869 | ) | 16,858 | ||||||||||||||||||||||||
| Freight, transportation and distribution1 |
- | 197 | 236 | 119 | (1 | ) | (104 | ) | 447 | |||||||||||||||||||||||
| Net sales |
11,910 | 1,979 | 2,168 | 953 | 166 | (765 | ) | 16,411 | ||||||||||||||||||||||||
| Cost of goods sold |
9,064 | 868 | 1,258 | 982 | 152 | (810 | ) | 11,514 | ||||||||||||||||||||||||
| Gross margin |
2,846 | 1,111 | 910 | (29 | ) | 14 | 45 | 4,897 | ||||||||||||||||||||||||
| Selling expenses (recovery) |
1,796 | 5 | 12 | 4 | (3 | ) | (14 | ) | 1,800 | |||||||||||||||||||||||
| General and administrative expenses |
99 | 7 | 11 | 5 | 211 | - | 333 | |||||||||||||||||||||||||
| Provincial mining taxes |
- | 200 | - | - | - | - | 200 | |||||||||||||||||||||||||
| Share-based compensation expense |
- | - | - | - | 75 | - | 75 | |||||||||||||||||||||||||
| Foreign exchange (gain) loss, net of related derivatives |
(2 | ) | - | - | - | 18 | - | 16 | ||||||||||||||||||||||||
| Other expenses |
81 | 40 | 72 | 23 | 97 | 23 | 336 | |||||||||||||||||||||||||
| Earnings (loss) before finance costs and income taxes |
872 | 859 | 815 | (61 | ) | (384 | ) | 36 | 2,137 | |||||||||||||||||||||||
| Depreciation and amortization |
367 | 356 | 302 | 141 | 44 | - | 1,210 | |||||||||||||||||||||||||
| EBITDA |
1,239 | 1,215 | 1,117 | 80 | (340 | ) | 36 | 3,347 | ||||||||||||||||||||||||
| Share-based compensation expense |
- | - | - | - | 75 | - | 75 | |||||||||||||||||||||||||
| Foreign exchange loss, net of related derivatives |
- | - | - | - | 18 | - | 18 | |||||||||||||||||||||||||
| ARO/ERL related income for non-operating sites (Note 3) |
- | - | - | - | (17 | ) | - | (17 | ) | |||||||||||||||||||||||
| Restructuring costs (Note 3) |
- | - | - | - | 82 | - | 82 | |||||||||||||||||||||||||
| Impairment of assets recorded in other income and expenses (Note 3) |
- | 21 | - | - | 9 | - | 30 | |||||||||||||||||||||||||
| Adjusted EBITDA |
1,239 | 1,236 | 1,117 | 80 | (173 | ) | 36 | 3,535 | ||||||||||||||||||||||||
1 Potash freight, transportation and distribution costs only apply to our North American potash sales volumes.
30
Unaudited
| Six Months Ended June 30, 2025 | ||||||||||||||||||||||||||||||||
| Downstream | Upstream and Midstream | |||||||||||||||||||||||||||||||
| ($ millions) | Retail | Potash | Nitrogen1 | Phosphate | Corporate and Others1 |
Eliminations | Consolidated | |||||||||||||||||||||||||
| Sales – third party |
11,049 | 1,758 | 1,853 | 720 | 158 | - | 15,538 | |||||||||||||||||||||||||
|
– intersegment |
- | 188 | 491 | 134 | - | (813 | ) | - | ||||||||||||||||||||||||
| Sales – total |
11,049 | 1,946 | 2,344 | 854 | 158 | (813 | ) | 15,538 | ||||||||||||||||||||||||
| Freight, transportation and distribution2 |
- | 211 | 272 | 98 | 1 | (116 | ) | 466 | ||||||||||||||||||||||||
| Net sales |
11,049 | 1,735 | 2,072 | 756 | 157 | (697 | ) | 15,072 | ||||||||||||||||||||||||
| Cost of goods sold |
8,345 | 820 | 1,272 | 724 | 139 | (723 | ) | 10,577 | ||||||||||||||||||||||||
| Gross margin |
2,704 | 915 | 800 | 32 | 18 | 26 | 4,495 | |||||||||||||||||||||||||
| Selling expenses (recovery) |
1,703 | 5 | 14 | 3 | (4 | ) | (13 | ) | 1,708 | |||||||||||||||||||||||
| General and administrative expenses |
88 | 4 | 11 | 3 | 194 | - | 300 | |||||||||||||||||||||||||
| Provincial mining taxes |
- | 165 | - | - | - | - | 165 | |||||||||||||||||||||||||
| Share-based compensation expense |
- | - | - | - | 91 | - | 91 | |||||||||||||||||||||||||
| Foreign exchange loss, net of related derivatives |
- | - | - | - | 29 | - | 29 | |||||||||||||||||||||||||
| Other expenses |
79 | 10 | 13 | 13 | 64 | 15 | 194 | |||||||||||||||||||||||||
| Earnings (loss) before finance costs and income taxes |
834 | 731 | 762 | 13 | (356 | ) | 24 | 2,008 | ||||||||||||||||||||||||
| Depreciation and amortization |
361 | 345 | 308 | 140 | 31 | - | 1,185 | |||||||||||||||||||||||||
| EBITDA |
1,195 | 1,076 | 1,070 | 153 | (325 | ) | 24 | 3,193 | ||||||||||||||||||||||||
| Share-based compensation expense |
- | - | - | - | 91 | - | 91 | |||||||||||||||||||||||||
| Foreign exchange loss, net of related derivatives |
- | - | - | - | 29 | - | 29 | |||||||||||||||||||||||||
| ARO/ERL related expenses for non-operating sites (Note 3) |
- | - | - | - | 3 | - | 3 | |||||||||||||||||||||||||
| Restructuring costs (Note 3) |
- | - | - | - | 22 | - | 22 | |||||||||||||||||||||||||
| Adjusted EBITDA |
1,195 | 1,076 | 1,070 | 153 | (180 | ) | 24 | 3,338 | ||||||||||||||||||||||||
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.
31
Unaudited
|
Three Months Ended |
Six Months Ended |
|||||||||||||||
| ($ millions) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Retail sales by product line |
||||||||||||||||
| Crop nutrients |
3,541 | 3,391 | 5,024 | 4,585 | ||||||||||||
| Crop protection products |
2,755 | 2,666 | 3,892 | 3,638 | ||||||||||||
| Seed |
1,278 | 1,278 | 1,840 | 1,810 | ||||||||||||
| Services and other |
308 | 286 | 483 | 432 | ||||||||||||
| Merchandise |
291 | 238 | 514 | 427 | ||||||||||||
| Nutrien Financial |
145 | 135 | 225 | 205 | ||||||||||||
| Nutrien Financial elimination1 |
(48 | ) | (35 | ) | (68 | ) | (48 | ) | ||||||||
| 8,270 | 7,959 | 11,910 | 11,049 | |||||||||||||
| Potash sales by geography |
||||||||||||||||
| Manufactured product |
||||||||||||||||
| North America |
353 | 382 | 837 | 816 | ||||||||||||
| Offshore2 |
781 | 701 | 1,338 | 1,127 | ||||||||||||
| Other potash and purchased products |
1 | 2 | 1 | 3 | ||||||||||||
| 1,135 | 1,085 | 2,176 | 1,946 | |||||||||||||
| Nitrogen sales by product line |
||||||||||||||||
| Manufactured product |
||||||||||||||||
| Ammonia |
289 | 359 | 456 | 599 | ||||||||||||
| Urea and ESN® |
355 | 530 | 771 | 912 | ||||||||||||
| Solutions, nitrates and sulfates |
492 | 430 | 908 | 751 | ||||||||||||
| Other nitrogen and purchased products3 |
137 | 21 | 269 | 82 | ||||||||||||
| 1,273 | 1,340 | 2,404 | 2,344 | |||||||||||||
| Phosphate sales by product line |
||||||||||||||||
| Manufactured product |
||||||||||||||||
| Fertilizer |
335 | 285 | 694 | 534 | ||||||||||||
| Industrial and feed |
183 | 155 | 366 | 306 | ||||||||||||
| Other phosphate and purchased products |
7 | 9 | 12 | 14 | ||||||||||||
| 525 | 449 | 1,072 | 854 | |||||||||||||
1 Represents elimination of the interest and service fees charged by Nutrien Financial to Retail branches.
2 Relates to Canpotex Limited (“Canpotex”) (see Note 8) and includes provisional pricing adjustments for the three months ended June 30, 2026 of $18 million (2025 – $27 million) and the six months ended June 30, 2026 of $15 million (2025 – $58 million).
3 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment.
Note 3 Other expenses (income)
|
Three Months Ended |
Six Months Ended |
|||||||||||||||
| ($ millions) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Restructuring costs |
66 | 21 | 82 | 22 | ||||||||||||
| Earnings of equity-accounted investees |
(4 | ) | (9 | ) | (6 | ) | (14 | ) | ||||||||
| Bad debt expense |
34 | 38 | 49 | 57 | ||||||||||||
| Project feasibility costs |
24 | 26 | 42 | 41 | ||||||||||||
| Customer prepayment costs |
19 | 19 | 38 | 37 | ||||||||||||
| Legal expenses |
12 | 5 | 17 | 7 | ||||||||||||
| ARO/ERL related expenses (income) for non-operating sites |
11 | (2 | ) | (17 | ) | 3 | ||||||||||
| Impairment of assets |
- | - | 30 | - | ||||||||||||
| Other expenses |
60 | 28 | 101 | 41 | ||||||||||||
| 222 | 126 | 336 | 194 | |||||||||||||
32
Unaudited
Note 4 Income taxes
|
Three Months Ended |
Six Months
Ended |
|||||||||||||||
| ($ millions, except as otherwise noted) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Actual effective tax rate on earnings (%) |
23 | 23 | 24 | 24 | ||||||||||||
| Actual effective tax rate including discrete items (%) |
24 | 24 | 24 | 25 | ||||||||||||
| Discrete tax adjustments that impacted the tax rate1 |
11 | 22 | 3 | 27 | ||||||||||||
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 5 Financial instruments
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 $10,861 million and fair value of $10,400 million as at June 30, 2026. There were no transfers between levels for financial instruments measured at fair value on a recurring basis.
Note 6 Debt
On May 29, 2026, we issued $1 billion of senior notes. The senior notes are unsecured, rank equally with our existing unsecured debt, and have no sinking fund requirements prior to maturity. Each series of outstanding senior notes is redeemable and has various provisions for redemption prior to maturity, at our option, at specified prices.
| ($ millions, except as otherwise noted) | Rate of interest (%) | Maturity | Amount | |||||||||
| Senior notes issued in 2026 |
4.850 | May 29, 2031 | 500 | |||||||||
| Senior notes issued in 2026 |
5.350 | May 29, 2036 | 500 | |||||||||
| 1,000 | ||||||||||||
During the six months ended June 30, 2026, we entered into a $69 million uncommitted revolving demand facility. As at June 30, 2026, there were no borrowings outstanding under this facility. We also extended the maturity of our accounts receivable purchase facility from March 6, 2026 to March 31, 2028.
Note 7 Share capital
Share repurchase programs
The following table summarizes our share repurchase activities during the periods indicated below:
|
Three Months Ended |
Six Months Ended |
|||||||||||||||
| ($ millions, except as otherwise noted) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Number of common shares repurchased for cancellation |
2,494,887 | 1,878,972 | 4,576,390 | 4,741,786 | ||||||||||||
| Average price per share (US dollars) |
69.33 | 56.39 | 70.08 | 53.19 | ||||||||||||
| Total cost, inclusive of tax |
179 | 108 | 327 | 257 | ||||||||||||
Subsequent to June 30, 2026, as of August 4, 2026, an additional 1,238,033 common shares were repurchased for cancellation at a cost of $82 million and an average price per share of $66.98.
Dividends declared
We declared a dividend per share of $0.55 (2025 – $0.545) during the three months ended June 30, 2026, payable on July 17, 2026 to shareholders of record on June 30, 2026.
33
Unaudited
Note 8 Related party transactions
We sell potash outside Canada and the US exclusively through Canpotex. Our total revenue is recognized at the time product is loaded for shipping, 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 June 30, 2026 were $58 million (2025 – $20 million) and the six months ended June 30, 2026 were $122 million (2025 – $77 million).
| ($ millions) | As at June 30, 2026 |
As at December 31, 2025 |
||||||
| Receivables from Canpotex |
339 | 279 | ||||||
| Payables to Canpotex |
100 | 63 | ||||||
Note 9 Accounting policies, estimates and judgments
Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments
Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments, were adopted effective January 1, 2026, the required adoption date. The amendments clarified the timing of recognition and derecognition of financial assets and financial liabilities. The adoption resulted in a change in the accounting policy relating to the timing of the derecognition of certain financial assets and financial liabilities, such that derecognition now occurs upon settlement.
The amendments were applied retrospectively without restatement of prior periods in accordance with the transitional provisions other than, on initial adoption, there was an adjustment of $(13) million to opening cash and cash equivalents as at January 1, 2026, which has been reflected in the condensed consolidated statement of cash flows for the six months ended June 30, 2026.
34