Key Takeaways:
- Nutrien reported third quarter net earnings of $0.5 billion ($0.96 per diluted share) and adjusted EBITDA of $1.4 billion.
- Year-to-date adjusted EBITDA reached $4.8 billion, driven by higher fertilizer prices, record sales volumes, and improved Retail earnings.
- The company announced a strategic review of its Phosphate business and completed the sale of its 50% interest in Profertil S.A.
- Record ammonia operating rate of 94% achieved through improved reliability.
- Nutrien returned $1.2 billion to shareholders in the first nine months of 2025.
Nutrien Announces Third Quarter 2025 Results
Nutrien Ltd. (TSX and NYSE: NTR) released its third quarter 2025 results, reporting net earnings of $0.5 billion ($0.96 diluted net earnings per share) and adjusted EBITDA of $1.4 billion. Adjusted net earnings per share were $0.97.
“Nutrien delivered structural earnings growth in the first nine months of 2025 through record upstream fertilizer sales volumes, improved reliability and higher Retail earnings, while lowering capital expenditures and increasing cash returned to shareholders,” said Ken Seitz, Nutrien’s President and CEO. “We continue to progress our strategic initiatives and take actions to simplify our portfolio, enhancing earnings quality and improving cash conversion.”
Year-to-date, Nutrien generated $1.7 billion in net earnings and $4.8 billion in adjusted EBITDA, reflecting higher fertilizer net selling prices, increased upstream sales volumes, and improved Retail performance.
Segment Performance Highlights
Retail:
Retail adjusted EBITDA increased to $1.4 billion in the first nine months of 2025, driven by cost savings and higher proprietary product margins. The company benefited from stronger North American application activity and higher crop nutrient and crop protection product sales.
Potash:
Potash adjusted EBITDA rose to $1.8 billion, supported by record sales volumes and strong affordability in key markets. Average net selling prices increased 30% year-over-year, reflecting higher global benchmark prices.
Nitrogen:
Nitrogen adjusted EBITDA reached $1.6 billion, up from $1.4 billion in the prior-year period, driven by higher selling prices and volumes. Nutrien achieved a record ammonia operating rate of 94% during the first nine months of 2025 due to improved site reliability.
Phosphate:
Phosphate adjusted EBITDA was $122 million for the quarter, a 37% increase year-over-year, supported by higher selling prices and production volumes. The company announced a review of strategic alternatives for the Phosphate business, including possible partnerships, reconfiguration, or divestiture.
Strategic Actions and Portfolio Simplification
Nutrien continued to streamline its portfolio to focus on core assets and enhance long-term value creation. In September 2025, the company announced the sale of its 50% equity interest in Profertil S.A. for approximately $0.6 billion, increasing total proceeds from asset divestitures to about $0.9 billion over the past year.
Additionally, Nutrien completed a controlled shutdown of its Trinidad Nitrogen facility due to challenges with port access and gas supply. The company is evaluating options to improve the site’s long-term financial performance.
Seitz noted, “Our actions to simplify the portfolio are intended to enhance earnings quality, improve cash conversion, and support growth in free cash flow per share.”
Market Outlook and 2025 Guidance
Nutrien expects healthy global crop nutrient demand and continued growth in potash shipments through 2026. The company forecasts global potash shipments between 74 and 77 million tonnes next year, supported by strong affordability and limited new capacity additions.
Retail adjusted EBITDA guidance for 2025 is between $1.68 billion and $1.82 billion, reflecting stronger crop input demand and continued recovery in Brazil. Potash sales volume guidance increased to a range of 14.0–14.5 million tonnes, while nitrogen and phosphate volume guidance remains stable.
Capital expenditures are expected between $2.0 billion and $2.1 billion, focused on network optimization, proprietary products, and mine automation initiatives.
Capital Allocation and Shareholder Returns
Nutrien returned $1.2 billion to shareholders in the first nine months of 2025 through dividends and share repurchases. The company repurchased 8.3 million shares, totaling $465 million as of November 4, 2025.
Seitz emphasized, “We remain focused on utilizing our world-class asset base to efficiently supply our customers with the products and services they need while generating strong returns for shareholders.”
Nutrien reported cash provided by operating activities of $1.0 billion in the first nine months of 2025, reflecting improved profitability and disciplined capital management.
Nutrien Reaffirms Focus on Long-Term Growth
Looking ahead, Nutrien expects a supportive agriculture market environment and ongoing demand for its fertilizer products. The company reiterated its commitment to advancing strategic priorities that strengthen its core business, improve operational efficiency, and deliver long-term shareholder value.
“Nutrien is well positioned to drive sustainable earnings growth, supported by disciplined portfolio management and our focus on operational reliability,” said Seitz.
Nutrien Ltd.
Nutrien Ltd. is a global provider of crop inputs and services, with a large-scale network of production, distribution, and ag retail facilities. The company serves agricultural, industrial, and feed customers through the supply of potash, nitrogen, and phosphate products, totaling approximately 27 million tonnes annually.
Nutrien's retail network supports over 600,000 customer accounts worldwide. Its operations span the agricultural value chain, with a focus on improving on-farm productivity. The company emphasizes long-term value creation through investments, stakeholder engagement, and farmer-focused services.
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