Key Takeaways
- Nutrien reported Q1 2026 net earnings of $139 million ($0.27 diluted EPS) and adjusted EBITDA of $1.11 billion, up 30% year-over-year.
- Potash adjusted EBITDA rose 30% to $578 million on record Q1 sales volumes of 3.51 million tonnes, with controllable cash costs held below $60 per tonne.
- Nitrogen adjusted EBITDA increased 19% to $482 million on stronger global benchmarks and a 92% ammonia operating rate at North American plants.
- Retail adjusted EBITDA surged 135% to $108 million on higher crop nutrient volumes and stronger proprietary product margins in the US and Australia.
- Nutrien maintained all 2026 full-year guidance ranges and returned $409 million to shareholders in the quarter.
Nutrien Posts Record Potash Volumes and Strong Q1 2026 Results
Nutrien Ltd. (TSX and NYSE: NTR) reported Q1 2026 net earnings of $139 million ($0.27 diluted EPS), with adjusted EBITDA of $1.11 billion – up 30% from $852 million in Q1 2025. Adjusted net earnings per share came in at $0.51 versus $0.11 a year ago. Total sales reached $6.05 billion, up 19% year-over-year.
“Nutrien delivered record potash sales volumes and stronger Nitrogen and Retail performance in the first quarter. We continue to take purposeful steps to simplify the business, strengthen and grow our core asset base and improve capital efficiency, resulting in a more resilient portfolio and delivering structural free cash flow growth,” said Ken Seitz, President and CEO of Nutrien.
Segment Highlights From Nutrien
Potash adjusted EBITDA grew 30% to $578 million on record Q1 sales volumes of 3.51 million tonnes and higher global benchmark prices. North American net selling price rose to $287 per tonne from $243 in Q1 2025. Controllable cash cost of product manufactured remained below $60 per tonne as production rose to 3.66 million tonnes.
Nitrogen adjusted EBITDA rose 19% to $482 million on stronger global benchmarks. North American plants delivered a 92% ammonia operating rate. Overall natural gas costs fell to $3.28 per MMBtu from $3.91 in Q1 2025. Sales volumes declined year-over-year following the shutdown of the Trinidad and New Madrid facilities.
Retail adjusted EBITDA more than doubled to $108 million from $46 million, supported by higher crop nutrient volumes, stronger proprietary product margins in the US and Australia, earlier field activity, and a tuck-in acquisition in the US corn belt. Total Retail sales reached $3.64 billion, up 18%.
Phosphate adjusted EBITDA fell 7% to $57 million as higher sulfur input costs offset stronger global benchmarks and improved volumes. A strategic alternatives review of the Phosphate business, Trinidad Nitrogen facility, and Brazilian Retail operation remains ongoing.
Guidance Maintained
Nutrien held all 2026 full-year guidance unchanged: Retail adjusted EBITDA of $1.75 to $1.95 billion; Potash volumes of 14.1 to 14.8 million tonnes; Nitrogen at 9.2 to 9.7 million tonnes; Phosphate at 2.4 to 2.6 million tonnes; and total capex of $2.0 to $2.1 billion. The company returned $409 million to shareholders via dividends and share repurchases in Q1 2026.
Read the company's results here.
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