Key Takeaways
- Nutrien reported Q2 2025 net earnings of $1.2 billion and adjusted EBITDA of $2.5 billion
- First-half 2025 potash and nitrogen performance supported by record volumes and higher selling prices
- Potash sales guidance raised to 13.9–14.5 million tonnes for the full year
- $800 million returned to shareholders in H1 through dividends and share repurchases
- Full-year guidance for nitrogen and phosphate volumes remains unchanged
Financial Overview Of Nutrien’s Q2 2025
Higher volumes and pricing support quarterly performance
Nutrien Ltd. (TSX and NYSE: NTR) released its Q2 2025 results, reporting net earnings of $1.2 billion or $2.50 per diluted share, with adjusted EBITDA of $2.5 billion, reflecting an 11% increase compared to Q2 2024. Growth was attributed to higher fertilizer sales volumes and improved pricing across key product categories.
For the first half of 2025, adjusted EBITDA totaled $3.3 billion, with net earnings of $1.25 billion, up from $557 million during the same period in 2024.
Nutrien’s Potash Segment
Sales volumes reach record levels; guidance updated
Potash segment adjusted EBITDA reached $630 million in Q2 and $1.1 billion in H1, supported by higher net selling prices and record sales volumes. Nutrien reported 7.39 million tonnes in potash sales for H1, driven by demand in North America, Brazil, and Southeast Asia.
Average net selling prices increased year-over-year, particularly in offshore markets, although domestic pricing saw some softness. Cost of goods sold per tonne also increased, primarily due to depreciation and turnaround costs.
As a result of market conditions, full-year 2025 potash sales guidance was raised to 13.9–14.5 million tonnes, compared to previous expectations of 13.6–14.4 million tonnes.
Nitrogen Segment
Higher operating rates contribute to earnings
The Nitrogen segment reported adjusted EBITDA of $667 million in Q2 and $1.1 billion in H1, benefiting from higher sales volumes and net selling prices. Nutrien achieved a record ammonia operating rate of 98% in the first half of the year, which contributed to stronger margins.
Despite increased natural gas input costs and reduced equity earnings from Profertil S.A., segment performance remained stable. Full-year sales volume guidance for nitrogen was maintained at 10.7–11.2 million tonnes, with H2 output expected to decline due to planned turnaround activity.
Phosphate Segment
Margins remain under pressure due to input costs
Phosphate adjusted EBITDA totaled $92 million in Q2, up 5% year-over-year, with average net selling prices increasing. However, first-half adjusted EBITDA declined 27%, as higher sulfur input costs and reduced production volumes from earlier turnarounds impacted overall profitability.
Full-year phosphate volume guidance remains unchanged at 2.35–2.55 million tonnes, supported by expectations of improved operating rates in H2.
Nutrien’s Shareholder Returns and Capital Spending
$800 million returned through dividends and buybacks
In the first half of 2025, Nutrien returned $800 million to shareholders, including $316 million in share repurchases (5.7 million shares) and dividend payments. The company reported capital expenditures of $738 million, with full-year spending expected to remain below 2024 levels at $2.0–$2.1 billion.
Cash provided by operating activities in Q2 rose 40% year-over-year to $2.5 billion, reflecting higher earnings and working capital movements.
Market Conditions and Outlook For Nutrien
Global fertilizer markets remain active
Nutrien noted continued engagement across global crop input markets. In North America and Brazil, fertilizer application activity remained strong despite lower crop prices. Brazilian soybean acreage is expected to expand by 1–3% in 2025, while rainfall in Australia has improved prospects for winter planting.
The company forecasts global potash shipments of 73–75 million tonnes in 2025. Urea and ammonia markets remain tight due to supply constraints, while phosphate markets continue to face challenges from restricted exports and input cost pressures.
Full-year retail adjusted EBITDA guidance remains in the $1.65–1.85 billion range. Nutrien also revised its expected effective tax rate to 24.0–26.0%, citing geographic shifts in earnings contributions.
Read the complete financial results here.
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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