Nutrien Q1 2026 revenue jumps 19% on robust fertilizer demand

Nutrien delivered adjusted EBITDA of $1.11bn in the first quarter of 2026, driven by record potash sales volumes and higher global benchmark prices, but its stock fell more than 7% after adjusted earnings per share came in at $0.51 — below analyst expectations of $0.53.

Net earnings attributable to shareholders were $139mn, or $0.27 per diluted share, compared to a near-zero result in Q1 2025. Total revenues rose 18.6% year-over-year to $6.05bn, well ahead of consensus estimates of $5.35bn.

The company’s potash segment posted adjusted EBITDA of $578mn, up sharply from the prior year, as Nutrien increased production from low-cost North American assets and maintained controllable cash costs below $60 per tonne. Potash sales volumes reached a quarterly record, supported by robust demand in Brazil, India, and Southeast Asia. The nitrogen segment also improved, benefiting from higher global benchmark prices tied to Middle East supply disruptions.

Retail adjusted EBITDA was $108mn, a seasonally slower quarter, but crop nutrient sales volumes and proprietary product margins improved in the US and Australia. Nutrien also completed a tuck-in acquisition of a corn belt retail business during the quarter.

Ken Seitz, Nutrien’s president and CEO, said the company “delivered record potash sales volumes and stronger Nitrogen and Retail performance” while taking steps to simplify the business and improve capital efficiency. Nutrien reaffirmed all full-year 2026 guidance ranges: potash sales volumes of 14.1–14.8 million tonnes, nitrogen sales volumes of 9.2–9.7 million tonnes, and retail adjusted EBITDA of CA$1.75–1.95bn. The company expects the first half of 2026 to account for about 70% of full-year retail earnings, consistent with prior years. Free cash flow is expected to be supported by tight global fertilizer supply-demand fundamentals through the rest of 2026.