Nutrien Q2 earnings hit $1.22 billion as record potash volumes lift revenue 4%

Nutrien reported second-quarter 2026 net earnings of $1.22 billion ($2.53 diluted earnings per share) on revenue of $10.8 billion, up 4% from the same period a year ago. Adjusted EBITDA reached $2.43 billion as record potash sales volumes and higher nitrogen benchmarks offset weaker phosphate margins.

“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,” said Ken Seitz, Nutrien’s president and CEO.

The potash segment drove the quarter, with first-half sales volumes reaching a record 7.45 million tonnes at a controllable cash cost below $60 per tonne. Nutrien raised the low end of its full-year potash sales guidance to 14.2–14.8 million tonnes, up from the previous floor of 14.1 million. Average potash net selling prices rose to $267 per tonne from $248 a year earlier.

Nitrogen adjusted EBITDA climbed to $1.12 billion in the first half on higher global benchmarks and lower natural gas costs of $2.72 per MMBtu, down from $3.61 a year ago. Production volumes fell as the company executed its largest-ever turnaround at the Carseland facility and absorbed the shutdown of its Trinidad nitrogen plant.

Phosphate was the weakest segment. Gross margin turned negative at minus $31 per tonne as sulfur input costs surged, pushing cost of goods sold to $812 per tonne from $646 a year earlier. Nutrien said it remains on track to finalize a strategic review of its phosphate business in 2026.

Cash from operations rose 12% in the first half. Nutrien returned $848 million to shareholders through dividends and buybacks, with share repurchases increasing 26%. Capital expenditure guidance was trimmed to $1.95–$2.05 billion from $2.0–$2.1 billion previously.

The company expects global nitrogen fundamentals to stay tight through the second half of 2026, driven by trade flow disruptions, elevated energy prices and import demand from India and Brazil. Global potash shipments are projected at 74–77 million tonnes for the full year.

Nutrien’s results follow CF Industries’ Q2 report, which showed nitrogen profits nearly doubling, and come a day after Mosaic posted a $273 million net loss driven by the sulfur shortage affecting phosphate producers worldwide.