Nutrien Reports Full-Year 2025 Results and Provides 2026 Guidance
SASKATOON, Saskatchewan--( BUSINESS WIRE)--Nutrien Ltd. (TSX and NYSE: NTR) announced today its fourth quarter 2025 results, with net earnings of $0.58 billion ($1.18 diluted net earnings per share). Fourth quarter 2025 adjusted EBITDA 1 was $1.28 billion and adjusted net earnings per share 1 was $0.83.
“2025 was a defining year for our Company, with exceptional performance across all our operating segments and a reduction in cost and capital expenditures that surpassed our targets. Alongside delivering structural free cash flow growth, we took decisive actions to optimize our portfolio, strengthen our balance sheet and increase cash returns to shareholders,” commented Ken Seitz, Nutrien’s President and CEO.
“As we move into 2026, our priorities remain unchanged and we expect to build on our momentum supported by strong potash market fundamentals, an improved Nitrogen margin profile, and higher Retail earnings. I am excited about Nutrien’s extraordinary potential as we continue to position the Company for long-term growth and resilience,” added Mr. Seitz.
Highlights 2:
1
This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section. All references to per share amounts pertain to diluted net earnings per share, unless otherwise noted.
2
Our discussion of highlights set out on this page is a comparison of the results for the twelve months ended December 31, 2025 to the results for the twelve months ended December 31, 2024, unless otherwise noted.
3
Cash used for dividends and share repurchases.
4
Excludes Trinidad and Joffre.
Update on Strategic Actions:
We continue to take actions to simplify our portfolio and focus on core assets to enhance earnings quality and free cash flow.
Market Outlook and Guidance
Agriculture and Retail Markets
Crop Nutrient Markets
Financial and Operational Guidance
All guidance numbers, including those noted above, are outlined in the table below. In addition, set forth below are anticipated fertilizer pricing and natural gas price sensitivities relating to adjusted EBITDA (consolidated) and adjusted net earnings per share.
2026 Guidance ranges 1 as of
February 18, 2026
($ billions, except as otherwise noted)
Low
High
2025 Actual
Retail adjusted EBITDA
1.75
1.95
1.74
Potash sales volumes (million tonnes) 2
14.1
14.8
14.25
Nitrogen sales volumes (million tonnes) 2
9.2
9.7
10.89
Phosphate sales volumes (million tonnes) 2
2.4
2.6
2.36
Depreciation and amortization
2.4
2.5
2.4
Finance costs
0.65
0.75
0.7
Effective tax rate on adjusted net earnings (%) 3
24.0
26.0
24.9
Capital expenditures 4
2.0
2.1
2.0
1 See the “Forward-Looking Statements” section.
2 Manufactured product only.
3 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.
4 Comprised of sustaining capital expenditures, investing capital expenditures and mine development and pre-stripping capital expenditures, which are supplementary financial measures. See the “Other Financial Measures” section.
2026 Annual Sensitivities
Effect on 1
($ millions, except EPS amounts)
Adjusted EBITDA
Adjusted EPS 4
$25 per tonne change in potash net selling prices
± 280
± 0.45
$25 per tonne change in ammonia net selling prices 2
± 35
± 0.05
$25 per tonne change in urea and ESN® net selling prices
± 65
± 0.10
$25 per tonne change in solutions, nitrates and sulfates net selling prices
± 135
± 0.20
$1 per MMBtu change in NYMEX natural gas price 3
± 180
± 0.30
1 See the “Forward-Looking Statements” section.
2 Excludes Trinidad.
3 Nitrogen related impact.
4 Based on shares outstanding as at December 31, 2025.
Consolidated Results
Three Months Ended December 31
Twelve Months Ended December 31
($ millions, except as otherwise noted)
2025
2024
% Change
2025
2024
% Change
Sales
5,340
5,079
5
26,885
25,972
4
Gross margin
1,888
1,581
19
8,347
7,530
11
Expenses
967
1,184
(18)
4,611
5,674
(19)
Net earnings
580
118
392
2,297
700
228
Adjusted EBITDA 1
1,277
1,055
21
6,046
5,355
13
Diluted net earnings per share (dollars) 2
1.18
0.23
413
4.66
1.36
243
Adjusted net earnings per share (dollars) 1, 2
0.83
0.31
168
4.56
3.47
31
1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.
2 All references to per share amounts pertain to diluted net earnings per share, unless otherwise noted.
Net earnings and adjusted EBITDA increased in the fourth quarter primarily due to higher fertilizer net selling prices and Potash sales volumes, partially offset by lower Nitrogen sales volumes and Retail earnings. For the full year of 2025, net earnings and adjusted EBITDA increased due to higher fertilizer net selling prices, increased upstream fertilizer sales volumes and higher Retail earnings. Net earnings for the fourth quarter of 2025 were positively impacted by the gain on sale of investment related to the disposal of our 50 percent equity ownership in Profertil.
Segment Results
Our discussion of segment results set out on the following pages is a comparison of the results for the three and twelve months ended December 31, 2025 to the results for the three and twelve months ended December 31, 2024, unless otherwise noted.
Retail
Three Months Ended December 31
Twelve Months Ended December 31
($ millions, except as otherwise noted)
2025
2024
% Change
2025
2024
% Change
Sales
3,144
3,179
(1)
17,620
17,832
(1)
Cost of goods sold
2,167
2,193
(1)
13,017
13,211
(1)
Gross margin
977
986
(1)
4,603
4,621
‐
Adjusted EBITDA 1
311
340
(9)
1,736
1,696
2
1 See Note 2 to the interim financial statements.
Three Months Ended December 31
Twelve Months Ended December 31
Sales
Gross Margin
Sales
Gross Margin
($ millions)
2025
2024
2025
2024
2025
2024
2025
2024
Crop nutrients
1,512
1,528
288
294
7,285
7,211
1,424
1,444
Crop protection products
931
948
324
351
6,105
6,313
1,590
1,622
Seed
162
184
48
52
2,128
2,235
408
431
Services and other
254
228
219
188
944
918
750
716
Merchandise
226
230
39
40
875
897
148
150
Nutrien Financial
82
77
82
77
376
361
376
361
Nutrien Financial elimination 1
(23)
(16)
(23)
(16)
(93)
(103)
(93)
(103)
Total
3,144
3,179
977
986
17,620
17,832
4,603
4,621
1 Represents elimination of the interest and service fees charged by Nutrien Financial to Retail branches.
Supplemental Data
Three Months Ended December 31
Twelve Months Ended December 31
Gross Margin
% of Product Line 1
Gross Margin
% of Product Line 1
($ millions, except as otherwise noted)
2025
2024
2025
2024
2025
2024
2025
2024
Proprietary products
Crop nutrients
65
60
22
19
450
421
32
29
Crop protection products
43
41
13
11
503
470
32
29
Seed
7
6
18
16
137
154
34
36
Merchandise
4
4
9
9
14
15
9
10
Total
119
111
12
11
1,104
1,060
24
23
1 Represents percentage of proprietary product margins over total product line gross margin.
Three Months Ended December 31
Twelve Months Ended December 31
Sales Volumes
(tonnes - thousands)
Gross Margin / Tonne
(dollars)
Sales Volumes
(tonnes - thousands)
Gross Margin / Tonne
(dollars)
2025
2024
2025
2024
2025
2024
2025
2024
Crop nutrients
North America
1,600
1,854
137
125
8,502
8,547
143
142
International
626
716
108
87
3,358
3,715
61
62
Total
2,226
2,570
129
114
11,860
12,262
120
118
(percentages)
December 31, 2025
December 31, 2024
Financial performance measures 1, 2
Cash operating coverage ratio
62
63
Average working capital to sales
22
20
Average working capital to sales excluding Nutrien Financial
1
-
Nutrien Financial adjusted net interest margin
5.4
5.3
1 Rolling four quarters.
2 These are non-GAAP financial measures. See the “Non-GAAP Financial Measures” section.
Potash
Three Months Ended December 31
Twelve Months Ended December 31
($ millions, except as otherwise noted)
2025
2024
% Change
2025
2024
% Change
Net sales
736
536
37
3,593
2,989
20
Cost of goods sold
324
309
5
1,581
1,448
9
Gross margin
412
227
81
2,012
1,541
31
Adjusted EBITDA 1
445
291
53
2,254
1,848
22
1 See Note 2 to the interim financial statements.
Manufactured Product
Three Months Ended
December 31
Twelve Months Ended
December 31
($ per tonne, except as otherwise noted)
2025
2024
2025
2024
Sales volumes (tonnes - thousands)
North America
726
718
4,638
4,672
Offshore
2,077
2,040
9,615
9,214
Total sales volumes
2,803
2,758
14,253
13,886
Net selling price
North America
305
270
286
285
Offshore
247
168
235
180
Average net selling price
262
194
252
215
Cost of goods sold
115
112
111
104
Gross margin
147
82
141
111
Depreciation and amortization
45
49
46
44
Gross margin excluding depreciation and amortization 1
192
131
187
155
1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.
Supplemental Data
Three Months Ended
December 31
Twelve Months Ended
December 31
2025
2024
2025
2024
Production volumes (tonnes – thousands)
3,539
3,369
13,966
14,205
Potash controllable cash cost of product manufactured per tonne 1
61
59
58
54
Canpotex sales by market (percentage of sales volumes) 2
Latin America
35
35
39
40
Other Asian markets 3
26
24
29
28
China
13
16
11
13
India
11
11
6
7
Other markets
15
14
15
12
Total
100
100
100
100
1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.
2 See Note 10 to the interim financial statements.
3 All Asian markets except China and India.
Nitrogen
Three Months Ended December 31
Twelve Months Ended December 31
($ millions, except as otherwise noted)
2025
2024 1,2
% Change
2025
2024 1,2
% Change
Net sales
1,093
981
11
4,187
3,576
17
Cost of goods sold
682
669
2
2,580
2,374
9
Gross margin
411
312
32
1,607
1,202
34
Adjusted EBITDA 2
521
471
11
2,147
1,880
14
1 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment.
2 See Note 2 to the interim financial statements.
Manufactured Product
Three Months Ended
December 31
Twelve Months Ended
December 31
($ per tonne, except as otherwise noted)
2025
2024
2025
2024
Sales volumes (tonnes - thousands)
Ammonia
546
701
2,420
2,483
Urea and ESN ®
656
888
3,099
3,188
Solutions, nitrates and sulfates
1,373
1,325
5,369
5,023
Total sales volumes
2,575
2,914
10,888
10,694
Net selling price
Ammonia
470
448
422
410
Urea and ESN ®
505
403
490
421
Solutions, nitrates and sulfates
272
213
268
221
Average net selling price
373
327
365
324
Cost of goods sold
214
221
219
213
Gross margin
159
106
146
111
Depreciation and amortization
59
58
57
55
Gross margin excluding depreciation and amortization 1
218
164
203
166
1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.
Supplemental Data
Three Months Ended
December 31
Twelve Months Ended
December 31
2025
2024
2025
2024
Sales volumes (tonnes – thousands)
Fertilizer
1,545
1,801
6,425
6,259
Industrial and feed
1,030
1,113
4,463
4,435
Production volumes (tonnes – thousands)
Ammonia production – total 1
1,192
1,451
5,706
5,608
Ammonia production – adjusted 1, 2
1,004
1,041
4,135
3,953
Ammonia operating rate (%) 2
89
92
92
88
Natural gas costs (dollars per MMBtu)
Overall natural gas cost excluding realized derivative impact
3.31
3.56
3.53
3.15
Realized derivative impact 3
‐
0.10
‐
0.09
Overall natural gas cost
3.31
3.66
3.53
3.24
1 All figures are provided on a gross production basis in thousands of product tonnes.
2 Excludes Trinidad and Joffre.
3 Includes realized derivative impacts recorded as part of cost of goods sold or other income and expenses. Refer to Note 4 to the interim financial statements.
Phosphate
Three Months Ended December 31
Twelve Months Ended December 31
($ millions, except as otherwise noted)
2025
2024
% Change
2025
2024
% Change
Net sales
483
414
17
1,734
1,657
5
Cost of goods sold
430
394
9
1,590
1,510
5
Gross margin
53
20
165
144
147
(2)
Adjusted EBITDA 1
107
86
24
382
384
(1)
1 See Note 2 to the interim financial statements.
Manufactured Product
Three Months Ended
December 31
Twelve Months Ended
December 31
($ per tonne, except as otherwise noted)
2025
2024
2025
2024
Sales volumes (tonnes - thousands)
Fertilizer
468
435
1,646
1,751
Industrial and feed
186
173
717
683
Total sales volumes
654
608
2,363
2,434
Net selling price
Fertilizer
677
615
677
612
Industrial and feed
875
812
835
822
Average net selling price
733
671
725
671
Cost of goods sold
646
631
657
603
Gross margin
87
40
68
68
Depreciation and amortization
112
127
121
119
Gross margin excluding depreciation and amortization 1
199
167
189
187
1 This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.
Supplemental Data
Three Months Ended
December 31
Twelve Months Ended
December 31
2025
2024
2025
2024
Production volumes (P 2O 5 tonnes – thousands)
367
319
1,360
1,327
P 2O 5 operating rate (%)
86
75
80
78
Corporate and Others and Eliminations
Three Months Ended December 31
Twelve Months Ended December 31
($ millions, except as otherwise noted)
2025
2024 1, 2
% Change
2025
2024 1, 2
% Change
Corporate and Others
Gross margin 2
7
14
(50)
27
21
29
Selling expenses (recovery)
5
8
(38)
(1)
2
n/m
General and administrative expenses
106
126
(16)
392
405
(3)
Share-based compensation expense
44
20
120
163
37
341
Foreign exchange (gain) loss, net of related derivatives
(9)
1
n/m
9
360
(98)
Gain on sale of investment in Profertil 3
(301)
‐
‐
(301)
‐
‐
Other expenses
111
105
6
207
379
(45)
Adjusted EBITDA 2
(133)
(160)
(17)
(427)
(452)
(6)
Eliminations
Gross margin
28
22
27
(46)
(2)
n/m
Adjusted EBITDA 2
26
27
(4)
(46)
(1)
n/m
1 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment.
2 See Note 2 to the interim financial statements.
3 See Note 6 to the interim financial statements.
Finance Costs, Income Taxes and Other Comprehensive (Loss) Income
Three Months Ended December 31
Twelve Months Ended December 31
($ millions, except as otherwise noted)
2025
2024
% Change
2025
2024
% Change
Finance costs
183
195
(6)
687
720
(5)
Income taxes
Income tax expense
158
84
88
752
436
72
Actual effective tax rate including discrete items (%)
22
42
(48)
25
38
(34)
Other comprehensive income (loss)
33
(298)
n/m
224
(234)
n/m
Forward-Looking Statements
Certain statements and other information included in this document, including within the “Market Outlook and Guidance” section, constitute “forward-looking information” or “forward-looking statements” (collectively, “forward-looking statements”) under applicable securities laws (such statements are often accompanied by words such as “anticipate”, “forecast”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “project”, “intend” or other similar words). All statements in this document, other than those relating to historical information or current conditions, are forward-looking statements, including, but not limited to: Nutrien's business strategies, plans, prospects and opportunities; Nutrien's 2026 full-year guidance, including expectations regarding Retail adjusted EBITDA, Potash sales volumes, Nitrogen sales volumes, Phosphate sales volumes, depreciation and amortization, finance costs, effective tax rate on adjusted net earnings and capital expenditures, including the assumptions and expectations stated therein; expectations regarding our capital allocation intentions and strategies including our intentions with respect to our strategic actions, including the review of strategic alternatives for our Phosphate business and the controlled shutdown of our Trinidad Nitrogen facility and options for our Trinidad operations and expectations related thereto, including the expected timing for strategic decisions in respect thereof; our expectations regarding Nutrien's strategic priorities and our ability to advance and achieve such strategic priorities in 2026 and beyond; expectations regarding various performance targets in 2026 and beyond and our ability to achieve those; capital spending expectations for 2026 and beyond; expectations regarding performance of our operating segments in 2026 and beyond; the expectation that internally generated cash flow, supplemented by available borrowings, if necessary, will be sufficient to meet our anticipated capital expenditures, planned growth and development activities, and other cash requirements; expectations regarding payment of dividends and share repurchases; our operating segment market outlooks and our expectations for market conditions and fundamentals, and the anticipated supply and demand for our products and services, including the expected impact of supply availability on global shipments of phosphate fertilizer and the expected impact of affordability on demand, crop input demand, expected market, industry and growing conditions with respect to crop nutrient application rates, planted acres, farmer crop investment, crop mix, including the need to replenish soil nutrient levels, input costs, production volumes and expenses, shipments, natural gas costs and availability, consumption, prices, operating rates and the impact of seasonality, import and export volumes, tariffs, trade or export restrictions, economic sanctions and restrictions, operating rates, inventories, crop development and natural gas curtailments; the negotiation of sales contracts; expected grower margins; acquisitions and divestitures and the anticipated benefits thereof; and expectations in connection with our ability to generate free cash flow and deliver long-term returns to shareholders.
These forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such forward-looking statements. As such, undue reliance should not be placed on these forward-looking statements.
All of the forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions referred to below and elsewhere in this document. Although we believe that these assumptions are reasonable, having regard to our experience and our perception of historical trends, this list is not exhaustive of the factors that may affect any of the forward-looking statements and the reader should not place undue reliance on these assumptions and such forward-looking statements. Current conditions, economic and otherwise, render assumptions, although reasonable when made, subject to greater uncertainty.
The additional key assumptions that have been made in relation to the operation of our business as currently planned and our ability to achieve our business objectives include, among other things, assumptions with respect to: our ability to successfully implement our business strategies, growth and capital allocation investments and initiatives that we will conduct our operations and achieve results of operations as anticipated; growth in crop nutrient sales volumes; our ability to successfully complete, integrate and realize the anticipated benefits of our already completed and future acquisitions and divestitures, and that we will be able to implement our standards, controls, procedures and policies in respect of any acquired businesses and realize the expected synergies on the anticipated timeline or at all; increased proprietary products gross margin; successful execution of margin improvement plan in Brazil; a return to historical average crop protection product margin percentages; continued reliability improvements; sustained operating rates in Phosphate and Nitrogen; that future business, regulatory and industry conditions will be within the parameters expected by us, including with respect to prices, expenses, margins, demand, supply, product availability, shipments, consumption, weather conditions, supplier agreements, product distribution agreements, inventory levels, exports, tariffs, including general or retaliatory tariffs, trade restrictions, international trade arrangements, government support, crop development and cost of labor and interest, exchange and effective tax rates; potash demand growth in offshore markets; global economic conditions and the accuracy of our market outlook expectations for 2026 and in the future; assumptions related to our assessment of recoverable amount estimates of our assets; our intention to complete share repurchases under our normal course issuer bid programs, the funding of such share repurchases, existing and future market conditions, including with respect to the price of our common shares, capital allocation priorities and compliance with respect to applicable limitations under securities laws and regulations and stock exchange policies and assumptions related to our ability to fund our dividends at the current level; our expectations regarding the impacts, direct and indirect, of certain geopolitical conflicts on, among other things, global supply and demand, including for crop nutrients, energy and commodity prices, global interest rates, supply chains and the global macroeconomic environment, including inflation; the adequacy of our cash generated from operations and our ability to access our credit facilities or capital markets for additional sources of financing; our ability to identify suitable candidates for acquisitions and divestitures and negotiate acceptable terms; availability of investment opportunities that align with our strategic priorities and growth strategy; our ability to maintain investment grade ratings and achieve our performance targets; and our ability to successfully negotiate sales and other contracts and our ability to successfully implement new initiatives and programs.
Events or circumstances that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: general global economic, market and business conditions; failure to achieve expected results of our business strategy, capital allocation initiatives, results of operations or targets; failure to complete announced and future strategic and asset optimization initiatives, acquisitions or divestitures at all or on the expected terms and within the expected timeline; seasonality of our business; climate change and weather conditions, including impacts from regional flooding and/or drought conditions; crop planted acreage, yield and prices; the supply and demand and price levels for our products; governmental and regulatory requirements and actions by governmental authorities, including changes in government policy (including general or retaliatory tariffs, trade restrictions, or other changes to international trade arrangements; the results of our review of strategic alternative for our Phosphate business, including the process and the timing thereof, and whether the review will result in Nutrien undertaking a transaction, including the terms and timing relating thereto, the completion thereof and realizing benefits resulting therefrom; the effects of current and future multinational trade agreements or other developments affecting the level of trade or export restrictions and climate change initiatives), government ownership requirements, changes in environmental, tax, antitrust and other laws or regulations and the interpretation thereof; political or military risks, including civil unrest, actions by armed groups or conflict and malicious acts including terrorism and industrial espionage; our ability to access sufficient, cost-effective and timely transportation, distribution and storage of products (including potential rail transportation and port disruptions due to labor strikes and/or work stoppages or other similar actions); the occurrence of a major environmental or safety incident or becoming subject to legal or regulatory proceedings; innovation and cybersecurity risks related to our systems, including our costs of addressing or mitigating such risks; counterparty and sovereign risk; delays in completion of turnarounds at our major facilities or challenges related to our major facilities that are out of our control; interruptions of or constraints in availability of key inputs, including natural gas and sulfur; any significant impairment of the carrying amount of certain assets; the risk that rising interest rates and/or deteriorated business operating results may result in the further impairment of assets or goodwill attributed to certain of our cash generating units; risks related to reputational loss; certain complications that may arise in our mining processes; the ability to attract, engage and retain skilled employees and strikes or other forms of work stoppages; geopolitical conflicts and their potential impact on, among other things, global market conditions and supply and demand, including for crop nutrients, energy and commodity prices, interest rates, supply chains and the global economy generally; our ability to execute on our strategies related to environmental, social and governance matters, and achieve related expectations, targets and commitments, including risks associated with disclosure thereof; and other risk factors detailed from time to time in Nutrien reports filed with the Canadian securities regulators and the SEC.
The purpose of our Retail adjusted EBITDA, depreciation and amortization, finance costs, effective tax rate and capital expenditures guidance ranges are to assist readers in understanding our expected and targeted financial results, and this information may not be appropriate for other purposes.
The forward-looking statements in this document are made as of the date hereof and Nutrien disclaims any intention or obligation to update or revise any forward-looking statements in this document as a result of new information or future events, except as may be required under applicable Canadian securities legislation or applicable US federal securities laws.
Terms and Definitions
For the definitions of certain financial and non-financial terms used in this document, as well as a list of abbreviated company names and sources, see the “Terms and definitions” section of our 2024 Annual Report. All references to per share amounts pertain to diluted net earnings (loss) per share, “n/m” indicates information that is not meaningful, and all financial amounts are stated in millions of US dollars, unless otherwise noted.
About Nutrien
Nutrien is a leading global provider of crop inputs and services. We operate a world-class network of production, distribution and ag retail facilities that positions us to efficiently serve farmers. Our vision is to be the leading global agricultural solutions provider, delivering superior shareholder value through safe and sustainable operations. To achieve this vision, our strategy is anchored in three priorities: simplify and focus, operational excellence and a disciplined and intentional approach to capital allocation. This strategy is designed to create low-risk, structural free cash flow growth by leveraging our core competencies and to deliver reliable, growing cash returns to shareholders.
More information about Nutrien can be found at www.nutrien.com.
Selected financial data for download can be found in our data tool at https://www.nutrien.com/investors/interactive-data-tool
Such data is not incorporated by reference herein.
Nutrien will host a Conference Call on Thursday, February 19, 2026 at 10:00 a.m. Eastern Time.
Telephone conference dial-in numbers:
Live Audio Webcast: Visit https://www.nutrien.com/news/events/2025-q4-earnings-conference-call
Non-GAAP Financial Measures
We use both IFRS measures and certain non-GAAP financial measures to assess performance. Non-GAAP financial measures are financial measures disclosed by the Company that: (a) depict historical or expected future financial performance, financial position or cash flow of the Company; (b) with respect to their composition, exclude amounts that are included in, or include amounts that are excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the Company; (c) are not disclosed in the financial statements of the Company; and (d) are not a ratio, fraction, percentage or similar representation. Non-GAAP ratios are financial measures disclosed by the Company that are in the form of a ratio, fraction, percentage or similar representation that has a non-GAAP financial measure as one or more of its components, and that are not disclosed in the financial statements of the Company.
These non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under IFRS and, therefore, are unlikely to be comparable to similar financial measures presented by other companies. Management believes these non-GAAP financial measures and non-GAAP ratios provide transparent and useful supplemental information to help investors evaluate our financial performance, financial condition and liquidity using the same measures as management. These non-GAAP financial measures and non-GAAP ratios should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with IFRS.
The following section outlines our non-GAAP financial measures and non-GAAP ratios, their compositions, and why management uses each measure. It also includes reconciliations to the most directly comparable IFRS measures. Except as otherwise described herein, our non-GAAP financial measures and non-GAAP ratios are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable. As additional non-recurring or unusual items arise in the future, we generally exclude these items in our calculations.
Adjusted EBITDA (Consolidated)
Most directly comparable IFRS financial measure: Net earnings (loss).
Definition: Adjusted EBITDA is calculated as net earnings (loss) before finance costs, income taxes, depreciation and amortization, share-based compensation and foreign exchange gain/loss (net of related derivatives). We also adjust this measure for the following other income and expenses that are excluded when management evaluates the performance of our day-to-day operations: certain integration and restructuring related costs, impairment or reversal of impairment of assets, gain or loss on sale of certain businesses and investments, asset retirement obligations (“ARO”) and accrued environmental costs (“ERL”) related to our non-operating sites, and loss related to financial instruments in Argentina.
Why we use the measure and why it is useful to investors: It is not impacted by long-term investment and financing decisions, but rather focuses on the performance of our day-to-day operations. It provides a measure of our ability to service debt and to meet other payment obligations and as a component of employee remuneration calculations.
Three Months Ended
December 31
Twelve Months Ended
December 31
($ millions)
2025
2024
2025
2024
Net earnings
580
118
2,297
700
Finance costs
183
195
687
720
Income tax expense
158
84
752
436
Depreciation and amortization
567
590
2,369
2,339
EBITDA 1
1,488
987
6,105
4,195
Adjustments:
Share-based compensation expense
44
20
163
37
Foreign exchange (gain) loss, net of related derivatives
(9)
1
9
360
ARO/ERL related expenses (income) for non-operating sites
9
(1)
2
151
Loss related to financial instruments in Argentina
‐
1
‐
35
Restructuring costs
46
47
68
47
Impairment of assets
‐
‐
‐
530
Gain on sale of investment in Profertil
(301)
‐
(301)
‐
Adjusted EBITDA
1,277
1,055
6,046
5,355
1 EBITDA is calculated as net earnings before finance costs, income taxes, and depreciation and amortization.
Adjusted Net Earnings and Adjusted Net Earnings Per Share
Most directly comparable IFRS financial measure: Net earnings (loss) and diluted net earnings (loss) per share.
Definition: Adjusted net earnings and related per share information are calculated as net earnings (loss) before share-based compensation and foreign exchange gain/loss (net of related derivatives), net of tax. We also adjust this measure for the following other income and expenses (net of tax) that are excluded when management evaluates the performance of our day-to-day operations: certain integration and restructuring related costs, impairment or reversal of impairment of assets, gain or loss on sale of certain businesses and investments, gain or loss on early extinguishment of debt or on settlement of derivatives due to discontinuance of hedge accounting, asset retirement obligations and accrued environmental costs related to our non-operating sites, loss related to financial instruments in Argentina, change in recognition of tax losses and deductible temporary differences related to impairments and certain changes to tax declarations. We generally apply the annual forecasted effective tax rate to specific adjustments during the year, and at year-end, we apply the actual effective tax rate.
Why we use the measure and why it is useful to investors: Focuses on the performance of our day-to-day operations and is used as a component of employee remuneration calculations.
Three Months Ended
December 31, 2025
Twelve Months Ended
December 31, 2025
Per
Per
Increases
Diluted
Increases
Diluted
($ millions, except as otherwise noted)
(Decreases)
Post-Tax
Share
(Decreases)
Post-Tax
Share
Net earnings attributable to equity holders of Nutrien
571
1.18
2,267
4.66
Adjustments:
Share-based compensation expense
44
33
0.07
163
123
0.25
Foreign exchange (gain) loss, net of related derivatives
(9)
(8)
(0.02)
9
6
0.03
Restructuring costs
46
41
0.09
68
59
0.12
ARO/ERL related expenses for non-operating sites
9
7
0.01
2
2
‐
Gain on sale of investment in Profertil
(301)
(241)
(0.50)
(301)
(241)
(0.50)
Sub-total adjustments
(211)
(168)
(0.35)
(59)
(51)
(0.10)
Adjusted net earnings
403
0.83
2,216
4.56
Three Months Ended
December 31, 2024
Twelve Months Ended
December 31, 2024
Per
Per
Increases
Diluted
Increases
Diluted
($ millions, except as otherwise noted)
(Decreases)
Post-Tax
Share
(Decreases)
Post-Tax
Share
Net earnings attributable to equity holders of Nutrien
113
0.23
674
1.36
Adjustments:
Share-based compensation expense
20
15
0.03
37
27
0.05
Foreign exchange loss (gain), net of related derivatives
1
(16)
(0.03)
360
346
0.70
Restructuring costs
47
38
0.08
47
38
0.08
Impairment of assets
‐
‐
‐
530
492
1.00
ARO/ERL related (income) expenses for non-operating sites
(1)
(1)
‐
151
106
0.21
Loss related to financial instruments in Argentina
1
1
‐
35
35
0.07
Sub-total adjustments
68
37
0.08
1,160
1,044
2.11
Adjusted net earnings
150
0.31
1,718
3.47
Effective Tax Rate on Adjusted Net Earnings
Effective tax rate on adjusted net earnings guidance is a forward-looking non-GAAP financial measure as it includes adjusted net earnings, which is a non-GAAP financial measure. It is provided to assist readers in understanding our expected financial results. Effective tax rate on adjusted net earnings guidance excludes certain items that management is aware of that permit management to focus on the performance of our operations (see the Adjusted Net Earnings and Adjusted Net Earnings Per Share section for items generally adjusted). We do not provide a reconciliation of this forward-looking measure to the most directly comparable financial measures calculated and presented in accordance with IFRS because a meaningful or accurate calculation of reconciling items and the information is not available without unreasonable effort due to unknown variables, including the timing and amount of certain reconciling items, and the uncertainty related to future results. These unknown variables may include unpredictable transactions of significant value that may be inherently difficult to determine without unreasonable efforts. The probable significance of such unavailable information, which could be material to future results, cannot be addressed.
Effective tax rate on adjusted net earnings is calculated as adjusted income tax expense divided by adjusted earnings before income taxes. We use this measure to provide the actual result for a previously disclosed forward-looking effective tax rate on adjusted net earnings guidance.
($ millions, except as otherwise noted)
2025
Earnings before income taxes
3,049
Adjustments 1
(59)
Adjusted earnings before income taxes
2,990
Income tax expense
752
Adjustments 2
(8)
Adjusted income tax expense
744
Effective tax rate on adjusted net earnings (%)
24.9
1 Calculated as sum of pre-tax adjustments noted in the Adjusted Net Earnings section.
2 Calculated as difference between the sum of pre-tax and post-tax adjustments noted in the Adjusted Net Earnings section.
Gross Margin Excluding Depreciation and Amortization Per Tonne – Manufactured Product
Most directly comparable IFRS financial measure: Gross margin.
Definition: Gross margin per tonne less depreciation and amortization per tonne for manufactured products. Reconciliations are provided in the “Segment Results” section.
Why we use the measure and why it is useful to investors: Focuses on the performance of our day-to-day operations, which excludes the effects of items that primarily reflect the impact of long-term investment and financing decisions.
Potash Controllable Cash Cost of Product Manufactured (“COPM”) Per Tonne
Most directly comparable IFRS financial measure: Cost of goods sold (“COGS”) for the Potash segment.
Definition: Total Potash COGS excluding depreciation and amortization expense included in COPM, royalties, natural gas costs and carbon taxes, change in inventory, and other adjustments, divided by potash production tonnes.
Why we use the measure and why it is useful to investors: To assess operational performance. Potash controllable cash COPM excludes the effects of production from other periods and the impacts of our long-term investment decisions, supporting a focus on the performance of our day-to-day operations. Potash controllable cash COPM also excludes royalties and natural gas costs and carbon taxes, which management does not consider controllable, as they are primarily driven by regulatory and market conditions.
Three Months Ended
December 31
Twelve Months Ended
December 31
($ millions, except as otherwise noted)
2025
2024
2025
2024
Total COGS – Potash
324
309
1,581
1,448
Change in inventory
94
66
(2)
36
Other adjustments 1
(7)
(7)
(27)
(21)
COPM
411
368
1,552
1,463
Depreciation and amortization in COPM
(157)
(142)
(606)
(581)
Royalties in COPM
(25)
(17)
(93)
(79)
Natural gas costs and carbon taxes in COPM
(12)
(9)
(42)
(36)
Controllable cash COPM
217
200
811
767
Production volumes (tonnes – thousands)
3,539
3,369
13,966
14,205
Potash controllable cash COPM per tonne
61
59
58
54
1 Other adjustments include unallocated production overhead that is recognized as part of cost of goods sold but is not included in the measurement of inventory and changes in inventory balances.
Nutrien Financial Adjusted Net Interest Margin
Definition: Nutrien Financial revenue less deemed interest expense divided by average Nutrien Financial net receivables outstanding for the last four rolling quarters.
Why we use the measure and why it is useful to investors: Used by credit rating agencies and others to evaluate the financial performance of Nutrien Financial.
Rolling Four Quarters Ended December 31, 2025
($ millions, except as otherwise noted)
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Total/Average
Nutrien Financial revenue
70
135
89
82
Deemed interest expense 1
(29)
(49)
(52)
(47)
Net interest
41
86
37
35
199
Average Nutrien Financial net receivables
2,569
4,645
4,452
3,106
3,693
Nutrien Financial adjusted net interest margin (%)
5.4
Rolling Four Quarters Ended December 31, 2024
($ millions, except as otherwise noted)
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Total/Average
Nutrien Financial revenue
66
133
85
77
Deemed interest expense 1
(27)
(50)
(52)
(45)
Net interest
39
83
33
32
187
Average Nutrien Financial net receivables
2,489
4,560
4,318
2,877
3,561
Nutrien Financial adjusted net interest margin (%)
5.3
1 Average borrowing rate applied to the notional debt required to fund the portfolio of receivables from customers monitored and serviced by Nutrien Financial.
Retail Cash Operating Coverage Ratio
Definition: Retail selling, general and administrative, and other expenses (income), excluding depreciation and amortization expense, divided by Retail gross margin excluding depreciation and amortization expense in cost of goods sold, for the last four rolling quarters.
Why we use the measure and why it is useful to investors: To understand the costs and underlying economics of our Retail operations and to assess our Retail operating performance and ability to generate cash flow.
Rolling Four Quarters Ended December 31, 2025
($ millions, except as otherwise noted)
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Total
Selling expenses
755
948
792
811
3,306
General and administrative expenses
44
44
44
40
172
Other (income) expenses
25
54
40
4
123
Operating expenses
824
1,046
876
855
3,601
Depreciation and amortization in operating expenses
(179)
(172)
(179)
(184)
(714)
Operating expenses excluding depreciation and amortization
645
874
697
671
2,887
Gross margin
686
2,018
922
977
4,603
Depreciation and amortization in cost of goods sold
5
5
5
5
20
Gross margin excluding depreciation and amortization
691
2,023
927
982
4,623
Cash operating coverage ratio (%)
62
Rolling Four Quarters Ended December 31, 2024
($ millions, except as otherwise noted)
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Total
Selling expenses
790
1,005
815
808
3,418
General and administrative expenses
52
51
51
37
191
Other expenses (income)
22
41
32
(8)
87
Operating expenses
864
1,097
898
837
3,696
Depreciation and amortization in operating expenses
(190)
(193)
(182)
(186)
(751)
Operating expenses excluding depreciation and amortization
674
904
716
651
2,945
Gross margin
747
2,029
859
986
4,621
Depreciation and amortization in cost of goods sold
4
3
8
5
20
Gross margin excluding depreciation and amortization
751
2,032
867
991
4,641
Cash operating coverage ratio (%)
63
Retail Average Working Capital to Sales and Retail Average Working Capital to Sales Excluding Nutrien Financial
Definition: Retail average working capital divided by Retail sales for the last four rolling quarters. We also look at this metric excluding Nutrien Financial revenue and working capital.
Why we use the measure and why it is useful to investors: To evaluate operational efficiency. A lower or higher percentage represents increased or decreased efficiency, respectively. The metric excluding Nutrien Financial shows the impact that the working capital of Nutrien Financial has on the ratio.
Rolling Four Quarters Ended December 31, 2025
($ millions, except as otherwise noted)
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Average/Total
Current assets
11,510
11,442
10,823
11,185
Current liabilities
(7,561)
(8,051)
(5,348)
(8,275)
Working capital
3,949
3,391
5,475
2,910
3,931
Nutrien Financial working capital
(2,569)
(4,645)
(4,452)
(3,106)
Working capital excluding Nutrien Financial
1,380
(1,254)
1,023
(196)
238
Sales
3,090
7,959
3,427
3,144
17,620
Nutrien Financial revenue
(70)
(135)
(89)
(82)
Sales excluding Nutrien Financial
3,020
7,824
3,338
3,062
17,244
Average working capital to sales (%)
22
Average working capital to sales excluding Nutrien Financial (%)
1
Rolling Four Quarters Ended December 31, 2024
($ millions, except as otherwise noted)
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Average/Total
Current assets
11,821
11,181
10,559
10,360
Current liabilities
(8,401)
(8,002)
(5,263)
(8,028)
Working capital
3,420
3,179
5,296
2,332
3,557
Nutrien Financial working capital
(2,489)
(4,560)
(4,318)
(2,877)
Working capital excluding Nutrien Financial
931
(1,381)
978
(545)
(4)
Sales
3,308
8,074
3,271
3,179
17,832
Nutrien Financial revenue
(66)
(133)
(85)
(77)
Sales excluding Nutrien Financial
3,242
7,941
3,186
3,102
17,471
Average working capital to sales (%)
20
Average working capital to sales excluding Nutrien Financial (%)
‐
Other Financial Measures
Selected Additional Financial Data
Nutrien Financial
As at December 31, 2025
As at
December 31, 2024
($ millions)
Current
<31 Days
past due
31–90 Days
past due
>90 Days
past due
Gross receivables
Allowance 1
Net
receivables 2
Net
receivables
North America
1,831
260
110
181
2,382
(50)
2,332
2,178
International
647
82
21
31
781
(7)
774
699
Nutrien Financial
receivables
2,478
342
131
212
3,163
(57)
3,106
2,877
1 Bad debt expense on the above receivables for the twelve months ended December 31, 2025 was $46 million, in the Retail segment.
2 In 2025, we assume a debt-to-equity ratio of 9:1 (2024 – 7:1) in funding Nutrien Financial receivables, based on the underlying credit quality of the assets.
Supplementary Financial Measures
Supplementary financial measures are financial measures disclosed by the Company that (a) are, or are intended to be, disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of the Company, (b) are not disclosed in the financial statements of the Company, (c) are not non-GAAP financial measures, and (d) are not non-GAAP ratios.
The following section provides an explanation of the composition of those supplementary financial measures, if not previously provided.
Sustaining capital expenditures: Represents capital expenditures that are required to sustain operations at existing levels and include major repairs and maintenance and plant turnarounds.
Investing capital expenditures: Represents capital expenditures related to significant expansions of current operations or to create cost savings (synergies). Investing capital expenditures exclude capital outlays for business acquisitions and equity-accounted investees.
Mine development and pre-stripping capital expenditures: Represents capital expenditures that are required for activities to open new areas underground and/or develop a mine or ore body to allow for future production mining and activities required to prepare and/or access the ore, i.e., removal of an overburden that allows access to the ore.
Cash used for dividends and share repurchases: Calculated as dividends paid to Nutrien’s shareholders plus repurchase of common shares as reflected in the unaudited condensed consolidated statements of cash flows. This measure is useful as it represents return of cash to shareholders.
Condensed Consolidated Financial Statements
Unaudited
Condensed Consolidated Statements of Earnings
Three Months Ended
Twelve Months Ended
December 31
December 31
($ millions, except as otherwise noted)
Note
2025
2024
2025
2024
Sales
2, 10
5,340
5,079
26,885
25,972
Freight, transportation and distribution
198
215
936
956
Cost of goods sold
3,254
3,283
17,602
17,486
Gross Margin
1,888
1,581
8,347
7,530
Selling expenses
817
813
3,320
3,435
General and administrative expenses
156
176
600
644
Provincial mining taxes
83
45
372
255
Share-based compensation expense
44
20
163
37
Impairment of assets
3
‐
‐
‐
530
Foreign exchange (gain) loss, net of related derivatives
7
(9)
1
9
360
Gain on sale of investment in Profertil
6
(301)
‐
(301)
‐
Other expenses
4
177
129
448
413
Earnings Before Finance Costs and Income Taxes
921
397
3,736
1,856
Finance costs
183
195
687
720
Earnings Before Income Taxes
738
202
3,049
1,136
Income tax expense
5
158
84
752
436
Net Earnings
580
118
2,297
700
Attributable to
Equity holders of Nutrien
571
113
2,267
674
Non-controlling interest
9
5
30
26
Net Earnings
580
118
2,297
700
Net Earnings Per Share Attributable to Equity Holders of Nutrien ("EPS")
Basic
1.18
0.23
4.66
1.36
Diluted
1.18
0.23
4.66
1.36
Weighted average shares outstanding for basic EPS
483,028,000
492,843,000
486,335,000
494,198,000
Weighted average shares outstanding for diluted EPS
483,234,000
492,930,000
486,518,000
494,365,000
(See Notes to the Condensed Consolidated Financial Statements)
Condensed Consolidated Statements of Comprehensive Income (Loss)
Three Months Ended
Twelve Months Ended
December 31
December 31
($ millions, net of related income taxes)
2025
2024
2025
2024
Net Earnings
580
118
2,297
700
Other comprehensive income (loss)
Items that will not be reclassified to net earnings:
Net actuarial gain on defined benefit plans
6
17
6
17
Net fair value gain (loss) on investments
‐
2
(18)
55
Items that have been or may be subsequently reclassified to net earnings:
Gain (loss) on currency translation of foreign operations
16
(282)
212
(254)
Other
11
(35)
24
(52)
Other Comprehensive Income (Loss)
33
(298)
224
(234)
Comprehensive Income (Loss)
613
(180)
2,521
466
Attributable to
Equity holders of Nutrien
604
(182)
2,490
443
Non-controlling interest
9
2
31
23
Comprehensive Income (Loss)
613
(180)
2,521
466
(See Notes to the Condensed Consolidated Financial Statements)
Condensed Consolidated Statements of Cash Flows
Three Months Ended
Twelve Months Ended
December 31
December 31
($ millions)
Note
2025
2024
2025
2024
Operating Activities
Net earnings
580
118
2,297
700
Adjustments for:
Depreciation and amortization
567
590
2,369
2,339
Share-based compensation expense
44
20
163
37
Impairment of assets
3
‐
‐
‐
530
Gain on sale of investment in Profertil
6
(301)
‐
(301)
‐
Provision for deferred income tax
23
16
250
31
Net (undistributed) distributed earnings of equity-accounted investees
(1)
(22)
65
(8)
Loss related to financial instruments in Argentina
4
‐
1
‐
35
Long-term income tax receivables and payables
(83)
30
(65)
47
Other long-term assets, liabilities and miscellaneous
61
(16)
12
311
Cash from operations before working capital changes
890
737
4,790
4,022
Changes in non-cash operating working capital:
Receivables
2,120
2,170
(128)
(224)
Inventories and prepaid expenses and other current assets
(2,434)
(2,205)
(557)
60
Trade, other payables and accrued liabilities
2,401
2,421
(98)
(323)
Cash Provided by Operating Activities
2,977
3,123
4,007
3,535
Investing Activities
Capital expenditures 1
(751)
(767)
(2,005)
(2,154)
Business acquisitions, net of cash acquired
(11)
(15)
(23)
(21)
Proceeds from (purchase of) investments, held within three months, net
35
74
(33)
44
Purchase of investments
(1)
‐
(94)
(112)
Proceeds from sale of investments
6
416
79
838
138
Net changes in non-cash working capital
61
82
6
27
Other
‐
28
(61)
(55)
Cash Used in Investing Activities
(251)
(519)
(1,372)
(2,133)
Financing Activities
Repayment of debt, maturing within three months, net
(1,621)
(1,231)
(696)
(142)
Proceeds from debt
8
‐
24
998
1,022
Repayment of debt
8
(527)
(527)
(1,089)
(659)
Repayment of principal portion of lease liabilities
(106)
(102)
(419)
(402)
Dividends paid to Nutrien's shareholders
9
(263)
(265)
(1,061)
(1,060)
Repurchase of common shares
9
(150)
(134)
(551)
(184)
Issuance of common shares
9
2
38
18
Other
(3)
(6)
(37)
(46)
Cash Used in Financing Activities
(2,661)
(2,239)
(2,817)
(1,453)
Effect of Exchange Rate Changes on Cash and Cash Equivalents
12
(32)
30
(37)
Increase (Decrease) in Cash and Cash Equivalents
77
333
(152)
(88)
Cash and Cash Equivalents – Beginning of Period
624
520
853
941
Cash and Cash Equivalents – End of Period
701
853
701
853
Cash and cash equivalents is composed of:
Cash
566
741
566
741
Short-term investments
135
112
135
112
701
853
701
853
Supplemental Cash Flows Information
Interest paid
220
244
738
740
Income taxes paid
134
61
335
321
Total cash outflow for leases
144
140
567
558
1 Includes additions to property, plant and equipment, and intangible assets for the three months ended December 31, 2025 of $707 million and $44 million (2024 – $735 million and $32 million), respectively, and for the twelve months ended December 31, 2025 of $1,882 million and $123 million (2024 – $2,025 million and $129 million), respectively.
(See Notes to the Condensed Consolidated Financial Statements)
Condensed Consolidated Statements of Changes in Shareholders’ Equity
Accumulated other comprehensive
(loss) income ("AOCI")
($ millions, inclusive of related tax, except as otherwise noted)
Number of
common
shares
Share
capital
Contributed
surplus
(Loss) gain
on currency
translation
of foreign
operations
Other
Total
AOCI
Retained
earnings
Equity
holders
of
Nutrien
Non-
controlling
interest
Total
equity
Balance – December 31, 2023
494,551,730
13,838
83
(286)
(10)
(296)
11,531
25,156
45
25,201
Net earnings
‐
‐
‐
‐
‐
‐
674
674
26
700
Other comprehensive (loss) income
‐
‐
‐
(251)
20
(231)
‐
(231)
(3)
(234)
Shares repurchased for cancellation (Note 9)
(3,944,903)
(110)
(20)
‐
‐
‐
(60)
(190)
‐
(190)
Dividends declared 1
‐
‐
‐
‐
‐
‐
(1,063)
(1,063)
‐
(1,063)
Non-controlling interest transactions
‐
‐
‐
‐
‐
‐
‐
‐
(33)
(33)
Effect of share-based compensation including issuance of common shares
418,619
20
5
‐
‐
‐
‐
25
‐
25
Transfer of net gain on sale of investment
‐
‐
‐
‐
‐
‐
7
7
‐
7
Transfer of net loss on cash flow hedges
‐
‐
‐
‐
29
29
‐
29
‐
29
Transfer of net actuarial gain on defined benefit plans
‐
‐
‐
‐
(17)
(17)
17
‐
‐
‐
Balance – December 31, 2024
491,025,446
13,748
68
(537)
22
(515)
11,106
24,407
35
24,442
Net earnings
‐
‐
‐
‐
‐
‐
2,267
2,267
30
2,297
Other comprehensive income
‐
‐
‐
211
12
223
‐
223
1
224
Shares repurchased for cancellation (Note 9)
(9,829,408)
(275)
(10)
‐
‐
‐
(275)
(560)
‐
(560)
Dividends declared 1
‐
‐
‐
‐
‐
‐
(1,059)
(1,059)
‐
(1,059)
Non-controlling interest transactions
‐
‐
‐
‐
‐
‐
1
1
(24)
(23)
Effect of share-based compensation including issuance of common shares
766,195
46
(1)
‐
‐
‐
‐
45
‐
45
Transfer of net gain on sale of investment
‐
‐
‐
‐
(27)
(27)
27
‐
‐
‐
Transfer of net gain on cash flow hedges
‐
‐
‐
‐
(1)
(1)
‐
(1)
‐
(1)
Transfer of net actuarial gain on defined benefit plans
‐
‐
‐
‐
(6)
(6)
6
‐
‐
‐
Other
‐
‐
‐
(3)
‐
(3)
3
‐
‐
‐
Balance – December 31, 2025
481,962,233
13,519
57
(329)
‐
(329)
12,076
25,323
42
25,365
1 During the twelve months ended December 31, 2025, we declared dividends of $2.18 per share (2024 - $2.16 per share).
(See Notes to the Condensed Consolidated Financial Statements)
Condensed Consolidated Balance Sheets
As at
As at
December 31
December 31
($ millions)
Note
2025
2024
Assets
Current assets
Cash and cash equivalents
701
853
Receivables
10
5,675
5,390
Inventories
6,977
6,148
Prepaid expenses and other current assets
1,396
1,401
14,749
13,792
Non-current assets
Property, plant and equipment
3
22,747
22,604
Goodwill
3
12,136
12,043
Intangible assets
3
1,667
1,819
Investments
6
144
698
Other assets
858
884
Total Assets
52,301
51,840
Liabilities
Current liabilities
Short-term debt
873
1,534
Current portion of long-term debt
8
513
1,037
Current portion of lease liabilities
346
356
Trade, other payables and accrued liabilities
10
9,309
9,118
11,041
12,045
Non-current liabilities
Long-term debt
8
9,350
8,881
Lease liabilities
937
999
Deferred income tax liabilities
3,666
3,539
Pension and other post-retirement benefit liabilities
221
227
Asset retirement obligations and accrued environmental costs
1,468
1,543
Other non-current liabilities
253
164
Total Liabilities
26,936
27,398
Shareholders’ Equity
Share capital
9
13,519
13,748
Contributed surplus
57
68
Accumulated other comprehensive loss
(329)
(515)
Retained earnings
12,076
11,106
Equity holders of Nutrien
25,323
24,407
Non-controlling interest
42
35
Total Shareholders’ Equity
25,365
24,442
Total Liabilities and Shareholders’ Equity
52,301
51,840
(See Notes to the Condensed Consolidated Financial Statements)
Notes to the Condensed Consolidated Financial Statements
As at and for the Three and Twelve Months Ended December 31, 2025
Note 1 Basis of presentation
Nutrien Ltd. (collectively with its subsidiaries, “Nutrien”, “we”, “us”, “our” or “the Company”) is a leading global provider of crop inputs and services. We operate a world-class network of production, distribution and ag retail facilities that positions us to efficiently serve the needs of farmers.
These unaudited interim condensed consolidated financial statements (“interim financial statements”) are based on International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and have been prepared in accordance with IAS 34, “Interim Financial Reporting”. The accounting policies and methods of computation used in preparing these interim financial statements are materially consistent with those used in the preparation of our 2024 annual audited consolidated financial statements. These interim financial statements include the accounts of Nutrien and its subsidiaries; however, they do not include all disclosures normally provided in annual audited consolidated financial statements and should be read in conjunction with our 2024 annual audited consolidated financial statements. These interim financial statements are presented in millions of US dollars, unless otherwise indicated, which is the functional currency of Nutrien and the majority of its subsidiaries.
Certain immaterial 2024 figures have been reclassified in Note 2 Segment information and Note 4 Other expenses (income).
In management’s opinion, the interim financial statements include all adjustments necessary to fairly present such information in all material respects. Interim results are not necessarily indicative of the results expected for any other interim period or the fiscal year.
These interim financial statements were authorized by the Audit Committee of the Board of Directors for issue on February 18, 2026.
Note 2 Segment information
We have four reportable operating segments: Retail, Potash, Nitrogen and Phosphate. Our downstream Retail segment distributes crop nutrients, crop protection products, seed and merchandise, and provides agronomic application services and solutions, including the services offered through Nutrien Financial. Retail also manufactures and distributes proprietary products and provides services directly to farmers through a network of retail locations in North America, South America and Australia. Our upstream Potash, Nitrogen and Phosphate segments are differentiated by the chemical nutrient contained in the products that each segment produces and are supported by midstream activities, which include the global sales, freight, transportation and distribution of our products, which are reported within these segments, respectively. Potash freight, transportation and distribution costs only apply to our North American potash sales volumes. Sales reported under our Corporate and Others segment relates to our non-core businesses. EBITDA presented in the succeeding tables is calculated as net earnings (loss) before finance costs, income taxes, and depreciation and amortization.
In the fourth quarter of 2025, the Chief Operating Decision Maker (“CODM”) reassessed our product groupings and determined that the performance of our Purchase for Resale business should be evaluated as part of the Corporate and Others segment. It had previously been recorded in our Nitrogen segment. The Purchase for Resale business focuses primarily on sales to international customers. Purchased product that remains in upstream is primarily purchases of inventory to satisfy sales contracts that we cannot fulfill with our manufactured products. The CODM concluded this change was appropriate based on the nature and strategic alignment of purchase for resale activities. Comparative amounts for the Corporate and Others and Nitrogen segments were reclassified. As a result of the reclassification, the Corporate and Others segment reflected the following increases and the Nitrogen segment reflected the corresponding decreases for the three and twelve months ended December 31, 2024.
Three Months Ended
Twelve Months Ended
($ millions)
December 31, 2024
December 31, 2024
Sales
33
173
Gross Margin
1
8
EBITDA
1
4
Three Months Ended December 31, 2025
Downstream
Upstream and Midstream
Corporate
($ millions)
Retail
Potash
Nitrogen
Phosphate
and Others
Eliminations
Consolidated
Sales
– third party
3,137
686
994
478
45
‐
5,340
– intersegment
7
106
246
65
‐
(424)
‐
Sales
– total
3,144
792
1,240
543
45
(424)
5,340
Freight, transportation and distribution 1
‐
56
147
60
(1)
(64)
198
Net sales
3,144
736
1,093
483
46
(360)
5,142
Cost of goods sold
2,167
324
682
430
39
(388)
3,254
Gross margin
977
412
411
53
7
28
1,888
Selling expenses (recovery)
811
2
5
1
5
(7)
817
General and administrative expenses
40
3
4
3
106
‐
156
Provincial mining taxes
‐
83
‐
‐
‐
‐
83
Share-based compensation expense
‐
‐
‐
‐
44
‐
44
Foreign exchange gain, net of related derivatives
‐
‐
‐
‐
(9)
‐
(9)
Gain on sale of investment in Profertil
‐
‐
‐
‐
(301)
‐
(301)
Other expenses
4
6
32
15
111
9
177
Earnings before finance costs and income taxes
122
318
370
34
51
26
921
Depreciation and amortization
189
127
151
73
27
‐
567
EBITDA
311
445
521
107
78
26
1,488
Restructuring costs
‐
‐
‐
‐
46
‐
46
Share-based compensation expense
‐
‐
‐
‐
44
‐
44
ARO/ERL related expenses for non-operating sites
‐
‐
‐
‐
9
‐
9
Foreign exchange gain, net of related derivatives
‐
‐
‐
‐
(9)
‐
(9)
Gain on sale of investment in Profertil
‐
‐
‐
‐
(301)
‐
(301)
Adjusted EBITDA
311
445
521
107
(133)
26
1,277
1 Potash freight, transportation and distribution costs only apply to our North American potash sales volumes.
Three Months Ended December 31, 2024
Downstream
Upstream and Midstream
Corporate
($ millions)
Retail
Potash
Nitrogen 1
Phosphate
and Others 1
Eliminations
Consolidated
Sales
– third party
3,179
522
920
403
55
‐
5,079
– intersegment
‐
65
223
68
‐
(356)
‐
Sales
– total
3,179
587
1,143
471
55
(356)
5,079
Freight, transportation and distribution 2
‐
51
162
57
1
(56)
215
Net sales
3,179
536
981
414
54
(300)
4,864
Cost of goods sold
2,193
309
669
394
40
(322)
3,283
Gross margin
986
227
312
20
14
22
1,581
Selling expenses (recovery)
808
1
2
1
8
(7)
813
General and administrative expenses
37
2
8
3
126
‐
176
Provincial mining taxes
‐
45
‐
‐
‐
‐
45
Share-based compensation expense
‐
‐
‐
‐
20
‐
20
Foreign exchange loss, net of related derivatives
‐
‐
‐
‐
1
‐
1
Other (income) expenses
(8)
22
1
7
105
2
129
Earnings (loss) before finance costs and income taxes
149
157
301
9
(246)
27
397
Depreciation and amortization
191
134
170
77
18
‐
590
EBITDA
340
291
471
86
(228)
27
987
Restructuring costs
‐
‐
‐
‐
47
‐
47
Share-based compensation expense
‐
‐
‐
‐
20
‐
20
Loss related to financial instruments in Argentina
‐
‐
‐
‐
1
‐
1
ARO/ERL related income for non-operating sites
‐
‐
‐
‐
(1)
‐
(1)
Foreign exchange loss, net of related derivatives
‐
‐
‐
‐
1
‐
1
Adjusted EBITDA
340
291
471
86
(160)
27
1,055
1 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment.
2 Potash freight, transportation and distribution costs only apply to our North American potash sales volumes.
Twelve Months Ended December 31, 2025
Downstream
Upstream and Midstream
Corporate
($ millions)
Retail
Potash
Nitrogen
Phosphate
and Others
Eliminations
Consolidated
Sales
– third party
17,601
3,571
3,807
1,660
246
‐
26,885
– intersegment
19
424
932
298
‐
(1,673)
‐
Sales
– total
17,620
3,995
4,739
1,958
246
(1,673)
26,885
Freight, transportation and
distribution 1
‐
402
552
224
(1)
(241)
936
Net sales
17,620
3,593
4,187
1,734
247
(1,432)
25,949
Cost of goods sold
13,017
1,581
2,580
1,590
220
(1,386)
17,602
Gross margin
4,603
2,012
1,607
144
27
(46)
8,347
Selling expenses (recovery)
3,306
10
26
6
(1)
(27)
3,320
General and administrative expenses
172
10
18
8
392
‐
600
Provincial mining taxes
‐
372
‐
‐
‐
‐
372
Share-based compensation expense
‐
‐
‐
‐
163
‐
163
Foreign exchange loss, net of related derivatives
‐
‐
‐
‐
9
‐
9
Gain on sale of investment in Profertil
‐
‐
‐
‐
(301)
‐
(301)
Other expenses
123
26
32
33
207
27
448
Earnings (loss) before finance costs and income taxes
1,002
1,594
1,531
97
(442)
(46)
3,736
Depreciation and amortization
734
660
616
285
74
‐
2,369
EBITDA
1,736
2,254
2,147
382
(368)
(46)
6,105
Restructuring costs
‐
‐
‐
‐
68
‐
68
Share-based compensation expense
‐
‐
‐
‐
163
‐
163
ARO/ERL related expenses for non-operating sites
‐
‐
‐
‐
2
‐
2
Foreign exchange loss, net of related derivatives
‐
‐
‐
‐
9
‐
9
Gain on sale of investment in Profertil
‐
‐
‐
‐
(301)
‐
(301)
Adjusted EBITDA
1,736
2,254
2,147
382
(427)
(46)
6,046
1 Potash freight, transportation and distribution costs only apply to our North American potash sales volumes.
Twelve Months Ended December 31, 2024
Downstream
Upstream and Midstream
Corporate
($ millions)
Retail
Potash
Nitrogen 1
Phosphate
and Others 1
Eliminations
Consolidated
Sales
– third party
17,832
3,008
3,327
1,610
195
‐
25,972
– intersegment
‐
370
807
278
‐
(1,455)
‐
Sales
– total
17,832
3,378
4,134
1,888
195
(1,455)
25,972
Freight, transportation and
distribution 2
‐
389
558
231
4
(226)
956
Net sales
17,832
2,989
3,576
1,657
191
(1,229)
25,016
Cost of goods sold
13,211
1,448
2,374
1,510
170
(1,227)
17,486
Gross margin
4,621
1,541
1,202
147
21
(2)
7,530
Selling expenses (recovery)
3,418
10
24
6
2
(25)
3,435
General and administrative expenses
191
12
22
14
405
‐
644
Provincial mining taxes
‐
255
‐
‐
‐
‐
255
Share-based compensation expense
‐
‐
‐
‐
37
‐
37
Impairment of assets
335
‐
195
‐
‐
‐
530
Foreign exchange loss, net of related derivatives
‐
‐
‐
‐
360
‐
360
Other expenses (income)
87
25
(135)
33
379
24
413
Earnings (loss) before finance costs and income taxes
590
1,239
1,096
94
(1,162)
(1)
1,856
Depreciation and amortization
771
609
589
290
80
‐
2,339
EBITDA
1,361
1,848
1,685
384
(1,082)
(1)
4,195
Restructuring costs
‐
‐
‐
‐
47
‐
47
Share-based compensation expense
‐
‐
‐
‐
37
‐
37
Impairment of assets
335
‐
195
‐
‐
‐
530
Loss related to financial instruments in Argentina
‐
‐
‐
‐
35
‐
35
ARO/ERL related expenses for non-operating sites
‐
‐
‐
‐
151
‐
151
Foreign exchange loss, net of related derivatives
‐
‐
‐
‐
360
‐
360
Adjusted EBITDA
1,696
1,848
1,880
384
(452)
(1)
5,355
1 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment.
2 Potash freight, transportation and distribution costs only apply to our North American potash sales volumes.
Three Months Ended
Twelve Months Ended
December 31
December 31
($ millions)
2025
2024
2025
2024
Retail sales by product line
Crop nutrients
1,512
1,528
7,285
7,211
Crop protection products
931
948
6,105
6,313
Seed
162
184
2,128
2,235
Services and other
254
228
944
918
Merchandise
226
230
875
897
Nutrien Financial
82
77
376
361
Nutrien Financial elimination 1
(23)
(16)
(93)
(103)
3,144
3,179
17,620
17,832
Potash sales by geography
Manufactured product
North America
278
245
1,727
1,719
Offshore 2
514
342
2,264
1,658
Other potash and purchased products
‐
‐
4
1
792
587
3,995
3,378
Nitrogen sales by product line
Manufactured product
Ammonia
319
376
1,218
1,232
Urea and ESN ®
360
395
1,648
1,480
Solutions, nitrates and sulfates
424
339
1,641
1,300
Other nitrogen and purchased products 3
137
33
232
122
1,240
1,143
4,739
4,134
Phosphate sales by product line
Manufactured product
Fertilizer
362
309
1,275
1,237
Industrial and feed
177
157
661
627
Other phosphate and purchased products
4
5
22
24
543
471
1,958
1,888
1 Represents elimination of the interest and service fees charged by Nutrien Financial to Retail branches.
2 Relates to Canpotex Limited ("Canpotex") (see Note 10) and includes provisional pricing adjustments for the three months ended December 31, 2025 of $3 million (2024 – $(3) million) and the twelve months ended December 31, 2025 of $48 million (2024 – $4 million).
3 Comparative figures have been reclassified for our Purchase for Resale business from Nitrogen to the Corporate and Others segment.
Note 3 Impairment of assets
During the three and twelve months ended December 31, 2025, we assessed our assets for indicators of impairment. No impairment was recognized during the year.
Nitrogen
At December 31, 2025, circumstances within our Trinidad cash generating unit (CGU) presented an indicator of impairment. On October 23, 2025, the Trinidad nitrogen facility completed a controlled shutdown in response to port access restrictions imposed by Trinidad and Tobago’s National Energy Corporation and a lack of reliable and economic natural gas supply. As a result, we performed impairment testing on our Trinidad CGU, part of our Nitrogen segment. No impairment was recognized, as the recoverable amount of the Trinidad CGU exceeded its carrying amount. The recoverable amount was determined using a fair value less costs of disposal (“FVLCD”) methodology. The valuation was based on post-tax discounted cash flows using a 10-year projection and a 2.0% terminal growth rate discounted at a post-tax rate of 11.8%.
Goodwill impairment testing
As at December 31 ($ millions)
2025
2024
Goodwill by CGU or Group of CGUs
Retail – North America
7,006
6,961
Retail – Australia
587
539
Potash
154
154
Nitrogen
4,389
4,389
12,136
12,043
During the three and twelve months ended December 31, 2025, we performed our annual impairment test on goodwill and did not identify any impairment.
In testing for impairment of goodwill, we calculate the recoverable amount for a CGU or groups of CGUs containing goodwill. We used the FVLCD methodology based on post-tax discounted cash flows (five-year or 10-year projections plus a terminal value) and incorporated assumptions an independent market participant would apply. We adjusted discount rates for each CGU or group of CGUs for the risk associated with achieving our forecasts and for the country risk premium in which we expect to generate cash flows. FVLCD is a Level 3 measurement. We use our market capitalization (where applicable) and comparative market multiples to ensure discounted cash flow results are reasonable.
The key assumptions with the greatest influence on the calculation of the recoverable amounts are the discount rates, terminal growth rates and forecasted EBITDA. The key forecast assumptions were based on historical data and our estimates of future results from internal sources considering industry and market information.
Retail – North America CGU
During our performance of our annual impairment test, the Retail – North America group of CGUs recoverable amount exceeded its carrying amount by $2.9 billion. Goodwill is more susceptible to impairment risk if there is an increase in the discount rate or a deterioration in business operating results or economic conditions and actual results do not meet our forecasts. A reduction in the terminal growth rate, an increase in the discount rate or a decrease in forecasted EBITDA could cause impairment in the future as shown in the table below.
Key assumption
Change required for carrying amount
2025 Annual impairment testing
used in impairment model
to equal recoverable amount
Terminal growth rate (%)
2.3
1.8
Discount rate 1 (%)
7.7
1.2
Forecasted EBITDA over forecast period ($ millions)
8,500
12
1 The discount rate used in the previous measurement at October 1, 2024 was 7.3 percent.
Retail – Australia, Potash, and Nitrogen CGUs
The following table indicates the key assumptions used in testing the remaining groups of CGUs:
Terminal growth rate (%)
Post-tax discount rate (%)
2025
2024
2025
2024
Retail – Australia
2.5
2.6
7.6
7.9
Potash
2.0
2.5
7.3
6.3
Nitrogen
2.0
2.3
8.7
7.6
2024 Impairment of assets
In the twelve months ended December 31, 2024, we recorded the following non-cash impairment of assets in the condensed consolidated statements of earnings:
($ millions)
December 31, 2024
Segment
Category
Retail
Intangible assets
200
Property, plant and equipment
120
Other
15
Nitrogen
Property, plant and equipment
195
Impairment of assets
530
Note 4 Other expenses (income)
Three Months Ended
Twelve Months Ended
December 31
December 31
($ millions)
2025
2024
2025
2024
Restructuring costs
46
47
68
47
Earnings of equity-accounted investees
(1)
(23)
(37)
(130)
Bad debt (recovery) expense
(3)
23
85
117
Project feasibility costs
39
26
108
92
Customer prepayment costs
13
12
63
58
Legal expenses
8
15
21
47
ARO/ERL related expenses (income) for non-operating sites 1
9
(1)
2
151
Loss on natural gas derivatives not designated as a hedge
‐
1
‐
8
Loss related to financial instruments in Argentina
‐
1
‐
35
Insurance recoveries
‐
(3)
(1)
(65)
Other expenses
66
31
139
53
177
129
448
413
1 ARO/ERL refers to asset retirement obligations and accrued environmental costs.
Note 5 Income taxes
Three Months Ended
Twelve Months Ended
December 31
December 31
($ millions, except as otherwise noted)
2025
2024
2025
2024
Actual effective tax rate on earnings (%)
21
33
24
40
Actual effective tax rate including discrete items (%)
22
42
25
38
Discrete tax adjustments that impacted the tax rate 1
4
18
27
(13)
1 Discrete tax adjustments arise from specific, significant or unusual events that are recognized in the period in which the event occurs, rather than being allocated across the year through the annual effective tax rate.
Note 6 Investments
Proportion of
Ownership Interest and
Voting Rights Held (%)
Carrying Amount
($ millions, except as otherwise noted)
Principal
Activity
Principal
Place of
Business and
Incorporation
As at
December 31,
2025
As at
December 31,
2024
As at
December 31,
2025
As at
December 31,
2024
Equity-accounted investees
Profertil S.A. ("Profertil")
Nitrogen producer
Argentina
‐
50
‐
349
Canpotex
Marketing and
logistics of potash
Canada
50
50
‐
‐
Other associates and joint ventures
134
128
Total equity-accounted investees
134
477
Investments at FVTOCI
Sinofert Holdings Limited ("Sinofert")
Fertilizer supplier
and distributor
China/Bermuda
‐
19
‐
211
Other
10
10
Total investments at FVTOCI
10
221
Total investments
144
698
Equity-accounted investees
In 2025, as part of our strategic priority to simplify and focus, we entered into an agreement to sell our 50 percent equity ownership in Profertil, which had been classified as an equity-accounted investment. A deposit of $120 million was received from the purchaser on September 5, 2025. The sale closed on December 10, 2025 resulting in gross proceeds of $595 million and a gain of $301 million recorded in the consolidated statement of earnings within our Corporate and Others segment. This gain reflects the difference between the net proceeds and the carrying amount of the investment at the date of sale. The buyer remitted the applicable withholding tax on behalf of Nutrien, resulting in a $60 million non-cash transaction.
Investments at fair value through other comprehensive income
In 2025, as part of our strategic priority to simplify and focus, we fully divested our remaining equity ownership interest in Sinofert, which had been classified as a financial asset measured at fair value through other comprehensive income. Gross proceeds from the sale were $193 million and reflected the fair value of the investment at the date of derecognition. A fair value loss of $18 million related to the investment was recognized in other comprehensive income. Upon derecognition, the cumulative unrealized gain previously recognized in other comprehensive income of $27 million was reclassified to retained earnings.
Note 7 Financial instruments
Foreign currency derivatives
Three Months Ended
Twelve Months Ended
December 31
December 31
($ millions)
2025
2024
2025
2024
Foreign exchange loss (gain)
7
(13)
(2)
14
Hyperinflationary loss 1
‐
12
‐
97
(Gain) loss on foreign currency derivatives at fair value through profit or loss ("FVTPL")
(16)
2
11
249
Foreign exchange (gain) loss, net of related derivatives
(9)
1
9
360
1 In 2025, the functional currency of our Argentina operations changed from the Argentine peso to the US dollar and was applied prospectively from the date of change, eliminating the need for hyperinflationary adjustments.
Our financial instruments carrying amounts are a reasonable approximation of their fair values, except for our long-term debt, including current portion, that has a carrying value of $9,863 million and fair value of $9,476 million as at December 31, 2025. There were no transfers between levels for financial instruments measured at fair value on a recurring basis.
Note 8 Debt
In 2025, we extended the maturity of our $4,500 million unsecured committed revolving term facility to September 4, 2030. We also extended the term of our unsecured committed revolving term credit facility to September 2, 2026 and reduced the facility limit from $750 million to $500 million.
($ millions, except as otherwise noted)
Rate of interest (%)
Maturity
Amount
Senior notes repaid in 2025
3.000
April 1, 2025
500
Senior notes repaid in 2025
5.950
November 7, 2025
500
1,000
Senior notes issued in 2025
4.500
March 12, 2027
400
Senior notes issued in 2025
5.250
March 12, 2032
600
1,000
The senior notes issued in the twelve months ended December 31, 2025, are unsecured, rank equally with our existing unsecured debt, and have no sinking fund requirements prior to maturity. Each series of outstanding senior notes is redeemable and has various provisions for redemption prior to maturity, at our option, at specified prices.
Note 9 Share capital
Share repurchase programs
The following table summarizes our share repurchase activities during the periods indicated below:
Three Months Ended
Twelve Months Ended
December 31
December 31
($ millions, except as otherwise noted)
2025
2024
2025
2024
Number of common shares repurchased for cancellation
2,540,498
2,905,718
9,829,408
3,944,903
Average price per share (US dollars)
58.76
47.02
55.94
47.31
Total cost, inclusive of tax
151
139
560
190
Subsequent to December 31, 2025, as of February 17, 2026, an additional 1,097,694 common shares were repurchased for cancellation at a cost of $73 million and an average price per share of $66.97.
On February 18, 2026, our Board of Directors approved a share repurchase program for up to five percent of our outstanding common shares. The 2026 normal course issuer bid, which is subject to the acceptance by the Toronto Stock Exchange, will expire after a 12-month period, if we acquire the maximum number of common shares allowable or otherwise decide not to make any further repurchases.
Dividends declared
We declared a dividend per share of $0.545 (2024 – $0.54) during the three months ended December 31, 2025, payable on January 16, 2026 to shareholders of record on December 31, 2025.
On February 18, 2026, our Board of Directors declared and increased our quarterly dividend to $0.55 per share payable on April 16, 2026, to shareholders of record on March 31, 2026. The total estimated dividend to be paid is $265 million.
Note 10 Related party transactions
We sell potash outside Canada and the US exclusively through Canpotex. Our total revenue is recognized at the amount received from Canpotex representing proceeds from their sale of potash, less net costs of Canpotex. The receivable outstanding from Canpotex arose from sale transactions described above. It is unsecured and bears no interest. Any credit losses held against this receivable are expected to be negligible. Canpotex sells potash to buyers, including Nutrien, in export markets pursuant to term and spot contracts at agreed-upon prices. Purchases from Canpotex for the three months ended December 31, 2025 were $50 million (2024 – $34 million) and the twelve months ended December 31, 2025 were $150 million (2024 – $146 million).
As at
As at
($ millions)
December 31, 2025
December 31, 2024
Receivables from Canpotex
279
122
Payables to Canpotex
63
66
Note 11 Accounting policies, estimates and judgments
Amendments to IFRS 9 and IFRS 7, Classification and Measurement of Financial Instruments, issued in May 2024, describe the timing of recognition and derecognition for a financial asset or financial liability, including clarifying that a financial liability is derecognized on the settlement date. In addition to these clarifications, the amendments introduce an accounting policy choice to derecognize financial liabilities settled using an electronic payment system before the settlement date if specific conditions are met. These amendments will be effective January 1, 2026, and will not apply to comparative information. Nutrien has reviewed its banking procedures and assessed that the impact of the amendment is immaterial as at January 1, 2026.
IFRS 18, Presentation and Disclosure in Financial Statements, issued in April 2024, would replace IAS 1, Presentation of Financial Statements, and introduce new presentation requirements, including defined subtotals and enhances guidance on aggregation and disaggregation. IFRS 18 will be effective January 1, 2027, and will also apply to comparative information. We are reviewing the standard to determine the potential impact.