Nutrien lifts potash guidance as nitrogen earnings fall by more than half

Nutrien reported second-quarter 2026 sales of US$10,812 million, net earnings of US$1,222 million (US$2.53 a diluted share) and adjusted EBITDA, its non-IFRS measure, of US$2,430 million against US$2,486 million a year earlier [1]. Potash adjusted EBITDA rose to US$658 million from US$630 million on 3,943 thousand tonnes sold at an average net selling price of US$267 a tonne, US$295 in North America and US$259 offshore; the company calls the first half's volumes a record and raised the bottom of its 2026 potash sales guidance to 14.2–14.8 million tonnes from 14.1–14.8 million [1][3]. Retail earned US$1,131 million, little changed from US$1,149 million [1].

Nitrogen went the other way: adjusted EBITDA of US$263 million against US$566 million, on 2,253 thousand tonnes against 3,017 thousand, which management attributes to the controlled shutdown of its Trinidad plant and the absence of equity earnings from Profertil, the Argentine venture sold in December 2025 [1]. Cash from operations was US$2,484 million; cash was US$921 million and total debt US$11,388 million at June 30, up from US$9,863 million at year end, after US$848 million of dividends and buybacks in the first half [1][2][3]. Capital spending guidance was trimmed to US$1.95–2.05 billion [2].

For a U.S. reader the number to keep is the US$295 North American potash price, the line that any change in cross-border trade terms would hit first [1].