Nutrien (NYSE:NTR) reported $1.31 billion in adjusted EBITDA for the third quarter of 2026 and outlined plans to close its White Springs phosphate facility, while retaining its Aurora operation after determining that bids for the asset did not reflect its long-term value.
The fertilizer and agricultural retail company raised its full-year potash and nitrogen sales volume guidance but lowered its retail adjusted EBITDA outlook following a weaker third quarter. Management also said it expects supportive fertilizer market conditions into early 2027.
For the first nine months of 2026, adjusted EBITDA was $4.85 billion, and cash provided by operating activities rose 17% from a year earlier, Chief Financial Officer Mark Thompson said. Nutrien returned $1.3 billion to shareholders through dividends and repurchases during the period, with share repurchases increasing 36% year over year.
Phosphate Review Ends With White Springs Closure
President and CEO Ken Seitz said Nutrien plans to shut down White Springs in the second quarter of 2027 as the mine approaches the end of its economically recoverable reserve life. Rising operating costs and capital requirements contributed to the decision.
Nutrien expects the closure to improve adjusted EBITDA and free cash flow, with lower operating costs and capital requirements more than offsetting lost sales and shutdown-related costs, Seitz said.
The company will retain and optimize Aurora and its integrated upgrade facilities. Seitz said Nutrien received several nonbinding bids but concluded they did not adequately reflect the assets’ value. Aurora has approximately 1.2 million tons of P2O5 capacity, and its operating rate increased to 85% over the past 12 months from 80% in 2024.
Seitz said 85% was a reasonable rate to use going forward and that further improvements were possible with limited capital spending. He did not rule out revisiting a sale in the future, but said the current focus is on improving operations and serving customers.
Potash and Nitrogen Guidance Rises
Potash generated $730 million in third-quarter adjusted EBITDA, with sales volumes near record levels for the period, Thompson said. Nutrien raised its full-year potash sales volume guidance to 14.3 million to 14.8 million tons. Its year-to-date controllable cash cost of product manufactured was $60 per ton, in line with its target.
Nitrogen adjusted EBITDA was $497 million. Results reflected the volume impact of planned maintenance, partly offset by higher global benchmark prices and lower natural gas costs. With 2026 maintenance complete, Nutrien expects fourth-quarter ammonia operating rates above 95% and raised its full-year nitrogen sales volume guidance to 9.3 million to 9.7 million tons.
Phosphate adjusted EBITDA was $8 million, as elevated sulfur costs weighed on results. Thompson said the company expects a moderate increase in phosphate sales volumes and margins in the fourth quarter compared with the third.
Nutrien maintained its forecast for global potash shipments of 74 million to 77 million tons in 2026 and projected 75 million to 79 million tons in 2027. Seitz said the company can increase production if market conditions warrant it and it has sufficient time to mobilize.
Seitz also expects nitrogen supply and demand to remain tight into 2027, citing trade disruptions, production outages and energy costs. Chief Economist Jason Newton said Nutrien raised its estimate for Chinese urea exports in 2026 to 8 million to 9 million tons, from just under 5 million last year. He noted that Chinese government policy remains a significant source of uncertainty for 2027 exports.
Retail Outlook Reduced as Brazil Sales Decline
Retail generated $203 million in third-quarter adjusted EBITDA. Thompson said crop nutrient margins were affected by the sale of higher-cost nitrogen inventory and lower international volumes, including Nutrien’s deliberate decision to reduce sales in Brazil. A shorter North American plant health season and weather-related effects on Brazil’s seed business also weighed on quarterly performance.
Nutrien revised its full-year retail adjusted EBITDA guidance to $1.72 billion to $1.85 billion. The outlook assumes a stronger North American fall fertilizer application season than in 2025 and a normal application window, among other factors.
Thompson said the higher-cost nitrogen inventory had cleared the company’s channel. Nutrien also expects fourth-quarter crop input demand in Australia to rise year over year, supported in part by a strong livestock market.
In Brazil, Nutrien has idled blenders, closed branches and reduced its workforce as it rationalizes its footprint. Seitz said the company is concentrating sales on higher-quality customers and expects to reach conclusions about the business by year-end. Thompson said Brazil is expected to make a moderately negative EBITDA contribution to retail in 2026, while the company focuses on collecting receivables and reducing inventory.
Capital Returns and Growth Plans
Thompson said Nutrien accelerated repurchases to approximately $75 million per month in the third quarter and maintained that pace into the fourth quarter. The company also expects to reduce net debt by year-end.
Nutrien estimates it has increased recurring free cash flow by approximately $1 billion since setting targets at its 2024 investor day, Thompson said. Seitz said the company plans to provide more detail on growth opportunities and capital spending discipline at its investor day later this month. Formal 2027 guidance is expected with the company’s earnings release in February.
About Nutrien (NYSE:NTR)
Nutrien Ltd. is a Canadian agricultural inputs and services company headquartered in Saskatoon, Saskatchewan. Formed in 2018 through the merger of Agrium and Potash Corporation of Saskatchewan, it serves farmers and other customers through fertilizer production and agricultural retail operations.
The company produces potash, nitrogen and phosphate fertilizers, which are used to support crop growth. It also sells crop protection products and seeds, and provides growers with agronomic advice and other services.
Nutrien’s retail business operates primarily in North America, with additional operations in South America and Australia.
