Operating margins have shown extreme sensitivity to revenue fluctuations, ranging from a low of 4.4% in 2025Q1 to a peak of 17.1% in 2025Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 27.76B | 27.36B | 25.97B | 29.06B | 37.88B | 27.71B | 20.91B | 20.08B | 19.64B | 4.55B | 4.46B | 6.28B | 7.12B | 7.3B | 7.93B | 8.71B | 6.54B | 3.98B | 9.45B | 5.23B | 3.77B | 3.85B | 3.24B | 2.47B | 1.93B | 2.08B | 2.23B | 2.06B | 2.31B | 2.33B | 1.4B |
| Revenue Growth % | 8.1% | 5.33% | -10.61% | -23.3% | 36.71% | 32.54% | 4.1% | 2.28% | 331.85% | 2.04% | -29.03% | -11.75% | -2.6% | -7.85% | -9.04% | 33.28% | 64.43% | -57.9% | 80.48% | 38.96% | -2.09% | 18.58% | 31.58% | 27.85% | -7.31% | -6.76% | 8.27% | -10.69% | -0.78% | 65.67% | 63.94% |
| Cost of Goods Sold | 19.11B | 18.86B | 18.44B | 20.58B | 22.46B | 18.3B | 15.67B | 14.58B | 14.24B | 3.85B | 3.63B | 4.01B | 4.47B | 4.51B | 4.52B | 4.43B | 3.85B | 2.96B | 4.54B | 470.2M | 2.76B | 2.72B | 2.56B | 2.09B | 1.62B | 1.67B | 1.56B | 1.46B | 1.51B | 1.57B | 920.4M |
| COGS % of Revenue | - | 68.95% | 71.01% | 70.84% | 59.29% | 66.05% | 74.94% | 72.61% | 72.54% | 84.74% | 81.37% | 63.86% | 62.8% | 61.81% | 56.98% | 50.82% | 58.86% | 74.49% | 48.05% | 8.98% | 73.4% | 70.76% | 79% | 84.57% | 84.07% | 80.43% | 69.99% | 70.92% | 65.32% | 67.54% | 65.56% |
| Gross Profit | 8.66B | 8.49B | 7.53B | 8.47B | 15.42B | 9.41B | 5.24B | 5.5B | 5.39B | 694M | 830M | 2.27B | 2.65B | 2.79B | 3.41B | 4.29B | 2.69B | 1.01B | 4.91B | 1.88B | 1B | 1.13B | 681.4M | 380.4M | 307.3M | 407.3M | 669.8M | 599.38M | 800.3M | 755.1M | 483.5M |
| Gross Margin % | 31.18% | 31.05% | 28.99% | 29.16% | 40.71% | 33.95% | 25.06% | 27.39% | 27.46% | 15.26% | 18.63% | 36.14% | 37.2% | 38.19% | 43.02% | 49.18% | 41.14% | 25.51% | 51.95% | 35.94% | 26.6% | 29.24% | 21% | 15.43% | 15.93% | 19.57% | 30.01% | 29.08% | 34.68% | 32.46% | 34.44% |
| Gross Profit Growth % | - | 12.79% | -11.14% | -45.06% | 63.93% | 79.6% | -4.78% | 2.04% | 676.95% | -16.39% | -63.42% | -14.28% | -5.13% | -18.18% | -20.44% | 59.33% | 165.13% | -79.33% | 160.87% | 87.74% | -10.93% | 65.1% | 79.13% | 23.79% | -24.55% | -39.19% | 11.75% | -25.11% | 5.99% | 56.17% | 27.92% |
| Operating Expenses | 4.86B | 4.53B | 4.58B | 4.61B | 4.62B | 4.63B | 4.34B | 3.64B | 4.98B | 485M | 371M | 516M | 299M | 174M | 391M | -20M | 93M | -166.2M | 272.3M | 3.18B | 126.5M | 232.4M | 167.1M | 436M | 140.4M | 137.6M | 399.5M | 976M | 387M | 340M | 190.6M |
| OpEx % of Revenue | - | 16.57% | 17.63% | 15.88% | 12.18% | 16.7% | 20.74% | 18.12% | 25.35% | 10.67% | 8.33% | 8.22% | 4.2% | 2.38% | 4.93% | -0.23% | 1.42% | -4.18% | 2.88% | 60.67% | 3.36% | 6.04% | 5.15% | 17.68% | 7.28% | 6.61% | 17.9% | 47.35% | 16.77% | 14.62% | 13.58% |
| Selling, General & Admin | 4.25B | 4.15B | 4.17B | 4.06B | 4.09B | 3.82B | 3.31B | 3.01B | 2.88B | 214M | 212M | 239M | 245M | 231M | 219M | 211M | 220M | 183.6M | 188.4M | 212.6M | 158.4M | 144.5M | 130.6M | 96.1M | 91.7M | 99.7M | 111M | 116.29M | 116M | 99.7M | 60.3M |
| SG&A % of Revenue | - | 15.19% | 16.07% | 13.99% | 10.8% | 13.79% | 15.84% | 15% | 14.65% | 4.71% | 4.76% | 3.81% | 3.44% | 3.16% | 2.76% | 2.42% | 3.36% | 4.62% | 1.99% | 4.06% | 4.21% | 3.76% | 4.03% | 3.9% | 4.75% | 4.79% | 4.97% | 5.64% | 5.03% | 4.29% | 4.3% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 378.51M | 406M | 550M | 523M | 807M | 1.03B | 627M | 2.1B | 271M | 159M | 277M | 54M | -57M | 172M | -231M | -127M | -349.8M | 83.9M | 2.96B | -31.9M | 87.9M | 36.5M | 339.9M | 48.7M | 37.9M | 288.5M | 859.71M | 271M | 240.3M | 130.3M |
| Operating Income | 3.79B | 3.96B | 2.95B | 3.86B | 10.81B | 4.78B | 902M | 1.86B | 414M | 209M | 459M | 1.75B | 2.35B | 2.62B | 3.02B | 4.31B | 2.6B | 1.18B | 4.64B | 1.59B | 875.5M | 892.6M | 514.3M | -55.6M | 166.9M | 269.7M | 270.3M | -376.63M | 413.3M | 415.1M | 292.9M |
| Operating Margin % | 13.66% | 14.48% | 11.36% | 13.28% | 28.53% | 17.25% | 4.31% | 9.27% | 2.11% | 4.6% | 10.3% | 27.92% | 33% | 35.81% | 38.09% | 49.41% | 39.72% | 29.69% | 49.07% | 30.35% | 23.24% | 23.2% | 15.85% | -2.25% | 8.65% | 12.96% | 12.11% | -18.27% | 17.91% | 17.85% | 20.86% |
| Operating Income Growth % | - | 34.2% | -23.55% | -64.29% | 126.08% | 430.04% | -51.56% | 349.76% | 98.09% | -54.47% | -73.82% | -25.34% | -10.24% | -13.35% | -29.89% | 65.81% | 119.94% | -74.52% | 191.79% | 81.44% | -1.92% | 73.56% | 1025% | -133.31% | -38.12% | -0.22% | 171.77% | -191.13% | -0.43% | 41.72% | 39.83% |
| EBITDA | 6.19B | 6.37B | 5.29B | 6.03B | 12.82B | 6.73B | 2.89B | 3.66B | 2.01B | 901M | 1.15B | 2.44B | 3.05B | 3.28B | 3.6B | 4.79B | 3.05B | 1.49B | 4.96B | 1.88B | 1.12B | 1.14B | 754.3M | 171.8M | 386M | 455.4M | 457.3M | -185.52M | 604.2M | 585.1M | 383M |
| EBITDA Margin % | 22.3% | 23.29% | 20.37% | 20.75% | 33.84% | 24.29% | 13.83% | 18.23% | 10.22% | 19.82% | 25.9% | 38.83% | 42.85% | 44.93% | 45.38% | 55.02% | 46.58% | 37.54% | 52.53% | 35.91% | 29.68% | 29.5% | 23.25% | 6.97% | 20.01% | 21.89% | 20.49% | -9% | 26.18% | 25.16% | 27.28% |
| EBITDA Growth % | 49.14% | 20.43% | -12.26% | -52.98% | 90.45% | 132.86% | -21.03% | 82.5% | 122.64% | -21.92% | -52.67% | -20.04% | -7.1% | -8.76% | -24.98% | 57.42% | 104.03% | -69.92% | 164% | 68.15% | -1.51% | 50.47% | 339.06% | -55.49% | -15.24% | -0.42% | 346.5% | -130.7% | 3.26% | 52.77% | 36.57% |
| D&A (Non-Cash Add-back) | 2.4B | 2.41B | 2.34B | 2.17B | 2.01B | 1.95B | 1.99B | 1.8B | 1.59B | 692M | 695M | 685M | 701M | 666M | 578M | 489M | 449M | 312.1M | 327.5M | 291.3M | 242.4M | 242.4M | 240M | 227.4M | 219.1M | 185.7M | 187M | 191.11M | 190.9M | 170M | 90.1M |
| EBIT | 3.93B | 3.8B | 1.87B | 2.72B | 10.77B | 4.63B | 903M | 1.87B | 431M | 211M | 462M | 1.75B | 2.35B | 2.62B | 3.02B | 4.31B | 2.6B | 1.19B | 4.65B | 1.62B | 875.5M | 892.6M | 517.9M | 260.5M | 172.4M | 256M | 294.6M | 214.89M | 413.3M | 415.1M | 292.9M |
| Net Interest Income | -682.49M | -699.03M | -634.02M | -768.85M | -505.16M | -466.86M | -520M | -554M | -538M | -238M | -216M | -192M | -184M | -144M | -114M | -159M | -121M | -120.9M | -62.8M | -68.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 26.66M | 35.64M | 24.01M | 7.93M | 1M | 5M | 17M | 2M | 3M | 2M | 1M | 3M | 4M | 8M | 8M | 10.5M | 17.7M | 29.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 682.49M | 699.03M | 660.68M | 804.49M | 529.17M | 474.79M | 521M | 559M | 555M | 240M | 219M | 194M | 185M | 147M | 118M | 167M | 129M | 131.4M | 80.5M | 98.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -605.61M | -857.76M | -1.81B | -1.91B | -563M | -613M | -520M | -554M | -538M | -238M | -216M | -192M | -184M | -144M | -114M | -159M | -121M | -120.9M | -62.8M | -68.7M | -85.6M | -82.3M | -84M | -91.3M | -83.1M | -80.3M | -5.1M | -27.9M | -34.8M | -48.9M | -40.2M |
| Pretax Income | 3.19B | 3.1B | 1.14B | 1.95B | 10.25B | 4.17B | 382M | 1.31B | -124M | -29M | 243M | 1.56B | 2.16B | 2.47B | 2.9B | 4.15B | 2.48B | 1.06B | 4.57B | 1.52B | 789.9M | 810.3M | 430.3M | -146.9M | 83.8M | 189.4M | 265.2M | -404.52M | 378.5M | 366.2M | 252.7M |
| Pretax Margin % | 11.48% | 11.34% | 4.37% | 6.72% | 27.05% | 15.04% | 1.83% | 6.51% | -0.63% | -0.64% | 5.45% | 24.86% | 30.41% | 33.84% | 36.65% | 47.58% | 37.87% | 26.65% | 48.4% | 29.04% | 20.97% | 21.06% | 13.26% | -5.96% | 4.34% | 9.1% | 11.88% | -19.63% | 16.4% | 15.74% | 18% |
| Income Tax | 768.94M | 765.16M | 436M | 670M | 2.56B | 989M | -77M | 316M | -93M | -183M | 44M | 446M | 628M | 687M | 826M | 1.07B | 701M | 79.2M | 1.08B | 416.2M | 158.1M | 267.4M | 131.7M | -20.6M | 30.2M | 68.2M | 67.2M | 7.47M | 117.5M | 69.1M | 43.7M |
| Effective Tax Rate % | 24.12% | 24.66% | 38.38% | 34.32% | 24.98% | 23.73% | -20.16% | 24.16% | 75% | 631.03% | 18.11% | 28.57% | 29.02% | 27.79% | 28.43% | 25.71% | 28.31% | 7.47% | 23.56% | 27.39% | 20.02% | 33% | 30.61% | 14.02% | 36.04% | 36.01% | 25.34% | -1.85% | 31.04% | 18.87% | 17.29% |
| Net Income | 2.39B | 2.31B | 674M | 1.26B | 7.66B | 3.15B | 459M | 992M | 3.57B | 327M | 336M | 1.27B | 1.54B | 1.78B | 2.08B | 3.08B | 1.81B | 987.8M | 3.5B | 1.1B | 631.8M | 542.9M | 298.6M | -126.3M | 53.6M | 121.2M | 198M | -411.99M | 261M | 297.1M | 209M |
| Net Margin % | 8.6% | 8.43% | 2.6% | 4.33% | 20.22% | 11.38% | 2.2% | 4.94% | 18.2% | 7.19% | 7.54% | 20.23% | 21.59% | 24.44% | 26.23% | 35.35% | 27.62% | 24.84% | 37% | 21.08% | 16.77% | 14.11% | 9.2% | -5.12% | 2.78% | 5.82% | 8.87% | -19.99% | 11.31% | 12.77% | 14.89% |
| Net Income Growth % | 353.29% | 242.24% | -46.42% | -83.58% | 142.94% | 586.93% | -53.73% | -72.24% | 992.66% | -2.68% | -73.54% | -17.32% | -13.95% | -14.14% | -32.52% | 70.58% | 82.85% | -71.74% | 216.71% | 74.68% | 16.38% | 81.82% | 336.42% | -335.63% | -55.78% | -38.79% | 148.06% | -257.85% | -12.15% | 42.15% | 31.03% |
| Net Income (Continuing) | 2.42B | 2.34B | 700M | 1.28B | 7.69B | 3.18B | 459M | 992M | -31M | 154M | 199M | 1.11B | 1.54B | 1.78B | 2.08B | 3.08B | 1.77B | 980.7M | 3.5B | 1.1B | 631.8M | 542.9M | 298.6M | -126.3M | 53.6M | 121.2M | 198M | -411.99M | 261M | 297.1M | 209M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 38.13M | 41.92M | 35M | 45M | 45M | 47M | 38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.96 | 4.74 | 1.36 | 2.53 | 13.62 | 5.47 | 0.85 | 1.74 | 5.72 | 0.98 | 1.00 | 3.80 | 4.55 | 5.10 | 5.93 | 8.78 | 4.88 | 2.70 | 9.18 | 2.83 | 1.65 | 1.36 | 0.75 | -0.34 | 0.14 | 0.32 | 0.52 | -1.05 | 0.67 | 0.79 | 0.64 |
| EPS Growth % | 359.39% | 248.53% | -46.25% | -81.42% | 148.99% | 543.53% | -51.15% | -69.58% | 483.67% | -2% | -73.68% | -16.48% | -10.78% | -14% | -32.46% | 79.92% | 80.74% | -70.59% | 224.38% | 71.52% | 21.32% | 81.33% | 320.59% | -342.86% | -56.25% | -38.46% | 149.52% | -256.72% | -15.19% | 23.44% | 25.49% |
| EPS (Basic) | - | 4.74 | 1.36 | 2.53 | 13.66 | 5.49 | 0.85 | 1.74 | 5.76 | 0.98 | 1.00 | 3.80 | 4.58 | 5.15 | 6.05 | 9.00 | 5.00 | 2.78 | 9.48 | 2.92 | 1.69 | 1.39 | 0.77 | -0.34 | 0.14 | 0.32 | 0.52 | -1.06 | 0.67 | 0.79 | 0.64 |
| Diluted Shares Outstanding | 481.65M | 486.52M | 494.37M | 496.99M | 540.01M | 571.29M | 569.69M | 583.1M | 624.9M | 336.13M | 335.78M | 334.94M | 337.82M | 349.59M | 350.36M | 350.65M | 364.44M | 364.73M | 380.95M | 389.17M | 382.43M | 400.28M | 398.66M | 376.06M | 377.05M | 376.12M | 377.73M | 391.26M | 390.17M | 376.98M | 328.17M |
| Basic Shares Outstanding | 481.26M | 486.33M | 494.37M | 496.38M | 538.48M | 569.66M | 569.66M | 582.27M | 620M | 336.03M | 335.57M | 333.66M | 335.24M | 345.84M | 344.01M | 342.27M | 354.55M | 354.7M | 354.24M | 378.77M | 374.26M | 391.24M | 388.68M | 376.06M | 374.93M | 373.9M | 377.73M | 390.31M | 389.88M | 376.98M | 328.17M |
| Dividend Payout Ratio | - | 46.8% | 157.27% | 82.03% | 13.46% | 33.14% | 224.4% | 103.02% | 26.64% | 100.92% | 240.77% | 94.8% | 74.28% | 55.85% | 22.46% | 6.75% | 6.59% | 11.83% | 3.51% | 8.48% | 9.64% | 12.05% | 18.79% | - | 97.01% | 42.82% | 26.21% | - | 19.81% | 18.61% | 23.06% |
Commodity price volatility exposure
According to recent financial filings, Nutrien's revenue growth has exhibited significant volatility, shifting from a 12.9% contraction in 2024Q2 to a 16.9% expansion by 2026Q1, reflecting the inherent sensitivity of the agricultural input sector to seasonal planting cycles and fluctuating global commodity price benchmarks.
The revenue trajectory appears heavily influenced by the timing of seasonal pre-buys and the underlying price of crop commodities. While the recent growth acceleration suggests a potential recovery in demand, investors should monitor whether this is a sustainable trend or merely a reflection of favorable inventory timing within the retail segment.
As reported in quarterly statements, Nutrien's gross margins have fluctuated between 25.9% and 35.4% over the last ten quarters, indicating that the company's integrated retail and production model remains highly susceptible to the cost of inputs and the pricing power of its upstream potash and nitrogen assets.
The compression of gross margins in early 2025 suggests that the company may be struggling to pass through higher procurement costs to farmers during periods of soft commodity pricing. This volatility warrants further investigation into the company's ability to maintain its competitive cost advantage in the face of shifting global energy benchmarks.
Based on the provided income statement data, operating income has shown extreme sensitivity to revenue fluctuations, with operating margins ranging from a low of 4.4% in 2025Q1 to a peak of 17.1% in 2025Q2, highlighting the difficulty of scaling SG&A expenses against a cyclical top-line.
The lack of consistent operating leverage suggests that the company's fixed cost base, particularly within its extensive retail network, may be difficult to rationalize during cyclical downturns. Analysts should consider whether the current SG&A structure is optimized for a mid-cycle environment or if it remains bloated from previous expansionary phases.
Analysis of recent filings reveals that stock-based compensation has become a recurring line item, peaking at $49 million in 2025Q2, which may serve to dilute the quality of reported net income and complicate the assessment of true operational profitability for shareholders.
The presence of significant stock-based compensation, coupled with the volatility in net income, suggests that headline EPS figures may not fully capture the underlying cash-generating capability of the business. Investors should adjust for these non-cash items to better understand the company's core earnings power.
While the retail network is often viewed as a defensive moat, the data suggests that its performance is highly correlated with the volatile production segments, potentially undermining the narrative that the retail business provides a stable, non-cyclical earnings floor for the broader Nutrien enterprise.
The potential for inventory write-downs in the retail segment during periods of falling fertilizer prices poses a significant risk to earnings stability. This suggests that the market may be overestimating the diversification benefits of the retail arm, which appears to be just as exposed to commodity price cycles as the upstream mining operations.
Quick answers to the most common questions about buying NTR stock.
For fiscal year 2025, Nutrien Ltd. (NTR) reported total revenue of $27.36B. This represents a 1848.5% increase compared to $1.40B in 1996.
Nutrien Ltd. (NTR) is profitable, generating $2.31B in net income for the fiscal year ending 2025 with a net profit margin of 8.4%.
Nutrien Ltd. (NTR) reported an operating income of $3.96B, resulting in an operating profit margin of 14.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Nutrien Ltd. (NTR) generated $8.49B in gross profit for the year, representing a gross profit margin of 31.0%. This demonstrates the company's core pricing power and production efficiency.