Revenue growth has re-accelerated to 18.5% year-over-year in Q1 2026, but cyclicality drives extreme margin volatility, with gross margins ranging from 25.9% in trough quarters to 35.4% in peak quarters.
Nutrien Ltd. (NTR) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 28.2B | 26.89B | 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 % | 8.63% | 3.52% | -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 | 19.46B | 18.54B | 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 | 8.75B | 8.35B | 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 % | 31.02% | 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 % | - | 10.85% | -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 | 4.61B | 4.48B | 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 | - | 16.66% | 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 | 4.22B | 4.1B | 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 | - | 15.27% | 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 | 374M | 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 | 4.14B | 3.87B | 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 % | 14.69% | 14.39% | 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 % | - | 31.11% | -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 | 6.54B | 6.24B | 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 % | 23.18% | 23.2% | 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 % | 27.77% | 17.92% | -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) | 2.39B | 2.37B | 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 | 3.91B | 3.78B | 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 | -744M | -678M | -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 | 51M | 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 | 744M | 729M | 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 | -981M | -820M | -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 | 3.16B | 3.05B | 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 % | 11.21% | 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 | 753M | 752M | 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 % | 23.81% | 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 | 2.38B | 2.27B | 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 % | 8.44% | 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 % | 74.61% | 236.35% | -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) | 2.41B | 2.3B | 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 | 36M | 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 % | 77.14% | 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 | 479.82M | 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 | 479.6M | 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 | - | 47.62% | 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% |
Quick answers to the most common questions about buying NTR stock.
For fiscal year 2025, Nutrien Ltd. (NTR) reported total revenue of $26.89B. This represents a 1815.0% increase compared to $1.40B in 1996.
Nutrien Ltd. (NTR) is profitable, generating $2.27B 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 $3.87B, resulting in an operating profit margin of 14.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Nutrien Ltd. (NTR) generated $8.35B 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.
Key Metrics
Top Statement Risk
Sharp seasonal profitability swings
Revenue Growth Recovery in Early 2026
Nutrien's revenue growth has shifted from contraction to expansion, with Q1 2026 posting an 18.5% year-over-year increase, though this follows a period of significant decline and volatile quarterly performance.
The company has moved from a string of negative year-over-year revenue growth quarters through 2024 and early 2025 to positive growth in the most recent periods. This rebound suggests a potential cyclical upturn in the agricultural inputs market, but the high volatility between quarters, such as the swing from -5.4% in Q1 2025 to +18.5% in Q1 2026, indicates growth durability remains unproven and may be driven by temporary factors like inventory restocking rather than sustained demand increases.
Cyclicality Drives Wide Margin Swings
Gross margins demonstrate pronounced seasonality, expanding to 35.4% in Q4 2025 from a low of 25.9% in Q1 2025, reflecting the commodity-driven nature of the business.
The structural gross margin level appears to sit in the high-20% to low-30% range, but actual performance is dominated by seasonal patterns, likely tied to planting and application cycles. When compared to peers, Nutrien's recent margins (e.g., 30.1% in Q2 2026) are materially higher than Mosaic's 15.1% but lower than CF Industries' 38.5%, suggesting its position in the value chain provides moderate, but not leading, pricing power. Investors should monitor whether recent margin expansions are sustainable or simply a function of favorable quarterly timing.
Operating Leverage Activated in Peak Quarter
Operating leverage was strongly demonstrated in Q2 2026, where operating income scaled to $2.0B on $10.8B in revenue, representing an 18.4% margin, a significant improvement from the 8.4% margin in Q1 2026.
The quarter-over-quarter expansion in operating margin from 8.4% to 18.4% indicates that Nutrien's cost structure allows profitability to scale rapidly with revenue growth. However, this leverage appears cyclical rather than structural, as the high fixed-cost base is more efficient during peak sales periods but compresses sharply in off-peak quarters like Q1. This pattern implies the business has limited control over earnings volatility, which is largely dictated by external market conditions and seasonal demand.
Potential Unsustainability of EPS Recovery
Despite a recent EPS recovery, the year-over-year growth rates are heavily distorted by extremely low prior-year comparables, such as the 11.1% growth in Q1 2026 versus a -93.0% decline in Q1 2025.
The reported EPS growth figures, while positive, are not indicative of a stable earnings trajectory when viewed against the volatile historical base. For instance, Q3 2025's 24.8% EPS growth followed a -75.7% drop in Q3 2024. This volatility suggests that the recent improvement may reflect a cyclical rebound from a trough rather than a permanent improvement in business fundamentals. Short-sellers would focus on whether the current profitability level can be maintained through a full agricultural cycle without significant price compression.
SG&A Shows Partial Operating Discipline
SG&A expenses have been held relatively stable between $956M and $1.2B per quarter, even as revenue fluctuates significantly, suggesting some degree of fixed-cost management.
The consistency of SG&A expenses during periods of both high and low revenue indicates a baseline level of operational discipline. However, the absolute level of these expenses, which are roughly 10-20% of revenue depending on the quarter, remains a significant drag on profitability during off-peak periods. The lack of any material SG&A reduction during the revenue downturns of 2024 suggests limited flexibility in discretionary spending, which may hamper margin recovery if top-line growth stalls again.