Nutrien Ltd. (NYSE: NTR)

Nutrien Ltd. is a leading global provider of crop inputs and services. It operates a world class network of production, distribution and agriculture retail facilities that enables it to serve farmers efficiently. The company’s vision is to be the leading global agricultural solutions provider, delivering superior shareholder value through safe and sustainable operations. Its strategy focuses on three priorities: simplify and focus, operational excellence, and disciplined and intentional capital allocation. Nutrien reports its results in four reportable operating segments: Retail, Potash, Nitrogen and Phosphate, reflecting its upstream, midstream and downstream involvement across the agriculture value chain. The company leverages its integrated value chain to balance upstream production stability with downstream retail resilience, aiming to deliver consistent free cash flow and shareholder returns.

Nutrien generates revenue primarily from the sale of crop nutrients such as potash, nitrogen and phosphate fertilizers, as well as crop protection products, seed and merchandise. Its Retail segment sells these inputs directly to farmers and provides financing, agronomic application services and proprietary products. The upstream Potash, Nitrogen and Phosphate segments sell manufactured nutrients to third party customers, including the Canpotex marketing joint venture, while midstream logistics and distribution activities are embedded within those segments. Service revenues from Nutrien Financial and other agronomic solutions also contribute to total sales. In 2025, total consolidated sales reached approximately $26.9 billion, with the Retail segment contributing the largest share of revenue.

The company operates through the following segments: Retail, Potash, Nitrogen and Phosphate.

• Retail: This segment distributes crop nutrients, crop protection products, seed and merchandise, and provides services such as financing and agronomic application directly to farmers through a network of locations in North America, Australia and South America; it also manufactures and sells proprietary products and offers Nutrien Financial services.

• Potash: This segment mines and processes potash at six Saskatchewan mines, producing six grades of the fertilizer for agricultural, industrial and feed markets; it generated 13 percent of total consolidated sales revenue in 2025, with 57 percent of its potash sales revenue coming from offshore markets, and represents approximately 20 percent of global potash nameplate capacity and 19 percent of annual global production.

• Nitrogen: This segment owns and operates ammonia production facilities in the United States, Canada and Trinidad, producing ammonia, urea, UAN, urea solutions, nitric acid and ammonium nitrate, and upgrades ammonia to products such as ESN®; its facilities have a combined annual gross ammonia nameplate capacity of about 7.3 million tonnes and urea capacity of about 4.6 million tonnes, and nitrogen sales to third parties accounted for 14 percent of total consolidated sales revenue in 2025.

• Phosphate: This segment operates two phosphate mines and processing plants in Florida and North Carolina, phosphate feed plants in Illinois, Missouri and Nebraska, and an industrial phosphoric acid plant in Ohio; it produces phosphate fertilizers and phosphoric acid for agricultural and industrial use and represented approximately three percent of global phosphate nameplate capacity as of December 31, 2025.

Nutrien holds a leading position in the global potash market, citing more than 65 years of operations and a nameplate capacity that accounts for roughly 20 percent of world potash supply and 19 percent of annual production. Its nitrogen and phosphate segments each represent about three percent of global nameplate capacity for those nutrients. Competitive advantages stem from low cost production assets in North America, an extensive logistics and distribution network, vertical integration across the value chain, and the retail network that provides direct farmer access. In potash, major competitors include producers in Russia, Belarus, Israel and Germany. Its scale and diversified operations allow it to withstand commodity price cycles better than many pure play producers.

The company’s customers include farmers across North America, Australia and South America who purchase crop inputs through its Retail network; industrial users of nitric acid, ammonium nitrate and phosphoric acid; and the marketing joint venture Canpotex, to which Nutrien supplies a portion of its potash for offshore distribution. The Retail segment serves individual farmers as well as agricultural cooperatives and large agribusiness enterprises across its geographic footprint.