Nutrien Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Nutrien Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	4,547	19,636	20,084	20,908	27,712	37,884	29,056	25,972	26,885
Cost of revenue	3,316	13,380	13,814	14,814	17,452	21,588	19,608	17,486	17,602
Gross profit	694	5,392	5,502	5,239	9,409	15,424	8,474	7,530	8,347
Selling and marketing	29	2,337	2,505	2,813	3,142	3,414	3,397	3,435	3,320
Operating income	209	414	1,862	902	4,781	10,809	2,745	1,856	3,736
Interest expense	238	538	554	520	613	563	793	720	687
Pre-tax income	-29	-124	1,308	382	4,168	10,246	1,952	1,136	3,049
Income tax	-183	-93	316	-77	989	2,559	670	436	752
Income from continuing operations	154	-31	992
Net income to minority interests				0	26	27	24	26	30
Net income	327	3,573	992	459	3,153	7,660	1,258	674	2,267
EBITDA	-483	-1,178	63	2,891	6,732	12,821	4,914	4,195	6,105
EPS, basic	0.39	5.72	1.70	0.81	5.53	14.22	2.53	1.36	4.66
EPS, diluted	0.39	5.72	1.70	0.81	5.52	14.18	2.53	1.36	4.66

Balance sheet

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	116	2,314	671	1,454	499	901	941	853	701
Receivables	489	3,342	3,542	3,626	5,366	6,194	5,398	5,390	5,675
Inventory	788	4,917	4,975	4,930	6,328	7,632	6,336	6,148	6,977
Total current assets	3,323	11,662	10,665	11,470	13,846	16,342	14,170	13,792	14,749
Property, plant and equipment	12,971	18,796	20,335	19,660	20,016	21,767
Lease right-of-use assets		1,059	1,055	1,019	1,108	1,162	1,267	1,259	1,174
Goodwill	97	11,431	11,986	12,198	12,220	12,368	12,114	12,043	12,136
Intangible assets	69	2,210	2,428	2,388	2,340	2,297	2,217	1,819	1,667
Total assets	16,998	45,502	46,799	47,192	49,954	54,586	52,749	51,840	52,301
Accounts payable	836	6,703	7,437	8,058	10,052	11,291	9,467	9,118	9,309
Short-term debt	730	629	976	159	1,560	2,142	1,815	1,534	873
Total current liabilities	1,602	8,335	9,129	8,480	12,443	14,280	12,121	12,045	11,041
Lease liabilities		12	859	891	934	899	999	999	937
Total liabilities	8,695	21,077	23,930	24,789	26,255	28,723	27,548	27,398	26,936
Total debt	3,750	8,185	8,708	9,742				9,918	9,863
Retained earnings	6,242	7,745	7,101	6,606	8,192	11,928	11,531	11,106	12,076
Shareholders' equity				22,365	23,652	25,818	25,156	24,407	25,323
Minority interests				38	47	45	45	35	42
Total equity	8,303	24,425	22,907	22,403	23,699	25,863	25,201	24,442	25,365
Total liabilities and equity	16,998	45,502	46,799	47,192	49,954	54,586	52,749	51,840	52,301

Cash flow statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	327	3,573	992	459	3,179	7,687	1,282	700	2,297
Depreciation and amortization	-692	-1,592	-1,799	1,989	1,951	2,012	2,169	2,339	2,369
Cash from operations	1,225	2,052	3,665	3,323	3,886	8,110	5,066	3,535	4,007
Capital expenditures	-651	-1,405	-1,728	-1,423	-1,777	-2,253	-2,415	-2,025	-1,882
Cash from investing	-652	3,887	-2,798	-1,204	-1,807	-2,901	-2,958	-2,133	-1,372
Debt issued		0	1,510	1,541	86	1,045	1,500	1,022	998
Stock issued	1	7	20	0	200	168	33	18	38
Share buybacks		-1,800	-1,930	-160	-1,035	-4,520	-1,047	-184	-551
Dividends paid	-330	-952	-1,022	-1,030	-1,045	-1,031	-1,032	-1,060	-1,061
Cash from financing	-489	-3,705	-2,479	-1,339	-3,003	-4,731	-2,061	-1,453	-2,817
Exchange rate effect		-36	-31	3	-31	-76	-7	-37	30
Net change in cash	84	2,198	-1,643	783	-955	402	40	-88	-152
Free cash flow	574	647	1,937	1,900	2,109	5,857	2,651	1,510	2,125
Interest paid	198	507	505	498	491	482	729	740	738

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $72.23 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	31.0%	Gross profit / revenue.
Operating margin	13.9%	Operating income / revenue.
EBITDA margin	22.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	11.3%	Pre-tax income / revenue.
Net margin	8.4%	Net income / revenue.
FCF margin	7.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.9%	Cash from operations / revenue.
Effective tax rate	24.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.4%	Net income / average total assets.
Return on invested capital (ROIC)	8.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	7.0%	Capital expenditures / revenue.
D&A / revenue	8.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-10.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-18.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	9.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	101.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-29.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	32.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	45.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-21.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	16.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	236.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-33.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	37.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	242.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-31.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	41.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	13.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-20.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	3.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	40.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-28.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	2.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	3.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-0.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	2.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.34x	Current assets / current liabilities.
Quick ratio	0.58x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.06x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.39x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	18.9%	Total debt / total assets.
Liabilities / assets	51.5%	Total liabilities / total assets.
Net debt	$9.16B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.50x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	5.44x	Operating income / interest expense.
Working capital	$3.71B	Current assets - current liabilities.
Goodwill and intangibles / assets	26.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$11.52B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.52x	Revenue / average total assets.
Inventory turnover	2.68x	Cost of revenue / average inventory.
Days inventory	136 days	365 x average inventory / cost of revenue.
Receivables turnover	4.86x	Revenue / average receivables.
Days sales outstanding	75 days	365 x average receivables / revenue.
Days payables	191 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	20 days	Days inventory + days sales outstanding - days payables.
FCF conversion	93.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	47.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.66	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$4.66	Net income per basic share, as reported (split-adjusted).
Payout ratio	46.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	49.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	25.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$34.81B	Share price x shares outstanding.
Enterprise value	$43.97B	Market cap + total debt - cash - short-term investments.
P/E	15.4x	Market cap / net income. Only when net income is positive.
P/S	1.29x	Market cap / revenue.
P/B	1.37x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.02x	Market cap / tangible book value, when positive.
P/FCF	16.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.69x	Market cap / cash from operations, when positive.
EV/Sales	1.64x	Enterprise value / revenue.
EV/EBIT	11.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.20x	Enterprise value / EBITDA, when both are positive.
EV/FCF	20.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.1%	Free cash flow / market cap.
Earnings yield	6.5%	Net income / market cap (the inverse of P/E).
Dividend yield	3.0%	Dividends paid over the period / market cap.
Shareholder yield	4.6%	(Dividends paid + share buybacks) / market cap.

What was Nutrien Ltd.'s revenue in fiscal 2025?

Nutrien Ltd. reported revenue of $26.89B for fiscal 2025, 3.5% higher than the year before.

Was Nutrien Ltd. profitable in fiscal 2025?

Yes. Net income was $2.27B, a net margin of 8.4%.

How much free cash flow did Nutrien Ltd. generate in fiscal 2025?

Cash from operations of $4.01B minus capital expenditures of $1.88B left free cash flow of $2.13B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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