Q3 2025 Fertilizer Manufacturers Results Highlights and Analysis

Index

1. Financial Overview

2. Themes

3. Nutrien

4. Mosaic

5. CF Industries

6. ICL

7. Yara

8. Financial Charting: Company Comparisons

   1. Revenue

   2. EBITDA

   3. EBITDA Margin

   4. Gross Margin

   5. SG&A Ratio

   6. ROIC

About Upstream Ag Professional Agribusiness Breakdowns

Each quarter in Upstream Ag Professional, we analyze publicly traded agribusiness results to highlight the key takeaways that matter for those of us working in the agriculture industry — that means looking at the intersection of financials with product details, competitive dynamics, executive commentar, external factors and strategic considerations that are often missing in the financial results.

By breaking down earnings results and executive commentary, we provide insights agribusiness professionals need to stay ahead of their competitors, their suppliers and ultimately their customers.

Financial Overview

Themes and Highlights

1. Potash is Stable, Tight, and Pushing Toward Another Record Year

Across Nutrien, ICL, and Mosaic, potash is the most “structurally sound” nutrient market heading into 2026 from a global perspective.

Nutrien expects global potash shipments of 74–77 million tonnes in 2026, marking a fourth year of demand growth, driven by strong affordability and high nutrient removal from large global crop production.

One quote to reinforce this view came from Nutrien CEO Ken Seitz on China surrounding Potash:

Mosaic said that strong demand in Southeast Asia (up to 50% higher in some markets) and record Canpotex shipments are expected into 2026, too.

Both Nutrien and Mosaic explicitly point to limited new global capacity, and Laos supply remains uncertain.

2. Nitrogen is Tight in Supply and Decarbonization Emphasis Seemingly Coming to Fruition

Nutrien reports a 94% ammonia utilization rate and emphasized a tight global ammonia balance driven by outages and project delays, with seasonal urea demand adding further lift.

Trinidad disruptions remove marginal supply from the market, with Nutrien suspending operations amid gas and port uncertainty.

Yara numbers (which are heavily Europe influenced, but still applicable) suggest the optimal rate for Nitrogen based on ROI in wheat has declined by 5% year over year:

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