Thx
EPS of 83c missed estimates of 93c; revenue of $5.34B slightly missed estimates of $5.44B. Nutrien's shedding of assets is beginning to bear fruit, with a conservative 1% increase in the quarterly dividend and 2026 buyback targeting 5% of shares outstanding, equal to 2025's program. Retail-sales softness contributed to the adjusted miss vs. consensus but was partially offset by the sale of its Profertil stake. Initial 2026 guidance indicates 6% growth in retail earnings, with capital spending expected to rise 2.5%, the first increase since 2023. Free cash flow declined 5% vs. 4Q24, and cash and equivalents were down 17% at year-end. Natural gas is now tied to AECO and Henry Hub, boosting nitrogen margins in 2026. Nutrien expects a fourth year of potash demand growth, last seen in 2005. The nutrient is typically the first farmers cut when production margins thin. Not a blow-out quarter, obviously, but we remain quite comfortable with the stock at 14x earnings and a 3.11% dividend.