Question · Q4 2025
Jeff Sikorski observed that inventories were approximately $500 million higher than desired in Q4 and inquired about the reasons behind this inventory build and its potential implications for Q1.
Answer
Ken Seitz, Nutrien's President and CEO, attributed the higher-than-desired inventories in Q4 primarily to adverse weather conditions that prevented farmers from completing normal fall applications, resulting in working capital carrying over into 2026. He also noted that holding some proprietary product inventory contributed to this build, which is also expected to be released in 2026, thereby freeing up working capital.
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