Mosaic (NYSE: MOS) grows 2025 earnings as heavy Q4 charges hit results

Q: How did Mosaic (MOS) perform financially in full year 2025?

Mosaic reported full year 2025 net income of $541 million , up from $175 million in 2024, with diluted EPS of $1.70 . Adjusted EBITDA reached $2.4 billion , about 10% higher year over year, supported by stronger potash pricing, improved Fertilizantes margins, and company-wide value capture efforts.

Q: Why did Mosaic report a net loss in the fourth quarter of 2025?

Mosaic’s fourth quarter 2025 net loss of $519 million was driven by $422 million in pre-tax notable items and a $261 million after-tax tax reserve in Brazil. Key charges included a $189 million Carlsbad impairment and $110 million of Mosaic Fertilizantes goodwill and asset impairments.

Q: What were Mosaic’s 2025 results by segment in potash and phosphates?

In 2025, Potash generated net sales of $2.7 billion , operating earnings of $638 million and adjusted EBITDA of $1.18 billion . Phosphates delivered net sales of $4.6 billion , operating earnings of $135 million and adjusted EBITDA of $917 million , pressured by higher conversion costs and idle and turnaround expenses.

Q: How did Mosaic Fertilizantes perform in 2025?

Mosaic Fertilizantes posted 2025 net sales of $4.8 billion , up from $4.4 billion, with operating earnings of $277 million . Adjusted EBITDA rose to $567 million from $344 million, reflecting stronger prices and improved margins, although Q4 results were weakened by goodwill impairment and lower margins per tonne.

Q: What was Mosaic’s 2025 cash flow and capital expenditure profile?

Cash flow from operations was $825 million in 2025, down from $1.3 billion, mainly due to higher inventories and rock and sulfur costs. Capital expenditures increased to $1.36 billion , producing free cash flow of $(535) million . For 2026, Mosaic expects capex of about $1.5 billion .

Q: How is Mosaic Biosciences contributing to Mosaic’s results?

Mosaic Biosciences more than doubled 2025 net sales to $68 million and contributed positively to fourth quarter adjusted EBITDA. The business launched five new products in 2025 and targets net sales to roughly double again in 2026, with plans to introduce eight to ten additional products.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

The Mosaic Company reported full year 2025 net income of $541 million, up from $175 million in 2024, and diluted EPS of $1.70. Adjusted EBITDA rose about 10% to $2.4 billion, driven mainly by stronger Potash pricing and volumes and higher margins in Mosaic Fertilizantes.

Results were marred by a fourth quarter 2025 net loss of $519 million (EPS of $(1.64)), largely from $422 million in pre-tax notable items including a $189 million Carlsbad asset impairment, $110 million of Mosaic Fertilizantes impairments, and various asset retirement and tax charges. Adjusted Q4 EPS was $0.22 and adjusted EBITDA was $505 million.

Cash flow from operations fell to $825 million in 2025 from $1.3 billion, as inventories and rock inputs increased, and free cash flow turned to $(535) million amid high capital expenditures of $1.36 billion. Mosaic plans about $1.5 billion of 2026 capex and targets additional $100 million of value capture versus 2025, while guiding to roughly 9 million tonnes of potash and at or above 7 million tonnes of phosphate production.

Insights

Solid full-year earnings and potash strength offset by Q4 charges and weak cash generation.

Mosaic delivered 2025 net income of $541 million and adjusted EBITDA of $2.4 billion, up about 10% year over year. Potash led with adjusted EBITDA of $1.18 billion, helped by higher prices and volumes, while Mosaic Fertilizantes’ adjusted EBITDA jumped to $567 million.

The story turns in Q4 2025, where a net loss of $519 million reflects $422 million of notable items, including a Carlsbad impairment, Brazil goodwill write-downs and asset retirement adjustments, plus a $261 million Brazil tax reserve. These items pushed the effective tax rate to 52.7% in 2025.

Operationally, cash flow from operations dropped to $825 million and free cash flow to $(535) million, as inventories and rock purchases absorbed cash alongside $1.36 billion of capex. Management still plans about $1.5 billion of 2026 capex and guides to higher phosphate and potash production for 2026, so future disclosures on execution against these volume and spending assumptions will be important for assessing profitability trends.

02/24/2026 - 04:16 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 24, 2026

THE MOSAIC COMPANY

(Exact name of registrant as specified in its charter)

Delaware

001-32327

20-1026454

(State or other jurisdiction
of incorporation)

(Commission
File Number)

(IRS Employer
Identification No.)


101 East Kennedy Blvd.		33602
Suite 2500
Tampa,	Florida
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (800) 918-8270

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act
Title of each class		Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share		MOS	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
☐	Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨


Item 2.02.			Results of Operations and Financial Condition.

The following information is being “furnished” in accordance with General Instruction B.2. of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing:

Furnished herewith as Exhibit 99.1 and incorporated by reference herein is the text of The Mosaic Company’s (“Mosaic,” and Mosaic and its subsidiaries, individually or in any combination, “we,” “us” or “our”) announcement regarding its earnings and results of operations for the quarter and full year ended December 31, 2025, as presented in a press release issued on February 24, 2026.

Furnished herewith as Exhibit 99.2 and incorporated by reference herein is certain performance data for the period ended December 31, 2025 to be published on Mosaic’s website.


Item 9.01.			Financial Statements and Exhibits.

(d) Exhibits.

Reference is made to the Exhibit Index hereto with respect to the exhibits furnished herewith. The following exhibits are being “furnished” in accordance with General Instruction B.2. of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.


Exhibit No.						Description

99.1						Press release, dated February 24, 2026, of The Mosaic Company regarding its earnings and results of operations for the quarter and full year ended December 31, 2025

99.2						Performance data for the period ended December 31, 2025

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

THE MOSAIC COMPANY

Date: February 24, 2026

By:

/s/ Philip E. Bauer

Name:

Philip E. Bauer

Title:

Senior Vice President, General Counsel

and Corporate Secretary

Exhibit 99.1

The Mosaic Company

101 E. Kennedy Blvd., Suite 2500

Tampa, FL 33602

www.mosaicco.com

For Immediate Release

Investors

Joan Tong

863-640-0826

joan.tong@mosaicco.com

Jason Tremblay

813-775-4282

jason.tremblay@mosaicco.com

Media

Ben Pratt

813-775-4206

benjamin.pratt@mosaicco.com

THE MOSAIC COMPANY REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS

•Full year 2025 net income of $541 million. Fourth quarter net loss of $519 million was negatively impacted by several notable items.

•Full year 2025 adjusted EBITDA(1) was $2.4 billion. Fourth quarter adjusted EBITDA(1) of $505 million was impacted by weak U.S. demand.

•Fourth quarter phosphate production totaled 1.7 million tonnes, with improved performance continuing into early 2026. First quarter phosphate sales volumes are expected to recover sequentially to 1.7 to 1.9 million tonnes.

•2025 potash production totaled 8.8 million tonnes, with MOP output reaching its highest level since 2019. Esterhazy delivered its strongest finished product production since 2022, and Belle Plaine set a new record.

•Mosaic Fertilizantes operating earnings of $277 million in 2025 up 16% and adjusted EBITDA(1) of $567 million up 65% versus the prior year.

•Mosaic Biosciences contributed positively to fourth quarter adjusted EBITDA. 2025 net sales more than doubled to $68 million, and net sales are targeted to double again in 2026.

TAMPA, FL, February 24, 2026 - The Mosaic Company (NYSE: MOS) reported net income of $541 million and diluted earnings per share (EPS) of $1.70 for full year 2025. Adjusted EBITDA(1) was $2.4 billion and adjusted diluted EPS(1) was $2.27.

The company reported fourth quarter net loss of $519 million and diluted EPS of $(1.64). Adjusted EBITDA(1) totaled $505 million for the quarter and adjusted diluted EPS(1) was $0.22.

"Mosaic made significant progress in 2025. We fortified our assets to ensure reliable production, delivered meaningful cost and efficiency progress and divested non-core assets,” said President and CEO Bruce Bodine. “Deferred demand and higher raw material costs negatively impacted our year end results, but demand is expected to recover as we move toward the planting season."

(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.

Consolidated Results:


In millions $ except as noted below	Q4 2025	Q4 2024	2025	2024
Net Sales (Billions)	$3.0	$2.8	$12.1	$11.1
Selling, General and Administrative expenses	$119	$113	$534	$497
Operating Earnings (Loss)	$(101)	$100	$822	$622
Operating Earnings (Loss) – Phosphate	$(98)	$44	$135	$225
Operating Earnings (Loss) – Potash	$58	$123	$638	$604
Operating Earnings (Loss) – Mosaic Fertilizantes	$(26)	$79	$277	$238
Operating Earnings (Loss) – Corporate and Other	$(34)	$(146)	$(229)	$(446)
Net Income (Loss)	$(519)	$169	$541	$175

Adjusted EBITDA(1)	$505	$594	$2,421	$2,202
Adjusted EBITDA - Phosphate(1)	$144	$341	$917	$1,191
Adjusted EBITDA - Potash(1)	$336	$212	$1,183	$944
Adjusted EBITDA – Mosaic Fertilizantes(1)	$45	$82	$567	$344
Adjusted EBITDA – Corporate and Other(1)	$(20)	$(41)	$(246)	$(277)

The fourth quarter net loss of $519 million reflected $422 million in pre-tax notable items which includes a $189 million impairment related to the Carlsbad asset held for sale, $110 million of goodwill and fixed asset impairments in Mosaic Fertilizantes and $223 million of various other items including foreign currency losses, mark-to-market adjustments, and asset retirement obligations. These impacts were partially offset by a gain of $100 million related to asset sales in Mosaic Fertilizantes, including a $94 million gain from the Patos de Minas transaction. Fourth quarter earnings were also impacted by a $261 million after-tax reserve on deferred tax assets in Mosaic Fertilizantes. 

Net income in 2025 was $541 million, compared with $175 million in the prior year. Adjusted EBITDA(1) in 2025 totaled $2.4 billion, an increase of 10 percent from 2024, driven by higher prices and sales volumes in the Potash segment, margin expansion in the Mosaic Fertilizantes segment, and improved margins in India and China within the Corporate segment. These positive drivers were partially offset by lower sales volumes in the Phosphate segment.

In 2025, the Company achieved its $150 million value capture target versus 2023 and expanded the program to target an additional $100 million in 2026 versus 2025. Approximately $100 million of the value capture achieved in 2025 was captured in Mosaic Fertilizantes through lower blended rock cost, higher co-product sales, and reduced scrap products.

Selling, general and administrative (SG&A) expenses were $534 million for full year 2025, up from $497 million in the prior year. The increase was primarily due to increased selling expenses in Mosaic Biosciences, increased employee benefit costs, and noncash amortization related to the Global Digital Acceleration project, partially offset by productivity improvements.

The effective tax rate for full year 2025 was 52.7% percent. The adjusted effective tax rate(1) was 30.8% percent excluding net unfavorable impacts from notable items. Cash taxes paid were $321 million for 2025.

Cash flow from operations was $825 million for 2025 versus $1.3 billion in 2024. The year over year decline primarily reflects higher balance sheet working capital, driven by a $428 million increase in finished product inventories, and $346 million related to higher phosphate rock volumes and sulfur prices. Due to weak demand, the inventory build accelerated in the fourth quarter resulting in cash flow from operations of $(56) million.

(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.

Capital expenditures for 2025 were $1.36 billion, up from $1.25 billion in 2024 driven primarily by higher spending to restore phosphate asset health and production reliability. Mosaic expects 2026 capital expenditures to be approximately $1.5 billion, reflecting higher spending for gypstack and clay settling areas. The increase is expected to be partially offset by lower cash spending on asset retirement obligations (ARO) and environmental reserves which are expected to decline from $408 million in 2025 to approximately $350 million in 2026.

Free cash flow(1) was $(535) million in 2025, compared to $47 million in 2024, driven by the factors outlined above.

Asset sales announced in 2025 are expected to yield total consideration of approximately $230 million, including approximately $170 million of cash payments over time, and the reduction of $60 million of ARO. This is in addition to further meaningful annual capital expenditure avoidance.

Mosaic paid a regular common dividend of $0.22 per share in the fourth quarter, returning $70 million to shareholders, with a total of $280 million returned to shareholders through dividends in 2025.

Potash:


In millions $ except as noted below	Q4 2025	Q4 2024	2025	2024
Net Sales (Billions)	$0.7	$0.6	$2.7	$2.4
Sales Volumes - million tonnes*	2.2	2.2	9.0	8.7
MOP Selling Price FOB mine	$264	$199	$255	$222
MOP Cash Cost of Production per tonne(1)	$77	$73	$75	$71
Gross Margin per tonne	$115	$55	$97	$74
Operating Earnings	$58	$123	$638	$604
Segment Adjusted EBITDA(1)	$336	$212	$1,183	$944

*Tonnes = finished product tonnes

The Potash segment reported net sales of $2.7 billion in 2025, up from $2.4 billion in 2024, reflecting higher prices and sales volumes. Operating earnings were $638 million, up from $604 million. Adjusted EBITDA(1) was $1.2 billion, up from $944 million in 2024, reflecting higher sales volume and prices.

Fourth quarter 2025 operating earnings were $58 million, down from $123 million in the prior-year period. Adjusted EBITDA(1) was $336 million, up from $212 million in the prior-year period, driven primarily by higher prices.

Potash production volumes were 8.8 million tonnes in 2025. Fourth quarter potash production volumes of 2.2 million tonnes reflected the temporary idling of operations at Esterhazy as a result of the previously reported fatality in early-December. In 2026, Mosaic expects total potash production of approximately 9 million tonnes, supported by record production at the Esterhazy site, which is expected to more than offset the volume impact of the Carlsbad divestiture.

MOP cash cost of production per tonne(1) was $75 in full year 2025, up from $71 in 2024, primarily reflecting a higher contribution of volumes produced at Colonsay.

First quarter of 2026 sales volumes are expected to be in the range of 2.0 and 2.2 million tonnes, with realized mine gate MOP prices in the range of $255 to $275 per tonne.

(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.

Phosphates:


In millions $ except as noted below	Q4 2025	Q4 2024	2025	2024
Net Sales (Billions)	$1.0	$1.2	$4.6	$4.5
Sales Volumes - million tonnes*	1.3	1.6	5.9	6.4
DAP Selling Price FOB plant	$686	$593	$670	$585
Phosphate Cash Cost of Conversion per tonne(1)	$112	$118	$125	$107
Blended Rock Cost Consumed in COGS per tonne(1)	$84	$87	$80	$85
Gross Margin per tonne	$17	$85	$74	$92

Operating Earnings (Loss)	$(98)	$44	$135	$225
Segment Adjusted EBITDA(1)	$144	$341	$917	$1,191

*Tonnes = finished product tonnes

The Phosphate segment reported net sales of $4.6 billion in 2025, up from $4.5 billion in the prior year, reflecting higher prices and offset by slightly lower sales volumes. Operating earnings were $135 million, down from $225 million in the prior year. Adjusted EBITDA(1) was $917 million, compared to $1.2 billion in 2024, reflecting higher cash cost of conversion and increased idle and turnaround expenses, partially offset primarily by higher stripping margins and lower blended rock cost.

Fourth quarter 2025 operating loss totaled $98 million, compared with operating profit of $44 million from the same period prior year. Fourth quarter adjusted EBITDA(1) was $144 million, down from $341 million in the prior year period, reflecting lower sales volumes, higher raw material costs, and higher idle and turnaround expenses.

Lower sales volumes in the fourth quarter were primarily driven by lower U.S. phosphate demand amid affordability challenges. As a result, Mosaic ended the quarter with finished product inventories above prior periods. Mosaic expects first quarter sales volumes of 1.7 to 1.9 million tonnes with DAP prices averaging $640 to $670 per tonne on an FOB basis, reflecting strong international demand and an expected recovery in U.S. purchases ahead of spring planting.

Sulfur costs in cost of goods sold averaged $306 per tonne in the fourth quarter. Benchmark sulfur prices rose above $500 per tonne late in the fourth quarter, impacting the value of raw material inventory. Mosaic expects the full impact of higher sulfur prices to be reflected in cost of goods sold in the second quarter. Each $10 per tonne increase in sulfur costs is estimated to reduce quarterly EBITDA by approximately $10 million.

Idle and turnaround expenses in the fourth quarter reflected planned work at the Bartow site and the Faustina ammonia plant. The work on the Faustina ammonia plant is expected to support an over 50% increase in ammonia production in 2026 from a low level in 2025, enhancing Mosaic's cost position and competitiveness.

Production volumes were 6.3 million tonnes in 2025, largely unchanged from 2024. Fourth quarter production volumes were 1.7 million tonnes, compared with 1.4 million tonnes in the prior-year quarter, as Mosaic benefited from initiatives to normalize production. During the quarter, market dynamics drove production mix decisions towards products with higher phosphoric acid content, resulting in flat end-product volumes compared to the third quarter.

Cash cost of conversion per tonne(1) was $125 in 2025, up from $107 per tonne in 2024, reflecting higher maintenance and repair costs and increased down time as Mosaic focused on improving phosphate asset reliability. Cash cost of conversion per tonne(1) was $112 in the fourth quarter, declining meaningfully from elevated levels earlier in 2025, and is expected to continue to normalize in 2026.

2026 production volumes are expected to be at or above 7.0 million tonnes, assuming a normal product mix and reflecting recent operating run rates. Mosaic’s continued focus on better execution provides upside potential beyond this baseline.

(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.

Mosaic Fertilizantes:


In millions $ except as noted below	Q4 2025	Q4 2024	2025	2024
Net Sales (Billions)	$1.1	$1.1	$4.8	$4.4
Sales Volumes - million tonnes*	2.1	2.2	9.0	9.0
Sales Volumes of produced product – million tonnes(3)	0.6	0.7	3.4	3.4
Average Finished Product Selling Price	$493	$433	$488	$440
Phosphate Cash Cost of Conversion per tonne(1)	$113	$85	$95	$94
Phosphate Blended Rock Cost Consumed in COGS per tonne	$98	$109	$97	$109
Gross Margin per tonne	$10	$46	$55	$45

Operating Earnings	$(26)	$79	$277	$238
Segment Adjusted EBITDA(1)	$45	$82	$567	$344

*Tonnes = finished product tonnes

(2)Represents volumes produced in Brazil and sold directly to third parties or through distribution.

The Mosaic Fertilizantes segment reported net sales of $4.8 billion in 2025, up from $4.4 billion, reflecting higher prices. Operating earnings were $277 million, up from $238 million in the prior year. Adjusted EBITDA(1) was $567 million, compared to $344 million in 2024, reflecting higher prices and improved operating margins.

Fourth quarter 2025 operating loss was $26 million, compared with an operating profit of $79 million in the prior year period, primarily due to a goodwill impairment. Segment gross margin per tonne declined to $10 per tonne, from $46 per tonne in the prior year, and adjusted EBITDA(1) to $45 million, from $82 million in the prior year period. Fourth quarter results were impacted by reduced sales volumes and distribution margin per tonne. The results also reflected lower production margins driven by a larger contribution of SSP sales, higher sulfur costs, and higher idle and turnaround expenses at Uberaba.

Full year sales volumes were 9.0 million tonnes, consistent with the prior year. Fourth-quarter sales volumes and distribution margin per tonne were impacted by intensified competition and tightening credit conditions. Mosaic has continued to adopt prudent risk management practices and prioritize sales to customers with strong credit profiles. Despite the challenging credit environment, Mosaic's market share remained steady in the Brazil fertilizer market in 2025.

Higher sulfur prices and a demand-driven shift toward lower-margin SSP products impacted the fourth quarter results. A sharp increase in sulfur prices late in the quarter, absent mitigating actions could materially impact production margins in 2026. In response, Mosaic temporarily curtailed SSP production at the Fospar JV and Araxa site, which together account for approximately 30% of Mosaic's production in Brazil. Mosaic continues to assess production plans as sulfur market conditions evolve.

Mosaic Fertilizantes phosphate cash cost of conversion per tonne(1) in 2025 was $95, slightly above the prior year of $94. Phosphate blended rock cost per tonne decreased to $97 in 2025, from $109 in the prior year, driven by higher volumes and reduced usage of higher cost imported rock.

First quarter sales volumes are expected to be below prior year levels, reflecting ongoing credit challenge and SSP production curtailment. Distribution margins per tonne are expected to be below the normal annualized $30-$40 range, reflecting typical seasonality. Production margins are expected to be below prior year levels due to higher sulfur costs and idle and turnaround expenses related to the SSP production curtailment. As a result, first quarter segment adjusted EBITDA is expected to be below $50 million.

(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.

Mosaic Biosciences Update

Mosaic Biosciences launched five new products(3) and net sales more than doubled to $68 million compared to the prior year. The business positively contributed to fourth quarter adjusted EBITDA. In 2026, Mosaic Biosciences expects to launch eight to ten new products and targets net sales to approximately double compared with 2025.

Agriculture Market and Macroeconomic Update

Ag commodity prices are generally stable, with outlooks for another sizable Brazilian soybean crop and North America planting expectation indicating a further shift toward corn acreage. Growers are expected to replenish nutrients removed by last year's strong crop, and additional government support payments are poised to support demand for the North American spring application period.

Plant Nutrient Market Update

Despite a slow fourth quarter, 2026 is poised to be more constructive, with momentum building as North America spring season approaches. Similar interest is expected in the upcoming application seasons in India, Brazil, and China. Prices have already responded positively to global demand since the start of the year.

Phosphate markets have tightened as China exports remain largely absent following the announcement of extended phosphate export restrictions, which are expected to remain in place through at least the first half of the year. Mosaic is fielding demand inquiries from destinations historically served by Chinese suppliers. Additionally, elevated sulfur prices have contributed to phosphate production curtailments in China and Brazil which may further tighten phosphate markets.

Potash markets are balanced, and China's early contract settlement is expected to provide greater price stability and supports a positive outlook for Canpotex. Like phosphate, potash prices have shifted higher, and current expectations suggest global shipments could reach record levels in 2026.

In Brazil, credit constraints persist but expanding planted acreage and strong crop yields are expected to support fertilizer demand in 2026 as growers rebuild soil nutrients. Importantly, the recent surge of low-analysis phosphate imports from China is unlikely to recur given enhanced export restrictions.

2026 Guidance Assumptions


Modeling Assumptions			Full Year 2026
Phosphate Production Volumes			At or above 7 million tonnes
Potash Production Volumes			Approximately 9 million tonnes
Total Capital Expenditures			Approximately $1.5 billion
Depreciation, Depletion & Amortization			$1.1- 1.2 billion
Selling, General, and Administrative Expense			$530 - $550 million
Net Interest Expense			$200 - $220 million
Adjusted Effective Tax Rate			Low-to-Mid 30's%
Cash Tax Rate			Mid-to-High 20's%


Modeling Assumptions			First Quarter 2026
Phosphate Sales Volumes (million tonnes)			1.7 - 1.9
DAP FOB Plant Prices			$640 - $670
Potash Sales Volumes (million tonnes)			2.0 - 2.2
MOP FOB Mine Prices			$255 - $275

(3) New products are defined as new brands or existing brands launched in new geographies.

Sensitivities Table

The Company provided the following sensitivities to help investors anticipate the potential impact of price movements in 2026.


Sensitivity	Full year adj. EBITDA impact(1)	2025 Actual
Average MOP Price / tonne (fob mine)(4)	$10/mt price change = $65 million (4)	$255
Average DAP Price / tonne (fob plant)	$10/mt price change = $80 million	$670

(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.

(4) Includes impact of Canadian Resource Tax

About The Mosaic Company

The Mosaic Company (NYSE: MOS) helps the world grow the food it needs. Headquartered in Tampa, Florida, Mosaic is a leading producer and marketer of potash and phosphate fertilizer which are essential inputs for the world’s farmers. Through the Mosaic Biosciences platform, the company is advancing the next generation of biological solutions designed to improve nutrient use efficiency, strengthen crop performance, and support more sustainable agricultural systems. As a Fortune 500 company with 13,000 employees serving customers in more than 40 countries, Mosaic is helping build resilient and productive food systems for the future. More information on the company is available at www.mosaicco.com.

Mosaic will conduct a conference call February 25, 2026, at 11:00 a.m. Eastern Time to discuss fourth quarter and full year 2025 earnings results. A simultaneous webcast of the conference call may be accessed through Mosaic’s website at www.mosaicco.com/investors. This webcast will be available up to one year from the time of the earnings call.

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

Such statements may include, but are not limited to, statements about future transactions or strategic plans and other statements

about future financial and operating results. Such statements are based upon the current beliefs and expectations of The Mosaic

Company’s management and are subject to significant risks and uncertainties. These risks and uncertainties include, but are not

limited to: political and economic instability and changes in government policies in countries in which we have operations; the

predictability and volatility of, and customer expectations about, agriculture, fertilizer, raw material, energy and transportation

markets that are subject to competitive and other pressures and economic and credit market conditions; the level of inventories

in the distribution channels for crop nutrients; the effect of future product innovations or development of new technologies on

demand for our products; changes in foreign currency and exchange rates; international trade risks, including the impact of U.S.

tariffs and retaliatory tariffs on economic conditions; and other risks associated with Mosaic’s international operations; a material

adverse change in our Ma'aden investment with respect to the financial position, performance, operations or prospects of

Ma'aden; customer defaults; the effects of Mosaic’s decisions to exit business operations or locations; changes in government

policy; changes in environmental and other governmental regulation, including expansion of the types and extent of water

resources regulated under federal law, carbon taxes or other greenhouse gas regulation, implementation of numeric water

quality standards for the discharge of nutrients into Florida waterways or efforts to reduce the flow of excess nutrients into the

Mississippi River basin, the Gulf of America or elsewhere; further developments in judicial or administrative proceedings, or

complaints that Mosaic’s operations are adversely impacting nearby farms, business operations or properties; difficulties or

delays in receiving, increased costs of or challenges to necessary governmental permits or approvals or increased financial

assurance requirements; resolution of global tax audit activity; the effectiveness of Mosaic’s processes for managing its strategic

priorities; adverse weather conditions affecting operations in Central Florida, the Mississippi River basin, the Gulf Coast of the

United States, Canada or Brazil, and including potential hurricanes, excess heat, cold, snow, rainfall or drought; actual costs of

various items differing from management’s current estimates, including, among others, asset retirement, environmental

remediation, reclamation or other environmental regulation, Canadian resources taxes and royalties, reduction of Mosaic’s

available cash and liquidity, and increased leverage, due to its use of cash and/or available debt capacity to fund financial

assurance requirements and strategic investments; brine inflows at Mosaic’s potash mines; other accidents and disruptions

involving Mosaic’s operations, including potential mine fires, floods, explosions, seismic events, sinkholes or releases of

hazardous or volatile chemicals; and risks associated with cyber security, including reputational loss; as well as other risks and

uncertainties reported from time to time in The Mosaic Company’s reports filed with the Securities and Exchange Commission.

Actual results may differ from those set forth in the forward-looking statements.

Non-GAAP Financial Measures

This press release includes the presentation and discussion of non-GAAP diluted net earnings per share, or adjusted EPS, non-GAAP adjusted EBITDA, non-GAAP cash cost of conversion or production per tonne, or non-GAAP adjusted effective tax rate and free cash flow, collectively referred to as non-GAAP financial measures. Generally, a non-GAAP financial measure is a supplemental numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with U.S. generally accepted accounting principles, or GAAP. Non-GAAP financial measures should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, because non-GAAP measures are not determined in accordance with GAAP, they are thus susceptible to varying interpretations and calculations and may not be comparable to other similarly titled measures of other companies. Adjusted metrics, including adjusted EPS, adjusted gross margin, and adjusted EBITDA are calculated by excluding the impact of notable items from the GAAP measure. Notable items impact on gross margin and adjusted EBITDA is pretax. Notable items impact on diluted net earnings per share is calculated as the notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Free cash flow is defined as net cash provided by operating activities less capital expenditures. Management believes that these adjusted measures provide securities analysts, investors, management and others with useful supplemental information regarding our performance by excluding certain items that may not be indicative of, or are unrelated to, our core operating results. Management utilizes these adjusted measures in analyzing and assessing Mosaic’s overall performance and financial trends, for financial and operating decision-making, and to forecast and plan for future periods. These adjusted measures also assist our management in comparing our and our competitors' operating results.

We are not providing forward looking guidance for U.S. GAAP reported diluted net earnings per share, gross margin per tonne, or a quantitative reconciliation of forward-looking adjusted EPS, adjusted gross margin and adjusted EBITDA because we are unable to predict with reasonable certainty our notable items without unreasonable effort. Historically, our notable items have included, but are not limited to, foreign currency transaction gain or loss, unrealized gain or loss on derivatives and equity securities, acquisition-related fees, discrete tax items, contingencies and certain other gains or losses. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP reported results for the guidance period. Reconciliations for Non-GAAP financial measures contained in this press release are found below. Reconciliations for current and historical periods beginning with the quarter ended March 31, 2024 for consolidated adjusted EPS and adjusted EBITDA, as well as segment adjusted EBITDA and adjusted gross margin per tonne are provided in the Selected Calendar Quarter Financial Information performance data for the related periods. This information is being furnished under Exhibit 99.2 of the Form 8-K and available on our website at www.mosaicco.com in the “Financial Information - Quarterly Earnings” section under the “Investors” tab.

For the three months ended December 31, 2025, the Company reported the following notable items which, combined, negatively impacted earnings per share by $1.86:


			Amount		Tax effect		EPS impact
Description	Segment	Line item	(in millions)		(in millions)		(per share)
Foreign currency transaction gain (loss)	Consolidated	Foreign currency transaction gain (loss)	$	(44)	$	6	$	(0.12)
Unrealized gain (loss) on derivatives	Corporate and Other	Cost of goods sold	2		(2)		—
Closed and indefinitely idled facility costs	Phosphate	Other operating income (expense)	(14)		7		(0.02)
Ma'aden mark-to-market	Corporate and Other	Other non-operating income (expense)	(90)		7		(0.25)
ARO Adjustment	Phosphate/Potash	Other operating income (expense)	(64)		20		(0.14)

Environmental Reserve	Phosphate	Other operating income (expense)	(21)		8		(0.04)
Realized gain (loss) on RCRA Trust Securities	Phosphate	Other non-operating income (expense)	8		(2)		0.01
Net Gain on assets held for sale and transaction fees	Brazil/Corp	Other operating income (expense)/SG&A	100		(40)		0.18
Impairment of goodwill and asset write-offs	Brazil	Impairment of goodwill	(110)		20		(0.28)

Loss on assets held for sale	Potash	Loss (gain) on assets sold and to be sold	(189)		69		(0.38)
Brazil Valuation Adjustment	Brazil	(Provision for) benefit from income taxes	—		(261)		(0.82)




Total Notable Items			$	(422)	$	(168)	$	(1.86)

For the three months ended December 31, 2024, the Company reported the following notable items which, combined, positively impacted earnings per share by $0.08:


			Amount		Tax effect		EPS impact
Description	Segment	Line item	(in millions)		(in millions)		(per share)
Foreign currency transaction gain (loss)	Consolidated	Foreign currency transaction gain (loss)	$	(390)	$	75	$	(0.99)
Unrealized gain (loss) on derivatives	Corporate and Other	Cost of goods sold	(80)		15		(0.20)
Closed and indefinitely idled facility costs	Phosphate	Other operating income (expense)	(13)		2		(0.04)
FX functional currency	Mosaic Fertilizantes	Cost of goods sold	9		(2)		0.02
Realized gain (loss) on RCRA Trust Securities	Phosphate	Other non-operating income (expense)	(5)		1		(0.01)
ARO Adjustment	Phosphate	Other operating income (expense)	(23)		4		(0.06)
Hurricane Milton idle costs	Phosphate	Cost of goods sold	(52)		10		(0.13)
Gain on sale of equity investment	Phosphate	Other non-operating income (expense)	522		(43)		1.51
Ma'aden mark-to-market	Corporate and Other	Other non-operating income (expense)	28		(5)		0.07
ARO Adjustment	Potash	Other operating income (expense)	7		(1)		0.02
Arbitration reserve	Phosphate	Other Operating Expense/Non Controlling Interest	(43)		9		(0.11)



Total Notable Items			$	(40)	$	65	$	0.08

Condensed Consolidated Statements of Earnings (Loss)

(in millions, except per share amounts)



The Mosaic Company						(unaudited)


	Three months ended December 31,				Years ended December 31,
	2025		2024		2025		2024
Net sales	$	2,973.7	$	2,815.9	$	12,052.4	$	11,122.8
Cost of goods sold	2,631.1		2,514.0		10,150.5		9,610.9
Gross margin	342.6		301.9		1,901.9		1,511.9
Selling, general and administrative expenses	118.6		113.5		533.9		496.9
Loss (gain) on assets sold and to be sold	91.3		—		157.3		—
Impairment of goodwill	99.9		—		99.9		—
Other operating expenses	134.0		88.5		289.3		393.5
Operating earnings (loss)	(101.2)		99.9		821.5		621.5
Interest expense, net	(48.4)		(46.7)		(187.7)		(182.8)
Foreign currency transaction gain (loss)	(29.6)		(418.5)		271.7		(685.8)
Gain on sale of equity investment	—		522.2		—		522.2
Other income (expense)	(84.3)		33.5		307.4		40.3
Earnings (loss) from consolidated companies before income taxes	(263.5)		190.4		1,212.9		315.4
Provision for income taxes	255.0		33.8		639.8		186.7
Earnings (loss) from consolidated companies	(518.5)		156.6		573.1		128.7
Equity in net earnings of nonconsolidated companies	0.1		9.1		2.3		73.3
Net earnings (loss) including noncontrolling interests	(518.4)		165.7		575.4		202.0
Less: Net earnings (loss) attributable to noncontrolling interests	1.1		(3.3)		34.7		27.1
Net earnings (loss) attributable to Mosaic	$	(519.5)	$	169.0	$	540.7	$	174.9
Diluted net earnings (loss) per share attributable to Mosaic	$	(1.64)	$	0.53	$	1.70	$	0.55
Diluted weighted average number of shares outstanding	317.4		318.5		318.9		320.7

Condensed Consolidated Balance Sheets

(in millions, except per share amounts)


The Mosaic Company						(unaudited)


	December 31, 2025		December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	276.6	$	272.8
Receivables, net	1,078.6		1,113.3
Inventories	3,363.0		2,548.4
Assets held for sale	73.5		—
Other current assets	445.8		563.8
Total current assets	5,237.5		4,498.3
Property, plant and equipment, net	13,982.6		13,352.6
Equity securities and investments in nonconsolidated companies	1,848.2		1,533.4
Goodwill	1,005.1		1,061.1
Deferred income taxes	811.6		958.3
Other assets	1,595.1		1,520.3
Total assets	$	24,480.1	$	22,924.0
Liabilities and Equity
Current liabilities:
Short-term debt	$	759.9	$	847.1
Current maturities of long-term debt	43.1		45.3
Structured accounts payable arrangements	480.1		402.3
Accounts payable	1,171.9		1,156.5
Accrued liabilities	1,472.5		1,720.1
Liabilities held for sale	55.3		—
Total current liabilities	3,982.8		4,171.3
Long-term debt, less current maturities	4,250.9		3,332.3
Deferred income taxes	1,000.8		942.8
Other noncurrent liabilities	3,011.4		2,862.9
Equity:
Preferred stock, $0.01 par value, 15,000,000 shares authorized, none issued and outstanding as of December 31, 2025 and 2024	—		—
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 395,125,254 shares issued and 317,408,647 shares outstanding as of December 31, 2025, 394,648,654 shares issued and 316,932,047 shares outstanding as of December 31, 2024	3.2		3.2
Capital in excess of par value	29.2		2.1
Retained earnings	14,184.4		13,926.1
Accumulated other comprehensive loss	(2,131.9)		(2,449.0)
Total Mosaic stockholders’ equity	12,084.9		11,482.4
Non-controlling interests	149.3		132.3
Total equity	12,234.2		11,614.7
Total liabilities and equity	$	24,480.1	$	22,924.0

Condensed Consolidated Statements of Cash Flows

(in millions, except per share amounts)


The Mosaic Company						(unaudited)


	Three months ended December 31,				Years ended December 31,
	2025		2024		2025		2024
Cash Flows from Operating Activities:
Net earnings including noncontrolling interests	$	(518.4)	$	165.7	$	575.4	$	202.0
Adjustments to reconcile net earnings including noncontrolling interests to net cash provided by operating activities:
Depreciation, depletion and amortization	268.2		282.1		1,049.9		1,025.5

Deferred and other income taxes	196.1		(179.1)		251.8		(142.9)
Equity in net (earnings) of nonconsolidated companies, net of dividends	2.4		(6.5)		0.6		(55.7)
Accretion expense for asset retirement obligations	32.2		30.3		129.7		111.2
Amortization of debt financing fees	9.4		19.8		43.0		36.5
Share-based compensation expense	6.5		5.1		30.7		31.8
Impairment of goodwill	99.9		—		99.9		—
Unrealized (gain) loss on derivatives	(0.6)		81.5		(85.7)		104.1
Foreign currency adjustments	18.8		345.2		(267.1)		462.7
Loss (gain) on assets sold and to be sold	84.3		—		157.3		—




Gain on sale of equity investment	—		(538.2)		—		(538.2)
Unrealized (gain) loss on equity securities	90.3		(28.3)		(317.4)		(28.3)
Other	17.2		10.7		118.0		69.4
Changes in assets and liabilities:
Receivables, net	3.8		(136.2)		75.7		59.2
Inventories, net	(182.6)		241.7		(761.5)		(275.6)
Other current assets and noncurrent assets	(19.5)		100.5		8.1		(79.2)
Accounts payable and accrued liabilities	(190.5)		(161.4)		(359.6)		96.4
Other noncurrent liabilities	26.4		(13.6)		76.0		220.3
Net cash provided by (used in) operating activities	(56.1)		219.3		824.8		1,299.2
Cash Flows from Investing Activities:
Capital expenditures	(349.6)		(294.1)		(1,359.4)		(1,251.8)
Purchases of available-for-sale securities - restricted	(377.4)		(367.7)		(975.6)		(1,529.7)
Proceeds from sale of available-for-sale securities - restricted	371.2		382.0		949.1		1,501.1

Proceeds from sale of assets	73.0		3.9		79.0		16.8

Other	(4.5)		(0.6)		(2.6)		2.6
Net cash used in investing activities	(287.3)		(276.5)		(1,309.5)		(1,261.0)
Cash Flows from Financing Activities:
Payments of short-term debt	(5,070.8)		(4,358.3)		(16,471.4)		(16,779.6)
Proceeds from issuance of short-term debt	4,676.6		4,460.0		16,282.6		17,032.8
Payments from inventory financing arrangement	(601.2)		(399.9)		(2,005.8)		(1,805.0)
Proceeds from inventory financing arrangement	600.7		399.4		2,106.5		2,004.5
Payments of structured accounts payable arrangements	(206.7)		(232.7)		(906.1)		(755.0)
Proceeds from structured accounts payable arrangements	278.3		227.1		961.8		737.3
Payments of long-term debt	(18.9)		(12.0)		(73.4)		(67.2)


Proceeds from issuance of long-term debt	900.0		70.3		904.7		70.3
Collections of transferred receivables	355.3		95.4		572.5		425.5
Payments of transferred receivables	(355.3)		(96.9)		(572.5)		(425.5)
Repurchases of stock	—		(25.0)		—		(235.4)
Cash dividends paid	(69.9)		(66.5)		(280.4)		(270.7)
Dividends paid to non-controlling interest	(7.1)		(14.3)		(20.2)		(31.9)
Other	(19.6)		(9.9)		(46.3)		(32.0)
Net cash provided by (used in) financing activities	461.4		36.7		452.0		(131.9)
Effect of exchange rate changes on cash	3.3		(6.6)		26.3		37.9
Net change in cash, cash equivalents and restricted cash	121.3		(27.1)		(6.4)		(55.8)
Cash, cash equivalents and restricted cash—beginning of year	177.3		332.1		305.0		360.8
Cash, cash equivalents and restricted cash—end of year	$	298.6	$	305.0	$	298.6	$	305.0


	Years ended December 31,
	2025		2024

Reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows:
Cash and cash equivalents	$	276.6	$	272.8
Restricted cash in other current assets	7.8		14.9
Restricted cash in other assets	14.2		17.3
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	298.6	$	305.0

Reconciliation of Non-GAAP Financial Measures

Earnings Per Share Calculation


	Three months ended December 31,				Years ended December 31,
	2025		2024		2025		2024
Net earnings (loss) attributed to Mosaic	$	(519.5)	$	169.0	$	540.7	$	174.9
Basic weighted average number of shares outstanding	317.4		317.4		317.3		319.8
Dilutive impact of share-based awards	—		1.1		1.6		0.9
Diluted weighted average number of shares outstanding	317.4		318.5		318.9		320.7
Basic net earnings (loss) per share	$	(1.64)	$	0.53	$	1.70	$	0.55
Diluted net earnings (loss) per share	$	(1.64)	$	0.53	$	1.70	$	0.55

Notable items impact on earnings (loss) per share	$	1.86	$	(0.08)	$	0.57	$	1.43
Adjusted earnings per share	$	0.22	$	0.45	$	2.27	$	1.98

Reconciliation of Non-GAAP Financial Measures


	Years ended December 31,
	2025		2024
Net cash provided by operating activities	$	824.8	$	1,299.2
Capital expenditures	(1,359.4)		(1,251.8)
Free cash flow	$	(534.6)	$	47.4


Consolidated Earnings (in millions)	Three months ended December 31,				Year ended December 31,
	2025		2024		2025		2024
Consolidated net earnings (loss) attributable to Mosaic	$	(519)	$	169	$	541	$	175
Less: Consolidated interest expense, net	(48)		(47)		(188)		(183)
Plus: Consolidated depreciation, depletion and amortization	268		283		1,050		1,025
Plus: Accretion expense	32		31		130		112
Plus: Share-based compensation expense	6		7		31		33
Plus: Consolidated provision for (benefit from) income taxes	256		34		640		187
Less: Equity in net earnings of nonconsolidated companies, net of dividends	—		9		—		58
Plus: Notable items not included above	414		32		(159)		545
Adjusted EBITDA	$	505	$	594	$	2,421	$	2,202


Income Tax Effective Tax Rate (in millions)	Year ended December 31,
	2025
Income Tax Expense	$	640
Earnings Before Tax	$	1,213
Effective Tax Rate	52.7		%

Income Tax Expense	$	640
Tax Discretes Excluding Notable	3
Tax Expense on All Other Notable Items (see notable items table for details of these items)	(308)
Adjusted Income Tax Expense	$	335

Earnings Before Tax	$	1,213
Earnings Impact of All Notable Items (net of non-controlling interest)	(126)
Adjusted Earnings Before Tax	$	1,087

Adjusted Effective Tax Rate	30.8		%

Reconciliation of Non-GAAP Financial Measures


	Three months ended December 31,				Years ended December 31,
Potash Earnings (in millions)	2025		2024		2025		2024
Operating Earnings	$	58	$	123	$	638	$	604
Plus: Depreciation, Depletion and Amortization	83		93		336		338
Plus: Accretion Expense	3		2		12		9
Plus: Foreign Exchange Gain (Loss)	46		(185)		85		(180)
Plus: Other Non Operating Income	1		1		4		1
Plus: Notable Items	145		178		108		172
Adjusted EBITDA	$	336	$	212	$	1,183	$	944


	Three months ended December 31,				Years ended December 31,
Phosphate Earnings (in millions)	2025		2024		2025		2024
Operating Earnings (Loss)	$	(98)	$	44	$	135	$	225
Plus: Depreciation, Depletion and Amortization	130		143		501		506
Plus: Accretion Expense	25		25		102		85
Plus: Foreign Exchange Gain (Loss)	(3)		(4)		(3)		(5)
Plus: Other Non Operating Income (Expense)	5		517		(7)		519
Plus: Dividends from equity investments	—		—		—		15
Less: Earnings (Loss) from Consolidated Noncontrolling Interests	—		(4)		29		25
Plus: Notable Items	85		(388)		218		(129)
Adjusted EBITDA	$	144	$	341	$	917	$	1,191


	Three months ended December 31,				Years ended December 31,
Mosaic Fertilizantes (in millions)	2025		2024		2025		2024
Operating Earnings (Loss)	$	(26)	$	79	$	277	$	238
Plus: Depreciation, Depletion and Amortization	46		40		174		159
Plus: Accretion Expense	4		4		16		18
Plus: Foreign Exchange Gain (Loss)	(57)		(84)		(52)		(256)
Plus: Other Non Operating Income (Expense)	(2)		(2)		(5)		(8)
Less: Earnings (Loss) from Consolidated Noncontrolling Interests	1		1		2		1
Plus: Notable Items	81		46		159		194
Adjusted EBITDA	$	45	$	82	$	567	$	344

Reconciliation of Non-GAAP Financial Measures


	Three months ended December 31,				Years ended December 31,
Corporate and Other Earnings (in millions)	2025		2024		2025		2024
Operating Earnings (Loss)	$	(34)	$	(146)	$	(229)	$	(446)
Plus: Depreciation, Depletion and Amortization	9		7		39		23
Plus: Accretion Expense	6		7		30		32
Plus: Foreign Exchange Gain (Loss)	(15)		(145)		242		(246)
Plus: Other Income (Expense)	(89)		39		316		50
Plus: Earnings (Loss) from Equity Investments	—		—		2		—
Less: Earnings (Loss) from Consolidated Noncontrolling Interests	—		(1)		2		(2)
Plus: Notable Items	103		196		(644)		308
Adjusted EBITDA	$	(20)	$	(41)	$	(246)	$	(277)

Reconciliation of Non-GAAP Financial Measures


	Three months ended December 31,				Years ended December 31,
	2025		2024		2025		2024
Potash
Total COGS	$	430	$	434	$	1,792	$	1,745
Depreciation & accretion expense	86		94		348		344
Canadian Resource Taxes	77		56		273		232
Change in Inventory	(1)		24		(51)		(2)
Non-MOP Production Costs	104		97		582		583
Total MOP Cash Costs	$	164	$	163	$	640	$	588
Production tonnes (thousands)	2,128		2,223		8,513		8,321
MOP Cash Costs of Production per production tonne	$	77	$	73	$	75	$	71

Phosphate
Total COGS	$	992	$	1,027	$	4,139	$	3,925
Depreciation & accretion expense	147		157		603		592
Miski Mayo costs	60		54		154		198
Change in Inventory	198		264		830		1,028
Non Production Costs	268		277		1,236		938
Cash cost of U.S. Mined Rock	133		108		529		496
U.S. Rock Production tonnes (thousands)	2,290		2,061		9,497		9,013
Cash costs of U.S. mined rock/production tonne	$	58	$	52	$	56	$	55
Phosphate cash costs of conversion	$	186	$	167	$	787	$	673
Production tonnes (thousands)	1,666		1,413		6,272		6,290
Phosphate cash costs of conversion per production tonne	$	112	$	118	$	125	$	107

Fertilizantes
Total COGS	$	1,125	$	986	$	4,355	$	4,016
Distribution product costs	829		704		3,448		2,890
Depreciation & accretion expense	50		44		190		173
Change in Inventory	(14)		(17)		(318)		(93)
Non Production Costs	83		82		293		275
Rock cash costs of production	92		91		369		409



Potash cash costs of production	8		16		73		71
Production tonnes (thousands)	27		108		350		396
Potash cash costs of production per production tonne	$	286	$	151	$	207	$	181

Phosphate cash costs of conversion	$	77	$	66	$	298	$	291
Production tonnes (thousands)	683		781		3,138		3,105
Phosphate cash costs of conversion per production tonne	$	113	$	85	$	95	$	94

Exhibit 99.2

The Mosaic Company

Selected Calendar Quarter Financial Information

(Unaudited)


	Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025
Consolidated data (in millions, except per share)
Diluted net earnings (loss) per share	$	0.14		$	(0.50)		$	0.38		$	0.53		$	0.75		$	1.29		$	1.29		$	(1.64)
Notable items impact on earnings per share(a)	(0.51)			(1.04)			0.04			0.08			0.26			0.78			0.25			(1.86)
Adjusted diluted net earnings per share(a)	$	0.65		$	0.54		$	0.34		$	0.45		$	0.49		$	0.51		$	1.04		$	0.22
Diluted weighted average # of shares outstanding	323.5			321.2			319.4			318.5			318.2			319.0			319.4			317.4

Total Net Sales	$	2,679		$	2,817		$	2,811		$	2,816		$	2,621		$	3,005		$	3,452		$	2,974
Cost of goods sold	2,280			2,423			2,395			2,514			2,133			2,487			2,900			2,631
Gross Margin	$	399		$	394		$	416		$	302		$	488		$	518		$	552		$	343
SG&A	107			128			149			113			123			167			126			119
Other operating (income) expense	119			33			153			89			27			107			87			324
Operating earnings	$	173		$	233		$	115		$	100		$	338		$	244		$	339		$	(100)
Interest expense, net	(48)			(46)			(42)			(47)			(41)			(53)			(46)			(48)
Consolidated foreign currency gain/(loss)	(100)			(268)			101			(419)			133			169			(1)			(30)
Earnings from consolidated companies before income taxes	25			(74)			174			191			313			564			599			(263)
Provision for (benefit from) income taxes	6			99			48			34			63			146			175			256
Earnings (loss) from consolidated companies	$	19		$	(173)		$	126		$	157		$	250		$	418		$	424		$	(519)
Equity in net earnings (loss) of nonconsolidated companies	37			22			5			9			—			2			—			—
Less: Net earnings (loss) attributable to noncontrolling interests	11			11			9			(3)			12			9			13			—
Net earnings (loss) attributable to Mosaic	$	45		$	(162)		$	122		$	169		$	238		$	411		$	411		$	(519)
After tax Notable items included in earnings	$	(165)		$	(334)		$	15		$	25		$	82		$	249		$	100		$	(590)

Gross Margin Rate	15		%	14		%	15		%	11		%	19		%	17		%	16		%	12		%

Effective Tax Rate (including discrete tax)	24		%	(133)		%	28		%	18		%	20		%	26		%	29		%	(97)		%
Discrete Tax benefit (expense)	$	1		$	(120)		$	4		$	(11)		$	26		$	(1)		$	(2)		$	(212)

Depreciation, Depletion and Amortization	$	241		$	264		$	238		$	283		$	243		$	262		$	277		$	268
Accretion Expense	$	27		$	28		$	26		$	31		$	32		$	33		$	33		$	32
Share-Based Compensation Expense	$	9		$	12		$	5		$	7		$	10		$	7		$	7		$	6
Notable Items	$	222		$	319		$	(28)		$	32		$	(83)		$	(347)		$	(143)		$	414
Adjusted EBITDA(b)	$	576		$	584		$	448		$	594		$	544		$	566		$	806		$	505

Net cash provided by (used in) operating activities	$	(80)		$	847		$	313		$	219		$	43		$	610		$	229		$	(56)
Cash paid for interest (net of amount capitalized)	17			77			20			72			12			82			20			78
Cash paid for income taxes (net of refunds)	99			74			111			53			76			75			89			81
Net cash used in investing activities	$	(388)		$	(349)		$	(248)		$	(277)		$	(341)		$	(319)		$	(363)		$	(287)
Capital expenditures	(383)			(334)			(241)			(294)			(341)			(305)			(364)			(350)
Net cash (used in) provided by financing activities	$	458		$	(489)		$	(138)		$	37		$	272		$	(285)		$	4		$	461
Cash dividends paid	(70)			(68)			(67)			(67)			(71)			(70)			(70)			(70)
Effect of exchange rate changes on cash	$	(4)		$	(6)		$	55		$	(7)		$	—		$	18		$	6		$	3

Net change in cash and cash equivalents	$	(14)		$	3		$	(18)		$	(27)		$	(26)		$	24		$	(125)		$	121

Short-term debt	$	1,204		$	882		$	752		$	847		$	1,234		$	1,041		$	1,154		$	760
Long-term debt (including current portion)	3,350			3,319			3,313			3,378			3,363			3,370			3,415			4,294
Cash & cash equivalents	337			322			302			273			259			286			153			277
Net debt	$	4,217		$	3,879		$	3,763		$	3,952		$	4,338		$	4,125		$	4,416		$	4,777

Segment Contributions (in millions)
Phosphates	$	1,169		$	1,180		$	1,005		$	1,165		$	1,099		$	1,173		$	1,290		$	1,015
Potash	643			663			526			557			570			710			695			686
Mosaic Fertilizantes	886			1,049			1,399			1,088			934			1,175			1,592			1,146
Corporate and Other(c)	(19)			(75)			(119)			6			18			(53)			(125)			127
Total net sales	$	2,679		$	2,817		$	2,811		$	2,816		$	2,621		$	3,005		$	3,452		$	2,974

Phosphates	$	40		$	133		$	8		$	44		$	139		$	(8)		$	102		$	(98)
Potash	198			174			109			123			157			194			229			58
Mosaic Fertilizantes	42			61			56			79			98			109			96			(26)
Corporate and Other(c)	(107)			(135)			(58)			(146)			(56)			(51)			(88)			(34)


Consolidated operating earnings (loss)	$	173	$	233	$	115	$	100	$	338	$	244	$	339	$	(100)

Phosphates(d)	1,644		1,696		1,475		1,622		1,498		1,546		1,571		1,330
Potash(d)	2,163		2,346		1,996		2,239		2,113		2,343		2,279		2,233
Mosaic Fertilizantes	1,715		2,196		2,879		2,240		1,847		2,232		2,803		2,075
Corporate and Other	333		316		297		432		361		301		232		540
Total finished product tonnes sold ('000 tonnes)	5,855		6,554		6,647		6,533		5,819		6,422		6,885		6,178
Sales of Performance Products (third party) ('000 tonnes) (e)	787		839		1,001		1,135		681		900		996		520

The Mosaic Company - Phosphates Segment

Selected Calendar Quarter Financial Information

(Unaudited)


	Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales - Finished Goods													$	946		$	1,028		$	1,118		$	872
Net Sales - Other revenue													153			145			172			143
Net Sales	$	1,169		$	1,180		$	1,005		$	1,165		$	1,099		$	1,173		$	1,290		$	1,015
Cost of Goods Sold	1,010			1,026			863			1,027			932			1,070			1,146			992
Gross Margin	$	159		$	154		$	142		$	138		$	167		$	103		$	144		$	23
Notable Items Included in Gross Margin	—			(15)			—			(53)			—			—			(14)			—
Adjusted Gross Margin(b)	$	159		$	169		$	142		$	191		$	167		$	103		$	158		$	23

SG&A	13			10			12			10			12			13			10			11
Other operating (income) expense	106			11			123			84			16			98			32			110

Operating Earnings	$	40		$	133		$	8		$	44		$	139		$	(8)		$	102		$	(98)
Plus: Depreciation, Depletion and Amortization	117			128			118			143			113			129			129			130
Plus: Accretion Expense	20			20			20			25			25			26			26			25
Plus: Foreign Exchange Gain (Loss)	2			2			(5)			(4)			(3)			(7)			10			(3)
Plus: Other Non operating Income (Expense)	3			(2)			1			517			—			(8)			(4)			5
Plus: Dividends from equity investments	15			—			—			—			—			—			—			—
Less: Earnings (loss) from Consolidated Noncontrolling Interests	10			11			8			(4)			8			10			11			—
Plus: Notables Items	90			38			131			(388)			10			95			28			85
Adjusted EBITDA(b)	$	277		$	308		$	265		$	341		$	276		$	217		$	280		$	144

Capital expenditures	$	197		$	177		$	127		$	160		$	236		$	185		$	221		$	207
Gross Margin $ / tonne of finished product	$	97		$	91		$	96		$	85		$	111		$	67		$	92		$	17
Adjusted Gross Margin $ / tonne of finished product	$	97		$	100		$	96		$	118		$	111		$	67		$	101		$	17
Gross margin as a percent of sales	14		%	13		%	14		%	12		%	15		%	9		%	11		%	2		%

Freight included in finished goods (in millions)	$	103		$	104		$	79		$	83		$	84		$	93		$	97		$	85
Idle/Turnaround costs (excluding notable items)	$	56		$	36		$	7		$	24		$	44		$	84		$	42		$	67

Operating Data
Sales volumes ('000 tonnes)(d)
DAP/MAP	900			828			656			749			846			711			760			618
Performance products(f)	673			794			750			814			587			773			750			640
Other products(i)	71			74			69			59			65			62			61			72
Total Finished Product(d)	1,644			1,696			1,475			1,622			1,498			1,546			1,571			1,330

DAP selling price (fob plant)(q)	$	598		$	575		$	569		$	593		$	623		$	668		$	714		$	686
Average finished product selling price (destination)(g)	$	593		$	578		$	579		$	606		$	632		$	665		$	712		$	656

Production Volumes ('000 tonnes)
Total tonnes produced(h)	1,577			1,675			1,625			1,413			1,423			1,505			1,678			1,666
Operating Rate	64		%	68		%	66		%	58		%	58		%	61		%	68		%	67		%

Raw Materials
Ammonia used in production (tonnes)	$	246		$	243		$	238		$	228		$	214		$	226		$	255		$	251
Sulfur used in production	$	725		$	778		$	739		$	694		$	661		$	732		$	772		$	799

Realized costs ($/tonne)
Ammonia (tonne)(j)	$	404		$	424		$	482		$	435		$	416		$	445		$	455		$	550
Sulfur (long ton)(k)	$	142		$	138		$	126		$	127		$	157		$	209		$	272		$	306
Blended rock	$	81		$	86		$	87		$	87		$	77		$	74		$	80		$	84

Phosphate cash conversion costs, production / tonne(r)	$	110		$	100		$	101		$	118		$	134		$	126		$	131		$	112
Cash costs of U.S. mined rock/production tonne(s)	$	57		$	54		$	56		$	52		$	54		$	51		$	62		$	58

ARO cash spending (in millions)	$	40		$	59		$	54		$	72		$	70		$	79		$	60		$	66

The Mosaic Company - Potash Segment

Selected Calendar Quarter Financial Information

(Unaudited)


	Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales - Finished Goods													$	495		$	641		$	633		$	614
Net Sales - Other revenue													75			69			62			72
Net Sales	$	643		$	663		$	526		$	557		$	570		$	710		$	695		$	686
Cost of Goods Sold	431			477			404			434			402			501			459			430
Gross Margin	$	212		$	186		$	122		$	123		$	168		$	209		$	236		$	256
Notable Items Included in Gross Margin	—			—			—			—			—			—			—			—
Adjusted Gross Margin(b)	$	212		$	186		$	122		$	123		$	168		$	209		$	236		$	256

SG&A	9			7			7			8			8			8			6			8
Other operating (income) expense	5			5			6			(8)			3			7			1			190

Operating Earnings	$	198		$	174		$	109		$	123		$	157		$	194		$	229		$	58
Plus: Depreciation, Depletion and Amortization	82			94			69			93			81			79			93			83
Plus: Accretion Expense	2			3			2			2			3			3			3			3
Plus: Foreign Exchange Gain (Loss)	(31)			(12)			48			(185)			13			82			(56)			46
Plus: Other Non operating Income (Expense)	—			—			—			1			(1)			1			3			1
Plus: Notable Items	30			12			(48)			178			(13)			(81)			57			145
Adjusted EBITDA(b)	$	281		$	271		$	180		$	212		$	240		$	278		$	329		$	336

Capital expenditures	$	97		$	75		$	61		$	65		$	45		$	73		$	72		$	53
Gross Margin $ / tonne of finished product	$	98		$	79		$	61		$	55		$	80		$	89		$	104		$	115
Adjusted Gross Margin $ / tonne of finished product	$	98		$	79		$	61		$	55		$	80		$	89		$	104		$	115
Gross margin as a percent of sales	33		%	28		%	23		%	22		%	29		%	29		%	34		%	37		%

Supplemental Cost Information
Canadian resource taxes	$	64		$	67		$	45		$	56		$	47		$	62		$	87		$	77
Royalties	$	10		$	10		$	9		$	10		$	9		$	10		$	12		$	11
Freight(l)	$	86		$	94		$	87		$	60		$	74		$	74		$	66		$	73
Idle/Turnaround costs (excluding notable items)	$	9		$	18		$	23		$	6		$	1		$	34		$	16		$	8

Operating Data
Sales volumes ('000 tonnes)(d)
MOP	1,927			2,113			1,775			2,064			1,947			2,122			2,110			2,083
Performance products(m)	225			225			211			168			159			214			162			143
Other products(i)	11			8			10			7			7			7			7			7
Total Finished Product(d)	2,163			2,346			1,996			2,239			2,113			2,343			2,279			2,233

Crop Nutrients North America	838			970			647			779			863			752			649			679
Crop Nutrients International	1,195			1,260			1,255			1,341			1,126			1,439			1,497			1,412
Non-Agricultural	130			116			94			119			124			152			133			142
Total Finished Product(d)	2,163			2,346			1,996			2,239			2,113			2,343			2,279			2,233

MOP selling price (fob mine)(o)	$	241		$	224		$	215		$	199		$	223		$	261		$	271		$	264
Average finished product selling price (destination)(g)	$	258		$	240		$	233		$	214		$	234		$	274		$	278		$	275

Production Volumes ('000 tonnes)
Production Volume	2,338			2,224			1,904			2,332			2,256			2,094			2,258			2,189
Operating Rate	81		%	78		%	66		%	81		%	78		%	73		%	79		%	76		%


MOP cash costs of production excluding brine / production tonne(n)	$	72	$	64	$	74	$	73	$	78	$	75	$	71	$	77
ARO cash spending (in millions)	$	1	$	2	$	2	$	3	$	1	$	3	$	2	$	4

Average CAD / USD	$	1.348	$	1.368	$	1.364	$	1.399	$	1.434	$	1.384	$	1.377	$	1.394

The Mosaic Company - Mosaic Fertilizantes Segment

Selected Calendar Quarter Financial Information

(Unaudited)


	Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales - Finished Goods													$	834		$	1,059		$	1,452		$	1,024
Net Sales - Other revenue													100			116			140			122
Net Sales	$	886		$	1,049		$	1,399		$	1,088		$	934		$	1,175		$	1,592		$	1,146
Cost of Goods Sold	811			947			1,271			986			807			1,013			1,410			1,125
Gross Margin	$	75		$	102		$	128		$	102		$	127		$	162		$	182		$	21
Notable Items Included in Gross Margin	1			4			6			9			—			—			(7)			—
Adjusted Gross Margin(b)	$	74		$	98		$	122		$	93		$	127		$	162		$	189		$	21

SG&A	30			27			62			16			23			61			32			32
Other operating (income) expense	3			14			10			7			6			(8)			54			15

Operating Earnings	$	42		$	61		$	56		$	79		$	98		$	109		$	96		$	(26)
Plus: Depreciation, Depletion and Amortization	40			40			39			40			38			44			46			46
Plus: Accretion Expense	5			5			4			4			4			4			4			4
Plus: Foreign Exchange Gain (Loss)	(45)			(144)			17			(84)			41			(17)			(19)			(57)
Plus: Other Non operating Income (Expense)	(2)			(2)			(2)			(2)			(1)			(1)			(1)			(2)
Less: Earnings from Consolidated Noncontrolling Interests	1			(1)			—			1			1			(1)			1			1
Plus: Notable Items	44			135			(31)			46			(57)			19			116			81
Adjusted EBITDA(b)	$	83		$	96		$	83		$	82		$	122		$	159		$	241		$	45

Capital expenditures	$	82		$	46		$	51		$	64		$	59		$	46		$	70		$	85
Gross Margin $ / tonne of finished product	$	44		$	46		$	44		$	46		$	69		$	73		$	65		$	10
Adjusted Gross Margin $ / tonne of finished product	$	43		$	45		$	42		$	42		$	69		$	73		$	67		$	10
Gross margin as a percent of sales	8		%	10		%	9		%	9		%	14		%	14		%	11		%	2		%
Idle/Turnaround costs (excluding notable items)	$	15		$	24		$	40		$	18		$	13		$	26		$	27		$	62

Operating Data
Sales volumes ('000 tonnes)
Fertilizer produced in Brazil sold to third parties	357			473			629			461			331			387			363			289
Fertilizer produced in Brazil sold through distribution	328			489			409			207			358			666			685			290
Purchased nutrients for distribution(p)	1,030			1,234			1,841			1,572			1,158			1,179			1,755			1,496
Total Finished Product	1,715			2,196			2,879			2,240			1,847			2,232			2,803			2,075

Sales of Performance Products ('000 tonnes)(e)	123			215			462			307			93			252			441			253

Brazil MAP price (Brazil production delivered price to third party)	$	581		$	596		$	601		$	632		$	681		$	729		$	738		$	717
Average finished product selling price (destination)(g)	$	463		$	423		$	447		$	433		$	452		$	474		$	518		$	493

Production Volumes ('000 tonnes)
Phosphate tonnes produced	793			752			779			781			778			843			834			683
MOP tonnes produced	104			79			105			108			97			122			104			27

Phosphate operating rate	79		%	75		%	78		%	78		%	78		%	84		%	84		%	68		%
Potash operating rate	83		%	63		%	85		%	88		%	78		%	98		%	83		%	22		%

Realized Costs ($/tonne)
Ammonia/tonne	$	705		$	623		$	572		$	628		$	684		$	601		$	576		$	638
Sulfur (long ton)	$	173		$	174		$	170		$	177		$	219		$	270		$	325		$	371
Blended rock	$	115		$	107		$	105		$	109		$	97		$	94		$	99		$	98



Purchases ('000 tonnes)
DAP/MAP from Mosaic	68		30		43		54		62		21		45		5
MicroEssentials® from Mosaic	169		289		337		195		120		282		270		211
Potash from Mosaic/Canpotex	358		736		682		419		355		507		919		238

Phosphate cash conversion costs in USD, production / tonne(r)	$	101	$	100	$	88	$	85	$	87	$	84	$	99	$	113
Potash cash conversion costs in USD, production / tonne	$	196	$	208	$	175	$	151	$	187	$	178	$	240	$	286
Mined rock costs in USD, cash produced / tonne	$	121	$	98	$	105	$	93	$	87	$	90	$	91	$	88
ARO cash spending (in millions)	$	2	$	5	$	6	$	5	$	1	$	1	$	1	$	1

Average BRL / USD	$	4.952	$	5.216	$	5.546	$	5.842	$	5.853	$	5.669	$	5.445	$	5.396

The Mosaic Company - Corporate and Other Segment

Selected Calendar Quarter Financial Information

(Unaudited)


	Q1 2024		Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025
Net Sales and Gross Margin (in millions)
Segment income statement
Net Sales	$	(19)	$	(75)	$	(119)	$	6	$	18	$	(53)	$	(125)	$	127
Cost of Goods Sold	28		(27)		(143)		67		(8)		(97)		(115)		84
Gross Margin (Loss)	$	(47)	$	(48)	$	24	$	(61)	$	26	$	44	$	(10)	$	43
Notable items Included in Gross Margin	(31)		(28)		38		(80)		59		51		(27)		2
Adjusted Gross Margin (Loss)(b)	$	(16)	$	(20)	$	(14)	$	19	$	(33)	$	(7)	$	17	$	41

SG&A	55		84		68		79		80		85		78		68
Other operating (income) expense	5		3		14		6		2		10		—		9

Operating Earnings (Loss)	$	(107)	$	(135)	$	(58)	$	(146)	$	(56)	$	(51)	$	(88)	$	(34)
Plus: Depreciation, Depletion and Amortization	2		2		12		7		11		10		9		9
Plus: Share-Based Compensation Expense	9		11		5		7		10		7		7		6
Plus: Foreign Exchange Gain (Loss)	(27)		(114)		40		(145)		82		111		64		(15)
Plus: Other Income (Expense)	—		11		—		39		(116)		213		308		(89)
Plus: Earnings (Loss) from equity investments	—		—		—		—		—		2		—		—
Less: Earnings (Loss) from Consolidated Noncontrolling Interests	—		—		(1)		(1)		2		—		—		—
Plus: Notable Items	58		134		(80)		196		(23)		(380)		(344)		103
Adjusted EBITDA(b)	$	(65)	$	(91)	$	(80)	$	(41)	$	(94)	$	(88)	$	(44)	$	(20)

Elimination of profit in inventory included in COGS	$	(15)	$	(10)	$	(3)	$	7	$	(49)	$	—	$	15	$	21
Unrealized gain (loss) on derivatives included in COGS	$	(31)	$	(29)	$	39	$	(80)	$	59	$	51	$	27	$	2

The Mosaic Company

Selected Calendar Quarter Financial Information

(Unaudited)

Notable Items


Q4 2025
Description	Segment	Line Item	Amount (in millions)		Tax Effect(t) (in millions)		EPS Impact (per basic share)

Foreign currency transaction gain (loss)	Consolidated	Foreign currency transaction gain (loss)	$	(44)	$	6	$	(0.12)
Unrealized gain (loss) on derivatives	Corporate and Other	Cost of goods sold	2		(2)		—
Closed and indefinitely idled facility costs	Phosphate	Other operating income (expense)	(14)		7		(0.02)
Ma'aden mark-to-market	Corporate and Other	Other non-operating income (expense)	(90)		7		(0.25)
ARO Adjustment	Phosphate/Potash	Other operating income (expense)	(64)		20		(0.14)
Environmental Reserve	Phosphate	Other operating income (expense)	(21)		8		(0.04)
Realized gain (loss) on RCRA Trust Securities	Phosphate	Other non-operating income (expense)	8		(2)		0.01
Net Gain on assets held for sale and transaction fees	Brazil/Corp	Other operating income (expense)/SG&A	100		(40)		0.18
Impairment of goodwill and asset write-offs	Brazil	Impairment of goodwill	(110)		20		(0.28)
Loss on assets held for sale	Potash	Loss (gain) on assets sold and to be sold	(189)		69		(0.38)
Brazil Valuation Adjustment	Brazil	(Provision for) benefit from income taxes	—		(261)		(0.82)
Total Notable Items			$	(422)	$	(168)	$	(1.86)


Q3 2025
Description	Segment	Line Item	Amount (in millions)		Tax Effect(t) (in millions)		EPS Impact (per basic share)

Foreign currency transaction gain (loss)	Consolidated	Foreign currency transaction gain (loss)	$	(14)	$	3	$	(0.04)
Unrealized gain (loss) on derivatives	Corporate and Other	Cost of goods sold	(27)		7		(0.06)
Closed and indefinitely idled facility costs	Phosphate	Other operating income (expense)	(14)		3		(0.03)
Ma'aden mark-to-market	Corporate and Other	Other non-operating income (expense)	308		(80)		0.71
Environmental Reserve	Phosphate	Other operating income (expense)	(18)		5		(0.04)
Loss on assets held for sale and transaction fees	Mosaic Fertilizantes/Corporate	Other operating income (expense)/SG&A	(75)		—		(0.23)
Asset write-off	Mosaic Fertilizantes	Cost of goods sold/Other operating income (expense)	(11)		3		(0.03)
Land reclamation	Phosphate	Cost of goods sold	(14)		4		(0.03)
Total Notable Items			$	135	$	(55)	$	0.25


Q2 2025
Description	Segment	Line Item	Amount (in millions)		Tax Effect(t) (in millions)		EPS Impact (per basic share)

Foreign currency transaction gain (loss)	Consolidated	Foreign currency transaction gain (loss)	$	169	$	(45)	$	0.39
Unrealized gain (loss) on derivatives	Corporate and Other	Cost of goods sold	51		(14)		0.11
Closed and indefinitely idled facility costs	Phosphate	Other operating income (expense)	$	(14)	$	4	$	(0.03)
Ma'aden mark-to-market	Corporate and Other	Other non-operating income (expense)	216		(58)		0.50
ARO Adjustment	Phosphate	Other operating income (expense)	(44)		12		(0.10)
Environmental Reserve	Phosphate	Other operating income (expense)	(32)		9		(0.07)
Realized gain (loss) on RCRA Trust Securities	Phosphate	Other non-operating income (expense)	(7)		2		(0.02)
Total Notable Items			$	339	$	(90)	$	0.78


Q1 2025
Description	Segment	Line Item	Amount (in millions)		Tax Effect(t) (in millions)		EPS Impact (per basic share)

Foreign currency transaction gain (loss)	Consolidated	Foreign currency transaction gain (loss)	$	148	$	(43)	$	0.33
Unrealized gain (loss) on derivatives	Corporate and Other	Cost of goods sold	59		(17)		0.13
Closed and indefinitely idled facility costs	Phosphate	Other operating income (expense)	(14)		3		(0.03)
Ma'aden mark-to-market	Corporate and Other	Other non-operating income (expense)	(117)		34		(0.26)
ARO Adjustment	Phosphate	Other operating income (expense)	(2)		1		—
Discrete tax items	Consolidated	(Provision for) benefit from income taxes	—		30		0.09
Total Notable Items			$	74	$	8	$	0.26


Q4 2024
Description	Segment	Line Item	Amount (in millions)		Tax Effect(u) (in millions)		EPS Impact (per basic share)

Foreign currency transaction gain (loss)	Consolidated	Foreign currency transaction gain (loss)	$	(390)	$	75	$	(0.99)
Unrealized gain (loss) on derivatives	Corporate and Other	Cost of goods sold	(80)		15		(0.20)
Closed and indefinitely idled facility costs	Phosphate	Other operating income (expense)	(13)		2		(0.04)
FX functional currency	Mosaic Fertilizantes	Cost of goods sold	9		(2)		0.02
Realized gain (loss) on RCRA Trust Securities	Phosphate	Other non-operating income (expense)	(5)		1		(0.01)
ARO Adjustment	Phosphate	Other operating income (expense)	(23)		4		(0.06)
Hurricane Milton idle costs	Phosphate	Cost of goods sold	(52)		10		(0.13)
Gain on sale of equity investment	Phosphate	Other non-operating income (expense)	522		(43)		1.51
Ma'aden mark-to-market	Corporate and Other	Other non-operating income (expense)	28		(5)		0.07
ARO Adjustment	Potash	Other operating income (expense)	7		(1)		0.02
Arbitration reserve	Phosphate	Other Operating Expense/Non Controlling Interest	(43)		9		(0.11)
Total Notable Items			$	(40)	$	65	$	0.08


Q3 2024
Description	Segment	Line Item	Amount (in millions)		Tax Effect(t) (in millions)		EPS Impact (per basic share)

Foreign currency transaction gain (loss)	Consolidated	Foreign currency transaction gain (loss)	$	111	$	(35)	$	0.22
Unrealized gain (loss) on derivatives	Corporate and Other	Cost of goods sold	38		(11)		0.09
Closed and indefinitely idled facility costs	Phosphate	Other operating income (expense)	(15)		5		(0.03)
FX functional currency	Mosaic Fertilizantes	Cost of goods sold	6		(2)		0.01
Realized gain (loss) on RCRA Trust Securities	Phosphate	Other non-operating income (expense)	5		(2)		0.01
ARO Adjustment	Phosphate	Other operating income (expense)	(102)		31		(0.22)
Environmental reserve	Phosphate	Other operating income (expense)	(20)		6		(0.04)
Total Notable Items			$	23	$	(8)	$	0.04


Q2 2024
Description	Segment	Line Item	Amount (in millions)		Tax Effect(t) (in millions)		EPS Impact (per basic share)

Foreign currency transaction gain (loss)	Consolidated	Foreign currency transaction gain (loss)	$	(263)	$	76	$	(0.58)
Unrealized gain (loss) on derivatives	Corporate and Other	Cost of goods sold	(28)		9		(0.07)
Closed and indefinitely idled facility costs	Phosphate	Other operating income (expense)	(13)		3		(0.03)
FX functional currency	Mosaic Fertilizantes	Cost of goods sold	4		(1)		—
Realized gain (loss) on RCRA Trust Securities	Phosphate	Other non-operating income (expense)	(2)		—		—
Land reclamation	Phosphate	Cost of goods sold	(15)		4		(0.03)
Pension plan termination	Corporate and Other	Other non-operating income (expense)	8		(2)		0.02
Franchise tax reversal	Phosphate	Other operating income (expense)	(15)		4		(0.03)
Discrete tax items	Consolidated	(Provision for) benefit from income taxes	—		(103)		(0.32)
Total Notable Items			$	(324)	$	(10)	$	(1.04)


Q1 2024
Description	Segment	Line Item	Amount (in millions)		Tax Effect(t) (in millions)		EPS Impact (per basic share)

Foreign currency transaction gain (loss)	Consolidated	Foreign currency transaction gain (loss)	$	(100)	$	28	$	(0.22)
Unrealized gain (loss) on derivatives	Corporate and Other	Cost of goods sold	(31)		8		(0.07)
Closed and indefinitely idled facility costs	Phosphate	Other operating income (expense)	(11)		3		(0.03)
FX functional currency	Mosaic Fertilizantes	Cost of goods sold	1		—		—
Realized gain (loss) on RCRA Trust Securities	Phosphate	Other non-operating income (expense)	4		(1)		0.01
ARO Adjustment	Phosphate	Other operating income (expense)	(14)		4		(0.03)
Environmental reserve	Phosphate	Other operating income (expense)	(77)		21		(0.17)
Total Notable Items			$	(228)	$	63	$	(0.51)

Footnotes

(a)Notable items impact on Earnings Per Share is calculated as notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Adjusted Diluted Net Earnings per Share is defined as diluted net earnings (loss) per share excluding the impact of notable items. See "Non-GAAP Reconciliations".

(b)See definitions of Adjusted EBITDA and Adjusted Gross Margin under “Non-GAAP Reconciliations”.

(c)Includes elimination of intersegment sales.

(d)Finished product sales volumes include intersegment sales.

(e)Includes MicroEssentials, K-Mag, Aspire and Sus-Terra sales tonnes.

(f)Includes MicroEssentials performance products.

(g)Average price of all finished products sold by Potash, Phosphates, Mosaic Fertilizantes and India/China. Amounts prior to January 1, 2025 have been recast to exclude revenue from other non-finished goods.

(h)Includes crop nutrient dry concentrates and animal feed ingredients.

(i)Includes finished goods sales of feed and other products.

(j)Amounts are representative of our average ammonia costs in cost of goods sold.

(k)Amounts are representative of our average sulfur costs in cost of goods sold.

(l)Includes inbound freight, outbound freight and warehousing costs on K-Mag, animal feed and domestic MOP sales.

(m)Includes K-Mag, and Aspire finished performance products.

(n)MOP cash costs of production are reflective of actual costs during the period excluding brine management costs, depreciation, depletion, accretion, carbon-based and Canadian resource tax, idle and turnaround costs. Total Production costs for MOP production excludes K-Mag costs, Aspire raw material costs and incremental Aspire operating costs.

(o)Excludes industrial and feed sales. Price has been calculated using the average monthly foreign exchange rate.

(p)Includes sales volumes of phosphate and potash nutrients purchased from other Mosaic segments and Canpotex.

(q)Includes intersegment sales.

(r)Total production costs less depreciation, ARO costs including accretion and idle and turnaround costs divided by metric tonnes of finished phosphate production in the period.

(s)Total production cost less depreciation/depletion, ARO costs including accretion and idle and turnaround costs divided by metric tonnes of rock produced in the period.

(t)Tax impact is based on our expected annual effective rate.

The Mosaic Company

Selected Calendar Quarter Financial Information

(Unaudited)

Non-GAAP Financial Measures

In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), Mosaic has presented in this Selected Calendar Quarter Financial Information certain non-GAAP financial measures, or measures calculated based on non-GAAP financial measures, including: Adjusted Diluted Net Earnings Per Share, Consolidated Adjusted EBITDA, Segment Adjusted EBITDA, and Adjusted Gross Margin. Generally, a non-GAAP financial measure is a supplemental numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Each of the non-GAAP financial measures we present is determined as described below.

The non-GAAP financial measures we present should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, because these non-GAAP measures, as presented, are not determined in accordance with GAAP, they are thus susceptible to varying interpretations and calculations and may not be comparable to other similarly titled measures of other companies.

Adjusted Diluted Net Earnings Per Share

Adjusted diluted net earnings per share is defined as diluted net earnings per share, excluding the impact of notable items. Notable items impact on diluted net earnings per share is calculated as notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Management believes that adjusted diluted net earnings per share provides securities analysts, investors and others, in addition to management, with useful supplemental information regarding our performance by excluding certain items that may not be indicative of or are unrelated to our core operating results. Management utilizes adjusted diluted net earnings per share in analyzing and assessing Mosaic’s overall performance, for financial and operating decision-making, and to forecast and plan for the future periods. Adjusted diluted net earnings per share also assists our management in comparing our and our competitors' operating results. Reconciliations of adjusted diluted net earnings per share to diluted net earnings per share for the periods presented are provided under “Consolidated Data” on the first page of this Selected Calendar Quarter Financial Information.

Consolidated Adjusted EBITDA

Consolidated Adjusted EBITDA is defined as consolidated Net Income (Loss) before net interest expense, depreciation, depletion and amortization, asset retirement obligation accretion, share-based compensation expense and provision for/(benefit) from income taxes. Consolidated Adjusted EBITDA is also adjusted for notable items that management excludes in analyzing our performance. Consolidated Adjusted EBITDA is a non-GAAP financial measure that we provide to assist securities analysts, investors, lenders and others in their comparisons of operational performance, valuation and debt capacity across companies with differing capital, tax and legal structures. Consolidated Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, consolidated Net Income (Loss) as a measure of operating performance. A reconciliation of Consolidated Net Income (Loss) to Consolidated Adjusted EBITDA is provided below.


(in millions)	Q1 2024		Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025
Consolidated Net Income (Loss)	$	45	$	(162)	$	122	$	169	$	238	$	411	$	411	$	(519)
Less: Consolidated Interest Expense, Net	(48)		(46)		(42)		(47)		(41)		(53)		(46)		(48)
Plus: Consolidated Depreciation, Depletion & Amortization	241		264		238		283		243		262		277		268
Plus: Accretion Expense	27		28		26		31		32		33		33		32
Plus: Share-Based Compensation Expense	9		12		5		7		10		8		7		6
Plus: Consolidated Provision for (Benefit from) Income Taxes	6		99		48		34		63		146		175		256
Less: Equity in net earnings (loss) of nonconsolidated companies, net of dividends	22		22		5		9		—		—		—		—
Plus: Notable Items not included above	222		319		(28)		32		(83)		(347)		(143)		414
Consolidated Adjusted EBITDA	$	576	$	584	$	448	$	594	$	544	$	566	$	806	$	505

Segment Adjusted EBITDA

Adjusted EBITDA presented at the segment level is defined as the related segment's operating earnings (loss) plus depreciation, depletion and amortization plus asset retirement obligation accretion plus foreign exchange gain (loss) plus other income (expense) plus equity earnings (loss) less equity earnings (loss) from noncontrolling interests. Adjusted EBITDA is also

adjusted for notable items that management excludes in analyzing our performance. We provide these non-GAAP financial measures because we believe they are relevant and useful to securities analysts, investors and others because they are part of our internal management reporting and planning process, and our management uses these measures to evaluate the operational performance and valuation of our segments. Management also uses these measures as a method of comparing segment, performance with that of its competitors. Segment Adjusted EBITDA should not be considered as alternatives to, or more meaningful than, segment Operating Earnings (Loss) and segment Operating Earnings (Loss)/sales tonne, respectively, as measures of operating performance. Management believes Operating Earnings (Loss) and segment Operating Earnings (Loss)/sales tonne, respectively, are the most directly comparable GAAP measures because we do not allocate taxes on a segment basis. Reconciliations of Segment Adjusted EBITDA to segment Operating Earnings (Loss) and segment Operating (Loss) Earnings/sales tonne, respectively, are provided as part of each segment's Selected Calendar Quarter Financial Information.

Adjusted Gross Margin

Adjusted gross margin is defined as gross margin excluding the impact of notable items. Management believes the adjusted measures provides security analysts, investors, management & others with useful supplemental information regarding our performance by excluding certain items that may not be indicative of, or are unrelated to, our core operating results. Management utilizes adjusted gross margin in analyzing and assessing Mosaic's overall performance for financial and operating decision-making and to forecast and plan for future periods.

Source: View Original Filing on SEC EDGAR

FAQ

How did Mosaic (MOS) perform financially in full year 2025?

Mosaic reported full year 2025 net income of $541 million, up from $175 million in 2024, with diluted EPS of $1.70. Adjusted EBITDA reached $2.4 billion, about 10% higher year over year, supported by stronger potash pricing, improved Fertilizantes margins, and company-wide value capture efforts.

Why did Mosaic report a net loss in the fourth quarter of 2025?

Mosaic’s fourth quarter 2025 net loss of $519 million was driven by $422 million in pre-tax notable items and a $261 million after-tax tax reserve in Brazil. Key charges included a $189 million Carlsbad impairment and $110 million of Mosaic Fertilizantes goodwill and asset impairments.

What were Mosaic’s 2025 results by segment in potash and phosphates?

In 2025, Potash generated net sales of $2.7 billion, operating earnings of $638 million and adjusted EBITDA of $1.18 billion. Phosphates delivered net sales of $4.6 billion, operating earnings of $135 million and adjusted EBITDA of $917 million, pressured by higher conversion costs and idle and turnaround expenses.

How did Mosaic Fertilizantes perform in 2025?

Mosaic Fertilizantes posted 2025 net sales of $4.8 billion, up from $4.4 billion, with operating earnings of $277 million. Adjusted EBITDA rose to $567 million from $344 million, reflecting stronger prices and improved margins, although Q4 results were weakened by goodwill impairment and lower margins per tonne.

What was Mosaic’s 2025 cash flow and capital expenditure profile?

Cash flow from operations was $825 million in 2025, down from $1.3 billion, mainly due to higher inventories and rock and sulfur costs. Capital expenditures increased to $1.36 billion, producing free cash flow of $(535) million. For 2026, Mosaic expects capex of about $1.5 billion.

What production and pricing guidance did Mosaic provide for 2026?

For full year 2026, Mosaic expects phosphate production at or above 7 million tonnes and potash production of approximately 9 million tonnes. First quarter 2026 guidance includes phosphate sales of 1.7–1.9 million tonnes with DAP prices of $640–$670 and potash MOP prices of $255–$275 per tonne.

How is Mosaic Biosciences contributing to Mosaic’s results?

Mosaic Biosciences more than doubled 2025 net sales to $68 million and contributed positively to fourth quarter adjusted EBITDA. The business launched five new products in 2025 and targets net sales to roughly double again in 2026, with plans to introduce eight to ten additional products.

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Mosaic (NYSE: MOS) grows 2025 earnings as heavy Q4 charges hit results

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How is Mosaic Biosciences contributing to Mosaic’s results?

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Mosaic (NYSE: MOS) grows 2025 earnings as heavy Q4 charges hit results

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How did Mosaic (MOS) perform financially in full year 2025?

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