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Mosaic Company (NYSE: MOS) swings to Q2 2026 loss on costs and charges

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

The Mosaic Company reported second-quarter 2026 net sales of $2.8 billion and a net loss attributable to Mosaic of $272.8 million, or $(0.86) per diluted share, compared with net earnings of $410.7 million in the prior-year quarter. Results included $351 million of pre-tax notable items, mainly a $162 million Ma’aden mark-to-market loss, non-cash project write-offs and foreign-currency losses, reducing earnings per share by $(0.99). Adjusted EBITDA was $407 million versus $566 million a year earlier.

Potash delivered stable adjusted EBITDA of $278 million on 2.0 million tonnes of sales and higher MOP prices, while Phosphate and Mosaic Fertilizantes posted operating losses due to higher sulfur and ammonia costs and production curtailments. Cash flow from operations fell to $167.4 million, and free cash flow was $(152.9) million. For 2026, Mosaic guides to potash production of 9.0 million tonnes, capital expenditures of $1.2 billion, SG&A of $510–$530 million, and expects Q3 phosphate and potash prices of $820–$840 and $270–$290 per tonne, respectively. The company completed the sale of its Carlsbad potash mine, arranged a $1 billion term loan, reduced its capex outlook, and paid a quarterly dividend of $0.22 per share.

Positive

  • None.

Negative

  • Q2 2026 swung to a net loss of $272.8 million ($(0.86) per share) from $410.7 million net earnings a year earlier, with adjusted EBITDA down to $407 million and free cash flow at $(152.9) million, driven by weaker volumes, higher raw material costs and $351 million of notable charges.

Filing Explained

At June 30, Mosaic reported constrained operations as curtailments continued.

Under the stated purpose of Form 8-K, this filing reports a specified material event through furnished exhibits covering the quarter ended June 30, 2026. The exhibits are expressly furnished rather than filed under General Instruction B.2, so the current disclosure is an earnings and operating update rather than a completed securities transaction. The operating state is constrained production: Faustina is completely idled, Bartow is running at 40% of its targeted annual operating rate, and commodity fertilizer production in Brazil is being idled.

The June 30, 2026 balance sheet shows cash and cash equivalents alongside short-term debt and long-term debt. The company states that additional phosphate curtailments began in July and expects third-quarter Phosphate sales volumes in a disclosed range, while Mosaic Fertilizantes’ third-quarter adjusted EBITDA is expected to be below its second-quarter result.

The next material resolution point is the company’s third-quarter report, which will show the financial effect of the July curtailments and the higher sulfur contract primarily reflected in fourth-quarter results.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Net Sales $2,824.1 million Consolidated net sales for the three months ended June 30, 2026
Q2 2026 Net Loss $272.8 million Net earnings (loss) attributable to Mosaic in Q2 2026 vs $410.7 million in Q2 2025
Q2 2026 Diluted EPS $(0.86) per share Diluted net earnings (loss) per share attributable to Mosaic for Q2 2026
Q2 2026 Adjusted EBITDA $407 million Adjusted EBITDA for Q2 2026 compared with $566 million in Q2 2025
Q2 2026 Free Cash Flow $(152.9) million Net cash provided by operating activities less capital expenditures in Q2 2026
2026 Capital Expenditures Outlook $1.2 billion Full-year 2026 total capital expenditures guidance, reduced from $1.25 billion
2026 Potash Production Guidance 9.0 million tonnes Full-year 2026 potash production volumes guidance
Q3 2026 Sulfur Contract Price $705 per long ton Third-quarter sulfur contracts settled with U.S. Gulf Coast refiners
Adjusted EBITDA financial
"Second quarter adjusted EBITDA(1) totaled $407 million, down from $566 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
free cash flow financial
"Free cash flow(1) in the second quarter of 2026 was $(153) million"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
asset retirement obligations financial
"Accretion expense for asset retirement obligations"
Asset retirement obligations are a company’s recorded promise to pay for dismantling, cleaning up, or restoring property when a long-lived asset is retired — for example decommissioning a plant or removing equipment. Companies estimate the future cleanup cost today and book it as a liability (and add the cost to the asset), so it affects the balance sheet, reported profits over time, and future cash needs; investors watch it like a planned bill that can reduce cash available for returns.
Ma'aden mark-to-market financial
"primarily consisting of $162 million in mark-to-market adjustments related to the value of Mosaic’s holding of Ma’aden shares"
Canadian resource taxes financial
"Canadian Resource Taxes | 70 | | | 67 | | | 62"
Net sales $2,824.1 million vs $3,005.7 million in Q2 2025
Net earnings (loss) attributable to Mosaic $(272.8) million vs $410.7 million net earnings in Q2 2025
Diluted EPS $(0.86) per share vs $1.29 per share in Q2 2025
Adjusted EBITDA $407 million vs $566 million in Q2 2025
Free cash flow $(152.9) million vs $304.9 million in Q2 2025
Guidance

For full-year 2026, Mosaic guides to potash production of 9.0 million tonnes, capital expenditures of $1.2 billion, depreciation, depletion and amortization of $1.1–$1.2 billion, SG&A of $510–$530 million, net interest expense of $220–$240 million, and cash tax of $250–$300 million. For Q3 2026, phosphate sales volumes are expected at 1.1–1.4 million tonnes with DAP prices of $820–$840 per tonne, and potash sales volumes of 2.0–2.2 million tonnes with MOP prices of $270–$290 per tonne.

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FAQ

How did The Mosaic Company (MOS) perform financially in Q2 2026?
Mosaic reported Q2 2026 net sales of $2,824.1 million and a net loss of $272.8 million, or $(0.86) per diluted share. A year earlier, it earned $410.7 million, or $1.29 per share, highlighting a sharp profitability decline.

What were Mosaic’s key Q2 2026 non-GAAP results?
Mosaic reported adjusted EBITDA of $407 million and adjusted EPS of $0.13 in Q2 2026. Both were below Q2 2025 levels of $566 million adjusted EBITDA and $0.51 adjusted EPS, reflecting lower sales volumes and higher raw material costs.

How did Mosaic’s segments perform in Q2 2026?
In Q2 2026, Potash generated $650 million of net sales and $278 million of adjusted EBITDA, roughly flat year over year. Phosphate had net sales of $1.25 billion but an operating loss of $104 million, while Mosaic Fertilizantes posted a $41 million operating loss.

What were Mosaic’s Q2 2026 cash flow and free cash flow figures?
Cash flow from operations in Q2 2026 was $167.4 million, down from $609.5 million a year earlier. After $320.3 million of capital expenditures, Mosaic’s free cash flow was $(152.9) million, versus positive $304.9 million in Q2 2025.

What guidance did Mosaic (MOS) provide for full-year 2026 and Q3 2026?
For 2026, Mosaic guides to 9.0 million tonnes of potash production, $1.2 billion of capital expenditures, SG&A of $510–$530 million, and net interest expense of $220–$240 million. Q3 2026 expectations include phosphate sales of 1.1–1.4 million tonnes and MOP prices of $270–$290 per tonne.

What market and cost factors affected Mosaic’s Q2 2026 results?
Results were pressured by higher sulfur and ammonia costs, production curtailments, and challenging phosphate and Brazilian fertilizer economics. Mosaic settled Q3 sulfur contracts at $705 per long ton and implemented curtailments, including fully idling Faustina and reducing Bartow’s operating rate.

What capital allocation actions did Mosaic take in Q2 2026?
Mosaic reduced its 2026 capital expenditure outlook to $1.20 billion, completed the sale of its Carlsbad potash mine, and established a $1 billion term loan to refinance commercial paper. It also paid a regular common dividend of $0.22 per share in the quarter.
MOSAIC CO0001285785false00012857852026-08-042026-08-04

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): August 4, 2026
 
THE MOSAIC COMPANY
(Exact name of registrant as specified in its charter)
 
 
DE001-3232720-1026454
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareMOSNew 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 ended June 30, 2026, as presented in a press release issued on August 4, 2026.
Furnished herewith as Exhibit 99.2 and incorporated by reference herein is certain performance data for the period ended June 30, 2026 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 August 4, 2026, of The Mosaic Company regarding its earnings and results of operations for the quarter ended June 30, 2026
99.2
Performance data for the period ended June 30, 2026
104Cover Page Interactive Data File, formatted in Inline XBRL
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: August 4, 2026By:/s/ Philip E. Bauer
Name:Philip E. Bauer
Title:Senior Vice President, General Counsel
and Corporate Secretary



Exhibit 99.1
image1a31a.jpg
The Mosaic Company
101 E. Kennedy Blvd., Suite 2500
Tampa, FL 33602
www.mosaicco.com
FOR IMMEDIATE RELEASE
THE MOSAIC COMPANY REPORTS SECOND QUARTER 2026 RESULTS
•Second quarter results included revenues of $2.8 billion, an operating loss of $36 million and a net loss of $273 million; excluding notable items, adjusted EBITDA(1) totaled $407 million
•Second quarter sales volumes totaled 1.4 million tonnes for Phosphates, 2.0 million tonnes for Potash and 1.5 million tonnes for Mosaic Fertilizantes
•Third-quarter sulfur contracts were settled at $705/long ton
•2026 outlook for capital expenditures reduced to $1.2 billion
TAMPA, FL, August 4, 2026 - The Mosaic Company (NYSE: MOS), reported a net loss of $273 million and diluted loss per share of $0.86 for the second quarter of 2026. Adjusted EBITDA(1) was $407 million and adjusted EPS(1) was $0.13.
“Business conditions remained challenging in the second quarter, driven primarily by sulfur availability and affordability challenges," said President and CEO Bruce Bodine. "At Mosaic, we are focused on the things we can control. We've reduced phosphate production, cut costs, reduced capital expenditures and strengthened our financial flexibility while maintaining the ability to resume full production rates when markets improve. We also continue to reallocate underperforming capital in pursuit of stronger shareholder returns."

Consolidated Results:
In millions $ except as noted belowQ2 2026Q1 2026Q2 2025
Net Sales - billions $$2.8$3.0$3.0
Selling, General and Administrative Expenses $132$136$167
Operating Earnings (Loss) $(36)$(373)$244
Operating Earnings (Loss) – Phosphate $(104)$(48)$(8)
Operating Earnings (Loss) – Potash $195$177$194
Operating Earnings (Loss) – Mosaic Fertilizantes $(41)$(422)$109
Operating Earnings (Loss) – Corporate and Other$(86)$(79)$(51)
Net Income (Loss)$(273)$(258)$411
Adjusted EBITDA(1)
$407$416$566
Adjusted EBITDA - Phosphate(1)
$128$115$217
Adjusted EBITDA - Potash(1)
$278$275$278
Adjusted EBITDA – Mosaic Fertilizantes(1)
$60$79$159
Adjusted EBITDA – Corporate and Other(1)
$(59)$(53)$(88)
(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.


1


Mosaic reported a second quarter net loss of $273 million, compared to net income of $411 million in the same quarter of 2025. Second quarter results were negatively impacted by $351 million of pre-tax notable items, primarily consisting of $162 million in mark-to-market adjustments related to the value of Mosaic’s holding of Ma’aden shares, $69 million of non-cash project write-offs, and $49 million related to foreign currency transactions.
Second quarter adjusted EBITDA(1) totaled $407 million, down from $566 million in the same quarter last year. Results primarily reflected lower sales volumes and higher raw material costs in Phosphate and Mosaic Fertilizantes, which were partially offset by higher phosphate and potash prices.
Selling, general, and administrative (SG&A) expenses were $132 million in the second quarter, down from $167 million in the prior year period, reflecting lower bad debt expenses and the impact of cost saving initiatives. For the full year, SG&A is now expected to be in the range of $510 to $530 million.
The effective tax rate for the second quarter was 11.2%. The adjusted effective tax rate was 4.5% excluding the impacts from notable items. Cash taxes paid were $45 million in the second quarter.
Cash flow from operations totaled $167 million in the second quarter, compared to $610 million in the second quarter of 2025. The decrease was primarily driven by lower adjusted EBITDA and customer prepayments in Brazil. Free cash flow(1) in the second quarter of 2026 was $(153) million compared to $305 million in the same quarter a year ago, reflecting the timing of capital expenditures. Free cash flow is expected to improve through the remainder of the year as a result of lower capital expenditures and an expected release of working capital, primarily in Brazil.
Capital Allocation Update
•Capital expenditures in 2026 are now expected to be $1.20 billion, down from the previous expectation of $1.25 billion.
•Mosaic completed the sale of its Carlsbad, New Mexico, potash mine in the second quarter.
•Progress continued on strategic alternatives for the Araxa and Patrocinio assets in Brazil.
•A $1 billion term loan transaction was established to refinance and extend short-term commercial paper maturities.
•The company paid a regular common dividend of $0.22 per share in the second quarter.






















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

2

Potash Results and Outlook:
Q2 2026Q1 2026Q2 2025
Net Sales - millions $$650$667$711
Sales Volumes - million tonnes*2.02.22.3
MOP Selling Price FOB mine - $ per tonne$275$265$261
MOP Cash Cost of Production(1) - $ per tonne
$84$84$75
Gross Margin - $ per tonne$103$88$89
Operating Earnings - millions $$195$177$194
Segment Adjusted EBITDA(1) - millions $
$278$275$278
*Tonnes = finished product tonnes
The Potash segment reported net sales of $650 million in the second quarter of 2026, down from $711 million in the prior year period. Operating earnings were $195 million, compared to $194 million in the second quarter of 2025. Adjusted EBITDA(1) was $278 million, equal to the prior year period, and reflected the costs of turnaround activities at Esterhazy.
Second quarter sales volumes totaled 2.0 million tonnes, compared to 2.3 million tonnes in the prior-year period. Production volumes were 1.8 million tonnes, down from 2.1 million tonnes in the second quarter of 2025. In addition to Esterhazy's routine turnaround, production during the quarter also reflected the Carlsbad divestiture, which was completed in April. Mosaic continues to expect total potash production of approximately 9 million tonnes in 2026, with volumes weighted toward the second half of the year, particularly with the contribution of additional volumes from the Hydrofloat project.
MOP cash cost of production per tonne(1) was $84 in the second quarter, up from $75 in the prior-year quarter. Unit production costs are expected to trend lower through the remainder of the year as a result of higher Esterhazy production volumes.
Third quarter 2026 sales volumes are expected to be in the range of 2.0 to 2.2 million tonnes, with realized mine gate MOP prices in the range of $270 to $290 per tonne.























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

3

Phosphate Results and Outlook:
Q2 2026Q1 2026Q2 2025
Net Sales - millions $ $1,246$1,426$1,173
Sales Volumes - million tonnes* 1.41.91.5
DAP Selling Price FOB plant - $ per tonne$773$668$668
Phosphate Cash Cost of Conversion(1) - $ per tonne
$129$124$126
Blended Rock Cost Consumed in COGS(1) - $ per tonne
$90$86$74
Gross Margin - $ per tonne$(4)$2$67
Operating Earnings (Loss) – millions $$(104)$(48)$(8)
Segment Adjusted EBITDA(1) - millions $
$128$115$217
*Tonnes = finished product tonnes
The Phosphate segment reported net sales of $1.25 billion in the second quarter of 2026, up from $1.17 billion in the prior year period. The segment reported an operating loss of $104 million during the period, compared to $8 million in the second quarter of 2025. Results reflected the impact of $90 million of notable items, including $69 million related to a non-cash project write-off. Adjusted EBITDA(1) totaled $128 million, compared to $217 million in the prior year period. The year-over-year decline reflected an increase in raw material costs and lower fixed-cost absorption from lower volumes, though these were somewhat mitigated by higher prices and improved cost controls.
Mosaic implemented a partial production curtailment in May, which resulted in second quarter sales and production volumes of 1.4 million tonnes, down from 1.5 million tonnes in the prior year period.
Costs reflected lower operating rates resulting from the partial curtailment implemented during the quarter. During the second quarter, cash cost of conversion(1) averaged $129 per tonne, versus $126 per tonne in the prior period. Idle, turnaround, and unabsorbed fixed costs in costs of goods sold during the second quarter totaled $60 million, versus $84 million in the second quarter of 2025. Looking ahead, both metrics are expected to continue being impacted by lower operating rates in the third quarter following additional curtailments implemented at the beginning of July. To date, Faustina has been completely idled and Bartow is currently running at 40% of its targeted annual operating rate.
Second quarter raw material costs averaged $522 per long ton for sulfur and $621 per tonne for ammonia. For the third quarter, Mosaic settled sulfur contracts with U.S. Gulf Coast refiners at $705 per long ton. This new contract will primarily be reflected in fourth quarter operating results.
For the third quarter, sales volumes are expected to be of 1.1 to 1.4 million tonnes. DAP prices are expected to average $820 to $840 per tonne on an FOB basis.









(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.
4


Mosaic Fertilizantes Results and Outlook:
Q2 2026Q1 2026Q2 2025
Net Sales - millions $ $1,034$937$1,175
Sales Volumes - million tonnes*1.51.62.2
Sales Volumes of produced product – million tonnes(2)
0.70.61.1
Average Finished Product Selling Price - $ per tonne$585$527$474
Phosphate Cash Cost of Conversion(1) - $ per tonne
$141$113$84
Phosphate Blended Rock Cost Consumed in COGS -
$ per tonne		$105$104$94
Gross Margin - $ per tonne$4$22$73
Operating Earnings (Loss) – millions $$(41)$(422)$109
Segment Adjusted EBITDA(1) – millions $
$60$79$159
*Tonnes = finished product tonnes sold to third parties
Mosaic Fertilizantes reported net sales of $1.0 billion in the second quarter of 2026, compared to $1.2 billion in the prior year period. The segment generated an operating loss of $41 million in the second quarter, compared to operating earnings of $109 million in the same period last year. Adjusted EBITDA(1) totaled $60 million, compared to $159 million in the prior year period. Second quarter results were primarily driven by lower sales volumes and higher sulfur costs, which were partially offset by higher phosphate prices.
Second quarter sales volumes totaled 1.5 million tonnes, down from 2.2 million tonnes in the same quarter last year, primarily due to curtailed domestic production and soft demand.
Commodity fertilizer production is in the process of being idled in Brazil as a result of sulfur affordability and availability. Animal feed production at Cajati remains operational and profitable. During the second quarter, lower operating rates resulted in higher unit cash conversion costs(1) of $141 per tonne, up from $84 per tonne in the prior year period. Idle, turnaround and unabsorbed fixed costs of $61 million in costs of goods sold were also negatively impacted during the quarter. This compares to $26 million in the second quarter of 2025.
Challenging producer economics and the full-quarter impact of production curtailments are expected to have a negative impact on the third quarter financial performance. As a result, segment adjusted EBITDA in the third quarter is expected to be below the second quarter result.
Mosaic Biosciences Update
Mosaic Biosciences reported net sales of $25 million in the second quarter. Mosaic launched five new products in the first half of 2026 and expects to launch an additional three to five new products(3) later this year. Net sales in 2026 are expected to double from 2025’s total of $68 million.








(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.
(2) Represents volumes produced in Brazil and sold directly to third parties or through distribution.
(3)New products are defined as new brands or existing brands launched in new geographies.
5


Market Update
Agricultural commodity prices have risen over the past month as Middle East tensions reignited, attacks between Russia and Ukraine intensified, and dry weather pressured key growing regions. Despite growing drought risk, 2026 represents another year of expected heavy nutrient removal. Given lingering headwinds related to fertilizer affordability and availability, nutrient replenishment risk has grown in many key agricultural regions, resulting in a threat to near-term yields while setting the stage for future fertilizer demand recovery.
Phosphate market fundamentals remain constructive, and we are seeing certain markets re-engage ahead of upcoming seasons. Buyers in the Americas are growing more active as crop prices climb and grower sentiment improves. India is experiencing strong demand leading up to the key Rabi season, and prices are rising to attract limited global supply. Sulfur and ammonia markets continue to experience widespread disruption, resulting in elevated raw material costs and production curtailments across the global phosphate industry. Mosaic believes the current raw material environment is temporary, although the timing of normalization remains uncertain. Global phosphate supply is expected to remain constrained through the balance of the year due to ongoing production curtailments, reduced Chinese exports, and continued raw material disruptions. As such, market conditions remain constructive despite uneven regional demand patterns.
Potash market fundamentals remain balanced with strong demand across major consuming regions. Global growers continue to find value in potash relative to other nutrients, supporting application rates and demand. North American demand has remained resilient, with inventories tightening. Brazil continues to replenish its inventories, while Chinese imports set a first half record. Mosaic expects potash market conditions to remain constructive through the remainder of 2026.

2026 Guidance Summary
Full Year 2026
Potash Production Volumes - million tonnes9.0
Total Capital Expenditures - billions $$1.2
Depreciation, Depletion & Amortization - billions $$1.1 - $1.2
Selling, General, and Administrative Expense - millions $$510 - $530
Net Interest Expense - millions $$220 - $240
Cash Tax - millions $$250 - $300
Third Quarter 2026
Phosphate Sales Volumes - million tonnes1.1 -1.4
DAP FOB Plant Prices - $ per tonne$820 - $840
Potash Sales Volumes - million tonnes2.0 - 2.2
MOP FOB Mine Prices - $ per tonne$270 - $290
Sensitivities Table
The Company provided the following sensitivities to help investors anticipate the potential impact of price movements. These sensitivities are based on 2025 actual realized pricing and sales volumes.
Sensitivity
Full year adj. EBITDA impact(1)
2025 Actual
Average MOP Price / tonne (fob mine)
$10/mt price change = $83 million (4)
$255
Average DAP Price / tonne (fob plant)$10/mt price change = $60 million$670

(1) See “Non-GAAP Financial Measures” for additional information and reconciliation.
(4) Includes impact of Canadian Resource Tax
6

Investors
Paul Massoud, CFA
813-775-4260
paul.massoud@mosaicco.com

Joan Tong, CFA
863-640-0826
joan.tong@mosaicco.com
Media
Ben Pratt
813-775-4206
media@mosaicco.com

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 on August 5, 2026, at 11:00 a.m. Eastern Time to discuss second quarter 2026 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 for 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, including geopolitical instability and heightened tensions involving Iran, disruptions to global shipping routes, including the Strait of Hormuz, 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; the potential for curtailments, slowdowns, or temporary shutdowns of production due to market conditions, input availability, transportation constraints, or other operational factors; 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
7

and calculations and may not be comparable to other similarly titled measures of other companies. Adjusted metrics, including adjusted EPS, 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 or a quantitative reconciliation of forward-looking adjusted EPS 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 September 30, 2024 for consolidated adjusted EPS and adjusted EBITDA, as well as segment adjusted EBITDA 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.
8

For the three months ended June 30, 2026, the company reported the following notable items which, combined, negatively impacted earnings per share by $(0.99): 
AmountTax effectEPS impact
DescriptionSegmentLine item(in millions)(in millions)(per share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss) $(49)$18 $(0.10)
Closed and indefinitely idled facility costsPhosphateOther operating income (expense)(15)2 (0.03)
Closed and indefinitely idled facility costsBrazilOther operating income (expense)(13)1 (0.03)
Ma'aden mark-to-marketCorporate and OtherOther non-operating income (expense)(162)26 (0.43)
Realized gain (loss) on RCRA Trust SecuritiesPhosphateOther non-operating income (expense)(1)— — 
Loss on assets held for sale/transaction costsPotash/Corporate & OtherLoss on assets sold and to be sold/SG&A(9)2 (0.03)
Accelerated depreciationBrazilCost of goods sold(26)2 (0.08)
Land Reclamation - AROPhosphateCost of goods sold(7)2 (0.02)
Asset write-offPhosphateOther operating income (expense)(69)14 (0.17)
Income tax adjustmentConsolidated(Provision for) benefit from income taxes— (31)(0.10)
Total Notable Items$(351)$36 $(0.99)
For the three months ended June 30, 2025, the company reported the following notable items which, combined, positively impacted earnings per share by $0.78: 
AmountTax effectEPS impact
DescriptionSegmentLine item(in millions)(in millions)(per share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss)$169 $(45)$0.39 
Unrealized gain (loss) on derivativesCorporate and OtherCost of goods sold51 (14)0.11 
Closed and indefinitely idled facility costsPhosphateOther operating income (expense)(14)4 (0.03)
Ma'aden mark-to-marketCorporate and OtherOther non-operating income (expense)216 (58)0.50 
ARO AdjustmentPhosphateOther operating income (expense)(44)12 (0.10)
Environmental ReservePhosphateOther operating income (expense)(32)9 (0.07)
Realized gain (loss) on RCRA Trust SecuritiesPhosphateOther non-operating income (expense)(7)2 (0.02)
Total Notable Items$339 $(90)$0.78 
 
9

Condensed Consolidated Statements of Earnings (Loss)
(in millions, except per share amounts)
 
The Mosaic Company  (unaudited)
 
Three months endedSix months ended
June 30,June 30,
2026202520262025
Net sales$2,824.1 $3,005.7 $5,822.1 $5,626.6 
Cost of goods sold2,609.4 2,487.1 5,371.8 4,619.6 
Gross margin214.7 518.6 450.3 1,007.0 
Selling, general and administrative expenses131.6 167.2 267.5 289.8 
Loss on assets sold and to be sold6.2 — 238.8 — 
Other operating expense112.4 107.0 352.4 134.3 
Operating earnings (loss)(35.5)244.4 (408.4)582.9 
Interest expense, net(62.8)(53.0)(118.1)(93.7)
Foreign currency transaction gain (loss)(39.4)169.4 (1.8)302.5 
Other income (expense)(163.2)203.5 (58.5)85.4 
Earnings (loss) from consolidated companies before income taxes(300.9)564.3 (586.8)877.1 
(Benefit) provision for income taxes(33.8)146.0 (64.8)209.3 
Earnings (loss) from consolidated companies(267.1)418.3 (522.0)667.8 
Equity in net earnings of nonconsolidated companies1.6 1.4 2.0 1.9 
Net earnings (loss) including noncontrolling interests(265.5)419.7 (520.0)669.7 
Less: Net earnings attributable to noncontrolling interests7.3 9.0 10.4 20.9 
Net earnings (loss) attributable to Mosaic$(272.8)$410.7 $(530.4)$648.8 
Diluted net earnings (loss) per share attributable to Mosaic$(0.86)$1.29 $(1.67)$2.04 
Diluted weighted average number of shares outstanding317.9 319.0 317.7 318.5 
10

Condensed Consolidated Balance Sheets
(in millions, except per share amounts)
The Mosaic Company  (unaudited)
June 30, 2026December 31, 2025
Assets
Current assets:
Cash and cash equivalents$294.0 $276.6 
Receivables, net, including affiliate receivables of $85.1 and $126.3, respectively860.1 1,078.6 
Inventories3,668.0 3,363.0 
Assets held for sale96.6 73.5 
Other current assets511.5 445.8 
Total current assets5,430.2 5,237.5 
Property, plant and equipment, net of accumulated depreciation of $11,506.7 and $11,126.0, respectively13,617.1 13,982.6 
Equity securities and investments in nonconsolidated companies1,805.5 1,848.2 
Goodwill969.2 1,005.1 
Deferred income taxes1,205.6 811.6 
Other assets1,613.1 1,595.1 
Total assets$24,640.7 $24,480.1 
Liabilities and Equity
Current liabilities:
Short-term debt$1,021.3 $759.9 
Current maturities of long-term debt66.7 43.1 
Structured accounts payable arrangements353.1 480.1 
Accounts payable, including affiliate payables of $216.0 and $115.2, respectively1,177.4 1,171.9 
Accrued liabilities1,367.4 1,472.5 
Liabilities held for sale76.6 55.3 
Total current liabilities4,062.5 3,982.8 
Long-term debt, less current maturities4,767.7 4,250.9 
Deferred income taxes1,194.7 1,000.8 
Other noncurrent liabilities2,980.9 3,011.4 
Equity:
Preferred Stock, $0.01 par value, 15,000,000 shares authorized, none issued and outstanding as of June 30, 2026 and December 31, 2025— — 
Common Stock, $0.01 par value, 1,000,000,000 shares authorized, 395,563,251 shares issued and 317,895,646 shares outstanding as of June 30, 2026, 395,125,254 shares issued and 317,408,647 shares outstanding as of December 31, 2025
3.2 3.2 
Capital in excess of par value42.9 29.2 
Retained earnings13,584.5 14,184.4 
Accumulated other comprehensive loss(2,166.7)(2,131.9)
Total Mosaic stockholders' equity11,463.9 12,084.9 
Noncontrolling interests171.0 149.3 
Total equity11,634.9 12,234.2 
Total liabilities and equity$24,640.7 $24,480.1 
11

Condensed Consolidated Statements of Cash Flows
(in millions, except per share amounts)
The Mosaic Company  (unaudited)
Three months endedSix months ended
June 30,June 30,
2026202520262025
Cash Flows from Operating Activities:
Net earnings (loss) including noncontrolling interests$(265.5)$419.7 $(520.0)$669.7 
Adjustments to reconcile net earnings including noncontrolling interests to net cash provided by operating activities:
Depreciation, depletion and amortization292.1 261.7 608.7 504.7 
Deferred and other income taxes(53.2)35.6 (139.1)24.6 
Equity in net (earnings) of nonconsolidated companies, net of dividends(2.5)(0.6)(2.8)(1.0)
Accretion expense for asset retirement obligations32.5 32.6 66.7 64.8 
Share-based compensation expense7.8 8.4 18.1 17.7 
Unrealized (gain) loss on equity securities161.7 (216.3)49.2 (99.7)
Unrealized (gain) loss on derivatives(2.3)(54.6)(1.1)(112.3)
Foreign currency adjustments142.6 (192.0)79.5 (351.0)
Amortization of debt financing fees11.4 12.7 20.1 23.1 
Impairment of assets held for sale6.2 — 238.8 — 
Other52.9 78.7 141.2 79.7 
Changes in assets and liabilities:
Receivables, net163.9 (45.0)222.3 14.6 
Inventories(238.2)(215.7)(245.6)(378.1)
Other current and noncurrent assets(76.0)(31.2)(92.9)23.9 
Accounts payable and accrued liabilities(24.0)533.3 (90.4)273.5 
Asset retirement obligations(48.2)(77.3)(98.1)(143.6)
Other noncurrent liabilities6.2 59.5 17.0 41.8 
Net cash provided by operating activities167.4 609.5 271.6 652.4 
Cash Flows from Investing Activities:
Capital expenditures(320.3)(304.6)(677.1)(645.4)
Purchases of available-for-sale securities - restricted(109.6)(395.1)(654.5)(497.6)
Proceeds from sale of available-for-sale securities - restricted129.7 380.3 633.8 477.4 
Proceeds from sale of fixed assets3.2 — 34.6 5.8 
Other(1.1)0.9 (3.9)0.5 
Net cash used in investing activities(298.1)(318.5)(667.1)(659.3)
Cash Flows from Financing Activities:
Short-term debt, net(281.7)(194.3)60.3 (8.5)
Inventory financing arrangement, net100.7 0.8 201.8 202.9 
Structured accounts payable arrangements, net(50.5)12.1 (134.9)(10.7)
Transferred receivables, net— 3.2 — 3.2 
Long-term debt, net459.5 (23.2)442.8 (34.9)
Cash dividends paid(69.9)(70.1)(140.7)(141.0)
Dividends paid to noncontrolling interest(7.1)(6.4)(7.1)(6.4)
Contributions to noncontrolling interest8.5 — 8.5 — 
Other(12.0)(7.3)(20.2)(17.8)
Net cash provided by (used in) financing activities147.5 (285.2)410.5 (13.2)
Effect of exchange rate changes on cash(10.0)17.9 (7.8)17.5 
Net change in cash, cash equivalents and restricted cash6.8 23.7 7.2 (2.6)
Cash, cash equivalents and restricted cash - beginning of period299.0 278.7 298.6 305.0 
Cash, cash equivalents and restricted cash - end of period$305.8 $302.4 $305.8 $302.4 




12



Condensed Consolidated Statements of Cash Flows (Continued)
(in millions, except per share amounts)
Six Months Ended
June 30, 2026June 30, 2025
Reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets to the unaudited statements of cash flows:
Cash and cash equivalents$294.0 $286.2 
Restricted cash in other current assets3.0 8.3 
Restricted cash in other assets8.8 7.9 
Total cash, cash equivalents and restricted cash shown in the unaudited statements of cash flows$305.8 $302.4 

Reconciliation of Non-GAAP Financial Measures
Earnings Per Share Calculation
 
Three months ended June 30,
20262025
Net income (loss) attributable to Mosaic$(272.8)$410.7 
Basic weighted average number of shares outstanding317.9 317.3 
Dilutive impact of share-based awards— 1.7 
Diluted weighted average number of shares outstanding317.9 319.0 
Basic net income (loss) per share attributable to Mosaic$(0.86)$1.29 
Diluted net income (loss) per share attributable to Mosaic$(0.86)$1.29 
Notable items impact on net income (loss) per share attributable to Mosaic(0.99)0.78 
Adjusted diluted net income per share attributable to Mosaic $0.13 $0.51 


Free Cash Flow
Three months ended June 30,
20262025
Net cash provided by operating activities$167.4 $609.5 
Capital expenditures(320.3)(304.6)
Free cash flow$(152.9)$304.9 









13



Reconciliation of Non-GAAP Financial Measures

Consolidated Earnings (in millions)
Three months ended
June 30,March 31,June 30,
202620262025
Consolidated net earnings (loss) attributable to Mosaic$(273)$(258)$411 
Less: Consolidated interest expense, net(63)(55)(53)
Plus: Consolidated depreciation, depletion and amortization292 317 262 
Plus: Accretion expense34 35 33 
Plus: Share-based compensation expense8 10 8 
Plus: (Benefit) provision for income taxes(34)(31)146 
Plus: Notable items317 288 (347)
Adjusted EBITDA$407 $416 $566 


Income Tax Effective Tax Rate (in millions)
Three months ended
June 30,
2026
Income Tax (Benefit) Expense$(34)
Earnings (Loss) Before Tax$(301)
Effective Tax Rate11.2 %
Income Tax (Benefit) Expense$(34)
Discrete Tax Notable Items(28)
Tax Expense on All Other Notable Items (see notable items table for details of these items)64 
Adjusted Income Tax (Benefit) Expense$2 
Earnings (Loss) Before Tax$(301)
Earnings Impact of All Notable Items (including non-controlling interest)351 
Adjusted Earnings Before Tax$50 
Adjusted Effective Tax Rate4.5 %

Three months ended
June 30,March 31,June 30,
Potash Earnings (in millions)
202620262025
Operating Earnings $195 $177 $194 
Plus: Depreciation, Depletion and Amortization76 90 79 
Plus: Accretion Expense4 4 3 
Plus: Foreign Exchange Gain (Loss)(95)(56)82 
Plus: Other Income (Expense)1 3 1 
Plus: Notable Items97 57 (81)
Adjusted EBITDA$278 $275 $278 



14


Reconciliation of Non-GAAP Financial Measures
Three months ended
June 30,March 31,June 30,
Phosphate Earnings (in millions)
202620262025
Operating Earnings (Loss)$(104)$(48)$(8)
Plus: Depreciation, Depletion and Amortization133 151 129 
Plus: Accretion Expense26 26 26 
Plus: Foreign Exchange Gain (Loss)(6)(1)(7)
Plus: Other Income (Expense)(2)(9)(8)
Less: Earnings from Consolidated Noncontrolling Interests9 4 10 
Plus: Notable Items90 — 95 
Adjusted EBITDA$128 $115 $217 

Three months ended
June 30,March 31,June 30,
Mosaic Fertilizantes Earnings (in millions)
202620262025
Operating Earnings (Loss)$(41)$(422)$109 
Plus: Depreciation, Depletion and Amortization74 66 44 
Plus: Accretion Expense4 5 4 
Plus: Foreign Exchange Gain (Loss)2 30 (17)
Plus: Other Income (Expense)(2)(2)(1)
Less: Earnings (Loss) from Consolidated Noncontrolling Interests(2)— (1)
Plus: Notable Items21 402 19 
Adjusted EBITDA$60 $79 $159 

Three months ended
June 30,March 31,June 30,
Corporate and Other Earnings (in millions)
202620262025
Operating Earnings (Loss)$(86)$(79)$(51)
Plus: Depreciation, Depletion and Amortization9 10 10 
Plus: Accretion Expense8 10 7 
Plus: Foreign Exchange Gain (Loss)60 64 111 
Plus: Other Income (Expense)(160)113 213 
Plus: Earnings (Loss) from Equity Investments— — 2 
Less: Earnings (Loss) from Consolidated Noncontrolling Interests(1)— — 
Plus: Notable Items109 (171)(380)
Adjusted EBITDA$(59)$(53)$(88)











15


Reconciliation of Non-GAAP Financial Measures

Three months ended
June 30,March 31,June 30,
202620262025
Potash
Total COGS$443 $476 $501 
Depreciation & accretion expense80 93 82 
Canadian Resource Taxes70 67 62 
Change in Inventory28 31 26 
Non-MOP Production Costs112 105 179 
Total MOP Cash Costs$153 $180 $152 
Production tonnes (thousands)1,830 2,131 2,025 
MOP Cash Costs of Production per production tonne$84 $84 $75 
Phosphate
Total COGS$1,251 $1,423 $1,070 
Depreciation & accretion expense158 141 163 
Miski Mayo costs59 54 22 
Raw material COGS and product freight527 578 320 
Change in Inventory(66)85 (94)
Non Production Costs259 246 334 
Cash cost of U.S. Mined Rock129 116 135 
U.S. Rock Production tonnes (thousands)2,074 1,848 2,657 
Cash costs of U.S. mined rock/production tonne$62 $63 $51 
Phosphate cash costs of conversion$185 $203 $190 
Production tonnes (thousands)1,433 1,642 1,505 
Phosphate cash costs of conversion per production tonne$129 $124 $126 
Fertilizantes
Total COGS$1,028 $902 $1,013 
Distribution product costs661 644 810 
Depreciation & accretion expense79 70 48 
Change in Inventory55 (26)(93)
Non Production Costs92 59 65 
Rock cash costs of production75 81 90 
   Potash cash costs of production— — 22 
Phosphate cash costs of conversion$66 $74 $71 
Production tonnes (thousands)466656842
Phosphate cash costs of conversion per production tonne$141 $113 $84 
        








16

Exhibit 99.2
The Mosaic Company
Selected Calendar Quarter Financial Information
(Unaudited)
Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
Consolidated data (in millions, except per share)
Diluted net earnings (loss) per share$0.38 $0.53 $0.75 $1.29 $1.29 $(1.64)$(0.81)$(0.86)
Notable items impact on earnings per share(a)
0.04 0.08 0.26 0.78 0.25 (1.86)(0.86)(0.99)
Adjusted diluted net earnings per share(a)
$0.34 $0.45 $0.49 $0.51 $1.04 $0.22 $0.05 $0.13 
Diluted weighted average # of shares outstanding319.4 318.5 318.2 319.0 319.4 317.4 317.5 317.9 
Total Net Sales $2,811 $2,816 $2,621 $3,005 $3,452 $2,974 $2,998 $2,824 
Cost of goods sold2,395 2,514 2,133 2,487 2,900 2,631 2,762 2,610 
Gross Margin$416 $302 $488 $518 $552 $343 $236 $214 
SG&A149 113 123 167 126 119 136 131 
Other operating (income) expense153 89 27 107 87 324 472 119 
Operating earnings$115 $100 $338 $244 $339 $(100)$(372)$(36)
Interest expense, net(42)(47)(41)(53)(46)(48)(55)(63)
Consolidated foreign currency gain/(loss)101 (419)133 169 (1)(30)38 (40)
Earnings from consolidated companies before income taxes174 191 313 564 599 (263)(286)(302)
Provision for (benefit from) income taxes48 34 63 146 175 256 (31)(34)
Earnings (loss) from consolidated companies$126 $157 $250 $418 $424 $(519)$(255)$(268)
Equity in net earnings (loss) of nonconsolidated companies5 9 — 2 — — — 2 
Less: Net earnings (loss) attributable to noncontrolling interests9 (3)12 9 13 — 3 7 
Net earnings (loss) attributable to Mosaic$122 $169 $238 $411 $411 $(519)$(258)$(273)
After tax Notable items included in earnings$15 $25 $82 $249 $100 $(590)$(273)$(315)
Gross Margin Rate15 %11 %19 %17 %16 %12 %8 %8 %
Effective Tax Rate (including discrete tax)28 %18 %20 %26 %29 %(97)%11 %11 %
Discrete Tax benefit (expense)$4 $(11)$26 $(1)$(2)$(212)$(27)$36 
Depreciation, Depletion and Amortization$238 $283 $243 $262 $277 $268 $317 $292 
Accretion Expense$26 $31 $32 $33 $33 $32 $35 $34 
Share-Based Compensation Expense$5 $7 $10 $7 $7 $6 $10 $8 
Notable Items$(28)$32 $(83)$(347)$(143)$414 $288 $317 
Adjusted EBITDA(b)
$448 $594 $544 $566 $806 $505 $416 $407 
Net cash provided by (used in) operating activities$313 $219 $43 $610 $229 $(56)$104 $167 
Cash paid for interest (net of amount capitalized)20 72 12 82 20 78 17 91 
Cash paid for income taxes (net of refunds)111 53 76 75 89 81 64 45 
Net cash used in investing activities$(248)$(277)$(341)$(319)$(363)$(287)$(369)$(298)
Capital expenditures(241)(294)(341)(305)(364)(350)(357)(320)
Net cash (used in) provided by financing activities$(138)$37 $272 $(285)$4 $461 $263 $148 
Cash dividends paid(67)(67)(71)(70)(70)(70)(71)(70)
Effect of exchange rate changes on cash$55 $(7)$— $18 $6 $3 $2 $(10)
Net change in cash and cash equivalents$(18)$(27)$(26)$24 $(125)$121 $— $7 
Short-term debt$752 $847 $1,234 $1,041 $1,154 $760 $1,202 $1,021 
Long-term debt (including current portion)3,313 3,378 3,363 3,370 3,415 4,294 4,321 4,834 
Cash & cash equivalents302 273 259 286 153 277 282 294 
Net debt$3,763 $3,952 $4,338 $4,125 $4,416 $4,777 $5,241 $5,561 
Segment Contributions (in millions)
Phosphate$1,005 $1,165 $1,099 $1,173 $1,290 $1,015 $1,426 $1,246 
Potash526 557 570 710 695 686 667 650 
Mosaic Fertilizantes1,399 1,088 934 1,175 1,592 1,146 937 1,034 
Corporate and Other(c)
(119)6 18 (53)(125)127 (32)(106)
Total net sales$2,811 $2,816 $2,621 $3,005 $3,452 $2,974 $2,998 $2,824 
Phosphate$8 $44 $139 $(8)$102 $(98)$(48)$(104)
Potash109 123 157 194 229 58 177 195 
Mosaic Fertilizantes56 79 98 109 96 (26)(422)(41)
Corporate and Other(c)
(58)(146)(56)(51)(88)(34)(79)(86)
Consolidated operating earnings$115 $100 $338 $244 $339 $(100)$(372)$(36)


Phosphate(d)
1,475 1,622 1,498 1,546 1,571 1,330 1,936 1,406 
Potash(d)
1,996 2,239 2,113 2,343 2,279 2,233 2,159 2,019 
Mosaic Fertilizantes2,879 2,240 1,847 2,232 2,803 2,075 1,618 1,520 
Corporate and Other297 432 361 301 232 540 379 368 
Total finished product tonnes sold ('000 tonnes)
6,647 6,533 5,819 6,422 6,885 6,178 6,092 5,313 
Sales of Performance Products ('000 tonnes)(e)
1,001 1,135 681 900 996 520 501 626 


The Mosaic Company - Phosphate Segment
Selected Calendar Quarter Financial Information
(Unaudited)
Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales - Finished Goods$946 $1,028 $1,118 $872 $1,264 $1,060 
Net Sales - Other revenue153 145 172 143 162 186 
Net Sales$1,005 $1,165 $1,099 $1,173 $1,290 $1,015 $1,426 $1,246 
Cost of Goods Sold863 1,027 932 1,070 1,146 992 1,423 1,251 
Gross Margin$142 $138 $167 $103 $144 $23 $3 $(5)
Notable Items Included in Gross Margin— (53)— — (14)— — (7)
Adjusted Gross Margin(b)
$142 $191 $167 $103 $158 $23 $3 $2 
SG&A12 10 12 13 10 11 13 12 
Other operating (income) expense123 84 16 98 32 110 38 87 
Operating Earnings$8 $44 $139 $(8)$102 $(98)$(48)$(104)
Plus: Depreciation, Depletion and Amortization118 143 113 129 129 130 151 133 
Plus: Accretion Expense20 25 25 26 26 25 26 26 
Plus: Foreign Exchange Gain (Loss)(5)(4)(3)(7)10 (3)(1)(6)
Plus: Other Income (Expense)1 517 — (8)(4)5 (9)(2)
Less: Earnings (loss) from Consolidated Noncontrolling Interests8 (4)8 10 11 — 4 9 
Plus: Notables Items131 (388)10 95 28 85 — 90 
Adjusted EBITDA(b)
$265 $341 $276 $217 $280 $144 $115 $128 
Capital expenditures$127 $160 $236 $185 $221 $207 $222 $201 
Gross Margin $ / tonne of finished product$96 $85 $111 $67 $92 $17 $2 $(4)
Adjusted Gross Margin $ / tonne of finished product$96 $118 $111 $67 $101 $17 $2 $1 
Gross margin as a percent of sales14 %12 %15 %9 %11 %2 %— %— %
Freight included in finished goods COGS $79 $83 $84 $93 $97 $85 $115 $97 
Idle/Turnaround and unabsorbed fixed production costs (excluding notable items)$7 $24 $44 $84 $42 $67 $50 $60 
Operating Data
Sales volumes ('000 tonnes)(d)
DAP/MAP656 749 846 711 760 618 1,116 777 
Performance & other products(f)
750 814 587 773 750 640 720 513 
Other products(i)
69 59 65 62 61 72 100 116 
Total Finished Product(d)
1,475 1,622 1,498 1,546 1,571 1,330 1,936 1,406 
DAP selling price (fob plant)(q)
$569 $593 $623 $668 $714 $686 $668 $773 
Average finished product selling price(g) $579 $606 $632 $665 $712 $656 $653 $754 
Production Volumes ('000 tonnes)
Total tonnes produced(h)
1,625 1,413 1,423 1,505 1,678 1,666 1,641 1,433 
Operating Rate66 %58 %58 %61 %68 %67 %66 %58 %
Raw Materials
Ammonia used in production (tonnes)$238 $228 $214 $226 $255 $251 $263 $217 
Sulfur used in production$739 $694 $661 $732 $772 $799 $762 $659 
Realized costs ($/tonne)
Ammonia (tonne)(j)
$482 $435 $416 $445 $455 $550 $626 $621 
Sulfur (long ton)(k)
$126 $127 $157 $209 $272 $306 $379 $522 
Blended rock $87 $87 $77 $74 $80 $84 $86 $90 
Phosphate cash conversion costs, production / tonne(r)
$101 $118 $134 $126 $131 $112 $124 $129 
Cash costs of U.S. mined rock/production tonne(s)
$56 $52 $54 $51 $62 $58 $63 $62 
ARO cash spending (in millions)$54 $72 $70 $79 $60 $66 $51 $53 


The Mosaic Company - Potash Segment
Selected Calendar Quarter Financial Information
(Unaudited)
Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales - Finished Goods$495 $641 $633 $614 $598 $566 
Net Sales - Other revenue75 69 62 72 69 84 
Net Sales$526 $557 $570 $710 $695 $686 $667 $650 
Cost of Goods Sold404 434 402 501 459 430 476 443 
Gross Margin$122 $123 $168 $209 $236 $256 $191 $207 
Notable Items Included in Gross Margin— — — — — — — — 
Adjusted Gross Margin(b)
$122 $123 $168 $209 $236 $256 $191 $207 
SG&A7 8 8 8 6 8 9 7 
Other operating (income) expense6 (8)3 7 1 190 5 5 
Operating Earnings$109 $123 $157 $194 $229 $58 $177 $195 
Plus: Depreciation, Depletion and Amortization69 93 81 79 93 83 90 76 
Plus: Accretion Expense2 2 3 3 3 3 4 4 
Plus: Foreign Exchange Gain (Loss)48 (185)13 82 (56)46 (56)(95)
Plus: Other Income (Expense)— 1 (1)1 3 1 3 1 
Plus: Notable Items(48)178 (13)(81)57 145 57 97 
Adjusted EBITDA(b)
$180 $212 $240 $278 $329 $336 $275 $278 
Capital expenditures$61 $65 $45 $73 $72 $53 $49 $68 
Gross Margin $ / tonne of finished product$61 $55 $80 $89 $104 $115 $88 $103 
Adjusted Gross Margin $ / tonne of finished product$61 $55 $80 $89 $104 $115 $88 $103 
Gross margin as a percent of sales23 %22 %29 %29 %34 %37 %29 %32 %
Supplemental Cost Information
Canadian resource taxes$45 $56 $47 $62 $87 $77 $67 $70 
Royalties$9 $10 $9 $10 $12 $11 $12 $10 
Freight expense(l)
$87 $60 $74 $74 $66 $73 $76 $76 
Idle/Turnaround and unabsorbed fixed production costs (excluding notable items)$23 $6 $1 $34 $16 $8 $5 $26 
Operating Data
Sales volumes ('000 tonnes)(d)
MOP1,775 2,064 1,947 2,122 2,110 2,083 1,971 1,892 
Performance & other products(m)
211 168 159 214 162 143 181 122 
Other products(i)
10 7 7 7 7 7 7 5 
Total Finished Product(d)
1,996 2,239 2,113 2,343 2,279 2,233 2,159 2,019 
Crop Nutrients North America647 779 863 752 649 679 712 670 
Crop Nutrients International1,255 1,341 1,126 1,439 1,497 1,412 1,280 1,192 
Non-Agricultural94 119 124 152 133 142 167 157 
Total Finished Product(d)
1,996 2,239 2,113 2,343 2,279 2,233 2,159 2,019 
MOP selling price (fob mine)(o)
$215 $199 $223 $261 $271 $264 $265 $275 
Average finished product selling price(g)$233 $214 $234 $274 $278 $275 $277 $280 
Production Volumes ('000 tonnes)
Production Volume1,904 2,332 2,256 2,094 2,258 2,189 2,209 1,845 
Operating Rate66 %81 %78 %73 %79 %76 %77 %64 %
MOP cash costs of production / production tonne(n)
$74 $73 $78 $75 $71 $77 $84 $84 
ARO cash spending (in millions)$2 $3 $1 $3 $2 $4 $1 $2 


Average CAD / USD$1.364 $1.399 $1.434 $1.384 $1.377 $1.394 $1.372 $1.384 


The Mosaic Company - Mosaic Fertilizantes Segment
Selected Calendar Quarter Financial Information
(Unaudited)
Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales - Finished Goods$834 $1,059 $1,452 $1,024 $852 $889 
Net Sales - Other revenue100 116 140 122 85 145 
Net Sales$1,399 $1,088 $934 $1,175 $1,592 $1,146 $937 $1,034 
Cost of Goods Sold1,271 986 807 1,013 1,410 1,125 902 1,028 
Gross Margin$128 $102 $127 $162 $182 $21 $35 $6 
Notable Items Included in Gross Margin6 9 — — (7)— (26)(26)
Adjusted Gross Margin(b)
$122 $93 $127 $162 $189 $21 $61 $32 
SG&A62 16 23 61 32 32 36 32 
Other operating (income) expense10 7 6 (8)54 15 421 15 
Operating Earnings$56 $79 $98 $109 $96 $(26)$(422)$(41)
Plus: Depreciation, Depletion and Amortization39 40 38 44 46 46 66 74 
Plus: Accretion Expense4 4 4 4 4 4 5 4 
Plus: Foreign Exchange Gain (Loss)17 (84)41 (17)(19)(57)30 2 
Plus: Other Income (Expense)(2)(2)(1)(1)(1)(2)(2)(2)
Less: Earnings from Consolidated Noncontrolling Interests— 1 1 (1)1 1 — (2)
Plus: Notable Items(31)46 (57)19 116 81 402 21 
Adjusted EBITDA(b)
$83 $82 $122 $159 $241 $45 $79 $60 
Capital expenditures$51 $64 $59 $46 $70 $85 $86 $47 
Gross Margin $ / tonne of finished product$44 $46 $69 $73 $65 $10 $22 $4 
Adjusted Gross Margin $ / tonne of finished product$42 $42 $69 $73 $67 $10 $38 $21 
Gross margin as a percent of sales9 %9 %14 %14 %11 %2 %4 %1 %
Idle/Turnaround and unabsorbed fixed production costs (excluding notable items)$40 $18 $13 $26 $27 $62 $24 $61 
Operating Data
Sales volumes ('000 tonnes)
Fertilizer produced in Brazil sold to third parties629 461 331 387 363 289 282 265 
Fertilizer produced in Brazil sold through distribution409 207 358 666 685 290 300 391 
Purchased nutrients for distribution(p)1,841 1,572 1,158 1,179 1,755 1,496 1,036 864 
Total Finished Product2,879 2,240 1,847 2,232 2,803 2,075 1,618 1,520 
Sales of Performance Products ('000 tonnes)(e)
462 307 93 252 441 253 134 262 
Brazil MAP price (Brazil production delivered price to third party)$601 $632 $681 $729 $738 $717 $728 $835 
Average finished product selling price(g)$447 $433 $452 $474 $518 $493 $527 $585 
Production Volumes ('000 tonnes)
Phosphate tonnes produced779 781 778 843 834 683 656 466 
MOP tonnes produced105 108 97 122 104 27 — — 
Phosphate operating rate78 %78 %78 %84 %84 %68 %66 %47 %
Potash operating rate85 %88 %78 %98 %83 %22 %— %— %
Realized Costs ($/tonne)
Ammonia/tonne$572 $628 $684 $601 $576 $638 $722 $815 


Sulfur (long ton)$170 $177 $219 $270 $325 $371 $466 $516 
Blended rock$105 $109 $97 $94 $99 $98 $104 $105 
Purchases ('000 tonnes)
DAP/MAP from Mosaic43 54 62 21 45 5 38 81 
MicroEssentials® from Mosaic337 195 120 282 270 211 310 223 
Potash from Mosaic/Canpotex682 419 355 507 919 238 542 660 
Phosphate cash conversion costs in USD, production / tonne(r)$88 $85 $87 $84 $99 $113 $113 $141 
Potash cash conversion costs in USD, production / tonne$175 $151 $187 $178 $240 $286 $— $— 
Mined rock costs in USD, cash produced / tonne$105 $93 $87 $90 $91 $88 $116 $106 
ARO cash spending (in millions)$6 $5 $1 $1 $1 $1 $1 $1 
Average BRL / USD$5.546 $5.842 $5.853 $5.669 $5.445 $5.396 $5.264 $5.051 



The Mosaic Company - Corporate and Other Segment
Selected Calendar Quarter Financial Information
(Unaudited)
Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
Net Sales and Gross Margin (in millions)
Segment income statement
Net Sales$(119)$6 $18 $(53)$(125)$127 $(32)$(106)
Cost of Goods Sold(143)67 (8)(97)(115)84 (39)(112)
Gross Margin (Loss)$24 $(61)$26 $44 $(10)$43 $7 $6 
Notable items Included in Gross Margin38 (80)59 51 (27)2 (2)— 
Adjusted Gross Margin (Loss)(b)
$(14)$19 $(33)$(7)$17 $41 $9 $6 
SG&A68 79 80 85 78 68 78 80 
Other operating (income) expense14 6 2 10 — 9 8 12 
Operating Earnings (Loss)$(58)$(146)$(56)$(51)$(88)$(34)$(79)$(86)
Plus: Depreciation, Depletion and Amortization12 7 11 10 9 9 10 9 
Plus: Share-Based Compensation Expense5 7 10 7 7 6 10 8 
Plus: Foreign Exchange Gain (Loss)40 (145)82 111 64 (15)64 60 
Plus: Other Income (Expense)— 39 (116)213 308 (89)113 (160)
Plus: Earnings (Loss) from equity investments— — — 2 — — — — 
Less: Earnings (Loss) from Consolidated Noncontrolling Interests(1)(1)2 — — — — (1)
Plus: Notable Items(80)196 (23)(380)(344)103 (171)109 
Adjusted EBITDA(b)
$(80)$(41)$(94)$(88)$(44)$(20)$(53)$(59)
Elimination of profit in inventory included in COGS$(3)$7 $(49)$— $15 $21 $5 $5 
Unrealized gain (loss) on derivatives included in COGS$39 $(80)$59 $51 $27 $2 $(4)$— 



The Mosaic Company
Selected Calendar Quarter Financial Information
(Unaudited)

Notable Items
Q2 2026
DescriptionSegmentLine ItemAmount
(in millions)
Tax Effect(t)
(in millions)
EPS Impact
(per basic share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss)$(49)$18 $(0.10)
Closed and indefinitely idled facility costsPhosphateOther operating income (expense)(15)2 (0.03)
Closed and indefinitely idled facility costsBrazilOther operating income (expense)(13)1 (0.03)
Ma'aden mark-to-marketCorporate and OtherOther non-operating income (expense)(162)26 (0.43)
Realized gain (loss) on RCRA Trust SecuritiesPhosphateOther non-operating income (expense)(1)— — 
Loss on assets held for sale/transaction costsPotash/CorporateLoss on assets sold and to be sold/SG&A(9)2 (0.03)
Accelerated depreciationBrazilCost of goods sold(26)2 (0.08)
Land Reclamation - AROPhosphateCost of goods sold(7)2 (0.02)
Asset write-offPhosphateOther operating income (expense)(69)14 (0.17)
Income tax adjustmentConsolidated(Provision for) benefit from income taxes— (31)(0.10)
Total Notable Items$(351)$36 $(0.99)


Q1 2026
DescriptionSegmentLine ItemAmount
(in millions)
Tax Effect(t)
(in millions)
EPS Impact
(per basic share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss) $24 $(2)$0.06 
Unrealized gain (loss) on derivatives Corporate and OtherCost of goods sold(2)— — 
Closed and indefinitely idled facility costsPhosphateOther operating income (expense)(15)1 (0.04)
Ma'aden mark-to-marketCorporate and OtherOther non-operating income (expense)112 (8)0.33 
Realized gain (loss) on RCRA Trust SecuritiesPhosphateOther non-operating income (expense)(2)— (0.01)
Environmental reservesPhosphateOther operating income (expense)/Noncontrolling Interest(21)1 (0.06)
Gain on sale of landPhosphateOther operating income (expense)31 (2)0.09 
Loss on assets held for sale and other assetsBrazilLoss on assets to be sold/Other operating income (expense)(302)59 (0.76)
Restructuring and cost reduction actionsConsolidatedOther operating income (expense)/SG&A(98)7 (0.29)
Accelerated depreciationBrazilCost of goods sold(26)2 (0.08)
Closed and indefinitely idled facility costsBrazilOther operating income (expense)(24)2 (0.07)
Discrete TaxCorporate(Provision for) benefit from income taxes— (10)(0.03)
Total Notable Items$(323)$50 $(0.86)


Q4 2025
DescriptionSegmentLine ItemAmount
(in millions)		Tax Effect(t)
(in millions)		EPS Impact
(per basic share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss)$(44)$6 $(0.12)
Unrealized gain (loss) on derivativesCorporate and OtherCost of goods sold2 (2)— 
Closed and indefinitely idled facility costsPhosphateOther operating income (expense)(14)7 (0.02)
Ma'aden mark-to-marketCorporate and OtherOther non-operating income (expense)(90)7 (0.25)
ARO AdjustmentPhosphate/PotashOther operating income (expense)(64)20 (0.14)
Environmental ReservePhosphateOther operating income (expense)(21)8 (0.04)
Realized gain (loss) on RCRA Trust SecuritiesPhosphateOther non-operating income (expense)8 (2)0.01 
Net Gain on assets held for sale and transaction feesBrazil/CorpOther operating income (expense)/SG&A100 (40)0.18 
Impairment of goodwill and asset write-offsBrazilImpairment of goodwill(110)20 (0.28)
Loss on assets held for salePotashLoss (gain) on assets sold and to be sold(189)69 (0.38)
Brazil Valuation AdjustmentBrazil(Provision for) benefit from income taxes— (261)(0.82)
Total Notable Items$(422)$(168)$(1.86)
Q3 2025
DescriptionSegmentLine ItemAmount
(in millions)
Tax Effect(t)
(in millions)
EPS Impact
(per basic share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss)$(14)$3 $(0.04)
Unrealized gain (loss) on derivativesCorporate and OtherCost of goods sold(27)7 (0.06)
Closed and indefinitely idled facility costsPhosphateOther operating income (expense)(14)3 (0.03)
Ma'aden mark-to-marketCorporate and OtherOther non-operating income (expense)308 (80)0.71 
Environmental ReservePhosphateOther operating income (expense)(18)5 (0.04)
Loss on assets held for sale and transaction feesMosaic Fertilizantes/CorporateOther operating income (expense)/SG&A(75)— (0.23)
Asset write-offMosaic FertilizantesCost of goods sold/Other operating income (expense)(11)3 (0.03)
Land reclamationPhosphateCost of goods sold(14)4 (0.03)
Total Notable Items$135 $(55)$0.25 


Q2 2025
DescriptionSegmentLine ItemAmount
(in millions)
Tax Effect(t)
(in millions)
EPS Impact
(per basic share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss)$169 $(45)$0.39 
Unrealized gain (loss) on derivativesCorporate and OtherCost of goods sold51 (14)0.11 
Closed and indefinitely idled facility costsPhosphateOther operating income (expense)$(14)$4 $(0.03)
Ma'aden mark-to-marketCorporate and OtherOther non-operating income (expense)216 (58)0.50 
ARO AdjustmentPhosphateOther operating income (expense)(44)12 (0.10)
Environmental ReservePhosphateOther operating income (expense)(32)9 (0.07)
Realized gain (loss) on RCRA Trust SecuritiesPhosphateOther non-operating income (expense)(7)2 (0.02)
Total Notable Items$339 $(90)$0.78 
Q1 2025
DescriptionSegmentLine ItemAmount
(in millions)
Tax Effect(t)
(in millions)
EPS Impact
(per basic share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss)$148 $(43)$0.33 
Unrealized gain (loss) on derivativesCorporate and OtherCost of goods sold59 (17)0.13 
Closed and indefinitely idled facility costsPhosphateOther operating income (expense)(14)3 (0.03)
Ma'aden mark-to-marketCorporate and OtherOther non-operating income (expense)(117)34 (0.26)
ARO AdjustmentPhosphateOther operating income (expense)(2)1 — 
Discrete tax itemsConsolidated(Provision for) benefit from income taxes— 30 0.09 
Total Notable Items$74 $8 $0.26 


Q4 2024
DescriptionSegmentLine ItemAmount
(in millions)
Tax Effect(t)
(in millions)
EPS Impact
(per basic share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss)$(390)$75 $(0.99)
Unrealized gain (loss) on derivativesCorporate and OtherCost of goods sold(80)15 (0.20)
Closed and indefinitely idled facility costsPhosphateOther operating income (expense)(13)2 (0.04)
FX functional currencyMosaic FertilizantesCost of goods sold9 (2)0.02 
Realized gain (loss) on RCRA Trust SecuritiesPhosphateOther non-operating income (expense)(5)1 (0.01)
ARO AdjustmentPhosphateOther operating income (expense)(23)4 (0.06)
Hurricane Milton idle costsPhosphateCost of goods sold(52)10 (0.13)
Gain on sale of equity investmentPhosphateOther non-operating income (expense)522 (43)1.51 
Ma'aden mark-to-marketCorporate and OtherOther non-operating income (expense)28 (5)0.07 
ARO AdjustmentPotashOther operating income (expense)7 (1)0.02 
Arbitration reservePhosphateOther Operating Expense/Non Controlling Interest(43)9 (0.11)
Total Notable Items$(40)$65 $0.08 
Q3 2024
DescriptionSegmentLine ItemAmount
(in millions)
Tax Effect(t)
(in millions)
EPS Impact
(per basic share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss)$111 $(35)$0.22 
Unrealized gain (loss) on derivativesCorporate and OtherCost of goods sold38 (11)0.09 
Closed and indefinitely idled facility costsPhosphateOther operating income (expense)(15)5 (0.03)
FX functional currencyMosaic FertilizantesCost of goods sold6 (2)0.01 
Realized gain (loss) on RCRA Trust SecuritiesPhosphateOther non-operating income (expense)5 (2)0.01 
ARO AdjustmentPhosphateOther operating income (expense)(102)31 (0.22)
Environmental reservePhosphateOther operating income (expense)(20)6 (0.04)
Total Notable Items$23 $(8)$0.04 










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 less equity in net earnings (loss) of nonconsolidated companies, net of dividends. As of January 1, 2025, we are no longer adjusting for equity in net earnings (loss) of nonconsolidated companies, net of dividends as we sold our equity investment in MWSPC in 2024. 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)
Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
Consolidated Net Income (Loss)$122 $169 $238 $411 $411 $(519)$(258)$(273)
Less: Consolidated Interest Expense, Net(42)(47)(41)(53)(46)(48)(55)(63)
Plus: Consolidated Depreciation, Depletion & Amortization238 283 243 262 277 268 317 292 
Plus: Accretion Expense26 31 32 33 33 32 35 34 
Plus: Share-Based Compensation Expense (Benefit)5 7 10 8 7 6 10 8 
Plus: Consolidated Provision for (Benefit from) Income Taxes48 34 63 146 175 256 (31)(34)
Less: Equity in net earnings (loss) of nonconsolidated companies, net of dividends5 9 — — — — — — 
Plus: Notable Items(28)32 (83)(347)(143)414 288 317 
Consolidated Adjusted EBITDA$448 $594 $544 $566 $806 $505 $416 $407 



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 dividends from equity investments, less earnings (loss) from noncontrolling interests. As of January 1, 2025, we are no longer adjusting for equity in net earnings (loss) of nonconsolidated companies, net of dividends as we sold our equity investment in MWSPC in 2024 that represented nearly all of these historical earnings. 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

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