Mosaic swings to $72.1M loss in Q3 2026 earnings
Operating cash flow was $284.4 million, and full-year 2026 capital expenditures are expected to be $1.2 billion.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
The Mosaic Company (MOS) reported third-quarter 2026 net sales of $3,100.6 million and a net loss attributable to Mosaic of $72.1 million, versus $3,452.1 million in sales and $411.4 million net income in the year-earlier quarter. Diluted loss per share was $0.23; adjusted diluted loss per share was $0.19. Adjusted EBITDA was $324 million, compared with $806 million.
Results reflected lower sales volumes across segments and higher raw-material costs in Phosphate and Mosaic Fertilizantes, partly offset by higher phosphate prices; pretax notable items totaled $53 million. Operating cash flow was $284.4 million, versus $228.5 million; free cash flow was $2 million, versus a $135 million outflow.
Mosaic expects 2026 capital expenditures of $1.2 billion and targets below $1 billion for 2027. It refinanced and extended all long-term debt maturities through 2028, and its $2.5 billion revolving credit facility remains fully available. Full-year 2026 potash production is expected to be 8.6 million tonnes; fourth-quarter phosphate sales are expected at 1.3–1.6 million tonnes and potash sales at 2.3–2.6 million tonnes.
2 points · 0 major0 major · 3 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointOperating cash flow was $284.4 million, versus $228.5 million.
- Moderate pointFree cash flow was $2 million, versus a $135 million outflow.
Negative
- Moderate pointNet sales were $3,100.6 million, versus $3,452.1 million in Q3 2025.
- Moderate pointAdjusted EBITDA was $324 million, versus $806 million in Q3 2025.
- Moderate pointMosaic recorded a $72.1 million net loss, versus $411.4 million net income.
Filing Explained
After settling its
8-K Event Classification
2 items: 2.02, 9.01
2 items
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, or exhibit attachments filed with this report.
Key Figures
Q3 2026 net sales: $3,100.6 million
Net loss attributable to Mosaic: $(72.1) million
Adjusted EBITDA: $324 million
+4 more
7 metrics
Q3 2026 net sales
$3,100.6 million
Three months ended September 30, 2026
Net loss attributable to Mosaic
$(72.1) million
Three months ended September 30, 2026
Adjusted EBITDA
$324 million
Third quarter 2026
Diluted net loss per share
$(0.23) per share
Three months ended September 30, 2026
Operating cash flow
$284.4 million
Three months ended September 30, 2026
Free cash flow
$2 million
Three months ended September 30, 2026
2026 capital expenditures
$1.2 billion
Full-year 2026 expectation
Key Terms
Adjusted EBITDA, Free cash flow, Notable items, MOP
4 terms
Adjusted EBITDA financial
"Adjusted EBITDA was $324 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 is defined as net cash provided by operating activities less capital expenditures"
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.
Notable items financial
"Adjusted metrics, including adjusted EPS, and adjusted EBITDA are calculated by excluding the impact of notable items"
MOP technical
"MOP Selling Price FOB mine"
Earnings Snapshot
Net sales: $3,100.6 million · Guidance included
Third quarter 2026
Net sales
$3,100.6 million
from $3,452.1 million in Q3 2025
Net loss attributable to Mosaic
$(72.1) million
compared with net income of $411.4 million in Q3 2025
Diluted net loss per share
$(0.23) per share
compared with diluted net earnings per share of $1.29 in Q3 2025
Adjusted EBITDA
$324 million
from $806 million in Q3 2025
Operating cash flow
$284.4 million
from $228.5 million in Q3 2025
Free cash flow
$2 million
from a $135 million outflow in Q3 2025
Guidance
2026 capital expenditures are expected to be $1.2 billion; 2027 capital expenditures are targeted below $1 billion. Full-year 2026 potash production is expected to be 8.6 million tonnes. For Q4 2026, phosphate sales volumes are expected at 1.3–1.6 million tonnes and DAP prices at $820–$840 per tonne; potash sales volumes are expected at 2.3–2.6 million tonnes and MOP prices at $255–$275 per tonne.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Mosaic's Q3 2026 earnings and revenue?
Mosaic (MOS) reported net sales of $3,100.6 million and a net loss attributable to Mosaic of $72.1 million for Q3 2026. Diluted loss per share was $0.23, while adjusted EBITDA was $324 million and adjusted diluted loss per share was $0.19.
What is Mosaic's Q4 2026 fertilizer sales and pricing outlook?
Mosaic expects fourth-quarter phosphate sales of 1.3–1.6 million tonnes and DAP prices of $820–$840 per tonne. Potash sales are expected at 2.3–2.6 million tonnes, with MOP prices of $255–$275 per tonne.
When does Mosaic expect its sulfur contract to affect earnings?
Mosaic settled a fourth-quarter sulfur supply contract at $615 per long ton. It expects cash flow to improve sequentially following the settlement, with related earnings benefits expected primarily in the first quarter of 2027.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): November 3, 2026
THE MOSAIC COMPANY
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (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 | |||||||||
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 September 30, 2026, as presented in a press release issued on November 3, 2026.
Furnished herewith as Exhibit 99.2 and incorporated by reference herein is certain performance data for the period ended September 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 November 3, 2026, of The Mosaic Company regarding its earnings and results of operations for the quarter ended September 30, 2026 | |||||||
| 99.2 | Performance data for the period ended September 30, 2026 | |||||||
| 104 | Cover 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: November 3, 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 | ||||||||||||||
THE MOSAIC COMPANY REPORTS THIRD QUARTER 2026 RESULTS
•Third quarter results included revenues of $3.1 billion, an operating loss of $97 million and a net loss of $72 million; excluding notable items, adjusted EBITDA(1) totaled $324 million
•Third quarter sales volumes totaled 1.4 million tonnes for Phosphates, 2.1 million tonnes for Potash and 1.9 million tonnes for Mosaic Fertilizantes
•Working capital and production management resulted in sequential improvement in operating cash flow in the third quarter
•Settled fourth quarter sulfur contract at $615 per long ton, which is expected to positively contribute to fourth quarter free cash flow.
•Refinanced and extended all long-term maturities through 2028, further strengthening the balance sheet
TAMPA, FL, November 3, 2026 - The Mosaic Company (NYSE: MOS), reported a net loss of $72 million and diluted loss per share of $0.23 for the third quarter of 2026. Adjusted EBITDA(1) was $324 million and adjusted loss per share(1) was $0.19.
“We made meaningful progress during the third quarter on the actions within our control. We aligned phosphate production with the availability of affordable sulfur, reduced costs, strengthened our financial position, and continued to advance opportunities to optimize the portfolio," said President and CEO Bruce Bodine. "These actions position us to deliver stronger performance as conditions improve."
Consolidated Results:
| In millions $ except as noted below | Q3 2026 | Q2 2026 | Q3 2025 | ||||||||
| Net Sales - billions $ | $3.1 | $2.8 | $3.5 | ||||||||
| Selling, General and Administrative Expenses | $124 | $132 | $126 | ||||||||
| Operating Earnings (Loss) | $(97) | $(36) | $340 | ||||||||
| Operating Earnings (Loss) – Phosphate | $(194) | $(104) | $102 | ||||||||
| Operating Earnings (Loss) – Potash | $189 | $195 | $229 | ||||||||
| Operating Earnings (Loss) – Mosaic Fertilizantes | $(21) | $(41) | $96 | ||||||||
| Operating Earnings (Loss) – Corporate and Other | $(70) | $(86) | $(88) | ||||||||
| Net Income (Loss) | $(72) | $(273) | $411 | ||||||||
Adjusted EBITDA(1) | $324 | $407 | $806 | ||||||||
Adjusted EBITDA - Phosphate(1) | $49 | $128 | $280 | ||||||||
Adjusted EBITDA - Potash(1) | $284 | $278 | $329 | ||||||||
Adjusted EBITDA – Mosaic Fertilizantes(1) | $41 | $60 | $241 | ||||||||
Adjusted EBITDA – Corporate and Other(1) | $(50) | $(59) | $(44) | ||||||||
(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.
1
Mosaic reported a third quarter net loss of $72 million, compared to net income of $411 million in the same quarter of 2025. Third quarter results were negatively impacted by $53 million of pre-tax notable items. These items primarily included environmental reserve adjustments, expenses related to facility closures and restructuring costs that were partially offset by gains related to a positive adjustment to the value of Mosaic’s investment in Ma’aden and changes in foreign currency.
Third quarter adjusted EBITDA(1) totaled $324 million, down from $806 million in the same quarter last year. Results primarily reflected lower sales volumes across all segments and higher raw material costs in Phosphate and Mosaic Fertilizantes, which were partially offset by higher phosphate prices.
Selling, general, and administrative (SG&A) expenses were $124 million in the third quarter, compared to $126 million in the prior year period, reflecting the impact of cost saving actions that were largely offset by inflationary pressures.
The effective tax rate for the third quarter was 36.7%. Cash taxes paid were $63 million in the third quarter, primarily resulting from profits generated in the Potash segment.
Cash flow from operations totaled $284 million in the third quarter, compared to $229 million in the same period last year. The increase was primarily driven by lower finished goods inventories. Free cash flow(1) was breakeven in the third quarter of 2026, compared to $(135) million in the prior year period, reflecting higher cash flow from operations and lower capital expenditures. Third quarter free cash flow also improved sequentially and is expected to improve further in the fourth quarter, supported by a further release of working capital and cost reduction initiatives across the enterprise.
Capital Allocation Update
•Capital expenditures in 2026 are now expected to be $1.2 billion. For 2027, Mosaic is targeting capital expenditures below $1 billion.
•Mosaic continues to advance a strategic review of its asset portfolio. These efforts include year-to-date land sales totaling $67 million, advancing the sale process for the Araxá facility in Brazil, and the ongoing evaluation of other non-core assets.
•Mosaic refinanced and extended all long-term debt maturities through 2028, improving its maturity profile and preserving financial flexibility. The company’s $2.5 billion revolving credit facility remains fully available.
•The company paid a regular common dividend of $0.22 per share in the third quarter.
(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.
2
Potash Results and Outlook:
| Q3 2026 | Q2 2026 | Q3 2025 | |||||||||
| Net Sales - millions $ | $643 | $650 | $695 | ||||||||
| Sales Volumes - million tonnes* | 2.1 | 2.0 | 2.3 | ||||||||
| MOP Selling Price FOB mine - $ per tonne | $276 | $275 | $271 | ||||||||
MOP Cash Cost of Production(1) - $ per tonne | $73 | $84 | $71 | ||||||||
| Gross Margin - $ per tonne | $97 | $103 | $104 | ||||||||
| Operating Earnings - millions $ | $189 | $195 | $229 | ||||||||
Segment Adjusted EBITDA(1) - millions $ | $284 | $278 | $329 | ||||||||
*Tonnes = finished product tonnes
The Potash segment reported net sales of $643 million in the third quarter of 2026, down from $695 million in the prior year period. Operating earnings were $189 million, compared to $229 million in the third quarter of 2025. Adjusted EBITDA(1) was $284 million, compared to $329 million in the prior year period as a result of lower sales volumes.
Third quarter sales and production volumes each totaled 2.1 million tonnes, compared to 2.3 million tonnes in the prior year period. In addition to Colonsay and Belle Plaine's routine turnarounds, production during the quarter was impacted by abnormal geological conditions at Esterhazy that resulted in lower-than-expected ore grades. As a result, full-year potash production is now expected to be 8.6 million tonnes in 2026. Lower grades are temporary and expected to improve over time. Mosaic continues to target more than 9 million tonnes of annual potash production over the long term.
MOP cash cost of production per tonne(1) was $73 in the third quarter, up from $71 in the prior-year quarter, but down sequentially from $84 in the second quarter of 2026. Despite geological challenges at Esterhazy, higher sequential operating rates there and at Colonsay improved fixed cost absorption.
Fourth quarter 2026 sales volumes are expected to be in the range of 2.3 to 2.6 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.
3
Phosphate Results and Outlook:
| Q3 2026 | Q2 2026 | Q3 2025 | |||||||||
| Net Sales - millions $ | $1,295 | $1,246 | $1,290 | ||||||||
| Sales Volumes - million tonnes* | 1.4 | 1.4 | 1.6 | ||||||||
| DAP Selling Price FOB plant - $ per tonne | $838 | $773 | $714 | ||||||||
Phosphate Cash Cost of Conversion(1) - $ per tonne | $117 | $129 | $131 | ||||||||
Blended Rock Cost Consumed in COGS(1) - $ per tonne | $91 | $90 | $80 | ||||||||
| Gross Margin - $ per tonne | $(105) | $(4) | $92 | ||||||||
| Operating Earnings (Loss) – millions $ | $(194) | $(104) | $102 | ||||||||
Segment Adjusted EBITDA(1) - millions $ | $49 | $128 | $280 | ||||||||
*Tonnes = finished product tonnes
The Phosphate segment reported net sales of $1.3 billion in the third quarter of 2026, which was equal to prior year period sales. The segment generated an operating loss of $194 million during the period, which compared to operating income of $102 million in the third quarter of 2025. Results reflected $84 million of notable items primarily related to environmental reserve adjustments, expenses related to facility closures and restructuring costs. Adjusted EBITDA(1) totaled $49 million, compared to $280 million in the prior year period. The year-over-year decline reflected higher raw material costs and lower volumes, somewhat offset by higher prices.
Sales volumes for the third quarter were 1.4 million tonnes, compared to 1.6 million in the same period last year, reflecting production curtailments implemented as a result of limited affordable sulfur availability.
During the third quarter, cash cost of conversion(1) averaged $117 per tonne, down from $131 per tonne in the prior period, reflecting the idling of higher-cost Louisiana phosphate fertilizer production. Idle, turnaround, and unabsorbed fixed costs during the third quarter totaled $77 million, versus $42 million in the third quarter of 2025, reflecting the production curtailments. These costs are expected to increase further in the fourth quarter as a result of additional curtailments at the South Fort Meade and Miski Mayo mines, before moderating in 2027 as cost improvements are realized.
Third quarter raw material costs averaged $715 per long ton for sulfur and $619 per tonne for ammonia. For the fourth quarter, Mosaic settled a sulfur supply contract with U.S. Gulf Coast refiners at $615 per long ton.
Fourth-quarter stripping margins and adjusted EBITDA are expected to decline further as higher-cost raw materials purchased and consumed during the third quarter flow through cost of goods sold, reflecting the two- to three-month inventory cycle. However, cash flow is expected to improve sequentially following the settlement of the fourth-quarter sulfur contract, with the related earnings benefits expected primarily in the first quarter of 2027.
For the fourth quarter, sales volumes are expected to be of 1.3 to 1.6 million tonnes. DAP prices at the plant are expected to average $820 to $840 per tonne.
(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.
4
Mosaic Fertilizantes Results and Outlook:
| Q3 2026 | Q2 2026 | Q3 2025 | |||||||||
| Net Sales - millions $ | $1,254 | $1,034 | $1,592 | ||||||||
| Sales Volumes - million tonnes* | 1.9 | 1.5 | 2.8 | ||||||||
Sales Volumes of produced product – million tonnes(2) | 0.4 | 0.7 | 1.0 | ||||||||
| Average Finished Product Selling Price - $ per tonne | $625 | $585 | $518 | ||||||||
Phosphate Cash Cost of Conversion(1) - $ per tonne | $147 | $141 | $99 | ||||||||
| Phosphate Blended Rock Cost Consumed in COGS - $ per tonne | $121 | $105 | $99 | ||||||||
| Gross Margin - $ per tonne | $14 | $4 | $65 | ||||||||
| Operating Earnings (Loss) – millions $ | $(21) | $(41) | $96 | ||||||||
Segment Adjusted EBITDA(1) – millions $ | $41 | $60 | $241 | ||||||||
*Tonnes = finished product tonnes sold to third parties
Mosaic Fertilizantes reported net sales of $1.3 billion in the third quarter of 2026, compared to $1.6 billion in the prior year period. The segment generated an operating loss of $21 million in the third quarter, compared to operating earnings of $96 million in the same period last year. Adjusted EBITDA(1) totaled $41 million, compared to $241 million in the prior year period. Third quarter results were primarily driven by lower sales volumes and fixed cost absorption, which were partially offset by higher distribution margins.
Third quarter sales volumes totaled 1.9 million tonnes, down from 2.8 million tonnes in the same quarter last year, primarily due to curtailed domestic production and limited customer credit availability.
During the third quarter, lower operating rates resulted in higher unit cash conversion costs(1) of $147 per tonne, up from $99 per tonne in the prior year period. The increase primarily reflected reduced fixed cost absorption and the ongoing operations of higher-cost, higher-margin animal feed (DCP) production at Cajati, which remains profitable in the current environment. Mosaic Fertilizantes also benefited from seasonal improvements in distribution margins, which have recovered to normalized levels.
Idle, turnaround and unabsorbed fixed costs included in cost of goods sold totaled $70 million, compared to $27 million in the prior-year period.
Looking ahead, while grower economics and fertilizer demand have improved, the full-quarter impact of production curtailments, combined with typical seasonality, is expected to result in fourth-quarter segment adjusted EBITDA below third-quarter levels.
Mosaic Biosciences Update
Year-to-date net sales doubled compared to the first nine months of 2025, supported in part by the launch of six new products. Mosaic continues to expect to launch up to four new products(3) in the fourth quarter. Full-year net sales remain on track to double in 2026, totaling $135 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
The macroeconomic environment remains clouded by Middle East tensions, bottlenecks in the Strait of Hormuz, and Russia and Ukraine strikes on energy and agricultural infrastructure. At the same time, strengthening El Niño conditions and the observable impact of underapplication of crop nutrients over the past two years have led to a tightened agricultural backdrop. These factors together have led to agricultural commodity prices trending higher from the second quarter, leading to increased demand for fertilizers, particularly in North America. We expect this trend to continue into 2027.
Phosphate markets remain tight with improving demand and lingering supply disruptions. North American inventories are expected to stay low into next year as growers and retailers re-engage for fall application. Demand is outpacing many customers' initial expectations as stronger agricultural commodity prices have improved farmer economics, and another year of solid yields has further depleted soil nutrients. India has steadily secured tonnes for Rabi, which are expected to be depleted by year-end. Brazilian inventories are well below last year, setting the stage for a return of pent-up import demand in the near future. China has exported minimal volumes of DAP or MAP over the past quarter, and little to no exports are expected through spring. Global phosphate production remains constrained by sulfur availability. While sulfur prices have moderated, they remain elevated and continue to strain phosphate producer margins. Timing of normalization remains contingent on geopolitical events.
Potash market fundamentals are positive as global demand looks to set another record given healthy affordability. While potash shipments have seen little impact from Middle East disruption, escalating attacks in the Black Sea have constrained shipping and are likely to inhibit export supplies from the region through the fourth quarter. As such, offshore North American imports are likely to remain muted even as demand strengthens for the fall season. Chinese imports have already exceeded last year's total. While Chinese inventories are higher than last year, not all are available for sale given government reserve requirements, and available stocks to use ratios are quite manageable.
2026 Guidance Summary
| Full Year 2026 | |||||
| Potash Production Volumes - million tonnes | 8.6 | ||||
| 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 $ | $240 - $260 | ||||
| Cash Tax - millions $ | $175 - $225 | ||||
Fourth Quarter 2026 | |||||
| Phosphate Sales Volumes - million tonnes | 1.3 -1.6 | ||||
| DAP FOB Plant Prices - $ per tonne | $820 - $840 | ||||
| Potash Sales Volumes - million tonnes | 2.3- 2.6 | ||||
| MOP FOB Mine Prices - $ per tonne | $255 - $275 | ||||
6
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
Investors Joan Tong, CFA 863-640-0826 joan.tong@mosaicco.com | Media Sarah Fedorchuk 813-523-7362 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 a global employee base 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 November 4, 2026, at 11:00 a.m. Eastern Time to discuss third 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
This press 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, including the cost and availability of sulfur and other key raw materials and inputs and potential disruptions to their production, supply or transportation, 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; changes in fertilizer use and application rates; 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
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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, 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 December 31, 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.
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For the three months ended September 30, 2026, the company reported the following notable items which, combined, negatively impacted earnings per share by $(0.04):
| 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) | $ | 32 | $ | (8) | $ | 0.07 | ||||||||||||||||||||||||
| Closed and indefinitely idled facility costs | Phosphate | Other operating income (expense) | (14) | 4 | (0.03) | |||||||||||||||||||||||||||
| Closed and indefinitely idled facility costs | Brazil | Other operating income (expense) | (14) | 4 | (0.03) | |||||||||||||||||||||||||||
| Ma'aden mark-to-market | Corporate and Other | Other non-operating income (expense) | 39 | (10) | 0.09 | |||||||||||||||||||||||||||
| Realized gain (loss) on RCRA Trust Securities | Phosphate | Other non-operating income (expense) | (12) | 3 | (0.03) | |||||||||||||||||||||||||||
| Environmental reserves | Phosphate | Other operating income (expense)/NCI | (42) | 11 | (0.10) | |||||||||||||||||||||||||||
| Restructuring and cost reduction | Consolidated | Other operating income (expense)/SG&A | (12) | 3 | (0.03) | |||||||||||||||||||||||||||
| Land reclamation | Phosphate | Cost of goods sold/Other Operating income/(expense) | (17) | 5 | (0.03) | |||||||||||||||||||||||||||
| YTD tax rate adjustment | Consolidated | (Provision for) benefit from income taxes | — | 25 | 0.08 | |||||||||||||||||||||||||||
| Loss on debt extinguishment | Corporate | Other non-operating income (expense) | (13) | 3 | (0.03) | |||||||||||||||||||||||||||
| Total Notable Items | $ | (53) | $ | 40 | $ | (0.04) | ||||||||||||||||||||||||||
For the three months ended September 30, 2025, the company reported the following notable items which, combined, positively impacted earnings per share by $0.25:
| 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) | $ | (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 | ||||||||||||||||||||||||||
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Condensed Consolidated Statements of Earnings (Loss)
(in millions, except per share amounts)
| The Mosaic Company | (unaudited) | |||||||
| Three months ended | Nine months ended | |||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Net sales | $ | 3,100.6 | $ | 3,452.1 | $ | 8,922.7 | $ | 9,078.7 | ||||||||||||||||||
| Cost of goods sold | 3,016.5 | 2,899.8 | 8,388.3 | 7,519.4 | ||||||||||||||||||||||
| Gross margin | 84.1 | 552.3 | 534.4 | 1,559.3 | ||||||||||||||||||||||
| Selling, general and administrative expenses | 124.4 | 125.5 | 391.9 | 415.3 | ||||||||||||||||||||||
| Loss on assets sold and to be sold | — | 73.1 | 238.8 | 73.1 | ||||||||||||||||||||||
| Other operating expense | 56.3 | 13.9 | 408.7 | 148.2 | ||||||||||||||||||||||
| Operating earnings (loss) | (96.6) | 339.8 | (505.0) | 922.7 | ||||||||||||||||||||||
| Interest expense, net | (59.5) | (45.6) | (177.6) | (139.3) | ||||||||||||||||||||||
| Foreign currency transaction gain (loss) | 38.3 | (1.2) | 36.5 | 301.3 | ||||||||||||||||||||||
| Other income (expense) | 14.5 | 306.3 | (44.0) | 391.7 | ||||||||||||||||||||||
| Earnings (loss) from consolidated companies before income taxes | (103.3) | 599.3 | (690.1) | 1,476.4 | ||||||||||||||||||||||
| (Benefit) provision for income taxes | (37.9) | 175.5 | (102.7) | 384.8 | ||||||||||||||||||||||
| Earnings (loss) from consolidated companies | (65.4) | 423.8 | (587.4) | 1,091.6 | ||||||||||||||||||||||
| Equity in net earnings of nonconsolidated companies | 0.1 | 0.3 | 2.1 | 2.2 | ||||||||||||||||||||||
| Net earnings (loss) including noncontrolling interests | (65.3) | 424.1 | (585.3) | 1,093.8 | ||||||||||||||||||||||
| Less: Net earnings attributable to noncontrolling interests | 6.8 | 12.7 | 17.2 | 33.6 | ||||||||||||||||||||||
| Net earnings (loss) attributable to Mosaic | $ | (72.1) | $ | 411.4 | $ | (602.5) | $ | 1,060.2 | ||||||||||||||||||
| Diluted net earnings (loss) per share attributable to Mosaic | $ | (0.23) | $ | 1.29 | $ | (1.90) | $ | 3.33 | ||||||||||||||||||
| Diluted weighted average number of shares outstanding | 317.9 | 319.4 | 317.8 | 318.8 | ||||||||||||||||||||||
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Condensed Consolidated Balance Sheets
(in millions, except per share amounts)
| The Mosaic Company | (unaudited) | |||||||
| September 30, 2026 | December 31, 2025 | |||||||||||||
| Assets | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | 272.6 | $ | 276.6 | ||||||||||
| Receivables, net, including affiliate receivables of $88.2 and $126.3, respectively | 1,013.6 | 1,078.6 | ||||||||||||
| Inventories | 3,224.0 | 3,363.0 | ||||||||||||
| Assets held for sale | 106.8 | 73.5 | ||||||||||||
| Other current assets | 410.4 | 445.8 | ||||||||||||
| Total current assets | 5,027.4 | 5,237.5 | ||||||||||||
| Property, plant and equipment, net of accumulated depreciation of $11,776.1 and $11,126.0, respectively | 13,577.3 | 13,982.6 | ||||||||||||
| Equity securities and investments in nonconsolidated companies | 1,845.0 | 1,848.2 | ||||||||||||
| Goodwill | 970.6 | 1,005.1 | ||||||||||||
| Deferred income taxes | 1,149.6 | 811.6 | ||||||||||||
| Other assets | 1,567.2 | 1,595.1 | ||||||||||||
| Total assets | $ | 24,137.1 | $ | 24,480.1 | ||||||||||
| Liabilities and Equity | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Short-term debt | $ | 511.6 | $ | 759.9 | ||||||||||
| Current maturities of long-term debt | 68.7 | 43.1 | ||||||||||||
| Structured accounts payable arrangements | 402.4 | 480.1 | ||||||||||||
| Accounts payable, including affiliate payables of $95.6 and $115.2, respectively | 871.3 | 1,171.9 | ||||||||||||
| Accrued liabilities | 1,424.6 | 1,472.5 | ||||||||||||
| Liabilities held for sale | 76.9 | 55.3 | ||||||||||||
| Total current liabilities | 3,355.5 | 3,982.8 | ||||||||||||
| Long-term debt, less current maturities | 5,332.8 | 4,250.9 | ||||||||||||
| Deferred income taxes | 954.6 | 1,000.8 | ||||||||||||
| Other noncurrent liabilities | 3,017.9 | 3,011.4 | ||||||||||||
| Equity: | ||||||||||||||
| Preferred Stock, $0.01 par value, 15,000,000 shares authorized, none issued and outstanding as of September 30, 2026 and December 31, 2025 | — | — | ||||||||||||
Common Stock, $0.01 par value, 1,000,000,000 shares authorized, 395,619,275 shares issued and 317,902,668 shares outstanding as of September 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 value | 53.8 | 29.2 | ||||||||||||
| Retained earnings | 13,441.8 | 14,184.4 | ||||||||||||
| Accumulated other comprehensive loss | (2,200.2) | (2,131.9) | ||||||||||||
| Total Mosaic stockholders' equity | 11,298.6 | 12,084.9 | ||||||||||||
| Noncontrolling interests | 177.7 | 149.3 | ||||||||||||
| Total equity | 11,476.3 | 12,234.2 | ||||||||||||
| Total liabilities and equity | $ | 24,137.1 | $ | 24,480.1 | ||||||||||
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Condensed Consolidated Statements of Cash Flows
(in millions, except per share amounts)
| The Mosaic Company | (unaudited) | |||||||
| Three months ended | Nine months ended | |||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Cash Flows from Operating Activities: | ||||||||||||||||||||||||||
| Net earnings (loss) including noncontrolling interests | $ | (65.3) | $ | 424.1 | $ | (585.3) | $ | 1,093.8 | ||||||||||||||||||
| Adjustments to reconcile net earnings including noncontrolling interests to net cash provided by operating activities: | ||||||||||||||||||||||||||
| Depreciation, depletion and amortization | 291.9 | 277.0 | 900.6 | 781.7 | ||||||||||||||||||||||
| Deferred and other income taxes | (182.2) | 31.1 | (321.3) | 55.7 | ||||||||||||||||||||||
| Equity in net (earnings) of nonconsolidated companies, net of dividends | 0.7 | (0.8) | (2.1) | (1.8) | ||||||||||||||||||||||
| Accretion expense for asset retirement obligations | 32.5 | 32.7 | 99.2 | 97.5 | ||||||||||||||||||||||
| Share-based compensation expense | 4.6 | 6.5 | 22.7 | 24.2 | ||||||||||||||||||||||
| Unrealized (gain) loss on equity securities | (38.1) | (308.0) | 11.1 | (407.7) | ||||||||||||||||||||||
| Unrealized (gain) loss on derivatives | 1.4 | 27.2 | 0.3 | (85.1) | ||||||||||||||||||||||
| Foreign currency adjustments | (22.9) | 65.1 | 56.6 | (285.9) | ||||||||||||||||||||||
| Amortization of debt financing fees | 3.7 | 10.5 | 23.8 | 33.6 | ||||||||||||||||||||||
| Impairment of assets held for sale | — | 73.0 | 238.8 | 73.0 | ||||||||||||||||||||||
| Other | 51.2 | 21.1 | 192.4 | 100.8 | ||||||||||||||||||||||
| Changes in assets and liabilities: | ||||||||||||||||||||||||||
| Receivables, net | (152.7) | 57.3 | 69.6 | 71.9 | ||||||||||||||||||||||
| Inventories | 433.5 | (200.8) | 187.9 | (578.9) | ||||||||||||||||||||||
| Other current and noncurrent assets | 101.8 | 3.7 | 8.9 | 27.6 | ||||||||||||||||||||||
| Accounts payable and accrued liabilities | (189.8) | (225.3) | (280.2) | 48.2 | ||||||||||||||||||||||
| Asset retirement obligations | (34.8) | (57.5) | (132.9) | (201.1) | ||||||||||||||||||||||
| Other noncurrent liabilities | 48.9 | (8.4) | 65.9 | 33.4 | ||||||||||||||||||||||
| Net cash provided by operating activities | 284.4 | 228.5 | 556.0 | 880.9 | ||||||||||||||||||||||
| Cash Flows from Investing Activities: | ||||||||||||||||||||||||||
| Capital expenditures | (281.5) | (364.4) | (958.6) | (1,009.8) | ||||||||||||||||||||||
| Purchases of available-for-sale securities - restricted | (395.9) | (100.6) | (1,050.4) | (598.2) | ||||||||||||||||||||||
| Proceeds from sale of available-for-sale securities - restricted | 391.0 | 100.5 | 1,024.8 | 577.9 | ||||||||||||||||||||||
| Proceeds from sale of fixed assets | 0.1 | 0.2 | 34.7 | 6.0 | ||||||||||||||||||||||
| Other | (0.5) | 1.4 | (4.4) | 1.9 | ||||||||||||||||||||||
| Net cash used in investing activities | (286.8) | (362.9) | (953.9) | (1,022.2) | ||||||||||||||||||||||
| Cash Flows from Financing Activities: | ||||||||||||||||||||||||||
| Short-term debt, net | (512.2) | 213.9 | (451.9) | 205.4 | ||||||||||||||||||||||
| Inventory financing arrangement, net | 1.7 | (101.7) | 203.5 | 101.2 | ||||||||||||||||||||||
| Structured accounts payable arrangements, net | 44.3 | (5.2) | (90.6) | (15.9) | ||||||||||||||||||||||
| Transferred receivables, net | 0.5 | (3.2) | 0.5 | — | ||||||||||||||||||||||
| Long-term debt, net | 568.3 | (14.9) | 1,011.1 | (49.8) | ||||||||||||||||||||||
| Cash dividends paid | (69.9) | (69.5) | (210.6) | (210.5) | ||||||||||||||||||||||
| Dividends paid to noncontrolling interest | — | (6.7) | (7.1) | (13.1) | ||||||||||||||||||||||
| Contributions to noncontrolling interest | — | — | 8.5 | — | ||||||||||||||||||||||
| Other | (23.9) | (8.9) | (44.1) | (26.7) | ||||||||||||||||||||||
| Net cash provided by (used in) financing activities | 8.8 | 3.8 | 419.3 | (9.4) | ||||||||||||||||||||||
| Effect of exchange rate changes on cash | (21.5) | 5.5 | (29.3) | 23.0 | ||||||||||||||||||||||
| Net change in cash, cash equivalents and restricted cash | (15.1) | (125.1) | (7.9) | (127.7) | ||||||||||||||||||||||
| Cash, cash equivalents and restricted cash - beginning of period | 305.8 | 302.4 | 298.6 | 305.0 | ||||||||||||||||||||||
| Cash, cash equivalents and restricted cash - end of period | $ | 290.7 | $ | 177.3 | $ | 290.7 | $ | 177.3 | ||||||||||||||||||
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Condensed Consolidated Statements of Cash Flows (Continued)
(in millions, except per share amounts)
| Nine Months Ended | ||||||||||||||
| September 30, 2026 | September 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 | $ | 272.6 | $ | 153.3 | ||||||||||
| Restricted cash in other current assets | 2.4 | 8.0 | ||||||||||||
| Restricted cash in other assets | 15.7 | 16.0 | ||||||||||||
| Total cash, cash equivalents and restricted cash shown in the unaudited statements of cash flows | $ | 290.7 | $ | 177.3 | ||||||||||
Reconciliation of Non-GAAP Financial Measures
Earnings Per Share Calculation
| Three months ended September 30, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Net income (loss) attributable to Mosaic | $ | (72.1) | $ | 411.4 | ||||||||||
| Basic weighted average number of shares outstanding | 317.9 | 317.4 | ||||||||||||
| Dilutive impact of share-based awards | — | 2.0 | ||||||||||||
| Diluted weighted average number of shares outstanding | 317.9 | 319.4 | ||||||||||||
| Basic net income (loss) per share attributable to Mosaic | $ | (0.23) | $ | 1.30 | ||||||||||
| Diluted net income (loss) per share attributable to Mosaic | $ | (0.23) | $ | 1.29 | ||||||||||
| Notable items impact on net income (loss) per share attributable to Mosaic | (0.04) | 0.25 | ||||||||||||
| Adjusted diluted net income (loss) per share attributable to Mosaic | $ | (0.19) | $ | 1.04 | ||||||||||
Free Cash Flow
| Three months ended September 30, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Net cash provided by operating activities | $ | 284 | $ | 229 | ||||||||||
| Capital expenditures | (282) | (364) | ||||||||||||
| Free cash flow | $ | 2 | $ | (135) | ||||||||||
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Reconciliation of Non-GAAP Financial Measures
Consolidated Earnings (in millions) | Three months ended | |||||||||||||||||||
| September 30, | June 30, | September 30, | ||||||||||||||||||
| 2026 | 2026 | 2025 | ||||||||||||||||||
| Consolidated net earnings (loss) attributable to Mosaic | $ | (72) | $ | (273) | $ | 411 | ||||||||||||||
| Less: Consolidated interest expense, net | (60) | (63) | (46) | |||||||||||||||||
| Plus: Consolidated depreciation, depletion and amortization | 292 | 292 | 277 | |||||||||||||||||
| Plus: Accretion expense | 33 | 34 | 33 | |||||||||||||||||
| Plus: Share-based compensation expense | 5 | 8 | 7 | |||||||||||||||||
| Plus: (Benefit) provision for income taxes | (38) | (34) | 175 | |||||||||||||||||
| Plus: Notable items | 44 | 317 | (143) | |||||||||||||||||
| Adjusted EBITDA | $ | 324 | $ | 407 | $ | 806 | ||||||||||||||
Income Tax Effective Tax Rate (in millions) | Three months ended September 30, | |||||||
| 2026 | ||||||||
| Income Tax (Benefit) Expense | $ | (38) | ||||||
| Earnings (Loss) Before Tax | $ | (103) | ||||||
| Effective Tax Rate | 36.7 | % | ||||||
| Income Tax (Benefit) Expense | $ | (38) | ||||||
| Discrete Tax Notable Items | — | |||||||
| Tax Expense on All Other Notable Items (see notable items table for details of these items) | 40 | |||||||
| Adjusted Income Tax (Benefit) Expense | $ | 2 | ||||||
| Earnings (Loss) Before Tax | $ | (103) | ||||||
| Earnings Impact of All Notable Items (including non-controlling interest) | 50 | |||||||
| Adjusted Earnings Before Tax | $ | (53) | ||||||
| Adjusted Effective Tax Rate | (3.9) | % | ||||||
| Three months ended | ||||||||||||||||||||
| September 30, | June 30, | September 30, | ||||||||||||||||||
Potash Earnings (in millions) | 2026 | 2026 | 2025 | |||||||||||||||||
| Operating Earnings | $ | 189 | $ | 195 | $ | 229 | ||||||||||||||
| Plus: Depreciation, Depletion and Amortization | 91 | 76 | 93 | |||||||||||||||||
| Plus: Accretion Expense | 3 | 4 | 3 | |||||||||||||||||
| Plus: Foreign Exchange Gain (Loss) | 33 | (95) | (56) | |||||||||||||||||
| Plus: Other Income (Expense) | — | 1 | 3 | |||||||||||||||||
| Plus: Notable Items | (32) | 97 | 57 | |||||||||||||||||
| Adjusted EBITDA | $ | 284 | $ | 278 | $ | 329 | ||||||||||||||
14
Reconciliation of Non-GAAP Financial Measures
| Three months ended | ||||||||||||||||||||
| September 30, | June 30, | September 30, | ||||||||||||||||||
Phosphate Earnings (in millions) | 2026 | 2026 | 2025 | |||||||||||||||||
| Operating Earnings (Loss) | $ | (194) | $ | (104) | $ | 102 | ||||||||||||||
| Plus: Depreciation, Depletion and Amortization | 151 | 133 | 129 | |||||||||||||||||
| Plus: Accretion Expense | 26 | 26 | 26 | |||||||||||||||||
| Plus: Foreign Exchange Gain (Loss) | 1 | (6) | 10 | |||||||||||||||||
| Plus: Other Income (Expense) | (12) | (2) | (4) | |||||||||||||||||
| Less: Earnings from Consolidated Noncontrolling Interests | 7 | 9 | 11 | |||||||||||||||||
| Plus: Notable Items | 84 | 90 | 28 | |||||||||||||||||
| Adjusted EBITDA | $ | 49 | $ | 128 | $ | 280 | ||||||||||||||
| Three months ended | ||||||||||||||||||||
| September 30, | June 30, | September 30, | ||||||||||||||||||
Mosaic Fertilizantes Earnings (in millions) | 2026 | 2026 | 2025 | |||||||||||||||||
| Operating Earnings (Loss) | $ | (21) | $ | (41) | $ | 96 | ||||||||||||||
| Plus: Depreciation, Depletion and Amortization | 40 | 74 | 46 | |||||||||||||||||
| Plus: Accretion Expense | 4 | 4 | 4 | |||||||||||||||||
| Plus: Foreign Exchange Gain (Loss) | 2 | 2 | (19) | |||||||||||||||||
| Plus: Other Income (Expense) | (1) | (2) | (1) | |||||||||||||||||
| Less: Earnings (Loss) from Consolidated Noncontrolling Interests | — | (2) | 1 | |||||||||||||||||
| Plus: Notable Items | 17 | 21 | 116 | |||||||||||||||||
| Adjusted EBITDA | $ | 41 | $ | 60 | $ | 241 | ||||||||||||||
| Three months ended | ||||||||||||||||||||
| September 30, | June 30, | September 30, | ||||||||||||||||||
Corporate and Other Earnings (in millions) | 2026 | 2026 | 2025 | |||||||||||||||||
| Operating Earnings (Loss) | $ | (70) | $ | (86) | $ | (88) | ||||||||||||||
| Plus: Depreciation, Depletion and Amortization | 10 | 9 | 9 | |||||||||||||||||
| Plus: Accretion Expense | 5 | 8 | 7 | |||||||||||||||||
| Plus: Foreign Exchange Gain (Loss) | 2 | 60 | 64 | |||||||||||||||||
| Plus: Other Income (Expense) | 28 | (160) | 308 | |||||||||||||||||
| Plus: Earnings (Loss) from Equity Investments | — | — | — | |||||||||||||||||
| Less: Earnings (Loss) from Consolidated Noncontrolling Interests | — | (1) | — | |||||||||||||||||
| Plus: Notable Items | (25) | 109 | (344) | |||||||||||||||||
| Adjusted EBITDA | $ | (50) | $ | (59) | $ | (44) | ||||||||||||||
15
Reconciliation of Non-GAAP Financial Measures
| Three months ended | |||||||||||||||||
| September 30, | June 30, | September 30, | |||||||||||||||
| 2026 | 2026 | 2025 | |||||||||||||||
| Potash | |||||||||||||||||
| Total COGS | $ | 444 | $ | 443 | $ | 459 | |||||||||||
| Depreciation & accretion expense | 94 | 80 | 96 | ||||||||||||||
| Canadian Resource Taxes | 85 | 70 | 87 | ||||||||||||||
| Change in Inventory | 32 | 28 | (13) | ||||||||||||||
| Non-MOP Production Costs | 79 | 112 | 134 | ||||||||||||||
| Total MOP Cash Costs | $ | 154 | $ | 153 | $ | 155 | |||||||||||
| Production tonnes (thousands) | 2,103 | 1,830 | 2,186 | ||||||||||||||
| MOP Cash Costs of Production per production tonne | $ | 73 | $ | 84 | $ | 71 | |||||||||||
| Phosphate | |||||||||||||||||
| Total COGS | $ | 1,443 | $ | 1,251 | $ | 1,146 | |||||||||||
| Depreciation & accretion expense | 165 | 158 | 161 | ||||||||||||||
| Miski Mayo costs | 52 | 59 | 55 | ||||||||||||||
| Raw material COGS and product freight | 617 | 527 | 350 | ||||||||||||||
| Change in Inventory | (4) | (66) | (40) | ||||||||||||||
| Non Production Costs | 321 | 259 | 267 | ||||||||||||||
| Cash cost of U.S. Mined Rock | 141 | 129 | 133 | ||||||||||||||
| U.S. Rock Production tonnes (thousands) | 2,107 | 2,074 | 2,158 | ||||||||||||||
| Cash costs of U.S. mined rock/production tonne | $ | 67 | $ | 62 | $ | 62 | |||||||||||
| Phosphate cash costs of conversion | $ | 151 | $ | 185 | $ | 220 | |||||||||||
| Production tonnes (thousands) | 1,289 | 1,433 | 1,677 | ||||||||||||||
| Phosphate cash costs of conversion per production tonne | $ | 117 | $ | 129 | $ | 131 | |||||||||||
| Fertilizantes | |||||||||||||||||
| Total COGS | $ | 1,227 | $ | 1,028 | $ | 1,410 | |||||||||||
| Distribution product costs | 1,017 | 661 | 1,202 | ||||||||||||||
| Depreciation & accretion expense | 45 | 79 | 51 | ||||||||||||||
| Change in Inventory | 65 | 55 | (139) | ||||||||||||||
| Non Production Costs | 25 | 92 | 87 | ||||||||||||||
| Rock cash costs of production | 35 | 75 | 101 | ||||||||||||||
| Potash cash costs of production | — | — | 25 | ||||||||||||||
| Phosphate cash costs of conversion | $ | 40 | $ | 66 | $ | 83 | |||||||||||
| Production tonnes (thousands) | 273 | 466 | 835 | ||||||||||||||
| Phosphate cash costs of conversion per production tonne | $ | 147 | $ | 141 | $ | 99 | |||||||||||
16
Exhibit 99.2
The Mosaic Company
Selected Calendar Quarter Financial Information
(Unaudited)
| Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | |||||||||||||||||||
Consolidated data (in millions, except per share) | ||||||||||||||||||||||||||
| Diluted net earnings (loss) per share | $ | 0.53 | $ | 0.75 | $ | 1.29 | $ | 1.29 | $ | (1.64) | $ | (0.81) | $ | (0.86) | $ | (0.23) | ||||||||||
Notable items impact on earnings per share(a) | 0.08 | 0.26 | 0.78 | 0.25 | (1.86) | (0.86) | (0.99) | (0.04) | ||||||||||||||||||
Adjusted diluted net earnings per share(a) | $ | 0.45 | $ | 0.49 | $ | 0.51 | $ | 1.04 | $ | 0.22 | $ | 0.05 | $ | 0.13 | $ | (0.19) | ||||||||||
| Diluted weighted average # of shares outstanding | 318.5 | 318.2 | 319.0 | 319.4 | 317.4 | 317.5 | 317.9 | 317.9 | ||||||||||||||||||
| Total Net Sales | $ | 2,816 | $ | 2,621 | $ | 3,005 | $ | 3,452 | $ | 2,974 | $ | 2,998 | $ | 2,824 | $ | 3,101 | ||||||||||
| Cost of goods sold | 2,514 | 2,133 | 2,487 | 2,900 | 2,631 | 2,762 | 2,610 | 3,017 | ||||||||||||||||||
| Gross Margin | $ | 302 | $ | 488 | $ | 518 | $ | 552 | $ | 343 | $ | 236 | $ | 214 | $ | 84 | ||||||||||
| SG&A | 113 | 123 | 167 | 126 | 119 | 136 | 131 | 125 | ||||||||||||||||||
Other operating (income) expense(u) | 89 | 27 | 107 | 87 | 324 | 472 | 119 | 55 | ||||||||||||||||||
| Operating earnings (loss) | $ | 100 | $ | 338 | $ | 244 | $ | 339 | $ | (100) | $ | (372) | $ | (36) | $ | (96) | ||||||||||
| Interest expense, net | (47) | (41) | (53) | (46) | (48) | (55) | (63) | (60) | ||||||||||||||||||
| Consolidated foreign currency gain/(loss) | (419) | 133 | 169 | (1) | (30) | 38 | (40) | 38 | ||||||||||||||||||
| Earnings (loss) from consolidated companies before income taxes | 191 | 313 | 564 | 599 | (263) | (286) | (302) | (103) | ||||||||||||||||||
| Provision for (benefit from) income taxes | 34 | 63 | 146 | 175 | 256 | (31) | (34) | (38) | ||||||||||||||||||
| Earnings (loss) from consolidated companies | $ | 157 | $ | 250 | $ | 418 | $ | 424 | $ | (519) | $ | (255) | $ | (268) | $ | (65) | ||||||||||
| Equity in net earnings (loss) of nonconsolidated companies | 9 | — | 2 | — | — | — | 2 | — | ||||||||||||||||||
| Less: Net earnings (loss) attributable to noncontrolling interests | (3) | 12 | 9 | 13 | — | 3 | 7 | 7 | ||||||||||||||||||
| Net earnings (loss) attributable to Mosaic | $ | 169 | $ | 238 | $ | 411 | $ | 411 | $ | (519) | $ | (258) | $ | (273) | $ | (72) | ||||||||||
| After tax Notable items included in earnings | $ | 25 | $ | 82 | $ | 249 | $ | 100 | $ | (590) | $ | (273) | $ | (315) | $ | (13) | ||||||||||
| Gross Margin Rate | 11 | % | 19 | % | 17 | % | 16 | % | 12 | % | 8 | % | 8 | % | 3 | % | ||||||||||
| Effective Tax Rate (including discrete tax) | 18 | % | 20 | % | 26 | % | 29 | % | (97) | % | 11 | % | 11 | % | 37 | % | ||||||||||
| Discrete Tax benefit (expense) | $ | (11) | $ | 26 | $ | (1) | $ | (2) | $ | (212) | $ | (27) | $ | 36 | $ | 9 | ||||||||||
| Depreciation, Depletion and Amortization | $ | 283 | $ | 243 | $ | 262 | $ | 277 | $ | 268 | $ | 317 | $ | 292 | $ | 292 | ||||||||||
| Accretion Expense | $ | 31 | $ | 32 | $ | 33 | $ | 33 | $ | 32 | $ | 35 | $ | 34 | $ | 33 | ||||||||||
| Share-Based Compensation Expense | $ | 7 | $ | 10 | $ | 7 | $ | 7 | $ | 6 | $ | 10 | $ | 8 | $ | 5 | ||||||||||
| Notable Items | $ | 32 | $ | (83) | $ | (347) | $ | (143) | $ | 414 | $ | 288 | $ | 317 | $ | 44 | ||||||||||
Adjusted EBITDA(b) | $ | 594 | $ | 544 | $ | 566 | $ | 806 | $ | 505 | $ | 416 | $ | 407 | $ | 324 | ||||||||||
| Net cash provided by (used in) operating activities | $ | 219 | $ | 43 | $ | 610 | $ | 229 | $ | (56) | $ | 104 | $ | 167 | $ | 284 | ||||||||||
| Cash paid for interest (net of amount capitalized) | 72 | 12 | 82 | 20 | 78 | 17 | 91 | 63 | ||||||||||||||||||
| Cash paid for income taxes (net of refunds) | 53 | 76 | 75 | 89 | 81 | 64 | 45 | 63 | ||||||||||||||||||
| Net cash used in investing activities | $ | (277) | $ | (341) | $ | (319) | $ | (363) | $ | (287) | $ | (369) | $ | (298) | $ | (287) | ||||||||||
| Capital expenditures | (294) | (341) | (305) | (364) | (350) | (357) | (320) | (282) | ||||||||||||||||||
| Net cash provided by (used in) financing activities | $ | 37 | $ | 272 | $ | (285) | $ | 4 | $ | 461 | $ | 263 | $ | 148 | $ | 9 | ||||||||||
| Cash dividends paid | (67) | (71) | (70) | (70) | (70) | (71) | (70) | (70) | ||||||||||||||||||
| Effect of exchange rate changes on cash | $ | (7) | $ | — | $ | 18 | $ | 6 | $ | 3 | $ | 2 | $ | (10) | $ | (22) | ||||||||||
| Net change in cash and cash equivalents | $ | (27) | $ | (26) | $ | 24 | $ | (125) | $ | 121 | $ | — | $ | 7 | $ | (15) | ||||||||||
| Short-term debt | $ | 847 | $ | 1,234 | $ | 1,041 | $ | 1,154 | $ | 760 | $ | 1,202 | $ | 1,021 | $ | 512 | ||||||||||
| Long-term debt (including current portion) | 3,378 | 3,363 | 3,370 | 3,415 | 4,294 | 4,321 | 4,834 | 5,402 | ||||||||||||||||||
| Cash & cash equivalents | 273 | 259 | 286 | 153 | 277 | 282 | 294 | 273 | ||||||||||||||||||
| Net debt | $ | 3,952 | $ | 4,338 | $ | 4,125 | $ | 4,416 | $ | 4,777 | $ | 5,241 | $ | 5,561 | $ | 5,641 | ||||||||||
Segment Contributions (in millions) | ||||||||||||||||||||||||||
| Phosphate | $ | 1,165 | $ | 1,099 | $ | 1,173 | $ | 1,290 | $ | 1,015 | $ | 1,426 | $ | 1,246 | $ | 1,295 | ||||||||||
| Potash | 557 | 570 | 710 | 695 | 686 | 667 | 650 | 644 | ||||||||||||||||||
| Mosaic Fertilizantes | 1,088 | 934 | 1,175 | 1,592 | 1,146 | 937 | 1,034 | 1,254 | ||||||||||||||||||
Corporate and Other(c) | 6 | 18 | (53) | (125) | 127 | (32) | (106) | (92) | ||||||||||||||||||
| Total net sales | $ | 2,816 | $ | 2,621 | $ | 3,005 | $ | 3,452 | $ | 2,974 | $ | 2,998 | $ | 2,824 | $ | 3,101 | ||||||||||
| Phosphate | $ | 44 | $ | 139 | $ | (8) | $ | 102 | $ | (98) | $ | (48) | $ | (104) | $ | (194) | ||||||||||
| Potash | 123 | 157 | 194 | 229 | 58 | 177 | 195 | 189 | ||||||||||||||||||
| Mosaic Fertilizantes | 79 | 98 | 109 | 96 | (26) | (422) | (41) | (21) | ||||||||||||||||||
Corporate and Other(c) | (146) | (56) | (51) | (88) | (34) | (79) | (86) | (70) | ||||||||||||||||||
| Consolidated operating earnings | $ | 100 | $ | 338 | $ | 244 | $ | 339 | $ | (100) | $ | (372) | $ | (36) | $ | (96) | ||||||||||
Phosphate(d) | 1,622 | 1,498 | 1,546 | 1,571 | 1,330 | 1,936 | 1,406 | 1,403 | ||||||||||||||||||
Potash(d) | 2,239 | 2,113 | 2,343 | 2,279 | 2,233 | 2,159 | 2,019 | 2,068 | ||||||||||||||||||
| Mosaic Fertilizantes | 2,240 | 1,847 | 2,232 | 2,803 | 2,075 | 1,618 | 1,520 | 1,894 | ||||||||||||||||||
| Corporate and Other | 432 | 361 | 301 | 232 | 540 | 379 | 368 | 168 | ||||||||||||||||||
Total finished product tonnes sold ('000 tonnes) | 6,533 | 5,819 | 6,422 | 6,885 | 6,178 | 6,092 | 5,313 | 5,533 | ||||||||||||||||||
Sales of Performance Products ('000 tonnes)(e) | 1,135 | 681 | 900 | 996 | 520 | 501 | 626 | 487 | ||||||||||||||||||
The Mosaic Company - Phosphate Segment
Selected Calendar Quarter Financial Information
(Unaudited)
| Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 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 | $ | 1,142 | ||||||||||||
| Net Sales - Other revenue | 153 | 145 | 172 | 143 | 162 | 186 | 153 | |||||||||||||||||||
| Net Sales | $ | 1,165 | $ | 1,099 | $ | 1,173 | $ | 1,290 | $ | 1,015 | $ | 1,426 | $ | 1,246 | $ | 1,295 | ||||||||||
| Cost of Goods Sold | 1,027 | 932 | 1,070 | 1,146 | 992 | 1,423 | 1,251 | 1,443 | ||||||||||||||||||
| Gross Margin | $ | 138 | $ | 167 | $ | 103 | $ | 144 | $ | 23 | $ | 3 | $ | (5) | $ | (148) | ||||||||||
| Notable Items Included in Gross Margin | (53) | — | — | (14) | — | — | (7) | (15) | ||||||||||||||||||
Adjusted Gross Margin(b) | $ | 191 | $ | 167 | $ | 103 | $ | 158 | $ | 23 | $ | 3 | $ | 2 | $ | (133) | ||||||||||
| SG&A | 10 | 12 | 13 | 10 | 11 | 13 | 12 | 16 | ||||||||||||||||||
| Other operating (income) expense | 84 | 16 | 98 | 32 | 110 | 38 | 87 | 30 | ||||||||||||||||||
| Operating Earnings | $ | 44 | $ | 139 | $ | (8) | $ | 102 | $ | (98) | $ | (48) | $ | (104) | $ | (194) | ||||||||||
| Plus: Depreciation, Depletion and Amortization | 143 | 113 | 129 | 129 | 130 | 151 | 133 | 151 | ||||||||||||||||||
| Plus: Accretion Expense | 25 | 25 | 26 | 26 | 25 | 26 | 26 | 26 | ||||||||||||||||||
| Plus: Foreign Exchange Gain (Loss) | (4) | (3) | (7) | 10 | (3) | (1) | (6) | 1 | ||||||||||||||||||
| Plus: Other Income (Expense) | 517 | — | (8) | (4) | 5 | (9) | (2) | (12) | ||||||||||||||||||
| Less: Earnings (Loss) from Consolidated Noncontrolling Interests | (4) | 8 | 10 | 11 | — | 4 | 9 | 7 | ||||||||||||||||||
| Plus: Notable Items | (388) | 10 | 95 | 28 | 85 | — | 90 | 84 | ||||||||||||||||||
Adjusted EBITDA(b) | $ | 341 | $ | 276 | $ | 217 | $ | 280 | $ | 144 | $ | 115 | $ | 128 | $ | 49 | ||||||||||
| Capital expenditures | $ | 160 | $ | 236 | $ | 185 | $ | 221 | $ | 207 | $ | 222 | $ | 201 | $ | 157 | ||||||||||
| Gross Margin $ / tonne of finished product | $ | 85 | $ | 111 | $ | 67 | $ | 92 | $ | 17 | $ | 2 | $ | (4) | $ | (105) | ||||||||||
| Adjusted Gross Margin $ / tonne of finished product | $ | 118 | $ | 111 | $ | 67 | $ | 101 | $ | 17 | $ | 2 | $ | 1 | $ | (95) | ||||||||||
| Gross margin as a percent of sales | 12 | % | 15 | % | 9 | % | 11 | % | 2 | % | — | % | — | % | (11) | % | ||||||||||
| Freight included in finished goods COGS | $ | 83 | $ | 84 | $ | 93 | $ | 97 | $ | 85 | $ | 115 | $ | 97 | $ | 92 | ||||||||||
| Idle/Turnaround and unabsorbed fixed production costs (excluding notable items) | $ | 24 | $ | 44 | $ | 84 | $ | 42 | $ | 67 | $ | 50 | $ | 60 | $ | 77 | ||||||||||
| Operating Data | ||||||||||||||||||||||||||
Sales volumes ('000 tonnes)(d) | ||||||||||||||||||||||||||
| DAP/MAP | 749 | 846 | 711 | 760 | 618 | 1,116 | 777 | 898 | ||||||||||||||||||
Performance products(f) | 814 | 587 | 773 | 750 | 640 | 720 | 513 | 405 | ||||||||||||||||||
Other products(i) | 59 | 65 | 62 | 61 | 72 | 100 | 116 | 100 | ||||||||||||||||||
Total Finished Product(d) | 1,622 | 1,498 | 1,546 | 1,571 | 1,330 | 1,936 | 1,406 | 1,403 | ||||||||||||||||||
DAP selling price (fob plant)(q) | $ | 593 | $ | 623 | $ | 668 | $ | 714 | $ | 686 | $ | 668 | $ | 773 | $ | 838 | ||||||||||
| Average finished product selling price(g) | $ | 606 | $ | 632 | $ | 665 | $ | 712 | $ | 656 | $ | 653 | $ | 754 | $ | 814 | ||||||||||
Production Volumes ('000 tonnes) | ||||||||||||||||||||||||||
Total tonnes produced(h) | 1,413 | 1,423 | 1,505 | 1,678 | 1,666 | 1,641 | 1,433 | 1,289 | ||||||||||||||||||
| Operating Rate | 58 | % | 58 | % | 61 | % | 68 | % | 67 | % | 66 | % | 58 | % | 52 | % | ||||||||||
| Raw Materials | ||||||||||||||||||||||||||
| Ammonia used in production (tonnes) | $ | 228 | $ | 214 | $ | 226 | $ | 255 | $ | 251 | $ | 263 | $ | 217 | $ | 198 | ||||||||||
| Sulfur used in production | $ | 694 | $ | 661 | $ | 732 | $ | 772 | $ | 799 | $ | 762 | $ | 659 | $ | 569 | ||||||||||
Realized costs ($/tonne) | ||||||||||||||||||||||||||
Ammonia (tonne)(j) | $ | 435 | $ | 416 | $ | 445 | $ | 455 | $ | 550 | $ | 626 | $ | 621 | $ | 619 | ||||||||||
Sulfur (long ton)(k) | $ | 127 | $ | 157 | $ | 209 | $ | 272 | $ | 306 | $ | 379 | $ | 522 | $ | 715 | ||||||||||
| Blended rock | $ | 87 | $ | 77 | $ | 74 | $ | 80 | $ | 84 | $ | 86 | $ | 90 | $ | 91 | ||||||||||
Phosphate cash conversion costs/production tonne(r) | $ | 118 | $ | 134 | $ | 126 | $ | 131 | $ | 112 | $ | 124 | $ | 129 | $ | 117 | ||||||||||
Cash costs of U.S. mined rock/production tonne(s) | $ | 52 | $ | 54 | $ | 51 | $ | 62 | $ | 58 | $ | 63 | $ | 62 | $ | 67 | ||||||||||
| ARO cash spending (in millions) | $ | 72 | $ | 70 | $ | 79 | $ | 60 | $ | 66 | $ | 51 | $ | 53 | $ | 37 | ||||||||||
The Mosaic Company - Potash Segment
Selected Calendar Quarter Financial Information
(Unaudited)
| Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | |||||||||||||||||||
Net Sales and Gross Margin (in millions, except per tonne) | ||||||||||||||||||||||||||
| Segment income statement | ||||||||||||||||||||||||||
| Net Sales - Finished Goods | $ | 495 | $ | 641 | $ | 633 | $ | 614 | $ | 598 | $ | 566 | $ | 580 | ||||||||||||
| Net Sales - Other revenue | 75 | 69 | 62 | 72 | 69 | 84 | 64 | |||||||||||||||||||
| Net Sales | $ | 557 | $ | 570 | $ | 710 | $ | 695 | $ | 686 | $ | 667 | $ | 650 | $ | 644 | ||||||||||
| Cost of Goods Sold | 434 | 402 | 501 | 459 | 430 | 476 | 443 | 444 | ||||||||||||||||||
| Gross Margin | $ | 123 | $ | 168 | $ | 209 | $ | 236 | $ | 256 | $ | 191 | $ | 207 | $ | 200 | ||||||||||
| Notable Items Included in Gross Margin | — | — | — | — | — | — | — | — | ||||||||||||||||||
Adjusted Gross Margin(b) | $ | 123 | $ | 168 | $ | 209 | $ | 236 | $ | 256 | $ | 191 | $ | 207 | $ | 200 | ||||||||||
| SG&A | 8 | 8 | 8 | 6 | 8 | 9 | 7 | 7 | ||||||||||||||||||
| Other operating (income) expense | (8) | 3 | 7 | 1 | 190 | 5 | 5 | 4 | ||||||||||||||||||
| Operating Earnings | $ | 123 | $ | 157 | $ | 194 | $ | 229 | $ | 58 | $ | 177 | $ | 195 | $ | 189 | ||||||||||
| Plus: Depreciation, Depletion and Amortization | 93 | 81 | 79 | 93 | 83 | 90 | 76 | 91 | ||||||||||||||||||
| Plus: Accretion Expense | 2 | 3 | 3 | 3 | 3 | 4 | 4 | 3 | ||||||||||||||||||
| Plus: Foreign Exchange Gain (Loss) | (185) | 13 | 82 | (56) | 46 | (56) | (95) | 33 | ||||||||||||||||||
| Plus: Other Income (Expense) | 1 | (1) | 1 | 3 | 1 | 3 | 1 | — | ||||||||||||||||||
| Plus: Notable Items | 178 | (13) | (81) | 57 | 145 | 57 | 97 | (32) | ||||||||||||||||||
Adjusted EBITDA(b) | $ | 212 | $ | 240 | $ | 278 | $ | 329 | $ | 336 | $ | 275 | $ | 278 | $ | 284 | ||||||||||
| Capital expenditures | $ | 65 | $ | 45 | $ | 73 | $ | 72 | $ | 53 | $ | 49 | $ | 68 | $ | 53 | ||||||||||
| Gross Margin $ / tonne of finished product | $ | 55 | $ | 80 | $ | 89 | $ | 104 | $ | 115 | $ | 88 | $ | 103 | $ | 97 | ||||||||||
| Adjusted Gross Margin $ / tonne of finished product | $ | 55 | $ | 80 | $ | 89 | $ | 104 | $ | 115 | $ | 88 | $ | 103 | $ | 97 | ||||||||||
| Gross margin as a percent of sales | 22 | % | 29 | % | 29 | % | 34 | % | 37 | % | 29 | % | 32 | % | 31 | % | ||||||||||
| Supplemental Cost Information | ||||||||||||||||||||||||||
| Canadian resource taxes | $ | 56 | $ | 47 | $ | 62 | $ | 87 | $ | 77 | $ | 67 | $ | 70 | $ | 85 | ||||||||||
| Royalties | $ | 10 | $ | 9 | $ | 10 | $ | 12 | $ | 11 | $ | 12 | $ | 10 | $ | 11 | ||||||||||
Freight expense(l) | $ | 60 | $ | 74 | $ | 74 | $ | 66 | $ | 73 | $ | 76 | $ | 76 | $ | 60 | ||||||||||
| Idle/Turnaround and unabsorbed fixed production costs (excluding notable items) | $ | 6 | $ | 1 | $ | 34 | $ | 16 | $ | 8 | $ | 5 | $ | 26 | $ | 20 | ||||||||||
| Operating Data | ||||||||||||||||||||||||||
Sales volumes ('000 tonnes)(d) | ||||||||||||||||||||||||||
| MOP | 2,064 | 1,947 | 2,122 | 2,110 | 2,083 | 1,971 | 1,892 | 2,009 | ||||||||||||||||||
Performance products(m) | 168 | 159 | 214 | 162 | 143 | 181 | 122 | 53 | ||||||||||||||||||
Other products(i) | 7 | 7 | 7 | 7 | 7 | 7 | 5 | 6 | ||||||||||||||||||
Total Finished Product(d) | 2,239 | 2,113 | 2,343 | 2,279 | 2,233 | 2,159 | 2,019 | 2,068 | ||||||||||||||||||
| Crop Nutrients North America | 779 | 863 | 752 | 649 | 679 | 712 | 670 | 556 | ||||||||||||||||||
| Crop Nutrients International | 1,341 | 1,126 | 1,439 | 1,497 | 1,412 | 1,280 | 1,192 | 1,368 | ||||||||||||||||||
| Non-Agricultural | 119 | 124 | 152 | 133 | 142 | 167 | 157 | 144 | ||||||||||||||||||
Total Finished Product(d) | 2,239 | 2,113 | 2,343 | 2,279 | 2,233 | 2,159 | 2,019 | 2,068 | ||||||||||||||||||
MOP selling price (fob mine)(o) | $ | 199 | $ | 223 | $ | 261 | $ | 271 | $ | 264 | $ | 265 | $ | 275 | $ | 276 | ||||||||||
| Average finished product selling price(g) | $ | 214 | $ | 234 | $ | 274 | $ | 278 | $ | 275 | $ | 277 | $ | 280 | $ | 280 | ||||||||||
Production Volumes ('000 tonnes) | ||||||||||||||||||||||||||
| Production Volume | 2,332 | 2,256 | 2,094 | 2,258 | 2,189 | 2,209 | 1,845 | 2,103 | ||||||||||||||||||
| Operating Rate | 81 | % | 78 | % | 73 | % | 79 | % | 76 | % | 77 | % | 64 | % | 73 | % | ||||||||||
MOP cash costs of production / production tonne(n) | $ | 73 | $ | 78 | $ | 75 | $ | 71 | $ | 77 | $ | 84 | $ | 84 | $ | 73 | ||||||||||
| ARO cash spending (in millions) | $ | 3 | $ | 1 | $ | 3 | $ | 2 | $ | 4 | $ | 1 | $ | 2 | $ | 1 | ||||||||||
| Average CAD / USD | $ | 1.399 | $ | 1.434 | $ | 1.384 | $ | 1.377 | $ | 1.394 | $ | 1.372 | $ | 1.384 | $ | 1.399 | ||||||||||
The Mosaic Company - Mosaic Fertilizantes Segment
Selected Calendar Quarter Financial Information
(Unaudited)
| Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 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 | $ | 1,184 | ||||||||||||
| Net Sales - Other revenue | 100 | 116 | 140 | 122 | 85 | 145 | 70 | |||||||||||||||||||
| Net Sales | $ | 1,088 | $ | 934 | $ | 1,175 | $ | 1,592 | $ | 1,146 | $ | 937 | $ | 1,034 | $ | 1,254 | ||||||||||
| Cost of Goods Sold | 986 | 807 | 1,013 | 1,410 | 1,125 | 902 | 1,028 | 1,227 | ||||||||||||||||||
| Gross Margin | $ | 102 | $ | 127 | $ | 162 | $ | 182 | $ | 21 | $ | 35 | $ | 6 | $ | 27 | ||||||||||
| Notable Items Included in Gross Margin | 9 | — | — | (7) | — | (26) | (26) | — | ||||||||||||||||||
Adjusted Gross Margin(b) | $ | 93 | $ | 127 | $ | 162 | $ | 189 | $ | 21 | $ | 61 | $ | 32 | $ | 27 | ||||||||||
| SG&A | 16 | 23 | 61 | 32 | 32 | 36 | 32 | 33 | ||||||||||||||||||
| Other operating (income) expense | 7 | 6 | (8) | 54 | 15 | 421 | 15 | 15 | ||||||||||||||||||
| Operating Earnings | $ | 79 | $ | 98 | $ | 109 | $ | 96 | $ | (26) | $ | (422) | $ | (41) | $ | (21) | ||||||||||
| Plus: Depreciation, Depletion and Amortization | 40 | 38 | 44 | 46 | 46 | 66 | 74 | 40 | ||||||||||||||||||
| Plus: Accretion Expense | 4 | 4 | 4 | 4 | 4 | 5 | 4 | 4 | ||||||||||||||||||
| Plus: Foreign Exchange Gain (Loss) | (84) | 41 | (17) | (19) | (57) | 30 | 2 | 2 | ||||||||||||||||||
| Plus: Other Income (Expense) | (2) | (1) | (1) | (1) | (2) | (2) | (2) | (1) | ||||||||||||||||||
| Less: Earnings (Loss) from Consolidated Noncontrolling Interests | 1 | 1 | (1) | 1 | 1 | — | (2) | — | ||||||||||||||||||
| Plus: Notable Items | 46 | (57) | 19 | 116 | 81 | 402 | 21 | 17 | ||||||||||||||||||
Adjusted EBITDA(b) | $ | 82 | $ | 122 | $ | 159 | $ | 241 | $ | 45 | $ | 79 | $ | 60 | $ | 41 | ||||||||||
| Capital expenditures | $ | 64 | $ | 59 | $ | 46 | $ | 70 | $ | 85 | $ | 86 | $ | 47 | $ | 69 | ||||||||||
| Gross Margin $ / tonne of finished product | $ | 46 | $ | 69 | $ | 73 | $ | 65 | $ | 10 | $ | 22 | $ | 4 | $ | 14 | ||||||||||
| Adjusted Gross Margin $ / tonne of finished product | $ | 42 | $ | 69 | $ | 73 | $ | 67 | $ | 10 | $ | 38 | $ | 21 | $ | 14 | ||||||||||
| Gross margin as a percent of sales | 9 | % | 14 | % | 14 | % | 11 | % | 2 | % | 4 | % | 1 | % | 2 | % | ||||||||||
| Idle/Turnaround and unabsorbed fixed production costs (excluding notable items) | $ | 18 | $ | 13 | $ | 26 | $ | 27 | $ | 62 | $ | 24 | $ | 61 | $ | 70 | ||||||||||
| Operating Data | ||||||||||||||||||||||||||
Sales volumes ('000 tonnes) | ||||||||||||||||||||||||||
| Fertilizer produced in Brazil sold to third parties | 461 | 331 | 387 | 363 | 289 | 282 | 265 | 116 | ||||||||||||||||||
| Fertilizer produced in Brazil sold through distribution | 207 | 358 | 666 | 685 | 290 | 300 | 391 | 291 | ||||||||||||||||||
| Purchased nutrients for distribution(p) | 1,572 | 1,158 | 1,179 | 1,755 | 1,496 | 1,036 | 864 | 1,487 | ||||||||||||||||||
| Total Finished Product | 2,240 | 1,847 | 2,232 | 2,803 | 2,075 | 1,618 | 1,520 | 1,894 | ||||||||||||||||||
Sales of Performance Products ('000 tonnes)(e) | 307 | 93 | 252 | 441 | 253 | 134 | 262 | 328 | ||||||||||||||||||
| Brazil MAP price (Brazil production delivered price to third party) | $ | 632 | $ | 681 | $ | 729 | $ | 738 | $ | 717 | $ | 728 | $ | 835 | $ | 850 | ||||||||||
| Average finished product selling price(g) | $ | 433 | $ | 452 | $ | 474 | $ | 518 | $ | 493 | $ | 527 | $ | 585 | $ | 625 | ||||||||||
Production Volumes ('000 tonnes) | ||||||||||||||||||||||||||
| Phosphate tonnes produced | 781 | 778 | 843 | 834 | 683 | 656 | 466 | 273 | ||||||||||||||||||
| MOP tonnes produced | 108 | 97 | 122 | 104 | 27 | — | — | — | ||||||||||||||||||
| Phosphate operating rate | 78 | % | 78 | % | 84 | % | 84 | % | 68 | % | 66 | % | 47 | % | 27 | % | ||||||||||
| Potash operating rate | 88 | % | 78 | % | 98 | % | 83 | % | 22 | % | — | % | — | % | — | % | ||||||||||
| Realized Costs ($/tonne) | ||||||||||||||||||||||||||
| Ammonia/tonne | $ | 628 | $ | 684 | $ | 601 | $ | 576 | $ | 638 | $ | 722 | $ | 815 | $ | 926 | ||||||||||
| Sulfur (long ton) | $ | 177 | $ | 219 | $ | 270 | $ | 325 | $ | 371 | $ | 466 | $ | 516 | $ | 723 | ||||||||||
| Blended rock | $ | 109 | $ | 97 | $ | 94 | $ | 99 | $ | 98 | $ | 104 | $ | 105 | $ | 121 | ||||||||||
Purchases ('000 tonnes) | ||||||||||||||||||||||||||
| DAP/MAP from Mosaic | 54 | 62 | 21 | 45 | 5 | 38 | 81 | 102 | ||||||||||||||||||
| MicroEssentials® from Mosaic | 195 | 120 | 282 | 270 | 211 | 310 | 223 | 96 | ||||||||||||||||||
| Potash from Mosaic/Canpotex | 419 | 355 | 507 | 919 | 238 | 542 | 660 | 252 | ||||||||||||||||||
| Phosphate cash conversion costs in USD, production / tonne(r) | $ | 85 | $ | 87 | $ | 84 | $ | 99 | $ | 113 | $ | 113 | $ | 141 | $ | 147 | ||||||||||
| Potash cash conversion costs in USD, production / tonne | $ | 151 | $ | 187 | $ | 178 | $ | 240 | $ | 286 | $ | — | $ | — | $ | — | ||||||||||
| Mined rock costs in USD, cash produced / tonne | $ | 93 | $ | 87 | $ | 90 | $ | 91 | $ | 88 | $ | 116 | $ | 106 | $ | 161 | ||||||||||
| ARO cash spending (in millions) | $ | 5 | $ | 1 | $ | 1 | $ | 1 | $ | 1 | $ | 1 | $ | 1 | $ | 2 | ||||||||||
| Average BRL / USD | $ | 5.842 | $ | 5.853 | $ | 5.669 | $ | 5.445 | $ | 5.396 | $ | 5.264 | $ | 5.051 | $ | 5.137 | ||||||||||
The Mosaic Company - Corporate and Other Segment
Selected Calendar Quarter Financial Information
(Unaudited)
| Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | |||||||||||||||||||
Net Sales and Gross Margin (in millions) | ||||||||||||||||||||||||||
| Segment income statement | ||||||||||||||||||||||||||
| Net Sales | $ | 6 | $ | 18 | $ | (53) | $ | (125) | $ | 127 | $ | (32) | $ | (106) | $ | (92) | ||||||||||
| Cost of Goods Sold | 67 | (8) | (97) | (115) | 84 | (39) | (112) | (97) | ||||||||||||||||||
| Gross Margin (Loss) | $ | (61) | $ | 26 | $ | 44 | $ | (10) | $ | 43 | $ | 7 | $ | 6 | $ | 5 | ||||||||||
| Notable Items Included in Gross Margin | (80) | 59 | 51 | (27) | 2 | (2) | — | — | ||||||||||||||||||
Adjusted Gross Margin (Loss)(b) | $ | 19 | $ | (33) | $ | (7) | $ | 17 | $ | 41 | $ | 9 | $ | 6 | $ | 5 | ||||||||||
| SG&A | 79 | 80 | 85 | 78 | 68 | 78 | 80 | 69 | ||||||||||||||||||
| Other operating (income) expense | 6 | 2 | 10 | — | 9 | 8 | 12 | 6 | ||||||||||||||||||
| Operating Earnings (Loss) | $ | (146) | $ | (56) | $ | (51) | $ | (88) | $ | (34) | $ | (79) | $ | (86) | $ | (70) | ||||||||||
| Plus: Depreciation, Depletion and Amortization | 7 | 11 | 10 | 9 | 9 | 10 | 9 | 10 | ||||||||||||||||||
| Plus: Share-Based Compensation Expense | 7 | 10 | 7 | 7 | 6 | 10 | 8 | 5 | ||||||||||||||||||
| Plus: Foreign Exchange Gain (Loss) | (145) | 82 | 111 | 64 | (15) | 64 | 60 | 2 | ||||||||||||||||||
| Plus: Other Income (Expense) | 39 | (116) | 213 | 308 | (89) | 113 | (160) | 28 | ||||||||||||||||||
| Plus: Earnings (Loss) from equity investments | — | — | 2 | — | — | — | — | — | ||||||||||||||||||
| Less: Earnings (Loss) from Consolidated Noncontrolling Interests | (1) | 2 | — | — | — | — | (1) | — | ||||||||||||||||||
| Plus: Notable Items | 196 | (23) | (380) | (344) | 103 | (171) | 109 | (25) | ||||||||||||||||||
Adjusted EBITDA(b) | $ | (41) | $ | (94) | $ | (88) | $ | (44) | $ | (20) | $ | (53) | $ | (59) | $ | (50) | ||||||||||
| Elimination of profit in inventory included in COGS | $ | 7 | $ | (49) | $ | — | $ | 15 | $ | 21 | $ | 5 | $ | 5 | $ | 9 | ||||||||||
| Unrealized gain (loss) on derivatives included in COGS | $ | (80) | $ | 59 | $ | 51 | $ | 27 | $ | 2 | $ | (4) | $ | — | $ | — | ||||||||||
The Mosaic Company
Selected Calendar Quarter Financial Information
(Unaudited)
Notable Items
| Q3 2026 | ||||||||||||||||||||||||||
| 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) | $ | 32 | $ | (8) | $ | 0.07 | ||||||||||||||||||
| Unrealized gain (loss) on derivatives | Corporate and Other | Cost of goods sold | — | — | — | |||||||||||||||||||||
| Closed and indefinitely idled facility costs | Phosphate | Other operating income (expense) | (14) | 4 | (0.03) | |||||||||||||||||||||
| Closed and indefinitely idled facility costs | Brazil | Other operating income (expense) | (14) | 4 | (0.03) | |||||||||||||||||||||
| Ma'aden mark-to-market | Corporate and Other | Other non-operating income (expense) | 39 | (10) | 0.09 | |||||||||||||||||||||
| Realized gain (loss) on RCRA Trust Securities | Phosphate | Other non-operating income (expense) | (12) | 3 | (0.03) | |||||||||||||||||||||
| Environmental reserves | Phosphate | Other operating income (expense)/NCI | (42) | 11 | (0.10) | |||||||||||||||||||||
| Restructuring and cost reduction | Consolidated | Other operating income (expense)/SG&A | (12) | 3 | (0.03) | |||||||||||||||||||||
| Land reclamation | Phosphate | Cost of goods sold/Other Operating income/(expense) | (17) | 5 | (0.03) | |||||||||||||||||||||
| YTD tax rate adjustment | Consolidated | (Provision for) benefit from income taxes | — | 25 | 0.08 | |||||||||||||||||||||
| Loss on debt extinguishment | Corporate | Other non-operating income (expense) | (13) | 3 | (0.03) | |||||||||||||||||||||
| Total Notable Items | $ | (53) | $ | 40 | $ | (0.04) | ||||||||||||||||||||
| Q2 2026 | ||||||||||||||||||||||||||
| 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) | $ | (49) | $ | 18 | $ | (0.10) | ||||||||||||||||||
| Closed and indefinitely idled facility costs | Phosphate | Other operating income (expense) | (15) | 2 | (0.03) | |||||||||||||||||||||
| Closed and indefinitely idled facility costs | Brazil | Other operating income (expense) | (13) | 1 | (0.03) | |||||||||||||||||||||
| Ma'aden mark-to-market | Corporate and Other | Other non-operating income (expense) | (162) | 26 | (0.43) | |||||||||||||||||||||
| Realized gain (loss) on RCRA Trust Securities | Phosphate | Other non-operating income (expense) | (1) | — | — | |||||||||||||||||||||
| Loss on assets held for sale/transaction costs | Potash/Corporate | Loss on assets sold and to be sold/SG&A | (9) | 2 | (0.03) | |||||||||||||||||||||
| Accelerated depreciation | Brazil | Cost of goods sold | (26) | 2 | (0.08) | |||||||||||||||||||||
| Land Reclamation - ARO | Phosphate | Cost of goods sold | (7) | 2 | (0.02) | |||||||||||||||||||||
| Asset write-off | Phosphate | Other operating income (expense) | (69) | 14 | (0.17) | |||||||||||||||||||||
| Income tax adjustment | Consolidated | (Provision for) benefit from income taxes | — | (31) | (0.10) | |||||||||||||||||||||
| Total Notable Items | $ | (351) | $ | 36 | $ | (0.99) | ||||||||||||||||||||
| Q1 2026 | ||||||||||||||||||||||||||
| 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) | $ | 24 | $ | (2) | $ | 0.06 | ||||||||||||||||||
| Unrealized gain (loss) on derivatives | Corporate and Other | Cost of goods sold | (2) | — | — | |||||||||||||||||||||
| Closed and indefinitely idled facility costs | Phosphate | Other operating income (expense) | (15) | 1 | (0.04) | |||||||||||||||||||||
| Ma'aden mark-to-market | Corporate and Other | Other non-operating income (expense) | 112 | (8) | 0.33 | |||||||||||||||||||||
| Realized gain (loss) on RCRA Trust Securities | Phosphate | Other non-operating income (expense) | (2) | — | (0.01) | |||||||||||||||||||||
| Environmental reserves | Phosphate | Other operating income (expense)/Noncontrolling Interest | (21) | 1 | (0.06) | |||||||||||||||||||||
| Gain on sale of land | Phosphate | Other operating income (expense) | 31 | (2) | 0.09 | |||||||||||||||||||||
| Loss on assets held for sale and other assets | Brazil | Loss on assets to be sold/Other operating income (expense) | (302) | 59 | (0.76) | |||||||||||||||||||||
| Restructuring and cost reduction actions | Consolidated | Other operating income (expense)/SG&A | (98) | 7 | (0.29) | |||||||||||||||||||||
| Accelerated depreciation | Brazil | Cost of goods sold | (26) | 2 | (0.08) | |||||||||||||||||||||
| Closed and indefinitely idled facility costs | Brazil | Other operating income (expense) | (24) | 2 | (0.07) | |||||||||||||||||||||
| Discrete Tax | Corporate | (Provision for) benefit from income taxes | — | (10) | (0.03) | |||||||||||||||||||||
| Total Notable Items | $ | (323) | $ | 50 | $ | (0.86) | ||||||||||||||||||||
| 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(t) (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 | ||||||||||||||||||||
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.
(u)Other operating expense includes a loss on assets sold and to be sold of approximately $73 million in Q3 2025, $84 million in Q4 2025, $233 million in Q1 2026 and $6 million in Q2 2026.
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) | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | ||||||||||||||||||
| Consolidated Net Income (Loss) | $ | 169 | $ | 238 | $ | 411 | $ | 411 | $ | (519) | $ | (258) | $ | (273) | $ | (72) | ||||||||||
| Less: Consolidated Interest Expense, Net | (47) | (41) | (53) | (46) | (48) | (55) | (63) | (60) | ||||||||||||||||||
| Plus: Consolidated Depreciation, Depletion & Amortization | 283 | 243 | 262 | 277 | 268 | 317 | 292 | 292 | ||||||||||||||||||
| Plus: Accretion Expense | 31 | 32 | 33 | 33 | 32 | 35 | 34 | 33 | ||||||||||||||||||
| Plus: Share-Based Compensation Expense | 7 | 10 | 8 | 7 | 6 | 10 | 8 | 5 | ||||||||||||||||||
| Plus: Consolidated Provision for (Benefit from) Income Taxes | 34 | 63 | 146 | 175 | 256 | (31) | (34) | (38) | ||||||||||||||||||
| Less: Equity in net earnings (loss) of nonconsolidated companies, net of dividends | 9 | — | — | — | — | — | — | — | ||||||||||||||||||
| Plus: Notable Items | 32 | (83) | (347) | (143) | 414 | 288 | 317 | 44 | ||||||||||||||||||
| Consolidated Adjusted EBITDA | $ | 594 | $ | 544 | $ | 566 | $ | 806 | $ | 505 | $ | 416 | $ | 407 | $ | 324 | ||||||||||
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.