The Mosaic Co

Latest Results (12.09.2026):

The Mosaic Co.'s second quarter 2026 results (Q2 2026) showed revenue of $2.8 billion, an operating loss of $36 million and a net loss of $273 million (diluted loss per share $0.86). On an adjusted basis (excluding notable items), Mosaic reported adjusted EBITDA of $407 million and adjusted EPS of $0.13. The quarter was marked by production curtailments, elevated raw material costs (notably sulfur), and $351 million of pre-tax notable items that materially depressed GAAP results.

Key financials

Q2 2026 revenue $2.8B; operating loss $36M; net loss $273M; adjusted EBITDA $407M; adjusted EPS $0.13; diluted loss per share $0.86. Notable items were $351M pre-tax (chiefly $162M Ma’aden mark-to-market, $69M project write-offs, $49M FX).

Cash flow and capital

Cash from operations was $167M in Q2; free cash flow was negative $153M (reflecting capex timing). 2026 capex guidance reduced to $1.2B (from $1.25B). Mosaic completed sale of the Carlsbad potash mine and established a $1B term loan to strengthen liquidity. Dividend of $0.22 per share paid in Q2.

Segment volumes and performance — Potash

Potash sales volumes: 2.0 million tonnes in Q2 2026 (production 1.8 Mt). Potash net sales $650M; operating earnings $195M; segment adjusted EBITDA $278M (flat year-over-year). MOP realized FOB mine price ~$275/tonne; Q3 guidance MOP price $270–$290/tonne and sales volumes 2.0–2.2 Mt. Full-year potash production guidance ~9.0 Mt (weighted to H2).

Segment volumes and performance — Phosphate

Phosphate sales volumes: 1.4 million tonnes in Q2 2026 after a partial curtailment. Net sales $1.25B; operating loss $104M; segment adjusted EBITDA $128M (down vs. prior year). DAP FOB plant price averaged $773/tonne in Q2; Q3 DAP guidance $820–$840/tonne. Higher raw-material costs (sulfur, ammonia) and lower absorption from reduced operating rates weighed on margins.

Mosaic Fertilizantes (Brazil)

Sales volumes 1.5 Mt in Q2 (down from 2.2 Mt YoY) and net sales $1.03B. Operating loss $41M; adjusted EBITDA $60M. Brazilian commodity fertilizer production curtailed due to sulfur affordability/availability (animal feed at Cajati remains operational). Q3 segment EBITDA expected below Q2.

Raw material and market drivers

Q2 average sulfur cost $522/long ton and ammonia $621/ton; Q3 sulfur contracts settled at $705/long ton (U.S. Gulf Coast) — impact will mainly show in Q4. Company cites temporary but uncertain raw-material disruptions, ongoing production curtailments industry-wide, and constructive phosphate/potash market fundamentals supporting pricing.

Notable items and tax

Pre-tax notable items of $351M in Q2 reduced GAAP EPS by $0.99; main items included Ma’aden mark-to-market (-$162M), non‑cash project write-offs (-$69M), and foreign currency impacts (-$49M). GAAP effective tax rate 11.2%; adjusted effective tax rate 4.5% (excluding notable items). Cash taxes paid were $45M in the quarter.

Operational actions and outlook

Mosaic reduced phosphate production (Faustina idled; Bartow operating ~40%), implemented cost savings, reallocated underperforming capital, and expects lower unit costs as volumes recover. Q3 guidance: phosphate sales 1.1–1.4 Mt; potash sales 2.0–2.2 Mt. Full-year targets include potash production ~9.0 Mt and capex ~$1.2B. SG&A guidance for 2026 narrowed to $510–$530M.

Mosaic Biosciences and strategic items

Mosaic Biosciences reported Q2 net sales of $25M and expects to roughly double 2026 sales vs. 2025 ($68M). Company continues strategic alternatives for Araxá and Patrocínio assets in Brazil.