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The Mosaic Company (MOS) investor relations material
The Mosaic Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 net income reached $411 million and adjusted EBITDA was $806 million, both significantly higher year-over-year, driven by strong performance in Brazil, robust global potash demand, and improved phosphate and potash operations.
Net sales for Q3 2025 were $3.45 billion, up 23% year-over-year, with all segments contributing to improved results and a $308 million unrealized gain on Ma'aden shares.
Major investments in asset health and operational efficiency led to three consecutive quarters of phosphate production growth and near-record potash production.
Strategic asset sales, including Patos de Minas and Taquari, generated $138 million in proceeds, reduced future liabilities, and reflect a focus on capital reallocation toward higher-return opportunities.
Cost discipline initiatives achieved $150 million in savings, targeting $250 million by end of 2026.
Financial highlights
Q3 2025 adjusted EBITDA rose to $806 million from $448 million year-over-year; net income increased to $411 million from $122 million.
Net sales were $3.45 billion, up from $2.8 billion in Q3 2024.
Diluted EPS for Q3 2025 was $1.29, up from $0.38 in Q3 2024; adjusted EPS was $1.04.
Cash flow from operations was $229 million in Q3, impacted by a $400 million increase in working capital.
Free cash flow was $(135) million, down from $72 million YoY, due to higher working capital and increased capex.
Outlook and guidance
Q4 2025 phosphate sales expected between 1.7–1.9 million tonnes, DAP prices $700–$730/tonne; potash sales 2.3–2.6 million tonnes, MOP prices $270–$280/tonne.
Full-year 2025: phosphate production 6.3–6.5 million tonnes, potash 9.1–9.4 million tonnes, Fertilizantes sales 9.4–9.6 million tonnes, capex ~$1.3 billion.
Q4 earnings anticipated to exceed prior year, despite seasonally slower activity; Mosaic Fertilizantes Q4 adjusted EBITDA expected at ~$100 million.
Free cash flow conversion expected to rise to 25–30% in 2026 as working capital normalizes and CapEx declines.
Management expects liquidity to remain strong, with a $3.0 billion target liquidity buffer and continued access to credit facilities.
Brazil credit issues: impact and mitigation
Phosphate asset health: cost and sustainability
Next steps for Carlsbad and Niobium assets
What are the key hurdles to consistent phosphate output?
What drives 2026 cash flow improvement?
Why the Q4 Fertilizantes EBITDA drop vs. target?
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Next The Mosaic Company earnings date
Q4 202523 Feb, 2026
Next The Mosaic Company earnings date
Q4 202523 Feb, 2026
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Frequently asked questions
The Mosaic Company produces and markets concentrated phosphate and potash crop nutrients in North America and internationally. The company produces and sells the Company's own branded products, as well as products for other companies. Furthermore, the company markets its products for use on a variety of crops, principally corn, cotton, soybeans, wheat and turf grasses, primarily through retailers and distributors. The company also sells its products directly to end-users such as farmers, golf course superintendents, nurseries and homeowners.
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