The Mosaic Company (MOS) Q1 2026 earnings summary

Executive summary

• Reported a net loss of $258 million for Q1 2026, with consolidated adjusted EBITDA at $416 million and an operating loss of $373 million, driven by higher input costs and $442 million in charges from idling Araxá and Patrocinio in Brazil.

• Strategic actions included production rationalization, cost reductions, asset sales, and capital discipline, with 2026 capex reduced by $250 million to $1.25 billion.

• Potash segment delivered positive operating earnings and EBITDA, while Fertilizantes posted a significant operating loss due to asset impairments and higher costs.

• Volatile business conditions led to production curtailments, especially in phosphate, and working capital management.

Financial highlights

• Q1 2026 net sales were $2,998 million, up 14% year-over-year, but higher costs led to a net loss of $258 million; adjusted EBITDA was $416 million.

• Phosphate: $1.4 billion net sales, $(48) million operating loss, $115 million adjusted EBITDA; Potash: $667 million net sales, $177 million operating earnings, $275 million adjusted EBITDA; Fertilizantes: $937 million net sales, $(422) million operating loss, $79 million adjusted EBITDA.

• Free cash flow for Q1 2026 was $(253) million, reflecting seasonal working capital build; cash flow from operations increased to $104 million.

• Diluted EPS was $(0.81), with adjusted EPS at $0.05 after notable items.

Outlook and guidance

• Q2 2026 guidance: phosphate sales volumes 1.4–1.7 million tonnes, DAP prices $760–$780/tonne; potash sales volumes 1.9–2.1 million tonnes, MOP prices $260–$280/tonne.

• Full-year 2026 guidance: potash production 9.0 million tonnes, capex $1.25 billion; phosphate production guidance withdrawn due to sulfur constraints.

• Mosaic Biosciences expects to launch 8–10 new products in 2026, with revenues projected to double from 2025.