The Mosaic Company (MOS) Q2 2026 earnings summary

Executive summary

• Q2 2026 consolidated revenues reached $2.824B, with adjusted EBITDA of $407M and a net loss of $273M, compared to net income of $411M in Q2 2025.

• Phosphate and Mosaic Fertilizantes segments posted operating losses, while Potash remained profitable.

• Adjusted EBITDA declined year-over-year due to lower sales volumes and higher raw material costs, partially offset by higher prices.

• Cost-saving initiatives reduced SG&A expenses to $132M, and capital expenditures guidance for 2026 was lowered to $1.2B.

• Market conditions prompted production curtailments and cost management initiatives.

Financial highlights

• Q2 2026 revenues were $2.8B, down from $3.0B in Q2 2025; adjusted EBITDA was $407M, with a consolidated operating loss of $36M.

• Phosphate segment: $1.25B net revenues, $104M operating loss, $128M adjusted EBITDA.

• Potash segment: $650M net revenues, $195M operating earnings, $278M adjusted EBITDA.

• Mosaic Fertilizantes: $1.0B net revenues, $41M operating loss, $60M adjusted EBITDA.

• Free cash flow was $(153)M, compared to $305M in Q2 2025, due to lower EBITDA and timing of capital expenditures.

Outlook and guidance

• Q3 2026 phosphate sales volumes expected at 1.1–1.4M tonnes; DAP prices $820–$840/tonne.

• Q3 2026 potash sales volumes expected at 2.0–2.2M tonnes; MOP prices $270–$290/tonne.

• Full-year 2026: Potash production 9.0M tonnes, CapEx $1.2B, D&A $1.1–$1.2B, SG&A $510–$530M.