The Mosaic Company (MOS) Q4 2025 earnings summary

Executive summary

• Full-year 2025 net income was $541 million, with adjusted EBITDA of $2.4 billion and revenues of $12.05 billion; Q4 saw a net loss of $519 million due to notable items and weak U.S. phosphate demand.

• Significant operational improvements included strong potash production, improved phosphate output, and $150 million in cost savings ahead of schedule.

• Asset sales and divestitures in 2025 are expected to yield $230 million, reduce asset retirement obligations by $60 million, and allow greater focus on core operations.

• Mosaic Biosciences net sales more than doubled to $68 million in 2025, with five new products launched and another year of doubling targeted for 2026.

• Regular dividend payments totaled $280 million in 2025.

Financial highlights

• Q4 2025 consolidated revenues were $2.97 billion, with full-year revenues at $12.05 billion; Q4 net loss was $519 million, full-year net income $541 million.

• Adjusted EBITDA for Q4 was $505 million; full-year adjusted EBITDA totaled $2.4 billion.

• Free cash flow for 2025 was negative $535 million, reflecting high capital expenditures and inventory build.

• Working capital reduced cash flow by $960 million in 2025, contributing to an $829 million increase in net debt.

• $900 million was raised in November 2025 through 3- and 5-year notes, with proceeds used to retire short-term commercial paper.

Outlook and guidance

• 2026 capital expenditures expected at $1.5 billion, up from $1.36 billion in 2025, mainly for mine and waste management projects.

• 2026 phosphate production volumes projected at or above 7 million tonnes; potash at approximately 9 million tonnes.

• Q1 2026 phosphate sales volumes expected at 1.7–1.9 million tonnes, DAP prices $640–$670/tonne; potash sales volumes 2.0–2.2 million tonnes, MOP prices $255–$275/tonne.

• Free cash flow is expected to improve in 2026 as inventories are released and production recovers, enabling debt reduction and potential for extraordinary shareholder returns.

• $100 million in additional cost savings targeted for 2026.