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MOSAIC CO0001285785false00012857852025-05-062025-05-0600012857852025-11-042025-11-04

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 4, 2025
 
THE MOSAIC COMPANY
(Exact name of registrant as specified in its charter)
 
 
DE 001-32327 20-1026454
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
101 East Kennedy Blvd.
33602
Suite 2500
Tampa,
Florida
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (800) 918-8270
Not applicable
(Former Name or Former Address, if Changed Since Last Report)  
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.01 per share MOS New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
☐ Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨


Item 2.02. Results of Operations and Financial Condition.
The following information is being “furnished” in accordance with General Instruction B.2. of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing:
Furnished herewith as Exhibit 99.1 and incorporated by reference herein is the text of The Mosaic Company’s (“Mosaic,” and Mosaic and its subsidiaries, individually or in any combination, “we,” “us” or “our”) announcement regarding its earnings and results of operations for the quarter ended September 30, 2025, as presented in a press release issued on November 4, 2025.
Furnished herewith as Exhibit 99.2 and incorporated by reference herein is certain performance data for the period ended September 30, 2025 to be published on Mosaic’s website.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Reference is made to the Exhibit Index hereto with respect to the exhibits furnished herewith. The following exhibits are being “furnished” in accordance with General Instruction B.2. of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.
Exhibit No.   Description
99.1   
99.2
104 Cover Page Interactive Data File, formatted in Inline XBRL
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
THE MOSAIC COMPANY
Date: November 4, 2025 By: /s/ Philip E. Bauer
Name: Philip E. Bauer
Title: Senior Vice President, General Counsel
and Corporate Secretary


EX-99.1 2 pressreleaseq32025-ex991.htm EX-99.1 2025 Q3 EARNINGS RELEASE Document

Exhibit 99.1
image1a31.jpg
    
The Mosaic Company
101 E. Kennedy Blvd., Suite 2500
Tampa, FL 33602
www.mosaicco.com
FOR IMMEDIATE RELEASE
Investors
Joan Tong, CFA
863-640-0826
joan.tong@mosaicco.com
 Jason Tremblay
813-775-4282
jason.tremblay@mosaicco.com
Media
Ben Pratt
813-775-4206
benjamin.pratt@mosaicco.com

THE MOSAIC COMPANY REPORTS THIRD QUARTER 2025 RESULTS
•Net income of $411 million and adjusted EBITDA(1) of $806 million in the third quarter of 2025
•Third quarter phosphate production volumes of 1.7 million tonnes mark the third consecutive quarter of improvement. Production volumes for the trailing three-month period ending in October totaled approximately 1.8 million tonnes
•Potash production volumes trending toward record level in 2025
•Mosaic Fertilizantes’ performance remains strong; operating income of $96 million increased 71% and adjusted EBITDA(1) at $241 million increased 190% versus the prior year quarter
•Completion of the Patos de Minas and Taquari transactions following the close of the quarter generated $63 million in immediate aggregate proceeds
TAMPA, FL, November 4, 2025 - The Mosaic Company (NYSE: MOS), reported net income of $411 million and diluted earnings per share (EPS) of $1.29 for the third quarter of 2025. Adjusted EBITDA(1) was $806 million and adjusted EPS(1) was $1.04 for the quarter.

“Mosaic generated strong earnings despite operational and market challenges in the third quarter,” said President and CEO Bruce Bodine. “Our business in Brazil continued to perform well while navigating the ongoing credit issues in Brazilian agriculture, and we delivered solid performance in our potash business, as strong global demand pushed prices higher. In phosphates, our work to restore asset health has led to three consecutive months of higher production, and now we are focused on driving further improvements and sustainably higher operating rates. With global market access as a strategic advantage, we have the ability to capitalize on constructive agricultural and fertilizer market trends and adapt to shifting market dynamics.”













(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.
(2)See “Notable Items Listing” for additional information.

1

Consolidated Results:
In millions $ except as noted below Q3 2025 Q2 2025 Q3 2024
Net Sales (Billions)
 $3.5 $3.0 $2.8
Selling, General and Administrative Expenses $126 $167 $148
Operating Earnings
$340 $244 $115
Operating Earnings – Phosphate $102 $(8) $8
Operating Earnings – Potash $229 $194 $109
Operating Earnings – Mosaic Fertilizantes $96 $109 $56
Operating Earnings (Loss) – Corporate and Other $(88) $(51) $(58)
Net Income $411 $411 $122
Adjusted EBITDA(1)
 $806 $566 $448
Adjusted EBITDA - Phosphate(1)
 $280 $217 $265
Adjusted EBITDA - Potash(1)
 $329 $278 $180
Adjusted EBITDA – Mosaic Fertilizantes(1)
 $241 $159 $83
Adjusted EBITDA – Corporate and Other(1)
 $(44) $(88) $(80)
Net income of $411 million in the third quarter of 2025 was positively impacted by notable items totaling $135 million, pre-tax, mainly due to a $308 million mark-to-market unrealized gain on the value of the Ma'aden shares (worth approximately $1.9 billion USD at the end of third quarter) partially offset by $173 million of losses driven by a $75 million loss on the treatment of our Taquari mine as an asset held for sale.
Adjusted EBITDA(1) of $806 million in the third quarter of 2025 increased by 80% from the prior year and was driven primarily by the continued outperformance of Mosaic Fertilizantes, and a significant increase in phosphate stripping margins and higher potash prices versus the prior year.
Third quarter selling, general and administrative (SG&A) expense was $126 million, down from $167 million in the second quarter, and from $148 million in the same quarter of the prior year primarily driven by bad debt expenses reported in each of the comparative periods.
The effective tax rate for the third quarter of 2025 was 29.3%. The adjusted effective tax rate was 25.9% excluding one-time net favorable impacts from notable tax items. Cash taxes paid were $89 million. See the table included in the non-GAAP financial measures section of this press release for a reconciliation of the adjusted effective tax rate.
Cash flow from operations was $229 million in the third quarter of 2025 versus $313 million in the same quarter of the prior year, a reduction driven primarily by higher working capital as a result of timing of shipments, higher prices and volumes of product inventories in Brazil, and higher inventories of phosphate rock to support future production plans. Assuming the reversal of these effects, cash flow from operations is expected to improve in the fourth quarter. Capital expenditures for the third quarter were $364 million up from $241 million in the same quarter of the prior year due to higher sustaining capex in Phosphate. Free cash flow(1) in the third quarter of 2025 was $(135) million compared to $72 million in the same quarter last year.
In October, Mosaic completed the sale of the Patos de Minas mine for $111 million, with $51 million collected at closing and the remaining proceeds to be received over four years.
In November, Mosaic completed the sale of its Taquari potash mine for $27 million. The transaction is expected to eliminate capital investments exceeding $25 million and asset retirement obligations of $22 million.




(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.

2

Mosaic continues to engage with interested parties to advance strategic alternatives for its Carlsbad, New Mexico potash mine. In Brazil, Mosaic expects to complete the studies to better define the Niobium opportunity at the Patrocinio and Araxa phosphate operations early next year and to reengage interested parties to discuss strategic alternatives in the first half of 2026.
Mosaic paid a $0.22 per share dividend in the third quarter, equivalent to $70 million returned to shareholders.

Potash Results and Outlook:
In millions $ except as noted below Q3 2025 Q2 2025 Q3 2024
Net Sales $695 $711 $526
Sales Volumes million tonnes* 2.3 2.3 2.0
MOP Selling Price FOB mine $271 $261 $215
MOP Cash Cost of Production per tonne(1)
 $71 $75 $74
Gross Margin per tonne $104 $89 $61
Operating Earnings
 $229 $194 $109
Segment Adjusted EBITDA(1) - millions
 $329 $278 $180
*Tonnes = finished product tonnes
The Potash segment reported net sales of $695 million in the third quarter of 2025, up from $526 million in the same quarter of the prior year. Operating earnings were $229 million, up from $109 million in the same quarter of the prior year. Adjusted EBITDA(1) was $329 million, compared to $180 million in the same quarter of 2024, reflecting higher sales volume and market prices for potash.
Higher production levels drove MOP cash cost of production per tonne(1) down to $71 in the third quarter, from $74 a year ago, despite continued operations of the high cost Colonsay mine. Idle and turnaround expenses declined to $16 million in the third quarter, from $34 million in the second quarter, reflecting the completion of planned turnaround activities at Esterhazy.
Given the potential demand deferral in North America, Mosaic expects 2025 potash production volumes to be in the range of 9.1 to 9.4 million tonnes.
Sales volumes in the fourth quarter are expected to be between 2.3 and 2.6 million tonnes, with realized mine gate MOP prices in the range of $270 to $280 per tonne.

Phosphate Results and Outlook:
In millions $ except as noted below Q3 2025 Q2 2025 Q3 2024
Net Sales (Billions)
$1.3 $1.2 $1.0
Sales Volumes million tonnes* 1.6 1.5 1.5
DAP Selling Price FOB plant $714 $668 $569
Phosphate Cash Cost of Conversion per tonne(1)
 $131 $126 $101
Blended Rock Cost Consumed in COGS per tonne $80 $74 $87
Gross Margin per tonne $92 $67 $96
Operating Earnings $102 $(8) $8
Segment Adjusted EBITDA(1)
 $280 $217 $265
*Tonnes = finished product tonnes


(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.
3

Net sales in the Phosphate segment were $1.3 billion in the third quarter of 2025, up from $1.0 billion in the third quarter of 2024, reflecting higher sales volumes and prices. Phosphate operating earnings were $102 million, compared to $8 million a year ago. Adjusted EBITDA(1) totaled $280 million in the third quarter of 2025, an increase from $265 million in the third quarter of 2024, reflecting higher stripping margins and lower sales volumes in the prior year due to hurricane impacts.
Production volumes totaled 1.7 million tonnes in the third quarter of 2025. Previously reported issues that occurred at the Bartow and Riverview facilities have been addressed. For the trailing three-month period ending in October, production output reached approximately 1.8 million tonnes. Mosaic expects production volumes to continue to improve and sustain at higher operating rates.
As expected, third quarter idle and turnaround expenses declined to $42 million, from $84 million in the second quarter of 2025. However, Mosaic incurred considerable costs associated with asset health initiatives primarily during July. Consequently, cash cost of conversion per tonne(1) was $131 in the third quarter, up from $101 in the prior year quarter, and from $126 in the second quarter. For the fourth quarter, Mosaic expects this metric to decline sequentially, driven by expected normalized repair cost levels, increased production volumes and improved fixed cost absorption.
Sales volumes were 1.6 million tonnes in the third quarter of 2025, below production volumes, caused by lags in shipments to customers due to delivery timing.
For the fourth quarter of 2025, sales volumes are expected to be 1.7 to 1.9 million tonnes, though some demand could be deferred from winter fill to spring in North America. DAP prices on an FOB basis are expected to average in the $700 to $730 per tonne range.

Mosaic Fertilizantes Results and Outlook:
In millions $ except as noted below Q3 2025 Q2 2025 Q3 2024
Net Sales (Billions)
$1.6 $1.2 $1.4
Sales Volumes million tonnes* 2.8 2.2 2.9
Sales Volumes of produced product – million tonnes(3)
1.0 1.1 1.0
Average Finished Product Selling Price $518 $474 $447
Phosphate Cash Cost of Conversion per tonne(1)
 $99 $84 $88
Phosphate Blended Rock Cost Consumed in COGS per tonne $99 $94 $105
Gross Margin per tonne $65 $73 $44
Operating Earnings $96 $109 $56
Segment Adjusted EBITDA(1)
$241 $159 $83
*Tonnes = finished product tonnes sold to third parties
(3) Represents volumes produced in Brazil and sold directly to third parties or through distribution
Mosaic Fertilizantes reported net sales of $1.6 billion in the third quarter of 2025, up from $1.4 billion in the third quarter of 2024, driven by higher prices, partially offset by slightly lower sales volumes. Mosaic Fertilizantes operating earnings were $96 million, up from $56 million a year ago. Adjusted EBITDA(1) totaled $241 million in the third quarter of 2025, up from $83 million in the same quarter of prior year. Mosaic reported gross margin per tonne of $65 in the third quarter of 2025, compared to $44 in the third quarter of 2024, primarily driven by higher prices, offset by lower distribution profitability as credit issues continued and market conditions have softened.




(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.
4

Mosaic Fertilizantes phosphate cash cost of conversion per tonne(1) in the third quarter of 2025 was $99, which increased from $88 in the same quarter prior year, primarily impacted by product mix, maintenance activities, and strengthening of Brazilian Real. Phosphate blended rock cost per tonne decreased to $99 in the third quarter of 2025, from $105 in the same period prior year due to higher volumes as well as reduced usage of higher cost imported rock despite negative FX impacts.
Mosaic Fertilzantes sales volumes of 2.8 million tonnes in the third quarter decreased slightly from a year ago, primarily driven by softer-than-expected fertilizer shipments during the soybean application season amid a challenging credit environment. Mosaic continues to adopt prudent business and risk management practices and prioritize sales to customers with strong credit profiles. Notably, Mosaic recovered $27 million of prior bad debt expense and recorded no material new bad debt expense in the third quarter. Looking ahead, Mosaic expects 2025 sales volumes to be in the range of 9.4 to 9.6 million tonnes.
Fourth quarter sales volumes are expected to be slightly below the third quarter, driven by normal seasonality. Distribution margin per tonne is expected to be below the normal annualized $30-$40 range, also reflecting typical seasonality. Production margin is expected to be lower than the third quarter due to lower selling prices and higher raw material costs. As a result, fourth quarter segment adjusted EBITDA is expected to be approximately $100 million given the downside risk related to continuing credit constraints.
Mosaic Biosciences Update
Mosaic Biosciences product sales more than doubled in the first nine months of 2025 compared with the same period of 2024. Year to date, Mosaic Biosciences has launched 4 new products(5) and remains on track to launch an additional product in 2025. Sales are expected to more than double to about $70 million in 2025, and Mosaic Biosciences is expected to positively contribute to adjusted EBITDA in the fourth quarter.
Agriculture Market and Macroeconomic Update
Ag economics are dynamic around the globe. Trade uncertainty has impacted near-term sentiment in North America, but recent improvement in commodity prices should encourage more fertilizer activity. In Brazil, growers have had to navigate lower commodity prices and tighter credit availability, yet our customers are actively buying fertilizer for upcoming seasons. Ag economics remain more constructive in other parts of the world, including key Canpotex markets. Canpotex is expected to set a shipment record this year given strong demand in its geographies.
Plant Nutrient Market Update
Fertilizer markets have remained balanced to tight for much of the year, which has supported prices. Recent price activity has improved affordability and is expected to encourage market engagement to replenish significant nutrient tonnes removed during recent large harvests.
Phosphate supply and demand fundamentals remain constructive: Growing demand for phosphate fertilizer, more demand from the industrial sector for LFP batteries, limited new capacity expected in the medium-term, and reduced Chinese exports continue to create tight markets. Chinese phosphate fertilizer exports are expected to fall more than 1.5 million tonnes this year, and China has recently pulled back phosphate export approvals, which will tighten the market heading into 2026.
Potash markets are balanced after a first-half supply deficit. Global demand has been steady and is expected to test another record as affordability has encouraged robust Chinese consumption, strong Brazilian imports, and growing Southeast Asian demand. We expect record Canpotex shipments this year and further strength into 2026.  North American demand has held relatively consistent this year, though with current crop prices and trade uncertainty, we could see modest demand deferral this fall.


(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.
(5)New products are defined as new brands or existing brands launched in new geographies


5

2025 Guidance Summary
Full Year 2025
Phosphate Production Volumes (million tonnes) 6.3 - 6.5
Potash Production Volumes (million tonnes) 9.1 - 9.4
Mosaic Fertilizantes Sales Volumes (million tonnes) 9.4 - 9.6
Total Capital Expenditures Approx. $1.3 billion
Depreciation, Depletion & Amortization $1.1 - $1.2 billion
Selling, General, and Administrative Expense $530 - $550 million
Net Interest Expense $180 - $200 million
Effective tax rate High 20's %
Cash tax rate Low 20's %

Fourth Quarter 2025
Phosphate Sales Volumes (million tonnes)
 1.7 - 1.9
DAP FOB Plant Prices
 $700 - $730
Potash Sales Volumes (million tonnes)
 2.3 - 2.6
MOP FOB Mine Prices
 $270 - $280

Sensitivities Table
The Company provided the following sensitivities using 2024 cost structure to price and foreign exchange rates to help investors anticipate the potential impact of movements in these factors.

Sensitivity
Full year adj. EBITDA impact(1)
 2024 Actual
Average MOP Price / tonne (fob mine)
$10/mt price change = $58 million (4)
 $222
Average DAP Price / tonne (fob plant) $10/mt price change = $64 million $585
(1) See “Non-GAAP Financial Measures” for additional information and reconciliation.
(4) Includes impact of Canadian Resource Tax

About The Mosaic Company
The Mosaic Company is one of the world's leading producers and marketers of concentrated phosphate and potash crop nutrients. Through its Mosaic Biosciences platform, the company is also advancing the next generation biological solutions to help farmers improve nutrient use efficiency and crop performance sustainably. Mosaic provides a single-source supply of phosphate, potash, and biological products for the global agriculture industry. More information on the company is available at www.mosaicco.com.

Mosaic will conduct a conference call on November 5, 2025, at 11:00 a.m. Eastern Time to discuss third quarter 2025 earnings results. A simultaneous webcast of the conference call may be accessed through Mosaic’s website at www.mosaicco.com/investors. This webcast will be available up to one year from the time of the earnings call.

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, statements about future transactions or strategic plans and other statements about future financial and operating results. Such statements are based upon the current beliefs and expectations of The Mosaic Company’s management and are subject to significant risks and uncertainties. These risks and uncertainties include, but are not limited to: political and economic instability and changes in government policies in countries in which we have operations; the predictability and volatility of, and customer expectations about, agriculture, fertilizer, raw material, energy and transportation markets that are subject to competitive and other pressures and economic and credit market conditions; the level of inventories in the distribution channels for crop nutrients; the effect of future product innovations or development of new technologies on demand for our products; changes in foreign currency and exchange rates; international trade risks, including the impact of U.S.
6

tariffs and retaliatory tariffs on economic conditions; and other risks associated with Mosaic’s international operations; a material adverse change in our Ma'aden investment with respect to the financial position, performance, operations or prospects of Ma'aden; customer defaults; the effects of Mosaic’s decisions to exit business operations or locations; changes in government policy; changes in environmental and other governmental regulation, including expansion of the types and extent of water resources regulated under federal law, carbon taxes or other greenhouse gas regulation, implementation of numeric water quality standards for the discharge of nutrients into Florida waterways or efforts to reduce the flow of excess nutrients into the Mississippi River basin, the Gulf of America or elsewhere; further developments in judicial or administrative proceedings, or complaints that Mosaic’s operations are adversely impacting nearby farms, business operations or properties; difficulties or delays in receiving, increased costs of or challenges to necessary governmental permits or approvals or increased financial assurance requirements; resolution of global tax audit activity; the effectiveness of Mosaic’s processes for managing its strategic priorities; adverse weather conditions affecting operations in Central Florida, the Mississippi River basin, the Gulf Coast of the United States, Canada or Brazil, and including potential hurricanes, excess heat, cold, snow, rainfall or drought; actual costs of various items differing from management’s current estimates, including, among others, asset retirement, environmental remediation, reclamation or other environmental regulation, Canadian resources taxes and royalties, reduction of Mosaic’s available cash and liquidity, and increased leverage, due to its use of cash and/or available debt capacity to fund financial assurance requirements and strategic investments; brine inflows at Mosaic’s potash mines; other accidents and disruptions involving Mosaic’s operations, including potential mine fires, floods, explosions, seismic events, sinkholes or releases of hazardous or volatile chemicals; and risks associated with cyber security, including reputational loss; as well as other risks and uncertainties reported from time to time in The Mosaic Company’s reports filed with the Securities and Exchange Commission. Actual results may differ from those set forth in the forward-looking statements.

Non-GAAP Financial Measures
This press release includes the presentation and discussion of non-GAAP diluted net earnings per share, or adjusted EPS, non-GAAP adjusted EBITDA, non-GAAP cash cost of conversion or production per tonne, or non-GAAP adjusted effective tax rate, collectively referred to as non-GAAP financial measures. Generally, a non-GAAP financial measure is a supplemental numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with U.S. generally accepted accounting principles, or GAAP. Non-GAAP financial measures should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, because non-GAAP measures are not determined in accordance with GAAP, they are thus susceptible to varying interpretations and calculations and may not be comparable to other similarly titled measures of other companies. Adjusted metrics, including adjusted EPS, adjusted gross margin, and adjusted EBITDA are calculated by excluding the impact of notable items from the GAAP measure. Notable items impact on gross margin and adjusted EBITDA is pretax. Notable items impact on diluted net earnings per share is calculated as the notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Management believes that these adjusted measures provide securities analysts, investors, management and others with useful supplemental information regarding our performance by excluding certain items that may not be indicative of, or are unrelated to, our core operating results. Management utilizes these adjusted measures in analyzing and assessing Mosaic’s overall performance and financial trends, for financial and operating decision-making, and to forecast and plan for future periods. These adjusted measures also assist our management in comparing our and our competitors' operating results. We are not providing forward looking guidance for U.S. GAAP reported diluted net earnings per share, gross margin per tonne, or a quantitative reconciliation of forward-looking adjusted EPS, adjusted gross margin and adjusted EBITDA because we are unable to predict with reasonable certainty our notable items without unreasonable effort. Historically, our notable items have included, but are not limited to, foreign currency transaction gain or loss, unrealized gain or loss on derivatives and equity securities, acquisition-related fees, discrete tax items, contingencies and certain other gains or losses. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP reported results for the guidance period. Reconciliations for Non-GAAP financial measures contained in this press release are found below. Reconciliations for current and historical periods beginning with the quarter ended December 31, 2023 for consolidated adjusted EPS and adjusted EBITDA, as well as segment adjusted EBITDA and adjusted gross margin per tonne are provided in the Selected Calendar Quarter Financial Information performance data for the related periods. This information is being furnished under Exhibit 99.2 of the Form 8-K and available on our website at www.mosaicco.com in the “Financial Information - Quarterly Earnings” section under the “Investors” tab.
7

For the three months ended September 30, 2025, the company reported the following notable items which, combined, positively impacted earnings per share by $0.25: 
Amount Tax effect EPS impact
Description Segment Line item (in millions) (in millions) (per share)
Foreign currency transaction gain (loss) Consolidated Foreign currency transaction gain (loss) $ (14) $ 3  $ (0.04)
Unrealized gain (loss) on derivatives Corporate and Other Cost of goods sold (27) 7  (0.06)
Closed and indefinitely idled facility costs Phosphate Other operating income (expense) (14) 3  (0.03)
Ma'aden mark-to-market Corporate and Other Other non-operating income (expense) 308  (80) 0.71 
Environmental Reserve Phosphate Other operating income (expense) (18) 5  (0.04)
Loss on assets held for sale and transaction fees Mosaic Fertilizantes/Corporate Other operating income (expense)/SG&A (75) —  (0.23)
Asset write-off Mosaic Fertilizantes Cost of goods sold/Other operating income (expense) (11) 3  (0.03)
Land reclamation Phosphate Cost of goods sold (14) 4  (0.03)
Total Notable Items $ 135  $ (55) $ 0.25 
For the three months ended September 30, 2024, the company reported the following notable items which, combined, positively impacted earnings per share by $0.04: 
Amount Tax effect EPS impact
Description Segment Line item (in millions) (in millions) (per share)
Foreign currency transaction gain (loss) Consolidated Foreign currency transaction gain (loss) $ 111  $ (35) $ 0.22 
Unrealized gain (loss) on derivatives Corporate and Other Cost of goods sold 38  (11) 0.09 
Closed and indefinitely idled facility costs Phosphate Other operating income (expense) (15) 5  (0.03)
FX functional currency Mosaic Fertilizantes Cost of goods sold 6  (2) 0.01 
Realized gain (loss) on RCRA Trust Securities Phosphate Other non-operating income (expense) 5  (2) 0.01 
ARO Adjustment Phosphate Other operating income (expense) (102) 31  (0.22)
Environmental reserve Phosphate Other operating income (expense) (20) 6  (0.04)
Total Notable Items $ 23  $ (8) $ 0.04 
 
9

Condensed Consolidated Statements of Earnings
(in millions, except per share amounts)
 
The Mosaic Company    (unaudited)
 
Three months ended Nine months ended
  September 30, September 30,
  2025 2024 2025 2024
Net sales $ 3,452.1  $ 2,810.9  $ 9,078.7  $ 8,306.9 
Cost of goods sold 2,899.8  2,394.1  7,519.4  7,096.9 
Gross margin 552.3  416.8  1,559.3  1,210.0 
Selling, general and administrative expenses 125.5  148.2  415.3  383.4 
Other operating expense 87.0  153.2  221.3  305.0 
Operating earnings 339.8  115.4  922.7  521.6 
Interest expense, net (45.6) (41.7) (139.3) (136.1)
Foreign currency transaction gain (loss) (1.2) 100.9  301.3  (267.3)
Other income (expense) 306.3  (0.4) 391.7  6.8 
Earnings from consolidated companies before income taxes 599.3  174.2  1,476.4  125.0 
Provision for income taxes 175.5  48.0  384.8  152.9 
Earnings (loss) from consolidated companies 423.8  126.2  1,091.6  (27.9)
Equity in net earnings of nonconsolidated companies 0.3  4.5  2.2  64.2 
Net earnings including noncontrolling interests 424.1  130.7  1,093.8  36.3 
Less: Net earnings attributable to noncontrolling interests 12.7  8.5  33.6  30.4 
Net earnings attributable to Mosaic $ 411.4  $ 122.2  $ 1,060.2  $ 5.9 
Diluted net earnings per share attributable to Mosaic $ 1.29  $ 0.38  $ 3.33  $ 0.02 
Diluted weighted average number of shares outstanding 319.4  319.4  318.8  321.6 
10

Condensed Consolidated Balance Sheets
(in millions, except per share amounts)
The Mosaic Company    (unaudited)
  September 30, 2025 December 31, 2024
Assets
Current assets:
Cash and cash equivalents $ 153.3  $ 272.8 
Receivables, net, including affiliate receivables of $113.9 and $109.9, respectively 1,060.4  1,113.3 
Inventories 3,279.1  2,548.4 
Other current assets 583.0  563.8 
Total current assets 5,075.8  4,498.3 
Property, plant and equipment, net of accumulated depreciation of $11,385.1 and $10,499.7, respectively 13,996.9  13,352.6 
Equity securities and investments in nonconsolidated companies 1,940.8  1,533.4 
Goodwill 1,091.8  1,061.1 
Deferred income taxes 1,018.0  958.3 
Other assets 1,544.2  1,520.3 
Total assets $ 24,667.5  $ 22,924.0 
Liabilities and Equity
Current liabilities:
Short-term debt $ 1,153.7  $ 847.1 
Current maturities of long-term debt 42.6  45.3 
Structured accounts payable arrangements 402.5  402.3 
Accounts payable, including affiliate payables of $214.7 and $155.1, respectively 1,215.0  1,156.5 
Accrued liabilities 1,635.9  1,720.1 
Total current liabilities 4,449.7  4,171.3 
Long-term debt, less current maturities 3,372.0  3,332.3 
Deferred income taxes 971.0  942.8 
Other noncurrent liabilities 2,937.8  2,862.9 
Equity:
Preferred Stock, $0.01 par value, 15,000,000 shares authorized, none issued and outstanding as of June 30, 2025 and December 31, 2024 —  — 
Common Stock, $0.01 par value, 1,000,000,000 shares authorized, 391,351,508 shares issued and 317,407,176 shares outstanding as of September 30, 2025, 394,648,654 shares issued and 316,932,047 shares outstanding as of December 31, 2024
 3.2  3.2 
Capital in excess of par value 22.7  2.1 
Retained earnings 14,845.4  13,926.1 
Accumulated other comprehensive loss (2,090.6) (2,449.0)
Total Mosaic stockholders' equity 12,780.7  11,482.4 
Noncontrolling interests 156.3  132.3 
Total equity 12,937.0  11,614.7 
Total liabilities and equity $ 24,667.5  $ 22,924.0 
11


 Condensed Consolidated Statements of Cash Flows
(in millions, except per share amounts)
The Mosaic Company    (unaudited)
  Three months ended Nine months ended
September 30, September 30,
  2025 2024 2025 2024
Cash Flows from Operating Activities:
Net earnings including noncontrolling interests $ 424.1  $ 130.7  $ 1,093.8  $ 36.3 
Adjustments to reconcile net earnings including noncontrolling interests to net cash provided by operating activities:
Depreciation, depletion and amortization 277.0  237.9  781.7  743.4 
Deferred and other income taxes 31.1  (3.6) 55.7  36.2 
Equity in net (earnings) of nonconsolidated companies, net of dividends (0.8) (4.5) (1.8) (49.2)
Accretion expense for asset retirement obligations 32.7  26.8  97.5  80.9 
Share-based compensation expense 6.5  5.5  24.2  26.7 
Unrealized (gain) loss on equity securities (308.0) —  (407.7) — 
Unrealized (gain) loss on derivatives 27.2  (38.7) (85.1) 22.6 
Foreign currency adjustments 65.1  (232.0) (285.9) 117.5 
Amortization of debt financing fees 10.5  3.5  33.6  25.1 
Impairment of assets held for sale 73.0  —  73.0  — 
Other 21.1  4.1  100.8  50.3 
Changes in assets and liabilities:
Receivables, net 57.3  273.6  71.9  195.4 
Inventories (200.8) (347.5) (578.9) (517.3)
Other current and noncurrent assets 3.7  (117.5) 27.6  (179.7)
Accounts payable and accrued liabilities (287.8) 219.3  (169.1) 257.8 
Other noncurrent liabilities (3.4) 155.3  49.6  233.9 
Net cash provided by operating activities 228.5  312.9  880.9  1,079.9 
Cash Flows from Investing Activities:
Capital expenditures (364.4) (240.8) (1,009.8) (957.7)
Purchases of available-for-sale securities - restricted (100.6) (430.9) (598.2) (1,162.0)
Proceeds from sale of available-for-sale securities - restricted 100.5  421.1  577.9  1,119.1 
Other 1.6  2.9  7.9  16.1 
Net cash used in investing activities (362.9) (247.7) (1,022.2) (984.5)
Cash Flows from Financing Activities:
Short-term debt, net 213.9  170.3  205.4  151.5 
Inventory financing arrangement, net (101.7) (302.1) 101.2  200.0 
Structured accounts payable arrangements, net (5.2) 129.6  (15.9) (12.1)
Transferred receivables, net (3.2) 1.4  —  1.5 
Long-term debt, net (14.9) (12.7) (49.8) (55.2)
Repurchases of stock —  (50.0) —  (210.4)
Cash dividends paid (69.5) (66.8) (210.5) (204.2)
Dividends paid to non-controlling interest (6.7) (5.8) (13.1) (17.6)
Other (8.9) (1.8) (26.7) (22.1)
Net cash used in financing activities 3.8  (137.9) (9.4) (168.6)
Effect of exchange rate changes on cash 5.5  54.5  23.0  44.5 
Net change in cash, cash equivalents and restricted cash (125.1) (18.2) (127.7) (28.7)
Cash, cash equivalents and restricted cash - beginning of period 302.4  350.3  305.0  360.8 
Cash, cash equivalents and restricted cash - end of period $ 177.3  $ 332.1  $ 177.3  $ 332.1 




11


Condensed Consolidated Statements of Cash Flows (Continued)
(in millions, except per share amounts)
Nine Months Ended
September 30, 2025 September 30, 2024
Reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets to the unaudited statements of cash flows:
Cash and cash equivalents $ 153.3  $ 301.6 
Restricted cash in other current assets 8.0  15.1 
Restricted cash in other assets 16.0  15.4 
Total cash, cash equivalents and restricted cash shown in the unaudited statements of cash flows $ 177.3  $ 332.1 

Reconciliation of Non-GAAP Financial Measures
Earnings Per Share Calculation
 
  Three months ended September 30,
  2025 2024
Net income (loss) attributable to Mosaic $ 411.4  $ 122.2 
Basic weighted average number of shares outstanding 317.4  318.4 
Dilutive impact of share-based awards 2.0  1.0 
Diluted weighted average number of shares outstanding 319.4  319.4 
Basic net income (loss) per share attributable to Mosaic $ 1.30  $ 0.38 
Diluted net income (loss) per share attributable to Mosaic $ 1.29  $ 0.38 
Notable items impact on net income (loss) per share attributable to Mosaic 0.25  0.04 
Adjusted diluted net income (loss) per share attributable to Mosaic $ 1.04  $ 0.34 


Free Cash Flow
Three months ended September 30,
  2025 2024
Net cash provided by operating activities $ 229  $ 313 
Capital expenditures (364) (241)
Free cash flow $ (135) $ 72 













12

Reconciliation of Non-GAAP Financial Measures

Consolidated Earnings (in millions)
 Three months ended
September 30, June 30, September 30,
  2025 2025 2024
Consolidated net earnings (loss) attributable to Mosaic $ 411  $ 411  $ 122 
Less: Consolidated interest expense, net (46) (53) (42)
Plus: Consolidated depreciation, depletion and amortization 277  262  238 
Plus: Accretion expense 33  33  26 
Plus: Share-based compensation expense 7  8  5 
Plus: Consolidated provision for income taxes 175  146  48 
Less: Equity in net earnings of nonconsolidated companies, net of dividends —  —  5 
Plus: Notable items (143) (347) (28)
Adjusted EBITDA $ 806  $ 566  $ 448 


Income Tax Effective Tax Rate (in millions)
 Three months ended
September 30,
2025
Income Tax Expense $ 175 
Earnings Before Tax $ 599 
Effective Tax Rate 29.3  %
Income Tax Expense $ 175 
Tax Allowance Reversal (5)
Tax Expense on All Other Notable Items (see notable items table for details of these items) (50)
Adjusted Income Tax Expense $ 120 
Earnings Before Tax $ 599 
Earnings Impact of All Notable Items (net of non-controlling interest) (135)
Adjusted Earnings Before Tax $ 464 
Adjusted Effective Tax Rate 25.9  %

Three months ended
September 30, June 30, September 30,
Potash Earnings (in millions)
 2025 2025 2024
Operating Earnings $ 229  $ 194  $ 109 
Plus: Depreciation, Depletion and Amortization 93  79  69 
Plus: Accretion Expense 3  3  2 
Plus: Foreign Exchange Gain (Loss) (56) 82  48 
Plus: Other Income (Expense) 3  1  — 
Plus: Notable Items 57  (81) (48)
Adjusted EBITDA $ 329  $ 278  $ 180 




13

Reconciliation of Non-GAAP Financial Measures
Three months ended
September 30, June 30, September 30,
Phosphate Earnings (in millions)
 2025 2025 2024
Operating Earnings (Loss) $ 102  $ (8) $ 8 
Plus: Depreciation, Depletion and Amortization 129  129  118 
Plus: Accretion Expense 26  26  20 
Plus: Foreign Exchange Gain (Loss) 10  (7) (5)
Plus: Other Income (Expense) (4) (8) 1 
Less: Earnings from Consolidated Noncontrolling Interests 11  10  8 
Plus: Notable Items 28  95  131 
Adjusted EBITDA $ 280  $ 217  $ 265 

Three months ended
September 30, June 30, September 30,
Mosaic Fertilizantes Earnings (in millions)
 2025 2025 2024
Operating Earnings $ 96  $ 109  $ 56 
Plus: Depreciation, Depletion and Amortization 46  44  39 
Plus: Accretion Expense 4  4  4 
Plus: Foreign Exchange Gain (Loss) (19) (17) 17 
Plus: Other Income (Expense) (1) (1) (2)
Less: Earnings (Loss) from Consolidated Noncontrolling Interests 1  (1) — 
Plus: Notable Items 116  19  (31)
Adjusted EBITDA $ 241  $ 159  $ 83 

Three months ended
September 30, June 30, September 30,
Corporate and Other Earnings (in millions)
 2025 2025 2024
Operating Earnings (Loss) $ (88) $ (51) $ (58)
Plus: Depreciation, Depletion and Amortization 9  10  12 
Plus: Accretion Expense 7  7  5 
Plus: Foreign Exchange Gain (Loss) 64  111  40 
Plus: Other Income (Expense) 308  213  — 
Plus: Earnings (Loss) from Equity Investments —  2  — 
Less: Earnings from Consolidated Noncontrolling Interests —  —  (1)
Plus: Notable Items (344) (380) (80)
Adjusted EBITDA $ (44) $ (88) $ (80)












14

Reconciliation of Non-GAAP Financial Measures

Three months ended
September 30, June 30, September 30,
2025 2025 2024
Potash
Total COGS $ 459  $ 501  $ 404 
Depreciation & accretion expense 96  82  71 
Canadian Resource Taxes 87  62  44 
Change in Inventory (13) 26  (10)
Non-MOP Production Costs 134  179  167 
Total MOP Cash Costs $ 155  $ 152  $ 132 
Production tonnes (thousands) 2,186  2,025  1,789
MOP Cash Costs of Production per production tonne $ 71  $ 75  $ 74 
Phosphate
Total COGS $ 1,146  $ 1,070  $ 863 
Depreciation & accretion expense 161  163  139 
Miski Mayo costs 55  22  48 
Change in Inventory 310  226  218 
Non Production Costs 267  334  170 
Cash cost of U.S. Mined Rock 133  135  124 
U.S. Rock Production tonnes (thousands) 2,158  2,657  2,199 
Cash costs of U.S. mined rock/production tonne $ 62  $ 51  $ 56 
Phosphate cash costs of conversion $ 220  $ 190  $ 164 
Production tonnes (thousands) 1,677  1,505  1,625
Phosphate cash costs of conversion per production tonne $ 131  $ 126  $ 101 
Fertilizantes
Total COGS $ 1,410  $ 1,013  $ 1,271 
Distribution product costs 1,202  810  937 
Depreciation & accretion expense 51  48  39 
Change in Inventory (139) (93) 25 
Non Production Costs 87  65  71 
Rock cash costs of production 101  90  112 
Potash cash costs of production 25  22  18 
Production tonnes (thousands) 104 122 105
Potash cash costs of production per production tonne $ 240  $ 178  $ 175 
Phosphate cash costs of conversion $ 83  $ 71  $ 68 
Production tonnes (thousands) 835 842 779
Phosphate cash costs of conversion per production tonne $ 99  $ 84  $ 88 








15
EX-99.2 3 performancedataq32025-ex992.htm EX-99.2 2025 Q3 PERFORMANCE DATA Document

Exhibit 99.2
The Mosaic Company
Selected Calendar Quarter Financial Information
(Unaudited)
Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Consolidated data (in millions, except per share)
Diluted net earnings (loss) per share $ 1.11  $ 0.14  $ (0.50) $ 0.38  $ 0.53  $ 0.75  $ 1.29  $ 1.29 
Notable items impact on earnings per share(a)
 0.40  (0.51) (1.04) 0.04  0.08  0.26  0.78  0.25 
Adjusted diluted net earnings per share(a)
 $ 0.71  $ 0.65  $ 0.54  $ 0.34  $ 0.45  $ 0.49  $ 0.51  $ 1.04 
Diluted weighted average # of shares outstanding 327.7  323.5  321.2  319.4  318.5  318.2  319.0  319.4 
Total Net Sales $ 3,149  $ 2,679  $ 2,817  $ 2,811  $ 2,816  $ 2,621  $ 3,005  $ 3,452 
Cost of goods sold 2,589  2,280  2,423  2,395  2,514  2,133  2,487  2,900 
Gross Margin $ 560  $ 399  $ 394  $ 416  $ 302  $ 488  $ 518  $ 552 
SG&A 123  107  128  149  113  123  167  126 
Other operating (income) expense 158  119  33  153  89  27  107  87 
Operating earnings $ 279  $ 173  $ 233  $ 115  $ 100  $ 338  $ 244  $ 339 
Interest expense, net (35) (48) (46) (42) (47) (41) (53) (46)
Consolidated foreign currency gain/(loss) 91  (100) (268) 101  (419) 133  169  (1)
Earnings from consolidated companies before income taxes 324  25  (74) 174  191  313  564  599 
Provision for (benefit from) income taxes (44) 6  99  48  34  63  146  175 
Earnings (loss) from consolidated companies $ 368  $ 19  $ (173) $ 126  $ 157  $ 250  $ 418  $ 424 
Equity in net earnings (loss) of nonconsolidated companies —  37  22  5  9  —  2  — 
Less: Net earnings (loss) attributable to noncontrolling interests 3  11  11  9  (3) 12  9  13 
Net earnings (loss) attributable to Mosaic $ 365  $ 45  $ (162) $ 122  $ 169  $ 238  $ 411  $ 411 
After tax Notable items included in earnings $ 131  $ (165) $ (334) $ 15  $ 25  $ 82  $ 249  $ 100 
Gross Margin Rate 18  % 15  % 14  % 15  % 11  % 19  % 17  % 16  %
Effective Tax Rate (including discrete tax) (14) % 24  % (133) % 28  % 18  % 20  % 26  % 29  %
Discrete Tax benefit (expense) $ 2  $ 1  $ (120) $ 4  $ (11) $ 26  $ (1) $ (2)
Depreciation, Depletion and Amortization $ 257  $ 241  $ 264  $ 238  $ 283  $ 243  $ 262  $ 277 
Accretion Expense $ 27  $ 27  $ 28  $ 26  $ 31  $ 32  $ 33  $ 33 
Share-Based Compensation Expense $ 6  $ 9  $ 12  $ 5  $ 7  $ 10  $ 7  $ 7 
Notable Items $ —  $ 222  $ 319  $ (28) $ 32  $ (83) $ (347) $ (143)
Adjusted EBITDA(b)
 $ 646  $ 576  $ 584  $ 448  $ 594  $ 544  $ 566  $ 806 
Net cash provided by (used in) operating activities $ 538  $ (80) $ 847  $ 313  $ 219  $ 43  $ 610  $ 229 
Cash paid for interest (net of amount capitalized) 76  17  77  20  72  12  82  20 
Cash paid for income taxes (net of refunds) (36) 99  74  111  53  76  75  89 
Net cash used in investing activities $ (362) $ (388) $ (349) $ (248) $ (277) $ (341) $ (319) $ (363)
Capital expenditures (359) (383) (334) (241) (294) (341) (305) (364)
Net cash (used in) provided by financing activities $ (411) $ 458  $ (489) $ (138) $ 37  $ 272  $ (285) $ 4 
Cash dividends paid (65) (70) (68) (67) (67) (71) (70) (70)
Effect of exchange rate changes on cash $ (6) $ (4) $ (6) $ 55  $ (7) $ —  $ 18  $ 6 
Net change in cash and cash equivalents $ (241) $ (14) $ 3  $ (18) $ (27) $ (26) $ 24  $ (125)
Short-term debt $ 400  $ 1,204  $ 882  $ 752  $ 847  $ 1,234  $ 1,041  $ 1,154 
Long-term debt (including current portion) 3,362  3,350  3,319  3,313  3,378  3,363  3,370  3,415 
Cash & cash equivalents 349  337  322  302  273  259  286  153 
Net debt $ 3,413  $ 4,217  $ 3,879  $ 3,763  $ 3,952  $ 4,338  $ 4,125  $ 4,416 
Segment Contributions (in millions)
Phosphate $ 1,070  $ 1,169  $ 1,180  $ 1,005  $ 1,165  $ 1,099  $ 1,173  $ 1,290 
Potash 758  643  663  526  557  570  710  695 
Mosaic Fertilizantes 1,192  886  1,049  1,399  1,088  934  1,175  1,592 
Corporate and Other(c)
 129  (19) (75) (119) 6  18  (53) (125)
Total net sales $ 3,149  $ 2,679  $ 2,817  $ 2,811  $ 2,816  $ 2,621  $ 3,005  $ 3,452 
Phosphate $ 21  $ 40  $ 133  $ 8  $ 44  $ 139  $ (8) $ 102 
Potash 222  198  174  109  123  157  194  229 
Mosaic Fertilizantes 50  42  61  56  79  98  109  96 
Corporate and Other(c)
 (14) (107) (135) (58) (146) (56) (51) (88)
Consolidated operating earnings $ 279  $ 173  $ 233  $ 115  $ 100  $ 338  $ 244  $ 339 


Phosphate(d)
 1,582  1,644  1,696  1,475  1,622  1,498  1,546  1,571 
Potash(d)
 2,577  2,163  2,346  1,996  2,239  2,113  2,343  2,279 
Mosaic Fertilizantes 2,158  1,715  2,196  2,879  2,240  1,847  2,232  2,803 
Corporate and Other 618  333  316  297  432  361  301  232 
Total finished product tonnes sold ('000 tonnes)
 6,935  5,855  6,554  6,647  6,533  5,819  6,422  6,885 
Sales of Performance Products ('000 tonnes)(e)
 1,044  787  839  1,001  1,135  681  900  996 


The Mosaic Company - Phosphate Segment
Selected Calendar Quarter Financial Information
(Unaudited)
Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales - Finished Goods $ 946  $ 1,028  $ 1,118 
Net Sales - Other revenue 153  145  172 
Net Sales $ 1,070  $ 1,169  $ 1,180  $ 1,005  $ 1,165  $ 1,099  $ 1,173  $ 1,290 
Cost of Goods Sold 931  1,010  1,026  863  1,027  932  1,070  1,146 
Gross Margin $ 139  $ 159  $ 154  $ 142  $ 138  $ 167  $ 103  $ 144 
Notable Items Included in Gross Margin (28) —  (15) —  (53) —  —  (14)
Adjusted Gross Margin(b)
 $ 167  $ 159  $ 169  $ 142  $ 191  $ 167  $ 103  $ 158 
SG&A 11  13  10  12  10  12  13  10 
Other operating (income) expense 107  106  11  123  84  16  98  32 
Operating Earnings $ 21  $ 40  $ 133  $ 8  $ 44  $ 139  $ (8) $ 102 
Plus: Depreciation, Depletion and Amortization 124  117  128  118  143  113  129  129 
Plus: Accretion Expense 19  20  20  20  25  25  26  26 
Plus: Foreign Exchange Gain (Loss) (1) 2  2  (5) (4) (3) (7) 10 
Plus: Other Income (Expense) (9) 3  (2) 1  517  —  (8) (4)
Plus: Dividends from equity investments —  15  —  —  —  —  —  — 
Less: Earnings (loss) from Consolidated Noncontrolling Interests 2  10  11  8  (4) 8  10  11 
Plus: Notables Items 107  90  38  131  (388) 10  95  28 
Adjusted EBITDA(b)
 $ 259  $ 277  $ 308  $ 265  $ 341  $ 276  $ 217  $ 280 
Capital expenditures $ 208  $ 197  $ 177  $ 127  $ 160  $ 236  $ 185  $ 221 
Gross Margin $ / tonne of finished product $ 88  $ 97  $ 91  $ 96  $ 85  $ 111  $ 67  $ 92 
Adjusted Gross Margin $ / tonne of finished product $ 106  $ 97  $ 100  $ 96  $ 118  $ 111  $ 67  $ 101 
Gross margin as a percent of sales 13  % 14  % 13  % 14  % 12  % 15  % 9  % 11  %
Freight included in finished goods COGS $ 105  $ 103  $ 104  $ 79  $ 83  $ 84  $ 93  $ 97 
Idle/Turnaround costs (excluding notable items) $ 32  $ 56  $ 36  $ 7  $ 24  $ 44  $ 84  $ 42 
Operating Data
Sales volumes ('000 tonnes)(d)
DAP/MAP 762  900  828  656  749  846  711  760 
Performance & other products(f)
 741  673  794  750  814  587  773  750 
Other products(i)
 79  71  74  69  59  65  62  61 
Total Finished Product(d)
 1,582  1,644  1,696  1,475  1,622  1,498  1,546  1,571 
DAP selling price (fob plant)(q)
 $ 552  $ 598  $ 575  $ 569  $ 593  $ 623  $ 668  $ 714 
Average finished product selling price(g) $ 553  $ 593  $ 578  $ 579  $ 606  $ 632  $ 665  $ 712 
Production Volumes ('000 tonnes)
Total tonnes produced(h)
 1,479  1,577  1,675  1,625  1,413  1,423  1,505  1,678 
Operating Rate 60  % 64  % 68  % 66  % 58  % 58  % 61  % 68  %
Raw Materials
Ammonia used in production (tonnes) $ 209  $ 246  $ 243  $ 238  $ 228  $ 214  $ 226  $ 255 
Sulfur used in production $ 549  $ 725  $ 778  $ 739  $ 694  $ 661  $ 732  $ 772 
Realized costs ($/tonne)
Ammonia (tonne)(j)
 $ 366  $ 404  $ 424  $ 482  $ 435  $ 416  $ 445  $ 455 
Sulfur (long ton)(k)
 $ 152  $ 142  $ 138  $ 126  $ 127  $ 157  $ 209  $ 272 
Blended rock $ 77  $ 81  $ 86  $ 87  $ 87  $ 77  $ 74  $ 80 
Phosphate cash conversion costs, production / tonne(r)
 $ 118  $ 110  $ 100  $ 101  $ 118  $ 134  $ 126  $ 131 
Cash costs of U.S. mined rock/production tonne(s)
 $ 56  $ 57  $ 54  $ 56  $ 52  $ 54  $ 51  $ 62 
ARO cash spending (in millions) $ 41  $ 40  $ 59  $ 54  $ 72  $ 70  $ 79  $ 60 


The Mosaic Company - Potash Segment
Selected Calendar Quarter Financial Information
(Unaudited)
Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales - Finished Goods $ 495  $ 641  $ 633 
Net Sales - Other revenue 75  69  62 
Net Sales $ 758  $ 643  $ 663  $ 526  $ 557  $ 570  $ 710  $ 695 
Cost of Goods Sold 503  431  477  404  434  402  501  459 
Gross Margin $ 255  $ 212  $ 186  $ 122  $ 123  $ 168  $ 209  $ 236 
Notable Items Included in Gross Margin —  —  —  —  —  —  —  — 
Adjusted Gross Margin(b)
 $ 255  $ 212  $ 186  $ 122  $ 123  $ 168  $ 209  $ 236 
SG&A 8  9  7  7  8  8  8  6 
Other operating (income) expense 25  5  5  6  (8) 3  7  1 
Operating Earnings $ 222  $ 198  $ 174  $ 109  $ 123  $ 157  $ 194  $ 229 
Plus: Depreciation, Depletion and Amortization 89  82  94  69  93  81  79  93 
Plus: Accretion Expense 3  2  3  2  2  3  3  3 
Plus: Foreign Exchange Gain (Loss) 41  (31) (12) 48  (185) 13  82  (56)
Plus: Other Income (Expense) (2) —  —  —  1  (1) 1  3 
Plus: Notable Items (31) 30  12  (48) 178  (13) (81) 57 
Adjusted EBITDA(b)
 $ 322  $ 281  $ 271  $ 180  $ 212  $ 240  $ 278  $ 329 
Capital expenditures $ 105  $ 97  $ 75  $ 61  $ 65  $ 45  $ 73  $ 72 
Gross Margin $ / tonne of finished product $ 99  $ 98  $ 79  $ 61  $ 55  $ 80  $ 89  $ 104 
Adjusted Gross Margin $ / tonne of finished product $ 99  $ 98  $ 79  $ 61  $ 55  $ 80  $ 89  $ 104 
Gross margin as a percent of sales 34  % 33  % 28  % 23  % 22  % 29  % 29  % 34  %
Supplemental Cost Information
Canadian resource taxes $ 102  $ 64  $ 67  $ 45  $ 56  $ 47  $ 62  $ 87 
Royalties $ 13  $ 10  $ 10  $ 9  $ 10  $ 9  $ 10  $ 12 
Freight expense(l)
 $ 78  $ 86  $ 94  $ 87  $ 60  $ 74  $ 74  $ 66 
Idle/Turnaround costs (excluding notable items) $ 3  $ 9  $ 18  $ 23  $ 6  $ 1  $ 34  $ 16 
Operating Data
Sales volumes ('000 tonnes)(d)
MOP 2,359  1,927  2,113  1,775  2,064  1,947  2,122  2,110 
Performance & other products(m)
 207  225  225  211  168  159  214  162 
Other products(i)
 11  11  8  10  7  7  7  7 
Total Finished Product(d)
 2,577  2,163  2,346  1,996  2,239  2,113  2,343  2,279 
Crop Nutrients North America 773  838  970  647  779  863  752  649 
Crop Nutrients International 1,666  1,195  1,260  1,255  1,341  1,126  1,439  1,497 
Non-Agricultural 138  130  116  94  119  124  152  133 
Total Finished Product(d)
 2,577  2,163  2,346  1,996  2,239  2,113  2,343  2,279 
MOP selling price (fob mine)(o)
 $ 243  $ 241  $ 224  $ 215  $ 199  $ 223  $ 261  $ 271 
Average finished product selling price(g) $ 262  $ 258  $ 240  $ 233  $ 214  $ 234  $ 274  $ 278 
Production Volumes ('000 tonnes)
Production Volume 2,527  2,338  2,224  1,904  2,332  2,256  2,094  2,258 
Operating Rate 90  % 81  % 78  % 66  % 81  % 78  % 73  % 79  %
MOP cash costs of production including brine / production tonne(n)
 $ 66  $ 72  $ 64  $ 74  $ 73  $ 78  $ 75  $ 71 
ARO cash spending (in millions) $ 2  $ 1  $ 2  $ 2  $ 3  $ 1  $ 3  $ 2 
Average CAD / USD $ 1.361  $ 1.348  $ 1.368  $ 1.364  $ 1.399  $ 1.434  $ 1.384  $ 1.377 


The Mosaic Company - Mosaic Fertilizantes Segment
Selected Calendar Quarter Financial Information
(Unaudited)
Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales - Finished Goods $ 834  $ 1,059  $ 1,452 
Net Sales - Other revenue 100  116  140 
Net Sales $ 1,192  $ 886  $ 1,049  $ 1,399  $ 1,088  $ 934  $ 1,175  $ 1,592 
Cost of Goods Sold 1,098  811  947  1,271  986  807  1,013  1,410 
Gross Margin $ 94  $ 75  $ 102  $ 128  $ 102  $ 127  $ 162  $ 182 
Notable Items Included in Gross Margin (3) 1  4  6  9  —  —  (7)
Adjusted Gross Margin(b)
 $ 97  $ 74  $ 98  $ 122  $ 93  $ 127  $ 162  $ 189 
SG&A 29  30  27  62  16  23  61  32 
Other operating (income) expense 15  3  14  10  7  6  (8) 54 
Operating Earnings $ 50  $ 42  $ 61  $ 56  $ 79  $ 98  $ 109  $ 96 
Plus: Depreciation, Depletion and Amortization 41  40  40  39  40  38  44  46 
Plus: Accretion Expense 5  5  5  4  4  4  4  4 
Plus: Foreign Exchange Gain (Loss) 32  (45) (144) 17  (84) 41  (17) (19)
Plus: Other Income (Expense) (1) (2) (2) (2) (2) (1) (1) (1)
Less: Earnings from Consolidated Noncontrolling Interests —  1  (1) —  1  1  (1) 1 
Plus: Notable Items (16) 44  135  (31) 46  (57) 19  116 
Adjusted EBITDA(b)
 $ 111  $ 83  $ 96  $ 83  $ 82  $ 122  $ 159  $ 241 
Capital expenditures $ 68  $ 82  $ 46  $ 51  $ 64  $ 59  $ 46  $ 70 
Gross Margin $ / tonne of finished product $ 44  $ 44  $ 46  $ 44  $ 46  $ 69  $ 73  $ 65 
Adjusted Gross Margin $ / tonne of finished product $ 45  $ 43  $ 45  $ 42  $ 42  $ 69  $ 73  $ 67 
Gross margin as a percent of sales 8  % 8  % 10  % 9  % 9  % 14  % 14  % 11  %
Idle/Turnaround costs (excluding notable items) $ 26  $ 15  $ 24  $ 40  $ 18  $ 13  $ 26  $ 27 
Operating Data
Sales volumes ('000 tonnes)
Fertilizer produced in Brazil sold to third parties 453  357  473  629  461  331  387  363 
Fertilizer produced in Brazil sold through distribution 272  328  489  409  207  358  666  685 
Purchased nutrients for distribution(p) 1,433  1,030  1,234  1,841  1,572  1,158  1,179  1,755 
Total Finished Product 2,158  1,715  2,196  2,879  2,240  1,847  2,232  2,803 
Sales of Performance Products ('000 tonnes)(e)
 341  123  215  462  307  93  252  441 
Brazil MAP price (Brazil production delivered price to third party) $ 580  $ 581  $ 596  $ 601  $ 632  $ 681  $ 729  $ 738 
Average finished product selling price(g) $ 500  $ 463  $ 423  $ 447  $ 433  $ 452  $ 474  $ 518 
Production Volumes ('000 tonnes)
Phosphate tonnes produced 774  793  752  779  781  778  843  834 
MOP tonnes produced 114  104  79  105  108  97  122  104 
Phosphate operating rate 77  % 79  % 75  % 78  % 78  % 78  % 84  % 84  %
Potash operating rate 91  % 83  % 63  % 85  % 88  % 78  % 98  % 83  %
Realized Costs ($/tonne)
Ammonia/tonne $ 655  $ 705  $ 623  $ 572  $ 628  $ 684  $ 601  $ 576 
Sulfur (long ton) $ 179  $ 173  $ 174  $ 170  $ 177  $ 219  $ 270  $ 325 
Blended rock $ 117  $ 115  $ 107  $ 105  $ 109  $ 97  $ 94  $ 99 


Purchases ('000 tonnes)
DAP/MAP from Mosaic 58  68  30  43  54  62  21  45 
MicroEssentials® from Mosaic 163  169  289  337  195  120  282  270 
Potash from Mosaic/Canpotex 404  358  736  682  419  355  507  919 
Phosphate cash conversion costs in USD, production / tonne(r) $ 110  $ 101  $ 100  $ 88  $ 85  $ 87  $ 84  $ 99 
Potash cash conversion costs in USD, production / tonne $ 217  $ 196  $ 208  $ 175  $ 151  $ 187  $ 178  $ 240 
Mined rock costs in USD, cash produced / tonne $ 111  $ 121  $ 98  $ 105  $ 93  $ 87  $ 90  $ 91 
ARO cash spending (in millions) $ 7  $ 2  $ 5  $ 6  $ 5  $ 1  $ 1  $ 1 
Average BRL / USD $ 4.953  $ 4.952  $ 5.216  $ 5.546  $ 5.842  $ 5.853  $ 5.669  $ 5.445 



The Mosaic Company - Corporate and Other Segment
Selected Calendar Quarter Financial Information
(Unaudited)
Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Net Sales and Gross Margin (in millions)
Segment income statement
Net Sales $ 129  $ (19) $ (75) $ (119) $ 6  $ 18  $ (53) $ (125)
Cost of Goods Sold 57  28  (27) (143) 67  (8) (97) (115)
Gross Margin (Loss) $ 72  $ (47) $ (48) $ 24  $ (61) $ 26  $ 44  $ (10)
Notable items Included in Gross Margin 40  (31) (28) 38  (80) 59  51  (27)
Adjusted Gross Margin (Loss)(b)
 $ 32  $ (16) $ (20) $ (14) $ 19  $ (33) $ (7) $ 17 
SG&A 75  55  84  68  79  80  85  78 
Other operating (income) expense 11  5  3  14  6  2  10  — 
Operating Earnings (Loss) $ (14) $ (107) $ (135) $ (58) $ (146) $ (56) $ (51) $ (88)
Plus: Depreciation, Depletion and Amortization 3  2  2  12  7  11  10  9 
Plus: Share-Based Compensation Expense 6  9  11  5  7  10  7  7 
Plus: Foreign Exchange Gain (Loss) 19  (27) (114) 40  (145) 82  111  64 
Plus: Other Income (Expense) —  —  11  —  39  (116) 213  308 
Plus: Earnings (Loss) from equity investments —  —  —  —  —  —  2  — 
Less: Earnings (Loss) from Consolidated Noncontrolling Interests —  —  —  (1) (1) 2  —  — 
Plus: Notable Items (60) 58  134  (80) 196  (23) (380) (344)
Adjusted EBITDA(b)
 $ (46) $ (65) $ (91) $ (80) $ (41) $ (94) $ (88) $ (44)
Elimination of profit in inventory included in COGS $ 16  $ (15) $ (10) $ (3) $ 7  $ (49) $ —  $ 15 
Unrealized gain (loss) on derivatives included in COGS $ 41  $ (31) $ (29) $ 39  $ (80) $ 59  $ 51  $ 27 



The Mosaic Company
Selected Calendar Quarter Financial Information
(Unaudited)

Notable Items
Q3 2025
Description Segment Line Item Amount
(in millions)
Tax Effect(t)
(in millions)
 EPS Impact
(per basic share)
Foreign currency transaction gain (loss) Consolidated Foreign currency transaction gain (loss) $ (14) $ 3  $ (0.04)
Unrealized gain (loss) on derivatives Corporate and Other Cost of goods sold (27) 7  (0.06)
Closed and indefinitely idled facility costs Phosphate Other operating income (expense) (14) 3  (0.03)
Ma'aden mark-to-market Corporate and Other Other non-operating income (expense) 308  (80) 0.71 
Environmental Reserve Phosphate Other operating income (expense) (18) 5  (0.04)
Loss on assets held for sale and transaction fees Mosaic Fertilizantes/Corporate Other operating income (expense)/SG&A (75) —  (0.23)
Asset write-off Mosaic Fertilizantes Cost of goods sold/Other operating income (expense) (11) 3  (0.03)
Land reclamation Phosphate Cost of goods sold (14) 4  (0.03)
Total Notable Items $ 135  $ (55) $ 0.25 


Q2 2025
Description Segment Line Item Amount
(in millions)
Tax Effect(t)
(in millions)
 EPS Impact
(per basic share)
Foreign currency transaction gain (loss) Consolidated Foreign currency transaction gain (loss) $ 169  $ (45) $ 0.39 
Unrealized gain (loss) on derivatives Corporate and Other Cost of goods sold 51  (14) 0.11 
Closed and indefinitely idled facility costs Phosphate Other operating income (expense) $ (14) $ 4  $ (0.03)
Ma'aden mark-to-market Corporate and Other Other non-operating income (expense) 216  (58) 0.50 
ARO Adjustment Phosphate Other operating income (expense) (44) 12  (0.10)
Environmental Reserve Phosphate Other operating income (expense) (32) 9  (0.07)
Realized gain (loss) on RCRA Trust Securities Phosphate Other non-operating income (expense) (7) 2  (0.02)
Total Notable Items $ 339  $ (90) $ 0.78 
Q1 2025
Description Segment Line Item Amount
(in millions)
Tax Effect(t)
(in millions)
 EPS Impact
(per basic share)
Foreign currency transaction gain (loss) Consolidated Foreign currency transaction gain (loss) $ 148  $ (43) $ 0.33 
Unrealized gain (loss) on derivatives Corporate and Other Cost of goods sold 59  (17) 0.13 
Closed and indefinitely idled facility costs Phosphate Other operating income (expense) (14) 3  (0.03)
Ma'aden mark-to-market Corporate and Other Other non-operating income (expense) (117) 34  (0.26)
ARO Adjustment Phosphate Other operating income (expense) (2) 1  — 
Discrete tax items Consolidated (Provision for) benefit from income taxes —  30  0.09 
Total Notable Items $ 74  $ 8  $ 0.26 


Q4 2024
Description Segment Line Item Amount
(in millions)
Tax Effect(t)
(in millions)
 EPS Impact
(per basic share)
Foreign currency transaction gain (loss) Consolidated Foreign currency transaction gain (loss) $ (390) $ 75  $ (0.99)
Unrealized gain (loss) on derivatives Corporate and Other Cost of goods sold (80) 15  (0.20)
Closed and indefinitely idled facility costs Phosphate Other operating income (expense) (13) 2  (0.04)
FX functional currency Mosaic Fertilizantes Cost of goods sold 9  (2) 0.02 
Realized gain (loss) on RCRA Trust Securities Phosphate Other non-operating income (expense) (5) 1  (0.01)
ARO Adjustment Phosphate Other operating income (expense) (23) 4  (0.06)
Hurricane Milton idle costs Phosphate Cost of goods sold (52) 10  (0.13)
Gain on sale of equity investment Phosphate Other non-operating income (expense) 522  (43) 1.51 
Ma'aden mark-to-market Corporate and Other Other non-operating income (expense) 28  (5) 0.07 
ARO Adjustment Potash Other operating income (expense) 7  (1) 0.02 
Arbitration reserve Phosphate Other Operating Expense/Non Controlling Interest (43) 9  (0.11)
Total Notable Items $ (40) $ 65  $ 0.08 
Q3 2024
Description Segment Line Item Amount
(in millions)
Tax Effect(t)
(in millions)
 EPS Impact
(per basic share)
Foreign currency transaction gain (loss) Consolidated Foreign currency transaction gain (loss) $ 111  $ (35) $ 0.22 
Unrealized gain (loss) on derivatives Corporate and Other Cost of goods sold 38  (11) 0.09 
Closed and indefinitely idled facility costs Phosphate Other operating income (expense) (15) 5  (0.03)
FX functional currency Mosaic Fertilizantes Cost of goods sold 6  (2) 0.01 
Realized gain (loss) on RCRA Trust Securities Phosphate Other non-operating income (expense) 5  (2) 0.01 
ARO Adjustment Phosphate Other operating income (expense) (102) 31  (0.22)
Environmental reserve Phosphate Other operating income (expense) (20) 6  (0.04)
Total Notable Items $ 23  $ (8) $ 0.04 


Q2 2024
Description Segment Line Item Amount
(in millions)
Tax Effect(t)
(in millions)
 EPS Impact
(per basic share)
Foreign currency transaction gain (loss) Consolidated Foreign currency transaction gain (loss) $ (263) $ 76  $ (0.58)
Unrealized gain (loss) on derivatives Corporate and Other Cost of goods sold (28) 9  (0.07)
Closed and indefinitely idled facility costs Phosphate Other operating income (expense) (13) 3  (0.03)
FX functional currency Mosaic Fertilizantes Cost of goods sold 4  (1) — 
Realized gain (loss) on RCRA Trust Securities Phosphate Other non-operating income (expense) (2) —  — 
Land reclamation Phosphate Cost of goods sold (15) 4  (0.03)
Pension plan termination Corporate and Other Other non-operating income (expense) 8  (2) 0.02 
Franchise tax reversal Phosphate Other operating income (expense) (15) 4  (0.03)
Discrete tax items Consolidated (Provision for) benefit from income taxes —  (103) (0.32)
Total Notable Items $ (324) $ (10) $ (1.04)
Q1 2024
Description Segment Line Item Amount
(in millions)
Tax Effect(t)
(in millions)
 EPS Impact
(per basic share)
Foreign currency transaction gain (loss) Consolidated Foreign currency transaction gain (loss) $ (100) $ 28  $ (0.22)
Unrealized gain (loss) on derivatives Corporate and Other Cost of goods sold (31) 8  (0.07)
Closed and indefinitely idled facility costs Phosphate Other operating income (expense) (11) 3  (0.03)
FX functional currency Mosaic Fertilizantes Cost of goods sold 1  —  — 
Realized gain (loss) on RCRA Trust Securities Phosphate Other non-operating income (expense) 4  (1) 0.01 
ARO Adjustment Phosphate Other operating income (expense) (14) 4  (0.03)
Environmental reserve Phosphate Other operating income (expense) (77) 21  (0.17)
Total Notable Items $ (228) $ 63  $ (0.51)



Q4 2023
Description Segment Line Item Amount
(in millions)
Tax Effect(t)
(in millions)
 EPS Impact
(per basic share)
Foreign currency transaction gain (loss) Consolidated Foreign currency transaction gain (loss) $ 79  $ (16) $ 0.20 
Unrealized gain (loss) on derivatives Corporate and Other Cost of goods sold 40  (7) 0.10 
Closed and indefinitely idled facility costs Phosphate Other operating income (expense) (9) 2  (0.03)
FX functional currency Mosaic Fertilizantes Cost of goods sold (3) 1  (0.01)
Realized gain (loss) on RCRA Trust Securities Phosphate Other non-operating income (expense) (7) 2  (0.02)
ARO Adjustment Phosphate Other operating income (expense) (4) 1  (0.01)
Environmental reserve Phosphate Other operating income (expense) (64) 11  (0.16)
Land reclamation Phosphate Cost of goods sold (28) 5  (0.07)
ARO adjustment Potash Other operating income (expense) (10) 2  (0.02)
Tax law change Mosaic Fertilizantes (Provision for) benefit from income taxes —  136  0.42 
Total Notable Items $ (6) $ 137  $ 0.40 








Footnotes
 
(a)Notable items impact on Earnings Per Share is calculated as notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Adjusted Diluted Net Earnings per Share is defined as diluted net earnings (loss) per share excluding the impact of notable items. See "Non-GAAP Reconciliations".
(b)See definitions of Adjusted EBITDA and Adjusted Gross Margin under “Non-GAAP Reconciliations”.
(c)Includes elimination of intersegment sales.
(d)Finished product sales volumes include intersegment sales.
(e)Includes MicroEssentials, K-Mag, Aspire and Sus-Terra sales tonnes.
(f)Includes MicroEssentials performance products.
(g)Average price of all finished products sold by Potash, Phosphates, Mosaic Fertilizantes and India/China. Amounts prior to January 1, 2025 have been recast to exclude revenue from other non-finished goods.
(h)Includes crop nutrient dry concentrates and animal feed ingredients.
(i)Includes finished goods sales of feed and other products.
(j)Amounts are representative of our average ammonia costs in cost of goods sold.
(k)Amounts are representative of our average sulfur costs in cost of goods sold.
(l)Includes inbound freight, outbound freight and warehousing costs on K-Mag, animal feed and domestic MOP sales.
(m)Includes K-Mag, and Aspire finished performance products.
(n)MOP cash costs of production are reflective of actual costs during the period excluding brine management costs, depreciation, depletion, accretion, carbon-based and Canadian resource tax, idle and turnaround costs. Total Production costs for MOP production excludes K-Mag costs, Aspire raw material costs and incremental Aspire operating costs.
(o)Excludes industrial and feed sales. Price has been calculated using the average monthly foreign exchange rate.
(p)Includes sales volumes of phosphate and potash nutrients purchased from other Mosaic segments and Canpotex.
(q)Includes intersegment sales.
(r)Total production costs less depreciation, ARO costs including accretion and idle and turnaround costs divided by metric tonnes of finished phosphate production in the period. 
(s)Total production cost less depreciation/depletion, ARO costs including accretion and idle and turnaround costs divided by metric tonnes of rock produced in the period.
(t)Tax impact is based on our expected annual effective rate.





The Mosaic Company
Selected Calendar Quarter Financial Information
(Unaudited)

Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), Mosaic has presented in this Selected Calendar Quarter Financial Information certain non-GAAP financial measures, or measures calculated based on non-GAAP financial measures, including: Adjusted Diluted Net Earnings Per Share, Consolidated Adjusted EBITDA, Segment Adjusted EBITDA, and Adjusted Gross Margin. Generally, a non-GAAP financial measure is a supplemental numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Each of the non-GAAP financial measures we present is determined as described below.
The non-GAAP financial measures we present should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, because these non-GAAP measures, as presented, are not determined in accordance with GAAP, they are thus susceptible to varying interpretations and calculations and may not be comparable to other similarly titled measures of other companies.
Adjusted Diluted Net Earnings Per Share
Adjusted diluted net earnings per share is defined as diluted net earnings per share, excluding the impact of notable items. Notable items impact on diluted net earnings per share is calculated as notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Management believes that adjusted diluted net earnings per share provides securities analysts, investors and others, in addition to management, with useful supplemental information regarding our performance by excluding certain items that may not be indicative of or are unrelated to our core operating results. Management utilizes adjusted diluted net earnings per share in analyzing and assessing Mosaic’s overall performance, for financial and operating decision-making, and to forecast and plan for the future periods. Adjusted diluted net earnings per share also assists our management in comparing our and our competitors' operating results. Reconciliations of adjusted diluted net earnings per share to diluted net earnings per share for the periods presented are provided under “Consolidated Data” on the first page of this Selected Calendar Quarter Financial Information.
Consolidated Adjusted EBITDA
Consolidated Adjusted EBITDA is defined as consolidated Net Income (Loss) before net interest expense, depreciation, depletion and amortization, asset retirement obligation accretion, share-based compensation expense and provision for/(benefit from) income taxes less equity in net earnings (loss) of nonconsolidated companies, net of dividends. As of January 1, 2025, we are no longer adjusting for equity in net earnings (loss) of nonconsolidated companies, net of dividends as we sold our equity investment in MWSPC in 2024. Consolidated Adjusted EBITDA is also adjusted for notable items that management excludes in analyzing our performance. Consolidated Adjusted EBITDA is a non-GAAP financial measure that we provide to assist securities analysts, investors, lenders and others in their comparisons of operational performance, valuation and debt capacity across companies with differing capital, tax and legal structures. Consolidated Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, consolidated Net Income (Loss) as a measure of operating performance. A reconciliation of Consolidated Net Income (Loss) to Consolidated Adjusted EBITDA is provided below.
(in millions)
 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Consolidated Net Income (Loss) $ 365  $ 45  $ (162) $ 122  $ 169  $ 238  $ 411  $ 411 
Less: Consolidated Interest Expense, Net (35) (48) (46) (42) (47) (41) (53) (46)
Plus: Consolidated Depreciation, Depletion & Amortization 257  241  264  238  283  243  262  277 
Plus: Accretion Expense 27  27  28  26  31  32  33  33 
Plus: Share-Based Compensation Expense (Benefit) 6  9  12  5  7  10  8  7 
Plus: Consolidated Provision for (Benefit from) Income Taxes (44) 6  99  48  34  63  146  175 
Less: Equity in net earnings (loss) of nonconsolidated companies, net of dividends —  22  22  5  9  —  —  — 
Plus: Notable Items —  222  319  (28) 32  (83) (347) (143)
Consolidated Adjusted EBITDA $ 646  $ 576  $ 584  $ 448  $ 594  $ 544  $ 566  $ 806 



Segment Adjusted EBITDA
Adjusted EBITDA presented at the segment level is defined as the related segment's operating earnings (loss) plus depreciation, depletion and amortization, plus asset retirement obligation accretion, plus foreign exchange gain (loss), plus other income (expense) plus dividends from equity investments, less earnings (loss) from noncontrolling interests. As of January 1, 2025, we are no longer adjusting for equity in net earnings (loss) of nonconsolidated companies, net of dividends as we sold our equity investment in MWSPC in 2024 that represented nearly all of these historical earnings. Adjusted EBITDA is also adjusted for notable items that management excludes in analyzing our performance. We provide these non-GAAP financial measures because we believe they are relevant and useful to securities analysts, investors and others because they are part of our internal management reporting and planning process, and our management uses these measures to evaluate the operational performance and valuation of our segments. Management also uses these measures as a method of comparing segment, performance with that of its competitors. Segment Adjusted EBITDA should not be considered as alternatives to, or more meaningful than, segment Operating Earnings (Loss) and segment Operating Earnings (Loss)/sales tonne, respectively, as measures of operating performance. Management believes Operating Earnings (Loss) and segment Operating Earnings (Loss)/sales tonne, respectively, are the most directly comparable GAAP measures because we do not allocate taxes on a segment basis. Reconciliations of Segment Adjusted EBITDA to segment Operating Earnings (Loss) and segment Operating (Loss) Earnings/sales tonne, respectively, are provided as part of each segment's Selected Calendar Quarter Financial Information.
Adjusted Gross Margin
Adjusted gross margin is defined as gross margin excluding the impact of notable items. Management believes the adjusted measures provides security analysts, investors, management & others with useful supplemental information regarding our performance by excluding certain items that may not be indicative of, or are unrelated to, our core operating results. Management utilizes adjusted gross margin in analyzing and assessing Mosaic's overall performance for financial and operating decision-making and to forecast and plan for future periods.