Short answer
Mosaic Company (The) (MOS) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $12.1B (+8.4% year over year) and net income of $541M.
- Top risk flagged: CVD orders on Moroccan/Russian phosphate imports under DOC review; reversal could restore unfair competition harming U.S. phosphate business
FY2025 key financial metrics · XBRL
- Revenue
- $12.1B
- +8.4% YoY
- Net income
- $541M
- +209.1% YoY
- Operating margin
- 6.8%
- +1.2 pp YoY
- Gross margin
- 15.8%
- +2.2 pp YoY
- EPS (diluted)
- $1.70
- +209.1% YoY
- ROE
- 4.5%
- +3.0 pp YoY
- Operating cash flow
- $825M
- −36.5% YoY
Source: XBRL data from the Mosaic Company (The) (MOS) FY2025 10-K on SEC EDGAR. USD.
Mosaic Company (The) FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- World's leading phosphate/potash producer; three segments (Phosphate, Potash, Mosaic Fertilizantes) serving ~40 countries
- Active asset rationalization: sold Patos de Minas ($111M, $94M gain), Taquari potash mine ($27M, $66M impairment), Carlsbad potash mine ($30M, $185M impairment)
- $900M bond offering completed November 2025: $500M at 4.350% due 2029 + $400M at 4.600% due 2030
- Completed 1 million tonne distribution facility in Palmeirante, northern Brazil; Mosaic Fertilizantes holds ~17% of Brazilian fertilizer shipments (9.0M tonnes sold)
- 13,249 total employees; pay equity audit revealed only 0.5% outliers requiring compensation adjustments in 2026 cycle
Management Discussion & Analysis
- Revenue $12.05B, up $929.6M (+8%) YoY; prior year $11.1B fell 19% from $13.7B in 2023
- Gross margin 15.8% vs 13.6% prior year; operating margin improved as operating earnings rose to $821.5M from $621.5M
- Best segment: Potash, operating earnings $638M vs $605M, gross margin 32.7% vs 26.9%; worst: Phosphate, operating earnings $135M vs $225M, gross margin 9.6% vs 13.1%
- Operating cash flow $824.8M vs $1.3B prior year; capex $1.36B; dividends $280.4M; no buybacks disclosed; $900M bond offering completed Nov 2025
- 2026 capex guidance ~$1.5B; key risks: rising sulfur costs, Brazil credit conditions, asset integrity downtime, $99.9M goodwill impairment in Mosaic Fertilizantes
Risk Factors
- CVD orders on Moroccan/Russian phosphate imports under DOC review; reversal could restore unfair competition harming U.S. phosphate business
- 25% U.S. tariff on Canadian potash imposed March 2025; temporary USMCA exemption exists but reintroduction risk remains material
- Sulfur supply dependent on North American oil refinery operating rates; reduced refinery output directly cuts phosphate production inputs
- ~64% of net sales from outside U.S.; Brazilian real and Canadian dollar volatility create structural currency mismatch on USD-denominated liabilities
- State-owned competitors (Morocco, Russia, Belarus, China) subsidized via lower-cost gas, mining rights, and tax incentives, creating structural cost disadvantage
Generated from the filing text; verify against the original. How to read a 10-K
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