Mosaic Company (The) (MOS) FY2025 10-K Annual Report
Mosaic Company (The) (MOS) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 27, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Mosaic Company (The) FY2025 10-K Analysis
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
Mosaic Company (The) FY2025 Key Financial MetricsXBRL
Revenue
$12.1B
▲ +8.4% YoY
Net Income
$541M
▲ +209.1% YoY
Gross Margin
15.8%
▲ +219bp YoY
Operating Margin
6.8%
▲ +123bp YoY
Net Margin
4.5%
▲ +291bp YoY
ROE
4.5%
▲ +295bp YoY
Total Assets
$24.5B
▲ +6.8% YoY
EPS (Diluted)
$1.70
▲ +209.1% YoY
Operating Cash Flow
$825M
▼ -36.5% YoY
Source: XBRL data from Mosaic Company (The) FY2025 10-K filing on SEC EDGAR. All figures in USD.
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