The Mosaic Company has posted a full-year net income of $541 million and diluted EPS of $1.70 for 2025, driven by strong performance in potash and Mosaic Fertilizantes. Adjusted EBITDA hit $2.4 billion, with adjusted diluted EPS of $2.27.
However, the fourth quarter hit a rough patch. Mosaic reported a net loss of $519 million, or $(1.64) per share, weighed down by notable one-time items. Adjusted EBITDA for the quarter totaled $505 million, reflecting weaker U.S. demand.
“Mosaic made significant progress in 2025. We fortified our assets to ensure reliable production, delivered meaningful cost and efficiency progress and divested non-core assets,” said President and CEO Bruce Bodine. “Deferred demand and higher raw material costs negatively impacted our year-end results, but demand is expected to recover as we move toward the planting season.”
Operational snapshots:
Phosphate: Q4 production reached 1.7 million tonnes, with early 2026 performance continuing to improve. First-quarter sales are projected at 1.7–1.9 million tonnes.
Potash: 2025 production totaled 8.8 million tonnes, with MOP output hitting its highest level since 2019. Esterhazy and Belle Plaine set production records.
Mosaic Fertilizantes: Operating earnings rose 16% to $277 million, with adjusted EBITDA surging 65% to $567 million.
Mosaic Biosciences: Net sales more than doubled to $68 million in 2025, with further doubling targeted for 2026.
Q4 notable items totaled $422 million pre-tax, including a $189 million Carlsbad asset impairment, $110 million in Mosaic Fertilizantes goodwill and fixed asset impairments, and $223 million in foreign currency, mark-to-market, and asset retirement costs. Gains from asset sales partially offset these, including a $94 million gain from the Patos de Minas transaction.
SG&A expenses rose to $534 million in 2025, largely due to Mosaic Biosciences expansion, higher employee benefits, and noncash Global Digital Acceleration costs.
Cash flow from operations totalled $825 million, down from $1.3 billion in 2024, primarily due to higher working capital and inventory builds.
Mosaic also achieved its $150 million value capture target versus 2023 and plans an additional $100 million target in 2026.
