Mosaic reported a third-quarter net loss as results weakened across its phosphate and fertilizer operations compared with a year earlier. The company also highlighted steps to manage production and costs, improve cash generation and extend its debt maturities.
Revenue was $3.1 billion, and adjusted EBITDA was $324 million. Mosaic said working-capital and production measures improved operating cash flow sequentially from the second quarter, while a newly settled sulfur contract is expected to support fourth-quarter free cash flow.
Key details
- Quarterly results: Mosaic posted a net loss of $72 million, or 23 cents per diluted share, compared with a $273 million loss in the second quarter and net income of $411 million a year earlier. Adjusted loss per share was 19 cents. The company reported an operating loss of $97 million.
- Revenue and adjusted earnings: Revenue rose from $2.8 billion in the second quarter but was below $3.5 billion in the third quarter of 2025. Adjusted EBITDA, which excludes notable items, was $324 million, down from $407 million in the prior quarter and $806 million a year earlier.
- Phosphates weakened: The segment recorded an operating loss of $194 million, compared with losses of $104 million in the second quarter and operating earnings of $102 million a year ago. Adjusted EBITDA fell to $49 million from $128 million in the prior quarter and $280 million a year earlier.
- Potash remained profitable: Operating earnings were $189 million, versus $195 million in the second quarter and $229 million a year ago. Adjusted EBITDA was $284 million, up from $278 million in the prior quarter but below $329 million a year earlier.
- Mosaic Fertilizantes: The business recorded an operating loss of $21 million, narrower than its $41 million loss in the second quarter but down from operating earnings of $96 million a year earlier. Adjusted EBITDA was $41 million, compared with $60 million and $241 million, respectively.
- Corporate costs: Corporate and other activities produced a $70 million operating loss, compared with $86 million in the prior quarter and $88 million a year ago. Adjusted EBITDA loss was $50 million, versus $59 million in the second quarter.
- Sales volumes: Mosaic sold 1.4 million tonnes of phosphate, 2.1 million tonnes of potash and 1.9 million tonnes of Mosaic Fertilizantes product during the quarter.
- Sulfur contract: Mosaic settled its fourth-quarter sulfur contract at $615 per long ton. The company expects the contract to contribute positively to fourth-quarter free cash flow.
- Debt maturities: The company said it refinanced and extended all long-term maturities through 2028, strengthening its balance sheet. It did not provide further financing terms in the announcement.
- Management’s stated actions: CEO Bruce Bodine said Mosaic aligned phosphate production with the availability of affordable sulfur, reduced costs and continued work to optimize its portfolio.
Plain-English implications
The quarter’s year-over-year decline was particularly pronounced in phosphate and Mosaic Fertilizantes, while potash remained profitable. Mosaic’s refinancing extends its long-term debt maturities through 2028, and its sulfur contract is expected to help fourth-quarter cash flow.