MOS · 8-K · 20261103PR000139

Operating Income and Margins

MOSAIC CO · 2026-11-03 · Importance 63 · Surprise 64 · From source text

Consolidated gross margin fell to $84.1 million in Q3 2026 from $552.3 million a year earlier, and operating results swung to a $96.6 million loss from $339.8 million of earnings. Phosphate recorded a $194 million operating loss versus $102 million of income, and its gross margin declined to negative $105 per tonne from $92 per tonne. Higher raw material costs and lower sales volumes reduced Phosphate adjusted EBITDA to $49 million from $280 million, partly offset by higher prices. Mosaic Fertilizantes operating results changed to a $21 million loss from $96 million of earnings, with reduced fixed-cost absorption contributing to higher conversion costs of $147 per tonne versus $99.

Key facts

• Mosaic’s Q3 2026 adjusted EBITDA was $324 million, down from $806 million in Q3 2025. source
• Mosaic’s 2026 guidance includes depreciation, depletion and amortization of $1.1–$1.2 billion, SG&A expense of $510–$530 million, net interest expense of $240–$260 million and cash tax of $175–$225 million. source
• Mosaic’s Q3 2026 SG&A expenses were $124 million, compared with $126 million in the prior-year period; cost-saving actions were largely offset by inflationary pressures. source
• Mosaic expects Q4 Phosphate stripping margins and adjusted EBITDA to decline further as higher-cost raw materials purchased and consumed in Q3 flow through cost of goods sold over the two- to three-month inventory cycle. source
• Mosaic expects Q4 2026 Mosaic Fertilizantes adjusted EBITDA to be below Q3 levels because the full-quarter impact of production curtailments will combine with typical seasonality, despite improved grower economics and fertilizer demand. source
• Mosaic’s Q3 2026 adjusted EBITDA decline primarily reflected lower sales volumes across all segments and higher raw material costs in Phosphate and Mosaic Fertilizantes, partially offset by higher phosphate prices. source

Impact estimates