$MOS · MOSAIC CO
Mosaic reported Q3 2026 results with revenue of $3.1B, an operating loss of $97M, and a net loss of $72M ($0.23/share diluted). Adjusted EBITDA was $324M, down 60% from $806M in Q3 2025. The Phosphate segment drove the deterioration, swinging to a $194M operating loss as sulfur costs surged and production was curtailed. Potash remained profitable at $189M operating earnings but faces a full-year production guidance cut to 8.6M tonnes.
- Q3 net loss of $72M vs. net income of $411M in Q3 2025 — a $483M swing.
- Adjusted EBITDA fell 60% YoY to $324M from $806M, driven by higher raw material costs and lower volumes.
- Phosphate segment swung to a $194M operating loss from $102M profit a year ago; gross margin turned negative at -$105/tonne.
- Potash full-year production guidance cut to 8.6M tonnes from prior target due to abnormal geological conditions at Esterhazy.
- Q4 sulfur contract settled at $615/long ton; Q4 stripping margins and adjusted EBITDA expected to decline further.
Extended-hours trading shows MOS at $18.09, down 1.79% from the $18.42 regular close and down 1.92% from the filing-time price, indicating modest incremental selling on a deeply negative quarter.
A $483M year-over-year earnings swing and a Phosphate segment operating loss signal severe margin compression in Mosaic's largest business, with management warning Q4 will get worse before improving.
Fertilizer sector under broad margin pressure from elevated sulfur and ammonia input costs. Mosaic's phosphate losses contrast with Potash segment resilience ($189M operating earnings), mirroring the bifurcation seen across crop nutrient producers where potash fundamentals remain relatively stronger.
Phosphate margins face continued pressure: Q4 stripping margins and adjusted EBITDA expected to decline further as high-cost sulfur purchased in Q3 flows through COGS. Esterhazy geological issues create potash production uncertainty. Mosaic Fertilizantes faces customer credit availability constraints and production curtailments.