The Mosaic Company (MOS)

The Mosaic Company reported a net loss of $273 million for the second quarter of 2026, on revenues of $2.8 billion, in a release dated 4 August 2026 2.

Chief executive Bruce Bodine put the cause mainly on sulfur, the raw material that is turned into the acid used to make phosphate fertilizer 2. In his words, conditions were "driven primarily by sulfur availability and affordability challenges" 2.

Fertilizer Daily reported that shipping through the Strait of Hormuz was disrupted in late February, which tightened sulfur supply 10. Mosaic has since cut phosphate output at plants in Florida, Louisiana and Brazil 1011.

By its August release, Faustina in Louisiana was completely idled and Bartow in Florida was running at 40 percent of its targeted annual operating rate 2. On 16 October 2026 Fertilizer Daily reported 199 layoffs at South Fort Meade, Florida, where Mosaic decided to idle the site for constrained sulfur supply 10.

Mosaic calls the actions "a temporary response to extraordinary market conditions" 11. The open question is when sulfur supply allows a restart 10.

The Mosaic Company is a Delaware corporation incorporated in March 2004 1. It is the parent of a business formed by the 22 October 2004 combination of IMC Global Inc. and the crop nutrient business of Cargill 1.

On 19 January, Mosaic and Cargill announced that Cargill's 64 percent stake, 286 million shares, would pass to Cargill's shareholders and debt holders 9. Mosaic said this would improve its long-term flexibility and make its stock more liquid 9.

On 8 January 2018 Mosaic completed the purchase of Vale Fertilizantes, paying $1.08 billion in cash and 34,176,574 of its shares 8. That made it the leading fertilizer producer and distributor in Brazil and the majority owner of a phosphate rock mine in Peru 8.

On 1 December 2018 the Saudi joint venture with Ma'aden and SABIC started commercial operation of its DAP plant, a type of phosphate fertilizer 8.

The year 2019 brought a net loss of $1,067.4 million 7. It followed $341 million to close the Plant City, Florida phosphate plant and a $589 million goodwill write-off, a charge for deal value no longer supported 7.

In June 2021 Mosaic announced the closure of the K1 and K2 potash shafts at Esterhazy, Saskatchewan, where brine had flowed in since 1985 1. The K3 shaft replaced that capacity 5.

Net sales rose from $8,681.7 million in 2020 to $12,357.4 million in 2021 and $19,125.2 million in 2022 5. Mosaic said tight supply, the Russian invasion of Ukraine in February 2022 and reduced Belarus potash exports lifted fertilizer prices 5.

Prices softened after that peak 6. Net earnings fell from $3.6 billion in 2022 to $1.2 billion in 2023, as supply rebounded and buyers delayed purchases early in the year 6.

Net earnings were $174.9 million in 2024, after a foreign currency transaction loss of $685.8 million 1. On 24 December 2024 Mosaic exchanged its 25 percent interest in the Saudi joint venture for shares of Ma'aden 1.

In 2025 net earnings recovered to $540.7 million, helped by higher selling prices in all three segments 1. Mosaic also began shedding Brazilian assets, completing the $111 million sale of the idled Patos de Minas phosphate mining unit in October 2025 1.

Phosphate

The Phosphate segment mines rock in Florida and makes concentrated phosphate crop nutrients in Florida and Louisiana, plus animal feed ingredients 1. Mosaic says it accounts for about 72 percent of North American output of these nutrients 1.

In the second quarter of 2026 the segment had net sales of $1.25 billion and an operating loss of $104 million 2. The DAP price at the plant averaged $773 per tonne 2.

Potash

Potash is mined in Saskatchewan and New Mexico, and Mosaic says it provides about 34 percent of North American output 1. Its Canadian potash goes abroad through Canpotex, an export association of Canadian producers 1.

Second-quarter 2026 net sales were $650 million, with operating earnings of $195 million, and Mosaic completed the sale of its Carlsbad, New Mexico mine in that quarter 2.

Mosaic Fertilizantes in Brazil

This segment produces and distributes crop nutrients and animal feed ingredients in Brazil, and Mosaic says it makes about 73 percent of Brazil's concentrated phosphate crop nutrients 1. In the second quarter of 2026 it had net sales of $1.0 billion and an operating loss of $41 million 2.

Commodity fertilizer production in Brazil is being idled because of sulfur, while animal feed production at Cajati remains operational and profitable 2. Mosaic expects the Araxa and Patrocinio idling to cut annual Brazilian phosphate output by about 1 million tonnes 12.

Biosciences, people and plants

Mosaic Biosciences sells biological products that help crops use nutrients better 2. Its net sales were $68 million in 2025, and Mosaic expects them to double in 2026 2.

Mosaic had 13,249 employees at the end of 2025 and holds over 368,000 acres of land in Florida 1. Bruce Bodine is chief executive 2. Karen Swager, executive vice president of operations, is to retire, and Walter Precourt takes that post on 1 December 2026 4.

Rivals and problems

Mosaic competes with farmer cooperatives, subsidiaries of larger companies and independent nutrient firms, mostly on delivered price 1. The US government paused duties on Moroccan phosphate imports for eight months, which opens the door for OCP tonnes, Argus reported 11.

Mosaic idled the South Fort Meade site, with 199 layoffs, and cut output at Bartow, Riverview, Faustina and Uncle Sam 10. The brine inflows at Esterhazy remain a standing risk for its potash mines 1.

The umbrella, in words

Mosaic's brands include MicroEssentials, a phosphate product coated with sulfur and zinc, and the feed brands Biofos and Nexfos 1. Mosaic Fertilizantes is the Brazilian arm, and Mosaic Biosciences is the biological products platform 1.

Subsidiaries: Mosaic owns 75 percent of the economic interest in the Miski Mayo phosphate mine in Peru, which it consolidates 1. It holds a majority interest in Fospar S.A., a Brazilian plant and port operator 1.

Mosaic Global Holdings, Inc., formerly IMC Global Inc., is a wholly owned subsidiary that issued 7.30% debentures due 2028 3. Mosaic owns shares of Saudi Arabian Mining Company, received in the December 2024 exchange for its joint venture interest 1.

Mosaic is a member of Canpotex, which is a contract for export sales, not an ownership stake 1.

Mosaic's August release lists its own 2026 guidance: capital spending of $1.2 billion, potash production of 9.0 million tonnes and selling, general and administrative costs of $510 to $530 million 2.

For the third quarter of 2026 it expects phosphate sales of 1.1 to 1.4 million tonnes and potash sales of 2.0 to 2.2 million tonnes 2. It also expects DAP plant prices of $820 to $840 per tonne and potash mine prices of $270 to $290 per tonne 2.

Mosaic expects to launch three to five more Biosciences products later in 2026, after five in the first half 2. It said the sulfur squeeze is temporary, though the timing of normalization is uncertain 2.

Mosaic said it plans to restart South Fort Meade once market conditions and sulfur availability allow a safe, reliable restart 10. It is exploring a sale of the Araxa assets and continuing to advance a niobium opportunity at Patrocinio 12.

Leadership changes on 1 December 2026, when Walter Precourt becomes executive vice president of operations, and Karen Swager stays as a senior advisor until her retirement in the second quarter of 2027 4.