MOSAIC CO
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
MOS$22.99+1.0%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash Flows from Operating Activities | |||
| Net earnings including noncontrolling interests | $575.4 | $202.0 | $1,209.2 |
| Adjustments to reconcile net earnings including noncontrolling interests to net cash provided by operating activities: | |||
| Depreciation, depletion and amortization | 1,049.9 | 1,025.5 | 960.6 |
| Deferred and other income taxes | 251.8 | (142.9) | (261.2) |
| Equity in net (earnings) of nonconsolidated companies, net of dividends | 0.6 | (55.7) | (31.8) |
| Accretion expense for asset retirement obligations | 129.7 | 111.2 | 96.1 |
| Amortization of debt financing fees | 43.0 | 36.5 | 21.4 |
| Share-based compensation expense | 30.7 | 31.8 | 33.0 |
| Impairment of goodwill | 99.9 | — | — |
| Unrealized (gain) loss on derivatives | (85.7) | 104.1 | (29.0) |
| Foreign currency adjustments | (267.1) | 462.7 | (94.0) |
| Loss (gain) on assets sold and to be sold | 157.3 | — | (56.5) |
| Pension settlement loss | — | — | 42.4 |
| Gain on sale of equity investment | — | (538.2) | — |
| Unrealized (gain) loss on equity securities | (317.4) | (28.3) | — |
| Other | 118.0 | 69.4 | 115.3 |
| Changes in assets and liabilities: | |||
| Receivables, net | 75.7 | 59.2 | 526.3 |
| Inventories, net | (761.5) | (275.6) | 1,061.4 |
| Other current assets and noncurrent assets | 8.1 | (79.2) | (239.2) |
| Accounts payable and accrued liabilities | (359.6) | 96.4 | (1,055.1) |
| Other noncurrent liabilities | 76.0 | 220.3 | 108.3 |
| Net cash provided by operating activities | 824.8 | 1,299.2 | 2,407.2 |
| Cash Flows from Investing Activities | |||
| Capital expenditures | (1,359.4) | (1,251.8) | (1,402.4) |
| Purchases of available-for-sale securities - restricted | (975.6) | (1,529.7) | (1,240.8) |
| Proceeds from sale of available-for-sale securities - restricted | 949.1 | 1,501.1 | 1,209.1 |
| Proceeds from sale of business | — | — | 158.4 |
| Acquisition of business | — | — | (41.0) |
| Proceeds from sale of assets | 79.0 | 16.8 | 4.8 |
| Other | (2.6) | 2.6 | (5.3) |
| Net cash used in investing activities | (1,309.5) | (1,261.0) | (1,317.2) |
| Cash Flows from Financing Activities | |||
| Payments of short-term debt | (16,471.4) | (16,779.6) | (9,832.0) |
| Proceeds from issuance of short-term debt | 16,282.6 | 17,032.8 | 10,007.1 |
| Payments from inventory financing arrangement | (2,005.8) | (1,805.0) | (601.4) |
| Proceeds from inventory financing arrangement | 2,106.5 | 2,004.5 | 601.4 |
| Payments of structured accounts payable arrangements | (906.1) | (755.0) | (1,432.9) |
| Proceeds from structured accounts payable arrangements | 961.8 | 737.3 | 1,048.2 |
| Collections of transferred receivables | 572.5 | 425.5 | 1,468.6 |
| Payments of transferred receivables | (572.5) | (425.5) | (1,468.6) |
| Payments of long-term debt | (73.4) | (67.2) | (995.3) |
| Proceeds from issuance of long-term debt | 904.7 | 70.3 | 900.0 |
| Repurchases of stock | — | (235.4) | (756.0) |
| Cash dividends paid | (280.4) | (270.7) | (351.6) |
| Dividends paid to non-controlling interest | (20.2) | (31.9) | (41.5) |
| Other | (46.3) | (32.0) | (26.5) |
| Net cash provided by (used in) financing activities | 452.0 | (131.9) | (1,480.5) |
| Effect of exchange rate changes on cash | 26.3 | 37.9 | (2.8) |
| Net change in cash, cash equivalents and restricted cash | (6.4) | (55.8) | (393.3) |
| Cash, cash equivalents and restricted cash—beginning of year | 305.0 | 360.8 | 754.1 |
| Cash, cash equivalents and restricted cash—end of year | $298.6 | $305.0 | $360.8 |
F- 38
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows: | |||
| Cash and cash equivalents | $276.6 | $272.8 | $348.8 |
| Restricted cash in other current assets | 7.8 | 14.9 | 8.6 |
| Restricted cash in other assets | 14.2 | 17.3 | 3.4 |
| Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $298.6 | $305.0 | $360.8 |
F- 39
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