MOSAIC CO
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
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Potash
Potash Net Sales and Gross Margin
The following table summarizes the Potash segment’s net sales, gross margin, sales volume and selling price:
| Years Ended December 31, | 2025-2024 | 2024-2023 | |||||||||
| (in millions, except price per tonne or unit) | 2025 | 2024 | 2023 | Change | Percent | Change | Percent | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales: | |||||||||||
| North America | $1,370.1 | $1,452.3 | $1,899.9 | $(82.2) | (6)% | $(447.6) | (24)% | ||||
| International | 1,291.6 | 936.4 | 1,333.7 | 355.2 | 38% | (397.3) | (30)% | ||||
| Total | 2,661.7 | 2,388.7 | 3,233.6 | 273.0 | 11% | (844.9) | (26)% | ||||
| Cost of goods sold | 1,791.7 | 1,745.5 | 2,018.6 | 46.2 | 3% | (273.1) | (14)% | ||||
| Gross margin | $870.0 | $643.2 | $1,215.0 | $226.8 | 35% | $(571.8) | (47)% | ||||
| Gross margin as a percentage of net sales | 32.7% | 26.9% | 37.6% | ||||||||
| Sales volume(a) (in thousands of metric tonnes) | |||||||||||
| MOP | 8,262 | 7,879 | 7,969 | 383 | 5% | (90) | (1)% | ||||
| Performance and Other(b) | 706 | 865 | 901 | (159) | (18)% | (36) | (4)% | ||||
| Total Potash Segment Tonnes | 8,968 | 8,744 | 8,870 | 224 | 3% | (126) | (1)% | ||||
| Realized prices ($/tonne) | |||||||||||
| Average finished product selling price (destination) | $266 | $236 | $323 | $30 | 13% | $(87) | (27)% | ||||
| MOP selling price (fob mine) | $255 | $222 | $308 | $33 | 15% | $(86) | (28)% | ||||
| Production volume (in thousands of metric tonnes) | 8,797 | 8,798 | 8,246 | (1) | —% | 552 | 7% | ||||
(a) Includes intersegment sales volumes.
(b) Includes sales volumes of K-Mag®, Aspire® and animal feed ingredients.
The Potash segment’s net sales increased to $2.7 billion for the year ended December 31, 2025, compared to $2.4 billion in the prior year. The increase was due to higher average selling prices and sales volumes, which favorably impacted net sales by approximately $265 million and $50 million, respectively, compared to the prior year period. This was partially offset by an approximate $45 million reduction in freight revenue, reflecting lower freight rates and lower domestic sales volumes in the current year period.
Our average finished product selling price was $266 per tonne for the year ended December 31, 2025, an increase of $30 per tonne compared with the prior year period, due to the factor discussed in the Overview.
The Potash segment’s sales volumes increased to 9.0 million tonnes for the year ended December 31, 2025, compared to 8.7 million tonnes in the same period a year ago, due to the factors discussed in the Overview.
Gross margin for the Potash segment increased to $870.0 million in the current year, from $643.2 million in the prior year period. The increase was primarily driven by favorable finished goods pricing, which contributed approximately $265 million, and higher sales volumes, which contributed approximately $20 million, compared to the prior year period. This was partially offset by higher Canadian resource taxes and royalty expenses of approximately $43 million, as discussed below, and higher conversion costs of approximately $25 million, compared to the prior year period.
We incurred $272.8 million of Canadian resource taxes for the year ended December 31, 2025 compared to $232.2 million in the prior year. Canadian royalty expense also increased to $42.8 million for the year ended December 31, 2025 from $40.5 million in the prior year. The fluctuations in Canadian resource taxes and royalties are a result of increases in our sales revenue and margins in the current year period compared to the prior year.
For the year ended December 31, 2025, potash production remained unchanged at 8.8 million tonnes, compared to the prior year period, resulting in an operating rate of 76% for 2025, compared to 77% for 2024.
F- 9
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