MOSAIC CO
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
MOS$22.36+0.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0001628280-25-038265
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-05.
0001628280-25-049494
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 162 previous paragraphs and 165 current paragraphs.
88 unchanged; 58 reworded; 18 added; 16 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 7 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (18)
Current report
In our Mosaic Fertilizantes segment, operating earnings for the three months ended September 30, 2025 were $96 million, compared to $56 million in the prior year. In the current year period, operating results reflect higher average selling prices driven by a favorable global pricing environment. Sales volumes were down slightly in the current year period. The current year period also reflects a $27 million recovery of customer receivables versus a $32 million bad debt expense in the prior year period. During the current year period, we entered into an agreement to sell our interest in the entity that operates the Taquari potash mine in Brazil. Operating results were negatively impacted by an impairment loss of approximately $73 million related to this transaction.
Current report
Subsequent to quarter-end, on October 3, 2025, we completed the sale of our idled Patos de Minas phosphate mining unit in Brazil for $111 million, with $51 million paid at closing and the balance of the purchase price to be paid in installments over the next four years. On November 3, 2025, we completed the sale of our interest in the Taquari potash mine in Brazil for proceeds of up to $27 million, with $12 million received at closing.
Current report
The Phosphate segment’s net sales were $1.3 billion for the three months ended September 30, 2025, compared to $1.0 billion for the three months ended September 30, 2024. The year-over-year increase was primarily driven by higher average finished goods sales prices, which contributed approximately $210 million to net sales compared to the prior year period. Additionally, increased sales volumes added approximately $55 million, while freight and other product revenues contributed $20 million, compared to the prior-year period.
Current report
Our average finished product selling price increased 23% to $712 per tonne for the three months ended September 30, 2025, compared to $579 per tonne in the prior year period, due to the factors discussed in the Overview.
Current report
Gross margin for the Phosphate segment increased to $143.9 million for the three months ended September 30, 2025, from $142.3 million for the three months ended September 30, 2024. Gross margin in the current year period benefitted from higher average selling prices, which had a favorable impact of approximately $210 million compared to the prior year. In addition, higher finished goods sales volumes had a favorable impact of approximately $10 million and higher sales volumes of rock and other products had a favorable impact of approximately $20 million in the current year period. These benefits were mostly offset by higher raw material costs, primarily sulfur, of approximately $70 million and higher conversion costs of approximately $40 million, compared to the prior year period. Higher plant related costs and freight and vessel costs of approximately $55 million also unfavorably impacted gross margin. Additionally, current year results were also unfavorably impacted by higher costs for maintenance turnarounds of approximately $35 million, higher water costs of approximately $20 million and land reclamation costs of approximately $15 million.
Current report
Nine months ended September 30, 2025 and September 30, 2024
Current report
The Phosphate segment’s net sales were $3.6 billion for the nine months ended September 30, 2025, compared to $3.4 billion for the nine months ended September 30, 2024. The year-over-year increase was driven by higher average finished goods sales prices, which contributed approximately $400 million to net sales compared to the prior year period. This benefit was partially offset by lower sales volumes, which resulted in an unfavorable impact of approximately $110 million. Additionally, lower rock sales volumes and freight and other product revenue had an unfavorable impact of approximately $75 million compared to the prior year period.
Current report
Our operating rate for potash production increased to 79% for the three months ended September 30, 2025, from 66% for the same period in 2024. Prior year production was negatively impacted by electrical issues at our Esterhazy and Colonsay, Saskatchewan mines.
Current report
Nine months ended September 30, 2025 and September 30, 2024
Current report
Gross margin for the Potash segment increased to $613.9 million for the nine months ended September 30, 2025, up from $520.0 million for the same period last year. This increase was largely attributable to higher average selling prices, which contributed approximately $125 million compared to the prior year period. In addition, higher sales volumes contributed approximately $30 million compared to the prior year period. These benefits were partially offset by higher costs which unfavorably impacted gross margin by approximately $50 million, and by higher Canadian resource taxes and royalties of approximately $20 million in the current year period.
Current report
Our average finished product selling price was $518 per tonne for the three months ended September 30, 2025, compared to $447 per tonne for the same period a year ago due to the factor discussed in the Overview.
Current report
The Mosaic Fertilizantes segment’s sales volumes of finished products decreased 3% for the three months ended September 30, 2025, compared to the same period a year ago.
Current report
Nine months ended September 30, 2025 and 2024
Current report
Selling, general and administrative expenses for the three months ended September 30, 2025 decreased by $22.7 million compared to the same period of prior year. The current year quarter includes approximately $8 million in higher consulting and professional services costs, while the prior year quarter reflected the addition of a $32 million bad debt reserve in our Mosaic Fertilizantes segment.
Current report
For the three months ended September 30, 2025, other operating expenses were $87.0 million, down from $153.2 million reported for the same period of the prior year. Other operating expenses for the current period were approximately $100 million lower than the prior year, primarily due to the timing of annual annual asset retirement obligation (“ARO”) revisions, which will be recorded in the fourth quarter of the current year. The current year period also benefited from reduced environmental and legal reserves of approximately $20 million compared to the current year period. The current year amount includes an impairment loss of approximately $73 million related to the planned sale of the Taquari potash mine in Brazil, which was partially offset by a recovery of customer receivables in Brazil of approximately $27 million.
Current report
For the nine months ended September 30, 2025, other operating expense decreased to $221.3 million, from $305.0 million in the same period of the prior year. The reduction from the prior year was primarily attributable to the timing of annual ARO adjustments, mentioned above, which resulted in approximately $70 million in lower costs in the current year period. Additionally, lower environmental and legal reserves benefited the current year period by approximately $40 million and lower franchise tax expense by approximately $15 million. Other operating expense in the current year also included the previously mentioned impairment loss of approximately $73 million.
Current report
For the three months ended September 30, 2025, fluctuations in foreign currency rates led to a slight transaction loss of $1.2 million compared to a gain of $100.9 million for the same period of the prior year.
Current report
•a material adverse change in our Ma'aden investment with respect to the financial position, performance, operations or prospects of Ma'aden;
Removed paragraphs (16)
Previous report
In our Mosaic Fertilizantes segment, operating earnings for the three months ended June 30, 2025 were $109 million, compared to $61 million in the prior year. In the current year period, operating results reflect higher average selling prices driven by a favorable global pricing environment. We also benefited from production efficiency gains in our mining operations, which resulted in lower rock and conversion costs. Sales volumes were consistent with volumes in the prior year period. In July 2025, we opened a new blending facility in Palmeirante, Tocantins, Brazil, with a capacity to process one million tonnes of fertilizer annually, and approximately 500,000 tonnes in 2025. We expect the Palmeirante facility to be a key contributor to Mosaic's growth plans in Brazil.
Previous report
The Phosphate segment’s net sales were $1,173.0 million for the three months ended June 30, 2025, compared to $1,179.5 million for the three months ended June 30, 2024. The slight year-over-year decline reflects an impact of approximately $80 million from lower finished goods sales volumes along with approximately $30 million in lower freight and other product revenue and a $20 million decrease in sales volumes of rock. These impacts were largely offset by higher average finished goods sales prices which had a favorable impact on net sales of approximately $130 million, compared to the prior year period.
Previous report
Our average finished product selling price increased 15% to $665 per tonne for the three months ended June 30, 2025, compared to $578 per tonne in the prior year period, due to the factors discussed in the Overview.
Previous report
Gross margin for the Phosphate segment decreased to $103.0 million for the three months ended June 30, 2025, from $153.7 million for the three months ended June 30, 2024. Gross margin in the current year period was unfavorably impacted by higher sulfur and ammonia costs of approximately $50 million, higher costs for maintenance turnarounds of approximately $50 million, higher conversion costs of approximately $40 million and lower finished goods sales volumes of approximately $15 million. In addition, $25 million in other plant-related costs and lower rock sales volumes of $20 million reduced gross margin. These changes were partially offset by the benefited from stronger average selling prices in the current year period which impacted gross margin by approximately $130 million and lower blended rock costs of approximately $30 million compared to the prior year period.
Previous report
Six months ended June 30, 2025 and June 30, 2024
Previous report
The Phosphate segment’s net sales were $2,271.6 million for the six months ended June 30, 2025, compared to $2,348.2 million for the six months ended June 30, 2024. Net sales were impacted by lower finished goods sales volumes which reduced net sales by approximately $170 million. In addition, lower rock sales prices and volumes had an unfavorable impact of approximately $40 million compared to the prior year period. These impacts were partially offset by approximately $190 million due to higher finished product selling prices in the current period.
Previous report
Our operating rate for potash production decreased to 73% for the three months ended June 30, 2025, from 78% for the same period in 2024 due to the annual maintenance turnaround at our Esterhazy mine mentioned above.
Previous report
Six months ended June 30, 2025 and June 30, 2024
Previous report
Gross margin for the Potash segment decreased to $378.0 million for the six months ended June 30, 2025, from $398.1 million for the same period in the prior year. This decrease was primarily driven by higher conversion costs of approximately $40 million and higher turnaround and idle costs of approximately $10 million due to the timing of turnarounds. Additionally, lower freight rates and reduced sales volumes negatively impacted gross margin by approximately $10 million, and $5 million, respectively, compared to the prior year period. These reductions were partially offset by a $30 million benefit from higher average selling prices and $20 million of lower Canadian resource taxes and royalties in the current year period.
Previous report
Our operating rate was 76% for the current year period, compared to 79% in the prior year period. Current year production was impacted by planned maintenance downtime during the first half of the year.
Previous report
Our average finished product selling price was $474 per tonne for the three months ended June 30, 2025, compared to $423 per tonne for the same period a year ago due to the factor discussed in the Overview.
Previous report
The Mosaic Fertilizantes segment’s sales volumes of finished products increased 2% for the three months ended June 30, 2025, compared to the same period a year ago.
Previous report
Six months ended June 30, 2025 and 2024
Previous report
Selling, general and administrative expenses for the six months ended June 30, 2025 increased $54.6 million compared to the same period of prior year, mainly due to the increase in Mosaic Fertilizantes bad debt reserves noted above and higher incentive compensation of approximately $22 million in the current year period.
Previous report
For the three months ended June 30, 2025, we had other operating expenses of $107.0 million, compared to $32.3 million for the same period of the prior year. The increase from the prior year was driven by a $44 million upward revision in estimated closure costs for our asset retirement obligations (“AROs”) at our closed facilities, and approximately $40 million in additional environmental reserves for water treatment costs, primarily in our Phosphate segment. These increases were partially offset by insurance recoveries of approximately $15 million related to customer receivables in our Mosaic Fertizilantes segment.
Previous report
For the six months ended June 30, 2025, other operating expense decreased to $134.3 million, from $151.8 million in the same period of the prior year due to lower environmental reserves in the current year period.
Reworded paragraphs (58)
Previous wording
The following table shows the results of operations for the three and six months ended June 30, 2025 and June 30, 2024:
Current wording
The following table shows the results of operations for the three and nine months ended September 30, 2025 and September 30, 2024:
Previous wording
For the three months ended June 30, 2025, Mosaic had net income of $410.7 million, or $1.29 per diluted share, compared to a net loss of $(161.5) million, or $(0.50) per diluted share, for the prior year period. Gross margin for the three months ended June 30, 2025 increased 32% compared to the same period of the prior year, primarily driven by higher average selling prices across all segments, reflecting strong market dynamics and cost efficiencies in our Mosaic Fertilizantes segment as discussed further below. Net income for the three months ended June 30, 2025 was favorably impacted by a foreign currency transaction gain of $169.4 million, compared to a foreign currency transaction loss of $267.9 million in the prior year period. Net income also benefited from an unrealized mark-to-market gain of $216 million on the investment in Ma’aden shares, included in other income (expense). We did not hold this investment in the prior year period.
Current wording
For the three months ended September 30, 2025, Mosaic had net income of $411.4 million, or $1.29 per diluted share, compared to net income of $122.2 million, or $0.38 per diluted share, for the prior year period. Gross margin for the three months ended September 30, 2025 increased 33% compared to the same period of the prior year, primarily driven by higher average selling prices across all segments, reflecting strong market dynamics. Net income benefited from an unrealized mark-to-market gain of $308 million on the investment in Ma’aden shares, included in other income (expense). We did not hold this investment in the prior year period.
Previous wording
In our Phosphate segment, we reported an operating loss for the three months ended June 30, 2025 of $(8) million compared to operating earnings of $133 million in the prior year period. The decline was driven by increased provisions for water treatment costs and an increase to asset retirement obligations for closed facilities based on approved permitting for injection wells, which more than offset the benefit of improved pricing. Higher average selling prices in the current year were supported by tight global supply conditions, including low inventory levels and export restrictions from China. Additionally, selling prices in the current year period were influenced by higher sulfur and ammonia costs, which are driven by global supply and demand. Extended planned downtime for maintenance turnarounds unfavorably impacted sales volumes in the current year period. Higher unit conversion and raw material costs further reduced operating results in the current year period.
Current wording
In our Phosphate segment, operating earnings for the three months ended September 30, 2025 were $102 million compared to $8 million in the prior year period. Operating results benefited from higher average selling prices and sales volumes in the current year period. Prices were supported by tight global supply conditions, including low inventory levels in the market and export restrictions from China. Increased sales volumes were driven by a strong "summer fill" sales program in North America. The current period operating results were unfavorably impacted by higher sulfur costs, which are driven by global supply and demand, and higher unit conversion costs.
Previous wording
In our Potash segment, operating earnings for the three months ended June 30, 2025 were $194 million, compared to $174 million in the prior year. Operating results benefited from higher average selling prices in the current year period. Prices have improved due to tight global supply conditions and continued strength in international demand. Sales volumes in the current year period were consistent with the prior year, though the sales mix shifted toward international markets. Production volumes in the current year period were lower due to the timing of our annual maintenance turnaround at our Esterhazy, Saskatchewan facility.
Current wording
In our Potash segment, operating earnings for the three months ended September 30, 2025 were $229 million, compared to $109 million in the prior year. Operating results benefited from higher average selling prices and sales volumes in the current year period. Prices have improved due to tight global supply conditions and continued strength in international demand. Sales volumes in the current year period also benefited from strong international demand. Production volumes in the current year period were higher as our annual maintenance turnaround at our Esterhazy, Saskatchewan facility was completed earlier in the year and the prior year also suffered from unplanned downtime.
Previous wording
Corporate, Eliminations and Other had an operating loss of $(51) million for the three months ended June 30, 2025, compared to a loss of $(135) million in the prior year. Corporate, Eliminations and Other includes the results of the China and India distribution businesses, intersegment eliminations, including profit on intersegment sales, unrealized mark-to-market gains and unrealized losses on derivatives and debt expenses.
Current wording
Corporate, Eliminations and Other had an operating loss of $(87) million for the three months ended September 30, 2025, compared to a loss of $(58) million in the prior year. Corporate, Eliminations and Other includes the results of the China and India distribution businesses, intersegment eliminations, including profit on intersegment sales, unrealized mark-to-market gains and unrealized losses on derivatives and debt expenses.
Previous wording
Overview of Consolidated Results for the six months ended June 30, 2025 and 2024
Current wording
Overview of Consolidated Results for the nine months ended September 30, 2025 and 2024
Previous wording
Net income attributable to Mosaic for the six months ended June 30, 2025 was $648.8 million, or $2.04 per diluted share, compared to a net loss of $(116.3) million, or $(0.36) per diluted share, for the same period a year ago. Gross margin for the three months ended June 30, 2025 increased 27% compared to the same period of the prior year. This result was primarily driven by higher average selling pricing across all segments, reflecting strong market dynamics, as well as cost efficiencies in our Mosaic Fertilizantes segment as discussed further below. Net income for the six months ended June 30, 2025 was favorably impacted by a foreign currency transaction gain of $302.5 million, compared to a loss of $(368.2) million in the prior year period. Net income also benefited from an unrealized mark-to-market gain of $99 million on the investment in Ma’aden shares, included in other income (expense). We did not hold this investment in the prior year period.
Current wording
Net income attributable to Mosaic for the nine months ended September 30, 2025 was $1,060.2 million, or $3.33 per diluted share, compared to a net loss of $5.9 million, or $0.02 per diluted share, for the same period a year ago. Gross margin for the three months ended September 30, 2025 increased 29% compared to the same period of the prior year. This result was primarily driven by higher average selling pricing across all segments, reflecting strong market dynamics, as well as cost efficiencies in our Mosaic Fertilizantes segment as discussed further below. Net income for the nine months ended September 30, 2025 was favorably impacted by a foreign currency transaction gain of $301.3 million, compared to a loss of $(267.3) million in the prior year period. Net income also benefited from an unrealized mark-to-market gain of $407 million on the investment in Ma’aden shares, included in other income (expense). We did not hold this investment in the prior year period.
Previous wording
Results for the six months ended June 30, 2025 reflected the factors discussed above in the discussion for the three months ended June 30, 2025, in addition to those noted below. Certain of these factors are discussed in more detail in the following sections of this Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Current wording
Results for the nine months ended September 30, 2025 reflected the factors discussed above in the discussion for the three months ended September 30, 2025, in addition to those noted below. Certain of these factors are discussed in more detail in the following sections of this Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Previous wording
Operating results in our Phosphate segment for the six months ended June 30, 2025 declined from the prior year. Higher input costs, notably sulfur, as well as higher unit conversion and maintenance turnaround expenses contributed to lower segment earnings in the current year period compared to the prior year period. Additionally, sales volumes were negatively impacted by planned downtime associated with the maintenance turnarounds. Operating results benefited from higher average selling prices for the six month period of the current year as prices continued the upward trend that began in the third quarter of 2023. This pricing strength reflects robust global demand and low inventory levels, which have supported favorable market conditions.
Current wording
Operating results in our Phosphate segment for the nine months ended September 30, 2025 improved from the prior year, benefitting from higher average selling prices. Prices continued the upward trend that began in the third quarter of 2023, reflecting robust global demand and low inventory levels, which have supported favorable market conditions. Segment earnings were adversely affected by higher input costs, notably sulfur, as well as higher unit conversion and maintenance turnaround expenses, compared to the prior year period. Additionally, sales volumes declined as a result of planned downtime associated with the maintenance turnarounds.
Previous wording
Operating results in our Potash segment for the six months ended June 30, 2025 were slightly lower than the prior year driven by higher production costs. This impact was partially offset by higher average selling prices in the current year period due to improved global markets.
Current wording
Operating results in our Potash segment for the nine months ended September 30, 2025 were higher than the prior year, driven by higher average selling prices in the current year period due to improved global markets. Current year sales volumes also benefitted from strength in international demand. These impacts were partially offset by higher production costs, which unfavorably impacted operating results compared to the prior year period.
Previous wording
For the six months ended June 30, 2025, operating results in our Mosaic Fertilizantes segment were significantly more favorable compared to the same period in the prior year. The year-over-year performance reflects a favorable global pricing environment driven by the tight global supply. This benefit was partially offset by the impact of higher purchased product costs for resale. Additionally, sales volumes increased compared to the prior year underscoring strong market demand and effective commercial execution.
Current wording
For the nine months ended September 30, 2025, operating results in our Mosaic Fertilizantes segment were more favorable compared to the same period in the prior year. The year-over-year performance reflects a favorable global pricing environment driven by the tight global supply. This benefit was partially offset by the impact of higher purchased product costs for resale.
Previous wording
Corporate, Eliminations and Other had an operating loss of $(107) million for the six months ended June 30, 2025 compared to a loss of $(243) million in the prior year. Corporate, Eliminations and Other includes the results of the China and India distribution businesses, intersegment eliminations, including profit on intersegment sales, unrealized mark-to-market gains and unrealized losses on derivatives and debt expenses.
Current wording
Corporate, Eliminations and Other had an operating loss of $(194) million for the nine months ended September 30, 2025 compared to a loss of $(300) million in the prior year. Corporate, Eliminations and Other includes the results of the China and India distribution businesses, intersegment eliminations, including profit on intersegment sales, unrealized mark-to-market gains and unrealized losses on derivatives and debt expenses.
Previous wording
The Phosphate segment’s sales volumes of finished products decreased to 1.5 million for the three months ended June 30, 2025, compared to 1.7 million in the prior year period. The segment had lower available tonnes to process in the current quarter due to the lower production discussed in the Overview.
Current wording
The Phosphate segment’s sales volumes of finished products increased to 1.6 million for the three months ended September 30, 2025, compared to 1.5 million in the prior year period.
Previous wording
The average consumed price for ammonia for our North America operations increased 5%, to $445 per tonne, for the three months ended June 30, 2025, from $424 in the same period a year ago. The average consumed sulfur price for our North America operations increased 51%, to $209 per long ton, for the three months ended June 30, 2025, from $138 in the same period a year ago. The purchase prices of these raw materials are driven by global supply and demand. The consumed ammonia and sulfur prices also include transportation, transformation and storage costs.
Current wording
The average consumed price for ammonia for our North America operations decreased 6%, to $455 per tonne, for the three months ended September 30, 2025, from $482 in the same period a year ago. The average consumed sulfur price for our North America operations increased 116%, to $272 per long ton, for the three months ended September 30, 2025, from $126 in the same period a year ago. The purchase prices of these raw materials are driven by global supply and demand. The consumed ammonia and sulfur prices also include transportation, transformation and storage costs.
Previous wording
The average consumed cost of purchased and produced phosphate rock decreased to $74 per tonne for the three months ended June 30, 2025, from $86 per tonne for the three months ended June 30, 2024. For the three months ended June 30, 2025 our North America phosphate rock production was 2.7 million tonnes, compared to 2.4 million in the prior year period.
Current wording
The average consumed cost of purchased and produced phosphate rock decreased to $80 per tonne for the three months ended September 30, 2025, from $87 per tonne for the three months ended September 30, 2024. For the three months ended September 30, 2025 and 2024, our North America phosphate rock production was 2.2 million tonnes.
Previous wording
The Phosphate segment’s production of crop nutrient dry concentrates and animal feed ingredients decreased 10% for the three months ended June 30, 2025 from the prior year period due to planned maintenance downtime in the current year period. This resulted in an operating rate for processed phosphate production of 61% for the three months ended June 30, 2025, down from 68% for the same period in 2024.
Current wording
The Phosphate segment’s production of crop nutrient dry concentrates and animal feed ingredients increased 3% for the three months ended September 30, 2025 from the prior year period. This resulted in an operating rate for processed phosphate production of 68% for the three months ended September 30, 2025, up from 66% for the same period in 2024.
Previous wording
Our average finished product selling price was $649 per tonne for the six months ended June 30, 2025, an increase of $63 per tonne from the same period a year ago, due to the factors discussed in the Overview.
Current wording
Our average finished product selling price was $670 per tonne for the nine months ended September 30, 2025, an increase of $87 per tonne from the same period a year ago, due to the factors discussed in the Overview.
Previous wording
The Phosphate segment’s sales volumes of finished products decreased by 9% for the six months ended June 30, 2025, compared to the same period in the prior year due to the impact of planned maintenance and turnaround activity.
Current wording
The Phosphate segment’s sales volumes of finished products decreased by 4% for the nine months ended September 30, 2025, compared to the same period in the prior year due to the impact of planned maintenance and turnaround activity.
Previous wording
Gross margin for the Phosphate segment decreased to $270.3 million for the six months ended June 30, 2025, from $313.1 million for the six months ended June 30, 2024. The year over year decline was driven by higher raw material costs, notably sulfur, which reduced gross margin by approximately $70 million, and higher conversion costs of approximately $65 million. Lower finished goods and rock sales volumes unfavorably impacted gross margin by approximately $45 million. Additionally, current period gross margin was reduced by approximately $40 million related to maintenance turnarounds, $35 million in higher plant costs and increased freight costs of approximately $10 million. These impacts were partially offset by favorable impacts from higher finished goods sales prices of approximately $190 million and lower blended rock costs of approximately $40 million.
Current wording
Gross margin for the Phosphate segment decreased to $414.2 million for the nine months ended September 30, 2025, from $455.4 million for the nine months ended September 30, 2024. The decrease was primarily driven by unfavorable cost impacts, including approximately $160 million from higher sulfur and ammonia input costs, and approximately $100 million from higher conversion costs compared to the prior year period. Extended maintenance turnarounds further reduced gross margin by approximately $70 million. Gross margin was also unfavorably impacted by higher plant-related costs of approximately $90 million, higher water treatment costs of approximately $40 million and higher land reclamation costs of approximately $30 million. Additionally, lower finished goods and rock sales volumes unfavorably impacted gross margin by approximately $10 million. These impacts were partially offset by higher finished goods sales prices of approximately $400 million, lower blended rock costs of approximately $60 million.
Previous wording
The average consumed price for ammonia for our North America operations was $430 per tonne for the six months ended June 30, 2025, compared to $415 per tonne in the same period a year ago. The average consumed price for sulfur for our North America operations increased to $184 per long ton for the six months ended June 30, 2025, from $136 per long ton in the same period a year ago. The purchase prices of these raw materials are driven by global supply and demand.
Current wording
The average consumed price for ammonia for our North America operations was $444 per tonne for the nine months ended September 30, 2025, compared to $436 per tonne in the same period a year ago. The average consumed price for sulfur for our North America operations increased to $220 per long ton for the nine months ended September 30, 2025, from $135 per long ton in the same period a year ago. The purchase prices of these raw materials are driven by global supply and demand.
Previous wording
The average consumed cost of purchased and produced phosphate rock decreased to $76 per tonne for the six months ended June 30, 2025, compared to $84 per tonne for the prior year period. Our North America phosphate rock production increased to 5.1 million tonnes for the six months ended June 30, 2025, compared to 4.8 million for the six months ended June 30, 2024.
Current wording
The average consumed cost of purchased and produced phosphate rock decreased to $78 per tonne for the nine months ended September 30, 2025, compared to $85 per tonne for the prior year period. Our North America phosphate rock production increased to 7.2 million tonnes for the nine months ended September 30, 2025, compared to 7.0 million for the nine months ended September 30, 2024.
Previous wording
The Phosphate segment’s production of crop nutrient dry concentrates and animal feed ingredients decreased by 10%, to 2.9 million tonnes for the six months ended June 30, 2025, compared to 3.3 million tonnes in the prior year period due to planned maintenance downtime in the current year. Our operating rate for processed phosphate production decreased to 59% for the six months ended June 30, 2025, from 68% for the same period in 2023.
Current wording
The Phosphate segment’s production of crop nutrient dry concentrates and animal feed ingredients decreased by 6%, to 4.6 million tonnes for the nine months ended September 30, 2025, compared to 4.9 million tonnes in the prior year period. This decrease was due to planned maintenance downtime in the current year. Our operating rate for processed phosphate production decreased to 62% for the nine months ended September 30, 2025, from 66% for the same period in 2023.
Previous wording
The Potash segment’s net sales increased to $710.5 million for the three months ended June 30, 2025, compared to $663.1 million in the same period a year ago. The increase was primarily due to higher average selling prices which favorably impacted net sales by approximately $80 million compared to the same period in the prior year. This was partially offset by lower revenue for freight and other products of $30 million.
Current wording
The Potash segment’s net sales increased to $694.8 million for the three months ended September 30, 2025, compared to $525.7 million in the same period a year ago. The increase was due to higher average selling prices and sales volumes, which favorably impacted net sales by approximately $100 million and $70 million, respectively, compared to the same period in the prior year.
Previous wording
Our average finished product selling price was $274 per tonne for the three months ended June 30, 2025, compared to $240 per tonne for the same period a year ago, as a result of the factors described in the Overview.
Current wording
Our average finished product selling price was $278 per tonne for the three months ended September 30, 2025, compared to $233 per tonne for the same period a year ago, as a result of the factors described in the Overview.
Previous wording
The Potash segment’s sales volumes of finished products were 2.3 million tonnes for the three months ended June 30, 2025 and June 30, 2024.
Current wording
The Potash segment’s sales volumes of finished products were 2.3 million tonnes for the three months ended September 30, 2025 compared to 2.0 million tonnes for the same period a year ago, as a result of the factor described in the Overview.
Previous wording
Gross margin for the Potash segment increased to $209.4 million for the three months ended June 30, 2025, representing a 12% increase from $186.4 million in the prior year period. The increase was primarily driven by higher selling prices, which contributed $80 million and lower Canadian resources taxes of approximately $5 million, compared to the prior year period. These benefits were partially offset by $35 million of higher conversion costs, and $15 million in increased idle and turnaround costs attributable to the timing of the annual maintenance turnaround at our Esterhazy, Saskatchewan mine in the current year. Additionally, gross margin was unfavorably impacted by approximately $10 million due to lower freight rates and lower domestic sales volumes compared to the prior year.
Current wording
Gross margin for the Potash segment increased to $235.9 million for the three months ended September 30, 2025, up from $121.9 million in the prior year period. The increase was primarily driven by favorable finished goods pricing, which contributed approximately $100 million, and higher sales volumes, which contributed approximately $30 million, compared to the same period in the prior year. Additionally, gross margin benefited from lower freight rates of approximately $20 million, due to lower domestic sales volumes, and lower maintenance turnaround costs of approximately $10 million, compared to the prior year. These benefits were partially offset by higher Canadian resources taxes of approximately $40 million, compared to the prior year period, as discussed further below.
Previous wording
We incurred $61.7 million in Canadian resource taxes for the three months ended June 30, 2025, compared to $66.8 million in the same period a year ago. Canadian royalty expense increased to $10.5 million for the three months ended June 30, 2025, compared to $10.3 million for the three months ended June 30, 2024. The fluctuations in Canadian resource taxes and royalties are a result of a decrease in our sales revenue and margins.
Current wording
We incurred $86.8 million in Canadian resource taxes for the three months ended September 30, 2025, compared to $44.5 million in the same period a year ago. Canadian royalty expense increased to $12.4 million for the three months ended September 30, 2025, compared to $9.4 million for the three months ended September 30, 2024. The fluctuations in Canadian resource taxes and royalties are a result of increases in our sales revenue and margins.
Previous wording
The Potash segment’s net sales were $1,280.7 million for the six months ended June 30, 2025, compared to $1,306.2 million in the same period a year ago. The 2% decline was primarily driven by an approximate $40 million reduction in freight revenue, reflecting lower freight rates, and approximately $15 million of lower sales volumes. This was partially offset by a $30 million benefit from higher average selling prices compared to the prior year period.
Current wording
The Potash segment’s net sales were $2.0 billion for the nine months ended September 30, 2025, compared to $1.8 billion in the same period a year ago. Net sales in the current period benefited from higher average selling prices and sales volumes, which contributed approximately $125 million and $55 million, respectively, compared to the same period in the prior year. This was partially offset by an approximate $40 million reduction in freight revenue, reflecting lower freight rates and lower domestic sales volumes in the current year period.
Previous wording
Our average potash selling price was $255 per tonne for the six months ended June 30, 2025, compared to $248 per tonne for the same period a year ago, due to the factors discussed above in the Overview.
Current wording
Our average potash selling price was $263 per tonne for the nine months ended September 30, 2025, compared to $244 per tonne for the same period a year ago, due to the factor discussed above in the Overview.
Previous wording
The Potash segment’s sales volumes for the six months ended June 30, 2025 decreased 1% compared to the same period a year ago.
Current wording
The Potash segment’s sales volumes for the nine months ended September 30, 2025 increased 4%, compared to the same period a year ago, due to the factor discussed above in the Overview.
Previous wording
We incurred $109.0 million in Canadian resource taxes for the six months ended June 30, 2025, compared to $131.3 million in the same period a year ago. Canadian royalty expense decreased to $19.3 million for the six months ended June 30, 2025, compared to $20.3 million for the six months ended June 30, 2024. The fluctuations in Canadian resource taxes and royalties are due to the decreases in our sales revenues and margin.
Current wording
We incurred $195.8 million in Canadian resource taxes for the nine months ended September 30, 2025, compared to $175.8 million in the same period a year ago. Canadian royalty expense increased to $31.7 million for the nine months ended September 30, 2025, compared to $29.7 million for the nine months ended September 30, 2024. The fluctuations in Canadian resource taxes and royalties are due to the increases in our sales revenues and margin.
Previous wording
The Mosaic Fertilizantes segment’s net sales increased to $1,174.9 million for the three months ended June 30, 2025, from $1,048.9 million in the same period a year ago. The $126.0 million increase in net sales was due to approximately $120 million of higher finished product sales prices, and $5 million of higher sales prices of other products, primarily gypsum.
Current wording
The Mosaic Fertilizantes segment’s net sales increased to $1.6 billion for the three months ended September 30, 2025, from $1.4 billion during the same period of the prior year. The $193.0 million increase in net sales was driven by approximately $190 million of higher finished product sales prices, partially offset by slightly lower sales volumes, which unfavorably impacted net sales by approximately $20 million. Additionally, both higher sales prices and volumes of other products, primarily gypsum, contributed positively, adding approximately $20 million to net sales.
Previous wording
Gross margin for the Mosaic Fertilizantes segment increased to $161.7 million for the three months ended June 30, 2025, from $101.8 million in the same period of the previous year. This increase was primarily driven by higher average selling prices during the current year period, which contributed approximately $125 million, and lower production costs, mainly rock costs, of approximately $40 million. These increases were partially offset by approximately $105 million of higher costs for distribution products.
Current wording
Gross margin for the Mosaic Fertilizantes segment increased to $182.4 million for the three months ended September 30, 2025, from $127.9 million in the same period of the previous year. This increase was primarily driven by higher average selling prices during the current year period, which contributed approximately $190 million compared to the prior year period. This benefit was partially offset by higher product costs of approximately $140 million in our distribution operations, along with a decrease in sales volumes, which reduced gross margin by approximately $25 million. Additionally, foreign currency changes positively impacted gross margin by approximately $40 million in the current year period.
Previous wording
The average consumed price for ammonia for our Brazilian operations decreased to $601 per tonne for the three months ended June 30, 2025, compared to $623 per tonne in the prior year period. The average consumed sulfur price for our Brazilian operations increased to $270 per long ton for the three months ended June 30, 2025, compared to $174 per long ton in the prior year period. The purchase prices of ammonia and sulfur are driven by global supply and demand, and also include transportation, transformation and storage costs.
Current wording
The average consumed price for ammonia for our Brazilian operations increased to $576 per tonne for the three months ended September 30, 2025, compared to $572 per tonne in the prior year period. The average consumed sulfur price for our Brazilian operations increased to $325 per long ton for the three months ended September 30, 2025, compared to $170 per long ton in the prior year period. The purchase prices of ammonia and sulfur are driven by global supply and demand, and also include transportation, transformation and storage costs.
Previous wording
The Mosaic Fertilizantes segment’s production of crop nutrient dry concentrates and animal feed ingredients increased 16% for the three months ended June 30, 2025, compared to the prior year period. For the three months ended June 30, 2025, our phosphate operating rate increased to 84%, compared to 75% in the same period of the prior year.
Current wording
The Mosaic Fertilizantes segment’s production of crop nutrient dry concentrates and animal feed ingredients increased 6% for the three months ended September 30, 2025, compared to the prior year period. For the three months ended September 30, 2025, our phosphate operating rate increased to 84%, compared to 78% in the same period of the prior year.
Previous wording
For the three months ended June 30, 2025 and June 30, 2024, our Brazilian phosphate rock production was 1.0 million tonnes.
Current wording
For the three months ended September 30, 2025 and 2024, our Brazilian phosphate rock production was 1.1 million tonnes. We are temporarily idling our Patrocínio mine in Brazil for the months of November and December due to elevated ore inventory levels.
Previous wording
The Mosaic Fertilizantes segment’s net sales were $2,108.7 million for the six months ended June 30, 2025, compared to $1,935.3 million in the same period of the prior year. The current period's net sales benefited by approximately $100 million in higher average finished goods sales prices and by approximately $70 million of higher finished goods sales volumes for distribution, compared to the prior year period.
Current wording
The Mosaic Fertilizantes segment’s net sales were $3.7 billion for the nine months ended September 30, 2025, compared to $3.3 billion in the same period of the prior year. The current period's net sales benefited by approximately $290 million in higher average finished goods sales prices and by approximately $50 million of higher finished goods sales volumes for distribution, compared to the prior year period. Additionally, both higher sales prices and volumes of other products, primarily gypsum, contributed positively, adding approximately $30 million to net sales
Previous wording
The average finished product selling price increased $24 per tonne, to $464 per tonne for the six months ended June 30, 2025, compared to $440 per tonne in the prior year period, primarily due to the continued improvement in global prices mentioned in the Overview and the mix of products sold.
Current wording
The average finished product selling price increased $42 per tonne, to $486 per tonne for the nine months ended September 30, 2025, compared to $444 per tonne in the prior year period, primarily due to the continued improvement in global prices mentioned in the Overview and the mix of products sold.
Previous wording
The Mosaic Fertilizantes segment’s sales volume increased to 4.1 million tonnes for the six months ended June 30, 2025, from 3.9 million tonnes in the same period a year ago due to the factors discussed in the Overview.
Current wording
The Mosaic Fertilizantes segment’s sales volume increased to 6.9 million tonnes for the nine months ended September 30, 2025, from 6.8 million tonnes in the same period a year ago.
Previous wording
Gross margin for the six months ended June 30, 2025 increased to $288.7 million from $177.0 million in the same period in the prior year. This improvement was primarily driven by approximately $100 million in higher average selling prices and approximately $40 million in lower raw material costs, mainly rock costs, in the current year period compared to the prior year period. These increases were partially offset by approximately $55 million of higher costs for distribution products. Additionally, favorable foreign currency changes contributed approximately $30 million in the current year period.
Current wording
Gross margin for the nine months ended September 30, 2025 increased to $471.1 million from $304.9 million in the same period in the prior year. This improvement was primarily driven by approximately $290 million in higher average selling prices. This benefit was partially offset by approximately $160 million of higher costs for distribution products and approximately $60 million from the impact of lower sales volumes in the current year period. Current period gross margin benefited by approximately $10 million due to lower maintenance turnaround costs. Favorable foreign currency changes contributed approximately $60 million in the current year period, and improved margins on other products contributed approximately $10 million.
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Current report — wording carried from elsewhere
Our operating rate was 77% for the current year period, compared to 75% in the prior year period.