Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Mosaic swung to a significant net loss in Q2 FY2026, as geopolitical turmoil drove unprecedented increases in key raw material costs, particularly sulfur and ammonia, compressing margins across all segments. Management cited global supply disruptions and production curtailments, including the idling of the Araxá and Patrocínio complexes in Brazil, which contributed to a $69 million project write-off and an additional $40 million in idle-related costs. While realized selling prices improved, they were insufficient to offset the cost pressures and a 32% decline in Mosaic Fertilizantes sales volumes. The company plans further production curtailments in Q3 amid ongoing sulfur supply constraints, and operating cash flow weakened substantially, dropping 58% year-over-year.
Revenue
$2.82B
-6.04% YoY
EPS (Diluted)
-$0.86
-166.67% YoY
Gross Margin
7.6%
-9.7 pts YoY
Operating Income
-$35.5M
-114.53% YoY
Source: SEC XBRL
Mosaic (MOS) reported Q2 FY2026 revenue of $2.82B, down 6.0% year over year. Operating margin was -1.3%, against 8.1% a year earlier. MOS's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 2 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026This filing | 0.13 | 0.11 | Beat +20.4% |
| Mar 2026 | 0.05 | 0.24 | Miss -79.1% |
| Dec 2025 | 0.22 | 0.47 | Miss -53.3% |
| Sep 2025 | 1.04 | 1.00 | Beat +4.5% |
Adjusted (non-GAAP) EPS of $0.13 versus the $0.11 analyst consensus — a +20.4% beat for Jun 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was -$0.86.
4 reported segments · SEC XBRL
Segment revenue totals $2.82B, which is the $2.82B of consolidated revenue on the income statement. The profit column adds up to the consolidated figure as well.
Profit above is reported as operating income, the measure MOS itself discloses in this filing. Each company chooses its own measure here, so these margins are not comparable with another company's.
Compiled by AI from 10-Q Item 2 of this filing
The average consumed sulfur price for North American phosphate operations surged 150% year-over-year to $522 per long ton, while ammonia costs increased 40% to $621 per metric ton, reflecting tightened global supply due to geopolitical conflicts and shipping disruptions.
Source: 10-Q Item 2 MD&A
Mosaic idled its Araxá mining and chemical complex and related Patrocínio mining activities in Brazil, resulting in total charges of $482 million for the first half, including $40 million in Q2. The company also announced further temporary curtailments in North America and Brazil for Q3 in response to limited sulfur supply.
Source: 10-Q Item 2 MD&A
The company recorded a $69 million charge related to engineering and equipment costs for a discontinued project, negatively impacting Phosphate segment operating results.
Source: 10-Q Item 2 MD&A
A $161.6 million unrealized mark-to-market loss on the investment in Maaden shares contributed significantly to the pre-tax loss for the quarter.
Source: 10-Q Item 2 MD&A
Potash operating rate fell to 64% from 73% a year ago, impacted by lower production at Esterhazy due to downtime and the sale of the Carlsbad facility, though margins remained resilient at 30%.
Source: 10-Q Item 2 MD&A
Compiled by AI from 10-Q Item 1A of this filing · 4 high, 1 medium, 0 low
Geopolitical conflicts, particularly relating to Russia-Ukraine and Iran, have driven volatile pricing and supply disruptions for sulfur, ammonia, and fertilizer inputs. These conditions have significantly increased production costs and may continue to do so.
Source: 10-Q Item 1A Risk Factors
Because phosphate and potash are commodities, Mosaic may not be able to pass higher input costs to customers, squeezing margins if raw material prices remain elevated.
Source: 10-Q Item 1A Risk Factors
Heightened tensions involving Iran threaten the Strait of Hormuz, a critical transit corridor for sulfur and ammonia. Disruptions could further increase costs and delay deliveries.
Source: 10-Q Item 1A Risk Factors
Natural gas is a key feedstock and fuel for ammonia production and potash mining. Energy price volatility, exacerbated by global conflicts, could materially raise operating costs.
Source: 10-Q Item 1A Risk Factors
Unavailability of sulfur and ammonia has already forced temporary production curtailments; if supply constraints persist, Mosaic may need to further reduce output, hurting revenue and fixed cost absorption.
Source: 10-Q Item 1A Risk Factors
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 2.82 $B | 3.01 $B | -6.04% |
Cost of Revenue $B | 2.61 $B | 2.49 $B | +4.92% |
Gross Profit $M | 214.70 $M | 518.60 $M | -58.60% |
Operating Income $M | -35.50 $M | 244.40 $M | -114.53% |
Net Income $M | -272.80 $M | 410.70 $M | -166.42% |
EPS (Basic) $ | -0.86 $ | 1.29 $ | -166.67% |
EPS (Diluted) $ | -0.86 $ | 1.29 $ | -166.67% |
SG&A Expense $M | 131.60 $M | 167.20 $M | -21.29% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
The Mosaic Company reported a sharp reversal to a net loss of -$257.6M in Q1 2026 (vs. net income of $238.1M in Q1 2025), driven by a 29.5% surge in cost of revenue that overwhelmed a 14.4% revenue gain, collapsing gross margin to just 7.9% and swinging operating income deeply negative.
MOS delivered strong FY2025 results with revenue up 8.4% to $12.1B, net income surging 209% to $540.7M, and gross margin expanding 220 basis points to 15.8%, though operating cash flow declined 36.5% year-over-year.
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