Revenue Growth Masked by Cost Surge
Revenue rose 14.4% YoY to $3.0B in Q1 2026, but cost of revenue jumped 29.5% to $2.76B, resulting in gross profit collapsing 51.8% to $235.6M. This cost-revenue mismatch is the central story of the quarter.
MOSAIC CO is expected to release its Q2 2026 10-Q filing in the upcoming earnings season. Last quarter: 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.
Drawn from management commentary in the Q1 2026 10-Q:
Revenue rose 14.4% YoY to $3.0B in Q1 2026, but cost of revenue jumped 29.5% to $2.76B, resulting in gross profit collapsing 51.8% to $235.6M. This cost-revenue mismatch is the central story of the quarter.
Operating income deteriorated by 210.2% YoY, swinging from a gain of $338.5M in Q1 2025 to a loss of -$372.9M in Q1 2026. This reflects both the gross profit compression and continued SG&A spending of $135.9M (+10.8% YoY).
D&A expense rose 30.3% YoY to $316.6M, which is a notable non-cash cost increase that contributed to the operating loss and signals higher asset base or accelerated depreciation schedules.
Revenue
$3B
++14.39% YoY
EPS (Basic)
$-0.81
-208.00% YoY
Gross Margin
7.9%
-10.78% YoY
Operating Income
$-372.9M
-210.16% YoY
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