Mosaic (MOS) Q1 FY2026 earnings: revenue $3.0 billion, up 14.4% on the year

Mosaic Co. (MOS) reported revenue of $3.0 billion for Q1 FY2026, the quarter ended 31 March 2026, up 14.4% on the same quarter a year earlier. Net income was -$258 million, and diluted earnings per share $-0.81. The figures are the company's own, from the 10-Q it filed with the SEC on 11 May 2026.

Revenue

$3.0 billion

+14.4% on the year · +0.8% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

-12.4%

12.9% a year earlier

Q2 FY2024Q1 FY2026

Net income

-$258 million

Q2 FY2024Q1 FY2026

Diluted EPS

-$0.81

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 3 lowered, 1 narrowed, 6 new, 5 kept.

Net loss and diluted loss per share: Net loss of $258 million and diluted EPS of $(0.81), against net income of $238 million and $0.75 a year earlier. Adjusted EPS was $0.05, against $0.49.
Adjusted EBITDA down year on year: Adjusted EBITDA was $416 million against $544 million. Higher phosphate volumes, lower conversion costs and higher potash prices were offset by lower Fertilizantes volumes and margins and higher phosphate raw material costs.
Notable items weighed on results: Pre-tax notable items totaled $323 million. The largest negative item was $302 million of restructuring and cost reduction actions; a $112 million Ma'aden mark-to-market gain was the largest positive item.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	2,998	2,974	2,621	+0.8%	+14.4%
Cost of revenue	2,762	2,631	2,132	+5.0%	+29.5%
Gross profit	236	343	488	-31.2%	-51.8%
Gross margin	7.9%	11.5%	18.6%
Selling, general and administrative	136	119	123	+14.6%	+10.8%
Operating income	-373	-101	338
Operating margin	-12.4%	-3.4%	12.9%
Pre-tax income	-286	-264	313
Income tax	-31.0	255	63.3
Effective tax rate	n/a	n/a	20.2%
Net income	-258	-520	238
Net margin	-8.6%	-17.5%	9.1%
Diluted EPS	-$0.81	-$1.64	$0.75

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	104	-56.1	42.9		+142.9%
Capital expenditure	357	350	341	+2.1%	+4.7%
Free cash flow	-253	-406	-298
Free cash flow margin	-8.4%	-13.6%	-11.4%
Cash from investing	-369	-287	-341
Cash from financing	263	461	272	-43.0%	-3.3%
Depreciation and amortisation	317	268	243	+18.0%	+30.3%
Share-based compensation	10.3	6.5	9.3	+58.5%	+10.8%
Buybacks	n/a	0.0	0.0
Dividends paid	70.8	69.9	70.9	+1.3%	-0.1%
Dividend per share	n/a	n/a	$0.22
Diluted shares, weighted	318m	317m	318m	+0.0%	-0.2%
Shares outstanding at period end	318m	317m	317m	+0.1%	+0.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	11,804	12,085	11,771	-2.3%	+0.3%
Non-controlling interest	154	149	146	+3.0%	+5.5%
Debt	5,922	5,534	4,981	+7.0%	+18.9%
Operating lease liabilities	181	166	193	+9.2%	-6.2%
Finance lease liabilities	n/a	144	n/a
Other liabilities	6,507	6,402	6,074	+1.6%	+7.1%
Total liabilities and equity	24,568	24,480	23,166	+0.4%	+6.1%
Fixed assets	13,678	13,983	13,517	-2.2%	+1.2%
Goodwill	989	1,005	1,065	-1.6%	-7.2%
Securities held for sale or to maturity	745	743	710	+0.3%	+5.0%
Cash and equivalents	282	277	259	+1.9%	+8.7%
Receivables	1,016	1,079	1,067	-5.8%	-4.8%
Inventory	3,423	3,363	2,783	+1.8%	+23.0%
Other assets	4,436	4,031	3,765	+10.0%	+17.8%
Total assets	24,568	24,480	23,166	+0.4%	+6.1%

Questions

What was Mosaic's revenue in Q1 FY2026?

Mosaic (MOS) reported revenue of $3.0 billion for Q1 FY2026, the quarter ended 31 March 2026, up 14.4% on the same quarter a year earlier.

How much did Mosaic earn in Q1 FY2026?

Net loss for Q1 FY2026 was $258 million, and the diluted loss per share $0.81.

When did Mosaic report Q1 FY2026 results?

Mosaic filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 11 May 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	3,841	3,922	5,373	5,348	4,481	3,604	3,394	3,548	3,150	2,679	2,817	2,811	2,816	2,621	3,006	3,452	2,974	2,998	2,824	3,101
Cost of revenue	2,692	2,483	3,527	3,846	3,513	2,934	2,823	3,139	2,590	2,280	2,423	2,394	2,514	2,132	2,487	2,900	2,631	2,762	2,609	3,016
Gross profit	1,149	1,439	1,846	1,502	968	670	571	410	560	399	394	417	302	488	519	552	343	236	215	84.1
Gross margin	30%	37%	34%	28%	22%	19%	17%	12%	18%	15%	14%	15%	11%	19%	17%	16%	12%	8%	8%	3%
SG&A	124	132	108	124	133	128	130	120	123	107	128	148	114	123	167	126	119	136	132	124
Operating income	970	1,256	1,674	1,155	701	545	369	146	278	173	233	115	99.9	338	244	340	-101	-373	-35.5	-96.6
Operating margin	25%	32%	31%	22%	16%	15%	11%	4%	9%	6%	8%	4%	4%	13%	8%	10%	-3%	-12%	-1%	-3%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	59.5
Pre-tax income	886	1,527	1,377	1,061	677	546	475	-18.6	324	25.2	-74.4	174	190	313	564	599	-264	-286	-301	-103
Tax rate	28%	24%	27%	26%	30%	22%	23%	n/a	-14%	25%	n/a	28%	18%	20%	26%	29%	n/a	n/a	n/a	n/a
Net income	665	1,182	1,036	842	523	435	369	-4.2	365	45.2	-162	122	169	238	411	411	-520	-258	-273	-72.1
Net margin	17%	30%	19%	16%	12%	12%	11%	-0%	12%	2%	-6%	4%	6%	9%	14%	12%	-17%	-9%	-10%	-2%
Diluted EPS	$1.75	$3.19	$2.85	$2.42	$1.52	$1.28	$1.11	-$0.01	$1.11	$0.14	-$0.50	$0.38	$0.53	$0.75	$1.29	$1.29	-$1.64	-$0.81	-$0.86	-$0.23
Operating cash flow	430	506	1,585	889	956	149	1,073	647	538	-80.0	847	313	219	42.9	610	228	-56.1	104	167	284
Capital expenditure	363	290	263	354	340	322	310	412	359	383	334	241	294	341	305	364	350	357	320	282
Free cash flow	67.6	216	1,322	535	615	-172	762	236	179	-463	513	72.1	-74.8	-298	305	-136	-406	-253	-153	2.9
Buybacks	391	422	577	602	64.0	456	0.0	150	150	108	52.0	50.0	25.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a
Dividends paid	27.8	40.6	53.9	68.8	34.4	152	67.7	66.4	65.1	69.7	67.7	66.8	66.5	70.9	70.1	69.5	69.9	70.8	69.9	69.9
Shares outstanding	379m	362m	352m	340m	339m	332m	332m	328m	324m	321m	320m	318m	317m	317m	317m	317m	317m	318m	318m	318m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 11 May 2026: the filing.