Mosaic (MOS) Q2 FY2026 earnings: revenue $2.8 billion, down 6.0% on the year

Mosaic Co. (MOS) reported revenue of $2.8 billion for Q2 FY2026, the quarter ended 30 June 2026, down 6.0% on the same quarter a year earlier. Net income was -$273 million, and diluted earnings per share $-0.86. The figures are the company's own, from the 10-Q it filed with the SEC on 5 August 2026.

Revenue

$2.8 billion

-6.0% on the year · -5.8% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

-1.3%

8.1% a year earlier

Q3 FY2024Q2 FY2026

Net income

-$273 million

Q3 FY2024Q2 FY2026

Diluted EPS

-$0.86

Q3 FY2024Q2 FY2026

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

What management said

Guidance figures: 1 raised, 3 lowered, 4 new, 5 kept.

Net loss widened to $273 million: Net loss of $273 million, or diluted loss of $0.86 per share, compared with net income of $411 million in the second quarter of 2025. Adjusted EPS was $0.13, against $0.51.
Notable items reduced reported results: Notable items totaled $351 million pre-tax, mainly a $162 million Ma'aden mark-to-market charge, a $69 million non-cash project write-off and $49 million of foreign currency losses.
Phosphate loss on partial curtailment: Phosphate posted an operating loss of $104 million against $8 million a year earlier, with adjusted EBITDA of $128 million, down from $217 million. Bartow runs at 40% of target rate and Faustina is idle.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	2,824	2,998	3,006	-5.8%	-6.0%
Cost of revenue	2,609	2,762	2,487	-5.5%	+4.9%
Gross profit	215	236	519	-8.9%	-58.6%
Gross margin	7.6%	7.9%	17.3%
Selling, general and administrative	132	136	167	-3.2%	-21.3%
Operating income	-35.5	-373	244
Operating margin	-1.3%	-12.4%	8.1%
Pre-tax income	-301	-286	564
Income tax	-33.8	-31.0	146
Effective tax rate	n/a	n/a	25.9%
Net income	-273	-258	411
Net margin	-9.7%	-8.6%	13.7%
Diluted EPS	-$0.86	-$0.81	$1.29

$ million except per share.

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	167	104	610	+60.7%	-72.5%
Capital expenditure	320	357	305	-10.2%	+5.2%
Free cash flow	-153	-253	305
Free cash flow margin	-5.4%	-8.4%	10.1%
Cash from investing	-298	-369	-318
Cash from financing	148	263	-285	-43.9%
Depreciation and amortisation	292	317	262	-7.7%	+11.6%
Share-based compensation	7.8	10.3	8.4	-24.3%	-7.1%
Buybacks	n/a	n/a	0.0
Dividends paid	69.9	70.8	70.1	-1.3%	-0.3%
Dividend per share	$0.00	n/a	$0.00
Diluted shares, weighted	318m	318m	319m	+0.1%	-0.3%
Shares outstanding at period end	318m	318m	317m	+0.0%	+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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	11,464	11,804	12,435	-2.9%	-7.8%
Non-controlling interest	171	154	150	+11.2%	+14.3%
Debt	6,209	5,922	4,813	+4.8%	+29.0%
Operating lease liabilities	154	181	176	-15.3%	-12.5%
Other liabilities	6,643	6,507	6,731	+2.1%	-1.3%
Total liabilities and equity	24,641	24,568	24,305	+0.3%	+1.4%
Fixed assets	13,617	13,678	13,975	-0.4%	-2.6%
Goodwill	969	989	1,106	-2.0%	-12.4%
Securities held for sale or to maturity	748	745	723	+0.3%	+3.5%
Cash and equivalents	294	282	286	+4.3%	+2.7%
Receivables	860	1,016	1,114	-15.3%	-22.8%
Inventory	3,668	3,423	3,067	+7.2%	+19.6%
Other assets	4,484	4,436	4,033	+1.1%	+11.2%
Total assets	24,641	24,568	24,305	+0.3%	+1.4%

Questions

What was Mosaic's revenue in Q2 FY2026?

Mosaic (MOS) reported revenue of $2.8 billion for Q2 FY2026, the quarter ended 30 June 2026, down 6.0% on the same quarter a year earlier.

How much did Mosaic earn in Q2 FY2026?

Net loss for Q2 FY2026 was $273 million, and the diluted loss per share $0.86.

When did Mosaic report Q2 FY2026 results?

Mosaic filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 5 August 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 30 June 2026, filed 5 August 2026: the filing.