EX-99.12performancedataq22025-ex992.htmEX-99.1 -2025 Q2 PERFORMANCE DATA Document
Exhibit 99.2
The Mosaic Company
Selected Calendar Quarter Financial Information
(Unaudited)
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Consolidated data (in millions, except per share)
Diluted net earnings (loss) per share
$
(0.01)
$
1.11
$
0.14
$
(0.50)
$
0.38
$
0.53
$
0.75
$
1.29
Notable items impact on earnings per share(a)
(0.69)
0.40
(0.51)
(1.04)
0.04
0.08
0.26
0.78
Adjusted diluted net earnings per share(a)
$
0.68
$
0.71
$
0.65
$
0.54
$
0.34
$
0.45
$
0.49
$
0.51
Diluted weighted average # of shares outstanding
332.0
327.7
323.5
321.2
319.4
318.5
318.2
319.0
Total Net Sales
$
3,548
$
3,149
$
2,679
$
2,817
$
2,811
$
2,816
$
2,621
$
3,005
Cost of goods sold
3,139
2,589
2,280
2,423
2,395
2,514
2,133
2,487
Gross Margin
$
409
$
560
$
399
$
394
$
416
$
302
$
488
$
518
SG&A
120
123
107
128
149
113
123
167
Other operating (income) expense
144
158
119
33
153
89
27
107
Operating earnings
$
145
$
279
$
173
$
233
$
115
$
100
$
338
$
244
Interest expense, net
(17)
(35)
(48)
(46)
(42)
(47)
(41)
(53)
Consolidated foreign currency gain/(loss)
(97)
91
(100)
(268)
101
(419)
133
169
Earnings from consolidated companies before income taxes
(19)
324
25
(74)
174
191
313
564
Provision for (benefit from) income taxes
(6)
(44)
6
99
48
34
63
146
Earnings (loss) from consolidated companies
$
(13)
$
368
$
19
$
(173)
$
126
$
157
$
250
$
418
Equity in net earnings (loss) of nonconsolidated companies
16
—
37
22
5
9
—
2
Less: Net earnings (loss) attributable to noncontrolling interests
7
3
11
11
9
(3)
12
9
Net earnings (loss) attributable to Mosaic
$
(4)
$
365
$
45
$
(162)
$
122
$
169
$
238
$
411
After tax Notable items included in earnings
$
(231)
$
131
$
(165)
$
(334)
$
15
$
25
$
82
$
249
Gross Margin Rate
12
%
18
%
15
%
14
%
15
%
11
%
19
%
17
%
Effective Tax Rate (including discrete tax)
32
%
(14)
%
24
%
(133)
%
28
%
18
%
20
%
26
%
Discrete Tax benefit (expense)
$
17
$
2
$
1
$
(120)
$
4
$
(11)
$
26
$
(1)
Depreciation, Depletion and Amortization
$
239
$
257
$
241
$
264
$
238
$
283
$
243
$
262
Accretion Expense
$
23
$
27
$
27
$
28
$
26
$
31
$
32
$
33
Share-Based Compensation Expense
$
6
$
6
$
9
$
12
$
5
$
7
$
10
$
7
Notable Items
$
335
$
—
$
222
$
319
$
(28)
$
32
$
(83)
$
(347)
Adjusted EBITDA(b)
$
594
$
646
$
576
$
584
$
448
$
594
$
544
$
566
Net cash provided by (used in) operating activities
$
647
$
538
$
(80)
$
847
$
313
$
219
$
43
$
610
Cash paid for interest (net of amount capitalized)
5
76
17
77
20
72
12
82
Cash paid for income taxes (net of refunds)
49
(36)
99
74
111
53
76
75
Net cash used in investing activities
$
(422)
$
(362)
$
(388)
$
(349)
$
(248)
$
(277)
$
(341)
$
(319)
Capital expenditures
(412)
(359)
(383)
(334)
(241)
(294)
(341)
(305)
Net cash (used in) provided by financing activities
$
(254)
$
(411)
$
458
$
(489)
$
(138)
$
37
$
272
$
(285)
Cash dividends paid
(66)
(65)
(70)
(68)
(67)
(67)
(71)
(70)
Effect of exchange rate changes on cash
$
(10)
$
(6)
$
(4)
$
(6)
$
55
$
(7)
$
—
$
18
Net change in cash and cash equivalents
$
(39)
$
(241)
$
(14)
$
3
$
(18)
$
(27)
$
(26)
$
24
Short-term debt
$
300
$
400
$
1,204
$
882
$
752
$
847
$
1,234
$
1,041
Long-term debt (including current portion)
3,357
3,362
3,350
3,319
3,313
3,378
3,363
3,370
Cash & cash equivalents
591
349
337
322
302
273
259
286
Net debt
$
3,066
$
3,413
$
4,217
$
3,879
$
3,763
$
3,952
$
4,338
$
4,125
Segment Contributions (in millions)
Phosphate
$
986
$
1,070
$
1,169
$
1,180
$
1,005
$
1,165
$
1,099
$
1,173
Potash
720
758
643
663
526
557
570
710
Mosaic Fertilizantes
1,731
1,192
886
1,049
1,399
1,088
934
1,175
Corporate and Other(c)
111
129
(19)
(75)
(119)
6
18
(53)
Total net sales
$
3,548
$
3,149
$
2,679
$
2,817
$
2,811
$
2,816
$
2,621
$
3,005
Phosphate
$
(58)
$
21
$
40
$
133
$
8
$
44
$
139
$
(8)
Potash
200
222
198
174
109
123
157
194
Mosaic Fertilizantes
77
50
42
61
56
79
98
109
Corporate and Other(c)
(74)
(14)
(107)
(135)
(58)
(146)
(56)
(51)
Consolidated operating earnings
$
145
$
279
$
173
$
233
$
115
$
100
$
338
$
244
Phosphate(d)
1,651
1,582
1,644
1,696
1,475
1,622
1,498
1,546
Potash(d)
2,220
2,577
2,163
2,346
1,996
2,239
2,113
2,343
Mosaic Fertilizantes
3,060
2,158
1,715
2,196
2,879
2,240
1,847
2,232
Corporate and Other
482
618
333
316
297
432
361
301
Total finished product tonnes sold ('000 tonnes)
7,413
6,935
5,855
6,554
6,647
6,533
5,819
6,422
Sales of Performance Products ('000 tonnes)(e)
1,305
1,044
787
839
1,001
1,135
681
900
The Mosaic Company - Phosphate Segment
Selected Calendar Quarter Financial Information
(Unaudited)
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales - Finished Goods
$
946
$
1,028
Net Sales - Other revenue
153
145
Net Sales
$
986
$
1,070
$
1,169
$
1,180
$
1,005
$
1,165
$
1,099
$
1,173
Cost of Goods Sold
899
931
1,010
1,026
863
1,027
932
1,070
Gross Margin
$
87
$
139
$
159
$
154
$
142
$
138
$
167
$
103
Notable Items Included in Gross Margin
—
(28)
—
(15)
—
(53)
—
—
Adjusted Gross Margin(b)
$
87
$
167
$
159
$
169
$
142
$
191
$
167
$
103
SG&A
10
11
13
10
12
10
12
13
Other operating (income) expense
135
107
106
11
123
84
16
98
Operating Earnings
$
(58)
$
21
$
40
$
133
$
8
$
44
$
139
$
(8)
Plus: Depreciation, Depletion and Amortization
117
124
117
128
118
143
113
129
Plus: Accretion Expense
16
19
20
20
20
25
25
26
Plus: Foreign Exchange Gain (Loss)
4
(1)
2
2
(5)
(4)
(3)
(7)
Plus: Other Income (Expense)
(6)
(9)
3
(2)
1
517
—
(8)
Plus: Dividends from equity investments
—
—
15
—
—
—
—
—
Less: Earnings (loss) from Consolidated Noncontrolling Interests
8
2
10
11
8
(4)
8
10
Plus: Notables Items
136
107
90
38
131
(388)
10
95
Adjusted EBITDA(b)
$
201
$
259
$
277
$
308
$
265
$
341
$
276
$
217
Capital expenditures
$
157
$
208
$
197
$
177
$
127
$
160
$
236
$
185
Gross Margin $ / tonne of finished product
$
53
$
88
$
97
$
91
$
96
$
85
$
111
$
67
Adjusted Gross Margin $ / tonne of finished product
$
53
$
106
$
97
$
100
$
96
$
118
$
111
$
67
Gross margin as a percent of sales
9
%
13
%
14
%
13
%
14
%
12
%
15
%
9
%
Freight included in finished goods (in millions)
$
92
$
105
$
103
$
104
$
79
$
83
$
84
$
93
Idle/Turnaround costs (excluding notable items)
$
25
$
32
$
56
$
36
$
7
$
24
$
44
$
84
Operating Data
Sales volumes ('000 tonnes)(d)
DAP/MAP
913
762
900
828
656
749
846
711
Performance & other products(f)
673
741
673
794
750
814
587
773
Other products(i)
65
79
71
74
69
59
65
62
Total Finished Product(d)
1,651
1,582
1,644
1,696
1,475
1,622
1,498
1,546
DAP selling price (fob plant)(q)
$
487
$
552
$
598
$
575
$
569
$
593
$
623
$
668
Average finished product selling price(g)
$
491
$
553
$
593
$
578
$
579
$
606
$
632
$
665
Production Volumes ('000 tonnes)
Total tonnes produced(h)
1,593
1,479
1,577
1,675
1,625
1,413
1,423
1,505
Operating Rate
64
%
60
%
64
%
68
%
66
%
58
%
58
%
61
%
Raw Materials
Ammonia used in production (tonnes)
$
234
$
209
$
246
$
243
$
238
$
228
$
214
$
226
Sulfur used in production
$
735
$
549
$
725
$
778
$
739
$
694
$
661
$
732
Realized costs ($/tonne)
Ammonia (tonne)(j)
$
353
$
366
$
404
$
424
$
482
$
435
$
416
$
445
Sulfur (long ton)(k)
$
156
$
152
$
142
$
138
$
126
$
127
$
157
$
209
Blended rock
$
81
$
77
$
81
$
86
$
87
$
87
$
77
$
74
Phosphate cash conversion costs, production / tonne(r)
$
105
$
118
$
110
$
100
$
101
$
118
$
134
$
126
Cash costs of U.S. mined rock/production tonne(s)
$
56
$
56
$
57
$
54
$
56
$
52
$
54
$
51
ARO cash spending (in millions)
$
42
$
41
$
40
$
59
$
54
$
72
$
70
$
79
The Mosaic Company - Potash Segment
Selected Calendar Quarter Financial Information
(Unaudited)
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales - Finished Goods
$
495
$
641
Net Sales - Other revenue
75
69
Net Sales
$
720
$
758
$
643
$
663
$
526
$
557
$
570
$
710
Cost of Goods Sold
510
503
431
477
404
434
402
501
Gross Margin
$
210
$
255
$
212
$
186
$
122
$
123
$
168
$
209
Notable Items Included in Gross Margin
—
—
—
—
—
—
—
—
Adjusted Gross Margin(b)
$
210
$
255
$
212
$
186
$
122
$
123
$
168
$
209
SG&A
6
8
9
7
7
8
8
8
Other operating (income) expense
4
25
5
5
6
(8)
3
7
Operating Earnings
$
200
$
222
$
198
$
174
$
109
$
123
$
157
$
194
Plus: Depreciation, Depletion and Amortization
66
89
82
94
69
93
81
79
Plus: Accretion Expense
2
3
2
3
2
2
3
3
Plus: Foreign Exchange Gain (Loss)
(26)
41
(31)
(12)
48
(185)
13
82
Plus: Other Income (Expense)
(43)
(2)
—
—
—
1
(1)
1
Plus: Notable Items
68
(31)
30
12
(48)
178
(13)
(81)
Adjusted EBITDA(b)
$
267
$
322
$
281
$
271
$
180
$
212
$
240
$
278
Capital expenditures
$
85
$
105
$
97
$
75
$
61
$
65
$
45
$
73
Gross Margin $ / tonne of finished product
$
95
$
99
$
98
$
79
$
61
$
55
$
80
$
89
Adjusted Gross Margin $ / tonne of finished product
$
95
$
99
$
98
$
79
$
61
$
55
$
80
$
89
Gross margin as a percent of sales
29
%
34
%
33
%
28
%
23
%
22
%
29
%
29
%
Supplemental Cost Information
Canadian resource taxes
$
86
$
102
$
64
$
67
$
45
$
56
$
47
$
62
Royalties
$
9
$
13
$
10
$
10
$
9
$
10
$
9
$
10
Freight(l)
$
99
$
78
$
86
$
94
$
87
$
60
$
74
$
74
Idle/Turnaround costs (excluding notable items)
$
37
$
3
$
9
$
18
$
23
$
6
$
1
$
34
Operating Data
Sales volumes ('000 tonnes)(d)
MOP
2,031
2,359
1,927
2,113
1,775
2,064
1,947
2,122
Performance & other products(m)
177
207
225
225
211
168
159
214
Other products(i)
12
11
11
8
10
7
7
7
Total Finished Product(d)
2,220
2,577
2,163
2,346
1,996
2,239
2,113
2,343
Crop Nutrients North America
1,129
773
838
970
647
779
863
752
Crop Nutrients International
1,007
1,666
1,195
1,260
1,255
1,341
1,126
1,439
Non-Agricultural
84
138
130
116
94
119
124
152
Total Finished Product(d)
2,220
2,577
2,163
2,346
1,996
2,239
2,113
2,343
MOP selling price (fob mine)(o)
$
266
$
243
$
241
$
224
$
215
$
199
$
223
$
261
Average finished product selling price(g)
$
278
$
262
$
258
$
240
$
233
$
214
$
234
$
274
Production Volumes ('000 tonnes)
Production Volume
1,854
2,527
2,338
2,224
1,904
2,332
2,256
2,094
Operating Rate
66
%
90
%
81
%
78
%
66
%
81
%
78
%
73
%
MOP cash costs of production including brine / production tonne(n)
$
73
$
66
$
72
$
64
$
74
$
73
$
78
$
75
ARO cash spending (in millions)
$
3
$
2
$
1
$
2
$
2
$
3
$
1
$
3
Average CAD / USD
$
1.342
$
1.361
$
1.348
$
1.368
$
1.364
$
1.399
$
1.434
$
1.384
The Mosaic Company - Mosaic Fertilizantes Segment
Selected Calendar Quarter Financial Information
(Unaudited)
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales - Finished Goods
$
834
$
1,059
Net Sales - Other revenue
100
116
Net Sales
$
1,731
$
1,192
$
886
$
1,049
$
1,399
$
1,088
$
934
$
1,175
Cost of Goods Sold
1,625
1,098
811
947
1,271
986
807
1,013
Gross Margin
$
106
$
94
$
75
$
102
$
128
$
102
$
127
$
162
Notable Items Included in Gross Margin
(2)
(3)
1
4
6
9
—
—
Adjusted Gross Margin(b)
$
108
$
97
$
74
$
98
$
122
$
93
$
127
$
162
SG&A
26
29
30
27
62
16
23
61
Other operating (income) expense
3
15
3
14
10
7
6
(8)
Operating Earnings
$
77
$
50
$
42
$
61
$
56
$
79
$
98
$
109
Plus: Depreciation, Depletion and Amortization
54
41
40
40
39
40
38
44
Plus: Accretion Expense
5
5
5
5
4
4
4
4
Plus: Foreign Exchange Gain (Loss)
(48)
32
(45)
(144)
17
(84)
41
(17)
Plus: Other Income (Expense)
(1)
(1)
(2)
(2)
(2)
(2)
(1)
(1)
Less: Earnings from Consolidated Noncontrolling Interests
—
—
1
(1)
—
1
1
(1)
Plus: Notable Items
60
(16)
44
135
(31)
46
(57)
19
Adjusted EBITDA(b)
$
147
$
111
$
83
$
96
$
83
$
82
$
122
$
159
Capital expenditures
$
118
$
68
$
82
$
46
$
51
$
64
$
59
$
46
Gross Margin $ / tonne of finished product
$
35
$
44
$
44
$
46
$
44
$
46
$
69
$
73
Adjusted Gross Margin $ / tonne of finished product
$
35
$
45
$
43
$
45
$
42
$
42
$
69
$
73
Gross margin as a percent of sales
6
%
8
%
8
%
10
%
9
%
9
%
14
%
14
%
Idle/Turnaround costs (excluding notable items)
$
28
$
26
$
15
$
24
$
40
$
18
$
13
$
26
Operating Data
Sales volumes ('000 tonnes)
Fertilizer produced in Brazil sold to third parties
610
453
357
473
629
461
331
387
Fertilizer produced in Brazil sold through distribution
519
272
328
489
409
207
358
666
Purchased nutrients for distribution(p)
1,931
1,433
1,030
1,234
1,841
1,572
1,158
1,179
Total Finished Product
3,060
2,158
1,715
2,196
2,879
2,240
1,847
2,232
Sales of Performance Products ('000 tonnes)(e)
660
341
123
215
462
307
93
252
Brazil MAP price (Brazil production delivered price to third party)
$
533
$
580
$
581
$
596
$
601
$
632
$
681
$
729
Average finished product selling price(g)
$
531
$
500
$
463
$
423
$
447
$
433
$
452
$
474
Production Volumes ('000 tonnes)
Phosphate tonnes produced
807
774
793
752
779
781
778
843
MOP tonnes produced
106
114
104
79
105
108
97
122
Phosphate operating rate
81
%
77
%
79
%
75
%
78
%
78
%
78
%
84
%
Potash operating rate
85
%
91
%
83
%
63
%
85
%
88
%
78
%
98
%
Realized Costs ($/tonne)
Ammonia/tonne
$
667
$
655
$
705
$
623
$
572
$
628
$
684
$
601
Sulfur (long ton)
$
219
$
179
$
173
$
174
$
170
$
177
$
219
$
270
Blended rock
$
117
$
117
$
115
$
107
$
105
$
109
$
97
$
94
Purchases ('000 tonnes)
DAP/MAP from Mosaic
20
58
68
30
43
54
62
21
MicroEssentials® from Mosaic
152
163
169
289
337
195
120
282
Potash from Mosaic/Canpotex
672
404
358
736
682
419
355
507
Phosphate cash conversion costs in USD, production / tonne(r)
$
101
$
110
$
101
$
100
$
88
$
85
$
87
$
84
Potash cash conversion costs in USD, production / tonne
$
235
$
217
$
196
$
208
$
175
$
151
$
187
$
178
Mined rock costs in USD, cash produced / tonne
$
102
$
111
$
121
$
98
$
105
$
93
$
87
$
90
ARO cash spending (in millions)
$
6
$
7
$
2
$
5
$
6
$
5
$
1
$
1
Average BRL / USD
$
4.880
$
4.953
$
4.952
$
5.216
$
5.546
$
5.842
$
5.853
$
5.669
The Mosaic Company - Corporate and Other Segment
Selected Calendar Quarter Financial Information
(Unaudited)
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Net Sales and Gross Margin (in millions)
Segment income statement
Net Sales
$
111
$
129
$
(19)
$
(75)
$
(119)
$
6
$
18
$
(53)
Cost of Goods Sold
105
57
28
(27)
(143)
67
(8)
(97)
Gross Margin (Loss)
$
6
$
72
$
(47)
$
(48)
$
24
$
(61)
$
26
$
44
Notable items Included in Gross Margin
(45)
40
(31)
(28)
38
(80)
59
51
Adjusted Gross Margin (Loss)(b)
$
51
$
32
$
(16)
$
(20)
$
(14)
$
19
$
(33)
$
(7)
SG&A
78
75
55
84
68
79
80
85
Other operating (income) expense
2
11
5
3
14
6
2
10
Operating Earnings (Loss)
$
(74)
$
(14)
$
(107)
$
(135)
$
(58)
$
(146)
$
(56)
$
(51)
Plus: Depreciation, Depletion and Amortization
2
3
2
2
12
7
11
10
Plus: Share-Based Compensation Expense
6
6
9
11
5
7
10
7
Plus: Foreign Exchange Gain (Loss)
(26)
19
(27)
(114)
40
(145)
82
111
Plus: Other Income (Expense)
—
—
—
11
—
39
(116)
213
Plus: Earnings (Loss) from equity investments
—
—
—
—
—
—
—
2
Less: Earnings (Loss) from Consolidated Noncontrolling Interests
—
—
—
—
(1)
(1)
2
—
Plus: Notable Items
71
(60)
58
134
(80)
196
(23)
(380)
Adjusted EBITDA(b)
$
(21)
$
(46)
$
(65)
$
(91)
$
(80)
$
(41)
$
(94)
$
(88)
Elimination of profit in inventory included in COGS
$
45
$
16
$
(15)
$
(10)
$
(3)
$
7
$
(49)
$
—
Unrealized gain (loss) on derivatives included in COGS
$
(45)
$
41
$
(31)
$
(29)
$
39
$
(80)
$
59
$
51
The Mosaic Company
Selected Calendar Quarter Financial Information
(Unaudited)
Notable Items
Q2 2025
Description
Segment
Line Item
Amount
(in millions)
Tax Effect(t)
(in millions)
EPS Impact
(per basic share)
Foreign currency transaction gain (loss)
Consolidated
Foreign currency transaction gain (loss)
$
169
$
(45)
$
0.39
Unrealized gain (loss) on derivatives
Corporate and Other
Cost of goods sold
51
(14)
0.11
Closed and indefinitely idled facility costs
Phosphate
Other operating income (expense)
(14)
4
(0.03)
Ma'aden mark-to-market
Corporate and Other
Other non-operating income (expense)
216
(58)
0.50
ARO Adjustment
Phosphate
Other operating income (expense)
(44)
12
(0.10)
Environmental Reserve
Phosphate
Other operating income (expense)
(32)
9
(0.07)
Realized gain (loss) on RCRA Trust Securities
Phosphate
Other non-operating income (expense)
(7)
2
(0.02)
Total Notable Items
$
339
$
(90)
$
0.78
Q1 2025
Description
Segment
Line Item
Amount
(in millions)
Tax Effect(t)
(in millions)
EPS Impact
(per basic share)
Foreign currency transaction gain (loss)
Consolidated
Foreign currency transaction gain (loss)
$
148
$
(43)
$
0.33
Unrealized gain (loss) on derivatives
Corporate and Other
Cost of goods sold
59
(17)
0.13
Closed and indefinitely idled facility costs
Phosphate
Other operating income (expense)
(14)
3
(0.03)
Ma'aden mark-to-market
Corporate and Other
Other non-operating income (expense)
(117)
34
(0.26)
ARO Adjustment
Phosphate
Other operating income (expense)
(2)
1
—
Discrete tax items
Consolidated
(Provision for) benefit from income taxes
—
30
0.09
Total Notable Items
$
74
$
8
$
0.26
Q4 2024
Description
Segment
Line Item
Amount
(in millions)
Tax Effect(t)
(in millions)
EPS Impact
(per basic share)
Foreign currency transaction gain (loss)
Consolidated
Foreign currency transaction gain (loss)
$
(390)
$
75
$
(0.99)
Unrealized gain (loss) on derivatives
Corporate and Other
Cost of goods sold
(80)
15
(0.20)
Closed and indefinitely idled facility costs
Phosphate
Other operating income (expense)
(13)
2
(0.04)
FX functional currency
Mosaic Fertilizantes
Cost of goods sold
9
(2)
0.02
Realized gain (loss) on RCRA Trust Securities
Phosphate
Other non-operating income (expense)
(5)
1
(0.01)
ARO Adjustment
Phosphate
Other operating income (expense)
(23)
4
(0.06)
Hurricane Milton idle costs
Phosphate
Cost of goods sold
(52)
10
(0.13)
Gain on sale of equity investment
Phosphate
Other non-operating income (expense)
522
(43)
1.51
Ma'aden mark-to-market
Corporate and Other
Other non-operating income (expense)
28
(5)
0.07
ARO Adjustment
Potash
Other operating income (expense)
7
(1)
0.02
Arbitration reserve
Phosphate
Other Operating Expense/Non Controlling Interest
(43)
9
(0.11)
Total Notable Items
$
(40)
$
65
$
0.08
Q3 2024
Description
Segment
Line Item
Amount
(in millions)
Tax Effect(t)
(in millions)
EPS Impact
(per basic share)
Foreign currency transaction gain (loss)
Consolidated
Foreign currency transaction gain (loss)
$
111
$
(35)
$
0.22
Unrealized gain (loss) on derivatives
Corporate and Other
Cost of goods sold
38
(11)
0.09
Closed and indefinitely idled facility costs
Phosphate
Other operating income (expense)
(15)
5
(0.03)
FX functional currency
Mosaic Fertilizantes
Cost of goods sold
6
(2)
0.01
Realized gain (loss) on RCRA Trust Securities
Phosphate
Other non-operating income (expense)
5
(2)
0.01
ARO Adjustment
Phosphate
Other operating income (expense)
(102)
31
(0.22)
Environmental reserve
Phosphate
Other operating income (expense)
(20)
6
(0.04)
Total Notable Items
$
23
$
(8)
$
0.04
Q2 2024
Description
Segment
Line Item
Amount
(in millions)
Tax Effect(t)
(in millions)
EPS Impact
(per basic share)
Foreign currency transaction gain (loss)
Consolidated
Foreign currency transaction gain (loss)
$
(263)
$
76
$
(0.58)
Unrealized gain (loss) on derivatives
Corporate and Other
Cost of goods sold
(28)
9
(0.07)
Closed and indefinitely idled facility costs
Phosphate
Other operating income (expense)
(13)
3
(0.03)
FX functional currency
Mosaic Fertilizantes
Cost of goods sold
4
(1)
—
Realized gain (loss) on RCRA Trust Securities
Phosphate
Other non-operating income (expense)
(2)
—
—
Land reclamation
Phosphate
Cost of goods sold
(15)
4
(0.03)
Pension plan termination
Corporate and Other
Other non-operating income (expense)
8
(2)
0.02
Franchise tax reversal
Phosphate
Other operating income (expense)
(15)
4
(0.03)
Discrete tax items
Consolidated
(Provision for) benefit from income taxes
—
(103)
(0.32)
Total Notable Items
$
(324)
$
(10)
$
(1.04)
Q1 2024
Description
Segment
Line Item
Amount
(in millions)
Tax Effect(t)
(in millions)
EPS Impact
(per basic share)
Foreign currency transaction gain (loss)
Consolidated
Foreign currency transaction gain (loss)
$
(100)
$
28
$
(0.22)
Unrealized gain (loss) on derivatives
Corporate and Other
Cost of goods sold
(31)
8
(0.07)
Closed and indefinitely idled facility costs
Phosphate
Other operating income (expense)
(11)
3
(0.03)
FX functional currency
Mosaic Fertilizantes
Cost of goods sold
1
—
—
Realized gain (loss) on RCRA Trust Securities
Phosphate
Other non-operating income (expense)
4
(1)
0.01
ARO Adjustment
Phosphate
Other operating income (expense)
(14)
4
(0.03)
Environmental reserve
Phosphate
Other operating income (expense)
(77)
21
(0.17)
Total Notable Items
$
(228)
$
63
$
(0.51)
Q4 2023
Description
Segment
Line Item
Amount
(in millions)
Tax Effect(t)
(in millions)
EPS Impact
(per basic share)
Foreign currency transaction gain (loss)
Consolidated
Foreign currency transaction gain (loss)
$
79
$
(16)
$
0.20
Unrealized gain (loss) on derivatives
Corporate and Other
Cost of goods sold
40
(7)
0.10
Closed and indefinitely idled facility costs
Phosphate
Other operating income (expense)
(9)
2
(0.03)
FX functional currency
Mosaic Fertilizantes
Cost of goods sold
(3)
1
(0.01)
Realized gain (loss) on RCRA Trust Securities
Phosphate
Other non-operating income (expense)
(7)
2
(0.02)
ARO Adjustment
Phosphate
Other operating income (expense)
(4)
1
(0.01)
Environmental reserve
Phosphate
Other operating income (expense)
(64)
11
(0.16)
Land reclamation
Phosphate
Cost of goods sold
(28)
5
(0.07)
ARO adjustment
Potash
Other operating income (expense)
(10)
2
(0.02)
Tax law change
Mosaic Fertilizantes
(Provision for) benefit from income taxes
—
136
0.42
Total Notable Items
$
(6)
$
137
$
0.40
Q3 2023
Description
Segment
Line Item
Amount
(in millions)
Tax Effect(t)
(in millions)
EPS Impact
(per basic share)
Foreign currency transaction gain (loss)
Consolidated
Foreign currency transaction gain (loss)
$
(107)
$
27
$
(0.23)
Unrealized gain (loss) on derivatives
Corporate and Other
Cost of goods sold
(45)
12
(0.10)
Closed and indefinitely idled facility costs
Phosphate
Other operating income (expense)
(12)
3
(0.03)
FX functional currency
Mosaic Fertilizantes
Cost of goods sold
(2)
1
—
Realized gain (loss) on RCRA Trust Securities
Phosphate
Other non-operating income (expense)
(6)
1
(0.01)
ARO Adjustment
Phosphate
Other operating income (expense)
(123)
32
(0.28)
Environmental reserve
Phosphate
Other operating income (expense)
(3)
1
(0.01)
Pension plan termination settlement
Potash
Other non-operating income (expense)
(42)
10
(0.10)
Discrete tax items
Consolidated
(Provision for) benefit from income taxes
—
22
0.07
Total Notable Items
$
(340)
$
109
$
(0.69)
Footnotes
(a)Notable items impact on Earnings Per Share is calculated as notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Adjusted Diluted Net Earnings per Share is defined as diluted net earnings (loss) per share excluding the impact of notable items. See "Non-GAAP Reconciliations".
(b)See definitions of Adjusted EBITDA and Adjusted Gross Margin under “Non-GAAP Reconciliations”.
(c)Includes elimination of intersegment sales.
(d)Finished product sales volumes include intersegment sales.
(e)Includes MicroEssentials, K-Mag, Aspire and Sus-Terra sales tonnes.
(f)Includes MicroEssentials performance products.
(g)Average price of all finished products sold by Potash, Phosphates, Mosaic Fertilizantes and India/China. Amounts prior to January 1, 2025 have been recast to exclude revenue from other non-finished goods.
(h)Includes crop nutrient dry concentrates and animal feed ingredients.
(i)Includes finished goods sales of feed and other products.
(j)Amounts are representative of our average ammonia costs in cost of goods sold.
(k)Amounts are representative of our average sulfur costs in cost of goods sold.
(l)Includes inbound freight, outbound freight and warehousing costs on K-Mag, animal feed and domestic MOP sales.
(m)Includes K-Mag, and Aspire finished performance products.
(n)MOP cash costs of production are reflective of actual costs during the period excluding brine management costs, depreciation, depletion, accretion, carbon-based and Canadian resource tax, idle and turnaround costs. Total Production costs for MOP production excludes K-Mag costs, Aspire raw material costs and incremental Aspire operating costs.
(o)Excludes industrial and feed sales. Price has been calculated using the average monthly foreign exchange rate.
(p)Includes sales volumes of phosphate and potash nutrients purchased from other Mosaic segments and Canpotex.
(q)Includes intersegment sales.
(r)Total production costs less depreciation, ARO costs including accretion and idle and turnaround costs divided by metric tonnes of finished phosphate production in the period.
(s)Total production cost less depreciation/depletion, ARO costs including accretion and idle and turnaround costs divided by metric tonnes of rock produced in the period.
(t)Tax impact is based on our expected annual effective rate.
The Mosaic Company
Selected Calendar Quarter Financial Information
(Unaudited)
Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), Mosaic has presented in this Selected Calendar Quarter Financial Information certain non-GAAP financial measures, or measures calculated based on non-GAAP financial measures, including: Adjusted Diluted Net Earnings Per Share, Consolidated Adjusted EBITDA, Segment Adjusted EBITDA, and Adjusted Gross Margin. Generally, a non-GAAP financial measure is a supplemental numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Each of the non-GAAP financial measures we present is determined as described below.
The non-GAAP financial measures we present should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, because these non-GAAP measures, as presented, are not determined in accordance with GAAP, they are thus susceptible to varying interpretations and calculations and may not be comparable to other similarly titled measures of other companies.
Adjusted Diluted Net Earnings Per Share
Adjusted diluted net earnings per share is defined as diluted net earnings per share, excluding the impact of notable items. Notable items impact on diluted net earnings per share is calculated as notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Management believes that adjusted diluted net earnings per share provides securities analysts, investors and others, in addition to management, with useful supplemental information regarding our performance by excluding certain items that may not be indicative of or are unrelated to our core operating results. Management utilizes adjusted diluted net earnings per share in analyzing and assessing Mosaic’s overall performance, for financial and operating decision-making, and to forecast and plan for the future periods.
Adjusted diluted net earnings per share also assists our management in comparing our and our competitors' operating results. Reconciliations of adjusted diluted net earnings per share to diluted net earnings per share for the periods presented are provided under “Consolidated Data” on the first page of this Selected Calendar Quarter Financial Information.
Consolidated Adjusted EBITDA
Consolidated Adjusted EBITDA is defined as consolidated Net Income (Loss) before net interest expense, depreciation, depletion and amortization, asset retirement obligation accretion, share-based compensation expense and provision for/(benefit from) income taxes less equity in net earnings (loss) of nonconsolidated companies, net of dividends. As of January 1, 2025, we are no longer adjusting for equity in net earnings (loss) of nonconsolidated companies, net of dividends as we sold our equity investment in MWSPC in 2024. Consolidated Adjusted EBITDA is also adjusted for notable items that management excludes in analyzing our performance. Consolidated Adjusted EBITDA is a non-GAAP financial measure that we provide to assist securities analysts, investors, lenders and others in their comparisons of operational performance, valuation and debt capacity across companies with differing capital, tax and legal structures.
Consolidated Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, consolidated Net Income (Loss) as a measure of operating performance. A reconciliation of Consolidated Net Income (Loss) to Consolidated Adjusted EBITDA is provided below.
(in millions)
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Consolidated Net Income (Loss)
$
(4)
$
365
$
45
$
(162)
$
122
$
169
$
238
$
411
Less: Consolidated Interest Expense, Net
(17)
(35)
(48)
(46)
(42)
(47)
(41)
(53)
Plus: Consolidated Depreciation, Depletion & Amortization
239
257
241
264
238
283
243
262
Plus: Accretion Expense
23
27
27
28
26
31
32
33
Plus: Share-Based Compensation Expense (Benefit)
6
6
9
12
5
7
10
8
Plus: Consolidated Provision for (Benefit from) Income Taxes
(6)
(44)
6
99
48
34
63
146
Less: Equity in net earnings (loss) of nonconsolidated companies, net of dividends
16
—
22
22
5
9
—
—
Plus: Notable Items
335
—
222
319
(28)
32
(83)
(347)
Consolidated Adjusted EBITDA
$
594
$
646
$
576
$
584
$
448
$
594
$
544
$
566
Segment Adjusted EBITDA
Adjusted EBITDA presented at the segment level is defined as the related segment's operating earnings (loss) plus depreciation, depletion and amortization, plus asset retirement obligation accretion, plus foreign exchange gain (loss), plus other income (expense) plus dividends from equity investments, less earnings (loss) from noncontrolling interests. As of January 1, 2025, we are no longer adjusting for equity in net earnings (loss) of nonconsolidated companies, net of dividends as we sold our equity investment in MWSPC in 2024 that represented nearly all of these historical earnings. Adjusted EBITDA is also adjusted for notable items that management excludes in analyzing our performance. We provide these non-GAAP financial measures because we believe they are relevant and useful to securities analysts, investors and others because they are part of our internal management reporting and planning process, and our management uses these measures to evaluate the operational performance and valuation of our segments.
Management also uses these measures as a method of comparing segment, performance with that of its competitors. Segment Adjusted EBITDA should not be considered as alternatives to, or more meaningful than, segment Operating Earnings (Loss) and segment Operating Earnings (Loss)/sales tonne, respectively, as measures of operating performance. Management believes Operating Earnings (Loss) and segment Operating Earnings (Loss)/sales tonne, respectively, are the most directly comparable GAAP measures because we do not allocate taxes on a segment basis. Reconciliations of Segment Adjusted EBITDA to segment Operating Earnings (Loss) and segment Operating (Loss) Earnings/sales tonne, respectively, are provided as part of each segment's Selected Calendar Quarter Financial Information.
Adjusted Gross Margin
Adjusted gross margin is defined as gross margin excluding the impact of notable items. Management believes the adjusted measures provides security analysts, investors, management & others with useful supplemental information regarding our performance by excluding certain items that may not be indicative of, or are unrelated to, our core operating results. Management utilizes adjusted gross margin in analyzing and assessing Mosaic's overall performance for financial and operating decision-making and to forecast and plan for future periods.
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 0 | — | — |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 0 | — | — |
| Recession recession, downturn, contraction, slowdown | 0 | — | — |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | — | — |
| Buybacks share repurchase, buyback program | 0 | — | — |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Source: SEC EDGAR · public domain · Highlights by Palanor