EarningsQ2 2026 Earnings Report
MX:MOS Q2 2026 EPS Results
Actual EPS$2.35
Consensus EPS$2.19
Beat/MissBeat by +$0.16
One Year Ago EPS$9.23
MX:MOS Q2 2026 Revenue Results
Actual Revenue$51.10B
Expected Revenue$56.09B
Beat/MissMissed by -$4.98B
YoY Revenue Growth-6.04%
Earnings Announcement Details
QuarterQ2 2026
Date05/11/2026
TimeAfter Close
Conference CallMonday, May 11, 2026
MX:MOS Upcoming Earnings
Mosaic Co's next earnings date is estimated for November 10, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
Mixed. The call details significant near-term challenges driven primarily by external sulfur supply disruptions and resulting phosphate curtailments, under-application of phosphate (driving agronomic risk) and some near-term cash pressure (approx. $500M expected shortfall). Offsetting these negatives are multiple company actions and strengths: secured sulfur contracts materially below spot for Q3, strong balance sheet and liquidity actions (term loan, refinancings, untapped revolver), meaningful SG&A reductions (-20% YoY), potash stability and growth projects (Esterhazy HydroFloat), resilient Brazil distribution and co-product margins, fast-growing Mosaic Biosciences, lower CapEx guidance ($1.2B) and an expected working capital release (forecast $300–500M) supporting sequential free cash flow improvement in Q3 and Q4. Overall the transcript portrays a company taking decisive defensive actions to manage a severe but (management believes) temporary market disruption, leading to a balanced view of risk and mitigation.Company Guidance
Q2 Production and Sales
Produced and sold 1.4 million tonnes of phosphate in Q2 despite market turmoil, demonstrating operational flexibility and strong global customer relationships.
Raw Material and Margin Metrics (Q2 & Guidance)
Q2 average raw material costs: sulfur $522 per long ton, ammonia $621 per tonne; achieved an average realized stripping margin of $422 per tonne in Q2. For Q3 management guided realized sulfur costs of ~$700–710/ton and ammonia ~$610–620/ton with DAP FOB pricing guidance $820–840/ton, implying an implied realized stripping margin well above historical averages.
Sulfur Contracting Success
Locked in a significant portion of third-quarter U.S. sulfur supply at $705/ton (well below current spot), preserving advantaged feedstock access versus the broader market.
Potash Stability and Growth Projects
Potash supply/demand balanced: summer fill program fully subscribed, strong demand driven by palm oil economics and Chinese inventory replenishment. Q2 MOP costs were $84/tonne; Esterhazy annual turnaround completed and HydroFloat project expected to lower unit costs and add volumes.
Brazil Fertilizantes Resilience
Fertilizantes generated ~$60 million of EBITDA in Q2 despite widespread curtailments, indicating resilience of the Brazilian franchise with distribution and co-product sales (e.g., gypsum) supporting margins.
Cost and SG&A Reductions
SG&A declined ~20% year-over-year due to spending discipline, reduced support labor, lower bad debt, and benefits from divestitures; management expects further SG&A declines in H2 and permanent structural savings.
Liquidity and Balance Sheet Actions
Fortified liquidity: $1 billion term loan put in place to replace short-term commercial paper, $500 million CP refinanced in June (rest in July), untapped $2.5 billion revolver available; management expects indebtedness roughly stable in Q3 and to decline in Q4.
Working Capital and Cash Flow Outlook
Management expects working capital release of $300–500 million for the year (midpoint ~$400M); anticipated Q3 working capital release of $100–200M and sequential free cash flow improvement in Q3 and Q4. Full-year CapEx guidance lowered to $1.2 billion (from prior $1.25B and initial $1.5B).
Biosciences and Portfolio Optimization
Mosaic Biosciences is fast-growing and on track to double revenues again this year; Q3 Brazil Biosciences sales expected ~ $30 million with ~40% contribution margin (~$12 million contribution). Closed Carlsbad sale; advancing Araxa divestiture process and reallocating capital to higher-return opportunities (including Rainbow REE project).
Inventory Trends
Finished goods inventory reduced from ~1.0 million tonnes to ~600–700k tonnes (healthier level); management expects physical inventories to trend down, particularly raw materials and rock inventories as curtailments continue.
Operational Readiness and Ramp Capability
Extensive fortification work over prior 18 months positions the company to ramp back to full production rates quickly (management indicated ramp could take weeks once raw material constraints ease).
MX:MOS Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed