The Mosaic Company Q3 2026 Earnings Recap

Mosaic’s shares rose 17.3% after earnings, with management pointing to improving demand indicators and constrained phosphate supply. The outlook remains pressured by expensive sulfur and production curtailments, though the company expects positive free cash flow in the second half.

Key Takeaways

• Mosaic curtailed phosphate production in the U.S. and Brazil and idled mining at South Fort Meade and Misquimayo to match output to sulfur availability and reduce rock inventory.
• Fourth-quarter sulfur supply is secured at $615 per ton; management said current industry economics remain insufficient for a meaningful recovery in global phosphate supply.
• Management expects positive free cash flow in the second half of this year, despite production curtailments.
• The company targets 2027 capital expenditures below $1 billion and SG&A below $500 million; it also completed Canadian land sales that netted $36 million.
• Phosphate demand indicators are improving in North America, Brazil, and India, but management said a recovery in Brazil is too early to call and customer credit remains constrained.