v3.26.3
Business Segments
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Business Segments
The reportable segments are determined by management based upon factors such as products and services, production processes, technologies, market dynamics and for which segment financial information is available for our chief operating decision maker (“CODM”). Our CODM is our chief executive officer.
Our CODM uses more than one measure to evaluate performance of our segments and allocate resources, including gross margin and operating earnings, for each segment. The financial results of our business segments include certain allocations of corporate selling, general and administrative expenses, but certain other selling, general and administrative costs that are not controllable by the business segments are included with Corporate, Eliminations and Other. Therefore, the results may not represent the actual results that would be expected if the segments were independent, stand-alone businesses. Intersegment eliminations, including profit on intersegment sales, mark-to-market gains/losses on derivatives, debt expenses, the results of the China and India distribution businesses and Mosaic Biosciences sales in China, India and North America are included within Corporate, Eliminations and Other. For a description of our business segments, see Note 1 to the Condensed Consolidated Financial Statements.
Segment information for the three and nine months ended September 30, 2026 and 2025 was as follows:
PhosphatePotashMosaic Fertilizantes
Corporate, Eliminations and Other(a)
Total
Three months ended September 30, 2026
Net sales to external customers$1,119.3 $640.9 $1,254.0 $86.4 $3,100.6 
Intersegment net sales175.6 2.5 — (178.1)— 
Net sales1,294.9 643.4 1,254.0 (91.7)3,100.6 
Cost of goods sold(b)
1,442.7 443.9 1,227.3 (97.4)3,016.5 
Gross margin(147.8)199.5 26.7 5.7 84.1 
Canadian resource taxes— 85.1 — — 85.1 
Gross margin (excluding Canadian resource taxes)(147.8)284.6 26.7 5.7 169.2 
Selling, general and administrative(c)
15.6 7.1 32.8 68.9 124.4 
Other operating expenses (income)(d)
30.1 4.1 15.6 6.5 56.3 
Operating earnings (loss)(193.5)188.3 (21.7)(69.7)(96.6)
Capital expenditures156.7 52.5 69.4 2.9 281.5 
Depreciation, depletion and amortization expense151.4 90.8 40.2 9.5 291.9 
Three months ended September 30, 2025
Net sales to external customers$1,046.7 $698.8 $1,592.2 $114.4 $3,452.1 
Intersegment net sales243.5 (4.0)— (239.5)— 
Net sales1,290.2 694.8 1,592.2 (125.1)3,452.1 
Cost of goods sold(b)
1,146.3 458.9 1,409.8 (115.2)2,899.8 
Gross margin143.9 235.9 182.4 (9.9)552.3 
Canadian resource taxes— 86.8 — — 86.8 
Gross margin (excluding Canadian resource taxes)143.9 322.7 182.4 (9.9)639.1 
Selling, general and administrative(c)
9.6 6.5 32.0 77.4 125.5 
Loss (gain) on assets sold and to be sold— — 73.1 — 73.1 
Other operating expenses (income)(d)
32.0 0.7 (18.8)— 13.9 
Operating earnings (loss)102.3 228.7 96.1 (87.3)339.8 
Capital expenditures220.8 71.8 70.5 1.3 364.4 
Depreciation, depletion and amortization expense129.0 92.6 45.9 9.5 277.0 
Nine months ended September 30, 2026
Net sales to external customers$3,299.8 $1,952.0 $3,224.9 $446.0 $8,922.7 
Intersegment net sales667.4 9.1 — (676.5)— 
Net sales3,967.2 1,961.1 3,224.9 (230.5)8,922.7 
Cost of goods sold(b)
4,116.1 1,363.0 3,157.4 (248.2)8,388.3 
Gross margin(148.9)598.1 67.5 17.7 534.4 
Canadian resource taxes— 222.3 — — 222.3 
Gross margin (excluding Canadian resource taxes)(148.9)820.4 67.5 17.7 756.7 
Selling, general and administrative(c)
40.7 22.5 101.0 227.7 391.9 
Loss (gain) on assets sold and to be sold— 1.7 232.6 4.5 238.8 
Other operating expenses (income)(d)
155.6 13.2 218.5 21.4 408.7 
Operating earnings (loss)(345.2)560.7 (484.6)(235.9)(505.0)
Capital expenditures579.9 169.0 202.3 7.4 958.6 
Depreciation, depletion and amortization expense434.9 256.9 180.0 28.8 900.6 
Nine months ended September 30, 2025
Net sales to external customers$2,996.1 $1,980.7 $3,700.9 $401.0 $9,078.7 
Intersegment net sales565.7 (5.2)— (560.5)— 
Net sales3,561.8 1,975.5 3,700.9 (159.5)9,078.7 
Cost of goods sold(b)
3,147.6 1,361.6 3,229.8 (219.6)7,519.4 
Gross margin414.2 613.9 471.1 60.1 1,559.3 
Canadian resource taxes— 195.8 — — 195.8 
Gross margin (excluding Canadian resource taxes)414.2 809.7 471.1 60.1 1,755.1 
Selling, general and administrative(c)
34.1 22.6 116.4 242.2 415.3 
Loss (gain) on assets sold and to be sold— — 73.1 — 73.1 
Other operating expenses (income)(d)
146.3 11.7 (22.0)12.2 148.2 
Operating earnings (loss)233.8 579.6 303.6 (194.3)922.7 
Capital expenditures641.8 190.1 175.3 2.6 1,009.8 
Depreciation, depletion and amortization expense371.4 253.0 127.9 29.4 781.7 
Total Assets
As of September 30, 2026$10,179.5 $6,263.7 $4,536.3 $3,157.6 $24,137.1 
As of December 31, 202510,239.0 6,610.6 4,618.5 3,012.0 24,480.1 
______________________________
(a)The “Corporate, Eliminations and Other” category includes the results of our ancillary distribution operations in India and China. For the three and nine months ended September 30, 2026, distribution operations in India and China collectively had revenue of $83.0 million and
$439.9 million, respectively, and gross margin of $9.0 million and $50.6 million, respectively. For the three and nine months ended September 30, 2025, distribution operations in India and China collectively had revenue of $112.4 million and $392.3 million, respectively, and gross margin of $13.2 million and $53.2 million, respectively. These operations do not meet the quantitative thresholds for determining reportable segments.
(b)The primary components of cost of goods sold are raw material purchases, including sulfur and ammonia, conversion costs and transportation costs.
(c)Selling, general and administrative expenses include nonmanufacturing payroll expense and professional services expense.
(d)Other operating expenses typically relate to five major categories: (1) AROs, (2) environmental and legal reserves, (3) idle facility costs, (4) insurance reimbursements, and (5) gain/loss on sale or disposal of fixed assets. For the nine months ended September 30, 2026, this includes the write-off of $69 million recorded in the Phosphate segment related to engineering and equipment costs for a project that we decided not to move forward with. For the nine months ended September 30, 2026, this also includes expenses, such as contract terminations, the write-off of property, plant and equipment and inventory, and severance costs, as a result of our decision to divest the Araxá mining and chemical complex and idle the related mining activities at the Patrocínio complex in Brazil; these expenses are recorded in the Mosaic Fertilizantes segment.

Financial information relating to our operations by geographic area is as follows:
Three Months Ended 

September 30,		Nine Months Ended 

September 30,
(in millions)2026202520262025
Net sales(a)(b):
Brazil$1,190.4 $1,527.5 $3,107.3 $3,586.1 
Canada401.1 431.3 1,238.0 1,171.0 
Other foreign countries606.8 364.3 1,661.9 1,004.3 
Total international sales2,198.3 2,323.1 6,007.2 5,761.4 
United States902.3 1,129.0 2,915.5 3,317.3 
Consolidated3,100.6 $3,452.1 $8,922.7 $9,078.7 
______________________________
(a)Revenues are attributed to countries based on location of customer.
(b)Sales to Canpotex for the three and nine months ended September 30, 2026 were $351.1 million and $971.3 million, respectively. Sales to Canpotex for the three and nine months ended September 30, 2025 were $368.0 million and $901.8 million. Canpotex sales to the ultimate third-party customers are made to customers in various countries. The countries with the largest portion of third-party customer sales are Brazil, China, India and Indonesia.
Net sales by product type are as follows:
Three Months Ended 

September 30,		Nine Months Ended 

September 30,
(in millions)2026202520262025
Sales by product type:
Phosphate Crop Nutrients$976.1 $952.0 $2,947.5 $2,577.1 
Potash Crop Nutrients727.5 888.0 1,905.8 2,145.9 
Crop Nutrient Blends351.6 413.4 1,005.3 1,022.4 
Performance Products(a)
709.4 729.6 1,873.0 1,986.2 
Phosphate Rock22.0 37.0 81.2 96.7 
Other(b)
314.0 432.1 1,109.9 1,250.4 
$3,100.6 $3,452.1 $8,922.7 $9,078.7 
____________________________________________
(a)Includes sales of MicroEssentials®, K-Mag® and Aspire®.
(b)Includes sales of industrial potash, feed products, nitrogen and other products.