The Mosaic Company (MOS) Business Profile

What it does

The Mosaic Company produces and sells phosphate and potash crop nutrients, which farmers use to replenish nutrients in soil. It also sells phosphate-based animal feed ingredients and potash for industrial uses. The company was founded in 2004, is headquartered in Tampa, Florida, and is led by President and Chief Executive Officer Bruce M. Bodine Jr.

Mosaic mines phosphate rock and turns it into finished crop nutrients and feed ingredients. It also mines and processes potash, a source of potassium for crops. Its phosphate mines are in Florida, Brazil and Peru, while its potash operations are in Canada. Mosaic completed the sale of its Carlsbad potash mine in New Mexico in 2026 and stopped selling the K-Mag product in the third quarter.

The business has three segments: Phosphate, Potash and Mosaic Fertilizantes. The first two sell products in North America and internationally. Mosaic Fertilizantes produces and distributes crop nutrients and feed ingredients in Brazil, with facilities in Brazil and Paraguay. It also distributes products from Mosaic’s other segments.

Customers include crop nutrient manufacturers, distributors, retailers and farmers. Mosaic serves customers in approximately 40 countries, using its production, storage, blending and distribution facilities to move products to agricultural markets.

How it makes money

Mosaic earns revenue by selling crop nutrients and animal feed ingredients it produces, along with products it buys for blending or resale. Its Phosphate segment mines rock and processes it into products including diammonium phosphate, monoammonium phosphate and MicroEssentials. These are sold to manufacturers, distributors, retailers and farmers. Some are applied directly to fields, while others are blended with other nutrients.

The Potash segment mines and processes potassium-containing salts. Most potash is sold as fertilizer, but customers also use it in industrial applications, animal feed, de-icing and water softening. Mosaic participates in Canpotex, which distributes potash internationally outside North America.

Mosaic Fertilizantes combines production with distribution in Brazil. It operates mines and chemical plants as well as blending, bagging, storage and port facilities. The segment buys phosphate, potash and nitrogen products for blends or resale, including phosphate and potash from Mosaic’s other businesses. In 2025, Mosaic Fertilizantes sold approximately 9.0 million tonnes of crop nutrient products.

Crop nutrients are global commodities, and companies compete primarily on delivered price. Product quality, service, raw material availability and plant efficiency also influence competition. Demand is connected to agricultural cycles and the timing of nutrient application; Mosaic’s results can fluctuate with crop prices, inventories, weather and government policies. The company does not describe these sales as subscription or contractually recurring revenue.

Mosaic Biosciences sells biological fertilizer complements through the company’s distribution network. It is included in Mosaic Fertilizantes and Corporate, Eliminations and Other, depending on geography.

Customers and how it sells

Mosaic sells to crop nutrient manufacturers, distributors, retailers and farmers. Its animal feed ingredients reach customers serving poultry and livestock, while some potash goes to industrial customers. Products can reach customers through Mosaic’s own distribution system or through other manufacturers, distributors and retailers.

The company serves customers in approximately 40 countries. Its operations serve China, India, the United States and Brazil. In 2025, approximately 64% of net sales came from customers located outside the United States. Mosaic has distribution operations or facilities in Brazil, Paraguay, China and India, in addition to its North American network.

Brazil is both a production and distribution market. Mosaic Fertilizantes owns blending plants and port facilities there and in Paraguay, and it leases additional warehouses and blending units depending on sales and production levels. The segment also provides an outlet for products from Mosaic’s Phosphate and Potash businesses. In 2025, it accounted for approximately 17% of fertilizer shipments in Brazil.

In North America, Mosaic has warehouse facilities in agricultural regions. Outside North America, Canpotex provides an international distribution channel for potash. Mosaic sells its phosphate products worldwide, including in markets supplied from its Florida and Louisiana operations.

Suppliers and costs

Phosphate production depends on phosphate rock, sulfur and ammonia. Mosaic mines rock in Florida and Brazil and has an interest in the Miski Mayo mine in Peru. Sulfur is used to make sulfuric acid, which reacts with the rock to produce phosphoric acid. Ammonia is then used in several finished phosphate fertilizers.

Mosaic purchases most of its sulfur from North American oil and natural gas refiners. It uses terminals, vessels, barges, railcars and trucks to move sulfur to its plants. It buys ammonia from several suppliers under spot purchases and supply agreements and also produces ammonia at its Faustina, Louisiana facility. Natural gas is an input for ammonia production and a fuel in phosphate and potash operations.

Sulfur and ammonia prices can be volatile, and disruptions to transportation or terminals could affect the business. Mosaic secured fourth-quarter sulfur supply at $615 per ton in 2026, but said the contracted volume was insufficient to run its U.S. assets fully. It curtailed phosphate production to match the availability of affordable sulfur.

Other operating costs include mining, processing, transportation and distribution, as well as resource taxes and royalties on Canadian potash. Production volumes can vary with maintenance, accidents, mechanical failures and geological conditions.

Competitive position

Mosaic competes with domestic and international crop nutrient producers, including farmer cooperatives, subsidiaries of larger companies, independent producers and government-supported producers. No specific competing company is named in the description of its competitive markets. Crop nutrients are widely available commodities, and delivered price is the primary basis of competition; quality, service, plant efficiency and access to raw materials also matter.

Mosaic accounts for approximately 10% of estimated global annual phosphate production and approximately 12% of estimated global annual potash production. In North America, it accounts for approximately 72% of estimated annual production of concentrated phosphate crop nutrients and approximately 34% of estimated annual potash production. These are the company’s estimates.

Mosaic mines phosphate rock for its own processing plants, while some smaller phosphate producers buy rock or phosphoric acid on the open market. It also owns production and distribution facilities and has sulfur logistics assets. Its MicroEssentials product uses a patented process to incorporate sulfur and micronutrients into phosphate granules.

Our reading: Rock integration and distribution give Mosaic a meaningful operational advantage over producers that must buy their inputs or rely more heavily on outside channels. Our reading: Product differentiation offers another source of protection, but its strength is limited by commodity markets in which delivered price remains the primary competitive factor.

Growth opportunities

Mosaic’s growth efforts include expanding sales of performance products and biological fertilizer complements, as well as investing in its potash operations. MicroEssentials adds sulfur and micronutrients to phosphate fertilizer through a patented process. Mosaic Biosciences offers products intended to improve nutrient-use efficiency and plant growth, using the company’s existing fertilizer distribution network.

Mosaic said Biosciences net sales had more than doubled year over year on a year-to-date basis in 2026. It expects the business to generate nearly $135 million in net sales in 2026 and aims to generate $200 million of EBITDA from the business by 2030. It also expects to launch 8 to 10 new products in 2026.

In potash, Mosaic continues to target annual production of more than 9 million tons over the longer term. Its Esterhazy expansion has been completed, although Mosaic has not been able to use the resulting capacity audit to increase its Canpotex entitlement percentage.

In Brazil, Mosaic completed construction of a one million tonne distribution facility in Palmeirante in 2025. The company is also advancing the sale of its Araxa asset and evaluating other noncore assets. These portfolio actions sit alongside plans to reduce spending: Mosaic targets 2027 capital expenditures of below $1 billion.

Structural risks

• Agricultural conditions: Results fluctuate with crop prices, inventories, weather and field conditions, as well as farm and biofuel policies that can influence planting and nutrient demand.
• Raw materials and production: Sulfur and ammonia prices and availability can be volatile. Mosaic curtailed phosphate production to match affordable sulfur supply and said contracted volumes were not enough to run its U.S. assets fully.
• Mining and operations: Production can be affected by maintenance, accidents, mechanical failure and geological conditions. Mosaic said unexpected salt domes at Esterhazy required changes to its mine plan and that third-quarter potash production was below its expectations.
• International exposure: Sales and operations outside the United States expose Mosaic to currency fluctuations, regulatory changes, political and economic instability, tariffs and other trade restrictions.
• Environmental and safety requirements: Environmental, health and safety regulations and requirements may materially affect the business, financial condition and results of operations.
• Commodity competition and inventory: Crop nutrients compete primarily on delivered price. When product prices fall because raw material prices fall, Mosaic could have to write down inventory values.

Bottom line

Our reading

Our reading: Mosaic is an integrated crop nutrient producer and distributor whose mines, processing plants and logistics network support its position in phosphate and potash markets. Its exposure is nevertheless tied to commodity pricing, agricultural conditions and the cost and availability of inputs. Recent sulfur-related curtailments show how an input constraint can limit production even when the company has customers for its products.