MOSAIC CO financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MOSAIC CO files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	7,163	7,409	9,587	8,906	8,682	12,357	19,125	13,696	11,123	12,052
Cost of revenue	6,353	6,567	8,089	8,009	7,617	9,157	13,369	11,486	9,611	10,151
Gross profit	810	843	1,498	897	1,065	3,200	5,756	2,211	1,512	1,902
Selling, general and administrative	304	301	341	354	372	431	498	501	497	534
Operating income	319	466	928	-1,095	413	2,469	4,785	1,338	622	822
Interest expense	141	171	216	216	214	194	169	189	230	242
Other non-operating income	-4.3	-3.5	-18.8	1.5	12.9	3.9	-103	-76.8	40.3	307
Pre-tax income	242	374	552	-1,256	181	2,225	4,643	1,326	315	1,213
Income tax	-74.2	495	77.1	-225	-579	598	1,224	177	187	640
Income from continuing operations					759	1,627	3,418	1,149	129	573
Net income to minority interests	3.4	3	-0.1	-23.4	-0.5	4.3	31.4	44.3	27.1	34.7
Net income	298	-107	470	-1,067	666	1,631	3,583	1,165	175	541
EBITDA	1,030	1,131	1,812	-212	1,261	3,281	5,719	2,299	1,647	1,871
EPS, basic	0.85	-0.31	1.22	-2.78	1.76	4.31	10.17	3.52	0.55	1.70
EPS, diluted	0.85	-0.31	1.22	-2.78	1.75	4.27	10.06	3.50	0.55	1.70
Shares, basic (weighted)	350	351	385	384	379	378	352	331	320	317
Shares, diluted (weighted)	352	351	386	384	381	382	356	333	321	319
Dividend per share	1.10	0.35	0.10	0.10	0.20	0.45	0.60	0.85	0.85	0.88

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	673	2,154	848	519	574	770	735	349	273	277
Receivables	628	643	839	804	881	1,532	1,700	1,269	1,113	1,079
Inventory	1,391	1,547	2,270	2,076	1,739	2,741	3,543	2,523	2,548	3,363
Other current assets	366	273	281	319	327	283	578	604	564	446
Total current assets	3,058	4,617	4,237	3,718	3,521	5,325	6,557	4,745	4,498	5,238
Property, plant and equipment	9,199	9,712	11,747	11,690	11,854	12,475	12,679	13,585	13,353	13,983
Lease right-of-use assets			0	192	173	120	183	230	220	224
Goodwill	1,631	1,694	1,708	1,157	1,173	1,172	1,116	1,139	1,061	1,005
Other non-current assets	1,054	1,268	1,258	1,454	1,389	1,375	1,396	1,576	1,520	1,595
Total assets	16,841	18,633	20,119	19,299	19,790	22,036	23,386	23,033	22,924	24,480
Accounts payable	472	541	781	680	769	1,261	1,293	1,167	1,157	1,172
Accrued liabilities	837	754	1,093	1,082	1,233	1,884	2,280	1,777	1,720	1,473
Deferred revenue		140	200	267	288	438	744	262	271	297
Short-term debt	38.8	344	26	47.2	504	597	985	130	45.3	43.1
Total current liabilities	1,477	2,031	2,484	2,592	3,147	4,787	5,534	3,874	4,171	3,983
Long-term debt	3,779	4,878	4,492	4,526	4,074	3,382	2,412	3,232	3,332	4,251
Lease liabilities			0	127	110	64.3	135	168	181	166
Other non-current liabilities	953	968	1,459	1,773	1,754	2,102	2,236	2,429	2,863	3,011
Total liabilities	7,218	8,994	9,515	9,931	10,035	11,288	11,192	10,600	11,309	12,246
Total debt	3,818	5,222	4,518	4,573	4,578	3,979	3,397	3,362	3,378	4,294
Paid-in capital	29.9	44.5	986	858	873	478	0	0	2.1	29.2
Retained earnings	10,863	10,631	11,065	9,922	10,511	12,014	14,203	14,242	13,926	14,184
Other comprehensive income	-1,312	-1,062	-1,657	-1,598	-1,806	-1,892	-2,152	-1,955	-2,449	-2,132
Shareholders' equity	9,585	9,618	10,397	9,186	9,581	10,604	12,055	12,290	11,482	12,085
Minority interests	37.9	21.6	207	182	174	144	140	143	132	149
Total equity	9,623	9,639	10,605	9,368	9,755	10,749	12,194	12,433	11,615	12,234
Total liabilities and equity	16,841	18,633	20,119	19,299	19,790	22,036	23,386	23,033	22,924	24,480
Shares outstanding	350	351	385	379	379	369	339	324	317	317

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	301	-104	470	-1,091	666	1,635	3,614	1,209	202	575
Depreciation and amortization	711	666	884	883	848	813	934	961	1,026	1,050
Stock-based compensation	30.5	28	27.5	27.9	17.8	29.5	27.9	33	31.8	30.7
Deferred income tax	-112	617	-96.4	-263	-675	108	340	-266	-141	257
Change in receivables	3.5	-91.2	5.9	34.6	-154	-684	-215	526	59.2	75.7
Change in inventory	263	-156	-497	128	191	-1,068	-750	1,061	-276	-762
Change in payables	-244	-65.7	199	-175	333	995	220	-1,055	96.4	-360
Cash from operations	1,260	936	1,410	1,095	1,583	2,187	3,936	2,407	1,299	825
Capital expenditures	-843	-820	-955	-1,272	-1,171	-1,289	-1,247	-1,402	-1,252	-1,359
Acquisitions	0	0	-985	-55.1	0	0	0	-41	0	0
Purchases of investments	-1,659	-1,676	-535	-558	-619	-434	-763	-1,241	-1,530	-976
Sales and maturities of investments	1,029	1,658	519	533	607	410	743	1,209	1,501	949
Cash from investing	-1,866	-668	-1,945	-1,361	-1,190	-1,322	-1,260	-1,317	-1,261	-1,310
Debt issued	720	1,251	39.3	0	4.7	0	0	900	70.3	905
Debt repaid	-769	-102	-803	-48.3	-66.9	-608	-610	-995	-67.2	-73.4
Stock issued	3.8	0	0	0	0	0	16	0	0	0.6
Share buybacks	-75	0	0	-150	0	-411	-1,665	-756	-235	0
Dividends paid	-385	-211	-38.5	-67.2	-75.8	-104	-198	-352	-271	-280
Cash from financing	-889	1,201	-725	-82.2	-284	-682	-2,679	-1,481	-132	452
Exchange rate effect	68.8	14.5	-63.7	9	-47.2	9.3	-29.7	-2.8	37.9	26.3
Net change in cash	-1,426	1,483	-1,323	-339	62.1	192	-32.2	-393	-55.8	-6.4
Free cash flow	417	115	455	-177	412	898	2,689	1,005	47.4	-535
Interest paid	125	155	174	203	200	190	170	170	186	192
Income taxes paid	-65.4	-70.1	-34.2	46.5	6.2	209	1,115	386	337	321

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $23.01 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	11.0%	Gross profit / revenue.
Operating margin	-1.4%	Operating income / revenue.
EBITDA margin	8.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-2.0%	Pre-tax income / revenue.
Net margin	-5.2%	Net income / revenue.
FCF margin	-7.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	3.6%	Cash from operations / revenue.
Return on equity (ROE)	-5.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.6%	Net income / average total assets.
Return on invested capital (ROIC)	-0.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	4.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	11.4%	Capital expenditures / revenue.
D&A / revenue	9.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-14.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	25.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-30.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	12.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	32.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-44.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	14.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	13.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-31.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	8.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	209.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-46.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-4.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	209.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-44.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-0.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-36.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-40.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-12.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-1,228.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	3.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	13.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	34.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	5.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-3.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.34x	Current assets / current liabilities.
Quick ratio	0.28x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.07x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.42x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	19.6%	Total debt / total assets.
Liabilities / assets	52.8%	Total liabilities / total assets.
Net debt	$4.54B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.61x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$1.37B	Current assets - current liabilities.
Goodwill and intangibles / assets	3.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$10.49B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.50x	Revenue / average total assets.
Fixed asset turnover	0.90x	Revenue / average property, plant and equipment.
Inventory turnover	2.97x	Cost of revenue / average inventory.
Days inventory	123 days	365 x average inventory / cost of revenue.
Receivables turnover	14.2x	Revenue / average receivables.
Days sales outstanding	26 days	365 x average receivables / revenue.
Days payables	39 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	109 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	313.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$2.01	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$38.53	Revenue / diluted weighted shares.
FCF per share	-$2.98	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.40	Cash from operations / diluted weighted shares.
Book value per share	$36.06	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$33.01	Tangible book value / shares outstanding.
Cash per share	$0.92	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$7.31B	Share price x shares outstanding.
Enterprise value	$11.86B	Market cap + total debt - cash - short-term investments.
P/S	0.60x	Market cap / revenue.
P/B	0.64x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.70x	Market cap / tangible book value, when positive.
P/OCF	16.5x	Market cap / cash from operations, when positive.
EV/Sales	0.97x	Enterprise value / revenue.
EV/EBITDA	12.0x	Enterprise value / EBITDA, when both are positive.
FCF yield	-12.9%	Free cash flow / market cap.
Earnings yield	-8.7%	Net income / market cap (the inverse of P/E).
Dividend yield	3.8%	Dividends paid over the period / market cap.
Shareholder yield	3.8%	(Dividends paid + share buybacks) / market cap.

What was MOSAIC CO's revenue in fiscal 2025?

MOSAIC CO reported revenue of $12.05B for fiscal 2025, 8.4% higher than the year before.

Was MOSAIC CO profitable in fiscal 2025?

Yes. Net income was $540.7M, a net margin of 4.5%.

How much free cash flow did MOSAIC CO generate in fiscal 2025?

Cash from operations of $824.8M minus capital expenditures of $1.36B left free cash flow of -$534.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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