MOSAIC COMOS
MOSAIC CO Segments Disclosure
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. Our chief operating decision maker is our chief executive officer.
For a description of our business segments, see Note 1 of our Notes to Consolidated Financial Statements. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. We evaluate performance based on the gross margin and operating earnings of the respective business segments, which includes certain allocations of corporate selling, general and administrative expenses. The segment results may not represent the actual results that would be expected if they were independent, stand-alone businesses. Intersegment eliminations, including profit on intersegment sales, mark-to-market gains/losses on derivatives, debt expenses and the results of the China and India distribution business are included within Corporate, Eliminations and Other. Certain selling, general and administrative costs that are not controllable by the business segments are included within Corporate, Eliminations and Other.
For the Phosphate, Potash and Mosaic Fertilizantes segments, the chief operating decision maker uses both segment gross margin and operating earnings to allocate resources to each segment, predominantly in the annual budget and forecasting process. The chief operating decision maker considers forecast-to-actual variances on a monthly basis for both profit measures when making decisions about allocating capital and personnel to the segments. The chief operating decision maker
also uses segment gross margin for evaluating product pricing and segment profit or loss from operations to assess the performance for each segment by comparing the results and return on assets of each segment with one another.
Segment information for the years 2025, 2024 and 2023 is as follows:
| (in millions) | Phosphate | Potash | Mosaic Fertilizantes | Corporate, Eliminations and Other (a) | Total | |||||||||||||||||||||||||||
| Year Ended December 31, 2025 | ||||||||||||||||||||||||||||||||
| Net sales to external customers | $ | 3,877.8 | $ | 2,658.7 | $ | 4,847.3 | $ | 668.6 | $ | 12,052.4 | ||||||||||||||||||||||
| Intersegment net sales | 698.7 | 3.0 | — | (701.7) | — | |||||||||||||||||||||||||||
| Net sales | 4,576.5 | 2,661.7 | 4,847.3 | (33.1) | 12,052.4 | |||||||||||||||||||||||||||
Cost of goods sold(b) | 4,139.2 | 1,791.7 | 4,355.3 | (135.7) | 10,150.5 | |||||||||||||||||||||||||||
| Gross margin | 437.3 | 870.0 | 492.0 | 102.6 | 1,901.9 | |||||||||||||||||||||||||||
| Canadian resource taxes | — | 272.8 | — | — | 272.8 | |||||||||||||||||||||||||||
| Gross margin (excluding Canadian resource taxes) | 437.3 | 1,142.8 | 492.0 | 102.6 | 2,174.7 | |||||||||||||||||||||||||||
Selling, general and administrative(c) | 45.8 | 30.1 | 147.9 | 310.1 | 533.9 | |||||||||||||||||||||||||||
| Loss (gain) on assets sold and to be sold | — | 185.0 | (27.7) | — | 157.3 | |||||||||||||||||||||||||||
| Impairment of goodwill | — | 3.6 | 96.3 | — | 99.9 | |||||||||||||||||||||||||||
Other operating expenses(d) | 256.0 | 13.6 | (1.4) | 21.1 | 289.3 | |||||||||||||||||||||||||||
| Operating earnings | 135.4 | 637.7 | 277.0 | (228.6) | 821.5 | |||||||||||||||||||||||||||
| Capital expenditures | 848.9 | 243.5 | 260.5 | 6.5 | 1,359.4 | |||||||||||||||||||||||||||
| Depreciation, depletion and amortization expense | 500.7 | 336.5 | 174.2 | 38.5 | 1,049.9 | |||||||||||||||||||||||||||
| Equity in net earnings of nonconsolidated companies | — | — | — | 2.3 | 2.3 | |||||||||||||||||||||||||||
| Year Ended December 31, 2024 | ||||||||||||||||||||||||||||||||
| Net sales to external customers | $ | 3,793.3 | $ | 2,371.0 | $ | 4,422.3 | $ | 536.2 | $ | 11,122.8 | ||||||||||||||||||||||
| Intersegment net sales | 725.5 | 17.7 | — | (743.2) | — | |||||||||||||||||||||||||||
| Net sales | 4,518.8 | 2,388.7 | 4,422.3 | (207.0) | 11,122.8 | |||||||||||||||||||||||||||
Cost of goods sold(b) | 3,924.8 | 1,745.5 | 4,015.7 | (75.1) | 9,610.9 | |||||||||||||||||||||||||||
| Gross margin | 594.0 | 643.2 | 406.6 | (131.9) | 1,511.9 | |||||||||||||||||||||||||||
| Canadian resource taxes | — | 232.2 | — | — | 232.2 | |||||||||||||||||||||||||||
| Gross margin (excluding Canadian resource taxes) | 594.0 | 875.4 | 406.6 | (131.9) | 1,744.1 | |||||||||||||||||||||||||||
Selling, general and administrative(c) | 45.3 | 31.1 | 134.7 | 285.8 | 496.9 | |||||||||||||||||||||||||||
Other operating expenses(d) | 323.7 | 7.7 | 34.2 | 27.9 | 393.5 | |||||||||||||||||||||||||||
| Operating earnings | 225.1 | 604.5 | 237.6 | (445.7) | 621.5 | |||||||||||||||||||||||||||
| Gain on sale of equity method investment | 522.2 | — | — | — | 522.2 | |||||||||||||||||||||||||||
| Capital expenditures | 660.7 | 297.5 | 242.8 | 50.8 | 1,251.8 | |||||||||||||||||||||||||||
| Depreciation, depletion and amortization expense | 505.6 | 336.5 | 159.3 | 24.1 | 1,025.5 | |||||||||||||||||||||||||||
| Equity in net earnings of nonconsolidated companies | 70.9 | — | — | 2.4 | 73.3 | |||||||||||||||||||||||||||
| Year Ended December 31, 2023 | ||||||||||||||||||||||||||||||||
| Net sales to external customers | $ | 3,894.5 | $ | 3,203.1 | $ | 5,684.7 | $ | 913.8 | $ | 13,696.1 | ||||||||||||||||||||||
| Intersegment net sales | 829.8 | 30.5 | — | (860.3) | — | |||||||||||||||||||||||||||
| Net sales | 4,724.3 | 3,233.6 | 5,684.7 | 53.5 | 13,696.1 | |||||||||||||||||||||||||||
Cost of goods sold(b) | 4,022.2 | 2,018.6 | 5,473.1 | (28.4) | 11,485.5 | |||||||||||||||||||||||||||
| Gross margin | 702.1 | 1,215.0 | 211.6 | 81.9 | 2,210.6 | |||||||||||||||||||||||||||
| Canadian resource taxes | — | 403.4 | — | — | 403.4 | |||||||||||||||||||||||||||
| Gross margin (excluding Canadian resource taxes) | 702.1 | 1,618.4 | 211.6 | 81.9 | 2,614.0 | |||||||||||||||||||||||||||
Selling, general and administrative(c) | 42.0 | 30.0 | 110.1 | 318.4 | 500.5 | |||||||||||||||||||||||||||
| Loss (gain) on assets sold and to be sold | — | — | — | (56.5) | (56.5) | |||||||||||||||||||||||||||
Other operating expenses(d) | 284.3 | 33.5 | 27.0 | 83.7 | 428.5 | |||||||||||||||||||||||||||
| Operating earnings | 375.7 | 1,151.5 | 74.5 | (263.6) | 1,338.1 | |||||||||||||||||||||||||||
| Capital expenditures | 625.9 | 357.4 | 336.3 | 82.8 | 1,402.4 | |||||||||||||||||||||||||||
| Depreciation, depletion and amortization expense | 485.7 | 299.0 | 165.5 | 10.4 | 960.6 | |||||||||||||||||||||||||||
| Equity in net earnings of nonconsolidated companies | 56.4 | — | — | 3.9 | 60.3 | |||||||||||||||||||||||||||
| Total assets as of December 31, 2025 | $ | 10,239.0 | $ | 6,610.6 | $ | 4,618.5 | $ | 3,012.0 | $ | 24,480.1 | ||||||||||||||||||||||
Total assets as of December 31, 2024(e) | 9,419.5 | 6,480.6 | 4,372.0 | 2,651.9 | 22,924.0 | |||||||||||||||||||||||||||
Total assets as of December 31, 2023(e) | 9,494.9 | 6,914.7 | 5,205.7 | 1,417.5 | 23,032.8 | |||||||||||||||||||||||||||
______________________________
(a)The “Corporate, Eliminations and Other” category includes the results of our ancillary distribution operations in India and China. For the years ended December 31, 2025, 2024 and 2023, distribution operations in India and China had revenues of $640.0 million, $519.6 million and $898.9 million, respectively, and gross margins of $88.0 million, $39.7 million and $(16.8) 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.
(e)In 2025, the information about segment assets regularly provided to and reviewed by our CODM was revised to no longer include intercompany assets and segment cash, and to include an allocation of certain fixed assets from Corprate to the Phosphate and Potash segments. As a result, the December 31, 2024 and 2023 balances have been recast to reflect these changes.
Financial information relating to our operations by geographic area is as follows:
| Years Ended December 31, | |||||||||||||||||
| (in millions) | 2025 | 2024 | 2023 | ||||||||||||||
Net sales(a): | |||||||||||||||||
| Brazil | $ | 4,678.5 | $ | 4,296.2 | $ | 5,480.9 | |||||||||||
Canpotex(b) | 1,247.8 | 884.3 | 1,275.7 | ||||||||||||||
| China | 551.3 | 536.9 | 556.1 | ||||||||||||||
| Canada | 387.6 | 520.1 | 411.6 | ||||||||||||||
| Paraguay | 148.0 | 178.5 | 222.8 | ||||||||||||||
| Argentina | 133.4 | 141.8 | 75.2 | ||||||||||||||
| Japan | 122.5 | 130.8 | 157.7 | ||||||||||||||
| Colombia | 89.1 | 118.7 | 103.2 | ||||||||||||||
| India | 70.9 | 72.8 | 350.8 | ||||||||||||||
| Australia | 65.6 | 57.9 | 69.0 | ||||||||||||||
| Peru | 62.1 | 49.2 | 77.5 | ||||||||||||||
| Mexico | 29.0 | 42.2 | 125.5 | ||||||||||||||
| Honduras | 32.4 | 25.7 | 30.0 | ||||||||||||||
| Dominican Republic | 22.3 | 14.7 | 16.7 | ||||||||||||||
| Other | 89.0 | 82.3 | 64.3 | ||||||||||||||
| Total international countries | 7,729.5 | 7,152.1 | 9,017.0 | ||||||||||||||
| United States | 4,322.9 | 3,970.7 | 4,679.1 | ||||||||||||||
| Consolidated | $ | 12,052.4 | $ | 11,122.8 | $ | 13,696.1 | |||||||||||
______________________________
(a)Revenues are attributed to countries based on location of customer.
(b)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.
| December 31, | ||||||||||||||
| (in millions) | 2025 | 2024 | ||||||||||||
| Long-lived assets: | ||||||||||||||
| Canada | $ | 5,837.8 | $ | 5,390.5 | ||||||||||
| Brazil | 2,372.9 | 2,012.8 | ||||||||||||
| Other | 630.5 | 545.8 | ||||||||||||
| Total international countries | 8,841.2 | 7,949.1 | ||||||||||||
| United States | 8,584.7 | 8,457.2 | ||||||||||||
| Consolidated | $ | 17,425.9 | $ | 16,406.3 | ||||||||||
Excluded from the table above as of December 31, 2025 and 2024, are goodwill of $1,005.1 million and $1,061.1 million and deferred income tax assets of $811.6 million and $958.3 million, respectively.
Net sales by product type for the years 2025, 2024 and 2023 are as follows:
| Years Ended December 31, | |||||||||||||||||
| (in millions) | 2025 | 2024 | 2023 | ||||||||||||||
| Sales by product type: | |||||||||||||||||
| Phosphate Crop Nutrients | $ | 3,273.4 | $ | 2,978.7 | $ | 3,277.5 | |||||||||||
| Potash Crop Nutrients | 2,920.4 | 2,808.6 | 4,107.7 | ||||||||||||||
| Crop Nutrient Blends | 1,380.6 | 1,253.4 | 2,107.4 | ||||||||||||||
Performance Products(a) | 2,635.1 | 2,264.2 | 2,453.3 | ||||||||||||||
| Phosphate Rock | 132.1 | 217.2 | 125.9 | ||||||||||||||
Other(b) | 1,710.8 | 1,600.7 | 1,624.3 | ||||||||||||||
| $ | 12,052.4 | $ | 11,122.8 | $ | 13,696.1 | ||||||||||||
______________________________
(a)Includes sales of MicroEssentials®, K-Mag® and Aspire®.
(b)Includes sales of industrial potash, feed products, nitrogen and other products.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 22, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Mar 13, 2019 | |
| 2017 | Feb 21, 2018 | |
| 2016 | Feb 15, 2017 | |
| 2015 | Feb 19, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.