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Agricultural inputs · Basic Materials · Fiscal year ends Dec 31
Mosaic reported revenue of $12.1B in the fiscal year ended Dec 2025, up 8.4% from the year before. Operating income was $822M, an operating margin of 6.8%, and net income was $541M. Operating cash flow of $825M less capital expenditure of $1.4B left free cash flow of −$535M. Net debt was $4.7B.
Ranks among the 4 agricultural inputs companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 12,357 | 19,125 | 13,696 | 11,123 | 12,052 |
| Cost of revenue | 9,157 | 13,369 | 11,486 | 9,611 | 10,151 |
| Gross profit | 3,200 | 5,756 | 2,211 | 1,512 | 1,902 |
| Selling, general & admin | 431 | 498 | 501 | 497 | 534 |
| Operating income | 2,469 | 4,785 | 1,338 | 622 | 822 |
| Net interest incomeBanks | −169 | −138 | −129 | −183 | −188 |
| Interest expense | 194 | 169 | 189 | 230 | 242 |
| Pre-tax income | 2,225 | 4,643 | 1,326 | 315 | 1,213 |
| Income tax | 598 | 1,224 | 177 | 187 | 640 |
| Net income | 1,631 | 3,583 | 1,165 | 175 | 541 |
| Diluted EPS | 4.27 | 10.06 | 3.50 | 0.55 | 1.70 |
| Diluted shares | 382 | 356 | 333 | 321 | 319 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 770 | 735 | 349 | 273 | 277 |
| Receivables | 1,532 | 1,700 | 1,269 | 1,113 | 1,079 |
| Inventory | 2,741 | 3,543 | 2,523 | 2,548 | 3,363 |
| Current assets | 5,325 | 6,557 | 4,745 | 4,498 | 5,238 |
| Net PP&E | 12,475 | 12,679 | 13,585 | 13,353 | 13,983 |
| Goodwill | 1,172 | 1,116 | 1,139 | 1,061 | 1,005 |
| Total assets | 22,036 | 23,386 | 23,033 | 22,924 | 24,480 |
| Payables | 1,261 | 1,293 | 1,167 | 1,157 | 1,172 |
| Deferred revenue | 438 | 744 | 262 | 271 | 297 |
| Current liabilities | 4,787 | 5,534 | 3,874 | 4,171 | 3,983 |
| Short-term debt | 303 | 225 | 400 | 847 | 760 |
| Long-term debt | 3,382 | 2,412 | 3,232 | 3,332 | 4,251 |
| Total liabilities | 11,288 | 11,192 | 10,600 | 11,309 | 12,246 |
| Shareholders' equity | 10,604 | 12,055 | 12,290 | 11,482 | 12,085 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 2,187 | 3,936 | 2,407 | 1,299 | 825 |
| Capital expenditure | 1,289 | 1,247 | 1,402 | 1,252 | 1,359 |
| Free cash flow | 898 | 2,689 | 1,005 | 47.4 | −535 |
| Depreciation & amortisation | 813 | 934 | 961 | 1,026 | 1,050 |
| Stock-based compensation | 29.5 | 27.9 | 33.0 | 31.8 | 30.7 |
| Share buybacks | 411 | 1,665 | 756 | 235 | 0.0 |
| Dividends paid | 104 | 198 | 352 | 271 | 280 |
| Dividend per share | 0.45 | 0.60 | 0.85 | 0.85 | 0.88 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 54.8% | −28.4% | −18.8% | 8.4% |
| Operating income growth (YoY) | – | 93.9% | −72.0% | −53.6% | 32.2% |
| EPS growth (YoY) | – | 135.6% | −65.2% | −84.3% | 209.1% |
| Gross margin | 25.9% | 30.1% | 16.1% | 13.6% | 15.8% |
| Operating margin | 20.0% | 25.0% | 9.8% | 5.6% | 6.8% |
| Net margin | 13.2% | 18.7% | 8.5% | 1.6% | 4.5% |
| Return on equityBlank when equity is negative | 15.4% | 29.7% | 9.5% | 1.5% | 4.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 14.3% | 26.8% | 7.0% | 3.3% | 4.0% |
| Free cash flow margin | 7.3% | 14.1% | 7.3% | 0.4% | −4.4% |
| Cash conversion (CFO ÷ net income) | 1.34x | 1.10x | 2.07x | 7.43x | 1.53x |
| Receivable days | 45 | 32 | 34 | 37 | 33 |
| Inventory days | 109 | 97 | 80 | 97 | 121 |
| Payable days | 50 | 35 | 37 | 44 | 42 |
| Interest cover | 12.7x | 28.3x | 7.08x | 2.70x | 3.40x |
| Debt ÷ equity | 0.35x | 0.22x | 0.30x | 0.36x | 0.41x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,916 | 1,901 | 3,283 | 3,907 | 4,734 |
| Current ratio | 1.11x | 1.18x | 1.22x | 1.08x | 1.32x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.