MOS · 10-K filed 27 Feb 2026 · year to 31 Dec 2025

Mosaic

30 named things its latest annual report says its results depend on, each in the company's own words. 14 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Suppliers

Miski Mayo Mine (Peru)

depends on · 75% economic interestnamed as a risk

If the Government of Peru’s proactive efforts to address the social and environmental issues surrounding natural resource activities are not successful, protests could extend to or impact the Miski Mayo Mine and adversely affect our interest in the Miski Mayo joint venture or the supply of phosphate rock to us from the mine.Risk factors (Item 1A)

North American oil refineries

depends onnamed as a risk

Reduced oil refinery operating rates in the U.S. and Canada could result, and have, in the past, resulted in decreased availability of molten sulfur, which could increase costs of sulfur procurement or decrease availability of sulfur needed in our phosphate fertilizer production operations.Risk factors (Item 1A)

Partners and platforms

Canpotex

earns from · 36.2%named as a risk

Our sales of potash products outside of the U.S. and Canada are made through Canpotex.Business (Item 1)

Tiplam port

depends on · approximately 1%

Our ownership percentage, along with a contractual agreement, guarantee us unloading priority for ammonia and also provide us unloading capacity for rock, sulfur and crop nutrients.Business (Item 1)

Other companies

Saudi Arabian Mining Company (Ma'aden)

named as a risk

In addition, our investment in Ma’aden is subject to stock‑market volatility, and declines in the market value of its publicly traded shares could reduce the value of our investment and negatively impact our results of operations and liquidity.Risk factors (Item 1A)

Also named by AA

Places

Florida

concentrated in · approximately 9.5 million tonnesnamed as a risk

All of our wholly-owned phosphate mines and related mining operations in North America are located in central Florida.Business (Item 1)

Also named by ABR, ALLY, AN, AXP, AZO, BBY, BJ, BRO and 54 more

Brazil

operates in · approximately 17% of fertilizer shipments in Brazilnamed as a risk

In 2025, Mosaic Fertilizantes sold approximately 9.0 million tonnes of crop nutrient products and accounted for approximately 17% of fertilizer shipments in Brazil.Business (Item 1)

Also named by ADM, ASO, AZO, BALL, CPAY, CPRT, CTVA, DE and 32 more

Outside the U.S.

earns from · approximately 64% of our net salesnamed as a risk

In 2025, we derived approximately 64% of our net sales from customers located outside of the U.S.Risk factors (Item 1A)

Also named by AOS, CME

Saskatchewan

operates in · approximately 291,500 acres

Mosaic leases approximately 291,500 acres of mineral rights from the government of Saskatchewan, and approximately 99,300 acres of freehold mineral rights in the Kronau/Regina area, which have not been developed.Business (Item 1)

Carlsbad, New Mexico potash mine

operates in · approximately $185.0 million

As of December 31, 2025, the assets and liabilities are considered held for sale and we recorded an impairment loss of approximately $185.0 million.Business (Item 1)

China

competes withnamed as a risk

The level of exports by Chinese producers of concentrated phosphate crop nutrients depends to a significant extent on Chinese government actions to curb exports through, among other measures, prohibitive export taxes at times when the government believes it desirable to assure ample domestic supplies of concentrated phosphate crop nutrients to stimulate grain and oilseed production.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Hazards

Hurricanes (Florida and Louisiana)

operates innamed as a risk

In the past, hurricanes have resulted in physical damage to and outages at our facilities in Florida and Louisiana.Risk factors (Item 1A)

Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more

Mississippi River

depends onnamed as a risk

For example, the Mississippi River was in drought condition for parts of 2022 and 2023, affecting barge movement on the river.Risk factors (Item 1A)

Also named by AEE, FPI

Seismic activity (Esterhazy and Louisiana)

operates innamed as a risk

Our Esterhazy mine and Louisiana facilities have experienced minor seismic events from time to time.Risk factors (Item 1A)

Also named by HL, SCCO

Esterhazy mine brine inflows

operates innamed as a risk

Since December 1985, we have had inflows of brine water into our Esterhazy, Saskatchewan K1 and K2 potash mines.Risk factors (Item 1A)

Commodities and inputs

Henry Hub natural gas

exposed to its price · approximately 12.7 million MM BTUnamed as a risk

We typically purchase approximately 12.7 million MM BTU of natural gas per year for use in ammonia production at Faustina.Business (Item 1)

Also named by AM, AR, ATI, BSM, BTU, CNX, CRGY, DVN and 13 more

Sulfur

exposed to its price · approximately 2.9 million long tonsnamed as a risk

Changes in the price of sulfur or disruptions to sulfur transportation or terminaling facilities could have a material impact on our business.Business (Item 1)

Ammonia

exposed to its price · approximately 0.9 million tonnesnamed as a risk

Changes in the price of ammonia or disruptions to ammonia transportation or terminaling could have a material impact on our business.Business (Item 1)

AECO natural gas

exposed to its price · 17.1 million MM BTU

Combined natural gas usage for both the solution and shaft mines totaled 17.1 million MM BTU during 2025.Business (Item 1)

Also named by MUR

Brazilian real

exposed to its pricenamed as a risk

Our primary foreign currency exposures are the Canadian dollar and Brazilian real.Risk factors (Item 1A)

Also named by AVY, CPAY, CTVA, ECHO, MELI, NFLX, RHI, SHW and 1 more

Regulators

Florida Department of Environmental Protection

subject tonamed as a risk

High water balances in the past at phosphate facilities in Florida also led the Florida Department of Environmental Protection (“FDEP”) to adopt rules requiring phosphate production facilities to meet more stringent process water management objectives for phosphogypsum stack systems.Risk factors (Item 1A)

Laws and programs

U.S. tariffs on Canadian potash

subject to · 25% tariffnamed as a risk

The prolonged imposition of these tariffs could have a material adverse effect on our business, financial condition and results of operations.Risk factors (Item 1A)

CFEM (Brazil National Mining Agency)

subject to · approximately $25.5 million

In 2025, we paid royalties and resource taxes of approximately $25.5 million.Business (Item 1)

United States-Mexico-Canada Agreement (USMCA)

subject tonamed as a risk

This tariff went into effect on March 4, 2025, but beginning March 7, 2025, the U.S. exempted from this tariff goods that qualify as wholly originating in Canada under the United States‑Mexico‑Canada Agreement, including potash from Mosaic’s Canadian operations.Risk factors (Item 1A)

Also named by AYI, BMI, BWA, CLF, CMI, CP, CW, DCH and 29 more

CERCLA

subject tonamed as a risk

We periodically have incurred and may incur liabilities and cleanup costs, under CERCLA and other environmental laws, with regard to our current or former facilities, adjacent or nearby third-party facilities or offsite disposal locations.Risk factors (Item 1A)

Also named by AA, AAOI, ALB, AN, APD, APLD, ATI, AWK and 27 more

Clean Water Act Section 404

subject tonamed as a risk

While that decision is under appeal, the change in permitting authority may complicate and delay the receipt of 404 permit approvals.Risk factors (Item 1A)

Also named by ARLP, HCC

U.S. countervailing duty orders on phosphate fertilizer from Morocco and Russia

subject tonamed as a risk

A reversal of, or change in, the ITC’s or DOC’s prior determination in the CVD investigations could have an adverse effect on our business, financial condition or operating results.Risk factors (Item 1A)

RCRA Consent Decrees

subject tonamed as a risk

In addition to the FDEP, the U.S. Environmental Protection Agency (“EPA”) and the Louisiana Department of Environmental Quality also have similar requirements for water management objectives as outlined in our U.S. Resource Conservation and Recovery Act (“RCRA”) Consent Decrees.Risk factors (Item 1A)

Brazil customer financing guarantees

insures or lends tonamed as a risk

In Brazil, where there are fewer third-party financing sources available to farmers, we also have several programs under which we guarantee customers’ financing from financial institutions that they use to purchase our products.Risk factors (Item 1A)

Saskatchewan Potash Production Tax

subject to

The Potash Production Tax is a Saskatchewan provincial tax on potash production and consists of a base payment and a profits tax.Business (Item 1)