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Mosaic cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$2.9M in Q3 2026 · −$808M over twelve months

Operating cash flow$284M
Capital spending−$282M
Free cash flow+$2.9M
Cash conversion cycle102 days

Analysis

In Q3 2026, Mosaic generated $284M of operating cash flow and spent $282M on capital projects, leaving free cash flow of $2.9M. That is $139M more than in Q3 2025 (−$136M).

Over the twelve months to Sep 30, 2026, operating cash flow was $500M; the largest uses were capital spending ($1.3B), dividends ($280M), other investing ($40.7M); besides operations, cash came from net borrowing (+) / repaid (−) ($1.0B), other financing ($129M); the cash balance rose by $113M.

Operating cash flow was $284M against net income of −$65.3M. The largest differences: inventory +$434M, depreciation & amortization +$292M, payables −$190M.

Its cash conversion cycle was 102 days (receivables 28 + inventory 105 − payables 31).

Free cash flow

Mosaic: free cash flow by quarterMosaic: free cash flow by quarter−$74.8MQ4 2024−$298MQ1 2025$305MQ2 2025−$136MQ3 2025−$406MQ4 2025−$253MQ1 2026−$153MQ2 2026$2.9MQ3 2026
Operating cash flow less capital spending.
Mosaic: operating cash flow against capital spendingMosaic: operating cash flow against capital spendingOperating cash flowCapital spending$219M$294MQ4 2024$42.9M$341MQ1 2025$610M$305MQ2 2025$228M$364MQ3 2025−$56.1M$350MQ4 2025$104M$357MQ1 2026$167M$320MQ2 2026$284M$282MQ3 2026
Latest (Q3 2026): Operating cash flow $284M, Capital spending $282M.

Capital allocation, year by year

Mosaic: where the cash came from (up) and went (down), by fiscal yearMosaic: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.2BFY2021: Net borrowing −$751MFY2021: Capital spending −$1.3BFY2021: Buybacks −$411MFY2021: Dividends −$104M$2.2BFY2021FY2022: Operating cash flow $3.9BFY2022: Net borrowing −$438MFY2022: Shares issued $16.0MFY2022: Capital spending −$1.2BFY2022: Buybacks −$1.7BFY2022: Dividends −$198M$4.0BFY2022FY2023: Operating cash flow $2.4BFY2023: Net borrowing −$306MFY2023: Asset sales $158MFY2023: Capital spending −$1.4BFY2023: Acquisitions −$41.0MFY2023: Buybacks −$756MFY2023: Dividends −$352M$2.6BFY2023FY2024: Operating cash flow $1.3BFY2024: Net borrowing $413MFY2024: Capital spending −$1.3BFY2024: Buybacks −$235MFY2024: Dividends −$271M$1.7BFY2024FY2025: Operating cash flow $825MFY2025: Net borrowing $503MFY2025: Shares issued $600KFY2025: Capital spending −$1.4BFY2025: Dividends −$280M$1.3BFY2025
Over these 5 years operating cash flow totalled $10.7B; the largest uses were capital spending ($6.5B) and buybacks ($3.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$273M
Debt$5.1B
Net debt$4.8B
Due within a year$43.1M

Mosaic's operations bring cash in ($500M over twelve months), and it spends more than that on capital projects: a gap of $808M funded from its $273M of cash and investments and from borrowing ($5.1B of debt, $43.1M due within a year). That is a choice to invest, not a cash runway running down.

Mosaic: debt maturities by year (FY2025)Mosaic: debt maturities by year (FY2025)$43.1MYear 1$727MYear 2$575MYear 3$569MYear 4$404MYear 5$2.0BAfter year 5
Principal due in each year as disclosed in the annual report, against $273M of cash and investments now.

Where the cash came from and went

Mosaic: sources (+) and uses (−) of cash, Q3 2026Mosaic: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$284MCapital spending−$282MDividends−$69.9MNet borrowing (+) / repaid (−)$56.1MOther financing$22.6MExchange rates−$21.5MCash drawn (+) / kept (−)$15.1MOther investing−$5.4MAsset & business sales$100K
Mosaic: sources (+) and uses (−) of cash, TTM to Q3 2026Mosaic: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$1.3BNet borrowing (+) / repaid (−)$1.0BOperating cash flow$500MDividends−$280MOther financing$129MCash drawn (+) / kept (−)−$113MAsset & business sales$108MOther investing−$40.7MExchange rates−$26.0MPartners−$14.2M

From profit to cash

Mosaic: net income to operating cash flow, Q3 2026Mosaic: net income to operating cash flow, Q3 2026Net income−$65.3MDepreciation & amortization$292MStock-based pay$4.6MOther non-cash$51.2MReceivables−$153MInventory$434MPayables−$190MPrepaid and other assets$102MOther liabilities$48.9MOperating cash flow$284M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20262810531102
Q2 20263012439114
Q1 20263111137105
Q4 20253311642107
Q3 2025291013990
Q2 20253310740100
Q1 20253711244106
Q4 2024351004392

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$284M−$282M—−$69.9M$56.1M$15.1M$2.9M
Q2 2026$167M−$320M—−$69.9M$178M−$6.8M−$153M
Q1 2026$104M−$357M—−$70.8M$342M−$400K−$253M
Q4 2025−$56.1M−$350M—−$69.9M$487M−$121M−$406M
Q3 2025$228M−$364M—−$69.5M$199M$125M−$136M
Q2 2025$610M−$305M—−$70.1M−$218M−$23.7M$305M
Q1 2025$42.9M−$341M—−$70.9M$174M$26.3M−$298M
Q4 2024$219M−$294M−$25.0M−$66.5M$160M$27.1M−$74.8M

Mosaic: income statement and cash flow

Mosaic, Q3 2026: revenue $3.1B (-10% year over year), operating margin -3.1%. The chart follows the revenue to costs, profit and cash.

Mosaic: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.