Just caught Mosaic's Q4 results and yeah, they missed pretty badly. The company reported a loss of $1.64 per share when everyone expected adjusted earnings around 48 cents. That's rough. Sales came in at $2.97 billion when analysts were looking for $3.2 billion, so volumes have really been weak across the board.

The potash segment was actually their bright spot - prices jumped to $264 per ton from $199 a year ago, which helped margins climb to $115 per ton. But they only moved 2.2 million tons when estimates were for 2.6 million. Phosphate was messier with volumes down to 1.3 million tons from 1.6 million, and gross margins collapsed from $85 per ton to just $17 per ton. Fertilizantes segment also underperformed on volume.

On the balance sheet, they've got $276.6 million in cash but debt jumped 28% year over year to $4.25 billion. Looking ahead, Mosaic is guiding Q1 2026 potash volumes between 2-2.2 million tons with MOP prices expected around $255-$275 per ton. Full year they're targeting roughly 9 million tons of potash production. The stock is up 10% over the past year but lagging the fertilizer industry's 20% gain. Currently rated a hold.