Just caught Mosaic's Q4 numbers and yeah, they missed pretty badly. The company reported a loss of $1.64 per share when everyone was expecting something closer to 48 cents adjusted. Sales also came in light at $2.97B versus the $3.2B estimate. Volumes across the board were just weak.

What's interesting though - potash segment actually showed some strength with prices jumping to $264/ton from $199 a year ago, even though volumes stayed flat. But the phosphate and fertilizer divisions didn't get the same boost. Phosphate sales dropped to $1B from $1.2B, and margins got squeezed hard across the board. Mosaic's cash position is okay at $276M but debt ballooned 28% year-over-year to $4.25B, which is worth watching.

Looking ahead, management's being cautious on Q1 guidance - potash volumes expected 2-2.2M tons with prices holding around $255-275/ton. Phosphate forecast is 1.7-1.9M tons. For full year 2026, they're targeting around 9M tons of potash and 7M+ tons of phosphate production. Basically, Mosaic is dealing with softer demand and trying to navigate pricing pressure. The stock's up 10% over the past year but lagging the fertilizer industry's 20% gain, so there's some catching up to do if conditions improve.