--- ticker: MOS company: MOS filing_type: 10-K year_current: 2026 year_prior: 2025 risks_added: 1 risks_removed: 1 risks_modified: 2 risks_unchanged: 42 source: SEC EDGAR url: https://riskdiff.com/mos/2026-vs-2025/ markdown_url: https://riskdiff.com/mos/2026-vs-2025/index.md generated: 2026-06-01 --- # MOS: 10-K Risk Factor Changes 2026 vs 2025 > Source: U.S. Securities and Exchange Commission (EDGAR) > Generated: 2026-06-01 > All data extracted directly from official filings. No hallucinated content. ## Summary | Status | Count | |--------|-------| | New risks added | 1 | | Risks removed | 1 | | Risks modified | 2 | | Unchanged | 42 | --- ## New in Current Filing: Capital markets access, liquidity and credit ratings. Our ability to fund operations, meet obligations, and pursue strategic initiatives depends on maintaining sufficient liquidity and access to capital markets. We rely on cash generated from operations, committed credit facilities, and debt financing. Adverse conditions in global credit markets, disruptions in banking systems, or a deterioration in our financial performance could limit our ability to obtain financing on acceptable terms or at all. Our credit ratings significantly affect our cost of borrowing and access to financing. A downgrade by any major rating agency - whether due to industry conditions, commodity price volatility, or company-specific factors - could increase our borrowing costs and restrict access to credit markets. If we are unable to maintain adequate liquidity or favorable credit ratings, we may be forced to reduce capital expenditures, delay strategic projects, or seek alternative financing under unfavorable terms. Any of these outcomes could materially and adversely affect our business, financial condition, and results of operations. --- ## No Match in Current: Pandemics, epidemics or other health outbreaks could materially adversely affect our business operations and financial condition. *This section from the 2025 filing does not have a high-confidence textual match in 2026. It may have been removed, merged, or substantially reworded.* Pandemics, epidemics or other health outbreaks have, and could again, adversely affect the global economy and have, and could again, significantly disrupt our operations, key suppliers or third-party logistics providers, customers and ultimate end-users. These disruptions could arise due to the spread of the outbreak and/or from measures to contain or mitigate it such as quarantines and extended closures of businesses mandated by government authorities. For example, the Covid-19 pandemic adversely affected our businesses in multiple ways, including by creating short-term labor shortages due to illness, and transportation issues, such as trucking delays and port congestion, which slowed delivery of inputs to our facilities and products to our end customers. The full impact of another public health event depends on various factors, any of which could materially increase our costs, negatively impact our revenue and/or adversely impact our results of operations and liquidity, possibly to a significant degree. A public health event could also have the effect of heightening many of the other risks described in this Item 1A of this Form 10-K. --- ## Modified: U.S. tariffs on Canadian potash and retaliatory tariffs could materially adversely affect our business operations and financial condition. **Key changes:** - Reworded sentence: "This tariff went into effect on March 4, 2025, but beginning March 7, 2025, the U.S." - Reworded sentence: "exports could further exacerbate these challenges." **Prior (2025):** In February 2025, the U.S. imposed a 25% tariff on most imports from Canada, including potash crop nutrients. Although the implementation of these tariffs has been temporarily paused for 30 days, there is a risk that they may be reinstated and sustained for an extended period. If these tariffs are reintroduced, they could significantly increase the cost of importing potash from Canada. Higher potash prices may lead to reduced usage by U.S. farmers and negatively impact demand. Additionally, retaliatory tariffs imposed by Canada on U.S. exports, could further exacerbate these challenges. The prolonged imposition of these tariffs could have a material adverse effect on our business, financial condition, and results of operations. **Current (2026):** In February 2025, the U.S. imposed a 25% tariff on most imports from Canada, including potash crop nutrients. 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. The U.S. continues to assess the imposition of tariffs on Canadian potash. There is a risk that such tariffs may be imposed and sustained for an extended period. If tariffs are reintroduced, they could significantly increase the cost of importing potash from Canada. Higher potash prices may lead to reduced usage by U.S. farmers and negatively impact demand. Additionally, retaliatory tariffs imposed by Canada on U.S. exports could further exacerbate these challenges. The prolonged imposition of these tariffs could have a material adverse effect on our business, financial condition and results of operations. --- ## Modified: We use tailings, sediments and water dams and other impoundments to manage residual materials generated by our facilities, including Brazilian mining operations. If our safety procedures are not effective, an accident involving these impoundments could result in serious injuries or death, damage to property or the environment, or result in the shutdown of our facilities, any of which could materially adversely affect our results of operations. **Key changes:** - Reworded sentence: "Mosaic manages its structures in accordance with legal requirements and is implementing actions to be aligned with the major principles from the Global Industry Standard on Tailings Management - GISTM (established in 2020 by the ICMM - International Council of Metals and Mining, the UN environment program and the PRI - Principles of Responsible Investment)." - Removed sentence: "We cannot predict the full impact of these rules or potentially related judicial actions, or future actions, or whether or how it would affect our Brazilian operations or customers." - Removed sentence: "Any accident involving our tailings or other dams, or any shut down or idling of our related mines, could have a material adverse effect on our results of operations." **Prior (2025):** Mining and processing of potash and phosphate generate residual materials that must be managed both during the operation of the facility and upon facility closure. Potash tailings, consisting primarily of salt and clay, are stored in surface disposal sites. Phosphate residuals from mining or processing are deposited in tailings dams or clay settling areas and phosphogypsum stacks. Mosaic manages its structures in accordance with all legal requirements and is implementing actions to be aligned with the major principles from the Global Industry Standard on Tailings Management - GISTM (established in 2020 by the ICMM - International Council of Metals and Mining, the UN environment program and the PRI - Principles of responsible investment). The failure of or a breach at any of our impoundments at any of our operations could cause severe property and environmental damage and loss of life, could result in the shut down or idling of our facilities and could have a material adverse effect on our results of operations. We cannot predict the full impact of these rules or potentially related judicial actions, or future actions, or whether or how it would affect our Brazilian operations or customers. Any accident involving our tailings or other dams, or any shut down or idling of our related mines, could have a material adverse effect on our results of operations. **Current (2026):** Mining and processing of potash and phosphate generate residual materials that must be managed both during the operation of the facility and upon facility closure. Potash tailings, consisting primarily of salt and clay, are stored in surface disposal sites. Phosphate residuals from mining or processing are deposited in tailings dams or clay settling areas and phosphogypsum stacks. Mosaic manages its structures in accordance with legal requirements and is implementing actions to be aligned with the major principles from the Global Industry Standard on Tailings Management - GISTM (established in 2020 by the ICMM - International Council of Metals and Mining, the UN environment program and the PRI - Principles of Responsible Investment). The failure of or a breach at any of our impoundments at any of our operations could cause severe property and environmental damage and loss of life, could result in the shut down or idling of our facilities and could have a material adverse effect on our results of operations. --- *Data sourced from SEC EDGAR. Last updated 2026-06-01.*