mos-20260629

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 11-K


ý			ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025


¨			TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-32327


A.			Full title of the plan and the address of the plan, if different from that of the issuer named below:

MOSAIC INVESTMENT PLAN


B.			Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

The Mosaic Company

101 East Kennedy Boulevard

Suite 2500

Tampa, Florida 33602

813-775-4200

MOSAIC INVESTMENT PLAN

Plan No. 004

Financial Statements and Supplemental Schedule

December 31, 2025 and 2024

(Report of Independent Registered Public Accounting Firm)

MOSAIC INVESTMENT PLAN

Plan No. 004

Table of Contents



			Page

Report of Independent Registered Public Accounting Firm			1

Financial Statements:

Statements of Net Assets Available for Benefits			2

Statements of Changes in Net Assets Available for Benefits			3

Notes to Financial Statements			4

Supplemental Schedule



Schedule H, Line 4i – Schedule of Assets (Held at End of Year)			12

All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

Report of Independent Registered Public Accounting Firm

To the Plan Participants and Plan Administrator

Mosaic Investment Plan:

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of Mosaic Investment Plan

(the Plan) as of December 31, 2025 and 2024, the related statements of changes in net assets available for

benefits for the years ended December 31, 2025 and 2024, and the related notes (collectively, the financial

statements). In our opinion, the financial statements present fairly, in all material respects, the net assets

available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available

for benefits for the years ended December 31, 2025 and 2024, in conformity with U.S. generally accepted

accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an

opinion on these financial statements based on our audits. We are a public accounting firm registered with the

Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent

with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and

regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we

plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of

material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the

risks of material misstatement of the financial statements, whether due to error or fraud, and performing

procedures that respond to those risks. Such procedures included examining, on a test basis, evidence

regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the

accounting principles used and significant estimates made by management, as well as evaluating the overall

presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Accompanying Supplemental Information

The Schedule H, line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2025 has been

subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The

supplemental information is the responsibility of the Plan’s management. Our audit procedures included

determining whether the supplemental information reconciles to the financial statements or the underlying

accounting and other records, as applicable, and performing procedures to test the completeness and

accuracy of the information presented in the supplemental information. In forming our opinion on the

supplemental information, we evaluated whether the supplemental information, including its form and content,

is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure

under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is

fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ KPMG LLP

We have served as the Plan’s auditor since 2005.

Houston, Texas

June 29, 2026

MOSAIC INVESTMENT PLAN

Plan No. 004

Statements of Net Assets Available for Benefits

December 31, 2025 and 2024


					2025		2024
Assets:
	Plan's interest in the Mosaic Master Trust, at fair value			$	912,255,486	$	826,981,107

	Receivables:
		Employer contributions			19,614,427		19,159,045
		Notes receivable from participants			7,032,204		7,107,679
			Total receivables		26,646,631		26,266,724
			Net assets available for benefits	$	938,902,117	$	853,247,831

See accompanying notes to financial statements.

MOSAIC INVESTMENT PLAN

Plan No. 004

Statements of Changes in Net Assets Available for Benefits

Years ended December 31, 2025 and 2024


					2025		2024
Additions to net assets attributed to:
	Plan’s interest in net investment income of the
		Mosaic Master Trust		$	130,749,295	$	95,026,811
			Net investment income		130,749,295		95,026,811

		Interest income from participant loans			567,078		495,047

	Contributions:
		Participants			29,911,408		28,606,209
		Employer			23,289,295		29,249,892
			Total contributions		53,200,703		57,856,101
			Total additions		184,517,076		153,377,959
Deductions from net assets attributed to:
	Benefits paid				100,054,542		97,962,337
	Administrative fees				361,731		137,585
			Total deductions		100,416,273		98,099,922
			Net increase		84,100,803		55,278,037
Net transfers from qualified plans					1,553,483		7,432,919
Net assets available for benefits:
	Beginning of year				853,247,831		790,536,875
	End of year			$	938,902,117	$	853,247,831

See accompanying notes to financial statements.

MOSAIC INVESTMENT PLAN

Plan No. 004

Notes to Financial Statements

December 31, 2025 and 2024

(1)Description of the Plan

The following description of the Mosaic Investment Plan (the Plan) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

(a)General

The Plan was established on March 1, 1988. The Plan is a defined contribution plan maintained by The Mosaic Company (the Company) for eligible U.S. salaried and nonunion hourly employees. Mosaic’s Global Pension Investment Committee is responsible for selecting and monitoring the investment options offered by the Plan. Mosaic's Global Pension Investment Committee may hire an investment consultant to assist with its fiduciary responsibilities. Mosaic’s Global Benefits Committee is responsible for oversight of and amending the Plan. Newly hired employees are automatically enrolled in the Plan at a 6% deferral rate upon meeting the eligibility requirements. Contributions are invested in the Vanguard Target Retirement Fund that is nearest to the year the employee will reach age 65. A participant is assumed to have authorized the Company to withhold from each paycheck a percentage of pay on a before‑tax basis. Automatic payroll withholding can begin no sooner than 45 days from date of hire. A participant has the right to decline automatic enrollment within 45 days from date of hire. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended.

(b)Contributions

The Plan is funded by contributions from participants in the form of payroll deductions/salary reductions from 1% to 75% of participants’ eligible pay (subject to Internal Revenue Service (IRS) annual statutory limits of $23,500 and $23,000 for 2025 and 2024, respectively) in before-tax dollars, after-tax dollars, or a combination of both. Additional before-tax “catch-up” contributions are allowed above the IRS annual dollar limit for employees at least age 50 or who will reach age 50 during a given calendar year. Participants direct the investment of their contributions into various investment options offered by the Plan. The Plan is also funded by Company matching contributions, which are subject to certain limitations imposed by Section 415 of the Internal Revenue Code (IRC). For the years ended December 31, 2025 and 2024, the Company made matching contributions equal to 100% of the first 3% of the participants’ eligible earnings contributed and 50% of the next 3% of the participants’ eligible earnings contributed.

The Company also makes an annual non-elective employer contribution that is based on a percentage of the employee’s eligible pay, subject to certain limitations and requirements. For the 2025 and 2024 plan years, the Company made non-elective employer contributions of $16,216,926 and $15,424,311, which were funded to the Plan in 2026 and 2025, utilizing $10,888 of DB Surplus for the 2025 plan year. At the sole discretion of Mosaic’s Board of Directors or its designee, the Company may make an annual discretionary employer contribution. For the 2025 and 2024 plan years, the Company made discretionary employer contributions of $3,408,389 and $3,209,209, which were funded in 2026 and 2025. For the 2025 and 2024 plan years, the Company made true-up safe harbor employer contributions of $633,556 and $525,525, which were funded to the Plan in 2026 and 2025, utilizing forfeitures. Generally, a participant must be employed on the last day of the Plan year to be eligible for the non-elective employer contribution or the discretionary employer contribution. No allowance for credit losses has been recorded as of December 31, 2025 or 2024.

Participants may roll over their vested benefits from other qualified retirement plans to the Plan.

(c)Participant Accounts

Each participant’s account is credited with the participant’s contributions and allocations of (a) the Company’s contributions, and (b) Plan earnings (losses). Each participant’s account is charged with an allocation of certain administrative expenses. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

MOSAIC INVESTMENT PLAN

Plan No. 004

Notes to Financial Statements

December 31, 2025 and 2024

(d)Administrative Expenses

Administrative expenses are to be paid by the Plan but may be paid by the Company.

(e)Investments

The Plan’s investments are held in the Mosaic Master Trust (the Master Trust) which is administered by Fidelity Investments.

Participants can choose from investment funds offered by the Plan and may elect to change the investment direction of their existing account balances and their future contributions daily.

(f)Vesting

Participants are immediately vested in the portion of their Plan account related to participant contributions, Company matching contributions, and earnings thereon. Participants are vested in the non-elective employer contribution and the discretionary employer contribution portions of their account after either three years of service, attaining age 65, or death while an employee. Forfeitures of non-vested participant accounts are used first to restore non-elective employer contributions for reemployed employees who are entitled to have forfeitures restored and are then used to offset employer contributions. In 2025 and 2024, employer contributions were reduced by $525,526 and $515,390, respectively, from forfeited non-vested accounts. Unused forfeitures were $682,297 and $439,565 as of December 31, 2025 or 2024, respectively.

(g)Payment of Benefits

Participants may withdraw their vested account balance upon termination of employment. Under certain conditions of financial hardship, participants working for the Company may withdraw certain funds. Certain withdrawals are available after age 59½ or in the event of disability. Additionally, while still employed, in‑service withdrawals are available subject to certain requirements and limitations.

Subject to potential IRS penalties, participants whose employment is terminated and have a vested account balance in excess of $7,000 may receive their distribution in a lump sum or installments that commence immediately after termination or a later date, but no later than age 73. Participants may be entitled to additional forms of payment or may need to obtain spousal consent to a distribution or withdrawal if the participant had an account balance from another qualified plan, that plan was maintained by a company that was acquired by the Company, and the participant’s account balance was transferred to this Plan.

(h)Notes Receivable from Participants

Eligible participants may borrow from their fund accounts a minimum loan amount of $500 up to a maximum equal to the lesser of $50,000 or 50% of their account balance. Eligible participants may have one loan outstanding at any given time. Account balances attributable to the annual Company contributions are not available for loans. Loan terms range from 6 months to 5 years. The loans are secured by the balance in the participant’s account and bear interest at a fixed rate of 1% above the prevailing prime rate, as quoted in The Wall Street Journal at time of issuance. Interest rates on outstanding loans in 2025 and 2024 ranged from 4.25% to 9.5%. Principal and interest are paid through payroll deductions.

(i)SECURE 2.0 Act of 2022

On December 29, 2022, the SECURE 2.0 Act of 2022 (SECURE 2.0) was enacted to help improve retirement savings. The SECURE 2.0 Act made wide-ranging changes, both mandatory and elective, to qualified plans and its provisions have various effective dates. Significant provisions include the following:

•increase the required minimum distribution (RMD) age from 72 to 73, effective January 1, 2023, and to age 75, effective January 1, 2033,

•reduce the excise tax for failure to take RMDs from 50 percent to 25 percent of the RMD amount that was not taken, beginning January 1, 2023, and

MOSAIC INVESTMENT PLAN

Plan No. 004

Notes to Financial Statements

December 31, 2025 and 2024

•require all catch-up contributions for participants with compensation of more than $145,000 (indexed for inflation) to be designated as Roth 401(k) contributions beginning after December 31, 2023. NOTE: On August 25, 2023, the Internal Revenue Service announced a 2-year administrative transition period with respect to the requirement under section 603 of the SECURE 2.0 Act that catch-up contributions made on behalf of certain eligible participants be designated as Roth contributions.

The Plan will incorporate changes in its Plan document and administration to the extent required by the SECURE 2.0 Act.

(j) Transfer of DB Surplus

On April 19, 2024, the Internal Revenue Service issued a private letter ruling allowing the surplus of the terminated Mosaic Combined U.S. Defined Benefit Plan to be transferred to a suspense account in the Plan in the amount of $6,693,605 and to the Mosaic Union Savings Plan in the amount of $12,430,982 to fund employer nonelective contributions. The surplus was transferred effective June 13, 2024.

(k) Plan Termination

Although it has not expressed any interest to do so, the Company reserves the right under the Plan to make changes at any time or even suspend or terminate the Plan subject to the provisions of ERISA. Upon termination of the Plan, participants will become fully vested in all amounts in their accounts.

(2)Summary of Significant Accounting Policies

(a)Basis of Accounting

The financial statements of the Plan are prepared under the accrual basis of accounting and have been prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP).

(b)Use of Estimates

The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

(c)Investment Valuation and Income Recognition

Master Trust investments are stated at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value for shares of mutual and common/collective trust funds is the net asset value of those shares or units, as determined by the respective funds.

Net appreciation (depreciation) in the fair value of investments includes realized gains and losses on investments bought and sold and the change in appreciation (depreciation) from one period to the next. Purchases and sales of securities are accounted for on a trade date basis. Dividend income is recorded on the ex-dividend date. Interest from investments is recorded on the accrual basis.

The Plan’s interest in the net investment income (loss) of the Master Trust is recorded in the Statements of Changes in Net Assets Available for Benefits.

(d)Notes Receivable from Participants

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. If a participant ceases to make loan repayments and the plan administrator deems the participant loan to be in default, the participant loan balance is reduced, and a benefit payment is recorded.

(e)Payment of Benefits

Benefit payments are recorded when paid.

MOSAIC INVESTMENT PLAN

Plan No. 004

Notes to Financial Statements

December 31, 2025 and 2024

(f)Administrative Expenses

Certain expenses of maintaining the Plan are paid directly by the Company and are excluded from these financial statements. Fees related to the administration of notes receivable from participants are charged directly to the participant's account and are included in administrative expenses. Investment related expenses are included in the Plan’s interest in net investment income of the Master Trust.

(3)Interest in Master Trust

The Plan’s investments are held in the Master Trust. The Plan maintains a divided beneficial interest in each of the investment accounts of the Master Trust.

The Plan’s interest in the investments of the Master Trust is based on the individual Plan participants’ investment balances (divided interest). Investment income (loss) is allocated by the Trustee on a daily basis through a valuation of each participating plan’s investments and each participant’s share of each investment. Expenses relating to the Master Trust are allocated to the individual funds based upon each participant’s pro rata share, per-share calculation, or by transaction in a specific fund. The Plan held a 75.3% and 74.6% interest in the Master Trust at December 31, 2025 and 2024, respectively.:

The net assets of the Master Trust for the years ended December 31 are as follows:


			2025				2024
			Master Trust		Plan's Interest in the Master Trust		Master Trust		Plan's Interest in the Master Trust
Investments, at fair value:
	Mosaic Company common stock		$	13,661,386	$	10,510,770	$	14,786,436	$	11,126,860
	Mutual funds			90,608,478		75,652,509		94,246,522		77,088,575
	Common collective trust funds			1,100,476,410		825,343,191		979,257,298		731,200,952
	Money market fund			7,206,729		749,016		20,664,452		7,564,720

		Total investments		1,211,953,003		912,255,486		1,108,954,708		826,981,107

		Total assets		1,211,953,003		912,255,486		1,108,954,708		826,981,107
		Net assets	$	1,211,953,003	$	912,255,486	$	1,108,954,708	$	826,981,107

Net investment income of the Master Trust for the years ended December 31 is summarized as follows:


			2025		2024
Interest and dividend income		$	6,499,499	$	9,000,268
Total net realized and unrealized appreciation in fair value of investments			165,306,458		112,791,494
	Investment income	$	171,805,957	$	121,791,762
Plan's interest in the Master Trust investment income		$	130,749,295	$	95,026,811

(4)Fair Value Measurements

Accounting Standards Codification (ASC) 820, Fair Value Measurements, defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Plan considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance.

ASC 820 also establishes a fair value hierarchy that requires the Plan to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the

MOSAIC INVESTMENT PLAN

Plan No. 004

Notes to Financial Statements

December 31, 2025 and 2024

fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 established three levels of inputs that may be used to measure fair value:

•Level 1: quoted prices in active markets for identical assets or liabilities;

•Level 2: inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; or

•Level 3: unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Master Trust

Master Trust investments measured at fair value on a recurring basis consisted of the following types of instruments as of December 31, 2025 (Level 1, 2, and 3 inputs are defined above):


			Assets at fair value as of December 31, 2025
			Level 1		Level 2		Level 3		Total
Mosaic Company common stock		$	13,661,386	$	—	$	—	$	13,661,386
Mutual funds			90,608,478		—		—		90,608,478
Common/collective trust funds			—		1,100,476,410		—		1,100,476,410
Money market fund			7,206,729		—		—		7,206,729
	Total Investments at fair value	$	111,476,593	$	1,100,476,410	$	—	$	1,211,953,003

Master Trust investments measured at fair value on a recurring basis consisted of the following types of instruments as of December 31, 2024 (Level 1, 2, and 3 inputs are defined above):


			Assets at fair value as of December 31, 2024
			Level 1		Level 2		Level 3		Total
Mosaic Company common stock		$	14,786,436	$	—	$	—	$	14,786,436
Mutual funds			94,246,522		—		—		94,246,522




Common/collective trust funds			—		979,257,298		—		979,257,298
Money Market Fund			20,664,452		—		—		20,664,452
	Total Investments at fair value	$	129,697,410	$	979,257,298	$	—	$	1,108,954,708

The investment in the Master Trust is stated at fair value based upon the underlying net assets of the Master Trust. The assets of the Master Trust are accounted for utilizing the following accounting policies.

Common stock traded on national exchanges are valued at their closing market prices.

The fair values of the mutual funds, money market fund, and interest bearing cash are based on observable unadjusted market quotations for identical assets and are priced on a daily basis at the close of the NYSE.

The common/collective trusts (CCTs) are valued utilizing the respective net asset values as reported by such trusts, which represents readily determinable fair value, and are reported at fair value.

For each of the Master Trust’s funds, a participant is prohibited from exchanging into a fund account for 60 calendar days after the participant has exchanged out of that fund account.

(5) Federal Income Tax Status

MOSAIC INVESTMENT PLAN

Plan No. 004

Notes to Financial Statements

December 31, 2025 and 2024

The Plan has received a determination letter from the IRS dated December 2, 2015 stating that the Plan is qualified under Section 401(a) of the IRC and, therefore, is exempt from taxation. Subsequent to this determination by the IRS, the Plan was amended. Once qualified, the Plan is required to operate in conformity with the IRC to maintain its qualification. The Plan Administrator believes the Plan is being operated in compliance with the applicable requirements of the IRC, and therefore, the Plan, as amended, is qualified and is tax‑exempt.

U.S. GAAP requires plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS.

The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2025, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

(6)Risks and Uncertainties

The Plan invests in various investment securities through the Master Trust. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.

A portion of the Plan’s net assets held in the Master Trust are invested in the common stock of the Company. At December 31, 2025 and 2024, approximately 1.1% and 1.3%, respectively, of the Plan’s total assets were invested in the Company’s common stock. The underlying value of the Company common stock is entirely dependent upon the performance of the Company and the market’s evaluation of such performance.

(7)Party-in-Interest Transactions

Transactions resulting in Plan assets being transferred to or used by a related party are prohibited under ERISA unless a specific exemption applied. Fidelity Management Trust Company is a party‑in‑interest as defined by ERISA as a result of being trustee of the Plan. The Plan also engages in transactions involving the acquisition or disposition of common stock of the Company, a party‑in‑interest with respect to the Plan. The Plan also engages in loans to participants. These transactions are covered by an exemption from the “prohibited transactions” provisions of ERISA and the IRC.

(8)Subsequent Events

The Plan has evaluated subsequent events from the statement of net assets available for benefits date through June 29, 2026, the date the financial statements were issued and determined the following items to disclose.

Effective January 1, 2026, the Plan allows Roth contributions, in-plan Roth conversions and a deemed election for Roth catch-up contributions. A direct rollover of loans for active employees who are terminated as part of an asset sale or stock sale transaction was also added to the Plan.

Effective April 30, 2026, all active participants employed at the Carlsbad facility were terminated due to the sale of the

facility. The accounts (including plan loans) were transferred to the successor 401(k) plan on June 17, 2026. The total

amount of assets transferred (including transfer in-kind) was $24,539,078.

SUPPLEMENTAL SCHEDULE

Schedule

MOSAIC INVESTMENT PLAN

Plan No. 004

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

December 31, 2025

Current

Identify of issuer

Description

Value**

Mosaic Master Trust

Plan's interest in Master Trust

912,255,486

Notes receivable from participants *

Participant loans due through January 2031 with interest rates ranging from 4.25% to 9.5%.

7,032,204

919,287,690

* Indicates party-in-interest to the Plan.

** Historical cost is not required for participant directed accounts.

See accompanying report of independent registered public accounting firm.

Exhibit No.

Description

Incorporated Herein
by Reference to

Filed with
Electronic
Submission

Consent of KPMG LLP, independent registered public accounting firm

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, the trustee (or other person who administers the employee benefit plan) has duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Tampa, State of Florida, on the 29th day of June, 2026.



			MOSAIC INVESTMENT PLAN

			By:						Global Benefits Committee, as Plan Administrator

			By:						/s/ Walter F. Precourt III
									Walter F. Precourt III, Chair