Nutrien reported resilient 2Q26 results, with stronger fertilizer pricing and Potash performance offset by lower Nitrogen volumes and sharply weaker Phosphate margins.

Lyft reported a 23% increase in Gross Bookings (GB) to $5,504mn in 2Q26, above the company’s guidance of $5.30-5.43bn and our $5.40bn estimate, Rides increased by 12% YoY to 262mn, supported by demand related to the FIFA World Cup, Freenow by Lyft in Europe and Lyft Urban Solutions (LUS).

We update our valuation model following Wise's transition of its primary listing from the London Stock Exchange to Nasdaq and the adoption of U.S. GAAP with U.S. dollar reporting in FY2026.

The Mosaic Company reported a 4Q25 net loss of $258mn, compared with a profit of $238mn a year earlier, and diluted EPS of -$0.81 in 1Q26. Results were affected by $323mn of pre-tax notable items, including $442mn of charges related to the idling of Araxa and Patrocinio operations ($328mn non-cash). Adjusted EBITDA declined to $416mn in 1Q26 from $544mn a year earlier. Higher phosphate sales volumes, lower conversion costs, and higher potash prices were offset by lower volumes and margins at Mosaic Fertilizantes.

Uber reported 25% YoY growth in Gross Bookings (21% in constant currency) to $53.7bn in 1Q26. Revenue increased 14% YoY to $13.2bn. The main driver was a 17% YoY increase in Monthly Active Platform Consumers (MAPC) to 199mn, which translated into a 22% rise in the number of trips to 3,643mn. Uber also reported a 33% increase in Adjusted EBITDA to $2,481mn in 1Q26.

Nutrien reported net earnings of $580mn in 4Q25, up from $118mn a year earlier, with diluted earnings per share of $0.83 compared to $0.31 in 4Q24. FY25 net earnings reached $2,297mn, up from $700mn in the prior year.

Lyft reported a 19% increase in Gross Bookings (GB) to $5.1bn in 4Q25. Revenue, however, came in lower at $1.6bn, reflecting a $168mn impact from legal, tax, and regulatory reserve changes and settlements. The company also recognized a benefit from the release of a valuation allowance, resulting in net earnings of $2.8bn for 4Q25

Nutrien reported net earnings of $469mn in 3Q25, up from $25mn a year ago, with diluted net earnings per share of $0.96, compared to $0.04 last year.

The Mosaic Company reported 3Q25 net income of $411mn, which includes notable items totaling $135mn. These items comprise a $308mn mark-to-market unrealized gain on the value of the Ma’aden shares, partially offset by $173mn in losses, mostly related to a $75mn treatment charge for the Taquari mine.

Nutrien reported net earnings of $1,229mn in 2Q25, up from $392mn a year ago, with diluted net earnings per share of $2.50, compared to $0.74 in 2Q24. The primary drivers were a 12% YoY increase in potash sales volumes, a 30% YoY rise in offshore potash prices, a 7% YoY increase in nitrogen sales volumes, and an 11% rise in urea prices.