Mosaic
Q3 2022 Earnings Call
Nov 08, 2022, 11:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good morning and welcome to The Mosaic Company's third quarter 2022 earnings call. [Operator instructions] Your host for today's call is Mr. Paul Massoud, vice president of investor relations and financial planning and analysis of The Mosaic Company. Mr.
Massoud, you may begin.
Paul Massoud -- Vice President, Investor Relations
Thank you. Welcome to our third quarter 2022 earnings call. Opening comments will be provided by Joc O'Rourke, president and chief executive officer, followed by a fireside chat, then open Q&A. Clint Freeland, senior vice president and chief financial officer; and Jenny Wang, senior vice president, global strategic marketing will also be available to answer your questions.
We will be making forward-looking statements during this conference call. The statements include but are not limited to statements about future financial and operating results. They are based on management's beliefs and expectations as of today's date and are subject to significant risks and uncertainties. Actual results may differ materially from projected results.
Factors that could cause actual results to differ materially from those in the forward-looking statements are included in our press release published yesterday and in our reports filed with the Securities and Exchange Commission. We'll also be presenting certain non-GAAP financial measures. Our press release and performance data also contain important information on these non-GAAP measures. Now, I'd like to turn the call over to Joc.
Joc O'Rourke -- President and Chief Executive Officer
Good morning. Thank you for joining our third quarter 2022 earnings call. Mosaic delivered record third quarter revenues of $5.3 billion, which resulted in net income of $842 million or earnings per share of $2.42. Adjusted earnings per share was $3.22, and adjusted EBITDA was 1.7 billion.
These results are driving significant cash flow generation, which is allowing us to return significant capital to shareholders while also continuing to invest in the business and strengthen the balance sheet. During the quarter, we returned roughly $670 million to shareholders, including 600 million of share buybacks. Now, before diving into our operations, I'd like to address current market dynamics. Food security remains a concern around the world.
Global grain and oilseeds stock-to-use ratios remain at 20-year lows. And early data continues to suggest there may be further downside to total production once the fall harvest is complete. It is important to remember that the market was tight when the year began well before the start of the war, and issues over the last several months have further exacerbated the situation. Ukraine's production shortfall is significant, but weather issues like high temperatures and drought conditions in other major growing regions are having an even bigger impact on an already tight market.