We observe the dispersive breaking of cosine long waves [Phys. Rev. Lett. 15, 240 (1965)] in shallow water, characterising the highly nonlinear "multi-soliton" fission over variable conditions. We provide new insight into the interpretation of the results by analysing the data in terms of the periodic inverse scattering transform for the Korteweg-de Vries equation. In a wide range of dispersion and nonlinearity, the data compare favourably with our analytical estimate, based on a rigorous WKB approach, of the number of emerging solitons. We are also able to observe experimentally the universal Fermi-Pasta-Ulam recurrence in the regime of moderately weak dispersion.