FMC CORP (FMC): Results of Operations and Financial Condition
FMC CORP (FMC) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 FMC Corporation 2929 Walnut Street Philadelphia, PA 19104 USA News Release 215.299.6000 fmc.com For Release: Immediate Media contact: Nicole Canning +1.215.299.5916 Nicole.Canning@fmc.com Investor Contact: Curt Brooks + 1 . 215.299.6137 Curt.Brooks@fmc.com FMC Corpor
How this was made
The 30-second read
Why it matters
Traders should focus on the magnitude of the full-year guidance reductions versus the company’s stated cash generation and debt-reduction plan, since both directly affect valuation and credit risk perception.
Market read
This is a guidance reset with specific financial ranges and disclosed capital-structure actions, which can drive repricing of FMC’s forward earnings and leverage trajectory.
What to watch
Debt-reduction proceeds are subject to closing conditions and timing; if approvals slip, near-term leverage and cash flow could disappoint despite the disclosed Q2 cash generation.
FMC Corporation reports second quarter 2026 results with Adjusted EBITDA above high end of guidance range and solid cash generation; updates full-year outlook to reflect more challenging macro environment
Second-quarter revenue, Adjusted EBITDA and adjusted EPS declined materially year over year and the company lowered its full-year revenue, Adjusted EBITDA and adjusted EPS outlook. Strong operating cash flow and free cash flow, including the rimisoxafen licensing payment, and targeted debt-reduction proceeds partly offset the weaker operating backdrop.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total RevenueGAAP | $867 million | – | (17)% |
| Revenue excluding Indianon-GAAP | $841 million | – | (20)% |
| Organic revenue changenon-GAAP | 22 percent | – | 22 percent |
| Like-for-Like Revenue Changenon-GAAP | (15)% | – | (15)% |
| Net lossGAAP | $187 million | – | a decline of $253 million |
| Adjusted EBITDAnon-GAAP | $153 million | – | a decrease of 26 percent |
| Net loss per diluted shareGAAP | $1.49 per diluted share | – | a decrease of $2.02 |
| Adjusted earnings per diluted sharenon-GAAP | $0.26 | – | down 62 percent |
| Cash from operationsGAAP | $363 million | – | an increase of $297 million |
| Free cash flownon-GAAP | $357 million | – | an improvement of $318 million |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| North AmericaLower demand for core legacy products, particularly in North America, as growers contend with strained margins. | $249 | – | – |
| Latin AmericaNot separately disclosed. | $278 | – | – |
| EMEANot separately disclosed. | $214 | – | – |
| Asia (excluding 2026 India)Not separately disclosed. | $101 | – | – |
| 2026 IndiaIndia commercial business is subject to a definitive sale agreement. | $26 | – | – |
Full-Year 2026 Outlook outlook
- Revenue$3.50 billion to $3.70 billion
- NoteRevenue excluding India: $3.50 billion to $3.70 billion
- NoteRevenue growth at midpoint vs. 2025: (7)%
- NoteExcluding 2025 India contributions, the 2026 outlook represents a decline at the midpoint of 5 percent
- NoteAdjusted EBITDA: $620 million to $680 million
- NoteAdjusted EBITDA growth at midpoint vs. 2025: (23)%
- NoteAdjusted EPS: $1.19 to $1.49
- NoteAdjusted EPS growth at midpoint vs. 2025: (55)%
- NoteFree cash flow: $75 million to $225 million
- NoteH2 2026 revenue excluding India: $1.90 billion to $2.10 billion; growth at midpoint vs. 2025: (2)%
- NoteH2 2026 Adjusted EBITDA: $395 million to $455 million; growth at midpoint vs. 2025: (18)%
- NoteH2 2026 Adjusted EPS: $1.16 to $1.46; growth at midpoint vs. 2025: (37)%
- NoteThird-quarter revenue excluding India: $840 million to $900 million; growth at midpoint vs. 2025: (9)%
- NoteThird-quarter Adjusted EBITDA: $120 million to $140 million; growth at midpoint vs. 2025: (45)%
- NoteThird-quarter adjusted earnings per diluted share: $0.05 to $0.13; decline at midpoint versus third quarter 2025: 90 percent
- NoteFourth-quarter revenue excluding India: $1.06 billion to $1.20 billion; growth at midpoint vs. 2025: 4%
- NoteFourth-quarter Adjusted EBITDA: $275 million to $315 million; growth at midpoint vs. 2025: 5%
- NoteFourth-quarter adjusted earnings per diluted share: $1.09 to $1.33; growth at midpoint versus fourth quarter 2025: 1%
- NoteEPS estimates assume 125.9 million diluted shares for full year, H2, Q3 and Q4
- NoteFull-year price is expected to be lower by mid-to-high single digits
- NoteFull-year volume excluding India is expected to be in line with prior year
- NoteIndia represents a 2 percent headwind
- NoteFull-year FX is expected to be a low-single digit tailwind
What drove it
- Volumes declined 10 percent due to lower diamide partner orders and reduced demand for core legacy products, particularly in North America.
- Price declined 7 percent, driven by pressure on core legacy products and planned Rynaxypyr® active pricing actions.
- Foreign currency was a 2 percent tailwind in the second quarter.
- The growth portfolio grew mid-single digits, as lower Plant Health sales were more than offset by new active ingredients and Cyazypyr® active.
- Branded sales of Rynaxypyr® were essentially flat versus prior year, excluding India, with strong demand for new formulations.
- Favorable costs partially offset lower price and volume in Adjusted EBITDA.
- The company expects healthy fourth-quarter volume growth from increased direct sales to growers in Brazil, new active ingredients and North America distributor orders shifting from Q3 to Q4.
Concerns
- The company lowered full-year revenue, Adjusted EBITDA and Adjusted EPS guidance to reflect a more challenging operating environment, customer purchasing patterns and market conditions.
- Full-year price is expected to be lower by mid-to-high single digits, mainly due to the challenging macro environment and planned Rynaxypyr® pricing actions.
- Third-quarter volume is expected to be lower as North American distributors shift orders from Q3 to Q4 and manage inventory levels.
- Higher restructuring costs and higher interest expense contributed to the GAAP net-loss decline.
- The India commercial business sale, Newark property sale and Tessenderlo Group investment remain subject to closing conditions, including regulatory approvals.
What to watch
- Execution of the targeted approximately $1 billion of proceeds for debt reduction.
- Whether fourth-quarter volume growth from Brazil direct sales, new active ingredients and shifted North America distributor orders supports the expected return to year-over-year growth.
- Price pressure on core legacy products and planned Rynaxypyr® pricing actions.
- Demand trends for the growth portfolio, including new active ingredients and Cyazypyr® active.
- The timing and completion of the India commercial business sale, Newark sale-leaseback and Tessenderlo Group equity investment.
Balance sheet and cash flow
- GAAP cash from operations of $363 million, including a $200 million upfront payment related to the rimisoxafen active ingredient licensing agreement.
- Free cash flow of $357 million.
- Definitive agreement for the sale of the India commercial business for $252 million.
- Licensing agreement for rimisoxafen with Corteva for an upfront payment of $200 million.
- Sale-leaseback agreement for the Newark, Delaware property for $114 million.
- Agreement for a $400 million equity investment from Tessenderlo Group.
- FMC expects to generate approximately $1 billion of proceeds to be used for debt paydown.
Analysis
FMC reported a weaker second quarter, with GAAP revenue of $867 million, down 17 percent versus Q2 2025. Revenue excluding India was $841 million, down 20 percent, while organic revenue declined 22 percent. Lower diamide partner orders and reduced demand for core legacy products, particularly in North America, drove a 10 percent volume decline. Price declined 7 percent, while foreign currency provided a 2 percent tailwind.
Profitability also weakened. FMC recorded a GAAP net loss of $187 million and a GAAP loss of $1.49 per diluted share. Adjusted EBITDA was $153 million, down 26 percent, and adjusted earnings per diluted share was $0.26, down 62 percent. Lower price and volume were partly offset by favorable costs and foreign currency. Higher restructuring costs and higher interest expense also weighed on the GAAP result.
Cash generation was the principal positive in the quarter. GAAP cash from operations was $363 million and free cash flow was $357 million. Cash from operations included a $200 million upfront payment associated with the rimisoxafen licensing agreement. FMC also announced actions intended to generate approximately $1 billion of proceeds for debt paydown, including the India commercial business sale, the rimisoxafen licensing agreement, the Newark property sale-leaseback and the Tessenderlo Group equity investment.
The outlook reset reflects the difficult demand and pricing environment. Full-year revenue excluding India is now expected to be $3.50 billion to $3.70 billion, Adjusted EBITDA $620 million to $680 million, and Adjusted EPS $1.19 to $1.49. Price is expected to be lower by mid-to-high single digits, although volume excluding India is expected to be in line with prior year. Free cash flow guidance of $75 million to $225 million includes the $200 million rimisoxafen upfront payment.
The quarterly outlook is back-end loaded. Third-quarter revenue excluding India, Adjusted EBITDA and adjusted EPS are all expected to decline at their midpoints, with North America distributor orders shifting into the fourth quarter. FMC expects a return to year-over-year growth in the fourth quarter, supported by Brazil direct sales, new active ingredients and shifted North America orders. Delivery of that fourth-quarter volume recovery, alongside completion of the announced debt-reduction actions, is central to the updated outlook.
Management, verbatim
During the quarter, we completed several important actions that strengthened FMC's financial foundation and provide greater flexibility to execute our strategy. With the strategic review now concluded, we have clarity on the path forward and remain focused on improving competitiveness, advancing our technology portfolio and positioning the company for long-term growth.
Pierre Brondeau, chairman, chief executive officer and president
Not in the filing
stated, not guessed- Period-end date.
- Gross profit and gross margin.
- Operating income or loss and operating margin.
- Operating expenses.
- Exact prior-year net loss.
- Exact prior-year Adjusted EBITDA.
- Exact prior-year GAAP loss per diluted share.
- Exact prior-year adjusted earnings per diluted share.
- Exact prior-year cash from operations.
- Exact prior-year free cash flow.
- Quarter-over-quarter comparisons for reported metrics.
- Cash balance, total debt and net debt.
- Share repurchases, dividends and other shareholder capital returns.
- Prior outlook guidance, which was not provided for comparison.
- Regional year-over-year and quarter-over-quarter percentage changes.
- Regional operating-profit metrics.
- Full-year gross-margin, operating-expense and tax-rate guidance.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
FMC filed an SEC 8-K with Q2 2026 results (Item 2.02) and updated full-year 2026 outlook, alongside a strategic review conclusion and balance-sheet actions.
Ticker impact
FMC reported Q2 2026 results and lowered full-year 2026 revenue, Adjusted EBITDA, Adjusted EPS, and updated free cash flow guidance in an 8-K.
Near-term bias likely mixed: downside from lowered full-year metrics, partially offset by above-high-end Adjusted EBITDA in Q2 and disclosed debt-reduction proceeds.
The filing contains specific Q2 performance (revenue down 17%, Adjusted EBITDA $153M) and explicit updated full-year ranges, plus concrete balance-sheet actions (India sale, rimisoxafen licensing upfront, sale-leaseback, Tessenderlo equity).
Market effects
Signals continued demand pressure in parts of plant health/agchem (diamide partner orders, core legacy pricing actions) while growth portfolio offsets partially.
North America weakness is highlighted via reduced demand for core legacy products, while EMEA and Latin America show different revenue levels.
Macro-driven pricing and volume assumptions are updated, which can affect read-across expectations for other crop-input names with similar pricing power and patent-transition exposure.
Counterpoint
The guidance cut may be more about macro conservatism and planned pricing actions (Rynaxypyr) than a structural demand collapse, especially given growth portfolio mid-single digits and above-high-end Adjusted EBITDA.
Key entities
- companyFMC Corporation
Reported Q2 2026 results, updated full-year 2026 guidance, and disclosed debt-reduction proceeds including India business sale, rimisoxafen licensing upfront, sale-leaseback, and Tessenderlo equity investment.
- counterpartyCorteva
Licensing agreement for rimisoxafen with an upfront payment of $200 million disclosed in the filing.
- counterpartyTessenderlo Group
Equity investment agreement for $400 million disclosed as part of targeted proceeds for debt reduction.
