FMC Corporation Reports Third-Quarter 2026 Results and Revised Fourth-Quarter Outlook
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
The sizable loss and updated guidance are likely to trigger a sell‑off, but the long‑term restructuring could stabilize earnings.
Market read
FMC's earnings miss and guidance updated are material for the agribusiness sector and may influence peer valuations.
What to watch
The $500 m pricing‑rebate transition may eventually reduce volatility and improve margins beyond 2027.
FMC Corporation Reports Third-Quarter 2026 Results and Revised Fourth-Quarter Outlook
Third-quarter revenue fell to $105.9 million from $542.2 million, while FMC reported a GAAP net loss of $2,065.3 million and Adjusted EBITDA of negative $558.6 million. The company also lowered its fourth-quarter and full-year 2026 outlook following commercial actions and weaker-than-expected demand.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, three months ended September 30GAAP | $105.9M | – | (80)% |
| Revenue excluding India, three months ended September 30non-GAAP | $105.9M | – | (89)% |
| Organic revenue change, three months ended September 30non-GAAP | (90)% | – | (90)% |
| Revenue excluding India and commercial actions, third quarternon-GAAP | $745M | – | decline of 22 percent |
| Gross margin, three months ended September 30GAAP | −$401.6M | – | – |
| Selling, general and administrative expenses, three months ended September 30GAAP | $172.3M | – | – |
| Research and development expenses, three months ended September 30GAAP | $57.7M | – | – |
| Restructuring and other charges (income), three months ended September 30GAAP | $480.6M | – | – |
| Income (loss) from continuing operations, three months ended September 30GAAP | −$2.03B | – | – |
| Net income (loss), three months ended September 30GAAP | −$2.07B | – | a decline of $1.50 billion |
| Net income (loss) attributable to FMC stockholders, three months ended September 30GAAP | −$2.07B | – | – |
| Diluted earnings per common share, three months ended September 30GAAP | $(15.54) | – | down $11.02 |
| Diluted adjusted after-tax earnings (loss) from continuing operations per share, three months ended September 30non-GAAP | $(4.41) | – | down $5.30 |
| Adjusted after-tax earnings (loss) from continuing operations attributable to FMC stockholders, three months ended September 30non-GAAP | −$587M | – | – |
| Adjusted EBITDA, three months ended September 30non-GAAP | −$558.6M | – | down $795 million |
| Underlying Adjusted EBITDA excluding commercial actions, third quarternon-GAAP | $113M | – | – |
| Cash provided (required) by operating activities of continuing operations, three months ended September 30GAAP | $6.6M | – | an increase of $191 million |
| Free cash flow, three months ended September 30non-GAAP | −$18.2M | – | an improvement of $214 million |
| Revenue, nine months ended September 30GAAP | $1.73B | – | (27)% |
| Revenue excluding India, nine months ended September 30non-GAAP | $1.71B | – | (39)% |
| Organic revenue change, nine months ended September 30non-GAAP | (42)% | – | (42)% |
| Gross margin, nine months ended September 30GAAP | $187.1M | – | – |
| Net income (loss), nine months ended September 30GAAP | −$2.53B | – | – |
| Diluted earnings per common share, nine months ended September 30GAAP | $(19.74) | – | – |
| Diluted adjusted after-tax earnings (loss) from continuing operations per share, nine months ended September 30non-GAAP | $(4.54) | – | – |
| Adjusted EBITDA, nine months ended September 30non-GAAP | −$333.9M | – | – |
| Cash provided (required) by operating activities of continuing operations, nine months ended September 30GAAP | −$231.3M | – | – |
| Free cash flow, nine months ended September 30non-GAAP | −$288.9M | – | – |
| Adjusted ROIC, twelve months ended September 30, 2026non-GAAP | (3.20)% | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| North AmericaThird-quarter revenue reflected the commercial actions announced on October 15, 2026, including the transition to a new pricing and rebate model in North America. | −$371M | – | – |
| Latin AmericaChannel customers in several key markets sharply reduced replenishment orders during the final weeks of the quarter. | $264M | – | – |
| EMEARegional revenue was reported as part of FMC's third-quarter revenue table. | $121M | – | – |
| Asia (excluding 2026 India)Regional revenue was reported excluding the India held-for-sale business. | $91M | – | – |
| 2026 IndiaFMC has agreed to sell its India commercial business and reported the business as held for sale. | $0 million | – | – |
Fourth quarter 2026 and full year 2026 outlook
- RevenueFourth-quarter revenue excluding India of $1.04 billion to $1.14 billion; full-year revenue excluding India of $2.75 billion to $2.85 billion
- NoteFourth-quarter Adjusted EBITDA of $210 million to $230 million
- NoteFourth-quarter Adjusted earnings per diluted share of $0.56 to $0.70
- NoteFull-year Adjusted EBITDA of negative $124 million to negative $104 million
- NoteFull-year Adjusted earnings per diluted share of negative $3.66 to negative $3.50
- NoteFull-year free cash flow of negative $350 million to negative $150 million
- NoteFull-year free cash flow outlook includes approximately $180 million of restructuring spend
- NoteEPS estimates assume 156.0 million diluted shares for Q4 and 135.2 million diluted shares for full year
What drove it
- Third-quarter sales included a $639 million negative impact from commercial actions related to North American pricing and rebates and select higher-priced products held by channel customers.
- Volume declined 21 percent because channel customers in several key markets sharply reduced replenishment orders during the final weeks of the quarter.
- Price declined 2 percent and foreign currency was a 1 percent tailwind.
- Approximately $500 million of the Adjusted EBITDA impact related to the transition to a new pricing and rebate model in North America.
- The remaining approximately $175 million of the commercial-action impact reflected pricing adjustments for high-priced products held by channel customers in Brazil, the United States, Canada and Argentina.
- Underlying Adjusted EBITDA excluding commercial actions was $113 million, lower than the prior year because of lower sales and an FX headwind, partially offset by favorable costs.
- Third-quarter free cash flow improved versus the prior-year period mainly due to favorable working capital dynamics.
Concerns
- FMC reported a GAAP net loss of $2,065.3 million and Adjusted EBITDA of negative $558.6 million for the third quarter.
- The company recorded a $287.5 million non-cash impairment charge for certain indefinite-lived intangible assets during the third quarter.
- Tax adjustments were $909.9 million in the third quarter, primarily relating to valuation allowances recorded in Switzerland and the United States.
- Commercial-action implementation is ongoing, with discussions underway with customers and transition expected over the next three quarters.
- Full-year 2026 Adjusted EBITDA is expected to be negative $124 million to negative $104 million and free cash flow is expected to be negative $350 million to negative $150 million.
- Fourth-quarter guidance assumes a high-single digit price decline, offset by volume growth.
What to watch
- Execution of the new North American pricing and rebate model and whether it materially reduces future rebate-payment volatility.
- Completion of pricing adjustments intended to support movement of affected products downstream in Brazil, the United States, Canada and Argentina.
- Fourth-quarter volume growth expected from increased direct-to-grower sales in Brazil, new-product growth and more competitive product pricing.
- The expected close during 2026 of the sale of the India commercial business to Crystal Crop Protection Limited for consideration of $252 million, subject to customary adjustments for cash, debt and working capital.
- Progress toward full-year free cash flow of negative $350 million to negative $150 million, including approximately $180 million of restructuring spend.
Balance sheet and cash flow
- Cash and cash equivalents of $735.8 million as of September 30, 2026, compared with $584.5 million as of December 31, 2025
- Short-term debt and current portion of long-term debt of $222.8 million as of September 30, 2026, compared with $1,305.1 million as of December 31, 2025
- Long-term debt, less current portion, of $3,954.9 million as of September 30, 2026, compared with $2,769.8 million as of December 31, 2025
- Total debt of $4,177.7 million as of September 30, 2026, compared with $4,542.2 million as of September 30, 2025
- Inventories of $1,326.5 million as of September 30, 2026, compared with $1,219.6 million as of December 31, 2025
- Trade receivables, net of allowance, of $1,723.1 million as of September 30, 2026, compared with $2,062.0 million as of December 31, 2025
- Accrued customer rebates of $811.9 million as of September 30, 2026, compared with $417.4 million as of December 31, 2025
- Cash provided by financing activities of continuing operations of $457.8 million for the nine months ended September 30, 2026, compared with $932.1 million in the prior-year period
- Increase in cash and cash equivalents of $151.3 million for the nine months ended September 30, 2026, compared with $140.4 million in the prior-year period
Analysis
FMC's third-quarter results were severely affected by commercial actions and weaker demand. Revenue was $105.9 million, compared with $542.2 million in the prior-year period, while revenue excluding India was also $105.9 million compared with $961.3 million. FMC said the commercial actions reduced third-quarter revenue by approximately $639 million. Excluding India and the commercial actions, revenue was $745 million, down 22 percent versus the prior-year period excluding India, with volume down 21 percent, price down 2 percent and foreign currency providing a 1 percent tailwind.
Profitability deteriorated materially. Gross margin was negative $401.6 million, GAAP net loss was $2,065.3 million and diluted GAAP loss per share was $15.54. Adjusted EBITDA was negative $558.6 million, compared with $236.1 million a year earlier, and adjusted loss per share was $4.41, compared with adjusted earnings per share of $0.89. The reported loss included non-cash adjustments associated with deferred tax assets and intangible assets, including a $287.5 million non-cash impairment charge for certain indefinite-lived intangible assets and $909.9 million of non-GAAP tax adjustments.
The commercial actions accounted for approximately $672 million of the Adjusted EBITDA impact. Approximately $500 million related to the North American pricing and rebate-model transition, including pricing and rebate adjustments and adjustments to the gross price of existing channel inventory. The remaining approximately $175 million related to pricing adjustments on high-priced products held by channel customers in Brazil, the United States, Canada and Argentina. FMC said the pricing adjustments apply only to products already in the channel and do not change current selling prices.
Cash flow improved against a weak prior-year comparison. Cash provided by operating activities of continuing operations was $6.6 million in the third quarter versus cash required of $184.2 million a year earlier. Free cash flow was negative $18.2 million versus negative $232.5 million, with the improvement mainly attributed to favorable working-capital dynamics. At September 30, cash and cash equivalents were $735.8 million, total debt was $4,177.7 million and accrued customer rebates were $811.9 million.
FMC lowered fourth-quarter and full-year outlook. Fourth-quarter revenue excluding India is expected at $1.04 billion to $1.14 billion, with Adjusted EBITDA of $210 million to $230 million and adjusted EPS of $0.56 to $0.70. Full-year revenue excluding India is expected at $2.75 billion to $2.85 billion, full-year Adjusted EBITDA at negative $124 million to negative $104 million, adjusted EPS at negative $3.66 to negative $3.50 and free cash flow at negative $350 million to negative $150 million. Management expects fourth-quarter volume growth and cost favorability to be more than offset by lower prices and an FX headwind.
Management, verbatim
We are taking significant action to address elevated inventory values in the channel and improve the movement of FMC products to growers.
Pierre Brondeau, chairman, chief executive officer and president
Our third-quarter results reflected both the substantial impact of these actions and weaker than expected demand.
Pierre Brondeau, chairman, chief executive officer and president
We believe completing this work, together with the progress across our operational priorities, positions FMC for improved performance in 2027 and a stronger growth and earnings profile in 2028.
Pierre Brondeau, chairman, chief executive officer and president
Not in the filing
stated, not guessed- Prior-quarter comparisons for reported third-quarter and nine-month metrics
- GAAP gross-margin guidance
- Operating-expense guidance
- Tax-rate guidance
- Share repurchases
- Dividend declarations or payments
- Previous-release outlook for comparison with actual results
AlphAI 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, a leading agricultural chemicals producer, filed an 8‑K reporting its Q3 2026 financials and a revised outlook for Q4 after implementing commercial actions to address inventory levels.
Ticker impact
FMC reported Q3 2026 results with a $2.07 bn GAAP loss and updated Q4 guidance, updating its outlook for revenue and adjusted EBITDA.
downward pressure as investors price in the updated revenue and earnings outlook
The company disclosed a $639 m revenue hit from commercial actions and cut Q4 adjusted EBITDA by 22%, indicating reduced profitability.
Market effects
Highlights challenges in the agricultural chemicals sector, especially pricing and rebate model adjustments.
North American growers may see tighter inventory financing, affecting related agribusiness stocks.
Signals broader pressure on companies with channel inventory exposure in volatile commodity markets.
Counterpoint
If the pricing model overhaul improves cash flow in 2027, the short‑term hit could be a buying opportunity.
Key entities
- ExecutivePierre Brondeau
Chairman, CEO and President of FMC, commented on the commercial actions and outlook.
