FMC Posts $2.07 Billion Q3 Loss and Cuts Fourth-Quarter Outlook

FMC Corporation (FMC ) reported third-quarter 2026 revenue of US$106 million on October 29, 2026, down $436 million from $542 million a year earlier, and a consolidated GAAP net loss of $2.07 billion, or $15.54 per diluted share, according to the company’s third-quarter earnings release. The Philadelphia-based agricultural sciences company said the quarter included an approximately $639 million negative revenue impact from commercial actions it announced on October 15, 2026, and it lowered its fourth-quarter and full-year 2026 outlook.

The net loss compared with a loss of $569 million, or $4.52 per diluted share, in the third quarter of 2025. Adjusted EBITDA was negative $559 million, down $795 million from $236 million a year earlier and including an approximately $672 million negative impact from the commercial actions; excluding that impact, the company reported underlying Adjusted EBITDA of $113 million. Adjusted loss per diluted share was $4.41, down $5.30 from adjusted earnings of $0.89 per diluted share in the prior-year quarter.

“We are taking significant action to address elevated inventory values in the channel and improve the movement of FMC products to growers,” said 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.” Brondeau said the company’s priority is now disciplined execution with customers, and that FMC believes completing this work, together with progress across its operational priorities, positions the company for improved performance in 2027 and a stronger growth and earnings profile in 2028.

Total GAAP revenue fell 80 percent in the quarter. Excluding the India held-for-sale business, revenue declined 89 percent, of which 67 percentage points came from the commercial actions, leaving a like-for-like decline of 22 percent. Revenue excluding India and the commercial actions was $745 million; volume declined 21 percent and price declined 2 percent, while foreign currency was a 1 percent tailwind. The company said channel customers in several key markets sharply reduced replenishment orders during the final weeks of the quarter.

Regional revenue was negative $371 million in North America versus $244 million a year earlier; $264 million in Latin America versus $463 million; $121 million in EMEA versus $155 million; and $91 million in Asia excluding India versus $99 million.

Commercial Actions Detail

The two commercial actions produced a total third-quarter negative impact of approximately $639 million on revenue and $672 million on Adjusted EBITDA. Approximately $500 million of the EBITDA impact relates to the transition to a new pricing and rebate model in North America that took effect October 1, 2026. The larger component covers pricing and rebate adjustments to close out the historical model, under which rebates for the market year ended September 30 were paid in the fourth quarter, offset in part by continued fourth-quarter sales at the higher gross price. The second component adjusts inventory already in the North America channel from the historic higher gross price to a level closer to the expected net price under the new model.

The remaining approximately $175 million reflects pricing adjustments on high-priced products held by channel customers in Brazil, the United States, Canada and Argentina. FMC said these adjustments do not change current selling prices, do not affect current-period cash, and are the only component of the Adjusted EBITDA charge expected to reduce future cash collections. Implementation is ongoing, with customer discussions underway, and the company expects the transition to occur over the next three quarters.

FMC had previewed the actions in an October 15 announcement, projecting third-quarter revenue of $65 million to $125 million and Adjusted EBITDA of negative $565 million to negative $510 million, with an estimated $625 million to $675 million impact from the actions. The company said then that it expected to be in compliance with its covenants at September 30, 2026, and that it intended to engage its bank group on potential covenant modifications over the next year.

Charges, Cash Flow and Revised Outlook

The company attributed the GAAP net loss primarily to non-cash adjustments recorded in connection with deferred tax assets and intangible assets, in addition to the commercial actions. Third-quarter tax adjustments totaled $909.9 million, including $808.8 million of revisions to valuation allowances on historical deferred tax assets; the company said the adjustments relate primarily to valuation allowances recorded in Switzerland and the United States. FMC recorded a $287.5 million non-cash impairment of certain indefinite-lived intangible assets and $175.9 million of restructuring charges tied primarily to Project Foundation, its plan to further optimize its cost structure and organizational operations, including $86.8 million of non-cash asset write-offs and accelerated depreciation and $36.2 million of severance and employee separation costs.

GAAP cash from operations was $7 million versus negative $184 million in the prior-year period. Free cash flow was negative $18 million, including $23 million of restructuring spend, a $214 million improvement versus the third quarter of 2025 that the company attributed mainly to favorable working capital dynamics. For the first nine months of 2026, revenue totaled $1,731.6 million versus $2,384.1 million a year earlier, and the company reported free cash flow of negative $288.9 million versus negative $788.5 million. Total debt was $4,177.7 million at September 30, 2026 versus $4,542.2 million a year earlier, while total FMC stockholders’ equity was negative $19.4 million versus $3,773.8 million.

FMC’s India commercial business remained classified as held for sale. The company signed a definitive agreement in May 2026 to sell the business to Crystal Crop Protection Limited for $252 million, subject to customary adjustments for cash, debt and working capital, and it expects the sale to close during 2026.

For the fourth quarter, FMC lowered its revenue outlook excluding India to a range of $1.04 billion to $1.14 billion, essentially flat at the midpoint versus the fourth quarter of 2025, with an expected high-single-digit price decline offset by volume growth driven by increased direct-to-grower sales in Brazil, growth of new products and more competitive pricing. Fourth-quarter Adjusted EBITDA is forecast at $210 million to $230 million, a 22 percent decline at the midpoint, and adjusted earnings per diluted share at $0.56 to $0.70, a 48 percent midpoint decline the company attributed mainly to lower EBITDA and an increased share count following the Tessenderlo Group investment that closed in September.

For full-year 2026, excluding India, the company expects revenue of $2.75 billion to $2.85 billion, a 28 percent midpoint decline versus 2025; Adjusted EBITDA of negative $124 million to negative $104 million, a 114 percent midpoint decline; and adjusted earnings per diluted share of negative $3.66 to negative $3.50, a 221 percent midpoint decline. Full-year free cash flow is expected at negative $350 million to negative $150 million, including approximately $180 million of restructuring spend; the company said the reduction from prior guidance is mainly due to lower demand and the impacts of the third-quarter commercial actions. The EPS estimates assume 156.0 million diluted shares for the fourth quarter and 135.2 million for the full year.

FMC said it will post supplemental information, including webcast slides, on its investor relations website. The company holds its earnings call on October 30, 2026, and said in its October 15 announcement that it will share preliminary expectations for 2027 and 2028 on that call.