FMC Posts $106 Million Revenue After Channel Reset

The Tip Desk · November 9, 2026 · 4 min read

Commercial actions cut third-quarter revenue by about $639 million and Adjusted EBITDA by about $672 million, and the company lowered full-year 2026 free cash flow to a negative $350 million to negative $150 million range.

FMC Corporation (FMC) reported third-quarter 2026 revenue of $106 million, down $436 million from $542 million a year earlier, after commercial actions announced on October 15 cut reported sales by about $639 million.

The agricultural sciences company said the actions were taken to address elevated inventory values held by channel customers in key markets. Chairman, chief executive officer and president Pierre Brondeau said third-quarter results reflected both the substantial impact of those actions and weaker-than-expected demand.

Excluding India and the commercial actions, revenue was $745 million, a 22 percent decline versus the prior-year period that excluded India. Volume fell 21 percent as channel customers in several key markets sharply reduced replenishment orders during the final weeks of the quarter. Price declined 2 percent. Foreign currency was a 1 percent tailwind.

North America revenue was negative $371 million. Latin America fell to $264 million from $463 million. EMEA was $121 million versus $155 million. Asia excluding 2026 India was $91 million versus $99 million. India, classified as held for sale, contributed $0 versus negative $419 million.

GAAP net loss widened to $2.07 billion from a $569 million loss a year earlier, or $15.54 a share versus $4.52, primarily due to non-cash adjustments on deferred tax assets and intangible assets as well as the commercial actions. Adjusted loss per diluted share was $4.41 versus $0.89 of adjusted earnings a year earlier.

Adjusted EBITDA was negative $559 million versus $236 million a year earlier, including an approximately $672 million negative impact from the commercial actions. Excluding those actions, underlying Adjusted EBITDA was $113 million, which the company said was lower than the prior year with lower sales and an FX headwind partially offset by favorable costs.

About $500 million of the Adjusted EBITDA impact related to the transition to a new pricing and rebate model in North America, intended to reduce the gap between gross and net pricing. The remaining approximately $175 million reflected pricing adjustments on high-priced products held by channel customers in Brazil, the United States, Canada and Argentina. Those adjustments do not change current selling prices and are the only component of the Adjusted EBITDA charge expected to reduce future cash collections. FMC said implementation is ongoing and expects the transition to occur over the next three quarters.

Restructuring and other charges were $480.6 million in the quarter, including $175.9 million of Project Foundation restructuring and a $287.5 million non-cash impairment of indefinite-lived intangible assets after revised expectations on operating results and the commercial actions.

GAAP cash from operations was $7 million versus negative $184 million a year earlier. Free cash flow was negative $18 million including $23 million of restructuring spend, an improvement of $214 million versus third quarter 2025 that the company attributed mainly to favorable working capital dynamics.

Fourth-quarter revenue excluding India is expected to be $1.04 billion to $1.14 billion, essentially flat at the midpoint versus 2025. Adjusted EBITDA is forecast at $210 million to $230 million, a 22 percent decline at the midpoint. Adjusted earnings per diluted share is expected at $0.56 to $0.70, a 48 percent decline at the midpoint, mainly due to lower EBITDA and an increased share count after the Tessenderlo Group investment closed in September. A high-single-digit price decline is expected to be offset by volume growth from increased direct-to-grower sales in Brazil, new products and more competitive pricing.

Full-year 2026 revenue excluding India is now expected at $2.75 billion to $2.85 billion, a 28 percent decline at the midpoint versus 2025 excluding India. Adjusted EBITDA is expected at negative $124 million to negative $104 million. Adjusted earnings per diluted share is expected at negative $3.66 to negative $3.50. Free cash flow is expected to be negative $350 million to negative $150 million, including about $180 million of restructuring spend. The company said the reduction versus prior guidance is mainly due to lower demand and the impacts of the commercial actions taken in the third quarter.

Brondeau said the company’s priority is disciplined execution with customers and that completing the work, together with progress across operational priorities, positions FMC for improved performance in 2027 and a stronger growth and earnings profile in 2028.