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FMC (FMC) investor relations material
FMC Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 revenue fell 49% year-over-year to $542 million, mainly due to $510 million in one-time India-related charges and commercial actions ahead of a planned business sale; excluding India, revenue was $961 million, down 10% year-over-year, with organic revenue down 11%.
GAAP net loss was $569 million, a $634 million decline from the prior year, driven by India-related charges and impairments; adjusted EBITDA rose 17% to $236 million, and adjusted EPS increased 30% to $0.89, both above guidance midpoints.
Cost control, improved product mix, and higher volumes from new active ingredients supported adjusted EBITDA and EPS growth despite lower prices and FX headwinds.
The company is restructuring its manufacturing footprint, launching Project Focus, and reducing its quarterly dividend to $0.08 per share to prioritize debt reduction.
Major cost reductions, manufacturing changes, and a dividend cut are underway to address ongoing challenges and support future debt repayment.
Financial highlights
Q3 2025 GAAP net sales: $542 million, down 49% year-over-year due to India actions; revenue excluding India: $961 million, down 10% year-over-year.
Adjusted EBITDA: $236 million (25% margin), up 17% year-over-year; adjusted EPS: $0.89, up 30% year-over-year.
Q3 2025 gross margin was $128.9 million (24% of revenue), down from $386.4 million (36%) in Q3 2024; excluding India actions, gross margin was 43%.
Q3 2025 GAAP net loss: $569 million, including $510 million in India-related charges and write-downs.
Free cash flow: -$233 million in Q3; year-to-date -$789 million, mainly due to working capital and collection delays.
Outlook and guidance
Full-year 2025 revenue guidance: $3.92–$4.02 billion, down 7% at midpoint; adjusted EBITDA: $830–$870 million, down 6%; adjusted EPS: $2.92–$3.14, down 13%.
Q4 2025 revenue (ex-India) expected at $1.12–$1.22 billion, down 4% at midpoint; adjusted EBITDA: $265–$305 million; adjusted EPS: $1.14–$1.40, down 30% at midpoint.
Free cash flow guidance lowered to -$200 million to $0 for the year.
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Frequently asked questions
Chemicals for Agriculture
FMC Corporation is an American global chemical manufacturing company. It primarily specializes in the production of agricultural chemicals, particularly those used for crop protection, and its product range includes insecticides, herbicides, and fungicides. Additionally, the company is involved in the health and nutrition sector, producing ingredients used in pharmaceuticals, food, and beverages. The company is headquartered in Philadelphia, Pennsylvania, and its shares are listed on the NYSE.
The Bean Spray Pump Company
FMC has its roots in the California chemical industry. It was initially established as The Bean Spray Pump Company in 1883 in Los Gatos, California, by John Bean. The company's focus at this time was on producing insecticide sprayers. The company expanded and diversified over the early 20th century and a 1928 merger formed Food Machinery Corporation (FMC).
In the 1960s and 1970s, FMC further expanded its chemical operations, becoming a major producer of hydrogen peroxide, soda ash, and specialty chemicals. In the late 20th and early 21st centuries, FMC underwent several restructurings to focus on its core chemical businesses. This included the spin-off of its machinery and equipment divisions and the sale of its defense business.
FMC’s Chemical Products
FMC today operates as a chemical manufacturer with a primary focus on agricultural solutions. This division develops, markets, and sells all three major classes of crop protection chemicals: insecticides, herbicides, and fungicides. These products are crucial for managing pest infestations, diseases, and weed control, thereby assisting farmers around the world in maximizing crop yields and quality while protecting them from various natural threats. FMC places a large focus on R&D, including the development of proprietary active ingredients and formulation technologies. Some other chemical companies offering products for similar applications include BASF, Bayer, and Nufarm.
Worldwide Pesticides
FMC operates on a global scale, serving agricultural markets in over 100 countries. Its products, diverse agricultural chemicals for a wide range of climatic conditions, crop types, and farming practices enable the company to have business in all corners of the world. This global presence is supported by a network of manufacturing and research facilities strategically located around the world, enabling FMC to efficiently serve different markets.
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