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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
FMC
FMC (FMC) investor relations material
FMC Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary30 Oct, 2026
Executive summary
Q3 revenue was $105.9M, down 80% YoY; commercial actions reduced revenue by $639M and Adjusted EBITDA by $672M, while weaker demand and channel destocking also pressured results.
Net loss attributable to stockholders was $2,066.9M, reflecting commercial actions, deferred-tax valuation allowances and an intangible impairment.
Excluding commercial actions, Adjusted EBITDA was $113M; management is focused on executing commercial changes, protecting liquidity, lowering costs and growing new technologies, with improvement targeted in 2027 and a stronger profile in 2028.
Financial highlights
Q3 revenue was $105.9M versus $542.2M a year earlier; Adjusted EBITDA was $(558.6)M versus $236.1M, including the commercial-action impact.
Adjusted loss per diluted share was $4.41 versus adjusted EPS of $0.89; GAAP loss per diluted share was $15.54 versus $4.52.
Q3 operating cash flow was $6.6M and free cash flow was $(18.2)M, improving $214M YoY, mainly on favorable working capital.
9M revenue was $1,731.6M, down 27%; 9M free cash flow was $(288.9)M versus $(788.5)M, with capital expenditures of $29.7M versus $70.3M.
Q3 included $808.8M of deferred-tax-asset valuation allowances and a $287.5M non-cash impairment of indefinite-lived Crop Protection Brands.
Outlook and guidance
Q4 revenue excluding India is forecast at $1.04B–$1.14B, flat YoY at midpoint; high-single-digit price declines are expected to be offset by volume growth.
Q4 Adjusted EBITDA is forecast at $210M–$230M, down 22% at midpoint; adjusted EPS is $0.56–$0.70, down 48% at midpoint.
FY26 revenue excluding India is forecast at $2.75B–$2.85B; Adjusted EBITDA is $(124)M to $(104)M, adjusted EPS is $(3.66) to $(3.50), and free cash flow is $(350)M to $(150)M, including $180M of restructuring spend.
Preliminary Adjusted EBITDA outlook is at least $650M and up to $730M in 2027, and $760M–$840M in 2028; these are not formal guidance.
FY26 assumptions include interest expense of $270M–$280M, adjusted tax rate of 12%–14%, D&A of $160M–$170M and capital additions/OIA of $45M–$55M.
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Latest events from FMC
- Record 2019 growth despite headwinds, with further expansion guided for 2020.FMC
Q4 2019 - 2020 growth held firm despite FX headwinds, with higher 2021 targets and persistent supply risks.FMCQ4 2020
- Strong growth and record free cash flow offset inflation pressure; 2022 guidance points to continued expansion.FMCQ4 2021
- Record FY22 sales and EBITDA growth came with lower margins amid inflation and FX headwinds.FMCQ4 2022
- Destocking drove 2023 declines; new products and restructuring support 2024 recovery.FMCQ4 2023
- Growth is expected from 2027 as new products launch and manufacturing upgrades complete.FMCJefferies Global Industrials Conference 2026
- Q2 2026 revenue dropped 17% and net loss widened, but asset sales aided debt reduction.FMCQ2 2026
- Debt reduction progresses as new molecules and direct sales boost growth and confidence.FMCWolfe Research 3rd Annual Materials of the Future Conference 2026
- Q3 revenue up 9% and net income rebounded, with strong Americas growth and GSS sale pending.FMCQ3 2024
Next FMC earnings date
Q4 20264 Feb, 2027
FMC
Next FMC earnings date
Q4 20264 Feb, 2027
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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.