FMC (FMC) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue declined 4% year-over-year to $759M, with organic revenue down 9% and sales up 1% excluding India, driven by EMEA and North America.

• Adjusted EBITDA fell 40% to $72M, exceeding guidance, and adjusted EPS dropped to $(0.23), mainly due to lower EBITDA and higher interest expense.

• GAAP net loss was $(281)M, a $266M decline, mainly due to tax charges and restructuring.

• Strategic priorities include $1B targeted debt paydown, sale of India business, and growth in new active ingredients.

• The company continues to evaluate strategic alternatives, including a potential sale.

Financial highlights

• Q1 2026 GAAP net loss was $(281)M, compared to $(16)M in Q1 2025.

• Gross margin for Q1 2026 was $246.6M, down from $316.7M in Q1 2025.

• Operating loss before interest and taxes was $81M, compared to $58.2M income last year.

• Free cash flow for Q1 was $(628)M, with FY 2026 guidance unchanged at $(65)M to $65M.

• Q1 cash from operations was $(601)M, down $56M from prior year.

Outlook and guidance

• FY 2026 revenue (ex-India) guided to $3.60B–$3.80B, down 5% year-over-year; adjusted EBITDA $670M–$730M, down 17%.

• Adjusted EPS for FY 2026 forecast at $1.63–$1.89, down 41% year-over-year.

• Free cash flow expected between $(65)M and $65M, a $165M improvement at midpoint.

• Q2 2026 revenue (ex-India) expected at $850M–$900M, down 17% year-over-year; adjusted EBITDA $130M–$150M, down 32%.

• H2 2026 sales expected flat year-over-year, with volume growth from new products and price headwinds easing.