FMC (FMC) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $867 million, down 17% year-over-year; excluding India, revenue was $841 million, down 20%.

• Adjusted EBITDA reached $153 million, down 26% but above the high end of guidance.

• GAAP net loss was $187 million, a decline of $253 million versus Q2 2025, mainly due to restructuring and impairment charges.

• Strategic review concluded with a focus on debt reduction, operational execution, and technology-driven growth.

• Strategic actions included a $400 million equity investment, sale of India business for $252 million, and a $200 million licensing prepayment.

Financial highlights

• Adjusted EPS was $0.26, down 62% year-over-year; GAAP EPS was a loss of $1.49 per diluted share.

• Cash from operations was $363 million, up $297 million year-over-year, including a $200 million upfront licensing payment.

• Free cash flow was $357 million, an improvement of $318 million versus Q2 2025.

• Gross margin for Q2 2026 was $342 million (39% of revenue), down from $406 million in Q2 2025.

• Interest expense increased to $71.3 million due to higher debt balances and rates.

Outlook and guidance

• Full-year 2026 revenue excluding India is expected at $3.50–$3.70 billion, a 7% decline at midpoint.

• Adjusted EBITDA guidance is $620–$680 million, a 23% decline at midpoint; adjusted EPS forecasted at $1.19–$1.49, a 55% decline at midpoint.

• Free cash flow guidance is $75–$225 million, including the $200 million rimisoxafen payment.

• Q3 2026 revenue expected to decline 9% year-over-year; Q4 2026 revenue expected to grow 4% year-over-year.

• Project Foundation restructuring charges expected to total $700–$775 million through 2027, with targeted annual run-rate savings of $200 million by end of 2027.