FMC (FMC) Q3 2026 earnings summary

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.