FMC (FMC) Q4 2025 earnings summary

Executive summary

• The board is exploring strategic options, including a potential sale, while executing a base plan focused on debt reduction, portfolio competitiveness, and new active ingredient growth; the review is at a preliminary stage with no assurance of outcome.

• 2025 saw a subdued crop protection market due to excess capacity and weak grower margins, with challenging conditions expected to persist into 2026.

• The portfolio is largely off-patent, but new active ingredients are expected to scale up over the next three years.

• 2026 operational priorities include strengthening the balance sheet, managing post-patent RynaxypyrⓇ, and driving new product growth.

Financial highlights

• Q4 2025 revenue was $1.08 billion, down 12% year-over-year; full-year 2025 revenue was $3.47 billion, down 18%.

• Q4 adjusted EBITDA was $280 million, down 17% year-over-year; full-year adjusted EBITDA was $843 million, down 7%.

• Q4 adjusted EPS was $1.20, down 33%; full-year adjusted EPS was $2.96, down 15%.

• Q4 GAAP net loss was $1.72 billion, mainly due to a non-cash goodwill impairment; full-year GAAP net loss was $2.24 billion.

• 2025 free cash flow was negative $165 million; net debt at year-end was $3.5 billion, with net debt/EBITDA at 4.1x.

Outlook and guidance

• 2026 revenue guidance is $3.60–$3.80 billion, a 5% decline at midpoint; adjusted EBITDA expected at $670–$730 million, down 17%; adjusted EPS $1.63–$1.89, down 41%.

• Q1 2026 revenue guidance is $725–$775 million, down 5%; adjusted EBITDA $45–$55 million, down 58%; adjusted EPS negative $0.44 to negative $0.32.

• Free cash flow for 2026 expected between negative $65 million and $65 million, including $130 million restructuring spend.

• Sales of new active ingredients expected to reach $300–$400 million in 2026, over 75% growth at midpoint.

• EBITDA growth in the mid-teens percent expected for 2027 and 2028 as restructuring and portfolio improvements take effect.