FMC Corporation — Third Quarter 2026 Earnings Summary

Financial Performance:

• Third-quarter 2026 revenue was $106 million, a decrease of $436 million (80%) compared to $542 million in Q3 2025.
• Consolidated GAAP net loss was $2.07 billion, a decline of $1.50 billion versus Q3 2025, driven by non-cash adjustments to deferred tax assets and intangible assets, and commercial actions.
• GAAP diluted loss per share was $15.54, compared to a loss of $4.52 in Q3 2025.
• Adjusted EBITDA was negative $559 million, a decline of $795 million versus Q3 2025; excluding the $672 million impact from commercial actions, underlying Adjusted EBITDA was $113 million.
• Adjusted loss per diluted share was $4.41, compared to a loss of $0.89 in Q3 2025.
• GAAP cash from operations was $7 million, an increase of $191 million versus Q3 2025.
• Free cash flow was negative $18 million, an improvement of $214 million versus Q3 2025.
• Total revenue change excluding India was down 89% (non-GAAP), with like-for-like revenue change before commercial actions down 22%.
• Volume declined 21% and price declined 2% in Q3 2026 (excluding India and commercial actions).
• Nine-month 2026 revenue was $1,731.6 million compared to $2,384.1 million in the prior-year period.

Guidance and Future Outlook:

• Fourth-quarter 2026 revenue (excluding India) is lowered to a range of $1.04 billion to $1.14 billion, essentially flat at the midpoint versus Q4 2025.
• Fourth-quarter 2026 Adjusted EBITDA is lowered to a range of $210 million to $230 million, a 22% decline at the midpoint versus Q4 2025.
• Fourth-quarter 2026 Adjusted earnings per diluted share is lowered to a range of $0.56 to $0.70, a 48% decline at the midpoint versus Q4 2025.
• Full-year 2026 free cash flow is now expected to be negative $350 million to negative $150 million, including approximately $180 million of restructuring spend.
• Full-year 2026 revenue (excluding India) is expected to be $2.75 billion to $2.85 billion, a 28% decline at the midpoint versus 2025.
• Full-year 2026 Adjusted EBITDA is expected to be negative $124 million to negative $104 million, an 114% decline at the midpoint versus 2025.
• Full-year 2026 Adjusted earnings per diluted share is expected to be negative $3.66 to negative $3.50, a 221% decline at the midpoint versus 2025.
• Management expects the transition of commercial actions to occur over the next three quarters.

Business Segments and Product Lines:

• North America revenue declined $371 million in Q3 2026 compared to Q3 2025.
• Latin America revenue was $264 million in Q3 2026 compared to $463 million in Q3 2025.
• EMEA revenue was $121 million in Q3 2026 compared to $155 million in Q3 2025.
• Asia revenue (excluding India) was $91 million in Q3 2026 compared to $99 million in Q3 2025.
• India revenue was $0 in Q3 2026 compared to $419 million in Q3 2025, as the business is held for sale.
• Q4 2026 volume growth is expected to be driven by increased direct-to-grower sales in Brazil, new product growth, and more competitive pricing.
• Commercial actions included modifying the pricing and rebate model in North America and adjusting prices on high-priced products in Brazil, the United States, Canada, and Argentina.

Market and Competitive Landscape:

• Channel customers in several key markets sharply reduced replenishment orders during the final weeks of Q3 2026 due to challenging market conditions.
• Elevated inventory values in the channel are driven by high financing costs, perceptions of ample supply, and demand uncertainty.
• Foreign currency was a 1% tailwind in Q3 2026.
• A high-single digit price decline is expected in Q4 2026, offset by volume growth.
• Higher volume and cost favorability in Q4 2026 are expected to be more than offset by lower price and an FX headwind.

Risks and Challenges:

• Commercial actions resulted in a $639 million negative impact to revenue and $672 million negative impact to Adjusted EBITDA in Q3 2026.
• Non-cash adjustments recorded in connection with deferred tax assets and intangible assets significantly impacted GAAP net loss.
• The India commercial business is held for sale and excluded from non-GAAP results; the sale is expected to close during 2026.
• Future cash collections may be reduced by the pricing adjustments made on high-priced products held by channel customers.
• The company faces challenges related to elevated inventory values in the channel and the need to operate with very low inventory values.

Management Commentary and Tone:

• Pierre Brondeau, Chairman, CEO, and President, stated the company is taking significant action to address elevated inventory values and improve product movement to growers.
• Management noted that third-quarter results reflected the substantial impact of commercial actions and weaker than expected demand.
• The priority is described as disciplined execution with customers.
• Management believes completing the commercial work and operational priorities positions FMC for improved performance in 2027 and a stronger growth and earnings profile in 2028.

Other Key Points:

• In July 2025, the Board approved a plan to divest the India commercial business; in May 2026, a definitive agreement was signed to sell the business to Crystal Crop Protection Limited for $252 million, subject to customary adjustments.
• The India business assets have been classified as held for sale since Q3 2025.
• Restructuring charges of $175.9 million were incurred in Q3 2026 related to "Project Foundation," including non-cash asset write-offs, accelerated depreciation, and severance costs.
• A non-cash impairment charge of $287.5 million was recorded in Q3 2026 related to indefinite-lived intangible assets.
• An investment from the Tessenderlo Group closed in September, resulting in an increased share count for Q4 2026.
• Total debt was $4,177.7 million as of September 30, 2026, down from $4,542.2 million as of September 30, 2025.
• Total FMC stockholders' equity was negative $19.4 million as of September 30, 2026, compared to $3,773.8 million as of September 30, 2025.
• Adjusted ROIC (using non-GAAP numerator) was negative 3.20% for the twelve months ended September 30, 2026.