FMC Corporation Reports Second Quarter Results at High End of Guidance Range

31 July 2025, Philadelphia: FMC Corporation (NYSE:FMC) today reported second quarter 2025 revenue of $1.05 billion, up 1 percent versus second quarter 2024, and up 2 percent organically.  On a GAAP basis, the company reported net income of $0.53 per diluted share in the second quarter, a decrease of 77 percent versus second quarter 2024 due to gains related to tax incentives recorded in the prior year.  Second quarter adjusted earnings were $0.69 per diluted share, up 10 percent versus second quarter 2024.

Higher second quarter revenue was driven by volume growth of 6 percent as customers in most countries appear to have reached target channel inventory levels for FMC products. Price declined 3 percent, over half of which was attributed to price adjustments in certain “cost-plus” contracts with specific diamide partners as a result of lower manufacturing costs.  Foreign currency was a headwind of 1 percent³.  The company’s growth portfolio increased by high-single digits while core portfolio sales were essentially flat.

Sales in North America declined 5 percent as solid branded growth in the U.S. was more than offset by lower volume from expected destocking in Canada.  Latin America sales were 1 percent higher than prior year, 5 percent higher excluding currency impacts, aided by solid growth of new active ingredients fluindapyr and Isoflex™ active.  In Asia, sales were lower by 17 percent, down 15 percent excluding currency impacts, due to lower pricing as well as reduced volume driven by ongoing destocking activity in India.  EMEA sales increased 29 percent, 27 percent excluding currency impacts.  Growth was driven by strong volume gains particularly for herbicides, diamide partners, and branded Cyazypyr® products. The Plant Health business grew 3 percent driven by gains in biologicals.

FMC Revenue	Q2 2025
Total Revenue Change (GAAP)	1 %
Less FX Impact	(1) %
Organic1 Revenue Change (Non-GAAP)	2 %

GAAP net income in the second quarter declined 77 percent due to gains related to tax incentives recorded in the prior year.  FMC second quarter adjusted EBITDA was $207 million, an increase of 2 percent from the prior-year period as favorable costs were partially offset by price and FX headwinds.  Adjusted EPS grew 10 percent driven mainly by higher adjusted EBITDA and lower interest expense.

On a GAAP basis, cash from operations was $66 million, a decline of $226 million versus 2024 due primarily to a smaller reduction in inventory levels than in the prior year. Free cash flow was $40 million, a decline of $241 million versus Q2 2024 primarily due to lower cash from operations.

Intention to Divest India Commercial Business

In response to challenges in India, the FMC Board of Directors has approved divesting the company’s commercial business in the country. FMC plans to continue to actively participate in the India market through a supply agreement with the eventual buyer of the business for its patented and data-protected portfolio, ranging from new diamide technologies to active ingredients and biologicals.  The company will continue its active ingredient manufacturing operations in India. The sale process is underway and is expected to conclude within the next year.

Outlook²

The India commercial business will be classified as held for sale beginning in the third quarter. Revenue generated by the India commercial business will be included in reported revenue, while revenue guidance for the company will exclude India. Earnings of the India commercial business will be excluded from adjusted EBITDA and adjusted EPS. The company reaffirms its full-year 2025 adjusted EBITDA, adjusted EPS and free cash flow guidance ranges. Revenue excluding India is expected to be $4.08 billion to $4.28 billion, down 2 percent at the midpoint versus prior year reported revenue. Other than the exclusion of India revenue, there is no change to revenue guidance.

Third quarter revenue excluding India is expected to be in the range of $1.00 billion to $1.10 billion, down 1 percent at the midpoint versus reported third quarter 2024. Volume growth and a minor FX tailwind are expected to be more than offset by a mid-single digit price headwind, in part driven by diamide partner contract adjustments and higher rebates as customers purchase higher volumes. The India exclusion is a negative 6 percent impact. Adjusted EBITDA is forecasted to be in the range of $210 million to $250 million, an increase of 14 percent at the midpoint versus the prior year as lower costs and volume growth more than offset headwinds from pricing and FX. Lower costs are driven by COGS tailwinds from improved fixed cost absorption, lower raw material costs and restructuring benefits.  FMC expects adjusted earnings per diluted share to be in the range of $0.78 to $0.98 in the third quarter, which represents a 28 percent increase at the midpoint versus third quarter 2024 driven mainly by higher adjusted EBITDA.

Fourth quarter revenue excluding India is expected to be in the range of $1.24 billion to $1.34 billion, an increase of 5 percent at the midpoint versus reported fourth quarter 2024. The company expects strong volume growth driven by sales of new products as well as contributions from the additional route to market recently put in place in Brazil. Pricing is expected to be a low-single digit headwind, while FX is forecasted to be a minor tailwind. The India exclusion is negative 6 percent.  Adjusted EBITDA is forecasted to be in the range of $334 million to $374 million, an increase of 4 percent at the midpoint versus the prior year as favorable costs and higher volumes are partially offset by lower price.  FMC expects adjusted earnings per diluted share to be in the range of $1.62 to $1.84 in the fourth quarter, which represents a 3 percent decrease at the midpoint versus fourth quarter 2024. The unfavorable variance is mainly driven by an exceptionally low tax rate in the prior year.

	Full-Year 2025 Outlook2	Second-Half  Outlook2(excludes India inQ3 and Q4)	Third Quarter Outlook2(excludes India)	Fourth Quarter Outlook2(excludes India)
Revenue	$4.08 billion to$4.28 billion	$2.24 billion to $2.44 billion	$1.00 billion to$1.10 billion	$1.24 billion to$1.34 billion
Growth at midpoint vs. 2024	(2) %	2 %	(1) %	5 %
Adjusted EBITDA	$870 million to$950 million	$544 million to$624 million	$210 million to$250 million	$334 million to$374 million
Growth at midpoint vs. 2024	1 %	8 %	14 %	4 %
Adjusted EPS^	$3.26 to $3.70	$2.40 to $2.82	$0.78 to $0.98	$1.62 to $1.84
Growth at midpoint vs. 2024	0 %	5 %	28 %	(3) %

Supplemental Information

The company will post supplemental information on the web at https://investors.fmc.com, including its webcast slides for tomorrow’s earnings call, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term.

Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. FMC, the FMC logo, Cyazypyr and Isoflex are trademarks of FMC Corporation or an affiliate.

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