30 October 2026, Philadelphia, US: FMC Corporation reported third-quarter 2026 revenue of $106 million, down 80% from $542 million in the corresponding period last year, as the company implemented significant commercial measures to address high inventory levels and pricing pressures across key agricultural markets.
The reported revenue included a negative impact of approximately $639 million from commercial actions announced on October 15, 2026. These measures involve changing FMC’s pricing and rebate structure in North America and reducing the value of selected higher-priced products already held by channel customers in markets including Brazil, the United States, Canada and Argentina.
Excluding India and the impact of these commercial actions, FMC’s third-quarter revenue stood at $745 million, down 22% year-on-year. The decline was primarily driven by a 21% fall in sales volumes, reflecting weaker market demand and reduced replenishment orders from channel customers during the final weeks of the quarter. Pricing declined by 2%, while foreign exchange movements provided a 1% benefit.
Why FMC Took These Commercial Actions
FMC’s latest financial results reflect a broader effort to correct inventory and pricing imbalances in its distribution channels.
According to the company, channel customers in several key markets are seeking to maintain very low inventory levels because of high financing costs, perceptions of ample product supply and uncertainty surrounding demand. This has affected the movement of FMC products through distribution channels and created pressure on the company’s existing pricing structure.
To address this situation, FMC has undertaken two major measures.
The first involves transitioning to a new pricing and rebate model in North America, effective October 1, 2026. The previous system involved higher gross prices followed by rebates paid to customers. Under the new model, FMC aims to reduce the gap between gross and net pricing, simplify its pricing structure and reduce volatility associated with future rebate payments.
This transition resulted in approximately $500 million of the negative impact on adjusted EBITDA in the third quarter. It includes the settlement of adjustments associated with the previous rebate model and the adjustment of existing channel inventory values to bring them closer to the expected net prices under the new structure.
The second measure involves price adjustments on selected higher-priced products already held by channel customers in Brazil, Argentina, the United States and Canada. FMC has allocated approximately $175 million towards these adjustments to bring the value of existing channel inventory closer to current market prices and support the movement of products to growers.
The company clarified that these adjustments apply only to products already held by channel customers and do not change its current selling prices. However, they are expected to reduce future cash collections associated with the affected inventory.
FMC said implementation of both measures is ongoing, with customer discussions underway. The transition is expected to take place over the next three quarters.
FMC Reports Significant Quarterly Loss
FMC reported a consolidated GAAP net loss of $2.07 billion in Q3 2026, compared with a net loss of $569 million in the year-ago quarter. The loss was primarily attributed to non-cash adjustments related to deferred tax assets and intangible assets, along with the impact of the commercial actions.
Adjusted EBITDA stood at negative $559 million, compared with positive $236 million in Q3 2025. Excluding the approximately $672 million negative impact of the commercial actions, underlying adjusted EBITDA was $113 million.
The company generated $7 million in cash from operations, compared with an outflow of $184 million in the corresponding quarter last year. Free cash flow was negative $18 million, although this represented an improvement of $214 million year-on-year, mainly due to favourable working capital movements.
Regional Revenue Performance
FMC’s regional performance reflected the impact of its commercial adjustments and weaker market conditions.
Region
Q3 2026 Revenue ($ million)
Q3 2025 Revenue ($ million)
North America
(371)
244
Latin America
264
463
Europe, Middle East and Africa (EMEA)
121
155
Asia (excluding India)
91
99
India
0
(419)
Total Revenue
106
542
North America recorded negative revenue of $371 million, primarily reflecting the pricing and rebate adjustments. Latin America revenue declined to $264 million from $463 million, while EMEA revenue fell to $121 million from $155 million. Asia, excluding India, reported revenue of $91 million compared with $99 million a year earlier.
India’s reported revenue was zero in Q3 2026, compared with negative $419 million in the previous year, reflecting the exclusion of the India business from the company’s continuing operations.
FMC Lowers Fourth-Quarter and Full-Year 2026 Outlook
FMC has revised its fourth-quarter and full-year 2026 financial outlook, citing weaker demand, pricing pressures and the impact of its commercial actions.
For the fourth quarter, the company expects revenue, excluding India, of $1.04 billion to $1.14 billion, broadly flat at the midpoint compared with the same period in 2025. A high-single-digit decline in pricing is expected to be offset by higher volumes, supported by increased direct-to-grower sales in Brazil, new product growth and more competitive pricing.
Adjusted EBITDA is projected at $210 million to $230 million, representing a 22% decline at the midpoint. Adjusted earnings per diluted share are expected to range between $0.56 and $0.70, down 48% at the midpoint.
For the full year 2026, FMC expects revenue, excluding India, of $2.75 billion to $2.85 billion, representing a 28% decline at the midpoint compared with 2025.
Adjusted EBITDA is now projected to be negative $124 million to negative $104 million, while adjusted earnings per diluted share are expected to range between negative $3.66 and negative $3.50.
The company also expects full-year free cash flow to be negative $350 million to negative $150 million, including approximately $180 million in restructuring expenses.
Commenting on the results, Pierre Brondeau, Chairman, Chief Executive Officer and President of FMC, said the company was taking significant measures to address elevated channel inventory values and improve the movement of its products to growers.
He acknowledged that third-quarter performance reflected both the substantial impact of these measures and weaker-than-expected demand. The company is now focused on executing the changes with customers, with the objective of improving performance in 2027 and establishing a stronger growth and earnings profile in 2028.
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