FMC Reports $2.07 Billion Q3 Loss as US Crop Protection Pricing Overhaul Takes Hold

30 October 2026, Pennsylvania, US: FMC Corporation, the Philadelphia based crop protection company, reported a GAAP net loss of $2.07 billion for the third quarter of 2026, after absorbing roughly $639 million in negative revenue impact and about $672 million in lost adjusted earnings from a sweeping pricing and inventory overhaul it announced on October 15. The results, disclosed in a Form 8-K filed with the US Securities and Exchange Commission on October 29, give the first full accounting of a plan that is reshaping how the company sells crop protection products across North and South America.

Reported revenue fell to $106 million from $542 million in the same quarter last year, a decline of 80 percent on a GAAP basis. Stripping out the India business, which FMC has agreed to sell, and the one time commercial actions, underlying revenue was $745 million, down 22 percent year over year. Volume fell 21 percent as distributors and retailers in several key markets sharply cut their replenishment orders in the final weeks of the quarter, while average selling prices were down 2 percent. Adjusted loss per share came to $4.41, compared with a much smaller decline a year earlier.

The commercial actions have two main parts. The larger piece, worth about $500 million of the earnings impact, is a transition to a new pricing and rebate structure in North America that took effect October 1. FMC is adjusting the value of its products already sitting in distributor warehouses, moving them from the old gross list price down toward the price distributors actually expect to pay once rebates are applied. The company says this does not change what it will collect in future cash payments, since it mainly closes out the old rebate cycle on paper. The second piece, worth about $175 million, involves cutting the recorded value of higher priced products already held by channel customers in the United States, Canada, Brazil and Argentina, so that distributors can move that inventory at prices closer to what farmers are actually willing to pay today. Unlike the North American rebate change, this second piece will reduce the cash FMC collects from those products going forward. Current prices on new orders are unchanged.

By region, North America revenue swung to negative $371 million from positive $244 million a year earlier, reflecting the inventory markdown. Latin America revenue fell to $264 million from $463 million, EMEA fell to $121 million from $155 million, and Asia excluding India slipped slightly to $91 million from $99 million.

Chairman, chief executive and president Pierre Brondeau said the company is “taking significant action to address elevated inventory values in the channel,” pointing to weaker than expected demand during the quarter. FMC separately confirmed that its planned $252 million sale of its India commercial crop protection business to Crystal Crop Protection Limited, first announced earlier this year, remains on track to close in 2026.

Looking ahead, FMC guided fourth quarter revenue, excluding India, to a range of $1.04 billion to $1.14 billion, roughly flat against last year at the midpoint, with an expected high single digit price decline offset by volume growth from direct to grower sales in Brazil and new product introductions. Full year 2026 revenue is now expected to fall about 28 percent at the midpoint to a range of $2.75 billion to $2.85 billion, with adjusted EBITDA guided to a loss of $104 million to $124 million. Management said it expects the changes to support improved performance in 2027 and a stronger earnings profile by 2028.

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