FMC’s Overhaul of Its Pricing Model Drives an 80 Percent Revenue Drop and $2.07 Billion Quarterly Loss
30 October 2026, Philadelphia, US: FMC Corporation reported third-quarter 2026 revenue of just $106 million, down 80 percent from $542 million a year earlier, and a GAAP net loss of $2.07 billion, after the company pushed through a sweeping change to how it prices and rebates crop protection products sold through distributors in North America and parts of Latin America.
The headline numbers look far worse than the underlying business, because most of the drop is an accounting and channel effect rather than a collapse in demand. FMC said its commercial actions, announced October 15 and effective at the start of the quarter, cut reported third-quarter revenue by about $639 million.
Stripping that out, revenue excluding India (which is being divested) and excluding the commercial actions was $745 million, still down 22 percent, driven by a 21 percent volume decline as distributors sharply cut replenishment orders in the final weeks of the quarter, alongside a 2 percent price decline and a 1 percent currency tailwind. On a GAAP diluted basis, FMC lost $15.54 a share, compared with a loss of $4.52 a share a year earlier, while adjusted loss per share was $4.41 against adjusted earnings of 89 cents a year ago. Adjusted EBITDA was negative $559 million, but excluding the roughly $672 million hit from the commercial actions, underlying adjusted EBITDA was a positive $113 million.
The commercial actions have two parts. The first, worth roughly $500 million of the EBITDA impact, is a transition to a new pricing and rebate model in North America, effective October 1, intended to narrow the longstanding gap between the gross list price FMC charges distributors and the net price it actually collects after rebates. That involved closing out the prior rebate cycle and marking down the gross price already sitting on channel inventory, with no change to the cash FMC was already owed.
The second, worth about $175 million, is a reduction in the price of already-sold, high-priced product still sitting in distributor warehouses in Brazil, the United States, Canada and Argentina; current selling prices to growers are unchanged, but FMC is forgoing future cash collections tied to that older inventory. The company said channel customers are currently holding elevated-value FMC stock and running unusually low overall inventory levels, and expects the transition to play out over the next three quarters.
| Region | Q3 2026 revenue | Q3 2025 revenue |
|---|---|---|
| North America | -$371 million | $244 million |
| Latin America | $264 million | $463 million |
| EMEA | $121 million | $155 million |
| Asia (excl. India) | $91 million | $99 million |
| India (held for sale) | $0 | -$419 million |
| Total | $106 million | $542 million |
North America’s negative revenue figure in the table reflects the rebate and inventory markdowns booked against that region in the quarter, not a reversal of sales. Pierre Brondeau, FMC’s chairman, chief executive and president, said the company’s priority is “disciplined execution with our customers,” adding that the changes should position FMC “for improved performance in 2027.”
The results also confirm FMC’s planned exit from India. The company is classifying its India commercial business, which it agreed in May to sell to Crystal Crop Protection Limited for $252 million, as held for sale, and has excluded it from non-GAAP results and from full-year guidance.
Looking ahead, FMC guided fourth-quarter 2026 revenue, excluding India, to a range of $1.04 billion to $1.14 billion, roughly flat with the prior year at the midpoint, with adjusted EBITDA of $210 million to $230 million, down 22 percent at the midpoint, and adjusted earnings per share of 56 to 70 cents, down 48 percent at the midpoint. For full-year 2026, excluding India, FMC now expects revenue of $2.75 billion to $2.85 billion, down 28 percent, adjusted EBITDA of negative $124 million to negative $104 million, and free cash flow of negative $350 million to negative $150 million, including about $180 million of restructuring spending.
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