FMC (FMC) Company Report

FMC will take an aggressive approach to its balance sheet in 2026, targeting significant value from $2 billion of working capital, proceeds from the India business sale and portfolio/licensing options to accelerate debt reduction.
Management expects 2026 to be a deep transformation year with headwinds from deflationary pricing and tariffs, setting the stage for an EBITDA jump in 2027 as cost cuts and streamlined operations take effect.
By 2028, FMC forecasts its four new molecules to reach approximately $1 billion in annual revenue, shifting the portfolio toward faster-growing, IP-protected products.
The company aims to keep dollar earnings of its growth portfolio flat from 2025 through 2028 by leveraging premium formulations and agronomic support to offset generic price erosion on key products like Rynaxypyr.

1 day ago

Transcript

FMC outlines transformational strategy at Goldman Sachs Industrials and Materials Conference 2025

FMC

In 2026, FMC will undergo a deep transformation with a focus on aggressive balance-sheet actions, extracting value from $2 billion of working capital and exploring portfolio monetization to reduce leverage.
The $2.5 billion core crop-protection portfolio has seen share losses against generics, prompting a complete supply-chain and cost reengineering to restore competitiveness.
FMC expects its four new growth molecules to reach $2 billion–$2.5 billion in combined revenue by 2028, with three products commercial by 2027 and the fourth (Rimisoxafen) launching thereafter.
The Rynaxypyr active ingredient faces 10–30% price declines but FMC plans to offset this through premium formulations, agronomic services, and COGS reductions.
A leaner balance sheet and executed cost initiatives are projected to deliver a notable EBITDA uplift in 2027.

1 day ago

Transcript

FMC outlines transformation plan and 2026–2028 outlook at Goldman Sachs conference

FMC

Guidance Update

Aggressive balance sheet review: FMC plans to extract value from $2 billion of working capital, potential sale of India assets, dividend adjustments, portfolio licensing, and strategic partnerships to reduce leverage.
Core Crop Protection headwinds: The $2.5 billion core crop products business has experienced share losses and margin pressure from generic competition and deflationary pricing, prompting supply chain and manufacturing cost overhauls.
2026–2028 transformation outlook: 2026 will be a deep restructuring year with headwinds (pricing, tariffs, India), followed by an expected EBITDA rebound in 2027; by 2028, four new growth molecules are projected to generate close to $1 billion annually.
Product strategy: Rynaxypyr pricing is expected to decline by up to 30%, but volume growth, cost reductions, premium formulations, and agronomic support aim to maintain flat dollar earnings; Cyazypyr remains protected through 2029 with ongoing cost optimization.

1 day ago

Transcript

FMC reports Q3 2025 results

FMC

Earnings

Guidance Update

GAAP revenue declined 49% YoY to $542 M, with ex-India revenue down 10% to $961 M as India business repositioning weighed on sales.
GAAP net loss of $569 M (vs. $66 M income), driven by India asset impairments; adjusted EBITDA rose 17% to $236 M and adjusted EPS improved 30% to $0.89.
Q4 2025 outlook: revenue of $1.12–$1.22 B, adjusted EBITDA of $265–$305 M, and adjusted EPS of $1.14–$1.36.

Oct 30, 2025, 1:00 PM

Presentation

FMC reports Q3 2025 results

FMC

Earnings

Guidance Update

Dividends

GAAP net sales of $542 million (-49% YoY); excluding India, like-for-like sales of $961 million (-4%) due to Latin America credit constraints and generic competition
Adjusted EBITDA of $236 million (25% margin, +17% YoY) and adjusted EPS of $0.89 (+30%), driven by cost control and higher volumes
Updated full-year guidance: revenue $3.92–4.02 billion, adj EBITDA $830–870 million, adj EPS $2.92–3.14 (includes India H1 only)
Q4 like-for-like sales outlook of $1.12–1.22 billion (+2% midpoint) and adj EBITDA of $265–305 million (-7% LFL)
Negative free cash flow led to an 85% dividend cut to $0.08 per share and discussions to amend credit covenants to prioritize debt reduction

Oct 30, 2025, 1:00 PM

Transcript

FMC reports Q3 2025 results

FMC

Earnings

Guidance Update

Dividends

FMC reported GAAP net sales of $542 million, down 49% year-over-year, driven by the India held-for-sale business; on an ex-India like-for-like basis, Q3 revenue was $961 million, down 4% (–6% pricing, +2% volume) with Latin America sales off 8% due to liquidity constraints and generics pressure.
Adjusted EBITDA was $236 million (25% margin), up 17% as reported and 23% on a like-for-like basis, benefiting from lower raw material costs, improved fixed-cost absorption and volume/mix gains.
Q4 guidance (ex-India) calls for sales of $1.12 billion to $1.22 billion (+2% at midpoint), adjusted EBITDA of $265 million to $305 million, and full-year revenue of $3.92 billion to $4.02 billion with adjusted EBITDA $830 million to $870 million and EPS $2.92 to $3.14.
Free cash flow outlook lowered to –$200 million to $0, and the Board cut the quarterly dividend by over 85% to $0.08 per share, directing all excess cash flow toward debt reduction.
Balance sheet ended Q3 with gross debt of $4.5 billion and net debt of $4.0 billion, with net leverage at 4.5× (covenant limit 5.25×), and negative free cash flow of $233 million in Q3.

Oct 30, 2025, 1:00 PM

Transcript

FMC reports Q3 2025 earnings

FMC

Earnings

Guidance Update

Dividends

FMC reported GAAP net sales of $542 M and a GAAP net loss of $569 M, driven by $510 M of charges and write-downs for its India held-for-sale business.
Adjusted EBITDA was $236 M (25% margin), up 17% as reported and 23% on a like-for-like basis; adjusted EPS was $0.89, a 30% increase year-over-year.
Q4 sales excluding India are guided to $1.12 B–$1.22 B (≈2% growth at midpoint on a like-for-like basis) with adjusted EBITDA of $265 M–$305 M; full-year revenue is now $3.92 B–$4.02 B, EBITDA $830 M–$870 M, and EPS $2.92–$3.14.
Free cash flow guidance was cut to –$200 M to $0, and the quarterly dividend was reduced by over 85% to $0.08 per share, to prioritize debt reduction.

Oct 30, 2025, 1:00 PM

Transcript

FMC reports Q3 2025 results

FMC

Earnings

Guidance Update

M&A

FMC’s Q3 2025 revenue was $542 million, down 49% YoY due to one-time commercial actions in India ahead of a sale.
The company posted a GAAP net loss of $569 million (−$4.52/share), driven by approximately $510 million of India-related charges and write-downs.
Adjusted EBITDA of $236 million (+17% YoY) and adjusted EPS of $0.89 (+30% YoY) exceeded guidance midpoints despite lower sales.
Full-year 2025 guidance was lowered: revenue to $3.92–4.02 billion and adjusted EBITDA to $830–870 million; Q4 revenue ex-India is forecast at $1.12–1.22 billion (−4% YoY).
The sale process for the India commercial business is underway, with assets written down to a fair value of $450 million as of September 30, 2025.

Oct 29, 2025, 8:38 PM

8-K

FMC reports Q3 2025 results

FMC

Earnings

Guidance Update

Dividends

Revenue of $542 million, down 49% vs. Q3 2024; ex-India sales $961 million, down 10% and organic revenue fell 11%.
GAAP net loss of $569 million (−$4.52 per diluted share) and Adjusted EPS of $0.89, up 30% vs. prior year.
Adjusted EBITDA of $236 million, a 17% increase vs. Q3 2024.
Full-year guidance lowered: revenue $3.92–4.02 billion, Adjusted EBITDA $830–870 million, Adjusted EPS $2.92–3.14, and free cash flow now forecast at −$200 million to $0.
Quarterly dividend reduced to $0.08 per share to prioritize debt reduction.

Oct 29, 2025, 8:30 PM

Press Release

FMC reports stable Q3/Q4 guidance and highlights new product pipeline

FMC

Guidance Update

Product Launch

FMC sees normalized demand in crop protection, with Q3 unfolding as expected and Q4 visibility unchanged from prior guidance, noting September’s seasonality in Latin America and North America.
The growth portfolio centers on four new active ingredients—including fluindapyr, isoflex and the $0.5 billion Salesapyr franchise—and five biologicals, with expansion paced by registration timelines.
Core herbicide rynaxapyr will face generic entry on January 1, 2026, but FMC is equipped with competitive manufacturing costs and local market strategies to defend share.
Regulatory outlook remains supportive: the EU may grant derogations to address product shortages, and U.S. MAHA actions pose minimal tangible risk to FMC’s operations.

Sep 3, 2025, 12:42 PM

Earnings Transcripts

Quarterly earnings call transcripts for FMC.

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