Highlights

  • Third-quarter 2026 GAAP Revenue fell 80% to US$105.9 million after about US$639 million of commercial actions.
  • FMC recorded a GAAP net loss of US$2.07 billion, or US$15.54 per diluted share, including non-cash tax and intangible charges.
  • Tessenderlo Group completed a US$403 million Investment for about 20% of FMC shares, and its CEO joined the board.
  • Management expects full-year 2026 revenue of US$2.75 billion to US$2.85 billion, excluding India, with negative adjusted EBITDA.

A reset of how FMC Corporation (NYSE:FMC) prices and sells crop protection products through its distribution channel pushed the Philadelphia-based agricultural sciences company to a sharply negative third quarter. For the three months ended 30 September 2026, FMC reported revenue of US$105.9 million, down from US$542.2 million a year earlier, after commercial actions reduced sales by approximately US$639 million.

Chief Executive Officer Pierre Brondeau said the quarter reflected both those actions and weaker-than-expected demand, naming disciplined execution with customers as the priority. The company had flagged the actions on 15 October 2026, when it cut its third-quarter outlook.

Channel Inventory Actions Reshape the Quarter

The commercial actions target elevated channel inventory values and select higher-priced products. In North America, FMC moved to a new pricing and rebate model from 1 October 2026, designed to narrow the gap between gross and net prices and reduce rebate volatility, with an Adjusted EBITDA impact of about US$500 million. Adjustments on products already held by channel customers in Brazil, the US, Canada and Argentina added roughly US$175 million.

Before these actions, like-for-like revenue excluding India was about US$745 million, down 22%, as volumes fell 21% when channel customers sharply reduced replenishment orders late in the quarter. Adjusted EBITDA was a loss of US$558.6 million versus a profit of US$236.1 million, and adjusted diluted EPS was negative US$4.41.

Losses, Impairment and Balance Sheet Pressure

GAAP net loss attributable to stockholders widened to US$2.07 billion from US$569.3 million, reflecting non-cash deferred tax asset and intangible asset adjustments alongside the commercial actions. The quarter included a US$287.5 million non-cash impairment of indefinite-lived intangibles and US$175.9 million of restructuring charges under Project Foundation.

Total Debt stood at US$4.18 billion at 30 September 2026, while cash and equivalents were US$735.8 million. Free Cash Flow improved to negative US$18.2 million from negative US$232.5 million, helped by working capital. On 15 October 2026, FMC amended its Credit agreement, adding a requirement to use net proceeds from its India Business sale to repay credit Facility debt or for general corporate or Working Capital purposes.

New Shareholder and Outlook for the Rest of 2026

Tessenderlo Group completed its minority investment on 23 September 2026, buying 30,319,166 new shares at US$13.30 each for about US$403 million. Tessenderlo Chief Executive Luc Tack joined the board on 21 October 2026. FMC agreed in May 2026 to sell its India commercial business to Crystal Crop Protection for US$252 million, subject to adjustments, and expects that sale to close in 2026.

Excluding India, management projects full-year 2026 revenue of US$2.75 billion to US$2.85 billion, Adjusted EBITDA of negative US$124 million to negative US$104 million and free cash flow of negative US$350 million to negative US$150 million. Fourth-quarter revenue is forecast at US$1.04 billion to US$1.14 billion. The company expects improved performance in 2027.