FMC Posts $2.07 Billion Third-Quarter Loss and Lowers Fourth-Quarter Outlook After Channel Pricing Actions

FMC cut its fourth-quarter outlook and swung to a $2.07 billion third-quarter net loss after the agricultural sciences company cut prices on products held by its distributors and overhauled its North American rebate model, with quarterly revenue collapsing to $106 million from $542 million a year earlier, according to the earnings release it filed with an 8-K on Thursday.

Revenue included a negative impact of about $639 million from the commercial actions FMC announced on Oct. 15 to change its pricing and rebate model in North America and to address higher-priced products held by channel customers in key markets.

The GAAP loss widened from $569 million a year earlier, mainly because of non-cash adjustments tied to deferred tax assets and intangible assets, as well as the commercial actions. The loss came to $15.54 a diluted share. On an adjusted basis, FMC lost $4.41 a share, down $5.30 from a year earlier.

"We are taking significant action to address elevated inventory values in the channel and improve the movement of FMC products to growers," Chairman, CEO and President Pierre Brondeau said in the release. "Our third-quarter results reflected both the substantial impact of these actions and weaker than expected demand."

Demand weakened too

Stripping out India, which FMC is treating as a business held for sale, and the commercial actions, revenue was $745 million, down 22%. Volume fell 21% as channel customers in several key markets sharply cut replenishment orders in the final weeks of the quarter, the company said. Price fell 2%, while currency added 1%.

Adjusted EBITDA was negative $559 million, compared with $236 million a year earlier, including a negative impact of about $672 million from the commercial actions. Excluding those actions, underlying adjusted EBITDA was $113 million, lower than a year earlier on weaker sales and a currency headwind.

North America revenue was negative $371 million, compared with $244 million, reflecting the adjustments. Latin America revenue fell to $264 million from $463 million, and EMEA declined to $121 million from $155 million.

What the commercial actions cover

About $500 million of the EBITDA hit relates to the move to a new North America pricing and rebate model, effective Oct. 1, which FMC said is meant to significantly narrow the gap between gross and net pricing. That figure includes closing out the old rebate model and lowering the price of inventory already in the North American channel. FMC said that part carries no change to its forward cash obligations.

The remaining roughly $175 million reflects price cuts on high-priced products held by channel customers in Brazil, the United States, Canada and Argentina. FMC said these adjustments do not change its current selling prices but are the only part of the charge expected to reduce future cash collections. Discussions with customers are underway, and the company expects the transition to take place over the next three quarters.

Lower outlook

FMC lowered its fourth-quarter forecast, excluding India, to revenue of $1.04 billion to $1.14 billion, essentially flat at the midpoint, adjusted EBITDA of $210 million to $230 million, down 22% at the midpoint, and adjusted earnings of 56 to 70 cents a share, down 48% at the midpoint. The EPS decline also reflects a higher share count after Tessenderlo Group's investment in FMC closed in September.

For the full year, FMC now expects revenue excluding India of $2.75 billion to $2.85 billion and an adjusted loss of $3.50 to $3.66 a share. It forecast free cash flow of negative $150 million to negative $350 million, including about $180 million of restructuring spending, and said the reduction from prior guidance mainly reflects lower demand and the commercial actions.

Brondeau said the steps position FMC "for improved performance in 2027 and a stronger growth and earnings profile in 2028."

Sources

1. FMC Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 29, 2026 (accession 0000037785-26-000168)

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