FMC reported a sharp third-quarter 2026 deterioration, with revenue falling to $106 million and adjusted EBITDA turning deeply negative. The company said previously announced changes to its North American pricing and rebate model, along with steps to address higher-priced products held by channel customers in certain markets, had a substantial effect on the quarter.
FMC also cut its fourth-quarter outlook for revenue, adjusted EBITDA and adjusted earnings per share. It now expects full-year free cash flow to be negative.
Third-quarter results
- Revenue was $106 million, down $436 million from $542 million a year earlier. FMC attributed an approximately $639 million negative impact to the commercial actions it announced on October 15. Those actions include modifying its North American pricing and rebate model and addressing select higher-priced products held by channel customers in key markets.
- Adjusted EBITDA was negative $559 million, a $795 million decline from the year-earlier quarter. FMC said the commercial actions had an approximately $672 million negative impact on this measure.
- The GAAP net loss was $2.07 billion, or $15.54 per diluted share. The loss worsened by $1.50 billion, and loss per share widened by $11.02, compared with the third quarter of 2025. FMC attributed the net-loss deterioration to non-cash adjustments related to deferred tax assets and intangible assets, as well as the commercial actions.
- Adjusted loss per diluted share was $4.41, a deterioration of $5.30 from a year earlier.
- Cash from operations was $7 million, up $191 million year over year. Free cash flow was negative $18 million, an improvement of $214 million.
Revised outlook
- FMC lowered its fourth-quarter revenue outlook, excluding India, to $1.04 billion to $1.14 billion. The midpoint is essentially flat with 2025.
- It cut its fourth-quarter adjusted EBITDA forecast to $210 million to $230 million, representing a 22% decline at the midpoint.
- Fourth-quarter adjusted earnings per diluted share are now expected to be $0.56 to $0.70, down 48% at the midpoint.
- FMC now expects full-year free cash flow of negative $350 million to negative $150 million.
The commercial actions weighed heavily on third-quarter revenue and adjusted EBITDA, while non-cash asset and tax adjustments also contributed to the much larger GAAP net loss. The reduced fourth-quarter forecasts point to weaker expected earnings than FMC had previously projected, and the company’s updated full-year cash-flow outlook is negative.