FMC Corporation (NYSE:FMC) reported third-quarter 2026 financial results on October 29, 2026, disclosing a GAAP net loss of $2.07 billion and revenue of $106 million, with both figures heavily affected by commercial actions announced on October 15, 2026.

Key Highlights

  • Revenue of $106 million in Q3 2026, down from $542 million in Q3 2025, including an approximately $639 million negative impact from commercial actions.
  • GAAP net loss of $2.07 billion ($15.54 per diluted share), a decline of $1.50 billion versus Q3 2025, driven by non-cash adjustments to deferred tax assets and intangible assets and the commercial actions.
  • Adjusted EBITDA of negative $559 million, down $795 million versus Q3 2025, including an approximately $672 million negative impact from the commercial actions.
  • Free cash flow of negative $18 million, an improvement of $214 million versus Q3 2025, mainly due to favorable working capital dynamics.
  • North America revenue was negative $371 million in Q3 2026, compared with $244 million in Q3 2025, reflecting the pricing and rebate model transition.
  • Full-year 2026 free cash flow is now expected to be in the range of negative $350 million to negative $150 million, including approximately $180 million of restructuring spend.
  • Fourth-quarter Adjusted EPS guidance set at $0.56 to $0.70, a decline of 48 percent at the midpoint versus fourth-quarter 2025.

FMC's Q3 2026 Results Reflect Pricing Overhaul and Inventory Channel Pressures

According to the filing, FMC Corporation's third-quarter 2026 results were shaped primarily by commercial actions announced October 15, 2026, aimed at modifying the company's pricing and rebate model in North America and addressing select higher-priced products held by channel customers in key markets. Revenue fell 80 percent on a GAAP basis to $106 million from $542 million in Q3 2025. Excluding India and the commercial actions, revenue was $745 million, a decline of 22 percent versus the prior-year period, with volume down 21 percent and price down 2 percent.

The filing disclosed that approximately $500 million of the $672 million Adjusted EBITDA impact relates to the transition to the new North American pricing and rebate model. This consists of two components: adjustments to close out the historical rebate model cycle, and adjustments to bring inventory already in the North America channel from the historic higher gross price to a price closer to the expected net price under the new model. The remaining approximately $175 million reflects pricing adjustments on high-priced products held by channel customers in Brazil, the United States, Canada, and Argentina. The filing noted these adjustments "do not impact current period cash and are the only component of the Adjusted EBITDA charge expected to reduce future cash collections."

FMC's fourth-quarter outlook, excluding India, calls for revenue of $1.04 billion to $1.14 billion, essentially flat at the midpoint versus fourth-quarter 2025. Full-year 2026 Adjusted EBITDA is expected in the range of negative $124 million to negative $104 million, a decline of 114 percent at the midpoint versus 2025. Full-year Adjusted EPS is projected at negative $3.66 to negative $3.50, a decline of 221 percent at the midpoint. The filing attributed the lower fourth-quarter Adjusted EPS guidance in part to "an increased share count following the investment from Tessenderlo Group which closed in September." EPS estimates assume 156.0 million shares.

What Was Disclosed

FMC Corporation filed Q3 2026 earnings results, disclosing a $2.07 billion GAAP net loss, $106 million in revenue, and an Adjusted EBITDA of negative $559 million, all materially affected by commercial actions taken to restructure channel pricing and inventory values across key markets.