Key Highlights

  • Third quarter Revenue was $106 million, against $542 million a year earlier.
  • Commercial actions cut revenue by about $639 million and Adjusted EBITDA by about $672 million.
  • GAAP net loss was $2.07 billion, or $15.54 per diluted share.
  • Adjusted EBITDA was negative $559 million, versus $236 million in the prior year quarter.
  • Fourth quarter revenue, excluding India, is now guided to $1.04 billion to $1.14 billion.

A quarter in which North America revenue turned negative

FMC (NYSE:FMC) is a global agricultural sciences company that sells crop protection products, including herbicides, insecticides and fungicides. It reported third quarter 2026 results on October 29, 2026, with revenue of $106 million, down $436 million from $542 million in the prior year period.

The cause was a set of commercial actions announced on October 15, 2026. They changed the pricing and rebate model in North America and adjusted prices on select higher-priced products held by channel customers in key markets. The actions reduced third quarter revenue by about $639 million, which is why North America revenue came in at negative $371 million against $244 million a year earlier.

Regional revenue shows where the pressure sat

Latin America revenue was $264 million versus $463 million, EMEA was $121 million versus $155 million, and Asia, excluding India, was $91 million versus $99 million.

Excluding India and the commercial actions, third quarter revenue was $745 million, a decline of 22% from the prior year period. Volume fell 21%, price fell 2%, and foreign currency added 1%. Channel customers sharply reduced replenishment orders in the final weeks.

Where the $672 million Adjusted EBITDA charge came from

Adjusted EBITDA was negative $559 million, compared with $236 million a year earlier. Excluding the roughly $672 million negative impact from the commercial actions, underlying Adjusted EBITDA was $113 million.

About $500 million of the charge relates to the move to a new North America pricing and rebate model, which took effect October 1 and is meant to narrow the gap between gross and net prices. The remaining roughly $175 million reflects price adjustments on high-priced products held by channel customers in Brazil, the United States, Canada and Argentina.

Net loss swells on non-cash items, while Cash Flow improves

GAAP net loss was $2.07 billion, compared with a $569 million loss a year earlier, or $15.54 per diluted share. The company attributed the widening mainly to non-cash adjustments tied to deferred tax Assets and intangible assets.

Cash performance was better than the income statement suggests. Cash from operations was $7 million versus negative $184 million, and free cash flow was negative $18 million after $23 million of restructuring spend, an improvement of $214 million.

Lowered outlook and what comes next

For the fourth quarter, revenue excluding India is guided to $1.04 billion to $1.14 billion, essentially flat at the midpoint. A high single digit price decline is expected to be offset by volume growth. Adjusted EBITDA is guided to $210 million to $230 million, and Adjusted EPS to $0.56 to $0.70.

For the full year, revenue excluding India is expected at $2.75 billion to $2.85 billion, Adjusted EBITDA at negative $124 million to negative $104 million, and free cash flow at negative $350 million to negative $150 million. The company expects the transition to the new model to occur over the next three quarters, so readers will likely watch channel inventory, fourth quarter pricing and cash collections.