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FMC Corporation reports first quarter 2026 results above guidance with Adjusted EBITDA above high end of range, reaffirms full-year outlookApril 29, 2026 4:30 PM
PR Newswire (US)
Company continues to advance operational priorities and explore strategic options in parallelFirst Quarter 2026 HighlightsRevenue of $759 million, down 4 percent versus Q1 2025Revenue excluding India1 of $762 million, down 4 percent versus Q1 2025 (which included India)Organic revenue2 for the period declined 9 percentConsolidated GAAP net loss of $281 million, a decline of $266 million versus Q1 2025Adjusted EBITDA of $72 million, down 40 percent versus Q1 2025Consolidated GAAP loss of $2.25 per diluted share, down $2.13 versus Q1 2025Adjusted loss per diluted share of $0.23, down 41 cents versus Q1 2025Maintains 2026 Full-Year Outlook1Revenue excluding India of $3.60 billion to $3.80 billion, a decline of 5 percent at the midpoint versus 2025Excluding 2025 India contributions, the 2026 outlook represents a decline at the midpoint of 3 percentAdjusted EBITDA of $670 million to $730 million, a decline of 17 percent at the midpointAdjusted earnings per diluted share of $1.63 to $1.89, a decline of 41 percent at the midpointFree cash flow of negative $65 million to $65 million, an improvement of $165 million at the midpointPHILADELPHIA, April 29, 2026 /PRNewswire/ -- FMC Corporation (NYSE:FMC) today reported first quarter 2026 revenue of $759 million, down 4 percent versus first quarter 2025. First quarter 2026 revenue, excluding India, was $762 million, down 4 percent versus first quarter 2025, which included India. On a GAAP basis, the company reported a loss of $2.25 per diluted share in the first quarter, a decrease of $2.13 versus first quarter 2025. First quarter adjusted loss per diluted share of $0.23 was down 41 cents versus first quarter 2025.FMC RevenueQ1 2026Total Revenue Change (GAAP)(4) %Total Revenue Change (ex-India) (Non-GAAP)(4) %Less: 2025 revenue for India held for sale business(5) %Like-for-Like Revenue Change (Non-GAAP)1 %First quarter sales of $762 million, excluding India, were above the midpoint of guidance and 4 percent lower than the prior year. The removal of India represented a 5 percent sales headwind. Price declined 6 percent, in line with expectations, driven by lower pricing to diamide partners, pricing actions on branded Rynaxypyr® products and a competitive market for legacy core products – particularly in Latin America. Foreign currency was a tailwind of 5 percent. Volume improved 2 percent, driven by strong growth in EMEA and North America. New active ingredient sales doubled year-over-year. Plant Health grew 6 percent.FMC Regional Revenue ($M)Q1 2026Q1 2025North America$198$186Latin America$177$207EMEA$307$273Asia (excluding 2026 India)1$81$1252026 India1$(4)—Total Revenue (GAAP)$759$791
Note: Regional results ex. India sum to $763M due to roundingGAAP net loss in the first quarter declined $266 million primarily due to tax charges related to an increase in valuation allowances. Lower sales, higher restructuring costs and higher interest expense also contributed to the loss during the first quarter. FMC first quarter Adjusted EBITDA was $72 million, a decrease of 40 percent from the prior-year period, driven by lower pricing and unfavorable costs. The cost increase was driven by tariffs as well as unfavorable raw material costs.On a GAAP basis, cash from operations was negative $601 million, a decline of $56 million versus 2025, primarily driven by lower Adjusted EBITDA. Free cash flow was negative $628 million, a decline of $32 million versus Q1 2025 primarily due to lower cash from operations, partially offset by lower capital expenditures.Strategy UpdateFMC is making strong progress on its 2026 operational priorities, which are strengthening the balance sheet through targeted debt reduction of approximately $1 billion, improving the competitiveness of its core portfolio, managing the post-patent transition for Rynaxypyr® active, and driving growth of new active ingredients including Isoflex® active, fluindapyr and Dodhylex® active. In parallel, the Board-authorized evaluation of strategic alternatives announced in February 2026 is progressing, and multiple options are being evaluated. There can be no assurance that the process will result in any transaction. The company does not intend to comment further at this time, except as it may do so in the ordinary course in connection with its upcoming earnings call, or if it determines that further disclosure is appropriate or necessary.Full Year Outlook1The company reaffirms its full-year 2026 revenue, Adjusted EBITDA, Adjusted EPS and free cash flow guidance ranges. Full year 2026 revenue guidance1 is $3.60 billion to $3.80 billion, a decline of 5 percent at the midpoint versus prior year1. Price is expected to be lower by mid-single digits mainly due to Rynaxypyr® active, which is consistent with the company's post-patent strategy. Excluding India, volume is expected to be up modestly as increases in branded Rynaxypyr® active and new active ingredients are largely offset by reduced diamide partner orders and declines in the legacy core portfolio. India represents a 2 percent headwind1. FX is expected to be neutral. Sales of new active ingredients are expected to be between $300 million and $400 million, representing growth of over 75 percent at the midpoint versus prior year.Adjusted EBITDA is expected to be $670 million to $730 million, a decline of 17 percent versus prior year as lower price and an FX headwind are partially offset by volume growth and favorable costs. EPS is expected to be $1.63 to $1.89, a decrease of 41 percent versus prior year, primarily due to lower Adjusted EBITDA and, to a lesser extent, increased interest expense. Free cash flow is expected to be negative $65 million to $65 million.Second Quarter and H2 Outlook1Second quarter revenue is expected to be in the range of $850 million to $900 million, a decline of 17 percent at the midpoint compared to second quarter 2025, primarily due to lower volume to diamide partners and the removal of India. The India inclusion in prior year represents a 5 percent headwind. Price is expected to decline mid-single digits due to competitive pressure and planned pricing actions for Rynaxypyr® in line with the post-patent strategy. FX is expected to be a low-single digit tailwind. Adjusted EBITDA is forecasted to be in the range of $130 million to $150 million, a decline of 32 percent versus the prior year as lower sales are partially offset by favorable costs. FMC expects Adjusted EPS to be in the range of $0.16 to $0.26 in the second quarter, which represents a 70 percent decrease at the midpoint versus second quarter 2025, due to lower Adjusted EBITDA as well as higher interest expense to a lesser degree.The midpoint of first-half guidance implies a second-half sales increase of 1 percent versus prior year. Price is expected to be a mid-single digit headwind, driven by competitive market conditions for core portfolio products and pricing actions to support the branded Rynaxypyr® active strategy. Lower price and a minor FX headwind are expected to be more than offset by volume growth, driven primarily by increased sales of products with new active ingredients.Second-half Adjusted EBITDA is expected to decrease 6 percent as lower price and a minor FX headwind are partially offset by higher volume and favorable costs. Second-half Adjusted EPS is expected to decline 15 percent compared to second half 2025, due to lower Adjusted EBITDA, higher tax, and higher interest expense.
Full-Year 2026
Outlook1 Q2 2025
Outlook1First-Half
Outlook1Second-Half
Outlook1Revenue Excl.
India$3.60 billion to $3.80 billion$850 million to $900 million$1.61 billion to $1.66 billion$1.99 billion to $2.14 billionGrowth at midpoint
vs. 2025* (5) %(17) %(11) %1 %Adjusted
EBITDA$670 million to $730 million$130 million to $150 million$202 million to $222 million$468 million to $508 millionGrowth at midpoint
vs. 2025* (17) %(32) %(35) %(6) %Adjusted
EPS^ $1.63 to $1.89$0.16 to $0.26$(0.07) to $0.03$1.70 to $1.86Growth at midpoint
vs. 2025*(41) %(70) %(102) %(15) %
^ EPS estimates assume 125.9 million diluted shares for full year, Q2 and H2; 125.3 million diluted shares for H1. *Percentages are calculated using whole numbers. Minor differences may exist due to rounding. India excluded from 2026 guidance and H2 2025 actuals. Variances are calculated versus 2025 results, which include India in the first half of the year.Supplemental InformationThe company will post supplemental information on the web at https://investors.fmc.com, including its webcast slides for tomorrow's earnings call, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term.Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. FMC and the FMC logo are trademarks of FMC Corporation or an affiliate.About FMCFMC Corporation is a global agricultural sciences company dedicated to helping growers produce food, feed, fiber and fuel for an expanding world population while adapting to a changing environment. FMC's innovative crop protection solutions – including biologicals, crop nutrition, digital and precision agriculture – enable growers and crop advisers to address their toughest challenges economically while protecting the environment. FMC is committed to discovering new herbicide, insecticide and fungicide active ingredients, product formulations and pioneering technologies that are consistently better for the planet. Visit fmc.com to learn more and follow us on LinkedIn®.Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in presentations, reports or letters to FMC stockholders.In some cases, FMC has identified these forward-looking statements by such words or phrases as "outlook", "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words or phrases. Such forward-looking statements are based on our current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. The forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These statements are qualified by reference to the risk factors included in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Form 10-K"), the section captioned "Forward-Looking Information" in Part II of the 2025 Form 10-K and to similar risk factors and cautionary statements in all other reports and forms filed with the Securities and Exchange Commission ("SEC"). We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement.We specifically decline to undertake any obligation, and specifically disclaim any duty, to publicly update or revise any forward-looking statements that have been made to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as may be required by law.This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com/investors. Such terms include Adjusted EBITDA, Adjusted earnings, free cash flow and organic revenue growth. In addition, we have also provided on our website reconciliations of non-GAAP terms to the most directly comparable GAAP terms. Although we provide forecasts for adjusted earnings per share, Adjusted EBITDA, and free cash flow (non-GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to, restructuring, acquisition charges, our India held for sale business, and discontinued operations. As a result, no GAAP outlook is provided. Starting with the third quarter 2025 guidance, we provide forecasts for revenue excluding India (non-GAAP financial measure). We are not able to forecast the GAAP revenue due to potential actions we may take during the held for sale period to prepare the business for a potential buyer and other uncertainties, including customer reaction to the announcement of our intention to sell our India commercial business. In 2026, revenue, Adjusted EBITDA and Adjusted EPS outlooks provided exclude India results and variances are calculated versus 2025 results, which include India results in the first half of the year. Organic revenue growth (non-GAAP) excludes the impact of foreign currency changes and the removal of India. FMC CORPORATIONCONSOLIDATED STATEMENTS OF INCOME (LOSS)(Unaudited)
Three Months Ended March 31,(In millions, except per share amounts)2026
2025Revenue$ 758.6
$ 791.4Costs of sales and services512.0
474.7Gross margin$ 246.6
$ 316.7Selling, general and administrative expenses185.1
172.0Research and development expenses65.5
68.7Restructuring and other charges (income)77.0
17.8Total costs and expenses$ 839.6
$ 733.2Income from continuing operations before non-operating pension, postretirement, and
other charges (income), interest expense, net and income taxes$ (81.0)
$ 58.2Non-operating pension, postretirement, and other charges (income)3.4
3.2Interest expense, net64.8
50.1Income (loss) from continuing operations before income taxes$ (149.2)
$ 4.9Provision (benefit) for income taxes112.1
13.5Income (loss) from continuing operations$ (261.3)
$ (8.6)Discontinued operations, net of income taxes(19.9)
(7.0)Net income (loss)$ (281.2)
$ (15.6)Less: Net income (loss) attributable to noncontrolling interests0.1
(0.1)Net income (loss) attributable to FMC stockholders$ (281.3)
$ (15.5)Amounts attributable to FMC stockholders:
Income (loss) from continuing operations, net of tax$ (261.4)
$ (8.5) Discontinued operations, net of tax(19.9)
(7.0) Net income (loss)$ (281.3)
$ (15.5)Basic earnings (loss) per common share attributable to FMC stockholders:
Continuing operations$ (2.09)
$ (0.06) Discontinued operations(0.16)
(0.06) Basic earnings per common share$ (2.25)
$ (0.12)Average number of shares outstanding used in basic earnings per share computations125.3
125.1Diluted earnings (loss) per common share attributable to FMC stockholders:
Continuing operations$ (2.09)
$ (0.06) Discontinued operations(0.16)
(0.06) Diluted earnings per common share$ (2.25)
$ (0.12)Average number of shares outstanding used in diluted earnings per share computations125.3
125.1
Other Data:
Capital additions and other investing activities$ 15.8
$ 37.4Depreciation and amortization expense$ 42.0
$ 43.7 FMC CORPORATIONRECONCILIATION OF NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) TO
ADJUSTED AFTER-TAX EARNINGS FROM CONTINUING OPERATIONS, ATTRIBUTABLE TO FMC
STOCKHOLDERS (NON-GAAP) (1)(Unaudited)
Three Months Ended March 31,(In millions, except per share amounts)2026
2025Net income (loss) attributable to FMC stockholders (GAAP)$ (281.3)
$ (15.5)Corporate special charges (income):
Restructuring and other charges (income) (a)94.7
17.8Non-operating pension, postretirement, and other charges (income) (b)3.4
3.2India held for sale business (c)16.4
—Income tax expense (benefit) on Corporate special charges (income) (d)(18.3)
(4.4)Discontinued operations attributable to FMC stockholders, net of income taxes (e) 19.9
7.0Tax adjustment (f)136.3
14.3Adjusted after-tax earnings (loss) from continuing operations attributable to FMC
stockholders (non-GAAP) (1)$ (28.9)
$ 22.4
Diluted earnings (loss) per common share (GAAP)$ (2.25)
$ (0.12)Corporate special charges (income) per diluted share, before tax:
Restructuring and other charges (income)0.76
0.14Non-operating pension, postretirement, and other charges (income)0.03
0.03India held for sale business 0.13
—Income tax expense (benefit) on Corporate special charges (income), per diluted share(0.15)
(0.04)Discontinued operations attributable to FMC stockholders, net of income taxes per diluted share 0.16
0.06Tax adjustments per diluted share1.09
0.11Diluted adjusted after-tax earnings (loss) from continuing operations per share,
attributable to FMC stockholders (non-GAAP)$ (0.23)
$ 0.18
Average number of shares outstanding used in diluted adjusted after-tax earnings (loss) from
continuing operations per share computations125.3
125.5
(1)Referred to as Adjusted earnings. The Company believes that Adjusted earnings, a non-GAAP financial measure, and its presentation on a per share basis provides useful information about the Company's operating results to management, investors, and securities analysts. Adjusted earnings excludes the effects of corporate special charges, the India held for sale business, tax-related adjustments and the results of our discontinued operations. The Company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying business from period to period.
(a)Three Months Ended March 31, 2026:
Restructuring and other charges (income) includes restructuring charges of $94.5 million primarily comprised of $90.1 million in charges related to Project Foundation, which is management's comprehensive plan to further optimize FMC's cost structure and organizational operations. The charges for Project Foundation include non-cash asset write-off and accelerated depreciation costs of $64.7 million primarily associated with the planned exit of certain production activities; severance and employee separation costs of $6.2 million; and, other miscellaneous charges of $19.2 million, which include contract exit costs and professional service provider costs. During the three months ended March 31, 2026, we also recorded Project Focus-related costs of $4.3 million, primarily related to miscellaneous charges associated with previously implemented activities. Other charges (income) included $3.9 million of charges associated with our environmental sites and $3.7 million of other miscellaneous income.
Three Months Ended March 31, 2025:
Restructuring and other charges (income) includes restructuring charges of $13.6 million primarily related Project Focus, which included $6.6 million of professional service provider costs and other miscellaneous charges, $4.2 million of severance and employee separation costs, and accelerated depreciation of $3.1 million on assets identified for disposal in connection with the restructuring initiative. Other charges (income) of $4.2 million is comprised of $3.5 million of charges associated with our environmental sites and $0.7 million of other miscellaneous charges.
(b)Our non-operating pension, postretirement and other charges (income) includes those costs (benefits) related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These are excluded from our Adjusted earnings and are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We continue to include the service cost and amortization of prior service cost in our Adjusted earnings results noted above. These elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees.
(c)In July 2025, the Board of Directors approved a plan to divest the Company's commercial business in India in response to ongoing challenges in the country. The sale process is underway and is expected to conclude during 2026; and, therefore, the assets related to this business have been classified as held for sale since the third quarter of 2025. The business does not qualify for recognition as discontinued operations and will continue to be presented in the Company's reported GAAP results until a transaction is completed. Beginning with the third quarter of 2025, we have excluded the impact of various activities associated with the anticipated sale from our operating results for non-GAAP purposes. Refer to the table below for the adjustments related to the India held for sale business for the three months ended March 31, 2026.
Three Months Ended March 31,Affected Line Item in the Consolidated
Statements of Income (Loss)(In millions)2026
2025
Operating results$ 34.1
$ —Revenue, Cost of sales and services, and
Selling, general and administrative expensesAsset impairment(20.4)
—Restructuring and other charges (income)Third party provider costs 2.7
—Restructuring and other charges (income)India held for sale business$ 16.4
$ —
(d)The income tax expense (benefit) on Corporate special charges (income) is determined using the applicable rates in the taxing jurisdictions in which the corporate special charge or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the non-GAAP performance measure.
(e)Discontinued operations includes provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations and retained liabilities.
(f)We exclude the GAAP tax provision, including discrete items, from the non-GAAP measure of income, and include a non-GAAP tax provision based upon the projected annual non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but are not limited to: income tax expenses or benefits that are not related to continuing operating results in the current year; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets and related interim accounting impacts; and changes in tax law. In 2024 and 2023, we recorded significant deferred tax assets due to various tax incentives granted to the Company's Swiss subsidiaries (the "Swiss Tax Incentives"). The initial recognition of these Swiss Tax Incentives did not impact our adjusted non-GAAP effective tax rate but will be considered annually as we realize the benefits. Management believes excluding these discrete tax items, as well as the impacts of the Swiss Tax Incentives annually as the related benefits are realized, assists investors and securities analysts in understanding the tax provision and the effective tax rate related to continuing operating results thereby providing investors with useful supplemental information about FMC's operational performance.
Three Months Ended March 31,(In millions)2026
2025Tax adjustments:
Revisions to valuation allowances of historical deferred tax assets (i)$ 124.7
$ (1.2)Net impact of Switzerland tax incentives(5.5)
2.8Foreign currency remeasurement and other discrete items17.1
12.7Total non-GAAP tax adjustments$ 136.3
$ 14.3
(i)As a result of changes in global earnings mix and ongoing tax planning implemented in March 2026, we reevaluated the realizability of our historical deferred tax assets and recorded an increase to our valuation allowance in Switzerland of approximately $123 million during the three months ended March 31, 2026. RECONCILIATION OF NET INCOME (LOSS) (GAAP) TO ADJUSTED EARNINGS FROM CONTINUING
OPERATIONS, BEFORE INTEREST, INCOME TAXES, DEPRECIATION AND AMORTIZATION, AND
NONCONTROLLING INTERESTS (NON-GAAP) (3)(Unaudited)
Three Months Ended March 31,(In millions)2026
2025Net income (loss) (GAAP)$ (281.2)
$ (15.6)Restructuring and other charges (income) (1)94.7
17.8Non-operating pension, postretirement, and other charges (income)3.4
3.2India held for sale business (2)16.4
—Discontinued operations, net of income taxes19.9
7.0Interest expense, net64.8
50.1Depreciation and amortization42.0
43.7Provision (benefit) for income taxes112.1
13.5Adjusted earnings from continuing operations, before interest, income taxes, depreciation
and amortization, and noncontrolling interests (non-GAAP) (3)$ 72.1
$ 119.7
(1)In the reconciliation above, favorable adjustments recorded in connection with the India held for sale business of $17.7 million for the three ended March 31, 2026 are presented in the India held for sale business line, as described in the reconciliation in note (c) above. On the consolidated statements of income (loss), these adjustments are recorded to "Restructuring and other charges (income)."(2)Beginning with the third quarter of 2025, we excluded the operating results of the India commercial business during the held for sale period for non-GAAP purposes. For further details on the charges and write-downs recorded in connection with the India held for sale business, refer to note (c) in the reconciliation above.(3)Referred to as Adjusted EBITDA. Defined as operating profit excluding restructuring and other charges (income), depreciation and amortization expense, and the India held for sale business. RECONCILIATION OF CASH PROVIDED (REQUIRED) BY OPERATING ACTIVITIES OF CONTINUING
OPERATIONS (GAAP) TO FREE CASH FLOW (NON-GAAP) (2)(Unaudited)
Three Months Ended March 31,(In millions)2026
2025Cash provided (required) by operating activities of continuing operations (GAAP) (1)$ (600.9)
$ (545.0)
Capital expenditures(16.6)
(31.6)Other investing activities0.8
(5.8)Capital additions and other investing activities$ (15.8)
$ (37.4)
Cash provided (required) by operating activities of discontinued operations(15.7)
(13.3)Divestiture transaction costs (2)4.3
—Free cash flow (non-GAAP) (3)$ (628.1)
$ (595.7)
(1)The three months ended March 31, 2026 includes cash payments of $66.4 million primarily for restructuring activities related to the Project Focus transformation program as well as Project Foundation. The three months ended March 31, 2025 includes cash payments of $55.7 million for Project Focus.(2)Represents third party provider costs associated with the expected sale of our India commercial business. Proceeds from the sale of our India commercial business anticipated in 2026 will be excluded from free cash flow when received. Therefore, we have also excluded the related transaction costs from free cash flow.(3)Free cash flow is defined as cash provided (required) by operating activities of continuing operations (GAAP) adjusted for spending for capital additions and other investing activities as well as cash provided (required) by discontinued operations and divestiture transaction costs associated with the sale of our GSS business. We believe that this non-GAAP financial measure provides a useful basis for investors and securities analysts to evaluate the cash generated by routine business operations, including to assess our ability to repay debt, fund acquisitions and return capital to shareholders through share repurchases and dividends. Our use of free cash flow has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results under U.S. GAAP. RECONCILIATION OF REVENUE (GAAP)TO REVENUE EXCLUDING INDIA (NON-GAAP) (2)(Unaudited)
Three Months Ended March 31,(In millions)2026
2025Revenue (GAAP)$ 758.6
$ 791.4Less: Revenue from India commercial business (1)(3.8)
—Revenue excluding India (non-GAAP) (2)$ 762.4
$ 791.4
(1)Beginning with the third quarter of 2025, revenue from the India commercial business is excluded from our adjusted results during the held for sale period for non-GAAP purposes. Refer to note (c) above for further details.(2)Although the India held for sale business does not qualify for recognition as discontinued operations, we believe Revenue excluding India (non-GAAP) provides management and investors with useful supplemental information regarding our ongoing revenue performance. RECONCILIATION OF REVENUE CHANGE (GAAP) TO
ORGANIC REVENUE CHANGE (NON-GAAP) (1)(Unaudited)
Three Months Ended March 31, 2026 vs. 2025Total revenue (GAAP) change(4) %Less: Revenue for India held for sale business for the three months ended
March 31, 2026— %Revenue excluding India (non-GAAP) change (1)(4) %Less: Foreign currency impact5 %Organic revenue (non-GAAP) change (2)(9) %
(1)Beginning with the third quarter of 2025, revenue from the India commercial business is excluded from our adjusted results during the held for sale period for non-GAAP purposes. Refer to note (c) above for further details.(2)We believe organic revenue growth (non-GAAP) provides management and investors with useful supplemental information regarding our ongoing revenue performance and trends by presenting revenue growth excluding the impact of fluctuations in foreign exchange rates and the India held for sale business. RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TOFMC STOCKHOLDERS (GAAP) TO RETURN ON INVESTED CAPITAL ("ROIC")NUMERATOR (NON-GAAP) AND ADJUSTED ROIC (USING NON-GAAP NUMERATOR) (1)(Unaudited)
Twelve Months Ended
(In millions, except percentages)March 31, 2026
Net income (loss) attributable to FMC stockholders (GAAP)$ (2,504.7)
Interest expense, net, net of income taxes218.7
Corporate special charges (income)1,871.5
India held for sale business538.1
Income tax expense (benefit) on Corporate special charges (income)(172.0)
Discontinued operations attributable to FMC stockholders, net of income
taxes49.5
Tax adjustments538.3
ROIC numerator (non-GAAP)$ 539.4
March 31, 2026
March 31, 2025Total debt $ 4,533.6
$ 4,003.5Total FMC stockholders' equity1,822.1
4,382.0Total debt and FMC stockholders' equity (GAAP)$ 6,355.7
$ 8,385.5ROIC denominator (2 yr average total debt and FMC stockholders' equity)$ 7,370.6
ROIC (using Net income (loss) attributable to FMC stockholders (GAAP)
as numerator)(33.98) %
Adjusted ROIC (using non-GAAP numerator) (1)7.32 %
(1)We believe Adjusted ROIC (non-GAAP) provides management and investors with useful supplemental information regarding our utilization of capital provided by both equity and debt as well as our working capital and free cash flow management. Additionally, vesting of certain restricted stock awards granted to officers is connected to Adjusted ROIC as a performance metric. FMC CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited)
(In millions)March 31, 2026
December 31, 2025Cash and cash equivalents$ 390.9
$ 584.5Trade receivables, net of allowance of $42.5 in 2026 and $43.3 in 20252,244.8
2,062.0Inventories1,242.6
1,219.6Prepaid and other current assets533.7
481.2Assets held for sale (1)492.9
611.7Total current assets$ 4,904.9
$ 4,959.0Property, plant and equipment, net627.5
707.4Other intangibles, net2,333.5
2,361.8Deferred income taxes1,096.0
1,215.6Other long-term assets457.6
443.4Total assets$ 9,419.5
$ 9,687.2Short-term debt and current portion of long-term debt$ 1,763.0
$ 1,305.1Accounts payable, trade and other634.1
771.0Advanced payments from customers196.3
453.1Accrued and other liabilities 625.5
574.0Accrued customer rebates480.0
417.4Guarantees of vendor financing37.0
45.7Accrued pensions and other postretirement benefits, current3.3
3.3Income taxes26.6
24.0Liabilities held for sale (1)47.5
161.7Total current liabilities$ 3,813.3
$ 3,755.3Long-term debt, less current portion$ 2,770.6
$ 2,769.8Long-term liabilities985.7
1,063.2Equity1,849.9
2,098.9Total liabilities and equity$ 9,419.5
$ 9,687.2
(1)The carrying value of the India held for sale business decreased from $450 million as of December 31, 2025 to $425.0 million as of March 31, 2026 primarily due to receivable collections during the period. The carrying value of the held for sale business is comprised of $445.4 million of net assets held for sale as presented on the consolidated balance sheet and a gain of 20.4 million related to foreign currency translation in connection with the assets identified for disposal. The foreign currency translation gains are recorded in "Accumulated other comprehensive income (loss)" on the consolidated balance sheet and will be reclassified to the consolidated statement of income (loss) upon close of the sale. FMC CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)
Three Months Ended March 31,(In millions)2026
2025Cash provided (required) by operating activities of continuing operations$ (600.9)
$ (545.0)
Cash provided (required) by operating activities of discontinued operations(15.7)
(13.3)
Cash provided (required) by investing activities of continuing operations(16.2)
(38.0)
Cash provided (required) by financing activities of continuing operations442.3
552.1
Effect of exchange rate changes on cash(3.1)
2.2
Increase (decrease) in cash and cash equivalents$ (193.6)
$ (42.0)
Cash and cash equivalents, beginning of period$ 584.5
$ 357.3
Cash and cash equivalents, end of period$ 390.9
$ 315.3
View original content to download multimedia:https://www.prnewswire.com/news-releases/fmc-corporation-reports-first-quarter-2026-results-above-guidance-with-adjusted-ebitda-above-high-end-of-range-reaffirms-full-year-outlook-302757928.htmlSOURCE FMC Corporation
Original: FMC Corporation reports first quarter 2026 results above guidance with Adjusted EBITDA above high end of range, reaffirms full-year outlook
US Market News
3月前
America Is Closing the Gap in the Rare Earth Supply Chain Race - OilPrice.com Market CommentaryMarch 13, 2026 10:50 AM
PR Newswire (US)
NEW YORK, March 13, 2026 /PRNewswire/ -- Access to rare earths has become a central challenge for advanced defense systems, high-performance manufacturing, and next-generation energy technologies. REalloys (ALOY) is already operating in the most strategic segment of that chain, converting heavy rare earth materials into high-performance magnets and alloys inside the United States. REalloys Inc. (ALOY), Albemarle Corporation (NYSE: ALB), Rio Tinto Group (NYSE: RIO), NioCorp Developments (NASDAQ: NB), FMC Corporation (NYSE: FMC), IperionX (NASDAQ: IPX).For Washington, the challenge is not geology — it's processing. Many Western companies are still in early exploration or planning stages. REalloys, by contrast, runs a functioning facility in Euclid, Ohio, where heavy rare earth feedstock is refined and transformed into specialized alloys required for defense and advanced industrial use. By keeping processing onshore, the company addresses the offshore refining bottleneck that has long left U.S. supply chains exposed to foreign supply disruptions.REalloys bridges the gap between separated oxides and the metal inputs required to produce high-performance magnets used across aerospace, defense, energy, and industrial applications, already supplying qualified materials under U.S. Department of Defense contracts as domestic sourcing rules tighten.Rare earth magnets sit at the end of this chain — the high-performance components that enable advanced aircraft systems, EV drivetrains, satellites, and critical industrial infrastructure. Many of the technologies built by major U.S. manufacturers depend on high-performance rare earth magnets that allow motors, cooling systems, and precision components to operate efficiently under demanding conditions.REalloys occupies the pivotal step just before that final assembly, converting separated oxides into the specialized metals and alloys magnet manufacturers depend on. As U.S. sourcing rules tighten, the company is already delivering qualified materials under Department of Defense contracts, positioning it as an operational link in America's domestic rare earth supply chain.What the DoD Needs, And Why It's UrgentThe U.S. military is actively partnering with REalloys for rare earth metals and alloys that feed into current operational programs. The company manufactures defense-specification metal and alloy domestically, built to the exact chemistry already embedded in active program supply chains. When procurement rules shift in 2027 and Chinese-origin material is disqualified, REalloys' output stays compliant with zero reformulation required. No other supplier in North America is currently producing the same grade of qualified heavy rare earth metals and alloys.Heavy rare earths are what enable advanced aerospace and industrial platforms to perform reliably under demanding conditions. Dysprosium and terbium are blended into magnet alloys specifically to maintain magnetic performance as temperatures climb and vibration intensifies — making them essential, not optional, inputs for high-performance applications.REalloys' Position in the Rare Earth Supply ChainCut through the noise, and the domestic rare earth picture narrows quickly. The vast majority of U.S.-based players remain stuck in the early stages — mining, oxide separation, pilot programs, and slide decks. REalloys sits at the opposite end of the value chain, occupying the downstream processing stage where supply chains are either real or they aren't.The company holds a signed commercial processing and long-term offtake deal with the Saskatchewan Research Council (SRC), anchored to the SRC Rare Earth Processing Facility in Saskatoon. That agreement gives REalloys (ALOY) access to 80% of the facility's upgraded annual output under a cost-plus pricing structure. Heavy rare earth production from the expanded facility is on track to come online in early 2027 — a milestone that would make REalloys the sole commercial-scale North American source of dysprosium and terbium oxides.To support that expansion, the company is investing roughly US$21 million to boost heavy rare earth processing throughput by approximately 300%, while also lifting light rare earth (NdPr) capacity by 50%. Target output includes up to 30 tonnes of dysprosium oxide, 15 tonnes of terbium oxide, and 400 tonnes per year of high-purity NdPr metal — with NdPr scaling to 600 tonnes annually once the expansion wraps up. Initial production is expected early next year.Building a Diversified Feedstock PipelineLetters of intent are already in place covering feedstock supply from Kazakhstan, Brazil, and Greenland.In Kazakhstan, REalloys has locked in a non-binding long-term offtake deal with AltynGroup covering rare earth feedstock that includes both light and heavy elements — dysprosium and terbium among them. Critically, that material flows straight into the company's U.S.-based metals and alloy production rather than being shipped offshore for processing.On the Brazilian side, a signed offtake memorandum with St George Mining provides potential access to as much as 40% of rare earth output from the Araxá project, pending finalization of definitive terms.And in Greenland, a 10-year offtake arrangement — currently at the LOI stage — would deliver up to 15% of annual rare earth concentrate production from the Tanbreez project.All of these supply streams ultimately point toward one customer: the U.S. Department of Defense.The Euclid, Ohio Processing HubREalloys' facility in Euclid, Ohio is built to take separated rare earth oxides and reduce them into metal under controlled atmospheric conditions, then alloy the resulting material into compositions suitable for magnet production. The same metallurgical workflow handles both light and heavy rare earths, including dysprosium and terbium. What comes out the other end is pre-alloyed metal — chemistry locked in early in the process and maintained within the narrow tolerances that qualified magnet producers require. Functionally, Euclid occupies the critical space between oxide separation and finished magnet assembly, the exact point where rare earth materials transition from intermediates into production-ready inputs.The finished product moves through standard commercial channels and feeds directly into magnets and components destined for DoD programs.Rebuilding a Lost Capability Under PressureFor the first time in a generation, the United States is attempting to reconstruct its rare earth processing infrastructure — a critical undertaking as tightening export policies from China create new pressure on domestic supply chains across both industrial and defense sectors.The core problem is deceptively simple: outside of China, virtually no one can convert rare earth oxides into finished metal at industrial scale. That conversion step is precisely where Western supply chains went dark decades ago.That bottleneck extends beyond defense programs. It also affects supply chains supporting a broad range of technology and industrial sectors that rely on high-performance rare earth magnets for electric vehicles, energy systems, and advanced computing infrastructure.The Center for Strategic and International Studies (CSIS) has flagged rare earth metallization and alloying as the weakest and hardest-to-restore link in any non-Chinese supply chain. In CSIS's assessment, metal and alloy production represents an experience-based bottleneck — a capability that resists shortcuts, even when capital is abundant. Metallization expertise is accumulated through sustained operational history, not assembled on a timeline. Reaching consistent, magnet-grade quality can take years, sometimes decades. You can fast-track a mine. You cannot fast-track metallization.This is exactly where REalloys (ALOY) operates. While the rest of the Western rare earth sector largely tops out at oxide production or pilot-stage separation, the Euclid facility is running the conversion process that CSIS singles out as the most difficult to replicate. Oxides go in, metal comes out, alloys are formulated, and chemistry stays within specs that downstream buyers have already qualified. This isn't a future capability — it's an active one, running inside a U.S. facility and feeding usable material into defense and magnet supply chains today.Other companies to watch as the rare earth race heats up:Albemarle Corporation (ALB) remains the largest publicly traded lithium producer globally, with a geographically diversified asset base spanning Australian hard-rock spodumene operations, Chilean brine production in the Salar de Atacama, and the Silver Peak facility in Nevada , currently the only active U.S. lithium brine operation.Following the lithium price correction that extended through 2024–2025, Albemarle has shifted decisively toward capital discipline. The company has slowed portions of its expansion pipeline, reduced operating costs, and prioritized high-margin conversion capacity rather than pure volume growth.Rio Tinto Group (RIO) is broadening its portfolio beyond its historic reliance on iron ore by expanding into lithium and copper. The acquisition of Arcadium Lithium materially increased Rio's exposure to battery raw materials and diversified risk away from the politically complex Jadar project in Serbia.At the same time, the underground ramp-up at Oyu Tolgoi in Mongolia is progressing toward steady-state production, with the asset expected to become one of the largest new sources of copper globally. In North America, Rio continues development work on Resolution Copper alongside BHP, though permitting timelines remain a key variable.NioCorp Developments (NB) is the primary developer of the Elk Creek Project in southeast Nebraska, which is poised to become the most significant domestic source of Niobium, Scandium, and Titanium in North America. Following the launch of the White House and EXIM Bank's "Project Vault" initiative in February 2026, a strategic effort to build a U.S. Strategic Critical Minerals Reserve, NioCorp has moved into the national spotlight as a foundational security asset.Operationally, the company has transitioned from exploration to active development, with its Board of Directors approving the official start of the Mine Portal Project in early 2026. This $44.6 million initiative marks the beginning of physical construction at the site, supported by recent drill results that confirmed high-grade mineralization.FMC Corporation (FMC) has undergone a profound structural shift, evolving from a diversified industrial conglomerate with deep roots in defense and lithium into a focused agricultural sciences powerhouse. Historically, FMC was a major defense contractor, famously developing the M113 Armored Personnel Carrier and the Bradley Fighting Vehicle; however, the company divested its defense systems and gold mining interests in the late 1990s to prioritize its high-margin chemical and crop protection segments.In more recent years, FMC's "energy transition" narrative centered on its lithium business, which was vital for the high-performance batteries used in modern military hardware and electric vehicles. This exposure ended in 2018 with the full spin-off of Livent (now part of RIO), effectively removing FMC's direct ties to the critical mineral supply chain.IperionX (IPX) is disrupting the global titanium industry by re-shoring production to the United States using its patented HAMR™ and HSPT technologies. Unlike the traditional, high-cost "Kroll process" utilized in China and Russia, IperionX's method allows for the production of low-carbon, high-performance titanium components using 100% recycled titanium scrap as feedstock. By early 2026, the company has scaled its Titanium Manufacturing Campus in Virginia to a production capacity of 1,400 metric tonnes per year, achieving a significant "EBITDA inflection point" as it begins fulfilling commercial orders for aerospace and defense giants.The company has solidified its status as a critical defense partner, recently securing a prototype purchase order from American Rheinmetall to produce lightweight titanium components for U.S. Army heavy ground combat systems.By. Josh OwensOilprice Intelligence brings you the inside view on where the next gains will come from, breaking down the market's biggest growth driver with analysis from veteran oilmen and experts. Click here to get this crucial intel for freeImportant Disclosure: The owner of Oilprice.com owns shares and/or stock options of the company and therefore has an incentive to see the company's stock perform well. We encourage you to conduct your own due diligence and seek the advice of your financial advisor or broker before investing.FORWARD LOOKING STATEMENTS
This publication contains forward-looking statements, including statements regarding expected continual growth of the featured companies and/or industry. The Publisher notes that statements contained herein that look forward in time, which include everything other than historical information, involve risks and uncertainties that may affect the companies' actual results of operations. Factors that could cause actual results to differ include, but are not limited to, changing governmental laws and policies concerning, among other things, recreational and medical cannabis sales, success of the company's proprietary technology, the size and growth of the market for the company's products and services, the company's ability to fund its capital requirements in the near term and long term, pricing pressures, etc.IMPORTANT NOTICE AND DISCLAIMER
Neither the author nor the publisher, Oilprice.com, was paid to publish this communication concerning REalloys (ALOY). The owner of Oilprice.com owns shares and/or stock options of the featured company and therefore has an incentive to see the featured company's stock perform well. The owner of Oilprice.com may buy or sell shares of the featured company at any time including at or near the time you receive this communication. This share ownership should be viewed as a major conflict with our ability to be unbiased. This is why we stress that you conduct extensive due diligence as well as seek the advice of your financial advisor or a registered broker-dealer before investing in any securities.This communication is not, and should not be construed to be, an offer to sell or a solicitation of an offer to buy any security. Neither this communication nor the Publisher purport to provide a complete analysis of any company or its financial position. The Publisher is not, and does not purport to be, a broker-dealer or registered investment adviser. This communication is not, and should not be construed to be, personalized investment advice directed to or appropriate for any particular investor. Any investment should be made only after consulting a professional investment advisor and only after reviewing the financial statements and other pertinent corporate information about the company. Further, readers are advised to read and carefully consider the Risk Factors identified and discussed in the advertised company's SEC, SEDAR and/or other government filings. Investing in securities is speculative and carries a high degree of risk. Past performance does not guarantee future results. This communication is based on information generally available to the public and does not contain any material, non-public information. The information on which it is based is believed to be reliable. Nevertheless, the Publisher cannot guarantee the accuracy or completeness of the information.INDEMNIFICATION/RELEASE OF LIABILITY
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View original content:https://www.prnewswire.com/news-releases/america-is-closing-the-gap-in-the-rare-earth-supply-chain-race---oilpricecom-market-commentary-302713483.html
Original: America Is Closing the Gap in the Rare Earth Supply Chain Race - OilPrice.com Market Commentary
US Market News
4月前
FMC Corporation sets 2026 priorities and announces exploration of strategic options including but not limited to the sale of the companyFebruary 4, 2026 5:00 PM
PR Newswire (US)
Company reports 2025 fourth quarter and full year results, provides 2026 outlook The organization continues to focus on its 2026 operational priorities, including strengthening the balance sheet, improving the competitiveness of its core portfolio, managing its post-patent Rynaxypyr® active strategy and supporting growth of new active ingredientsThe FMC Board of Directors has authorized the exploration of strategic options, including but not limited to, the sale of the company to unlock shareholder value and ensure its growth and core portfolios are best positioned for long-term successPHILADELPHIA, Feb. 4, 2026 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced its 2026 priorities and the authorization by the Board to explore strategic options. The company also reported fourth quarter and full year 2025 results and provided its 2026 outlook.FMC is focused on executing its 2026 operational priorities, one of which is strengthening the balance sheet by paying down $1 billion in debt through asset sales and licensing agreements. This includes the previously announced sale of the India commercial business. Further priorities focus on improving the competitiveness of the company's legacy core portfolio and managing the post-patent transition for Rynaxypyr® active. FMC will also continue advancing commercialization of new active ingredients, including Isoflex® active, fluindapyr, Dodhylex® active and rimisoxafen.In addition, the company will explore strategic options. FMC's four new active ingredients, along with its broader development pipeline, are unique and transformative. The company believes there is significant opportunity to enhance shareholder value by accelerating growth and delivering enhanced financial results with additional investment in these technologies."Our focus in 2026 is on executing our operational priorities, which include strengthening the balance sheet and improving the overall competitiveness of our portfolio," said Pierre Brondeau, chairman, chief executive officer and president. "In parallel, the Board has authorized the exploration of strategic options to maximize shareholder value and to help ensure our valuable assets and pipeline are positioned for long-term success."The strategic review is at a preliminary stage. There can be no assurance that the process will result in any transaction. The company does not intend to comment further at this time, except as it may do so in the ordinary course in connection with its upcoming earnings call, or if it determines that further disclosure is appropriate or necessary.Full Year 2026 Outlook1 Full year 2026 revenue guidance1 is $3.60 billion to $3.80 billion, a decline of 5 percent at the midpoint versus prior year1. Price is expected to be lower by mid-single digits mainly due to Rynaxypyr®, which is consistent with the company's post-patent strategy. Excluding India, volume is expected to be up modestly as increases in branded Rynaxypyr® and new active ingredients are largely offset by reduced diamide partner orders and declines in its legacy core portfolio. India represents a 2 percent headwind1. FX is expected to be in line with prior year. Sales of new active ingredients are expected to be between $300 million and $400 million, representing growth of over 75 percent at the midpoint versus prior year.Adjusted EBITDA is expected to be $670 million to $730 million, a decline of 17 percent versus prior year mainly due to lower price. Costs are expected to be favorable as lower manufacturing costs more than offset approximately $20 million of additional tariff charges and higher SG&A costs. FX is expected to be a headwind. Adjusted EPS is expected to be $1.63 to $1.89, a decrease of 41 percent versus prior year primarily due to lower Adjusted EBITDA and, to a lesser extent, increased interest expense. Free cash flow is expected to be negative $65 million to $65 million dollars.First Quarter 2026 Outlook1First quarter revenue guidance1 is between $725 million and $775 million, a decline of 5 percent at the midpoint versus prior year driven by a mid-single digit price headwind. Volume is expected to be up slightly with modest growth in most regions, more than offset by the removal of India1. FX is expected to provide a low-single digit tailwind. Adjusted EBITDA is expected to be between $45 million and $55 million, a 58 percent decrease versus prior year. The lower result is driven by pricing as well as headwinds unique to the first quarter. While manufacturing costs are expected to be a full year tailwind, they are a headwind in Q1. Further, tariffs represent a full year $20 million headwind, nearly all of which is expected to be realized in the first quarter. These two factors, coupled with lower sales in the quarter, result in an abnormally low EBITDA margin. EBITDA margins in subsequent quarters are expected to return to more historical levels from higher sales and favorable costs. Adjusted EPS is expected to be negative $0.44 to negative $0.32 representing a midpoint decrease of $0.56 versus prior year driven by lower EBITDA and higher interest expense.
Full Year 2026
Outlook1Q1 2026
Outlook1Revenue excluding India$3.60 billion to $3.80 billion$725 million to $775 millionGrowth at midpoint vs. 2025* -5 %-5 %Adjusted EBITDA$670 million to $730 million$45 million to $55 millionGrowth at midpoint vs. 2025* -17 %-58 %Adjusted EPS^ $1.63 to $1.89$(0.44) to $(0.32)Growth at midpoint vs. 2025* $(1.20)$(0.56)
^Adjusted EPS estimates assume 125.7 million diluted shares for full year and 125.7 million diluted shares for Q1.
*Percentages are calculated using whole numbers. Minor differences may exist due to rounding. India excluded from 2026 guidance and H2 2025 actuals. Variances are calculated versus 2025 results, which include India in the first half of the year.Fourth Quarter and Full Year 2025 ResultsFMC reported fourth quarter 2025 revenue of $1.08 billion, a decline of 12 percent versus fourth quarter 2024. Fourth quarter revenue excluding India was $1.09 billion, 11 percent lower than prior year, which included India, and down 13 percent organically2. Fourth quarter revenue was driven by a 6 percent price decline mainly in Rynaxypyr®. Elevated competition for core products, particularly in Latin America, led to less volume growth than anticipated with overall volume declining 1 percent. In advance of the expected sale of India's commercial business, sales to India were immaterial and represented a 6 percent headwind. FX was a 2 percent tailwind.FMC RevenueQ4 2025Full Year 2025Total Revenue Change (GAAP)(12) %(18) %Total Revenue Change (ex-India) (Non-GAAP)(11) %(8) %Less: 2024 revenue for India held for sale business6 %3 %Like-for-Like Revenue Change (Non-GAAP)(5) %(5) %Consolidated GAAP net loss was $1.72 billion, a decline of $1.70 billion versus Q4 2024, driven primarily by a non-cash goodwill impairment triggered by the decline in our stock price. On a GAAP basis, the company reported a loss of $13.74 per diluted share in the fourth quarter, a decline of $13.61 versus fourth quarter 2024, due primarily to the goodwill impairment. Adjusted earnings were $1.20 per diluted share, a decrease of 33 percent versus fourth quarter 2024. Fourth quarter Adjusted EBITDA of $280 million was 17 percent lower than prior-year period which included India. Excluding India1, Adjusted EBITDA was down 8 percent as lower price and lower volumes were partially offset by favorable costs and an FX tailwind. The company maintained a healthy EBITDA margin of 26 percent.For the full year, FMC reported revenue of $3.47 billion, a decrease of 18 percent compared to 2024. Revenue excluding second half India sales was $3.89 billion, down 8 percent versus 20241. Lower sales were driven by a 6 percent price decline, nearly half of which was due to adjustments for certain diamide partners on "cost-plus" contracts. The remaining price decline was due to competitive pressure on core portfolio products and price reductions for branded Rynaxypyr®. Volume improved 1 percent driven by increased demand for new active ingredients and expanded market access in Brazil. Sales of the new active ingredients fluindapyr, Isoflex® and Dodhylex® reached approximately $200 million. While sales grew 54 percent in 2025, it was below company expectations of $250 million mainly due to impacts from the timing of receiving registration for Isoflex® in Great Britain. FX was essentially flat to prior year.On a GAAP basis, the company reported a full-year net loss of $2.24 billion, down $2.58 billion versus the previous year driven by the goodwill impairment and charges and adjustments recorded in connection with India "held for sale" business. Consolidated loss of $17.88 per diluted share represents a year-over-year decrease of $20.60. Full-year Adjusted Earnings were $2.96 per diluted share, a decrease of 15 percent compared to 2024 due to lower Adjusted EBITDA, higher interest costs and a higher tax rate.Full year Adjusted EBITDA of $843 million was down 7 percent versus prior year. Favorable cost of goods sold and growth of new active ingredients were more than offset by price declines, the removal of India beginning in H2 2025 and an FX headwind.On a GAAP basis, cash flow from operations was negative $6 million, a decrease of $743 million versus 2024, primarily due to working capital impacts including less inventory drawdown than prior year as well as lower earnings. Free cash flow in 2025 was negative $165 million, a decrease of $779 million versus 2024, mainly due to lower cash from operations.FMC Regional Revenue*Q4 2025Q4 2024Full Year 2025Full Year 2024North America$350.5$340.0$1,102.2$1,173.4Latin America$371.1$390.2$1,351.4$1,389.5EMEA$183.8$187.5$871.5$834.8Asia (excluding India)1$180.7$306.6$564.2$848.4India1$(2.8)—$(421.9)—Total Revenue (GAAP)$1,083.3$1,224.3$3,467.4$4,246.1(*in millions)Supplemental InformationThe company will post supplemental information on the web at https://investors.fmc.com, including its webcast slides for tomorrow's earnings call, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term.Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. FMC, the FMC logo, and Dodhylex, Isoflex and Rynaxypyr are trademarks of FMC Corporation or an affiliate.About FMCFMC Corporation is a global agricultural sciences company dedicated to helping growers produce food, feed, fiber and fuel for an expanding world population while adapting to a changing environment. FMC's innovative crop protection solutions – including biologicals, crop nutrition, digital and precision agriculture – enable growers and crop advisers to address their toughest challenges economically while protecting the environment. FMC is committed to discovering new herbicide, insecticide and fungicide active ingredients, product formulations and pioneering technologies that are consistently better for the planet. Visit fmc.com to learn more and follow us on LinkedIn®. Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in presentations, reports or letters to FMC stockholders.In some cases, FMC has identified these forward-looking statements by such words or phrases as "outlook", "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words or phrases. Such forward-looking statements are based on our current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. The forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These statements are qualified by reference to the risk factors included in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Form 10-K"), the section captioned "Forward-Looking Information" in Part II of the 2024 Form 10-K and to similar risk factors and cautionary statements in all other reports and forms filed with the Securities and Exchange Commission ("SEC"). We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement.We specifically decline to undertake any obligation, and specifically disclaim any duty, to publicly update or revise any forward-looking statements that have been made to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as may be required by law.This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com/investors. Such terms include adjusted EBITDA, adjusted earnings, free cash flow, organic revenue growth and revenue excluding India. In addition, we have also provided on our website reconciliations of non-GAAP terms to the most directly comparable GAAP terms. Although we provide forecasts for adjusted earnings per share, adjusted EBITDA, and free cash flow (non-GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to, restructuring, acquisition charges, our India held for sale business, and discontinued operations. As a result, no GAAP outlook is provided. Starting with the third quarter 2025 guidance, we provide forecasts for revenue excluding India (non-GAAP financial measure). We are not able to forecast the GAAP revenue due to potential actions we may take during the held for sale period to prepare the business for a potential buyer and other uncertainties, including customer reaction to the announcement of our intention to sell our India commercial business. In H2 2025, revenue, Adjusted EBITDA and Adjusted EPS outlooks provided exclude India results and variances are calculated versus 2024 results, which include India. 2026 guidance excludes contributions from the India commercial business and variances are calculated versus 2025 results, which exclude H2 2025 India resultsOrganic revenue growth (non-GAAP) excludes the impact of foreign currency changes and the India held for sale business.In certain instances, parts included in the variance explanations in the discussion may not sum to the total variance for the financial statement line item due to rounding. FMC CORPORATIONCONSOLIDATED STATEMENTS OF INCOME (LOSS)(Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,(In millions, except per share amounts)2025
2024
2025
2024Revenue$ 1,083.3
$ 1,224.3
$ 3,467.4
$ 4,246.1Costs of sales and services652.2
699.6
2,184.4
2,597.2Gross margin$ 431.1
$ 524.7
$ 1,283.0
$ 1,648.9Selling, general and administrative expenses$ 168.7
$ 156.7
$ 684.9
$ 644.6Research and development expenses67.7
72.2
266.1
278.0Restructuring and other charges (income)1,611.3
61.2
1,960.3
219.8Total costs and expenses$ 2,499.9
$ 989.7
$ 5,095.7
$ 3,739.6Income (loss) from continuing operations before non-operating
pension, postretirement, and other charges (income), interest
expense, net and income taxes$ (1,416.6)
$ 234.6
$ (1,628.3)
$ 506.5Non-operating pension, postretirement, and other charges (income)3.3
5.3
18.7
18.2Interest expense, net64.4
51.8
239.6
235.8Income (loss) from continuing operations before income taxes$ (1,484.3)
$ 177.5
$ (1,886.6)
$ 252.5Provision (benefit) for income taxes204.1
148.0
314.2
(150.9)Income (loss) from continuing operations$ (1,688.4)
$ 29.5
$ (2,200.8)
$ 403.4Discontinued operations, net of income taxes(32.6)
(45.6)
(36.6)
(61.8)Net income (loss)$ (1,721.0)
$ (16.1)
$ (2,237.4)
$ 341.6 Less: Net income (loss) attributable to noncontrolling interests(0.2)
0.2
1.5
0.5Net income (loss) attributable to FMC stockholders$ (1,720.8)
$ (16.3)
$ (2,238.9)
$ 341.1Amounts attributable to FMC stockholders:
Income (loss) from continuing operations, net of tax$ (1,688.2)
$ 29.3
$ (2,202.3)
$ 402.9 Discontinued operations, net of tax(32.6)
(45.6)
(36.6)
(61.8) Net income (loss)$ (1,720.8)
$ (16.3)
$ (2,238.9)
$ 341.1Basic earnings (loss) per common share attributable to FMC
stockholders:
Continuing operations$ (13.48)
$ 0.23
$ (17.59)
$ 3.22 Discontinued operations(0.26)
(0.36)
(0.29)
(0.49) Basic earnings per common share$ (13.74)
$ (0.13)
$ (17.88)
$ 2.73Average number of shares outstanding used in basic earnings per
share computations125.2
125.0
125.2
125.0Diluted earnings (loss) per common share attributable to FMC
stockholders:
Continuing operations$ (13.48)
$ 0.23
$ (17.59)
$ 3.21 Discontinued operations(0.26)
(0.36)
(0.29)
(0.49) Diluted earnings per common share$ (13.74)
$ (0.13)
$ (17.88)
$ 2.72Average number of shares outstanding used in diluted earnings per
share computations125.2
125.5
125.2
125.4
Other Data:
Capital additions and other investing activities$ 13.6
$ 20.1
$ 85.1
$ 71.6Depreciation and amortization expense43.1
43.1
173.6
176.3 FMC CORPORATIONRECONCILIATION OF NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) TO ADJUSTED AFTER-TAX EARNINGS FROM CONTINUING OPERATIONS, ATTRIBUTABLE TO FMC STOCKHOLDERS (NON-GAAP) (Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,(In millions, except per share amounts)2025
2024
2025
2024Net income (loss) attributable to FMC stockholders (GAAP)$ (1,720.8)
$ (16.3)
$ (2,238.9)
$ 341.1Corporate special charges (income):
Restructuring and other charges (income) (a)1,641.8
61.2
1,775.7
219.8Non-operating pension, postretirement, and other charges (income) (b)3.3
5.3
18.7
18.2India held for sale business (c)12.1
—
521.7
—Income tax expense (benefit) on Corporate special charges (income) (d)(130.5)
(8.7)
(158.1)
(37.1)Discontinued operations attributable to FMC stockholders, net of income
taxes (e)32.6
45.6
36.6
61.8Tax adjustment (f)312.0
137.5
416.3
(167.5)Adjusted after-tax earnings from continuing operations attributable to
FMC stockholders (non-GAAP) (1)$ 150.5
$ 224.6
$ 372.0
$ 436.3
Diluted earnings per common share (GAAP)$ (13.74)
$ (0.13)
$ (17.88)
$ 2.72Corporate special charges (income) per diluted share, before tax:
Restructuring and other charges (income)13.11
0.49
14.18
1.75Non-operating pension, postretirement, and other charges (income)0.03
0.04
0.15
0.15India held for sale business0.10
—
4.16
—Income tax expense (benefit) on Corporate special charges (income), per
diluted share(1.04)
(0.07)
(1.26)
(0.30)Discontinued operations attributable to FMC stockholders, net of income
taxes per diluted share0.26
0.36
0.29
0.49Tax adjustments per diluted share2.48
1.10
3.32
(1.33)Diluted adjusted after-tax earnings from continuing operations per share,
attributable to FMC stockholders (non-GAAP)$ 1.20
$ 1.79
$ 2.96
$ 3.48
Average number of shares outstanding used in diluted adjusted after-tax
earnings from continuing operations per share computations (2)125.6
125.5
125.6
125.4____________________(1)Referred to as Adjusted earnings. The Company believes that Adjusted earnings, a non-GAAP financial measure, and its presentation on a per share basis, provides useful information about the Company's operating results to management, investors, and securities analysts. Adjusted earnings excludes the effects of Corporate special charges, the India held for sale business, tax-related adjustments and the results of our discontinued operations. The Company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying businesses from period to period.
(2)The average number of shares outstanding used in the three and twelve months ended December 31, 2025 diluted adjusted after-tax earnings from continuing operations per share computation (non-GAAP) includes 0.3 million and 0.4 million diluted shares, respectively. This number of shares differs from the average number of shares outstanding used in diluted earnings per share computations (GAAP) as we had a net loss from continuing operations attributable to FMC stockholders during each of the three and twelve months ended December 31, 2025. Per share amounts may differ due to the average number of outstanding shares used in the calculation.
(a)Three Months Ended December 31, 2025:
As a result of the recent significant decrease in our stock price, we performed a test of our goodwill and other intangible assets for impairment in connection with the preparation of our financial statements, which resulted in a $1,356.2 million write-off of our entire goodwill balance during the three months ended December 31, 2025. Restructuring and other charges (income) also include restructuring charges of $200.1 million primarily related to management's recently announced comprehensive plan to further optimize FMC's cost structure and organizational operations, referred to as "Project Foundation." The charges of $172.0 million for Project Foundation incurred during the three months ended December 31, 2025 include non-cash asset write-off and accelerated depreciation costs of $155.7 million primarily associated with the planned exit of certain production activities, professional service provider costs and other miscellaneous charges of $14.5 million, and severance and employee separation costs of $1.8 million. During the three months ended December 31, 2025, we also recorded Project Focus-related costs of $27.9 million, including $9.2 million of severance and employee separation costs, $8.2 million of professional service provider costs and other miscellaneous charges, and $10.5 million of write-offs on assets identified for disposal and other asset impairment charges, which includes costs of $5.0 million incurred in connection with the shutdown of a product line at one of our manufacturing locations recorded to "Cost of Sales and services" on the consolidated statements of income (loss). In the reconciliation above, these costs are included in the restructuring and other charges line. In addition to the goodwill write-off, other charges (income) are comprised of $83.6 million of charges associated with our environmental sites and other charges of $1.9 million.
Three Months Ended December 31, 2024:
Restructuring and other charges (income) include restructuring charges of $169.8 million primarily related to Project Focus. In connection with the evaluation of our supply chain footprint as part of Project Focus, we incurred contract abandonment charges of $132.1 million during the fourth quarter of 2024. Charges incurred related to Project Focus also consist of $11.3 million of severance and employee separation costs, $6.9 million of professional service provider costs and other miscellaneous charges, $13.2 million of asset impairment charges, and accelerated depreciation of $6.1 million on assets identified for disposal in connection with the restructuring initiative. Other charges (income) of $(108.6) million include a $180.3 million gain, net of fourth quarter incurred transaction costs, from the sale of Global Specialty Solutions ("GSS") business, which was completed on November 1, 2024. The gain from the GSS sale was partially offset by $60.9 million of charges associated with our environmental sites and $10.8 million of other miscellaneous charges.
Twelve Months Ended December 31, 2025:
As a result of the recent significant decrease in our stock price, we performed a test of our goodwill and other intangible assets for impairment in connection with the preparation of our financial statements, which resulted in a $1,356.2 million write-off of our entire goodwill balance during the fourth quarter. Restructuring and other charges (income) also include restructuring charges of $288.8 million related to Project Foundation as well as Project Focus. The charges of $172.0 million for Project Foundation incurred during the twelve months ended December 31, 2025 include non-cash asset write-off and accelerated depreciation costs of $155.7 million primarily associated with the planned exit of certain production activities, professional service provider costs and other miscellaneous charges of $14.5 million, and severance and employee separation costs of $1.8 million. During the year ended December 31, 2025, we recorded Project Focus-related costs of $116.4 million, including $25.4 million of severance and employee separation costs and $27.8 million of professional service provider costs and other miscellaneous charges. As part of Project Focus, we also incurred $63.2 million of write-offs on assets identified for disposal and other asset impairment charges, which includes $27.0 million of abandonment charges and $17.3 million of other charges, primarily consisting of stranded raw materials related charges, incurred in connection with the shutdown of a product line at one of our manufacturing locations. The costs of $17.3 million were recorded to "Cost of Sales and services" on the consolidated statements of income (loss) and are included in the restructuring and other charges line in the reconciliation above. In addition to the goodwill write-off, other charges (income) are comprised of $99.4 million of charges associated with our environmental sites, a charge of $11.9 million due to changes in our estimate for Furadan disposal costs at our Middleport site, losses of $7.7 million related to the devaluation of the Argentine peso driven by government actions, and $11.7 million of other miscellaneous charges.
Twelve Months Ended December 31, 2024:
Restructuring and other charges (income) include restructuring charges of $303.0 million primarily related to Project Focus. We incurred $132.1 million of contract abandonment charges as a result of the continued evaluation of our supply chain footprint and $53.3 million of non-cash asset write-off charges resulting from the contract termination with one of our third-party manufacturers. Charges incurred in connection with Project Focus also consist of $55.8 million of severance and employee separation costs, including costs associated with the CEO transition, $31.0 million of professional service provider costs and other miscellaneous charges, accelerated depreciation of $20.5 million on assets identified for disposal in connection with the restructuring initiative and $13.2 million of asset impairment charges. These Project Focus restructuring charges were partially offset by a $3.1 million gain recognized on the disposition of a previously closed manufacturing site. Other charges (income) of (83.2) million are comprised of a gain, net of full year incurred transaction costs, of $174.4 million from the sale of our GSS business. The gain from the GSS sale was partially offset by $74.7 million of charges associated with our environmental sites and $16.5 million of other miscellaneous charges.
(b)Our non-operating pension and postretirement charges (income) are defined as those costs (benefits) related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These are excluded from our Adjusted Earnings and are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance, and we consider these costs to be outside our operational performance. We continue to include the service cost and amortization of prior service cost in our Adjusted Earnings results noted above. These elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees.
(c)As announced previously, the Board of Directors approved a plan in July 2025 to divest from the Company's commercial business in India in response to ongoing commercial challenges in the country. The sale process is underway and is expected to conclude during 2026; and, therefore, the assets related to this business are classified as held for sale beginning in the third quarter of 2025. The business does not qualify for recognition as discontinued operations and will continue to be presented in the Company's reported GAAP results until a transaction is completed. For non-GAAP purposes, we excluded the impact of various activities associated with the anticipated sale from our operating results. Refer to the table below for the adjustments related to the India held for sale business for the three and twelve months ended December 31, 2025.
Three Months Ended
December 31,
Twelve Months Ended
December 31,Affected Line Item in the
Consolidated Statements of
Income (Loss)(in Millions)2025
2024
2025
2024
Operating results,
substantially one-time
commercial actions$ 37.6
$ —
$ 319.8
$ —Revenue, Cost of sales and
services, and Selling, general
and administrative expensesAsset impairment(32.0)
—
194.8
—Restructuring and other charges
(income)Third party provider costs 6.5
—
7.1
—Restructuring and other charges
(income)India held for sale business$ 12.1
$ —
$ 521.7
$ —
Beginning with the third quarter of 2025, we excluded the operating results of the India commercial business during the held for sale period for non-GAAP purposes. In preparation for the sale, we took a series of target actions to optimize the business for transfer and reflect its fair value.
Total adjustment - approximately $522 million
The assets associated with the India commercial business held a carrying value of approximately $960 million at June 30, 2025. We evaluated the fair value of the assets associated with the business and the estimated fair value less costs to sell was determined to be $450 million. Accordingly, we recorded $522 million of charges and write-downs in 2025 as a result of one-time commercial actions to prepare the business for sale and an asset impairment charge in accordance with the held-for-sale accounting standards. This adjustment was reflected across multiple income statement line items.
•Operating results, substantially pre-sale commercial adjustments ($320 million): These one-time actions commenced during the period included product returns and pricing changes designed to (1) accelerate receivables collection, (2) optimize the working capital mix of receivables and inventory, and (3) address contemporaneous changes in local indirect taxation. These adjustments impacted both the Revenue and Cost of sales and services line items on the consolidated statement of income (loss), resulting in revenue charges for the India business in 2025. These actions were taken in both collaboration with and in anticipation of customer behavior stemming from known indirect tax implications and broader market dynamics. These steps will help mitigate collection and local tax risks and position the business for a stronger sale outcome. The $320 million is made up of revenue charges of $422 million, a credit to cost of sales of $128 million and selling, general and administrative charges of $26 million.
•Asset impairment ($195 million): Following the commercial adjustments, we evaluated the remaining carrying value of the net assets associated with the business. The difference between the adjusted carrying value and the estimated fair value, less costs to sale, was recorded as a formal impairment, reflected within the Restructuring and Other Charges line item on the consolidated statement of income (loss).
Balance sheet impact - The combination of commercial adjustments and impairment resulted in a write-down of the assets identified as held for sale to $450 million, as presented on the consolidated balance sheet as of December 31, 2025.
(d)The income tax expense (benefit) on Corporate special charges (income) is determined using the applicable rates in the taxing jurisdictions in which the Corporate special charge or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the non-GAAP performance measure.
(e)Discontinued operations for all periods presented includes provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations and retained liabilities. Discontinued operations for the twelve months ended December 31, 2024 includes cash proceeds, net of fees of $18.0 million received as the result of insurance settlements for retained legal reserves. We recorded a $34.5 million reduction in our legal reserve in discontinued operations during the twelve months ended December 31, 2025 as a result of a decrease in outstanding cases.
(f)We exclude the GAAP tax provision, including discrete items, from the non-GAAP measure of income, and include a non-GAAP tax provision based upon the projected annual non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but are not limited to: income tax expenses or benefits that are not related to continuing operating results in the current year; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets and related interim accounting impacts; and changes in tax law. In 2024 and 2023, we recorded significant deferred tax assets, net of valuation allowance, due to various tax incentives granted to the Company's Swiss subsidiaries (the "Swiss Tax Incentives"). The initial recognition of these Swiss Tax Incentives did not impact our adjusted non-GAAP effective tax rate but will be considered annually as we realize the benefits. Management believes excluding these discrete tax items, as well as the impacts of the Swiss Tax Incentives, assists investors and securities analysts in understanding the tax provision and the effective tax rate related to continuing operating results thereby providing investors with useful supplemental information about FMC's operational performance.
Three Months Ended
Twelve Months Ended
December 31,
December 31,(In millions)2025
2024
2025
2024Tax adjustments:
Revisions to valuation allowances of historical deferred tax
assets0.1
—
45.3
(1.6)Net impact of Switzerland tax incentives302.8
122.3
334.7
(153.9)Foreign currency remeasurement and other discrete items9.1
15.2
36.3
(12.0)Total non-GAAP tax adjustments$ 312.0
$ 137.5
$ 416.3
$ (167.5) RECONCILIATION OF NET INCOME (LOSS) (GAAP) TO ADJUSTED EARNINGS FROM CONTINUING
OPERATIONS, BEFORE INTEREST, INCOME TAXES, DEPRECIATION AND AMORTIZATION,
AND NONCONTROLLING INTERESTS (NON-GAAP)
(Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,(In millions)2025
2024
2025
2024Net income (loss) (GAAP)$ (1,721.0)
$ (16.1)
$ (2,237.4)
$ 341.6Restructuring and other charges (income) (1)1,641.8
61.2
1,775.7
219.8Non-operating pension and postretirement charges (income)3.3
5.3
18.7
18.2India held for sale business (2)12.1
—
521.7
—Discontinued operations, net of income taxes32.6
45.6
36.6
61.8Interest expense, net64.4
51.8
239.6
235.8Depreciation and amortization43.1
43.1
173.6
176.3Provision (benefit) for income taxes204.1
148.0
314.2
(150.9)Adjusted earnings from continuing operations, before interest,
income taxes, depreciation and amortization, and noncontrolling
interests (non-GAAP) (3)$ 280.4
$ 338.9
$ 842.7
$ 902.6___________________(1)The three and twelve months ended December 31, 2025 includes charges of $1,636.8 million and $1,758.4 million, respectively, shown as "Restructuring and other charges (income)" on the consolidated statements of income (loss) as well as $5.0 million and $17.3 million, respectively, recorded to "Cost of Sales and services" on the consolidated statements of income (loss). A favorable adjustment of $25.5 million and charges of $201.9 million for the three and twelve months ended December 31, 2025, respectively, are recorded to "Restructuring and other charges (income)" on the consolidated statements of income (loss). However, these amounts are presented in the India held for sale business line of the reconciliation above, as described in the reconciliation in note (c) above.
(2)Beginning with the third quarter of 2025, we excluded the operating results of the India commercial business during the held for sale period for non-GAAP purposes. For the three and twelve months ended December 31, 2025, we have excluded $12.1 million and $521.7 million of charges and write-offs in connection with the India held for sale business as a result of one-time commercial actions to prepare the business for sale and an asset impairment charge in accordance with the held-for-sale accounting standards. For further details, refer to note (c) in the reconciliation above.
(3)Referred to as Adjusted EBITDA. Defined as operating profit excluding corporate special charges (income) and depreciation and amortization expense. RECONCILIATION OF CASH PROVIDED (REQUIRED) BY OPERATING ACTIVITIES OF CONTINUING
OPERATIONS (GAAP) TO FREE CASH FLOW (NON-GAAP)(Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,(In millions)2025
2024
2025
2024Cash provided (required) by operating activities of continuing
operations (GAAP)(1)$ 657.1
$ 427.9
$ (6.2)
$ 736.7
Capital expenditures$ (26.0)
$ (21.6)
$ (96.3)
$ (67.9)Other investing activities12.4
1.5
11.2
(3.7)Capital additions and other investing activities$ (13.6)
$ (20.1)
$ (85.1)
$ (71.6)
Cash provided (required) by operating activities of discontinued
operations$ (20.3)
$ (28.4)
$ (74.0)
$ (65.6)Divestiture transaction costs (2)—
14.0
—
14.0Free cash flow (non-GAAP) (3)$ 623.2
$ 393.4
$ (165.3)
$ 613.5___________________(1)Includes cash payments made in connection with our Project Focus transformation program of $16.8 million and $93.8 million for the three and twelve months ended December 31, 2025, respectively. The three and twelve months ended December 31, 2024 includes Project Focus cash payments of $16.3 million and $106.2 million, respectively.
(2)Represents transactional-related costs such as legal and professional third-party fees associated with the sale of our Global Specialty Solutions ("GSS") business. Proceeds from the sale of our GSS business are excluded from free cash flow. Therefore, we have also excluded the related transaction costs from free cash flow.
(3)Free cash flow is defined as cash provided (required) by operating activities of continuing operations (GAAP) adjusted for spending for capital additions and other investing activities as well as cash provided (required) by discontinued operations and divestiture transaction costs associated with the sale of our GSS business. We believe that this non-GAAP financial measure provides a useful basis for investors and securities analysts to evaluate the cash generated by routine business operations including to assess our ability to repay debt, fund acquisitions and return capital to shareholders through share repurchases and dividends. Our use of free cash flow has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results under U.S. GAAP. RECONCILIATION OF REVENUE (GAAP) TO REVENUE EXCLUDING INDIA (NON-GAAP)(2)(Unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2025
2024
2025
2024Revenue (GAAP)$ 1,083.3
$ 1,224.3
$ 3,467.4
4,246.1Less: Revenue from India commercial
business(1)(2.8)
—
(421.9)
—Revenue excluding India (non-GAAP)(2)$ 1,086.1
$ 1,224.3
$ 3,889.3
$ 4,246.1___________________(1)Beginning with the third quarter of 2025, revenue from the India commercial business is excluded from our results during the held for sale period for non-GAAP purposes. During the twelve months ended December 31, 2025, we took several one-time commercial actions to prepare the India commercial business for sale. Refer to note (c) above for further details.
(2)Although the India held for sale business does not qualify for recognition as discontinued operations, we believe Revenue excluding India (non-GAAP) provides management and investors with useful supplemental information regarding our ongoing revenue performance. RECONCILIATION OF REVENUE CHANGE (GAAP) TO ORGANIC REVENUE CHANGE (NON-GAAP)(1)(Unaudited)
Three Months Ended
December 31, 2025 vs. 2024
Twelve Months Ended
December 31, 2025 vs. 2024Total Revenue Change (GAAP)(12) %
(18) %Less: Revenue for India held for sale business for the three and twelve
months ended December 31, 2025(1) %
(10) %Revenue Excluding India Change (non-GAAP)(2)(11) %
(8) %Less: Foreign Currency Impact2 %
— %Organic Revenue Change (non-GAAP)(1)(13) %
(8) %___________________(1)We believe organic revenue growth (non-GAAP) provides management and investors with useful supplemental information regarding our ongoing revenue performance and trends by presenting revenue growth excluding the impact of fluctuations in foreign exchange rates and the India held for sale business.
(2)Beginning with the third quarter of 2025, revenue from the India commercial business is excluded from our adjusted results during the held for sale period for non-GAAP purposes. Refer to note (c) above for further details on the adjustment for the India held for sale business. RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) TO RETURN ON INVESTED CAPITAL ("ROIC") NUMERATOR (NON-GAAP) AND ROIC (USING NON-GAAP NUMERATOR)(1)(Unaudited)
Twelve Months Ended
December 31, 2025
Net income (loss) attributable to FMC stockholders (GAAP)$ (2,238.9)
Interest expense, net, net of income taxes208.4
Corporate special charges (income)1,794.4
India held for sale business521.7
Income tax expense (benefit) on Corporate special charges (income)(158.1)
Discontinued operations attributable to FMC stockholders, net of income taxes36.6
Tax adjustments416.3
ROIC numerator (non-GAAP)$ 580.4
December 31, 2025
December 31, 2024Total debt $ 4,074.9
$ 3,365.3Total FMC stockholders' equity2,071.5
4,487.5Total debt and FMC stockholders' equity (GAAP)$ 6,146.4
$ 7,852.8ROIC denominator (2 yr average total debt and FMC stockholders' equity)$ 6,999.6
ROIC (using Net income (loss) attributable to FMC stockholders (GAAP) as
numerator)(31.99) %
Adjusted ROIC (using non-GAAP numerator)8.29 %
___________________(1)We believe Adjusted ROIC (non-GAAP) provides management and investors with useful supplemental information regarding our utilization of capital provided by both equity and debt as well as our working capital and free cash flow management. Additionally, vesting of certain restricted stock awards granted to officers is connected to Adjusted ROIC as a performance metric. FMC CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited)
(In millions)December 31, 2025
December 31, 2024Cash and cash equivalents$ 584.5
$ 357.3Trade receivables, net of allowance of $43.3 in 2025 and $39.4 in 20242,062.0
2,903.2Inventories1,219.6
1,201.6Prepaid and other current assets481.2
496.2Assets held for sale (1)611.7
—Total current assets$ 4,959.0
$ 4,958.3Property, plant and equipment, net707.4
849.7Goodwill—
1,507.0Other intangibles, net2,361.8
2,360.7Deferred income taxes1,215.6
1,523.8Other long-term assets443.4
453.8Total assets$ 9,687.2
$ 11,653.3Short-term debt and current portion of long-term debt$ 1,305.1
$ 337.4Accounts payable, trade and other771.0
768.5Advanced payments from customers453.1
453.8Accrued and other liabilities 574.0
755.2Accrued customer rebates417.4
489.9Guarantees of vendor financing45.7
85.5Accrued pensions and other postretirement benefits, current3.3
6.4Income taxes24.0
122.5Liabilities held for sale (1)161.7
—Total current liabilities$ 3,755.3
$ 3,019.2Long-term debt, less current portion$ 2,769.8
$ 3,027.9Long-term liabilities1,063.2
1,097.4Equity2,098.9
4,508.8Total liabilities and equity$ 9,687.2
$ 11,653.3___________________(1)As of December 31, 2025, the net assets related to the India commercial business are classified as held for sale. Refer to the table below for the impact of actions taken to position the business for sale and the estimated fair value of the related assets.
(in Millions)
Net assets as of June 30, 2025$ 959.0Less: Operating results, substantially one-time commercial actions(319.8)Asset impairment(194.8)Net transfers with parent5.6Net assets as of December 31, 2025$ 450.0 FMC CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)
Year Ended December 31,(In millions)2025
2024Cash provided (required) by operating activities of continuing operations$ (6.2)
$ 736.7
Cash provided (required) by operating activities of discontinued operations(74.0)
(65.6)
Cash provided (required) by investing activities of continuing operations(99.7)
263.6
Cash provided (required) by financing activities of continuing operations386.0
(870.1)
Effect of exchange rate changes on cash21.1
(9.7)
Increase (decrease) in cash and cash equivalents$ 227.2
$ 54.9
Cash and cash equivalents, beginning of period357.3
302.4
Cash and cash equivalents, end of period$ 584.5
$ 357.3
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Original: FMC Corporation sets 2026 priorities and announces exploration of strategic options including but not limited to the sale of the company