FMC Corporation reports second quarter 2026 results with Adjusted EBITDA above high end of guidance range and solid cash generation
Rhea-AI Summary
FMC (NYSE:FMC) reported Q2 2026 revenue of $867 million, down 17% year over year; revenue excluding India was $841 million, down 20%. Organic revenue declined 22%. The company posted a GAAP net loss of $187 million (–$1.49 per share) and Adjusted EBITDA of $153 million, down 26%, with adjusted EPS of $0.26, down 62%.
GAAP cash from operations rose to $363 million and free cash flow to $357 million, helped by a $200 million rimisoxafen licensing upfront. FMC outlined about $1 billion of planned proceeds for debt reduction and lowered 2026 guidance: revenue to $3.50–$3.70 billion, Adjusted EBITDA to $620–$680 million, and adjusted EPS to $1.19–$1.49. The board concluded its strategic review and the company expects year-over-year growth to resume in Q4 2026.
Positive
- Q2 2026 free cash flow $357 million, up $318 million year over year
- Q2 2026 cash from operations $363 million, up $297 million versus 2025
- $200 million upfront licensing payment for rimisoxafen received in Q2 2026
- Approx. $1 billion expected 2026 proceeds earmarked for debt reduction
- Q4 2026 revenue ex-India guided up 4% at midpoint versus Q4 2025
- Q4 2026 Adjusted EBITDA guided up 5% at midpoint versus Q4 2025
Negative
- Q2 2026 revenue $867 million, down 17% year over year
- Q2 2026 Adjusted EBITDA $153 million, down 26% year over year
- Q2 2026 adjusted EPS $0.26, down 62% versus Q2 2025
- Q2 2026 GAAP net loss $187 million, $2.02 per share worse than prior year
- 2026 revenue ex-India guidance down 7% at midpoint versus 2025
- 2026 Adjusted EBITDA guidance down 23% and adjusted EPS down 55% at midpoints
News Explained
FMC’s roughly $1 billion debt-reduction plan has one closed $200 million payment, while three larger transactions still await closing conditions.
FMC says its approximately
The release says these actions are in place, but it also states that the India sale, property transaction and equity investment are subject to closing conditions, including regulatory approvals; only the licensing payment is expressly described as closed.
At
The specific resolution point is the closing of the three pending transactions and the resulting proceeds available for debt reduction.
Sources and calculations
- FMC Corporation second-quarter 2026 results release (2026-07-29)
- FMC Corporation first-quarter 2026 fundamentals (2026Q1)
- Cash and equivalents vs quarterly operating cash outflow, in days of cash use $390,900,000 / ($600,900,000 / 90) = [object Object]
Market reaction after 2Q26 earnings report: FMC -11.06%
Following this news, FMC has declined 11.06%, reflecting a significant negative market reaction. Our momentum scanner has triggered 65 alerts so far, indicating high trading interest and price volatility. The stock is currently trading at $9.73. Trading volume is above average at 2.0x the average, suggesting increased trading activity.
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Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 29 | Q1 earnings report | Positive | +5.0% | Results exceeded guidance while full-year outlook was reaffirmed |
| Oct 29 | Q3 earnings report | Negative | -46.5% | Guidance was lowered amid India-related charges and operating weakness |
| Jul 30 | Q2 earnings report | Positive | -5.5% | Results reached guidance high end and full-year guidance was maintained |
| Apr 30 | Q1 earnings report | Negative | -8.3% | Revenue and adjusted earnings declined despite reaffirmed outlook |
| Jul 31 | Q2 earnings report | Positive | +10.3% | Revenue, adjusted EBITDA and adjusted EPS increased year over year |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
FMC's earnings-tagged history showed four aligned reactions and one divergence, with an average move of -9.02%.
Key Terms
adjusted ebitda financial
free cash flow financial
sale-leaseback financial
non-gaap financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Updates full-year outlook to reflect more challenging macro environment; Company continues to focus on execution of operational priorities
Second Quarter 2026 Highlights
- Revenue of
$867 million - Revenue excluding
India 1 of$841 million India ) - Organic revenue2 for the period declined 22 percent
- Revenue excluding
- Consolidated GAAP net loss of
$187 million $253 million - Adjusted EBITDA of
$153 million - Consolidated GAAP net loss of
$1 $2.02 - Adjusted earnings per diluted share of
$0.26 62% versus Q2 2025 - GAAP cash from operations of
$363 million $297 million
Full-Year Outlook1
- Revenue excluding
India lowered to a range of$3.50 billion $3.70 billion - Excluding 2025 India contributions, the 2026 outlook represents a decline at the midpoint of 5 percent
- Adjusted EBITDA lowered to a range of
$620 million $680 million - Adjusted earnings per diluted share lowered to a range of
$1.19 $1.49 - Free cash flow, which now includes the upfront licensing payment for rimisoxafen of
$200 million $75 million $225 million
"During the quarter, we completed several important actions that strengthened FMC's financial foundation and provide greater flexibility to execute our strategy," said Pierre Brondeau, chairman, chief executive officer and president. "With the strategic review now concluded, we have clarity on the path forward and remain focused on improving competitiveness, advancing our technology portfolio and positioning the company for long-term growth."
FMC Revenue | Q2 2026 |
Total Revenue Change (GAAP) | (17) % |
Total Revenue Change (ex- | (20) % |
Less: 2025 revenue for | (5) % |
Like-for-Like Revenue Change (Non-GAAP) | (15) % |
Second quarter sales of
FMC Regional Revenue ($M) | Q2 2026 | Q2 2025 |
EMEA | ||
2026 | — | |
Total Revenue (GAAP) | ||
Totals may not sum due to rounding | ||
GAAP net loss in the second quarter declined
On a GAAP basis, cash from operations for the second quarter was
Strategy Update
FMC continued to make progress on its four operational pillars during the second quarter: reducing debt, improving the competitiveness of its core portfolio, managing the post-patent transition for Rynaxypyr® and accelerating growth of new active ingredients. These pillars remain the foundation of the company's plan to improve earnings and cash generation, positioning FMC to take full advantage of its technology-driven growth potential.
During the quarter, FMC announced the key components of its targeted approximately
With these actions in place, the FMC Board of Directors has concluded the exploration of strategic options announced in February 2026. The company remains focused on executing its operational priorities and strengthening the foundation for future growth through its differentiated technology portfolio.
Full Year Outlook1
The company has updated its full-year 2026 revenue, Adjusted EBITDA, Adjusted EPS and free cash flow guidance ranges. Full year 2026 revenue guidance1 is now
Adjusted EBITDA is expected to be
Third Quarter and Fourth Quarter Outlooks1
Third quarter revenue excluding
The company expects a return to year-over-year growth in the fourth quarter. Fourth quarter revenue excluding
Full-Year 2026 Outlook1 | H2 2026 Outlook1 | Third Quarter Outlook1 | Fourth Quarter Outlook1 | |
Revenue Excl. | ||||
Growth at midpoint vs. 2025* | (7) % | (2) % | (9) % | 4 % |
Adjusted EBITDA | ||||
Growth at midpoint vs. 2025* | (23) % | (18) % | (45) % | 5 % |
Adjusted EPS^ | ||||
Growth at midpoint vs. 2025* | (55) % | (37) % | (90) % | 1 % |
^ EPS estimates assume 125.9 million diluted shares for full year, H2, Q3 and Q4 |
*Percentages are calculated using whole numbers. Minor differences may exist due to rounding. |
Supplemental Information
The 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, Cyazypyr and Rynaxypyr are trademarks of FMC Corporation or an affiliate.
About FMC
FMC 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 CORPORATION CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
(In millions, except per share amounts) | 2026 | 2025 | 2026 | 2025 | |||
Revenue | $ 867.1 | $ 1,050.5 | $ 1,625.7 | $ 1,841.9 | |||
Costs of sales and services | 525.0 | 644.2 | 1,037.0 | 1,118.9 | |||
Gross margin | $ 342.1 | $ 406.3 | $ 588.7 | $ 723.0 | |||
Selling, general and administrative expenses | 179.1 | 176.8 | 364.2 | 348.8 | |||
Research and development expenses | 60.4 | 66.4 | 125.9 | 135.1 | |||
Restructuring and other charges (income) | 222.3 | 36.7 | 299.3 | 54.5 | |||
Total costs and expenses | $ 986.8 | $ 924.1 | $ 1,826.4 | $ 1,657.3 | |||
Income from continuing operations before non-operating | $ (119.7) | $ 126.4 | $ (200.7) | $ 184.6 | |||
Non-operating pension, postretirement, and other charges (income) | 3.3 | 6.6 | 6.7 | 9.8 | |||
Interest expense, net | 71.3 | 61.0 | 136.1 | 111.1 | |||
Income (loss) from continuing operations before income taxes | $ (194.3) | $ 58.8 | $ (343.5) | $ 63.7 | |||
Provision (benefit) for income taxes | (1.5) | 14.4 | 110.6 | 27.9 | |||
Income (loss) from continuing operations | $ (192.8) | $ 44.4 | $ (454.1) | $ 35.8 | |||
Discontinued operations, net of income taxes | 6.5 | 23.4 | (13.4) | 16.4 | |||
Net income (loss) | $ (186.3) | $ 67.8 | $ (467.5) | $ 52.2 | |||
Less: Net income (loss) attributable to noncontrolling interests | 0.3 | 1.1 | 0.4 | 1.0 | |||
Net income (loss) attributable to FMC stockholders | $ (186.6) | $ 66.7 | $ (467.9) | $ 51.2 | |||
Amounts attributable to FMC stockholders: | |||||||
Income (loss) from continuing operations, net of tax | $ (193.1) | $ 43.3 | $ (454.5) | $ 34.8 | |||
Discontinued operations, net of tax | 6.5 | 23.4 | (13.4) | 16.4 | |||
Net income (loss) | $ (186.6) | $ 66.7 | $ (467.9) | $ 51.2 | |||
Basic earnings (loss) per common share attributable to FMC | |||||||
Continuing operations | $ (1.54) | $ 0.34 | $ (3.62) | $ 0.28 | |||
Discontinued operations | 0.05 | 0.19 | (0.11) | 0.13 | |||
Basic earnings per common share | $ (1.49) | $ 0.53 | $ (3.73) | $ 0.41 | |||
Average number of shares outstanding used in basic earnings per | 125.4 | 125.2 | 125.3 | 125.1 | |||
Diluted earnings (loss) per common share attributable to FMC | |||||||
Continuing operations | $ (1.54) | $ 0.34 | $ (3.62) | $ 0.28 | |||
Discontinued operations | 0.05 | 0.19 | (0.11) | 0.13 | |||
Diluted earnings per common share | $ (1.49) | $ 0.53 | $ (3.73) | $ 0.41 | |||
Average number of shares outstanding used in diluted earnings per | 125.4 | 125.6 | 125.3 | 125.5 | |||
Other Data: | |||||||
Capital additions and other investing activities | $ (6.5) | $ 9.8 | $ 9.3 | $ 47.2 | |||
Depreciation and amortization expense | $ 41.1 | $ 43.4 | $ 83.1 | $ 87.1 | |||
FMC CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) TO (Unaudited) | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
(In millions, except per share amounts) | 2026 | 2025 | 2026 | 2025 | |||
Net income (loss) attributable to FMC stockholders (GAAP) | $ (186.6) | $ 66.7 | $ (467.9) | $ 51.2 | |||
Corporate special charges (income): | |||||||
Restructuring and other charges (income) (a) | 148.0 | 36.7 | 242.7 | 54.5 | |||
Non-operating pension, postretirement, and other charges | 3.3 | 6.6 | 6.7 | 9.8 | |||
83.2 | — | 99.6 | — | ||||
Income tax expense (benefit) on Corporate special charges | (30.4) | (6.8) | (48.7) | (11.2) | |||
Discontinued operations attributable to FMC stockholders, net of | (6.5) | (23.4) | 13.4 | (16.4) | |||
Tax adjustment (f) | 22.1 | 6.9 | 158.4 | 21.2 | |||
Adjusted after-tax earnings (loss) from continuing operations | $ 33.1 | $ 86.7 | $ 4.2 | $ 109.1 | |||
Diluted earnings (loss) per common share (GAAP) | $ (1.49) | $ 0.53 | $ (3.73) | $ 0.41 | |||
Corporate special charges (income) per diluted share, before tax: | |||||||
Restructuring and other charges (income) | 1.17 | 0.29 | 1.94 | 0.43 | |||
Non-operating pension, postretirement, and other charges | 0.03 | 0.05 | 0.05 | 0.08 | |||
0.66 | — | 0.79 | — | ||||
Income tax expense (benefit) on Corporate special charges | (0.24) | (0.04) | (0.39) | (0.09) | |||
Discontinued operations attributable to FMC stockholders, net of | (0.05) | (0.19) | 0.11 | (0.13) | |||
Tax adjustments per diluted share | 0.18 | 0.05 | 1.26 | 0.17 | |||
Diluted adjusted after-tax earnings (loss) from continuing | $ 0.26 | $ 0.69 | $ 0.03 | $ 0.87 | |||
Average number of shares outstanding used in diluted adjusted | 126.0 | 125.6 | 125.8 | 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 |
(2) | The average number of shares outstanding used in the three and six months ended June 30, 2026 diluted adjusted after-tax earnings from continuing operations per share computation (Non-GAAP) includes 0.6 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. |
(a) | Three Months Ended June 30, 2026: |
Restructuring and other charges (income) includes restructuring charges of | |
Three Months Ended June 30, 2025: | |
Restructuring and other charges (income) includes restructuring charges of | |
Six Months Ended June 30, 2026: | |
Restructuring and other charges (income) includes restructuring charges of | |
Six Months Ended June 30, 2025 | |
Restructuring and other charges (income) includes restructuring charges of | |
(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 |
Three Months Ended June 30, | Six Months Ended June 30, | Affected Line Item in the Consolidated | ||||||
(In millions) | 2026 | 2025 | 2026 | 2025 | ||||
Operating results | $ 8.9 | $ — | $ 43.0 | $ — | Revenue, Cost of sales and services, | |||
Asset impairment | 64.0 | — | 43.6 | — | Restructuring and other charges | |||
Third party provider costs | 10.3 | — | 13.0 | — | Restructuring and other charges | |||
$ 83.2 | $ — | $ 99.6 | $ — | |||||
(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 June 30, | Six Months Ended June 30, | ||||||
(In millions) | 2026 | 2025 | 2026 | 2025 | |||
Tax adjustments: | |||||||
Revisions to valuation allowances of historical deferred tax assets (i) | $ — | $ — | $ 124.7 | $ (1.2) | |||
Net impact of | 6.4 | 10.5 | 0.9 | 13.3 | |||
Foreign currency remeasurement and other discrete items | 15.7 | (3.6) | 32.8 | 9.1 | |||
Total non-GAAP tax adjustments | $ 22.1 | $ 6.9 | $ 158.4 | $ 21.2 | |||
____________________ | |
(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 |
RECONCILIATION OF NET INCOME (LOSS) (GAAP) TO ADJUSTED EARNINGS FROM CONTINUING (Unaudited) | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
(In millions) | 2026 | 2025 | 2026 | 2025 | |||
Net income (loss) (GAAP) | $ (186.3) | $ 67.8 | $ (467.5) | $ 52.2 | |||
Restructuring and other charges (income) (1) | 148.0 | 36.7 | 242.7 | 54.5 | |||
Non-operating pension, postretirement, and other charges | 3.3 | 6.6 | 6.7 | 9.8 | |||
83.2 | — | 99.6 | — | ||||
Discontinued operations, net of income taxes | (6.5) | (23.4) | 13.4 | (16.4) | |||
Interest expense, net | 71.3 | 61.0 | 136.1 | 111.1 | |||
Depreciation and amortization | 41.1 | 43.4 | 83.1 | 87.1 | |||
Provision (benefit) for income taxes | (1.5) | 14.4 | 110.6 | 27.9 | |||
Adjusted earnings from continuing operations, before interest, | $ 152.6 | $ 206.5 | $ 224.7 | $ 326.2 | |||
___________________ | |
(1) | In the reconciliation above, charges recorded in connection with the |
(2) | Beginning with the third quarter of 2025, we excluded the operating results of the |
(3) | Referred to as Adjusted EBITDA. Defined as operating profit excluding restructuring and other charges (income), depreciation and amortization expense, and the |
RECONCILIATION OF CASH PROVIDED (REQUIRED) BY OPERATING ACTIVITIES OF (Unaudited) | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
(In millions) | 2026 | 2025 | 2026 | 2025 | |||
Cash provided (required) by operating activities of continuing | $ 363.0 | $ 65.9 | $ (237.9) | $ (479.1) | |||
Capital expenditures | (5.3) | (15.0) | (21.9) | (46.6) | |||
Other investing activities | 11.8 | 5.2 | 12.6 | (0.6) | |||
Capital additions and other investing activities | $ 6.5 | $ (9.8) | $ (9.3) | $ (47.2) | |||
Cash provided (required) by operating activities of discontinued | (18.6) | (16.4) | (34.3) | (29.7) | |||
Divestiture transaction costs (2) | 6.5 | — | 10.8 | — | |||
Free cash flow (non-GAAP) (3) | $ 357.4 | $ 39.7 | $ (270.7) | $ (556.0) | |||
___________________ | |
(1) | The three and six months ended June 30, 2026 includes cash payments of |
(2) | Represents third party provider costs associated with the expected sale of our |
(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 |
RECONCILIATION OF REVENUE (GAAP) TO REVENUE EXCLUDING (Unaudited) | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
(In millions) | 2026 | 2025 | 2026 | 2025 | |||
Revenue (GAAP) | $ 867.1 | $ 1,050.5 | $ 1,625.7 | $ 1,841.9 | |||
Less: Revenue from | 25.7 | — | 21.9 | — | |||
Revenue excluding | $ 841.4 | $ 1,050.5 | $ 1,603.8 | $ 1,841.9 | |||
___________________ | |
(1) | Beginning with the third quarter of 2025, revenue from the |
(2) | Although the |
RECONCILIATION OF REVENUE CHANGE (GAAP) TO ORGANIC REVENUE CHANGE (NON-GAAP) (1) (Unaudited) | |||
Three Months Ended June 30, 2026 | Six Months Ended June 30, 2026 | ||
Total revenue (GAAP) change | (17) % | (12) % | |
Less: Revenue for | 3 % | 1 % | |
Revenue excluding | (20) % | (13) % | |
Less: Foreign currency impact | 2 % | 3 % | |
Organic revenue (non-GAAP) change (2) | (22) % | (16) % | |
___________________ | |
(1) | Beginning with the third quarter of 2025, revenue from the |
(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 |
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC 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) | June 30, 2026 | ||
Net income (loss) attributable to FMC stockholders (GAAP) | $ (2,758.0) | ||
Interest expense, net, net of income taxes | 225.4 | ||
Corporate special charges (income) | 1,979.5 | ||
621.3 | |||
Income tax expense (benefit) on Corporate special charges (income) | (195.6) | ||
Discontinued operations attributable to FMC stockholders, net of income | 66.4 | ||
Tax adjustments | 553.5 | ||
ROIC numerator (non-GAAP) | $ 492.5 | ||
June 30, 2026 | June 30, 2025 | ||
Total debt | $ 4,280.6 | $ 4,163.3 | |
Total FMC stockholders' equity | 1,636.8 | 4,397.0 | |
Total debt and FMC stockholders' equity (GAAP) | $ 5,917.4 | $ 8,560.3 | |
ROIC denominator (2 yr average total debt and FMC stockholders' equity) | $ 7,238.9 | ||
ROIC (using Net income (loss) attributable to FMC stockholders (GAAP) | (38.10) % | ||
Adjusted ROIC (using non-GAAP numerator) (1) | 6.80 % | ||
___________________ | |
(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 CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) | |||
(In millions) | June 30, 2026 | December 31, 2025 | |
Cash and cash equivalents | $ 476.6 | $ 584.5 | |
Trade receivables, net of allowance of | 2,070.5 | 2,062.0 | |
Inventories | 1,209.3 | 1,219.6 | |
Prepaid and other current assets | 570.7 | 481.2 | |
Assets held for sale (1) | 401.6 | 611.7 | |
Total current assets | $ 4,728.7 | $ 4,959.0 | |
Property, plant and equipment, net | 554.7 | 707.4 | |
Other intangibles, net | 2,307.9 | 2,361.8 | |
Deferred income taxes | 1,134.3 | 1,215.6 | |
Other long-term assets | 419.2 | 443.4 | |
Total assets | $ 9,144.8 | $ 9,687.2 | |
Short-term debt and current portion of long-term debt | $ 326.3 | $ 1,305.1 | |
Accounts payable, trade and other | 657.8 | 771.0 | |
Advanced payments from customers | 35.5 | 453.1 | |
Accrued and other liabilities | 606.8 | 574.0 | |
Accrued customer rebates | 632.4 | 417.4 | |
Guarantees of vendor financing | 39.6 | 45.7 | |
Accrued pensions and other postretirement benefits, current | 3.3 | 3.3 | |
Income taxes | 43.1 | 24.0 | |
Liabilities held for sale (1) | 34.6 | 161.7 | |
Total current liabilities | $ 2,379.4 | $ 3,755.3 | |
Long-term debt, less current portion | $ 3,954.3 | $ 2,769.8 | |
Long-term liabilities | 1,150.0 | 1,063.2 | |
Equity | 1,661.1 | 2,098.9 | |
Total liabilities and equity | $ 9,144.8 | $ 9,687.2 | |
___________________ | |
(1) | The carrying value of the |
FMC CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | |||
Six Months Ended June 30, | |||
(In millions) | 2026 | 2025 | |
Cash provided (required) by operating activities of continuing operations | $ (237.9) | $ (479.1) | |
Cash provided (required) by operating activities of discontinued operations | (34.3) | (29.7) | |
Cash provided (required) by investing activities of continuing operations | (10.0) | (51.4) | |
Cash provided (required) by financing activities of continuing operations | 178.9 | 628.7 | |
Effect of exchange rate changes on cash | (4.6) | 12.4 | |
Increase (decrease) in cash and cash equivalents | $ (107.9) | $ 80.9 | |
Cash and cash equivalents, beginning of period | $ 584.5 | $ 357.3 | |
Cash and cash equivalents, end of period | $ 476.6 | $ 438.2 | |
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SOURCE FMC Corporation