FMC Corporation Reports Third Quarter Results
FMC (NYSE:FMC) reported Q3 2025 revenue of $542M, down 49% year-over-year, driven by one-time commercial actions in India as the business is held for sale. Excluding India, revenue was $961M, down 10% versus prior year and 11% organically. GAAP net loss was $569M (loss per diluted share $4.52) after ~$510M of India-related charges and write-downs. Adjusted EBITDA was $236M (+17% YoY) and adjusted EPS was $0.89 (+30% YoY). Full-year guidance was lowered: revenue to $3.92B–$4.02B, Adjusted EBITDA to $830M–$870M, adjusted EPS to $2.92–$3.14, and free cash flow to negative $200M–$0. Quarterly dividend reduced to $0.08 to prioritize debt reduction.
FMC (NYSE:FMC) ha riportato ricavi del 3º trimestre 2025 di $542M, in calo del 49% anno su anno, trainato da azioni commerciali una tantum in India poiché l’azienda è in vendita. Escludendo l’India, i ricavi sono stati di $961M, in calo del 10% rispetto all’anno precedente e dell’11% in modo organico. La perdita netta GAAP è stata di $569M (perdita per azione diluita $4,52) dopo circa $510M di oneri correlati all’India e svalutazioni. L’EBITDA rettificato è stato di $236M (+17% YoY) e l’EPS rettificato è stato di $0.89 (+30% YoY). La guidance per l’intero anno è stata rivista al ribasso: ricavi tra $3.92B–$4.02B, EBITDA rettificato tra $830M–$870M, EPS rettificato tra $2.92–$3.14, e free cash flow tra negative $200M–$0. Il dividendo trimestrale è stato ridotto a $0.08 per dare priorità alla riduzione del debito.
FMC (NYSE:FMC) reportó ingresos del 3T 2025 de $542M, una caída del 49% interanual, impulsada por acciones comerciales puntuales en India ya que el negocio está en venta. Excluyendo India, los ingresos fueron de $961M, una disminución del 10% frente al año anterior y del 11% orgánico. La pérdida neta GAAP fue de $569M (pérdida por acción diluida de $4.52) después de aproximadamente $510M de cargos y deterioros relacionados con India. El EBITDA ajustado fue de $236M (+17% YoY) y el BPA ajustado fue de $0.89 (+30% YoY). Las guías para todo el año se redujeron: ingresos de $3.92B–$4.02B, EBITDA ajustado de $830M–$870M, BPA ajustado de $2.92–$3.14, y flujo de caja libre de −$200M–$0. El dividendo trimestral se redujo a $0.08 para priorizar la reducción de la deuda.
FMC (NYSE:FMC)는 2025년 3분기 매출이 $542M로 전년 동기 대비 49% 감소했다고 발표했습니다. 이는 인도에서의 일회성 상업 조치로 인해 사업 매각 대상에 포함되었기 때문입니다. 인도를 제외한 매출은 $961M로 전년 대비 10% 감소했고 유기적으로는 11% 감소했습니다. GAAP 순손실은 $569M였고 희석 주당 손실은 $4.52입니다. 이는 인도 관련 비용 및 평가손실 약 $510M이 원인입니다. 조정 EBITDA는 $236M로 전년 대비 17% 증가했고, 조정 EPS는 $0.89로 전년 대비 30% 증가했습니다. 연간 가이던스는 하향 조정되었으며, 매출은 $3.92B–$4.02B, 조정 EBITDA는 $830M–$870M, 조정 EPS는 $2.92–$3.14, 자유현금흐름은 −$200M–$0입니다. 분기 배당금은 부채 축소를 우선하기 위해 $0.08로 인하되었습니다.
FMC (NYSE:FMC) a publié des revenus du 3e trimestre 2025 de $542M, en baisse de 49% sur un an, tirés par des actions commerciales ponctuelles en Inde alors que l’entreprise est en vente. À l’exclusion de l’Inde, les revenus ont été de $961M, en baisse de 10% par rapport à l’année précédente et de 11% organiquement. La perte nette GAAP s’élève à $569M (perte par action diluée de $4,52) après environ $510M de charges liées à l’Inde et d’écritures de dépréciation. L’EBITDA ajusté est de $236M (+17% YoY) et l’EPS ajusté est de $0.89 (+30% YoY). Les prévisions annuelles ont été revues à la baisse: revenus entre $3.92B–$4.02B, EBITDA ajusté entre $830M–$870M, EPS ajusté entre $2.92–$3.14, et flux de trésorerie libre entre −$200M–$0. Le dividende trimestriel est réduit à $0.08 afin de donner la priorité à la réduction de la dette.
FMC (NYSE:FMC) meldete für das Q3 2025 einen Umsatz von $542M, ein Rückgang von 49% gegenüber dem Vorjahr, getrieben durch One-Time-Geschäftsmaßnahmen in Indien, da das Geschäft zum Verkauf steht. Ohne Indien betrug der Umsatz $961M, ein Rückgang von 10% gegenüber dem Vorjahr und 11%organisch. Der GAAP-Nettoverlust betrug $569M (Verlust pro verwässertem Anteil $4,52) nach ca. $510M India-bezogene Aufwendungen und Wertberichtigungen. Der bereinigte EBITDA betrug $236M (+17% YoY) und der bereinigte EPS $0.89 (+30% YoY). Die Jahresprognose wurde nach unten korrigiert: Umsatz $3.92B–$4.02B, bereinigtes EBITDA $830M–$870M, bereinigtes EPS $2.92–$3.14 und freier Cashflow −$200M–$0. Die vierteljährliche Dividende wurde auf $0.08 gesenkt, um die Schuldentilgung zu priorisieren.
FMC (NYSE:FMC) أبلغت عن إيرادات الربع الثالث من عام 2025 قدرها $542M، بانخفاض قدره 49% على أساس سنوي، نتيجة إجراءات تجارية أحادية في الهند بينما يتم وضع الشركة في المبيعات. باستثناء الهند، كانت الإيرادات $961M، بانخفاض 10% مقارنة بالعام السابق و11% تقويضاً عضويًا. الخسارة الصافية وفقاً لمبادئ GAAP كانت $569M (خسارة السهم المخفف $4.52) بعد نحو $510M من الرسوم المرتبطة بالهند ومبالغ انخفاض القيمة. EBITDA المعدلة كانت $236M (+17% على أساس سنوي) وEPS المعدل كان $0.89 (+30% سنويًا). تم خفض التوجيه للسنة الكلية: الإيرادات بين $3.92B–$4.02B، EBITDA المعدلة بين $830M–$870M، EPS المعدل بين $2.92–$3.14، والتدفق النقدي الحر بين -<$200M>–$0. تم خفض توزيعات الأرباح الفصلية إلى $0.08 لت prioritizing خفض الدين.
FMC (NYSE:FMC) 报告 2025 年第 3 季收入为 $542M，同比下降 49%，原因是在印度采取了一次性商业行动，且该业务处于待售状态。若不计入印度，收入为 $961M，较上年下降 10%，有机下降 11%。GAAP 净亏损为 $569M（摊薄每股亏损 $4.52），原因是约 $510M 的印度相关费用与减值。调整后 EBITDA 为 $236M（同比 +17%），调整后每股收益（EPS）为 $0.89（同比 +30%）。全年指引下调：收入为 $3.92B–$4.02B，调整后 EBITDA 为 $830M–$870M，调整后 EPS 为 $2.92–$3.14，自由现金流为 −$200M–$0。季度股息降至 $0.08，以优先降低债务。
- Adjusted EBITDA +17% YoY to $236M
- Adjusted EPS +30% YoY to $0.89
- Total revenue down 49% to $542M (Q3 2025)
- Recorded ~$510M of India charges and write-downs in Q3 2025
- Full-year revenue guidance lowered to $3.92B–$4.02B (midpoint -7%)
- Free cash flow guidance cut to negative $200M–$0
- Quarterly dividend reduced to $0.08
Insights
Large India write-down, lowered guidance and dividend cut make this quarter materially negative despite adjusted EBITDA and EPS beats.
Revenue fell sharply to
Key dependencies and risks are explicit: the India sale process and realization of the preliminary valuation, execution of the manufacturing footprint redesign, and recovery in Latin America where pricing and liquidity constrained results. Management cut the quarterly dividend to
Watch near-term items: the progress and sale price for the India commercial business and any updates to operating results tied to the
Company reports Adjusted EBITDA and Adjusted EPS above guidance midpoints despite lower-than-expected sales
Third Quarter 2025 Highlights
- Revenue of
$542 million India to position the business for sale- Revenue excluding
India of$961 million India ); organic revenue for the period declined 11 percent
- Revenue excluding
- Consolidated GAAP net loss of
$569 million $634 million India charges and write-down - Adjusted EBITDA of
$236 million India ) - Consolidated GAAP net loss of
$4.52 $5.04 - Adjusted earnings per diluted share of
$0.89
Full-Year Outlook 2
- Revenue outlook lowered to
$3.92 billion $4.02 billion - Adjusted EBITDA outlook lowered to
$830 million $870 million - Adjusted earnings per diluted share outlook lowered to
$2.92 $3.14 - Free cash flow forecast lowered to negative
$200 million $0 $714 million - Quarterly dividend reduced to
$0.08
Lower third quarter revenue, excluding
"Third quarter sales were down 49 percent versus prior year largely due to
Sales in
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FMC Revenue |
Q3 2025 |
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Total Revenue Change (GAAP) |
(49) % |
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Total Revenue Change (ex- |
(10) % |
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Less: 2024 revenue for |
6 % |
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Like-for-Like Revenue Change (Non-GAAP) |
(4) % |
GAAP net income in the third quarter declined
On a GAAP basis, cash from operations was negative
India Sale Update
The sales process of the
The charges and write-down were reflected across multiple income statement line items and can be viewed as two components. The first reflects a pre-sale commercial adjustment of approximately
The combination of commercial adjustments and impairment resulted in a write-down of the assets identified as held for sale to
Outlook2
Fourth quarter revenue, excluding
The company is adjusting full year revenue guidance to reflect third quarter actuals excluding
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Full Year Outlook2
(excludes H2 |
Fourth Quarter Outlook2
(excludes |
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Revenue |
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Growth at midpoint vs. 2024 |
(7) % |
(4) % |
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Adjusted EBITDA |
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Growth at midpoint vs. 2024 |
(6) % |
(16) % |
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Adjusted EPS^ |
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Growth at midpoint vs. 2024 |
(13) % |
(30) % |
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^ EPS estimates assume 125.6 million diluted shares for full year and Q4. |
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Note that percentages are calculated using whole numbers. Minor differences may exist due to rounding. Beginning with Q3 2025, |
Cost Actions
The company continues to evaluate its business to ensure alignment with strategic priorities and has concluded that a redesign of its manufacturing footprint is both necessary and timely. The company's intent is to exit high-cost active ingredient and formulation plants and transition production to lower-cost sources. These actions are designed to establish a cost-competitive structure that enables FMC's non-diamide core portfolio products to better compete with generics while capturing the full value of its innovative technology portfolio. The company is also implementing cost reduction initiatives in
Dividend
As part of a broader response to the challenges the company is facing and to further prioritize debt reduction, the FMC Board of Directors has made the decision to reduce the quarterly dividend to
"Over the last 18 months, we have made hard decisions to position the business for recovery and to streamline our operating model," said Brondeau. "Now, to improve the competitiveness of our legacy products, we are confronting cost head-on by realigning our manufacturing footprint and reducing the size of our
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, Isoflex 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, 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
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1. |
Organic revenue growth (non-GAAP) excludes the impact of foreign currency changes and the |
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2. |
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 |
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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. |
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FMC CORPORATION CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited and in millions, except per share amounts) |
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Three Months Ended |
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Nine Months Ended |
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2025 |
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2024 |
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2025 |
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2024 |
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Revenue |
$ 542.2 |
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$ 1,065.4 |
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$ 2,384.1 |
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$ 3,021.8 |
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Costs of sales and services |
413.3 |
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679.0 |
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1,532.2 |
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1,897.6 |
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Gross margin |
$ 128.9 |
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$ 386.4 |
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$ 851.9 |
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$ 1,124.2 |
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Selling, general and administrative expenses |
167.4 |
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159.2 |
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516.2 |
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487.9 |
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Research and development expenses |
63.3 |
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69.0 |
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198.4 |
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205.8 |
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Restructuring and other charges (income) |
294.5 |
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22.6 |
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349.0 |
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158.6 |
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Total costs and expenses |
$ 938.5 |
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$ 929.8 |
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$ 2,595.8 |
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$ 2,749.9 |
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Income from continuing operations before non-operating pension, |
$ (396.3) |
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$ 135.6 |
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$ (211.7) |
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$ 271.9 |
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Non-operating pension, postretirement, and other charges (income) |
5.6 |
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4.4 |
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15.4 |
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12.9 |
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Interest expense, net |
64.1 |
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58.7 |
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175.2 |
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184.0 |
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Income (loss) from continuing operations before income taxes |
$ (466.0) |
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$ 72.5 |
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$ (402.3) |
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$ 75.0 |
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Provision (benefit) for income taxes |
82.2 |
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6.0 |
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110.1 |
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(298.9) |
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Income (loss) from continuing operations |
$ (548.2) |
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$ 66.5 |
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$ (512.4) |
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$ 373.9 |
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Discontinued operations, net of income taxes |
(20.4) |
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(0.9) |
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(4.0) |
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(16.2) |
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Net income (loss) |
$ (568.6) |
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$ 65.6 |
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$ (516.4) |
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$ 357.7 |
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Less: Net income (loss) attributable to noncontrolling interests |
0.7 |
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0.6 |
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1.7 |
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0.3 |
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Net income (loss) attributable to FMC stockholders |
$ (569.3) |
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$ 65.0 |
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$ (518.1) |
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$ 357.4 |
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Amounts attributable to FMC stockholders: |
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Income (loss) from continuing operations |
$ (548.9) |
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$ 65.9 |
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$ (514.1) |
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$ 373.6 |
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Discontinued operations, net of tax |
(20.4) |
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(0.9) |
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(4.0) |
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(16.2) |
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Net income (loss) |
$ (569.3) |
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$ 65.0 |
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$ (518.1) |
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$ 357.4 |
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Basic earnings (loss) per common share attributable to FMC |
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Continuing operations |
$ (4.36) |
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$ 0.53 |
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$ (4.08) |
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$ 2.98 |
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Discontinued operations |
(0.16) |
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(0.01) |
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(0.03) |
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(0.13) |
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Basic earnings per common share |
$ (4.52) |
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$ 0.52 |
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$ (4.11) |
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$ 2.85 |
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Average number of shares outstanding used in basic earnings per share |
125.2 |
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125.0 |
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125.1 |
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125.0 |
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Diluted earnings (loss) per common share attributable to FMC |
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Continuing operations |
$ (4.36) |
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$ 0.53 |
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$ (4.08) |
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$ 2.98 |
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Discontinued operations |
(0.16) |
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(0.01) |
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(0.03) |
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(0.13) |
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Diluted earnings per common share |
$ (4.52) |
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$ 0.52 |
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$ (4.11) |
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$ 2.85 |
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Average number of shares outstanding used in diluted earnings per share |
125.2 |
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125.5 |
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125.1 |
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125.3 |
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Other Data: |
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Capital additions and other investing activities |
$ 24.3 |
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$ 13.7 |
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$ 71.5 |
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$ 51.5 |
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Depreciation and amortization expense |
43.4 |
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43.2 |
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130.5 |
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133.2 |
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FMC CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) TO (Unaudited and in millions, except per share amounts) |
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Three Months Ended |
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Nine Months Ended |
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2025 |
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2024 |
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2025 |
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2024 |
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Net income (loss) attributable to FMC stockholders (GAAP) |
$ (569.3) |
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$ 65.0 |
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$ (518.1) |
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$ 357.4 |
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Corporate special charges (income): |
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Restructuring and other charges (income) (a) |
79.4 |
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22.6 |
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133.9 |
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158.6 |
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Non-operating pension, postretirement, and other charges (income) (b) |
5.6 |
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4.4 |
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15.4 |
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12.9 |
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509.6 |
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— |
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509.6 |
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— |
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Income tax expense (benefit) on Corporate special charges (income) (d) |
(16.4) |
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(5.0) |
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(27.6) |
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(28.4) |
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Discontinued operations attributable to FMC stockholders, net of |
20.4 |
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0.9 |
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4.0 |
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16.2 |
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Tax adjustment (f) |
83.1 |
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(0.7) |
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104.3 |
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(305.0) |
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Adjusted after-tax earnings from continuing operations |
$ 112.4 |
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$ 87.2 |
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$ 221.5 |
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$ 211.7 |
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Diluted earnings per common share (GAAP) |
$ (4.52) |
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$ 0.52 |
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$ (4.11) |
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$ 2.85 |
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Corporate special charges (income) per diluted share, before tax: |
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Restructuring and other charges (income) |
0.63 |
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0.18 |
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1.07 |
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1.27 |
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Non-operating pension, postretirement, and other charges (income) |
0.04 |
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0.03 |
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0.12 |
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0.10 |
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4.06 |
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— |
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4.06 |
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— |
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Income tax expense (benefit) on Corporate special charges (income), |
(0.13) |
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(0.04) |
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(0.22) |
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(0.23) |
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Discontinued operations attributable to FMC stockholders, net of |
0.16 |
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0.01 |
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0.03 |
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0.13 |
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Tax adjustments per diluted share |
0.65 |
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(0.01) |
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0.81 |
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(2.43) |
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Diluted adjusted after-tax earnings from continuing operations per |
$ 0.89 |
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$ 0.69 |
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$ 1.76 |
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$ 1.69 |
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Average number of shares outstanding used in diluted adjusted after- |
125.7 |
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125.5 |
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125.6 |
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125.3 |
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____________________ |
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(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 |
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(2) |
The average number of shares outstanding used in the three and nine months ended September 30, 2025 diluted adjusted after-tax earnings from continuing operations per share computation (Non-GAAP) includes 0.7 million and 0.6 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 nine months ended September 30, 2025. |
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(a) |
Three Months Ended September 30, 2025: |
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Restructuring and other charges (income) includes restructuring charges of |
|
|
|
|
|
Three Months Ended September 30, 2024 : |
|
|
|
|
|
Restructuring and other charges (income) includes restructuring charges of |
|
|
|
|
|
Nine Months Ended September 30, 2025 : |
|
|
|
|
|
Restructuring and other charges (income) includes restructuring charges of |
|
|
|
|
|
Nine Months Ended September 30, 2024 : |
|
|
|
|
|
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. The nine months ended September 30, 2025 also includes other charges of |
|
|
|
|
(c) |
In July 2025, the Board of Directors approved a plan to divest from the Company's commercial business in |
|
|
Three Months Ended |
|
Nine Months Ended |
Affected Line Item in the |
||||
|
(in Millions) |
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
Operating results, substantially one- |
$ 282.2 |
|
$ — |
|
$ 282.2 |
|
$ — |
Revenue,
Cost of sales and |
|
Asset impairment |
226.8 |
|
— |
|
226.8 |
|
— |
Restructuring and other charges |
|
Third party provider costs |
0.6 |
|
— |
|
0.6 |
|
— |
Restructuring and other charges |
|
|
$ 509.6 |
|
$ — |
|
$ 509.6 |
|
$ — |
|
|
|
Beginning with the third quarter of 2025, we excluded the operating results of the |
|
|
|
|
|
Total adjustment - approximately |
|
|
|
|
|
The assets associated with the |
|
|
|
|
• |
Operating results, substantially pre-sale commercial adjustments ( |
|
|
|
|
• |
Asset impairment ( |
|
|
|
|
|
Balance sheet impact - The combination of commercial adjustments and impairment resulted in a write-down of the assets identified as held for sale to |
|
|
|
|
(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. We recorded a |
|
|
|
|
(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 |
|
Nine Months Ended |
||||
|
(in Millions) |
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Tax adjustments: |
|
|
|
|
|
|
|
|
Revisions to valuation allowances of historical deferred tax assets |
$ 46.4 |
|
$ — |
|
$ 45.2 |
|
$ (1.6) |
|
Net impact of |
18.6 |
|
— |
|
31.9 |
|
(300.0) |
|
Foreign currency remeasurement and other discrete items |
18.1 |
|
(0.7) |
|
27.2 |
|
(3.4) |
|
Total Non-GAAP tax adjustments |
$ 83.1 |
|
$ (0.7) |
|
$ 104.3 |
|
$ (305.0) |
|
|
|
In connection with our plans to establish a global technology and innovation center in |
|
RECONCILIATION OF NET INCOME (LOSS) (GAAP) TO ADJUSTED EARNINGS FROM CONTINUING (Unaudited, in millions) |
|||||||
|
|
|||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Net income (loss) (GAAP) |
$ (568.6) |
|
$ 65.6 |
|
$ (516.4) |
|
$ 357.7 |
|
Restructuring and other charges (income)(1) |
79.4 |
|
22.6 |
|
133.9 |
|
158.6 |
|
Non-operating pension, postretirement, and other charges (income) |
5.6 |
|
4.4 |
|
15.4 |
|
12.9 |
|
|
509.6 |
|
— |
|
509.6 |
|
— |
|
Discontinued operations, net of income taxes |
20.4 |
|
0.9 |
|
4.0 |
|
16.2 |
|
Interest expense, net |
64.1 |
|
58.7 |
|
175.2 |
|
184.0 |
|
Depreciation and amortization |
43.4 |
|
43.2 |
|
130.5 |
|
133.2 |
|
Provision (benefit) for income taxes |
82.2 |
|
6.0 |
|
110.1 |
|
(298.9) |
|
Adjusted earnings from continuing operations, before interest, |
$ 236.1 |
|
$ 201.4 |
|
$ 562.3 |
|
$ 563.7 |
|
___________________ |
|
|
(1) |
The three and nine months ended September 30, 2025 includes |
|
(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 CONTINUING (Unaudited, in millions) |
|||||||
|
|
|||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Cash provided (required) by operating activities of continuing operations (GAAP) (1) |
$ (184.2) |
|
$ 159.5 |
|
$ (663.3) |
|
$ 308.8 |
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
(23.7) |
|
(15.7) |
|
(70.3) |
|
(46.3) |
|
Other investing activities |
(0.6) |
|
2.0 |
|
(1.2) |
|
(5.2) |
|
Capital additions and other investing activities |
$ (24.3) |
|
$ (13.7) |
|
$ (71.5) |
|
$ (51.5) |
|
|
|
|
|
|
|
|
|
|
Cash provided (required) by operating activities of discontinued operations |
(24.0) |
|
(18.3) |
|
(53.7) |
|
(37.2) |
|
Divestiture transaction costs (2) |
— |
|
4.6 |
|
— |
|
4.6 |
|
Free cash flow (Non-GAAP) (3) |
$ (232.5) |
|
$ 132.1 |
|
$ (788.5) |
|
$ 224.7 |
|
___________________ |
|
|
(1) |
Includes cash payments made in connection with our Project Focus transformation program of |
|
(2) |
Represents transactional-related costs such as legal and professional third-party fees associated with the anticipated sale of our Global Specialty Solutions ("GSS") business. Proceeds from the sale of our GSS business received in the fourth quarter 2024 were 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 |
|
RECONCILIATION OF REVENUE (GAAP)
TO REVENUE EXCLUDING (Unaudited) |
|||||||
|
|
|
|
|
||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Revenue (GAAP) |
$ 542.2 |
|
$ 1,065.4 |
|
$ 2,384.1 |
|
$ 3,021.8 |
|
Less: Revenue from |
(419.1) |
|
— |
|
(419.1) |
|
— |
|
Revenue excluding |
$ 961.3 |
|
$ 1,065.4 |
|
$ 2,803.2 |
|
$ 3,021.8 |
|
___________________ |
|
|
(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 |
|
Nine Months Ended |
|
Total Revenue Change (GAAP) |
(49) % |
|
(21) % |
|
Less: Revenue for |
(39) % |
|
(14) % |
|
Revenue Excluding India Change (Non-GAAP)(2) |
(10) % |
|
(7) % |
|
Less: Foreign Currency Impact |
1 % |
|
(1) % |
|
Organic Revenue Change (Non-GAAP)(1) |
(11) % |
|
(6) % |
|
___________________ |
|
|
(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 |
|
(2) |
Beginning with the third quarter of 2025, revenue from 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 |
|
|
|
|
September 30, 2025 |
|
|
|
Net income (loss) attributable to FMC stockholders (GAAP) |
$ (534.4) |
|
|
|
Interest expense, net, net of income taxes |
199.8 |
|
|
|
Corporate special charges (income) |
215.8 |
|
|
|
|
509.6 |
|
|
|
Income tax expense (benefit) on Corporate special charges (income) |
(36.3) |
|
|
|
Discontinued operations attributable to FMC stockholders, net of income taxes |
49.6 |
|
|
|
Tax adjustments |
241.8 |
|
|
|
ROIC numerator (Non-GAAP) |
$ 645.9 |
|
|
|
|
|
|
|
|
|
September 30, 2025 |
|
September 30, 2024 |
|
Total debt |
$ 4,542.2 |
|
$ 4,070.0 |
|
Total FMC stockholders' equity |
3,773.8 |
|
4,607.8 |
|
Total debt and FMC stockholders' equity (GAAP) |
$ 8,316.0 |
|
$ 8,677.8 |
|
ROIC denominator (2 yr average total debt and FMC stockholders' equity) |
$ 8,496.9 |
|
|
|
|
|
|
|
|
ROIC (using Net income (loss) attributable to FMC stockholders (GAAP) as numerator) |
(6.29) % |
|
|
|
Adjusted ROIC (using Non-GAAP numerator) |
7.60 % |
|
|
|
___________________ |
|
|
(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) |
|||
|
|
|||
|
|
September 30, 2025 |
|
December 31, 2024 |
|
Cash and cash equivalents |
$ 497.7 |
|
$ 357.3 |
|
Trade receivables, net of allowance of |
2,330.1 |
|
2,903.2 |
|
Inventories |
1,375.9 |
|
1,201.6 |
|
Prepaid and other current assets |
537.1 |
|
496.2 |
|
Assets held for sale (1) |
826.5 |
|
— |
|
Total current assets |
$ 5,567.3 |
|
$ 4,958.3 |
|
Property, plant and equipment, net |
855.4 |
|
849.7 |
|
Goodwill |
1,359.3 |
|
1,507.0 |
|
Other intangibles, net |
2,379.8 |
|
2,360.7 |
|
Deferred income taxes |
1,456.7 |
|
1,523.8 |
|
Other long-term assets |
460.3 |
|
453.8 |
|
Total assets |
$ 12,078.8 |
|
$ 11,653.3 |
|
Short-term debt and current portion of long-term debt |
$ 1,271.7 |
|
$ 337.4 |
|
Accounts payable, trade and other |
733.6 |
|
768.5 |
|
Advanced payments from customers |
— |
|
453.8 |
|
Accrued and other liabilities |
718.3 |
|
755.2 |
|
Accrued customer rebates |
766.9 |
|
489.9 |
|
Guarantees of vendor financing |
42.7 |
|
85.5 |
|
Accrued pensions and other postretirement benefits, current |
3.0 |
|
6.4 |
|
Income taxes |
77.9 |
|
122.5 |
|
Liabilities held for sale (1) |
376.5 |
|
— |
|
Total current liabilities |
$ 3,990.6 |
|
$ 3,019.2 |
|
Long-term debt, less current portion |
$ 3,270.5 |
|
$ 3,027.9 |
|
Long-term liabilities |
1,016.9 |
|
1,097.4 |
|
Equity |
3,800.8 |
|
4,508.8 |
|
Total liabilities and equity |
$ 12,078.8 |
|
$ 11,653.3 |
|
___________________ |
|
|
(1) |
As of September 30, 2025, the net assets related to the |
|
(in Millions) |
|
|
Net assets as of June 30, 2025 |
$ 959.0 |
|
Less: Operating results, substantially one-time commercial actions |
(282.2) |
|
Asset impairment |
(226.8) |
|
Net assets as of September 30, 2025 |
$ 450.0 |
|
FMC CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in millions) |
|||
|
|
|||
|
|
Nine Months Ended September 30, |
||
|
|
2025 |
|
2024 |
|
Cash provided (required) by operating activities of continuing operations |
$ (663.3) |
|
$ 308.8 |
|
|
|
|
|
|
Cash provided (required) by operating activities of discontinued operations |
(53.7) |
|
(37.2) |
|
|
|
|
|
|
Cash provided (required) by investing activities of continuing operations |
(84.4) |
|
(55.9) |
|
|
|
|
|
|
Cash provided (required) by financing activities of continuing operations |
932.1 |
|
(101.5) |
|
|
|
|
|
|
Effect of exchange rate changes on cash |
9.7 |
|
0.1 |
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents |
$ 140.4 |
|
$ 114.3 |
|
|
|
|
|
|
Cash and cash equivalents, beginning of period |
$ 357.3 |
|
$ 302.4 |
|
|
|
|
|
|
Cash and cash equivalents, end of period |
$ 497.7 |
|
$ 416.7 |
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SOURCE FMC Corporation
FAQ
Why did FMC (FMC) report a 49% revenue decline in Q3 2025?
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How has FMC (FMC) updated full-year 2025 guidance after Q3 results?
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