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FMC (FMC) investor relations material
FMC Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
The board is exploring strategic options, including a potential sale, while executing a base plan focused on debt reduction, portfolio competitiveness, and new active ingredient growth; the review is at a preliminary stage with no assurance of outcome.
2025 saw a subdued crop protection market due to excess capacity and weak grower margins, with challenging conditions expected to persist into 2026.
The portfolio is largely off-patent, but new active ingredients are expected to scale up over the next three years.
2026 operational priorities include strengthening the balance sheet, managing post-patent RynaxypyrⓇ, and driving new product growth.
Financial highlights
Q4 2025 revenue was $1.08 billion, down 12% year-over-year; full-year 2025 revenue was $3.47 billion, down 18%.
Q4 adjusted EBITDA was $280 million, down 17% year-over-year; full-year adjusted EBITDA was $843 million, down 7%.
Q4 adjusted EPS was $1.20, down 33%; full-year adjusted EPS was $2.96, down 15%.
Q4 GAAP net loss was $1.72 billion, mainly due to a non-cash goodwill impairment; full-year GAAP net loss was $2.24 billion.
2025 free cash flow was negative $165 million; net debt at year-end was $3.5 billion, with net debt/EBITDA at 4.1x.
Outlook and guidance
2026 revenue guidance is $3.60–$3.80 billion, a 5% decline at midpoint; adjusted EBITDA expected at $670–$730 million, down 17%; adjusted EPS $1.63–$1.89, down 41%.
Q1 2026 revenue guidance is $725–$775 million, down 5%; adjusted EBITDA $45–$55 million, down 58%; adjusted EPS negative $0.44 to negative $0.32.
Free cash flow for 2026 expected between negative $65 million and $65 million, including $130 million restructuring spend.
Sales of new active ingredients expected to reach $300–$400 million in 2026, over 75% growth at midpoint.
EBITDA growth in the mid-teens percent expected for 2027 and 2028 as restructuring and portfolio improvements take effect.
How will new AIs accelerate shareholder value?
Explain Q1 2026 EBITDA margin abnormality
What caused 2025 new AI sales miss?
Rationale for strategic review timing?
Core portfolio's impact on 2026 performance
Drivers of Rynaxypyr partner sales decline
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Next FMC earnings date
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FMC
Next FMC earnings date
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Frequently asked questions
Chemicals for Agriculture
FMC Corporation is an American global chemical manufacturing company. It primarily specializes in the production of agricultural chemicals, particularly those used for crop protection, and its product range includes insecticides, herbicides, and fungicides. Additionally, the company is involved in the health and nutrition sector, producing ingredients used in pharmaceuticals, food, and beverages. The company is headquartered in Philadelphia, Pennsylvania, and its shares are listed on the NYSE.
The Bean Spray Pump Company
FMC has its roots in the California chemical industry. It was initially established as The Bean Spray Pump Company in 1883 in Los Gatos, California, by John Bean. The company's focus at this time was on producing insecticide sprayers. The company expanded and diversified over the early 20th century and a 1928 merger formed Food Machinery Corporation (FMC).
In the 1960s and 1970s, FMC further expanded its chemical operations, becoming a major producer of hydrogen peroxide, soda ash, and specialty chemicals. In the late 20th and early 21st centuries, FMC underwent several restructurings to focus on its core chemical businesses. This included the spin-off of its machinery and equipment divisions and the sale of its defense business.
FMC’s Chemical Products
FMC today operates as a chemical manufacturer with a primary focus on agricultural solutions. This division develops, markets, and sells all three major classes of crop protection chemicals: insecticides, herbicides, and fungicides. These products are crucial for managing pest infestations, diseases, and weed control, thereby assisting farmers around the world in maximizing crop yields and quality while protecting them from various natural threats. FMC places a large focus on R&D, including the development of proprietary active ingredients and formulation technologies. Some other chemical companies offering products for similar applications include BASF, Bayer, and Nufarm.
Worldwide Pesticides
FMC operates on a global scale, serving agricultural markets in over 100 countries. Its products, diverse agricultural chemicals for a wide range of climatic conditions, crop types, and farming practices enable the company to have business in all corners of the world. This global presence is supported by a network of manufacturing and research facilities strategically located around the world, enabling FMC to efficiently serve different markets.
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