FMC (FMC) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue declined 4% year-over-year to $758.6–$762 million, with growth in EMEA and North America offset by declines in Latin America and Asia, and organic revenue down 9%.

• Net loss attributable to stockholders was $281.3 million, a significant increase from the prior year, mainly due to higher tax provisions, restructuring charges, and interest expense.

• Adjusted EBITDA was $72 million, down 40% year-over-year but above guidance, with adjusted loss per share at $0.23.

• Strategic priorities include a targeted $1 billion debt paydown, sale of the India business, and growth in new active ingredients, with the board evaluating multiple strategic alternatives including a potential sale.

• Project Foundation restructuring and post-patent Rynaxypyr strategy are key ongoing initiatives.

Financial highlights

• Q1 sales were $758.6–$762 million, $12 million above guidance midpoint, but down 4% year-over-year; like-for-like sales up 1% excluding India.

• Adjusted EBITDA was $72–$72.1 million, margin at 9.5%, down 570 bps year-over-year.

• Q1 GAAP net loss was $(281) million, compared to $(16) million in Q1 2025.

• Free cash flow for Q1 was negative $628–$628.1 million, with full-year guidance at break-even to $65 million.

• Interest expense for Q1 was $64.8 million, up $14.7 million year-over-year; full-year interest expense expected at $255–$275 million.

Outlook and guidance

• Q2 2026 revenue expected at $850–$900 million, a 17% decline at midpoint, mainly due to lower diamide partner sales and India removal.

• Q2 adjusted EBITDA forecasted at $130–$150 million (down 32% at midpoint), adjusted EPS $0.16–$0.26 (down 70% at midpoint).

• Full-year 2026 guidance unchanged: sales $3.6–$3.8 billion (down 5% at midpoint), EBITDA $670–$730 million (down 17%), adjusted EPS $1.63–$1.89 (down 41%).

• Free cash flow expected between negative $65 million and $65 million, a $165 million improvement at midpoint.

• H2 sales and EBITDA expected to be consistent with prior year, with volume growth offsetting price declines and minor FX headwinds.