FMC Corporation reports first quarter 2026 results above guidance with Adjusted EBITDA above high end of range, reaffirms full-year outlook

First Quarter 2026 Highlights

• Revenue of $759 million, down 4 percent versus Q1 2025
  • Revenue excluding India¹ of $762 million, down 4 percent versus Q1 2025 (which included India)
  • Organic revenue² for the period declined 9 percent
• Consolidated GAAP net loss of $281 million, a decline of $266 million versus Q1 2025
• Adjusted EBITDA of $72 million, down 40 percent versus Q1 2025
• Consolidated GAAP loss of $2.25 per diluted share, down $2.13 versus Q1 2025
• Adjusted loss per diluted share of $0.23, down 41 cents versus Q1 2025

Maintains 2026 Full-Year Outlook¹

• Revenue excluding India of $3.60 billion to $3.80 billion, a decline of 5 percent at the midpoint versus 2025
  • Excluding 2025 India contributions, the 2026 outlook represents a decline at the midpoint of 3 percent
• Adjusted EBITDA of $670 million to $730 million, a decline of 17 percent at the midpoint
• Adjusted earnings per diluted share of $1.63 to $1.89, a decline of 41 percent at the midpoint
• Free cash flow of negative $65 million to $65 million, an improvement of $165 million at the midpoint

PHILADELPHIA, April 29, 2026 – 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.

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.

Note: Regional results ex. India sum to $763M due to rounding

GAAP 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 Update

FMC 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 Outlook¹

The 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 Outlook¹

Second 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.

^ 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 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.

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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.

1. 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. 
2. Organic revenue growth (non-GAAP) excludes the impact of foreign currency changes and the removal of India.

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