FMC Corporation reported a sharp decline in second-quarter 2026 revenue as challenging market conditions weighed on demand, while the agricultural sciences company highlighted stronger cash generation and a major push to strengthen its balance sheet.

 

The company reported Q2 2026 revenue of $867 million, down 17 percent from the same period last year, while revenue excluding India fell 20 percent to $841 million. FMC posted a GAAP net loss of $187 million, a decline of $253 million compared with the second quarter of 2025.

 

Adjusted EBITDA came in at $153 million, down 26 percent year over year, while adjusted earnings per diluted share dropped 62 percent to $0.26.

 

Despite the weaker earnings performance, FMC generated significant cash during the quarter, with GAAP cash from operations reaching $363 million, up $297 million from the prior-year period. Free cash flow rose to $357 million, driven largely by a $200 million upfront payment from the company’s rimisoxafen licensing agreement.

 

“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 lowered its 2026 financial outlook, citing a more challenging operating environment and changing customer purchasing patterns.

 

The company now expects: Revenue excluding India: $3.50 billion to $3.70 billion, down 7 percent at the midpoint versus 2025. Adjusted EBITDA: $620 million to $680 million, down 23 percent at the midpoint.

 

FMC said pricing pressure, particularly on legacy products and planned Rynaxypyr pricing actions, remains a key challenge. Volume declines were driven by lower diamide partner orders and weaker demand for core legacy products, especially in North America, where growers continue to face margin pressure.

 

The company said its growth portfolio continued to perform well, growing at a mid-single-digit pace, supported by new active ingredients and Cyazypyr demand.

 

FMC said it has made progress on a four-part operational strategy focused on reducing debt, improving its core portfolio, managing the post-patent transition of Rynaxypyr and accelerating growth from new activity.

 

FMC expects continued pressure in the third quarter, forecasting revenue excluding India of $840 million to $900 million, down 9 percent at the midpoint from the prior year.

 

Adjusted EBITDA for the quarter is expected to fall to $120 million to $140 million, while adjusted earnings per diluted share are forecast at $0.05 to $0.13.

 

The company expects improvement in the fourth quarter, projecting revenue excluding India of $1.06 billion to $1.20 billion, up 4 percent at the midpoint year over year.

 

FMC expects fourth-quarter adjusted EBITDA of $275 million to $315 million, with growth driven by stronger volumes, new active ingredients, increased direct sales in Brazil and shifted North American distributor orders.

 

The company said it remains focused on rebuilding earnings power, improving cash generation and positioning FMC for long-term growth despite continued pressure across global agricultural markets.