FMC (FMC) Q3 2026 Earnings Report

The call had a negative near-term tone, driven by substantially below-expectation third-quarter results, large commercial action charges, lower fourth-quarter EBITDA guidance, negative 2026 free cash flow guidance, and ongoing pricing and demand pressures. Management presented a detailed recovery plan centered on channel inventory normalization, manufacturing cost reductions, new active ingredients, liquidity management, and expected EBITDA growth in 2027 and 2028, but execution of those actions remains the key focus.

Fourth quarter 2026 revenue is guided between $1.04 billion and $1.14 billion, about flat versus prior year at the midpoint, with volume growth offset by high single-digit price decline; adjusted EBITDA is expected to be between $210 million and $230 million, a decline of 22% versus the prior year, and adjusted earnings per share is expected to be between $0.56 and $0.70. Full year 2026 interest expense is expected to be in the range of $270 million to $280 million, depreciation and amortization between $160 million and $170 million, the effective tax rate on adjusted earnings 12% to 14%, and free cash flow in the range of negative $350 million to negative $150 million, including $180 million in restructuring spending, with free cash flow before restructuring expected to be negative $170 million to positive $30 million. FMC expects to end 2026 with net debt of approximately $3.1 billion with no outstanding revolver balance and to remain in compliance with all covenants through 2027. Preliminary 2027 adjusted EBITDA is expected to be at least $650 million and as much as $730 million, while 2028 adjusted EBITDA is expected to be approximately $760 million to $840 million; in 2027, the core business is expected to grow in the low single digit, the growth platform is expected to be up in the mid-teens, new active ingredients are expected to grow 50%, and the company has applied an EBITDA margin of 18% to 19% to its planning assumptions.