EarningsQ2 2026 Earnings Report

FMC (FMC1) Q2 2026 Earnings Report

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Previous Report: Q1 2026

MX:FMC1 Q2 2026 EPS Results

Actual EPS$4.70

Consensus EPS$3.98

Beat/MissBeat by +$0.72

One Year Ago EPS$12.49

MX:FMC1 Q2 2026 Revenue Results

Actual Revenue$15.69B

Expected Revenue$16.20B

Beat/MissMissed by -$507.46M

YoY Revenue Growth-17.46%

Earnings Announcement Details

QuarterQ2 2026

Date07/29/2026

TimeAfter Close

Conference CallWednesday, July 29, 2026

MX:FMC1 Upcoming Earnings

FMC's next earnings date is estimated for October 29, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

MX:FMC1 Q2 2026 Earnings Call

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Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Jul 29, 2026|

% Change Since:

Earnings Call Sentiment|Neutral

The call balanced operational and strategic positives — Q1 results beat guidance, new active ingredients are gaining momentum, Isoflex EU approval and debt-reduction actions are meaningful achievements — against material near-term financial headwinds including price declines, significant Q2 and full-year profit erosion, weak Q1 free cash flow and elevated leverage. Management expects H1 to be an earnings trough with recovery in H2 and into 2027, but execution on asset sales, registrations and cost actions will be critical.

Company Guidance

FMC reiterated full‑year 2026 guidance with sales of $3.6–$3.8 billion (midpoint ~‑5% y/y), adjusted EBITDA $670–$730 million (midpoint ~‑17%), adjusted EPS $1.63–$1.89 (midpoint ~‑41%), and free cash flow of ‑$65 million to +$65 million (breakeven midpoint) that includes roughly $150 million of restructuring cash; Q2 revenue is guided to $850–$900 million (Q2 midpoint ~‑17% y/y mainly from lower diamide partner sales and removal of India), Q2 adjusted EBITDA $130–$150 million (midpoint ~‑32% y/y) and Q2 adjusted EPS $0.16–$0.26 (midpoint ~‑70% y/y). Management expects second‑half results largely consistent with last year at the midpoint (H2 sales excl. India +1%, H2 EBITDA ~‑6%, H2 adj EPS ~‑15%), FX roughly neutral for the full year after a Q1 +5% tailwind and a minor H2 headwind, full‑year interest expense $255–$275 million, D&A $160–$170 million, and an effective tax rate of 16–18%; balance sheet targets include gross debt of ~ $4.5 billion (net debt ~ $4.1 billion), gross debt/TTM EBITDA 5.7x (net 5.2x), a secured‑leverage covenant of 3.5x, reinstatement of a total leverage covenant at 6.75x on Dec 31, 2026, and a targeted ~$1 billion of debt paydown in 2026 (with ~ $700 million of proceeds currently in active negotiations).

Q1 Sales Beat Guidance and Solid Volume

Q1 sales of $762M were $12M above the guidance midpoint; sales down 4% YoY but up 1% like-for-like after excluding India. Volume grew 2% and FX provided a 5% tailwind.

EBITDA and EPS Outperformance vs Guidance

Adjusted Q1 EBITDA was $72M, $17M higher than the high end of guidance. Adjusted loss per share was $(0.23), $0.15 better than the guidance midpoint.

New Active Ingredients Momentum

Sales of new active ingredients doubled year-over-year in Q1; management expects continued momentum driven by new launches and registrations (e.g., fluindapyr, Dodhylex).

Isoflex EU Approval — Major Regulatory Win

Isoflex active received EU approval (first new herbicide approved in the EU since 2019), enabling launches starting in 2027 with potential access to >55M planted hectares; preregistration exemption requests in Italy, Germany, France and Spain could add upside in H2.

Rynaxypyr Branded Sales Stability and Early Post-Patent Signs

Branded Rynaxypyr sales expected to remain ~flat at $600M in 2026 with early signs of volume growth, improved mix toward higher-load formulations and some share gains from other insecticide classes.

Balance Sheet and Liquidity Actions Underway

Targeting ~$1B of debt paydown in 2026 via India sale, licensing deals, noncore asset and real estate sales; management has line of sight to ~$700M (~70%) of that target currently in advanced negotiations.

Financing and Revolver Improvements

Revolver amended to $2B capacity (maturity June 2028) and fully secured; collateral package of ~ $6B direct liens (up to ~$9B including guarantees); plan to launch secured high-yield to redeem $500M of notes (market permitting).

MX:FMC1 Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Oct 29, 2026	2026 (Q3)	1.92 / -	16.105	―
Jul 29, 2026	2026 (Q2)	3.98 / 4.70	12.486	-62.32% (-7.78)
Apr 29, 2026	2026 (Q1)	-6.91 / -4.16	3.257	-227.78% (-7.42)
Feb 04, 2026	2025 (Q4)	21.64 / 21.71	32.391	-32.96% (-10.68)
Oct 29, 2025	2025 (Q3)	15.42 / 16.10	12.486	28.99% (+3.62)
Jul 30, 2025	2025 (Q2)	11.18 / 12.49	11.4	9.52% (+1.09)
Apr 30, 2025	2025 (Q1)	1.70 / 3.26	6.514	-50.00% (-3.26)
Feb 04, 2025	2024 (Q4)	28.99 / 32.39	19.362	67.29% (+13.03)
Oct 29, 2024	2024 (Q3)	10.30 / 12.49	7.962	56.82% (+4.52)
Jul 31, 2024	2024 (Q2)	10.01 / 11.40	9.048	26.00% (+2.35)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed