FMC Cuts Q4 Outlook After $639 Million Hit From Commercial Actions

FMC (NYSE: FMC) reported third-quarter 2026 results and revised its fourth-quarter outlook in a press release filed with an 8-K on Thursday, Oct. 29, 2026. The filing shows the results were driven largely by commercial actions the company announced Oct. 15 to change its pricing and rebate model in North America and to address higher-priced products held by channel customers.

Third-quarter revenue was $106 million, compared with $542 million a year earlier. The company said the commercial actions reduced revenue by about $639 million. Consolidated GAAP net loss widened to $2.07 billion from $569 million, which the company attributed to non-cash adjustments tied to deferred tax assets and intangible assets, along with the commercial actions. GAAP net loss per diluted share was $15.54.

Commercial actions drive the charge

Adjusted EBITDA was negative $559 million, compared with $236 million in the prior-year period. The commercial actions accounted for an approximately $672 million negative impact. Excluding that impact, underlying Adjusted EBITDA was $113 million, according to the company.

About $500 million of the EBITDA impact relates to a transition to a new North American pricing and rebate model, effective Oct. 1. The remaining roughly $175 million reflects price reductions on high-priced products held by channel customers in Brazil, the United States, Canada and Argentina. The company said those adjustments do not change its current selling prices and are the only component expected to reduce future cash collections.

Cash flow and outlook

GAAP cash from operations was $7 million, compared with negative $184 million a year earlier. Free cash flow was negative $18 million, including $23 million of restructuring spend.

For the fourth quarter, excluding India, FMC lowered its revenue range to $1.04 billion to $1.14 billion and its adjusted EBITDA range to $210 million to $230 million. The company expects adjusted earnings per diluted share of $0.56 to $0.70, a decline of 48 percent at the midpoint, citing lower EBITDA and a higher share count after the Tessenderlo Group investment closed in September.

For full-year 2026, FMC expects revenue excluding India of $2.75 billion to $2.85 billion and free cash flow of negative $350 million to negative $150 million, including about $180 million of restructuring spend. The company said the free cash flow reduction from prior guidance is mainly due to lower demand and the commercial actions.

Implementation timeline

The company said implementation is ongoing, with discussions with customers underway. FMC expects the transition to occur over the next three quarters. The filing also states that the company's India commercial business remains held for sale, with a definitive agreement to sell it to Crystal Crop Protection Limited for $252 million, expected to close during 2026.

The company's cash and equivalents were $476.6 million as of June 30, 2026, according to the company's figures. The filing does not report a share price reaction.