FMC Corporation

What they do

FMC develops, markets, and sells insecticides, herbicides, fungicides, biologicals, crop nutrition, and seed treatment products. It operates in a single business segment, with a portfolio that includes both legacy products like Rynaxypyr and new active ingredients such as Isoflex, fluindapyr, Dodhylex, and rimisoxafen. The company is restructuring to reduce costs and strengthen its balance sheet.

Revenue drivers

• New Active Ingredients (Isoflex, fluindapyr, Dodhylex, rimisoxafen) — Growth portfolio, including these new actives and Cyazypyr, grew mid-single digits in Q2 2026, offsetting declines in Plant Health.
• Legacy Diamide Products (Rynaxypyr, Cyazypyr) — Branded Rynaxypyr sales were flat ex-India in Q2 2026, but volumes declined due to lower partner orders and pricing actions. Cyazypyr showed strong performance.
• Regional Sales — North America revenue was $249M, Latin America $278M, EMEA $214M, Asia ex-India $101M, and India $26M in Q2 2026.
• Plant Health & Biologicals — Part of the growth portfolio, but sales declined in Q2 2026, partially offsetting gains from new actives.

Recent performance

For Q2 2026, FMC reported revenue of $867 million, down 17% year-over-year, with ex-India revenue of $841 million, down 20%. GAAP net loss was $187 million, or $1.49 per diluted share, down $253 million from Q2 2025. Adjusted EBITDA was $153 million, down 26%, and adjusted EPS was $0.26, down 62%. Volume declined 10% and price declined 7%, with a 2% FX tailwind.

Strategy

FMC's stated priorities include strengthening the balance sheet through debt repayment, improving core portfolio competitiveness, managing the post-patent Rynaxypyr transition, and commercializing new active ingredients. In July 2025, the board approved the divestiture of the India commercial business, expected to close in 2026, with a supply agreement to retain market participation. In June 2026, Tessenderlo Group agreed to a $400 million minority equity investment at $13.30 per share, concluding the strategic review. FMC also launched Project Foundation to optimize manufacturing and reduce structural costs.

Risks

• Generic Competition — Increased generic producers, especially from China, pressure prices and volumes for legacy products like Rynaxypyr.
• India Divestiture Completion — The sale process may not close on expected timeline or terms, and the company recorded $522 million in charges for impairments and preparation costs.
• Weather and Climate — Drought, flooding, and changing pest pressures can reduce demand for crop protection products.
• Macroeconomic Pressure on Farmers — Strained grower margins are reducing demand for core legacy products, particularly in North America.

Outlook

Management lowered full-year 2026 guidance: revenue ex-India of $3.50-$3.70 billion (down 7% at midpoint), Adjusted EBITDA of $620-$680 million (down 23% at midpoint), and Adjusted EPS of $1.19-$1.49 (down 55% at midpoint). Free cash flow, including a $200 million upfront licensing payment for rimisoxafen, is expected to be $75-$225 million.