Key Highlights

  • FMC shares trading up 13.05% to $5.37 today, against a 52-week range of $4.37 to $30.54.
  • Third quarter GAAP Revenue was $106 million, including a roughly $639 million hit from commercial actions.
  • Adjusted EBITDA was negative $559 million, or $113 million excluding about $672 million of commercial action impact.
  • Fourth quarter adjusted EBITDA is guided to $210 million to $230 million.
  • Cash stood at $735.8 million against total Debt of $4.178 billion at September 30.

FMC Bounces After Q3 Reset Quantifies the Commercial Actions

FMC (NYSE:FMC) shares are trading higher today after the company reported third quarter 2026 results and a revised outlook. The stock closed at $4.75 on Thursday and now sits at $5.37, a gain of 13.05%, though it remains far below its 52-week high of $30.54.

FMC is a global agricultural sciences company with crop protection products, biologicals, crop nutrition and digital tools for growers. Its shares fell sharply earlier in October after the company flagged weaker third quarter expectations and announced commercial actions on October 15.

Reported revenue was $106 million, compared with $542 million a year earlier, as the actions reduced sales by about $639 million. Excluding India and those actions, revenue was $745 million, down 22%, with volumes off 21% as channel customers sharply cut replenishment orders.

Pricing, Rebate Overhaul and Large Non-Cash Charges Drive a $2.07 Billion Net Loss

The commercial actions include a new North America pricing and rebate model, with an impact of about $500 million to EBITDA, and price cuts on products already held by channel customers in Brazil, the U.S., Canada and Argentina, worth about $175 million. The company said the changes do not alter forward cash obligations in North America, and the transition is expected to run over the next three quarters.

GAAP net loss was $2.07 billion, or $15.54 per share, reflecting non-cash deferred tax and intangible adjustments, including a $287.5 million impairment. Adjusted loss per share was $4.41, against adjusted Earnings of $0.89 a year earlier. Restructuring charges under Project Foundation totaled $175.9 million.

Balance Sheet Strain, India Sale and Analyst Price Targets

FMC held $735.8 million of cash and $4.178 billion of total debt at September 30, while shareholders' Equity fell to $9.5 million from $2.099 billion at the end of 2025. Operating Cash Flow was $7 million for the quarter, and free cash flow was negative $18 million.

The company agreed in May to sell its India commercial Business to Crystal Crop Protection for $252 million, with closing expected in 2026. A minority equity Investment by Tessenderlo Group closed in September.

Market Capitalization was about $739 million as of Thursday's close. Among research firms, Citi cut its price target to $6 from $12, Barclays lowered its target to $4 from $9, and Jefferies moved to a Hold rating with a $5 target. The average target across 17 analysts was $8.71, shown as a data point only.

Fourth Quarter Guidance Frames the Next Test for FMC

For the fourth quarter, FMC guided revenue of $1.04 billion to $1.14 billion and adjusted EBITDA of $210 million to $230 million, with adjusted EPS of $0.56 to $0.70. Full-year adjusted EBITDA is now projected at negative $124 million to negative $104 million, and free cash flow at negative $350 million to negative $150 million. The CEO said the channel inventory work should position the company for better 2027 performance, so investors will watch fourth quarter delivery and the pace of the India sale closing.