FMC FMC
FMC reported a $2.07 billion net loss for the three months ended Sep 30, 2026.
- Form
- 10-Q
- Filed
- Importance
- Notable
- Accession
- 0000037785-26-000171
- Revenue was $105.9 million for the three months ended Sep 30, 2026.
- Diluted EPS was -$15.54 for the three months ended Sep 30, 2026.
- Cash and equivalents were $735.8 million as of Sep 30, 2026.
Written from the 10-Q on EDGAR. Check the filing before you rely on it.
What changed
11 changes since the June 2026 10-Q
Compared with the 10-Q 0000037785-26-000142, filed Jul 30, 2026.
Net income down 1009% from Jun 30
−$2.1B, was −$186M.
From the filings
Before
−$186MNow
−$2.1BEPS down 943% from Jun 30
−$15.54, was −$1.49.
From the filings
Before
−$1.49Now
−$15.54Cash up 54% from Jun 30
$736M, was $477M.
From the filings
Before
$477MNow
$736MAlthough we made meaningful progress reducing channel inventory volumes in 2025, there is still an elevated…
New paragraph in MD&A.
From the filings
Now
Although we made meaningful progress reducing channel inventory volumes in 2025, there is still an elevated value of FMC inventory held by channel customers in key markets as they seek to operate with very low inventory in response to high financing costs, the perception of ample supply and demand uncertainty. In response to these factors, we are taking comprehensive commercial actions to reflect pricing adjustments made on select products held by channel customers in key markets and modify the pricing and rebate model in North America. As a result, we recorded charges of approximately $672 million during the three months ended September 30, 2026, which includes approximately $639 million recorded to Revenue on the consolidated statement of income. The remaining adjustments were recorded to Cost of sales and services on the consolidated statement of income. We believe our current pricing is competitive and expect these commercial actions and ongoing manufacturing changes to further support competitive pricing.North America: Revenue decreased approximately 252 percent year-over-year primarily driven by the…
New paragraph in MD&A.
From the filings
Now
North America: Revenue decreased approximately 252 percent year-over-year primarily driven by the adjustments in connection with the commercial actions taken in the third quarter of 2026 to reflect pricing adjustments made on select products held by channel customers and to modify the pricing and rebate model in North America. The commercial actions were taken in response to the elevated value of FMC inventory held by channel customers, which sharply reduced replenishment orders during the final weeks of the quarter and resulted in lower volumes in the region during the third quarter of 2026.Latin America : Revenue decreased approximately 43 percent versus the third quarter of 2025 (down 45 percent…
Adds "43"; drops "10".
From the filings
Before
Latin America : Revenue decreased approximately 10 percent versus the second quarter of 2025 (down 16 percent organically) due to lower diamide partner orders as well as continued generic pressure in the market.Now
Latin America : Revenue decreased approximately 43 percent versus the third quarter of 2025 (down 45 percent organically) primarily driven by the commercial adjustments recorded during the third quarter of 2026 to address select higher-priced products held by channel customers. The commercial actions were taken in response to challenging market conditions, including lower replenishment orders during the final weeks of the third quarter as well as continued generic pricing and volume pressure.North America: Revenue decreased approximately 90 percent year-over-year primarily driven by adjustments…
Adds "90"; drops "12".
From the filings
Before
North America: Revenue decreased approximately 12 percent year-over-year (down 13 percent organically) driven by lower pricing and volumes due to competition and actions on branded Rynaxypyr active partially offset by volume growth for branded products, particularly herbicides, during the first quarter of 2026.Now
North America: Revenue decreased approximately 90 percent year-over-year primarily driven by adjustments recorded in the third quarter of 2026 in connection with commercial actions taken to reflect pricing adjustments made on select products held by channel customers and to modify the pricing and rebate model in North America The commercial actions were taken in response to the elevated value of FMC inventory held by channel customers, which sharply reduced replenishment orders during the final weeks of the third quarter. Lower pricing and volumes due to competition and actions on branded Rynaxypyr active also contributed to the decrease year over year.GAAP - Continuing operations $ (1,187.9) $ 840.6 (70.8) % $ (466.0) $ 82.2 (17.6) %
New paragraph in MD&A.
From the filings
Now
GAAP - Continuing operations $ (1,187.9) $ 840.6 (70.8) % $ (466.0) $ 82.2 (17.6) %Non-GAAP - Continuing operations $ (673.1) $ (87.7) 13.0 % $ 128.6 $ 15.5 12.1 % (1) Refer to Note 16 Income…
New paragraph in MD&A.
From the filings
Now
Non-GAAP - Continuing operations $ (673.1) $ (87.7) 13.0 % $ 128.6 $ 15.5 12.1 % (1) Refer to Note 16 Income Taxes . Primarily relates to valuation allowances recorded in Switzerland and the United States during the three and nine months ended September 30, 2026.Non-GAAP - Continuing operations $ (667.6) $ (86.8) 13.0 % $ 256.6 $ 33.4 13.0 % (1) Refer to Note 16 Income…
New paragraph in MD&A.
From the filings
Now
Non-GAAP - Continuing operations $ (667.6) $ (86.8) 13.0 % $ 256.6 $ 33.4 13.0 % (1) Refer to Note 16 Income Taxes . Primarily relates to valuation allowances recorded in Switzerland and the United States during the nine months ended September 30, 2026.In October 2026, the Company entered into Amendment No. 8 to the Revolving Credit Facility, which requires…
New paragraph in MD&A.
From the filings
Now
In October 2026, the Company entered into Amendment No. 8 to the Revolving Credit Facility, which requires the Company to use net proceeds received upon completion of the sale of the India commercial business to repay debt under the Revolving Credit Facility or for general corporate or working capital purposes. Amendment No. 8 also conditionally releases certain guarantors from their guarantees and certain assets from the security interest previously granted by the Company and certain of its subsidiaries to secure the obligations under the Credit Agreement to facilitate certain actions required in advance of the sale of the India commercial business.
Show the redline
Section by section. Added words and removed words against the earlier filing.
Cover page 2 changes
3 unchanged paragraphs
For the quarterly period ended June September 30, 2026
19 unchanged paragraphs
As of June September 30, 2026, there were 125,226,839 155,558,399 of the registrant's common shares outstanding.
1 unchanged paragraph
Financial statements 186 changes
1 unchanged paragraph
Three Months Ended June 30, Six Months Ended June 30,
Three Months Ended September 30, Nine Months Ended September 30, (In millions, except per share data)
1 unchanged paragraph
Revenue $ 867.1 $ 1,050.5 $ 1,625.7 $ 1,841.9
Costs of sales and services 525.0 644.2 1,037.0 1,118.9
Gross margin $ 342.1 $ 406.3 $ 588.7 $ 723.0
Selling, general and administrative expenses 179.1 176.8 364.2 348.8
Research and development expenses 60.4 66.4 125.9 135.1
Restructuring and other charges (income) 222.3 36.7 299.3 54.5
Total costs and expenses $ 986.8 $ 924.1 $ 1,826.4 $ 1,657.3
Interest expense, net 71.3 61.0 136.1 111.1
Income (loss) from continuing operations before income taxes $ ( 194.3 ) $ 58.8 $ ( 343.5 ) $ 63.7
Provision (benefit) for income taxes ( 1.5 ) 14.4 110.6 27.9
Income (loss) from continuing operations $ ( 192.8 ) $ 44.4 $ ( 454.1 ) $ 35.8
Discontinued operations, net of income taxes 6.5 23.4 ( 13.4 ) 16.4
Net income (loss) $ ( 186.3 ) $ 67.8 $ ( 467.5 ) $ 52.2
Net income (loss) attributable to FMC stockholders $ ( 186.6 ) $ 66.7 $ ( 467.9 ) $ 51.2
Revenue $ 105.9 $ 542.2 $ 1,731.6 $ 2,384.1
Costs of sales and services 507.5 413.3 1,544.5 1,532.2
Gross margin $ ( 401.6 ) $ 128.9 $ 187.1 $ 851.9
Selling, general and administrative expenses 172.3 167.4 536.5 516.2
Research and development expenses 57.7 63.3 183.6 198.4
Restructuring and other charges (income) 480.6 294.5 779.9 349.0
Total costs and expenses $ 1,218.1 $ 938.5 $ 3,044.5 $ 2,595.8
Income (loss) from continuing operations before non-operating pension, postretirement and other charges (income), interest expense, net and income taxes $ ( 119.7 1,112.2 ) $ 126.4 ( 396.3 ) $ ( 200.7 1,312.9 ) $ 184.6 ( 211.7 )
Non-operating pension, postretirement and other charges (income) 3.3 6.6 6.7 9.8 2.1 5.6 8.8 15.4
Interest expense, net 73.6 64.1 209.7 175.2
Income (loss) from continuing operations before income taxes $ ( 1,187.9 ) $ ( 466.0 ) $ ( 1,531.4 ) $ ( 402.3 )
Provision (benefit) for income taxes 840.6 82.2 951.2 110.1
Income (loss) from continuing operations $ ( 2,028.5 ) $ ( 548.2 ) $ ( 2,482.6 ) $ ( 512.4 )
Discontinued operations, net of income taxes ( 36.8 ) ( 20.4 ) ( 50.2 ) ( 4.0 )
Net income (loss) $ ( 2,065.3 ) $ ( 568.6 ) $ ( 2,532.8 ) $ ( 516.4 )
Less: Net income (loss) attributable to noncontrolling interests 0.3 1.1 0.4 1.0 1.6 0.7 2.0 1.7
Net income (loss) attributable to FMC stockholders $ ( 2,066.9 ) $ ( 569.3 ) $ ( 2,534.8 ) $ ( 518.1 )
1 unchanged paragraph
Continuing operations, net of income taxes $ ( 193.1 ) $ 43.3 $ ( 454.5 ) $ 34.8
Discontinued operations, net of income taxes 6.5 23.4 ( 13.4 ) 16.4
Net income (loss) attributable to FMC stockholders $ ( 186.6 ) $ 66.7 $ ( 467.9 ) $ 51.2
Continuing operations, net of income taxes $ ( 2,030.1 ) $ ( 548.9 ) $ ( 2,484.6 ) $ ( 514.1 )
Discontinued operations, net of income taxes ( 36.8 ) ( 20.4 ) ( 50.2 ) ( 4.0 )
Net income (loss) attributable to FMC stockholders $ ( 2,066.9 ) $ ( 569.3 ) $ ( 2,534.8 ) $ ( 518.1 )
1 unchanged paragraph
Continuing operations $ ( 1.54 ) $ 0.34 $ ( 3.62 ) $ 0.28
Discontinued operations 0.05 0.19 ( 0.11 ) 0.13
Net income (loss) attributable to FMC stockholders $ ( 1.49 ) $ 0.53 $ ( 3.73 ) $ 0.41
Continuing operations $ ( 15.26 ) $ ( 4.36 ) $ ( 19.35 ) $ ( 4.08 )
Discontinued operations ( 0.28 ) ( 0.16 ) ( 0.39 ) ( 0.03 )
Net income (loss) attributable to FMC stockholders $ ( 15.54 ) $ ( 4.52 ) $ ( 19.74 ) $ ( 4.11 )
1 unchanged paragraph
Continuing operations $ ( 1.54 ) $ 0.34 $ ( 3.62 ) $ 0.28
Discontinued operations 0.05 0.19 ( 0.11 ) 0.13
Net income (loss) attributable to FMC stockholders $ ( 1.49 ) $ 0.53 $ ( 3.73 ) $ 0.41
Continuing operations $ ( 15.26 ) $ ( 4.36 ) $ ( 19.35 ) $ ( 4.08 )
Discontinued operations ( 0.28 ) ( 0.16 ) ( 0.39 ) ( 0.03 )
Net income (loss) attributable to FMC stockholders $ ( 15.54 ) $ ( 4.52 ) $ ( 19.74 ) $ ( 4.11 )
2 unchanged paragraphs
Three Months Ended June 30, Six Months Ended June 30,
Net income (loss) $ ( 186.3 ) $ 67.8 $ ( 467.5 ) $ 52.2
Three Months Ended September 30, Nine Months Ended September 30, (In millions) (unaudited) (unaudited)
Net income (loss) $ ( 2,065.3 ) $ ( 568.6 ) $ ( 2,532.8 ) $ ( 516.4 )
2 unchanged paragraphs
Foreign currency translation gain (loss) arising during the period $ ( 3.1 ) 14.6 $ 33.6 0.7 $ 32.8 47.4 $ 40.3 41.0
2 unchanged paragraphs
Unrealized hedging gains (losses) and other, net of tax benefit (expense) of $( 1.5 5.8 ) and $( 0.5 6.3 ) for the three and six nine months ended June September 30, 2026, respectively and $( 5.5 9.3 ) and $ 11.8 2.5 for the three and six nine months ended June September 30, 2025, respectively
Reclassification of deferred hedging (gains) losses and other, included in net income (loss), net of tax expense (benefit) of $ 2.2 3.0 and $ 3.0 6.0 for the three and six nine months ended June September 30, 2026, respectively and $ 2.0 8.8 and $ 1.1 9.9 for the three and six nine months ended June September 30, 2025, respectively (2)
Total derivative instruments, net of tax benefit (expense) of $ 0.7 2.8 and $ 2.5 0.3 for the three and six nine months ended June September 30, 2026, respectively and $( 7.5 0.5 ) and $ 12.9 12.4 for the three and six nine months ended June September 30, 2025, respectively
1 unchanged paragraph
Other comprehensive income (loss), net of tax $ 3.7 $ 11.8 $ 43.5 $ 7.6
Comprehensive income (loss) $ ( 182.6 ) $ 79.6 $ ( 424.0 ) $ 59.8
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax benefit (expense) of zero for each of the three and six nine months ended June September 30, 2026 and 2025 respectively
Reclassification of net actuarial and other (gains) losses and amortization of prior service costs and settlement charges, included in net income (loss), net of tax expense (benefit) of $( 0.7 0.6 ) and $( 1.5 2.1 ) for the three and six nine months ended June September 30, 2026, respectively and $( 0.6 0.7 ) and $( 1.2 1.9 ) for the three and six nine months ended June September 30, 2025, respectively (2)
Total pension and other postretirement benefits, net of tax benefit (expense) of $( 0.7 0.6 ) and $( 1.5 2.1 ) for the three and six nine months ended June September 30, 2026, respectively and $( 0.6 0.7 ) and $( 1.2 1.9 ) for the three and six nine months ended June September 30, 2025, respectively
Other comprehensive income (loss), net of tax $ 25.5 $ 12.6 $ 69.0 $ 20.2
Comprehensive income (loss) $ ( 2,039.8 ) $ ( 556.0 ) $ ( 2,463.8 ) $ ( 496.2 )
Less: Comprehensive income (loss) attributable to the noncontrolling interest ( 0.5 ) 1.5 ( 0.1 ) 1.7 4.6 0.9 4.5 2.6
Comprehensive income (loss) attributable to FMC stockholders $ ( 2,044.4 ) $ ( 556.9 ) $ ( 2,468.3 ) $ ( 498.8 )
Comprehensive income (loss) attributable to FMC stockholders $ ( 182.1 ) $ 78.1 $ ( 423.9 ) $ 58.1 (1) Income taxes are not provided for foreign currency translation because the related investments are essentially permanent in duration.
3 unchanged paragraphs
Investments 20.9 20.4
(In millions, except share and par value data) June September 30, 2026 December 31, 2025
Cash and cash equivalents $ 476.6 735.8 $ 584.5
Trade receivables, net of allowance of $ 45.6 87.6 in 2026 and $ 43.3 in 2025
Inventories 1,209.3 1,326.5 1,219.6
Prepaid and other current assets 570.7 472.6 481.2
Assets held for sale 401.6 319.4 611.7
Total current assets $ 4,728.7 4,577.4 $ 4,959.0
Investments 21.0 20.4
Property, plant and equipment, net 554.7 491.9 707.4
Other intangibles, net 2,307.9 1,995.9 2,361.8
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
3 unchanged paragraphs
2 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
2 unchanged paragraphs
2 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
3 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
25 unchanged paragraphs
25 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
and 106 more changes in the filing
Note 1: Financial Information and Accounting Policies 2 changes
The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") applicable to interim period financial statements and reflect all adjustments necessary for a fair presentation of our statements of results of operations for the three and six nine months ended June September 30, 2026 and 2025, cash flows for the six nine months ended June September 30, 2026 and 2025, changes in equity for the three and six nine months ended June September 30, 2026 and 2025, and our financial positions as of June September 30, 2026 and December 31, 2025. All such adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the Notes. The results of operations for the three and six nine months ended June September 30, 2026 and 2025 are not necessarily indicative of the results of operations for the full year. The consolidated balance sheet as of December 31, 2025 was audited by our independent registered public accountants. Our accounting policies are set forth in detail in Note 1 to the consolidated financial statements included with our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") for the year ended December 31, 2025 (the "2025 Form 10-K").
2 unchanged paragraphs
Following entry into the definitive agreement, we evaluated the remaining carrying value of the net assets associated with the business. The carrying value of the India held for sale business decreased from $ 450.0 million as of December 31, 2025 to $ 350.0 260.0 million as of June September 30, 2026. The difference between the adjusted carrying value and the estimated fair value, less costs to sell, was recorded as an asset impairment of $ 43.6 57.1 million during the six nine months ended June September 30, 2026, reflected within the Restructuring and other charges line item on the consolidated statement of income (loss). In addition to the asset impairment charge recorded during the period, we also recognized receivable collections during the period that reduced the remaining carrying value of the net assets identified for sale. The carrying value of the held for sale business is comprised of $ 367.0 282.6 million of net assets held for sale as presented on the consolidated balance sheet and a gain of $ 17.0 22.6 million related to foreign currency translation in connection with the assets identified for disposal. The foreign currency translation gains are recorded in Accumulated other comprehensive income (loss) on the consolidated balance sheet and will be reclassified to the consolidated statement of income (loss) upon close of the sale.
Note 2: Recently Issued and Adopted Accounting Pronouncements and Regulatory Items 1 change
1 unchanged paragraph
On November 4, 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures, to require disaggregation of certain expense captions into specified categories in disclosures within the notes of the financial statements. The standard is effective for FMC beginning with the Form 10-K for the year ended December 31, 2027, and early adoption is permitted. The guidance is required to be applied prospectively and amendments in the ASU may be applied prospectively or retrospectively. We are currently evaluating the impact this standard will have on our disclosures.
Note 3: Revenue Recognition 21 changes
3 unchanged paragraphs
Three Months Ended June 30, Six Months Ended June 30,
North America $ 248.8 $ 320.9 $ 446.4 $ 507.3
Latin America 277.9 310.4 454.9 517.2
Europe, Middle East & Africa (EMEA) 214.1 260.4 521.0 533.2
Asia 126.3 158.8 203.4 284.2
Total Revenue $ 867.1 $ 1,050.5 $ 1,625.7 $ 1,841.9
Three Months Ended September 30, Nine Months Ended September 30, (in Millions) 2026 2025 2026 2025
Europe, Middle East & Africa (EMEA) 121.0 154.5 642.0 687.7
Total Revenue $ 105.9 $ 542.2 $ 1,731.6 $ 2,384.1
(1) In response to challenging market conditions, we implemented comprehensive commercial actions in Brazil, Argentina, the United States and Canada to reflect pricing adjustments made on select products held by channel customers as well as modify our pricing and rebate model in North America. As a result, we recorded approximately $ 535 million and $ 104 million in revenue charges in North America and Latin America, respectively, during the three and nine months ended September 30, 2026.
(2) During the three and nine months ended September 30, 2025, we took several intentional commercial actions to prepare the India commercial business for sale. These actions to position the India business for sale resulted in revenue charges of $ 419 million for the India business in the third quarter of 2025 and included the recognition of actual inventory returns during the period, an increase to the reserve for future sales returns, and various pricing actions to assist with the acceleration of receivable collection. Refer to Note 1 for further details on the India held for sale business.
The following table provides information about disaggregated revenue by major product category:
Three Months Ended September 30, Nine Months Ended September 30, (in Millions) 2026 2025 2026 2025
Insecticides $ 288.9 $ 204.4 $ 1,053.0 $ 1,132.4
Herbicides ( 279.7 ) 219.9 352.2 868.1
Fungicides 39.4 89.3 183.6 222.4
Plant Health 31.4 35.2 115.5 125.3
Other 25.9 ( 6.6 ) 27.3 35.9
Total Revenue (1)(2)
(1) The three and nine months ended September 30, 2026 includes revenue charges of approximately $ 639 million in connection with commercial actions implemented during the period, which impacted the insecticides, herbicides, and fungicides product categories above.
(2) The three and nine months ended September 30, 2025 includes revenue charges of approximately $ 419 million driven by the intentional commercial actions to prepare the India commercial business for sale. Refer to Note 1 for further details on the India held for sale business.
Notes to the financial statements 24 changes
We enter into various financial instruments with off-balance sheet risk as part of the normal course of business. These off-balance sheet instruments include financial guarantees and contractual commitments to extend financial guarantees under letters of credit, and other assistance to customers. See Note 18 for more information. Decisions to extend financial guarantees to customers and the amount of collateral required under these guarantees are based on our evaluation of creditworthiness on a case-by-case basis.
Use of Derivative Financial Instruments to Manage Risk
We mitigate certain financial exposures, including currency risk, commodity purchase exposures and interest rate risk, through a program of risk management that includes the use of derivative financial instruments. We enter into derivative contracts, including forward contracts and purchased options, to reduce the effects of fluctuating currency exchange rates, interest rates, and commodity prices. A detailed description of these risks including a discussion on the concentration of credit risk is provided in Note 18 to our consolidated financial statements on our 2025 Form 10-K.
We formally document all relationships between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. This process includes relating derivatives that are designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. We also assess, both at the inception of the hedge and on an ongoing basis, whether each derivative is highly effective in offsetting changes in fair values or cash flows of the hedged item. If we determine that a derivative is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, we discontinue hedge accounting with respect to that derivative prospectively.
Accounting for Derivative Instruments and Hedging Activities
We recognize all derivatives on the balance sheet at fair value. On the date the derivative instrument is entered into, we generally designate the derivative as a hedge of the variability of cash flows to be received or paid related to a forecasted transaction (cash flow hedge). We record in accumulated other comprehensive income (loss) ("AOCI") changes in the fair value of derivatives that are designated as and meet all the required criteria for a cash flow hedge. We then reclassify these amounts into earnings as the underlying hedged item affects earnings. In contrast, we immediately record in earnings changes in the fair value of derivatives that are not designated as cash flow hedges.
As of June 30, 2026, we had open foreign currency forward contracts in AOCI in a net after tax loss position of $ 5.3 million designated as cash flow hedges of underlying forecasted sales and purchases. Current open contracts hedge forecasted transactions until December 31, 2027. At June 30, 2026, we had open forward contracts designated as cash flow hedges with various expiration dates to buy, sell or exchange foreign currencies with a U.S. dollar equivalent of approximately $ 491.2 million.
At June 30, 2026, we had no outstanding interest rate swap contracts.
In prior periods, we settled various interest rate swap agreements related to several debt issuances and recorded gains (losses) in other comprehensive income, which are being amortized over the various terms of those debt instruments. As of June 30, 2026, there was a remaining net after-tax loss of $ 24.8 million in AOCI related to these settlements.
As of June 30, 2026, we had no open commodity contracts in AOCI designated as cash flow hedges of underlying forecasted purchases. At June 30, 2026, we had no mmBTUs (millions of British Thermal Units) in aggregate notional volume of outstanding natural gas commodity forward contracts to hedge forecasted purchases.
Approximately $ 5.3 million of the net losses after-tax, representing open foreign currency exchange will be realized in earnings during the twelve months ending June 30, 2027 if spot rates in the future are consistent with forward rates as of June 30, 2026. The actual effect on earnings will be dependent on the actual spot rates when the forecasted transactions occur.
We earn revenue from the sale of a wide range of products to a diversified base of customers around the world. We develop, market and sell all three major classes of crop protection chemicals (insecticides, herbicides and fungicides) as well as biologicals, crop nutrition, and seed treatment products, which we group as plant health. These products are used in agriculture to enhance crop yield and quality by controlling a broad spectrum of insects, weeds and disease. The majority of our product lines consist of insecticides and herbicides, with a smaller portfolio of fungicides mainly used in high value crop segments. We are investing in plant health which includes our growing biological products. Our insecticides are used to control a wide spectrum of pests, while our herbicide portfolio primarily targets a large variety of difficult-to-control weeds. Products in the other category include various agricultural products such as smaller classes of pesticides, growth promoters, and other miscellaneous revenue sources.
For additional detail on revenue recognition policies and procedures, see Note 3 to our consolidated financial statements included within our 2025 Form 10-K.
Contract Asset and Contract Liability Balances
We satisfy our obligations by transferring goods and services in exchange for consideration from customers. The timing of performance sometimes differs from the timing the associated consideration is received from the customer, thus resulting in the recognition of a contract asset or contract liability. We recognize a contract liability if the customer's payment of consideration is received prior to completion of our related performance obligation.
The following table presents the opening and closing balances of our receivables, net of allowances and contract liabilities from contracts with customers:
(in Millions) Balance as of September 30, 2026 Balance as of December 31, 2025 Increase (Decrease)
Receivables from contracts with customers, net of allowances (1)
Contract liabilities: Advance payments from customers (2)
(1) Amount includes $ 1,723.1 million of trade receivables and $ 28.1 million of net long-term customer receivables as of September 30, 2026. See Note 5 for more information.
(2) Amount includes $ 67.8 million of short-term advance payments from customers and $ 200.0 million of long-term advance payments from customers as of September 30, 2026. The long-term advance payments from customers includes the deferred revenue recognized in connection with the licensing agreement discussed further below and recorded in Other long-term liabilities on the consolidated balance sheet. The amount of revenue recognized in the nine months ended September 30, 2026 that was included in the opening contract liability balance is $ 452.6 million.
The balance of receivables from contracts with customers listed in the table above include both current trade receivables and long-term receivables, net of allowance for doubtful accounts. The change in allowance for doubtful accounts for both current trade receivables and long-term receivables for any period is representative of the impairment or the write-off of receivables. Refer to Note 5 for further information.
In June 2026, we entered into a co-exclusive strategic supply and license agreement with Corteva, Inc. Under the terms of the agreement, which extends through the next decade, FMC retains all rights of ownership to rimisoxafen and will supply Corteva, Inc. with the active ingredient. Both companies will develop and commercialize their own exclusive premix formulations for the corn and soybean markets across North and South America, while FMC will continue to develop additional rimisoxafen-based products for other crops and geographies globally. In connection with the closing of the transaction, Corteva made an initial prepurchase cash payment of $ 200.0 million for rimisoxafen to be supplied by FMC, which was recognized as deferred revenue and is included in Other long-term liabilities on the consolidated balance sheet as of September 30, 2026.
We periodically enter into prepayment arrangements with customers and receive advance payments for product to be delivered in future periods. We recognize these prepayments as a liability under Advance payments from customers on the consolidated balance sheets when they are received. Revenue associated with advance payments is recognized as shipments are made and transfer of control to the customer takes place.
Note 4: Intangible Assets 11 changes
1 unchanged paragraph
June September 30, 2026 December 31, 2025
2 unchanged paragraphs
Customer relationships $ 1,146.3 1,143.8 $ ( 558.5 571.3 ) $ 587.8 572.5 $ 1,155.4 $ ( 534.8 ) $ 620.6
1 unchanged paragraph
Purchased and licensed technologies 134.0 133.3 ( 61.7 63.8 ) 72.3 69.5 136.8 ( 57.9 ) 78.9
3 unchanged paragraphs
In-process research & development 11.7 11.7 11.6 11.6 12.1 12.1
Total intangible assets $ 2,965.7 2,670.5 $ ( 657.8 674.6 ) $ 2,307.9 1,995.9 $ 2,986.1 $ ( 624.3 ) $ 2,361.8 (1) Represents trademarks, trade names and know-how.
1 unchanged paragraph
Three Months Ended June 30, Six Months Ended June 30,
Amortization expense $ 18.7 $ 18.2 $ 37.4 $ 36.4
We perform our indefinite-lived intangible asset impairment tests at least annually. Our fiscal year 2026 annual indefinite-lived intangible asset impairment test was performed during the three months ended September 30, 2026. At the time of the annual impairment test which uses a July 31 measurement date, we determined no indefinite-lived asset impairment existed and the estimated fair values also exceeded the carrying value for each of our indefinite-lived intangible assets. During the third quarter of 2026, we experienced a decline in operating performance, revised our expectations regarding future operating results and cash flows, and considered the increased uncertainty associated with future forecasts. As a result of these factors and the commercial actions implemented during the quarter, we performed an additional impairment test of certain indefinite-lived intangible assets. Based on the results of that assessment, we recorded a non-cash impairment charge of $ 287.5 million to our Crop Protection Brands intangible asset during the nine months ended September 30, 2026.
Three Months Ended September 30, Nine Months Ended September 30, (in Millions) 2026 2025 2026 2025
Amortization expense $ 18.6 $ 18.3 $ 56.0 $ 54.7
The full year estimated pre-tax amortization expense for the year ended December 31, 2026 and each of the succeeding five years is approximately $ 72.4 72.0 million, $ 71.5 71.3 million, $ 71.3 71.0 million, $ 68.6 67.4 million, $ 66.2 66.1 million, and $ 64.4 63.5 million, respectively.
Note 5: Receivables 15 changes
7 unchanged paragraphs
Additions - charged (credited) to expense (1)
Transfer from (to) allowance for credit losses (see below) ( 0.5 0.6 )
Net recoveries, write-offs and other 0.9 1.5
1 unchanged paragraph
Balance, June 30, 2026 $ 45.6
Balance, September 30, 2026 $ 87.6
(1) Includes approximately $ 32 million of charges recorded to Cost of sales and services on our consolidated statement of income in connection certain receivables in Latin America as part of the commercial actions implemented during the third quarter of 2026.
We have non-current receivables that represent long-term customer receivable balances related to past due accounts which are not expected to be collected within the current year. The net long-term customer receivables were $ 50.9 28.1 million as of June September 30, 2026. These long-term customer receivable balances and the corresponding allowance are included in Other assets including long-term receivables, net on the consolidated balance sheets.
8 unchanged paragraphs
Balance, June 30, 2026 $ 35.6
Additions - charged (credited) to expense (1) (1)(2)
Transfer from (to) allowance for doubtful accounts (see above) 0.5 0.6
Foreign currency adjustments 0.2
Net recoveries, write-offs and other (1) (1)(2)
Balance, September 30, 2026 $ 37.0
(1) Includes approximately $ 5 million of charges recorded to Cost of sales and services on our consolidated statement of income in connection certain receivables in Latin America as part of the commercial actions implemented during the third quarter of 2026.
(1) (2) Includes the charge and write-off of approximately $ 70.6 92.6 million of certain receivables recorded in connection with Project Foundation due to a change in our commercial strategy, primarily in Latin America. recorded in connection with Project Foundation. The charge was recorded as a component of Restructuring and other charges (income) on the consolidated statement of income (loss). Refer to Note 8 for further information.
Note 6: Inventories 5 changes
1 unchanged paragraph
(in Millions) June September 30, 2026 December 31, 2025
Finished goods $ 444.2 510.2 $ 482.6
Work in process 597.7 654.1 552.7
Raw materials, supplies and other 167.4 162.2 184.3
Net inventories $ 1,209.3 1,326.5 $ 1,219.6
Note 7: Property, Plant and Equipment 4 changes
1 unchanged paragraph
(in Millions) June September 30, 2026 December 31, 2025
Property, plant and equipment $ 1,599.5 1,623.9 $ 1,602.6
Accumulated depreciation ( 1,044.8 1,132.0 ) ( 895.2 )
Property, plant and equipment, net $ 554.7 491.9 $ 707.4
Note 8: Restructuring and Other Charges (Income) 29 changes
1 unchanged paragraph
Three Months Ended June 30, Six Months Ended June 30,
Restructuring charges $ 139.5 $ 13.0 $ 234.0 $ 26.6
Other charges (income), net 82.8 23.7 65.3 27.9
Total restructuring and other charges (income) $ 222.3 $ 36.7 $ 299.3 $ 54.5
Three Months Ended September 30, Nine Months Ended September 30, (in Millions) 2026 2025 2026 2025
Restructuring charges $ 175.9 $ 49.9 $ 409.9 $ 76.5
Other charges (income), net 304.7 244.6 370.0 272.5
Total restructuring and other charges (income) $ 480.6 $ 294.5 $ 779.9 $ 349.0
6 unchanged paragraphs
Project Focus $ 0.2 $ 2.7 $ $ 2.9
Project Foundation 5.3 ( 3.0 ) 134.2 136.5
Three Months Ended June 30, 2026 $ 5.5 $ ( 0.2 ) $ 134.2 $ 139.5
Project Focus $ 5.4 $ 4.9 $ 2.5 $ 12.8
Three Months Ended June 30, 2025 $ 5.4 $ 5.1 $ 2.5 $ 13.0
Project Focus $ 0.5 $ 6.7 $ $ 7.2
Project Foundation 11.5 16.2 198.9 226.6
Six Months Ended June 30, 2026 $ 12.0 $ 23.1 $ 198.9 $ 234.0
Project Focus $ 9.6 $ 11.5 $ 5.6 $ 26.7
Six Months Ended June 30, 2025 $ 9.2 $ 11.8 $ 5.6 $ 26.6
Project Focus $ $ 1.1 $ $ 1.1
Project Foundation 36.2 51.7 86.8 174.7
Three Months Ended September 30, 2026 $ 36.2 $ 52.9 $ 86.8 $ 175.9
Project Focus $ 6.7 $ 8.0 $ 35.0 $ 49.7
Three Months Ended September 30, 2025 $ 6.7 $ 8.2 $ 35.0 $ 49.9
Project Focus $ 0.5 $ 7.8 $ $ 8.3
Project Foundation 47.7 67.9 285.7 401.3
Nine Months Ended September 30, 2026 $ 48.2 $ 76.0 $ 285.7 $ 409.9
Project Focus $ 16.3 $ 19.5 $ 40.6 $ 76.4
Other items ( 0.4 ) 0.3 ( 0.5 0.1 )
Nine Months Ended September 30, 2025 $ 15.9 $ 20.0 $ 40.6 $ 76.5 (1) Other charges primarily represent third-party costs associated with various restructuring activities. Other income, if applicable, primarily represents favorable developments on previously recorded exit costs and recoveries associated with restructuring.
1 unchanged paragraph
Note 9: Debt 18 changes
1 unchanged paragraph
(in Millions) June September 30, 2026 December 31, 2025
2 unchanged paragraphs
Total short-term debt $ 317.0 213.2 $ 719.5
Current portion of long-term debt 9.3 9.6 585.6
Total short-term debt and current portion of long-term debt $ 326.3 222.8 $ 1,305.1 (1) At June September 30, 2026, the average effective interest rate on the borrowings was 12.8 percent.
(2) At June September 30, 2026, the average effective interest rate on the borrowings was 5.9 5.2 percent.
1 unchanged paragraph
(in Millions) June 30, 2026
Interest Rate Percentage Maturity
Date June 30, 2026 December 31, 2025
Pollution control and industrial revenue bonds (less unamortized discounts of $ 0.1 in each period)
Senior notes (less unamortized discount of $ 1.3 and $ 1.4 , respectively)
Senior Secured Notes 8.0 % 2031 1,200.0
Subordinated Notes 8.45 % 2055 750.0 750.0
Debt issuance cost ( 44.3 ) ( 29.1 )
Total long-term debt $ 3,963.6 $ 3,355.4
Less: debt maturing within one year 9.3 585.6
Total long-term debt, less current portion $ 3,954.3 $ 2,769.8
The Fifth Amended and Restated Credit Agreement, dated as of June 17, 2022 (the "Revolving Credit Facility") allows the Company to borrow up to $ 2 billion, with the option to increase the capacity of the facility up to $ 2.75 billion. As of June September 30, 2026, borrowings under the Revolving Credit Facility were $ 250.5 150.0 million. In accordance with U.S. GAAP, we have classified the borrowings as short-term debt. The Company intends to refinance any draw under the line of credit with successive short-term borrowings, as needed, through the maturity date in 2028.
Letters of credit outstanding under the Revolving Credit Facility totaled $ 188.6 million and available funds under this facility were $ 1,560.9 1,661.4 million at June September 30, 2026.
Note 10: Discontinued Operations 7 changes
Discontinued operations include adjustments to retained assets and liabilities as well as provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations and retained liabilities. The primary liabilities retained include environmental liabilities, other postretirement benefit liabilities, self-insurance and long-term obligations related to legal proceedings and historical restructuring activities.
1 unchanged paragraph
(in Millions) Three Months Ended June September 30, Six Nine Months Ended June September 30,
Adjustment for workers compensation, product liability, other postretirement benefits and other, net of income tax benefit (expense) of $ 2.1 1.7 and $( 2.1 0.4 ) for the three and six nine months ended June September 30, 2026 respectively, and $( 0.2 8.9 ) and $( 0.3 9.2 ) for the three and six nine months ended June September 30, 2025, respectively
Provision for environmental liabilities and expenses, net of recoveries, net of income tax benefit (expense) of $( 0.5 1.0 ) and $ 1.1 0.1 for the three and six nine months ended June September 30, 2026 respectively, and $ 0.9 0.7 and $ 1.4 2.1 for the three and six nine months ended June September 30, 2025, respectively ( 2.2 25.0 ) ( 3.2 2.9 ) ( 4.4 29.4 ) ( 5.2 8.1 )
Provision for legal reserves and expenses, net of recoveries, net of income tax benefit (expense) of $( 1.9 1.7 ) and $ 1.7 zero for the three and six nine months ended June September 30, 2026 respectively, and $ 6.6 ) 2.3 and $( 5.3 3.0 ) for the three and six nine months ended June September 30, 2025, respectively (1)
Discontinued operations, net of income taxes $ ( 36.8 ) $ ( 20.4 ) $ ( 50.2 ) $ ( 4.0 )
Discontinued operations, net of income taxes $ 6.5 $ 23.4 $ ( 13.4 ) $ 16.4 (1) We recorded a $ 34.5 million reduction in our required legal reserve in discontinued operations for during the three and six months ended June 30, second quarter of 2025 as a result of a decrease in outstanding cases.
Note 11: Environmental Obligations 14 changes
3 unchanged paragraphs
Provision (Benefit) 15.6 ( 0.3 ) 15.3
(Spending) Recoveries ( 34.7 ) ( 34.7 )
Net change ( 22.5 ) ( 0.3 ) ( 22.8 )
Total environmental reserves at June 30, 2026 $ 683.2 $ ( 13.3 ) $ 669.9
Provision (Benefit) 43.8 ( 0.6 ) 43.2
(Spending) Recoveries ( 53.5 ) 1.0 ( 52.5 )
Foreign currency translation adjustments ( 3.4 4.3 ) ( 3.4 4.3 )
Net change ( 14.0 ) 0.4 ( 13.6 )
Total environmental reserves at September 30, 2026 $ 691.7 $ ( 12.6 ) $ 679.1
2 unchanged paragraphs
Total environmental reserves at June September 30, 2026 $ 683.2 691.7 $ ( 13.3 12.6 ) $ 669.9 679.1 (1) These amounts are included within Accrued and other liabilities on the consolidated balance sheets.
2 unchanged paragraphs
The estimated reasonably possible environmental loss contingencies, net of expected recoveries, exceed amounts accrued by approximately $ 304 million at September 30, 2026. This reasonably possible estimate is based upon information available as of the date of the filing, but the actual future losses may be higher given the uncertainties regarding the status of laws, regulations, enforcement policies, the impact of potentially responsible parties, technology and information related to individual sites. Potential environmental obligations that have not been reserved may be material to any one quarter's or year's results of operations in the future. However, we believe any such liability arising from such potential environmental obligations is not likely to have a material adverse effect on our liquidity or financial condition as it may be satisfied over many years.
The table below provides a roll forward of our environmental recoveries representing probable realization of claims against insurance carriers and other third parties. These recoveries are recorded as Prepaid and other current assets and Other assets including long-term receivables, net in the consolidated balance sheets.
(in Millions) December 31, 2025 Increase (Decrease) in recoveries Cash received September 30, 2026
Environmental recoveries $ 6.6 $ 0.7 $ ( 0.7 ) $ 6.6
Note 12: Earnings Per Share 30 changes
1 unchanged paragraph
Our potentially dilutive securities include potential common shares related to our stock options, restricted stock and restricted stock units. Diluted earnings per share ("Diluted EPS") considers the impact of potentially dilutive securities except in periods in which there is a loss from continuing operations because the inclusion of the potential common shares would have an antidilutive effect. Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the option exercise price is greater than the average market price of our common stock for the period. For the three and six nine months ended June September 30, 2026, there were 5.0 5.5 million and 4.2 5.3 million potential common shares excluded from Diluted EPS, respectively. For both the three and six nine months ended June September 30, 2025 , there were 3.6 million and 3.3 3.5 million potential common shares excluded from Diluted EPS. respectively.
2 unchanged paragraphs
(in Millions, Except Share and Per Share Data) Three Months Ended June September 30, Six Nine Months Ended June September 30,
1 unchanged paragraph
Continuing operations, net of income taxes $ ( 193.1 ) $ 43.3 $ ( 454.5 ) $ 34.8
Discontinued operations, net of income taxes 6.5 23.4 ( 13.4 ) 16.4
Net income (loss) attributable to FMC stockholders $ ( 186.6 ) $ 66.7 $ ( 467.9 ) $ 51.2
Net income (loss) allocable to common stockholders $ ( 186.7 ) $ 66.5 $ ( 468.1 ) $ 51.4
Continuing operations $ ( 1.54 ) $ 0.34 $ ( 3.62 ) $ 0.28
Discontinued operations 0.05 0.19 ( 0.11 ) 0.13
Net income (loss) attributable to FMC stockholders $ ( 1.49 ) $ 0.53 $ ( 3.73 ) $ 0.41
Continuing operations $ ( 1.54 ) $ 0.34 $ ( 3.62 ) $ 0.28
Discontinued operations 0.05 0.19 ( 0.11 ) 0.13
Net income (loss) attributable to FMC stockholders $ ( 1.49 ) $ 0.53 $ ( 3.73 ) $ 0.41
Continuing operations, net of income taxes $ ( 2,030.1 ) $ ( 548.9 ) $ ( 2,484.6 ) $ ( 514.1 )
Discontinued operations, net of income taxes ( 36.8 ) ( 20.4 ) ( 50.2 ) ( 4.0 )
Net income (loss) attributable to FMC stockholders $ ( 2,066.9 ) $ ( 569.3 ) $ ( 2,534.8 ) $ ( 518.1 )
Less: Distributed and undistributed earnings allocable to restricted award holders ( 0.1 ) ( 0.2 ) 2.8 ( 0.2 ) 0.2 3.1
Net income (loss) allocable to common stockholders $ ( 2,066.9 ) $ ( 566.5 ) $ ( 2,535.0 ) $ ( 515.0 )
Basic earnings (loss) per common share attributable to FMC stockholders: (1)
Continuing operations $ ( 15.26 ) $ ( 4.36 ) $ ( 19.35 ) $ ( 4.08 )
Discontinued operations ( 0.28 ) ( 0.16 ) ( 0.39 ) ( 0.03 )
Net income (loss) attributable to FMC stockholders $ ( 15.54 ) $ ( 4.52 ) $ ( 19.74 ) $ ( 4.11 )
Diluted earnings (loss) per common share attributable to FMC stockholders: (1)
Continuing operations $ ( 15.26 ) $ ( 4.36 ) $ ( 19.35 ) $ ( 4.08 )
Discontinued operations ( 0.28 ) ( 0.16 ) ( 0.39 ) ( 0.03 )
Net income (loss) attributable to FMC stockholders $ ( 15.54 ) $ ( 4.52 ) $ ( 19.74 ) $ ( 4.11 )
1 unchanged paragraph
Shares diluted basis 125,404 125,568 125,337 125,517
Weighted average number of shares of common stock outstanding - Basic 125,404 125,161 125,337 125,123 133,047 125,196 128,411 125,145
Weighted average additional shares assuming conversion of potential common shares 407 394
Shares diluted basis 133,047 125,196 128,411 125,145
(1) The sum of quarterly earnings per common share may differ from the full-year amount.
Note 13: Equity 12 changes
5 unchanged paragraphs
Other comprehensive income (loss) before reclassifications 33.3 11.9 ( 0.2 ) 45.0
Net current period other comprehensive income (loss) $ 33.3 $ 5.0 $ 5.7 $ 44.0
Other comprehensive income (loss) before reclassifications 44.9 24.0 1.8 70.7
Amounts reclassified from accumulated other comprehensive income (loss) ( 6.9 12.3 ) 5.9 8.1 ( 1.0 4.2 )
Net current period other comprehensive income (loss) $ 44.9 $ 11.7 $ 9.9 $ 66.5
Accumulated other comprehensive income (loss), net of tax at June September 30, 2026 $ ( 101.8 90.2 ) $ ( 24.7 18.0 ) $ ( 198.2 194.0 ) $ ( 324.7 302.2 )
3 unchanged paragraphs
Other comprehensive income (loss) before reclassifications 39.6 ( 36.7 ) 2.9
Net current period other comprehensive income (loss) $ 39.6 $ ( 37.9 ) $ 5.2 $ 6.9
Other comprehensive income (loss) before reclassifications 40.1 ( 8.0 ) 32.1
Amounts reclassified from accumulated other comprehensive income (loss) ( 1.2 20.2 ) 5.2 4.0 7.4 ( 12.8 )
Net current period other comprehensive income (loss) $ 40.1 $ ( 28.2 ) $ 7.4 $ 19.3
Accumulated other comprehensive income (loss), net of tax at June September 30, 2025 $ ( 144.3 143.8 ) $ ( 55.4 45.7 ) $ ( 204.0 201.8 ) $ ( 403.7 391.3 )
1 unchanged paragraph
Note 14: Leases 15 changes
1 unchanged paragraph
Three Months Ended June 30, Six Months Ended June 30,
Total lease cost $ 11.4 $ 11.4 $ 21.4 $ 23.8
Operating Lease Term and Discount Rate
Weighted-average remaining lease term (years) 5.3
Weighted-average discount rate 5.1 %
The right-of-use ("ROU") asset and lease liability balances as of June September 30, 2026 and December 31, 2025 were as follows:
(in Millions) Classification June September 30, 2026 December 31, 2025
Operating lease ROU assets Other assets including long-term receivables, net $ 103.5 100.8 $ 104.9
Operating lease current liabilities Accrued and other liabilities $ 27.8 28.7 $ 26.3
Operating lease noncurrent liabilities Other long-term liabilities 94.3 89.9 97.6
The components of lease expense for the six nine months ended June September 30, 2026 and 2025 were as follows:
Three Months Ended September 30, Nine Months Ended September 30, (in Millions) Lease Cost Classification 2026 2025 2026 2025
Operating lease cost Costs of sales and services / Selling, general and administrative expenses $ 9.7 7.7 $ 8.5 7.4 $ 17.9 25.6 $ 17.5 24.9
Variable lease cost Costs of sales and services / Selling, general and administrative expenses 1.7 2.9 3.5 6.3 1.8 2.0 5.3 8.3
Total lease cost $ 9.5 $ 9.4 $ 30.9 $ 33.2
Note 16: Income Taxes 1 change
Our effective income tax rates from continuing operations for the three and six nine months ended June September 30, 2026 were 0.8 negative 70.8 percent and negative 32.2 62.1 percent, respectively. Our effective income tax rates rate from continuing operations for the three and six nine months ended June September 30, 2025 were 24.5 negative 17.6 percent and 43.8 negative 27.4 percent, respectively. The change in the effective tax rate for the three and nine months ended June September 30, 2026 compared to the three months ended June 30, 2025 was primarily due to global mix of earnings as well as tax impacts of restructuring activity during the period. The change material increases in our valuation allowances in Switzerland and the effective tax rate for United States. During the six months ended June 30, third quarter of 2026, was primarily we experienced a decline in operating performance, revised our expectations regarding future operating results and cash flows, and considered increased uncertainty associated with future forecasts. Due to global mix the significance of earnings, tax impacts the revised expectations for 2026 and future operating results as well as recent history of restructuring activity, and additional valuation allowance impairment charges, we reevaluated the realizability of historical net our deferred tax assets in Switzerland and the United States with limited ability to rely on future earnings forecasts. As a result of this assessment, we recorded valuation allowances in Switzerland and the United States of approximately $ 491 million and $ 317 million, respectively, during the three months ended September 30, 2026. Additionally, during the first quarter of 2026, as a result of changes in global earnings mix and ongoing tax planning implemented in March 2026, we reevaluated the realizability of our historical deferred tax assets and recorded an increase to our valuation allowance in Switzerland of approximately $ 123 million. during The six total valuation allowance charge associated with Switzerland and the United States for the nine months ended June September 30, 2026 was approximately $ 614 million and $ 317 million, respectively.
1 unchanged paragraph
Note 17: Financial Instruments, Risk Management and Fair Value Measurements 5 changes
6 unchanged paragraphs
The estimated fair value of the types of financial instruments in the above table have been determined using standard pricing models which take into account the present value of expected future cash flows discounted to the balance sheet date. These standard pricing models utilize inputs derived from or corroborated by observable market data such as interest rate yield curves and currency and commodity spot and forward rates. In addition, we test a subset of our valuations against valuations received from the transaction's counterparty to validate the accuracy of our standard pricing models. Accordingly, the estimates presented may not be indicative of the amounts that we would realize in a market exchange at settlement date and do not represent potential gains or losses on these agreements. The estimated fair values of foreign exchange forward contracts and commodity forward contracts are included in the tables within this Note. The estimated fair value of debt is $ 4,032.2 3,775.6 million and $ 3,809.9 million and the carrying amount is $ 4,280.6 4,177.7 million and $ 4,074.9 million as of June September 30, 2026 and December 31, 2025, respectively.
We enter into various financial instruments with off-balance sheet risk as part of the normal course of business. These off-balance sheet instruments include financial guarantees and contractual commitments to extend financial guarantees under letters of credit, and other assistance to customers. See Note 18 for more information. Decisions to extend financial guarantees to customers and the amount of collateral required under these guarantees are based on our evaluation of creditworthiness on a case-by-case basis.
Use of Derivative Financial Instruments to Manage Risk
We mitigate certain financial exposures, including currency risk, commodity purchase exposures and interest rate risk, through a program of risk management that includes the use of derivative financial instruments. We enter into derivative contracts, including forward contracts and purchased options, to reduce the effects of fluctuating currency exchange rates, interest rates, and commodity prices. A detailed description of these risks including a discussion on the concentration of credit risk is provided in Note 18 to our consolidated financial statements in our 2025 Form 10-K.
We formally document all relationships between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. This process includes relating derivatives that are designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. We also assess, both at the inception of the hedge and on an ongoing basis, whether each derivative is highly effective in offsetting changes in fair values or cash flows of the hedged item. If we determine that a derivative is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, we discontinue hedge accounting with respect to that derivative prospectively.
Note 18: Guarantees, Commitments, and Contingencies 10 changes
2 unchanged paragraphs
Guarantees of vendor financing - short-term (1)
Other debt guarantees (2)
(1) Represents guarantees to financial institutions on behalf of certain customers for their seasonal borrowing. This short-term amount is recorded within Guarantees of vendor financing on the consolidated balance sheets.
(2) These guarantees represent the outstanding commitment provided to third-party banks for credit extended to various direct and indirect customers. The liability for the guarantees is recorded at an amount that approximates fair value (i.e. representing the stand-ready obligation) based on our historical collection experience and a current assessment of credit exposure. Historically, the fair value of these guarantees has been and continues to be in the current reporting period, immaterial and the majority of these guarantees have had an expiration date of less than one year .
Supplier Financing Obligations
We work with suppliers to optimize payment terms and conditions on accounts payable to improve working capital and cash flows. We offer to a select group of suppliers a voluntary Supply Chain Finance ( SCF ) program with a global financial institution. The suppliers, at their sole discretion, may sell their receivables to the financial institution based on terms negotiated between them. Our obligations to our suppliers are not impacted by our suppliers decisions to sell under these arrangements. Obligations outstanding under this program are recorded within Accounts payable, trade and other in our consolidated balance sheets and the associated payments are included in operating activities within our consolidated statements of cash flows.
Our payment terms with our suppliers are consistent, regardless of whether a supplier participates in the program. We deem these terms to be commercially reasonable and consistent with the range of industry standards within their respective regions. Under the terms of the agreement, we do not pledge assets as security or make any other forms of guarantees.
FMC's outstanding obligations confirmed as valid under the SCF were $ 203.7 million and $ 109.5 million as of June 30, 2026 and December 31, 2025, respectively.
The following table provides the estimated undiscounted amount of potential future payments for each major group of Guarantees at June 30, 2026. These guarantees arise during the ordinary course of business from relationships with customers and non-consolidated affiliates. Non-performance by the guaranteed party triggers the obligation requiring us to make payments to the beneficiary of the guarantee. At September 30, 2026, the estimated undiscounted amount of potential future payments for Guarantees of vendor financing , as presented on the consolidated balance sheets, are $ 51.6 million. These guarantees represent guarantees to financial institutions on behalf of certain customers for their seasonal borrowing and are recorded as short-term amounts. Historically, we have also had other debt guarantees, which represent the outstanding commitment provided to third-party banks for credit extended to various direct and indirect customers. At September 30, 2026, we had no other debt guarantees. Based on our experience, these types of guarantees have not had a material effect on our consolidated financial position or on our liquidity. Our expectation is that future payment or performance related to the non-performance of others is considered unlikely.
Excluded from the chart guarantees mentioned above are parent-company guarantees we provide to lending institutions that extend credit to our foreign subsidiaries. Since these guarantees are provided for consolidated subsidiaries, the consolidated financial position is not affected by the issuance of these guarantees. Also excluded from the chart, guarantees described above, in connection with our property and asset sales and divestitures, we have agreed to indemnify the buyer for certain liabilities, including environmental contamination and taxes that occurred prior to the date of sale or provided guarantees to third parties relating to certain contracts assumed by the buyer. Our indemnification or guarantee obligations with respect to certain liabilities may be indefinite as to duration and may or may not be subject to a deductible, minimum claim amount or cap. As such, it is not possible for us to predict the likelihood that a claim will be made or to make a reasonable estimate of the maximum potential loss or range of loss. Therefore, we have not recorded any specific liabilities for these guarantees. If triggered, we may be able to recover some of the indemnity payments from third parties. For certain obligations related to our divestitures for which we can make a reasonable estimate of the maximum potential loss or range of loss and is probable, a liability in those instances has been recorded.
MD&A 262 changes
This report contains certain forward-looking statements that are based on our current views and assumptions regarding future events, future business conditions and the projections, outlook and guidance for our company based on currently available information.
In some cases, we have identified these forward-looking statements by such words or phrases as "outlook," "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words or phrases. Such forward-looking statements are based on our current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information, including but not limited to the impact of certain commercial actions. The forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These statements are qualified by reference to the risk factors included in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Form 10-K"), the section captioned "Forward-Looking Information" in Part II of the 2025 Form 10-K and to similar risk factors and cautionary statements in all other reports and forms filed with the Securities and Exchange Commission ("SEC"). We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement.
11 unchanged paragraphs
On June 30, 2026, FMC announced that we have entered into a definitive agreement under which the Tessenderlo Group, a Belgian-based industrial group, will make a strategic minority equity investment in FMC Corporation of approximately $400 million USD at a price of $13.30 per share. Upon completion of the transaction, Tessenderlo Group will own approximately 20.0% of the outstanding shares of FMC common stock. This transaction represents the conclusion of the FMC Board of Directors' exploration of strategic options, which was announced in February 2026. FMC intends to use the funds to pay down debt. With this investment, FMC is well positioned to execute on its operational and strategic plan as an independent company, which includes advancing its R&D pipeline and accelerating the commercialization of its innovations.
Our gross margin of $342.1 million decreased versus the prior year quarter by $64.2 million. Gross margin as a percent of revenue of approximately 39 percent was flat compared to the prior year period.
Net loss attributable to FMC stockholders of $186.6 million decreased $253.3 million from net income of $66.7 million in the prior year period largely driven by an increase of $185.6 million in our restructuring and other charges (income) primarily due to costs incurred in connection with Project Foundation, which is the comprehensive plan to further optimize FMC s cost structure and organizational operations initiated in 2025. The charges were largely comprised of non-cash asset write-off and accelerated depreciation costs of $134.2 million primarily associated with the planned exit of certain production activities, which includes a write-off of $70.6 million for certain receivables due to a change in our commercial strategy in Latin America. During three months ended June 30, 2026, we also recorded an additional impairment charge and incurred third party provider costs within restructuring and other charges (income) in connection with the India held for sale business, discussed further below. Increased interest expense also contributed to the change in net loss for the period. Adjusted after-tax earnings from continuing operations attributable to FMC stockholders of $33.1 million decreased $53.6 million compared to the prior year adjusted after-tax earnings of $86.7 million. Lower price and volume were partially offset by favorable costs. See the disclosure of our Adjusted earnings (loss) non-GAAP financial measurement below, under the section titled " Results of Operations ."
Tessenderlo Group Minority Equity Investment
In September 2026, Tessenderlo Group, a Belgian-based industrial group, completed a strategic minority equity investment in FMC Corporation. Tessenderlo Group purchased 30,319,166 shares at a price of $13.30 per share, which represents approximately 20 percent of the outstanding shares of FMC common stock. During the three months ended September 30, 2026, we received proceeds of $403.2 million in connection with the transaction, which were used to pay down borrowings under our Revolving Credit Facility and for general corporate purposes. In connection with the completion of the transaction, we paid $8.0 million of fees to third-party providers. This transaction represents the conclusion of the FMC Board of Directors' exploration of strategic options, which was announced in February 2026.
Second Third Quarter 2026 Highlights
The following items are the financial highlights of our business during the three months ended June September 30, 2026 compared to the three months ended June September 30, 2025:
Although we made meaningful progress reducing channel inventory volumes in 2025, there is still an elevated value of FMC inventory held by channel customers in key markets as they seek to operate with very low inventory in response to high financing costs, the perception of ample supply and demand uncertainty. In response to these factors, we are taking comprehensive commercial actions to reflect pricing adjustments made on select products held by channel customers in key markets and modify the pricing and rebate model in North America. As a result, we recorded charges of approximately $672 million during the three months ended September 30, 2026, which includes approximately $639 million recorded to Revenue on the consolidated statement of income. The remaining adjustments were recorded to Cost of sales and services on the consolidated statement of income. We believe our current pricing is competitive and expect these commercial actions and ongoing manufacturing changes to further support competitive pricing.
Revenue of $867.1 $105.9 million for the three months ended June September 30, 2026 decreased $183.4 $436.3 million, or approximately 17 80 percent, versus the prior year period driven by a decrease in charges related to the commercial actions previously described as well as lower volumes due to lower diamide partner orders and reduced weaker than expected demand for core legacy products, particularly in North America, as growers contend with strained margins. and challenging market conditions. Pricing pressure continued during the period primarily in connection with the company s core legacy products. and planned pricing actions On branded Rynaxypyr active. On a regional basis, sales in Latin America decreased by approximately 10 percent, $199 million and sales in North America decreased by approximately $615 million driven by the comprehensive commercial actions discussed above. Sales in Europe, Middle East and Africa decreased approximately 18 percent, $34 million. Sales in Asia decreased increased approximately 20 percent and sales $411 million primarily due to intentional commercial actions taken in North America decreased by approximately 22 percent. the prior year period in connection with preparing the India commercial business for sale. A more detailed review of revenue is discussed under the section titled " Results of Operations ."
Our gross margin of negative $401.6 million decreased versus the prior year quarter by $530.5 million driven by the charges recorded as a result of the commercial actions discussed above. Additionally, volume and pricing pressure contributed to the decrease versus prior year period partially offset by cost improvement during the period.
Selling, general and administrative expenses were $179.1 $172.3 million, which represents an increase of approximately 1 3 percent versus the prior year period primarily as a result of continued investment to support new products. Research and development expenses of $60.4 $57.7 million decreased $6.0 $5.6 million, or 9 percent, compared to the previous year primarily due to the timing of project expenses as well as continued cost reduction efforts in connection with restructuring activities.
Net loss attributable to FMC stockholders for the three months ended September 30, 2026 of $2,066.9 million increased $1,497.6 million from net loss of $569.3 million in the prior year period primarily driven by non-cash adjustments recorded during the period in response to challenging market conditions and revised expectations regarding future operating results and cash flows. During the three months ended September 30, 2026, we recorded charges of $808.8 million related to our deferred tax assets and a non-cash impairment charge of $287.5 million related to our indefinite-lived intangibles. The impact of the commercial actions taken during the third quarter, higher costs associated with our Project Foundation restructuring initiative and increased interest expense also contributed to the increase in net loss. The increase in net loss was partially offset by the decrease in charges incurred in connection with the India commercial business for sale, which are discussed further below. Adjusted after-tax loss from continuing operations attributable to FMC stockholders for the three months ended September 30, 2026 of $587.0 million decreased $699.4 million compared to the prior year adjusted after-tax earnings of $112.4 million primarily driven by the adjustments recorded in connection with the commercial actions implemented in the current year period. See the disclosure of our Adjusted earnings (loss) non-GAAP financial measurement below, under the section titled " Results of Operations ."
1 unchanged paragraph
In July 2025, the Board of Directors approved a plan to divest the Company s commercial business in India in response to ongoing challenges in the country. During the three months ended September 30, 2025, we recorded approximately $510 million of charges and write-downs related to the India held for sale business, including the charges shown in the table below related to intentional commercial actions taken to prepare the India business for sale and an initial asset impairment charge to record the assets held for sale to the estimated fair value at that time. In May 2026, the Company announced that it has signed a definitive agreement to sell the India commercial business to Crystal Crop Protection Limited for consideration of $252 million, subject to customary adjustments for cash, debt and working capital. The Company will continue to receive all cash generated from the ongoing operation of the India business until closing, primarily through monetization of working capital. FMC plans to continue to actively participate in the Indian market through a new go-to-market approach while deploying resources to its highest-growth opportunities globally. The Company will continue its active ingredients manufacturing operations in India. The sale is expected to close during 2026 and FMC intends to allocate all proceeds from the sale to debt reduction. The assets related to this business have been classified as held for sale since the third quarter of 2025. Although the business does not qualify for recognition as discontinued operations and will continue to be presented in the Company's reported results until a transaction is completed, we believe excluding India's operating results from our non-GAAP measures during the held for sale period, beginning with the third quarter of 2025, provides management and investors with useful supplemental information regarding our ongoing financial performance. Refer to the table below for the adjustments related to the India held for sale business for the three months ended June September 30, 2026 and 2025.
Three Months Ended June September 30, Affected Line Item in the Consolidated Statements of Income (Loss)
1 unchanged paragraph
In June 2026, we entered into a co-exclusive strategic supply and license agreement with Corteva, Inc. Under the terms of the agreement, which extends through the next decade, FMC retains all rights of ownership to rimisoxafen and will supply Corteva, Inc. with the active ingredient. Both companies will develop and commercialize their own exclusive premix formulations for the corn and soybean markets across North and South America, while FMC will continue to develop additional rimisoxafen-based products for other crops and geographies globally. In connection with the closing of the transaction, Corteva made an initial prepurchase cash payment of $200.0 million for rimisoxafen to be supplied by FMC, which was recognized as deferred revenue and was included in Other long-term liabilities on the consolidated balance sheet as of June 30, 2026.
In June 2026, we entered into a framework agreement to sell property at our global R&D headquarters at the Stine Research Center in Newark, Delaware for gross proceeds of approximately $114 million, subject to a due diligence period and other closing conditions and adjustments. The decision to pursue this transaction reflects FMC's ongoing efforts to optimize its asset base, converting underutilized real estate into capital that will be applied directly to debt reduction while maintaining the operational capabilities central to the Company's growth strategy. Upon completion of the sale, FMC intends to lease back the facilities it actively operates under a separate lease agreement. FMC will retain ownership of its adjacent Maryland properties. The transaction is structured to minimize any disruption to FMC's research operations. The Company's R&D capabilities, core research activities and scientific infrastructure remain fully in place. The transaction is expected to close in the fourth quarter of 2026; however, as a result of customary negotiation terms included in the agreement, there can be no assurance that the framework agreement will ultimately result in a transaction.
Operating results, substantially intentional commercial actions $ 8.9 32.1 $ 282.2 Revenue, Cost of sales and services, and Selling, general and administrative expenses
Asset impairment 64.0 13.5 226.8 Restructuring and other charges (income)
Third party provider costs 10.3 0.6 Restructuring and other charges (income)
India held for sale business $ 83.2 45.6 $ 509.6
Balance sheet impact - The carrying value of the India held for sale business decreased from $450 million as of December 31, 2025 to $350 $260 million as of June September 30, 2026 primarily due to receivable collections during the period as well as an impairment charge of approximately $44 $57 million. The carrying value of the held for sale business is comprised of $367 $283 million of net assets held for sale as presented on the consolidated balance sheet and a gain of $17 $23 million related to foreign currency translation in connection with the assets identified for disposal. The foreign currency translation gains are recorded in Accumulated other comprehensive income (loss) on the consolidated balance sheet and will be reclassified to the consolidated statement of income (loss) upon close of the sale.
In 2026, we are focused on executing our operational priorities, one of which is strengthening the balance sheet. During 2026, we plan have announced and executed various transactions with proceeds that will be used to pay down a significant portion of our debt. through the various transactions announced during In the second quarter including of 2026, we signed and received the rimisoxafen prepayment in connection with a licensing agreement for rimisoxafen. In the sale third quarter of our India commercial business, 2026, we received the proceeds in connection with Tessenderlo Group's minority equity investment in the Company. Additionally, we have announced the anticipated sale of our Newark, Delaware property and the equity investment from Tessenderlo Group. The rimisoxafen licensing entry into a definitive agreement has been signed and for the prepayment has been received. sale of our India commercial business. However, the sale of the Newark, Delaware property remains subject to a customary due diligence period, and the India transaction and Tessenderlo Group investment remain subject to applicable regulatory approvals. Accordingly, there can be no assurance that these three two transactions will be completed on the anticipated terms or at all. Our priorities also include improving the competitiveness of the company's legacy core portfolio, managing the post-patent transition for Rynaxypyr active, and supporting the growth of new active ingredients, such as Isoflex active, fluindapyr, Dodhylex active and rimisoxafen. However, we are navigating a more challenging operating environment as growers carefully manage purchases in response to strained margins driven by low crop prices and elevated input costs. We expect continued pressure on price during the year due to competitive market dynamics for core portfolio products and lower Rynaxypyr active pricing. We plan to maintain our focus on reducing costs, which are expected to be lower for the full year.
Additionally, our priorities include improving the competitiveness of the company's legacy core portfolio, managing the post-patent transition for Rynaxypyr active, and supporting the growth of new active ingredients, such as Isoflex active, fluindapyr, Dodhylex active and rimisoxafen. However, we are navigating a more challenging operating environment as growers carefully manage purchases in response to strained margins driven by low crop prices and elevated input costs. As previously discussed, we are taking comprehensive commercial actions to reflect pricing adjustments made on select products held by channel customers in key markets and modifying the pricing and rebate model in North America, which resulted in the recognition of significant adjustments during the third quarter. We believe our current pricing is competitive and expect these commercial actions and ongoing manufacturing changes to further support competitive pricing. We plan to maintain our focus on optimizing FMC s cost structure and organizational operations.
2 unchanged paragraphs
Three Months Ended June 30, Six Months Ended June 30,
Revenue $ 867.1 $ 1,050.5 $ 1,625.7 $ 1,841.9
Costs of sales and services 525.0 644.2 1,037.0 1,118.9
Gross margin $ 342.1 $ 406.3 $ 588.7 $ 723.0
Selling, general and administrative expenses 179.1 176.8 364.2 348.8
Research and development expenses 60.4 66.4 125.9 135.1
Restructuring and other charges (income) 222.3 36.7 299.3 54.5
Total costs and expenses $ 986.8 $ 924.1 $ 1,826.4 $ 1,657.3
Interest expense, net 71.3 61.0 136.1 111.1
Income (loss) from continuing operations before income taxes $ (194.3) $ 58.8 $ (343.5) $ 63.7
Provision (benefit) for income taxes (1.5) 14.4 110.6 27.9
Income (loss) from continuing operations $ (192.8) $ 44.4 $ (454.1) $ 35.8
Discontinued operations, net of income taxes 6.5 23.4 (13.4) 16.4
Net income (loss) (GAAP) $ (186.3) $ 67.8 $ (467.5) $ 52.2
Three Months Ended September 30, Nine Months Ended September 30, (in Millions) (unaudited) (unaudited)
Revenue $ 105.9 $ 542.2 $ 1,731.6 $ 2,384.1
Costs of sales and services 507.5 413.3 1,544.5 1,532.2
Gross margin $ (401.6) $ 128.9 $ 187.1 $ 851.9
Selling, general and administrative expenses 172.3 167.4 536.5 516.2
Research and development expenses 57.7 63.3 183.6 198.4
Restructuring and other charges (income) 480.6 294.5 779.9 349.0
Total costs and expenses $ 1,218.1 $ 938.5 $ 3,044.5 $ 2,595.8
Income (loss) from continuing operations before non-operating pension, postretirement and other charges (income), interest expense, net and income taxes (1)
Non-operating pension, postretirement and other charges (income) 3.3 6.6 6.7 9.8 2.1 5.6 8.8 15.4
Income (loss) from continuing operations before interest expense, net and income taxes $ (123.0) (1,114.3) $ 119.8 (401.9) $ (207.4) (1,321.7) $ 174.8 (227.1)
Interest expense, net 73.6 64.1 209.7 175.2
Income (loss) from continuing operations before income taxes $ (1,187.9) $ (466.0) $ (1,531.4) $ (402.3)
Provision (benefit) for income taxes 840.6 82.2 951.2 110.1
Income (loss) from continuing operations $ (2,028.5) $ (548.2) $ (2,482.6) $ (512.4)
Discontinued operations, net of income taxes (36.8) (20.4) (50.2) (4.0)
Net income (loss) (GAAP) $ (2,065.3) $ (568.6) $ (2,532.8) $ (516.4)
5 unchanged paragraphs
Discontinued operations, net of income taxes (6.5) (23.4) 13.4 (16.4)
Interest expense, net 71.3 61.0 136.1 111.1
Depreciation and amortization 41.1 43.4 83.1 87.1
Provision (benefit) for income taxes (1.5) 14.4 110.6 27.9
Discontinued operations, net of income taxes 36.8 20.4 50.2 4.0
Interest expense, net 73.6 64.1 209.7 175.2
Depreciation and amortization 40.9 43.4 124.0 130.5
Provision (benefit) for income taxes 840.6 82.2 951.2 110.1
3 unchanged paragraphs
(3) In the reconciliation above, charges recorded in connection with the India held for sale business of $74.3 $13.5 million and $56.6 $70.1 million for the three and six nine months ended June September 30, 2026 are presented in the India held for sale business line. Charges of $227.4 million are presented in the India held for sale business line for the three and nine months ended September 30, 2025. On the consolidated statements of income (loss), these adjustments are recorded to Restructuring and other charges (income). See Note 8 for details of restructuring and other charges (income). Restructuring and other charges (income) for the three and nine months ended September 30, 2025 in the reconciliation above also includes $12.3 million of charges related to Project Focus recorded to "Cost of Sales and services" on the consolidated statements of income (loss).
(4) Our non-operating pension, postretirement and other charges (income) includes those costs (benefits) related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These are excluded from our operating results and are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance, and we consider these costs to be outside our operational performance. We continue to include the service cost and amortization of prior service cost in our operating results noted above. These elements reflect the current year operating costs to our business for the employment benefits provided to active employees. The three and six nine months ended June September 30, 2025 also includes other charges of $3.3 million incurred as a make-whole premium in connection with the early redemption of $500 million of the senior notes due May 18, 2026.
2 unchanged paragraphs
Three Months Ended June 30, Six Months Ended June 30,
Net income (loss) attributable to FMC stockholders (GAAP) $ (186.6) $ 66.7 $ (467.9) $ 51.2
Three Months Ended September 30, Nine Months Ended September 30, (in Millions) (unaudited) (unaudited)
Net income (loss) attributable to FMC stockholders (GAAP) $ (2,066.9) $ (569.3) $ (2,534.8) $ (518.1)
3 unchanged paragraphs
Corporate special charges (income), net of income taxes $ 204.1 533.2 $ 36.5 578.2 $ 300.3 833.5 $ 53.1 631.3
Discontinued operations attributable to FMC Stockholders, net of income taxes (6.5) (23.4) 13.4 (16.4) 36.8 20.4 50.2 4.0
1 unchanged paragraph
Adjusted after-tax earnings (loss) from continuing operations attributable to FMC stockholders (non-GAAP) $ 33.1 (587.0) $ 86.7 112.4 $ 4.2 (582.8) $ 109.1 221.5 (1) Represents restructuring and other charges (income), and non-operating pension, postretirement and other charges (income). In the reconciliation above, charges recorded in connection with the India held for sale business of $74.3 $13.5 million and $56.6 $70.1 million for the three and six nine months ended June September 30, 2026, respectively, are presented in the India held for sale business line. Charges of $227.4 million are presented in the India held for sale business line for the three and nine months ended September 30, 2025. On the consolidated statements of income (loss), these adjustments are recorded to Restructuring and other charges (income). See Note 8 for details of restructuring and other charges (income). Restructuring and other charges (income) for the three and nine months ended September 30, 2025 in the reconciliation above also includes $12.3 million of charges related to Project Focus recorded to "Cost of Sales and services" on the consolidated statements of income (loss).
5 unchanged paragraphs
Three Months Ended June 30, Six Months Ended June 30,
Revenue (GAAP) $ 867.1 $ 1,050.5 $ 1,625.7 $ 1,841.9
Three Months Ended September 30, Nine Months Ended September 30,
Revenue (GAAP) $ 105.9 $ 542.2 $ 1,731.6 $ 2,384.1
2 unchanged paragraphs
(1) Beginning with the third quarter of 2025, revenue from the India commercial business is excluded from our adjusted results during the held for sale period for non-GAAP purposes. During the three and nine months ended September 30, 2025, we took several intentional commercial actions to prepare the India commercial business for sale.
3 unchanged paragraphs
Three Months Ended June September 30, 2026 vs. 2025 Six Nine Months Ended June September 30, 2026 vs. 2025
Total Revenue Change (GAAP) (17) (80) % (12) (27) %
1 unchanged paragraph
5 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
2 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
2 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
3 unchanged paragraphs
2 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
5 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
12 unchanged paragraphs
3 unchanged paragraphs
1 unchanged paragraph
2 unchanged paragraphs
5 unchanged paragraphs
3 unchanged paragraphs
2 unchanged paragraphs
4 unchanged paragraphs
2 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
3 unchanged paragraphs
8 unchanged paragraphs
2 unchanged paragraphs
2 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
2 unchanged paragraphs
and 182 more changes in the filing
Controls and procedures 2 changes
(a) Evaluation of disclosure controls and procedures. Based on management s evaluation (with the participation of the Company s Chief Executive Officer and Chief Financial Officer), the Chief Executive Officer and Chief Financial Officer have concluded that, as of June September 30, 2026, the Company s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) are effective to provide reasonable assurance that information required to be disclosed by the Company in reports filed or submitted under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission s rules and forms and is accumulated and communicated to management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
(b) Change in Internal Controls. There have been no changes in internal control over financial reporting that occurred during the quarter ended June September 30, 2026 that materially affected or are reasonably likely to materially affect our internal control over financial reporting.
Unregistered sales of stock 9 changes
6 unchanged paragraphs
April 2026 21,218 $ 15.56 $ $ 825,000,142
May 2026 2,763 14.50 825,000,142
June 2026 49,115 11.34 825,000,142
Total Q2 2026 73,096 $ 12.68 $ $ 825,000,142
July 2026 238 $ 11.20 $ $ 825,000,142
August 2026 3,764 10.79 825,000,142
September 2026 12,387 10.04 825,000,142
Total Q3 2026 16,389 $ 10.23 $ $ 825,000,142
1 unchanged paragraph
In February 2022, the Board of Directors authorized the repurchase of up to $1 billion of the Company's common stock. In connection with an amendment to the Company's credit agreement in February 2025, the Company agreed that it will not repurchase shares until December 31, 2028, with the exception of share repurchases under our equity compensation plans. Therefore, there were no share repurchases under the publicly announced repurchase program during the six nine months ended June September 30, 2026. At June September 30, 2026, $825 million remained unused under our Board-authorized repurchase program. This repurchase program does not include a specific timetable or price targets and may be suspended or terminated at any time. Shares may be purchased through open market or privately negotiated transactions at the discretion of management based on its evaluation of market conditions and other factors. We also reacquire shares from time to time from employees in connection with the vesting, exercise and forfeiture of awards under our equity compensation plans.
Other information 25 changes
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases $ ( 10.2 ) $ ( 9.6 ) $ ( 19.0 ) $ ( 19.7 )
Supplemental non-cash information on lease liabilities arising from obtaining right-of-use assets:
and 22 more changes in the filing
Exhibits 8 changes
6 unchanged paragraphs
3 unchanged paragraphs
and 8 more changes in the filing
Unchanged: Market risk, Legal proceedings, Risk factors
Only in this filing: Note 15: Pensions and Other Postretirement Benefits
Compared by code from the two filings' text and XBRL. Not advice.
The reading, claim by claim
- For the quarter ended September 30, 2026, FMC CORP reported: Revenue $105.9 million.
- Net income -$2.1 billion.
2 of 2 claims matched the filing text.
From the filing's financial data, not stated in its text
From this 10-Q's financial data (XBRL) for the quarter ended September 30, 2026
- Gross margin -379.2%.
- Operating margin -1050.2%.
- Net margin -1951.7%.
- Revenue change from a year earlier -80.5%.
From the filing
ITEM 1. FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS FMC CORPORATION CONSOLIDATED STATEMENTS OF INCOME (LOSS)
Three Months Ended September 30, Nine Months Ended September 30,
2026 2025 2026 2025
(In millions, except per share data) (unaudited) (unaudited)
Revenue $ 105.91 $ 542.2 $ 1,731.6 $ 2,384.1
Costs and Expenses
Basic earnings (loss) per common share attributable to FMC stockholders:
Continuing operations $
Similar companies
Companies of similar size in SIC 2800 and related industry codes: the same peer list as the financial tables.
- Balchem BCPC public float $5.1B, Jun 30, 2025
- OLIN OLN public float $2.3B, Jun 30, 2025
- Perimeter Solutions PRM public float $1.9B, Jun 30, 2025
- Huntsman HUN public float $1.7B, Jun 30, 2025
- Chemours CC public float $1.7B, Jun 30, 2025