FMC Corporation lowered its preliminary third-quarter 2026 outlook after estimating that product price cuts and a change to its U.S. sales model would reduce revenue and Adjusted EBITDA by $625 million to $675 million.
For the quarter ended Sept. 30, FMC now expects revenue of $65 million to $125 million and Adjusted EBITDA of negative $565 million to negative $510 million. The company said the new revenue range applies to both GAAP revenue and revenue excluding India, with no material difference expected between them for the quarter.
The forecast is a sharp reversal from FMC’s July 29 projection of $840 million to $900 million in third-quarter revenue excluding India and Adjusted EBITDA of $120 million to $140 million.
FMC plans to lower prices on selected products held by channel customers in Brazil, Argentina, the United States and Canada. In the United States, it also intends to narrow the gap between gross prices and prices after rebates by changing its sales and pricing model.
FMC cited weaker demand and some customers’ inventories of higher-priced FMC products. The company said generic competition and falling market prices had made some of those goods less competitive, slowing sales to growers. FMC said it reduced the volume of products in distribution channels during 2025, but higher-priced FMC goods still raised the value of FMC inventory held by some customers.
“Third-quarter demand was weaker than we expected,” said Pierre Brondeau, FMC’s chairman, chief executive officer and president. The company said the commercial actions are intended to improve product movement and support future replenishment by channel customers.
FMC expects to meet its covenants as of Sept. 30 and plans to discuss possible changes with its bank group over the next year. Its third-quarter reporting process is not complete. The company also has not finished assessing whether intangible assets were impaired as of Sept. 30; it said it cannot yet determine whether an impairment exists or estimate a potential charge. A material noncash charge may be required, but FMC said such a charge would not affect current or future operating cash flows.
FMC plans to report third-quarter results on Oct. 29 and present preliminary expectations for 2027 and 2028 during an earnings call on Oct. 30.
