FMC Corporation

FMC takes $672M EBITDA charge to reset North America pricing model and clear channel inventory, signaling a multi-quarter commercial restructuring before any 2027 recovery.

FMC's Q3 2026 results are defined by two extraordinary commercial actions — a ~$500M non-cash charge to transition North America away from high-gross-price/high-rebate to a net-price-aligned model, and a ~$175M cash-impacting charge to reprice select high-priced channel inventory in Brazil, Argentina, the U.S. and Canada — totaling $672M against EBITDA. Underlying Q3 revenue ex-India and ex-commercial actions was $745M, below the low end of guidance, driven by late-September order pullback as channel customers aggressively reduced inventory values. Management's preliminary 2027 EBITDA guidance of $650M–$730M and 2028 guidance of $760M–$840M represent a thesis that new product growth (fluindapyr, Isoflex, Dodhylex, rimisoxafen), lower manufacturing costs, and a normalized channel will drive recovery — a thesis that will not be testable until mid-2027.

FMC Corporation is a global agricultural sciences company that develops, markets, and sells crop protection chemicals — insecticides, herbicides, and fungicides — as well as biologicals, crop nutrition, and seed treatment products. The company operates as a single business segment and serves farmers across all major geographic regions. FMC's strategy centers on proprietary active ingredients, a pipeline of novel modes of action, and ongoing cost restructuring to defend margins against generic competition.

Primary products

• Insecticides
• Herbicides
• Fungicides
• Biologicals
• Crop nutrition
• Seed treatment products

“We are a tier-one leader in the agrochemicals/crop protection market. Our position in the market is driven by our technology and innovation, as well as our geographic balance and crop diversity.” Competitive position, as stated in the filing