(In millions, except per share amounts) | 2026 | 2025 |
Revenue | $ 758.6 | $ 791.4 |
Costs of sales and services | 512.0 | 474.7 |
Gross margin | $ 246.6 | $ 316.7 |
Selling, general and administrative expenses | 185.1 | 172.0 |
Research and development expenses | 65.5 | 68.7 |
Restructuring and other charges (income) | 77.0 | 17.8 |
Total costs and expenses | $ 839.6 | $ 733.2 |
Income from continuing operations before non-operating pension, postretirement, and other charges (income), interest expense, net and income taxes | $ (81.0) | $ 58.2 |
Non-operating pension, postretirement, and other charges (income) | 3.4 | 3.2 |
Interest expense, net | 64.8 | 50.1 |
Income (loss) from continuing operations before income taxes | $ (149.2) | $ 4.9 |
Provision (benefit) for income taxes | 112.1 | 13.5 |
Income (loss) from continuing operations | $ (261.3) | $ (8.6) |
Discontinued operations, net of income taxes | (19.9) | (7.0) |
Net income (loss) | $ (281.2) | $ (15.6) |
Less: Net income (loss) attributable to noncontrolling interests | 0.1 | (0.1) |
Net income (loss) attributable to FMC stockholders | $ (281.3) | $ (15.5) |
Amounts attributable to FMC stockholders: | ||
Income (loss) from continuing operations, net of tax | $ (261.4) | $ (8.5) |
Discontinued operations, net of tax | (19.9) | (7.0) |
Net income (loss) | $ (281.3) | $ (15.5) |
Basic earnings (loss) per common share attributable to FMC stockholders: | ||
Continuing operations | $ (2.09) | $ (0.06) |
Discontinued operations | (0.16) | (0.06) |
Basic earnings per common share | $ (2.25) | $ (0.12) |
Average number of shares outstanding used in basic earnings per share computations | 125.3 | 125.1 |
Diluted earnings (loss) per common share attributable to FMC stockholders: | ||
Continuing operations | $ (2.09) | $ (0.06) |
Discontinued operations | (0.16) | (0.06) |
Diluted earnings per common share | $ (2.25) | $ (0.12) |
Average number of shares outstanding used in diluted earnings per share computations | 125.3 | 125.1 |
Other Data: | ||
Capital additions and other investing activities | $ 15.8 | $ 37.4 |
Depreciation and amortization expense | $ 42.0 | $ 43.7 |
Net income (loss) attributable to FMC stockholders (GAAP) | $ (281.3) $ (15.5) |
Corporate special charges (income): | |
Restructuring and other charges (income) (a) | 94.7 17.8 |
Non-operating pension, postretirement, and other charges (income) (b) | 3.4 3.2 |
India held for sale business (c) | 16.4 - |
Income tax expense (benefit) on Corporate special charges (income) (d) | (18.3) (4.4) |
Discontinued operations attributable to FMC stockholders, net of income taxes (e) | 19.9 7.0 |
Tax adjustment (f) | 136.3 14.3 |
Adjusted after-tax earnings (loss) from continuing operations attributable to FMC stockholders (non-GAAP) (1) | $ (28.9) $ 22.4 |
Diluted earnings (loss) per common share (GAAP) | $ (2.25) | $ (0.12) |
Corporate special charges (income) per diluted share, before tax: | ||
Restructuring and other charges (income) | 0.76 | 0.14 |
Non-operating pension, postretirement, and other charges (income) | 0.03 | 0.03 |
India held for sale business | 0.13 | - |
Income tax expense (benefit) on Corporate special charges (income), per diluted share | (0.15) | (0.04) |
Discontinued operations attributable to FMC stockholders, net of income taxes per diluted share | 0.16 | 0.06 |
Tax adjustments per diluted share | 1.09 | 0.11 |
Diluted adjusted after-tax earnings (loss) from continuing operations per share, | ||
attributable to FMC stockholders (non-GAAP) | $ (0.23) $ 0.18 | |
Average number of shares outstanding used in diluted adjusted after-tax earnings (loss) from | ||
continuing operations per share computations | 125.3 125.5 | |
Referred to as Adjusted earnings. The Company believes that Adjusted earnings, a non-GAAP financial measure, and its presentation on a per share basis provides useful information about the Company's operating results to management, investors, and securities analysts. Adjusted earnings excludes the effects of corporate special charges, the India held for sale business, tax-related adjustments and the results of our discontinued operations. The Company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying business from period to period.
-
Three Months Ended March 31, 2026:
Restructuring and other charges (income) includes restructuring charges of $94.5 million primarily comprised of $90.1 million in charges related to Project Foundation, which is management's comprehensive plan to further optimize FMC's cost structure and organizational operations. The charges for Project Foundation include non-cash asset write-off and accelerated depreciation costs of $64.7 million primarily associated with the planned exit of certain production activities; severance and employee separation costs of $6.2 million; and, other miscellaneous charges of $19.2 million, which include contract exit costs and professional service provider costs. During the three months ended March 31, 2026, we also recorded Project Focus-related costs of $4.3 million, primarily related to miscellaneous charges associated with previously implemented activities. Other charges (income) included $3.9 million of charges associated with our environmental sites and $3.7 million of other miscellaneous income.
Restructuring and other charges (income) includes restructuring charges of $13.6 million primarily related Project Focus, which included
$6.6 million of professional service provider costs and other miscellaneous charges, $4.2 million of severance and employee separation costs, and accelerated depreciation of $3.1 million on assets identified for disposal in connection with the restructuring initiative. Other charges (income) of $4.2 million is comprised of $3.5 million of charges associated with our environmental sites and $0.7 million of other miscellaneous charges.
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 Adjusted earnings 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 Adjusted earnings results noted above. These elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees.
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. The sale process is underway and is expected to conclude during 2026; and, therefore, the assets related to this business have been classified as held for sale since the third quarter of 2025. The business does not qualify for recognition as discontinued operations and will continue to be presented in the Company's reported GAAP results until a transaction is completed. Beginning with the third quarter of 2025, we have excluded the impact of various activities associated with the anticipated sale from our operating results for non-GAAP purposes. Refer to the table below for the adjustments related to the India held for sale business for the three months ended March 31, 2026.
Three Months Ended March 31, Affected Line Item in the Consolidated Statements of Income (Loss)
India held for sale business $ 16.4 $ -(In millions)
2026
2025
Operating results
$ 34.1
$
Revenue, Cost of sales and services, and
- Selling, general and administrative expenses
Asset impairment
(20.4)
- Restructuring and other charges (income)
Third party provider costs
2.7
- Restructuring and other charges (income)
The income tax expense (benefit) on Corporate special charges (income) is determined using the applicable rates in the taxing jurisdictions in which the corporate special charge or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the non-GAAP performance measure.
Discontinued operations includes provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations and retained liabilities.
We exclude the GAAP tax provision, including discrete items, from the non-GAAP measure of income, and include a non-GAAP tax provision based upon the projected annual non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but are not limited to: income tax expenses or benefits that are not related to continuing operating results in the current year; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets and related interim accounting impacts; and changes in tax law. In 2024 and 2023, we recorded significant deferred tax assets due to various tax incentives granted to the Company's Swiss subsidiaries (the "Swiss Tax Incentives"). The initial recognition of these Swiss Tax Incentives did not impact our adjusted non-GAAP effective tax rate but will be considered annually as we realize the benefits. Management believes excluding these discrete tax items, as well as the impacts of the Swiss Tax Incentives annually as the related benefits are realized, assists investors and securities analysts in understanding the tax provision and the effective tax rate related to continuing operating results thereby providing investors with useful supplemental information about FMC's operational performance.
Three Months Ended March 31,(In millions)
2026
2025
Tax adjustments:
Revisions to valuation allowances of historical deferred tax assets (i)
$ 124.7
$ (1.2)
Net impact of Switzerland tax incentives
(5.5)
2.8
Foreign currency remeasurement and other discrete items
17.1
12.7
Total non-GAAP tax adjustments
$ 136.3
$ 14.3
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 three months ended March 31, 2026.
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Three Months Ended March 31, 2026:
(In millions) | 2026 | 2025 |
Net income (loss) (GAAP) | $ (281.2) | $ (15.6) |
Restructuring and other charges (income) (1) | 94.7 | 17.8 |
Non-operating pension, postretirement, and other charges (income) | 3.4 | 3.2 |
India held for sale business (2) | 16.4 | - |
Discontinued operations, net of income taxes | 19.9 | 7.0 |
Interest expense, net | 64.8 | 50.1 |
Depreciation and amortization | 42.0 | 43.7 |
Provision (benefit) for income taxes | 112.1 | 13.5 |
Adjusted earnings from continuing operations, before interest, income taxes, depreciation and amortization, and noncontrolling interests (non-GAAP) (3) | $ 72.1 | $ 119.7 |
In the reconciliation above, favorable adjustments recorded in connection with the India held for sale business of $17.7 million for the three ended March 31, 2026 are presented in the India held for sale business line, as described in the reconciliation in note (c) above. On the consolidated statements of income (loss), these adjustments are recorded to "Restructuring and other charges (income)."
Beginning with the third quarter of 2025, we excluded the operating results of the India commercial business during the held for sale period for non-GAAP purposes. For further details on the charges and write-downs recorded in connection with the India held for sale business, refer to note (c) in the reconciliation above.
Referred to as Adjusted EBITDA. Defined as operating profit excluding restructuring and other charges (income), depreciation and amortization expense, and the India held for sale business.
(In millions) | 2026 | 2025 |
Cash provided (required) by operating activities of continuing operations (GAAP) (1) | $ (600.9) | $ (545.0) |
Capital expenditures | (16.6) | (31.6) |
Other investing activities | 0.8 | (5.8) |
Capital additions and other investing activities | $ (15.8) $ | (37.4) |
Cash provided (required) by operating activities of discontinued operations | (15.7) | (13.3) |
Divestiture transaction costs (2) | 4.3 | - |
Free cash flow (non-GAAP) (3) | $ (628.1) | $ (595.7) |
The three months ended March 31, 2026 includes cash payments of $66.4 million primarily for restructuring activities related to the Project Focus transformation program as well as Project Foundation. The three months ended March 31, 2025 includes cash payments of
$55.7 million for Project Focus.
Represents third party provider costs associated with the expected sale of our India commercial business. Proceeds from the sale of our India commercial business anticipated in 2026 will be excluded from free cash flow when received. Therefore, we have also excluded the related transaction costs from free cash flow.
Free cash flow is defined as cash provided (required) by operating activities of continuing operations (GAAP) adjusted for spending for capital additions and other investing activities as well as cash provided (required) by discontinued operations and divestiture transaction costs associated with the sale of our GSS business. We believe that this non-GAAP financial measure provides a useful basis for investors and securities analysts to evaluate the cash generated by routine business operations, including to assess our ability to repay debt, fund acquisitions and return capital to shareholders through share repurchases and dividends. Our use of free cash flow has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results under U.S. GAAP.
(In millions) | 2026 | 2025 |
Revenue (GAAP) | $ 758.6 | $ 791.4 |
Less: Revenue from India commercial business (1) | (3.8) | - |
Revenue excluding India (non-GAAP) (2) | $ 762.4 | $ 791.4 |
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. Refer to note (c) above for further details.
Although the India held for sale business does not qualify for recognition as discontinued operations, we believe Revenue excluding India (non-GAAP) provides management and investors with useful supplemental information regarding our ongoing revenue performance.
Total revenue (GAAP) change | (4) % |
Less: Revenue for India held for sale business for the three months ended March 31, 2026 | - % |
Revenue excluding India (non-GAAP) change (1) | (4) % |
Less: Foreign currency impact | 5 % |
Organic revenue (non-GAAP) change (2) | (9)% |
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. Refer to note (c) above for further details.
We believe organic revenue growth (non-GAAP) provides management and investors with useful supplemental information regarding our ongoing revenue performance and trends by presenting revenue growth excluding the impact of fluctuations in foreign exchange rates and the India held for sale business.
(In millions, except percentages) | Twelve Months Ended March 31, 2026 |
Net income (loss) attributable to FMC stockholders (GAAP) | $ (2,504.7) |
Interest expense, net, net of income taxes | 218.7 |
Corporate special charges (income) | 1,871.5 |
India held for sale business | 538.1 |
Income tax expense (benefit) on Corporate special charges (income) | (172.0) |
Discontinued operations attributable to FMC stockholders, net of income taxes | 49.5 |
Tax adjustments | 538.3 |
ROIC numerator (non-GAAP) | $ 539.4 |
March 31, 2026 March 31, 2025 | |
Total debt | $ 4,533.6 $ 4,003.5 |
Total FMC stockholders' equity | 1,822.1 4,382.0 |
Total debt and FMC stockholders' equity (GAAP) | $ 6,355.7 $ 8,385.5 |
ROIC denominator (2 yr average total debt and FMC stockholders' equity) | $ 7,370.6 |
ROIC (using Net income (loss) attributable to FMC stockholders (GAAP) as numerator) | (33.98)% |
Adjusted ROIC (using non-GAAP numerator) (1) | 7.32 % |
We believe Adjusted ROIC (non-GAAP) provides management and investors with useful supplemental information regarding our utilization of capital provided by both equity and debt as well as our working capital and free cash flow management. Additionally, vesting of certain restricted stock awards granted to officers is connected to Adjusted ROIC as a performance metric.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)(In millions) | March 31, 2026 | December 31, 2025 |
Cash and cash equivalents | $ 390.9 | $ 584.5 |
Trade receivables, net of allowance of $42.5 in 2026 and $43.3 in 2025 | 2,244.8 | 2,062.0 |
Inventories | 1,242.6 | 1,219.6 |
Prepaid and other current assets | 533.7 | 481.2 |
Assets held for sale (1) | 492.9 | 611.7 |
Total current assets | $ 4,904.9 | $ 4,959.0 |
Property, plant and equipment, net | 627.5 | 707.4 |
Other intangibles, net | 2,333.5 | 2,361.8 |
Deferred income taxes | 1,096.0 | 1,215.6 |
Other long-term assets | 457.6 | 443.4 |
Total assets | $ 9,419.5 | $ 9,687.2 |
Short-term debt and current portion of long-term debt | $ 1,763.0 | $ 1,305.1 |
Accounts payable, trade and other | 634.1 | 771.0 |
Advanced payments from customers | 196.3 | 453.1 |
Accrued and other liabilities | 625.5 | 574.0 |
Accrued customer rebates | 480.0 | 417.4 |
Guarantees of vendor financing | 37.0 | 45.7 |
Accrued pensions and other postretirement benefits, current | 3.3 | 3.3 |
Income taxes | 26.6 | 24.0 |
Liabilities held for sale (1) | 47.5 | 161.7 |
Total current liabilities | $ 3,813.3 | $ 3,755.3 |
Long-term debt, less current portion | $ 2,770.6 | $ 2,769.8 |
Long-term liabilities | 985.7 | 1,063.2 |
Equity | 1,849.9 | 2,098.9 |
Total liabilities and equity | $ 9,419.5 | $ 9,687.2 |
The carrying value of the India held for sale business decreased from $450 million as of December 31, 2025 to $425.0 million as of March 31, 2026 primarily due to receivable collections during the period. The carrying value of the held for sale business is comprised of
$445.4 million of net assets held for sale as presented on the consolidated balance sheet and a gain of 20.4 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.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) Three Months Ended March 31, (In millions) 2026 2025Cash provided (required) by operating activities of continuing operations | $ (600.9) | $ (545.0) |
Cash provided (required) by operating activities of discontinued operations | (15.7) | (13.3) |
Cash provided (required) by investing activities of continuing operations | (16.2) | (38.0) |
Cash provided (required) by financing activities of continuing operations | 442.3 | 552.1 |
Effect of exchange rate changes on cash | (3.1) | 2.2 |
Increase (decrease) in cash and cash equivalents | $ (193.6) | $ (42.0) |
Cash and cash equivalents, beginning of period | $ 584.5 | $ 357.3 |
Cash and cash equivalents, end of period | $ 390.9 | $ 315.3 |
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FMC Corporation published this content on April 29, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 29, 2026 at 22:06 UTC.
