FMC Corporation

FMC reported first-quarter 2026 sales of $762 million, down 4% year over year, with sales up 1% on a like-for-like basis excluding India. First-quarter EBITDA was $72 million, and adjusted loss per share was $0.23. Gross margin was not stated. For Q2, FMC guided to revenue of $850 million to $900 million, adjusted EBITDA of $130 million to $150 million, and adjusted EPS of $0.16 to $0.26. Full-year 2026 guidance was unchanged: sales of $3.6 billion to $3.8 billion, EBITDA of $670 million to $730 million, and adjusted EPS of $1.63 to $1.89. The company said free cash flow for 2026 is expected to be between negative $65 million and positive $65 million, including about $150 million of restructuring cash spending.

Pierre Brondeau said the quarter exceeded the midpoint of guidance and that FMC made good progress on its four 2026 priorities: debt reduction, portfolio competitiveness, Rynaxypyr’s post-patent transition, and growth from new active ingredients. He emphasized confidence in the second half, saying Brazil direct sales, new active ingredients, and a better Rynaxypyr mix should drive the ramp. His tone was constructive and confident, while still acknowledging early-stage uncertainty around tariffs, Iran-related costs, and the post-patent Rynaxypyr market.

Andrew Sandifer highlighted Q1 interest expense of $64.8 million, up $14.7 million, and reiterated full-year interest expense guidance of $255 million to $275 million. He said cash on hand ended Q1 at $391 million, gross debt was about $4.5 billion, net debt was about $4.1 billion, and leverage was 5.7x gross debt to EBITDA and 5.2x net debt to EBITDA. He also confirmed 2026 free cash flow guidance of negative $65 million to positive $65 million, with lower EBITDA, higher restructuring spend, and higher cash interest partly offset by working capital improvement, India working capital liquidation, and lower cash taxes.

Analysts focused on the second-half ramp, Rynaxypyr partner sales and pricing, input-cost and tariff exposure, and the timing of new-product approvals. Management said the second-half increase should come mainly from non-diamide core recovery in Brazil, less partner headwind in Rynaxypyr, and new active ingredients, and that it sees early share gains and stronger mix in Rynaxypyr but wants to see Q3 and Q4 before calling the strategy a full success. On tariffs, FMC said some paid tariffs may be recoverable, but the process is uncertain, and it has not embedded a meaningful benefit or cost in guidance.