FMC Corporation updated its expectations for the third quarter of 2026 and now forecasts revenue of between US$65 million and US$125 million, with adjusted EBITDA losses of US$510 million to US$565 million, on weak demand and high channel inventories.
FMC Corporation updated its expectations for the third quarter of 2026 on Oct. 19 and now forecasts revenue of between US$65 million and US$125 million, along with adjusted EBITDA losses of between US$510 million and US$565 million.
“Third-quarter demand was weaker than we expected, driven by challenging market conditions and by elevated levels of higher-priced FMC products held in inventory by certain channel customers, which are limiting product movement and replenishment demand,” said Pierre Brondeau, chair of the board, chief executive officer and president of FMC.
The executive added: “We have addressed this issue incrementally over several quarters, but under current market conditions we determined that more comprehensive actions are necessary.”
The estimates include an estimated impact of between US$625 million and US$675 million related to commercial actions to lower the price of selected products that channel customers hold in key markets and to modify the selling and pricing model in the United States.
The main commercial issue facing FMC has been slower-than-expected demand from channel customers in key markets. Under current market conditions, distributors are seeking to operate with the lowest inventory levels FMC has experienced. Although the company made significant progress in reducing channel inventory volumes in 2025, certain higher-priced FMC products are raising the total value of FMC inventory held by some customers.
Those products entered the channel under different cost structures, intellectual property positions and competitive conditions. Rapid declines in market prices, driven in part by greater generic competition, widened the gap between the value of the affected inventory and current market prices, which limited the movement of those products to growers.
The company considers its current prices to be competitive and expects ongoing changes in its manufacturing to continue supporting competitive pricing. To accelerate product movement and support replenishment demand, FMC adopted two significant actions that, together, are expected to remove a considerable constraint on the movement of FMC products through the channel to growers and to support future replenishment demand from channel customers.
“The actions we have taken under our 2026 operational priorities, combined with these critical commercial actions, are expected to significantly improve the company's overall competitiveness,” said Brondeau.
FMC is headquartered in Philadelphia and also has Canadian operations based in Calgary, as well as research facilities in Hanley (Saskatchewan) and Breslau (Ontario).
