# FMC CORP (FMC)

Informational only - not investment advice.

CIK: 0000037785
SIC: 2800 Chemicals & Allied Products
SIC breadcrumb: [Manufacturing](/division/D/) > [Chemicals And Allied Products](/major-group/28/) > [SIC 2800 Chemicals & Allied Products](/industry/2800/)
Latest 10-K filed: 2026-02-27
SEC page: https://www.sec.gov/edgar/browse/?CIK=37785
Filing source: https://www.sec.gov/Archives/edgar/data/37785/000003778526000041/fmc-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-27 · accession 0000037785-26-000041 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000037785.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 3,467,400,000 USD | 2025 | verified |
| Net income | -2,238,900,000 USD | 2025 | verified |
| Assets | 9,687,200,000 USD | 2025 | verified |
| Free cash flow | -102,500,000 USD | 2025 | computed |
| Net margin | -64.57% | 2025 | computed |
| Operating margin | -46.96% | 2025 | computed |
| Revenue YoY | -18.34% | 2025 | computed |
| ROE | -108.08% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | FMC | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -64.6% | -5.0% | 0 | 11 |
| Operating margin | -47.0% | 0.1% | 0 | 9 |
| Revenue growth | -18.3% | 0.4% | 0 | 11 |
| FCF margin | -3.0% | 3.7% | 0 | 11 |
| ROE | -108.1% | -10.3% | 20 | 11 |
| ROA | -23.1% | -4.0% | 0 | 11 |
| Liabilities / equity | 3.68 | 1.48 | 80 | 11 |
| Current ratio | 1.32 | 1.78 | 20 | 11 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 2800 Chemicals & Allied Products, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 3467400000 | USD | 2025 | 2026-02-27 |
| Net income | -2238900000 | USD | 2025 | 2026-02-27 |
| Assets | 9687200000 | USD | 2025 | 2026-02-27 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000037785.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 2,538,900,000 | 2,531,200,000 | 4,285,300,000 | 4,609,800,000 | 4,642,100,000 | 5,045,200,000 | 5,802,300,000 | 4,486,800,000 | 4,246,100,000 | 3,467,400,000 |
| Net income | 209,100,000 | 535,800,000 | 502,100,000 | 477,400,000 | 552,400,000 | 739,600,000 | 736,500,000 | 1,321,500,000 | 341,100,000 | -2,238,900,000 |
| Operating income | 266,600,000 | 158,500,000 | 740,900,000 | 821,600,000 | 896,900,000 | 1,034,500,000 | 1,144,300,000 | 555,600,000 | 506,500,000 | -1,628,300,000 |
| Gross profit | 931,200,000 | 951,800,000 | 1,879,800,000 | 2,083,600,000 | 2,046,700,000 | 2,161,300,000 | 2,326,800,000 | 1,831,000,000 | 1,648,900,000 | 1,283,000,000 |
| Diluted EPS | 1.56 | 3.99 | 3.69 | 3.62 | 4.23 | 5.73 | 5.81 | 10.53 | 2.72 | -17.88 |
| Operating cash flow | 368,900,000 | 232,000,000 | 362,700,000 | 555,600,000 | 736,800,000 | 898,600,000 | 660,000,000 | -300,300,000 | 736,700,000 | -6,200,000 |
| Capital expenditures | 91,200,000 | 38,300,000 | 83,000,000 | 93,900,000 | 67,200,000 | 100,100,000 | 142,300,000 | 133,900,000 | 67,900,000 | 96,300,000 |
| Dividends paid | 88,600,000 | 88,800,000 | 89,200,000 | 210,300,000 | 228,500,000 | 247,200,000 | 267,500,000 | 290,500,000 | 290,600,000 | 291,300,000 |
| Share buybacks | 11,200,000 | 0.00 | 200,000,000 | 400,000,000 | 50,000,000 | 400,000,000 | 100,000,000 | 75,000,000 | 0.00 | 0.00 |
| Assets | 6,139,300,000 | 9,206,300,000 | 9,974,300,000 | 9,872,700,000 | 10,186,400,000 | 10,673,100,000 | 11,171,300,000 | 11,926,200,000 | 11,653,300,000 | 9,687,200,000 |
| Stockholders' equity | 1,957,700,000 | 2,681,800,000 | 3,121,100,000 | 2,532,300,000 | 2,961,800,000 | 3,124,300,000 | 3,377,900,000 | 4,410,900,000 | 4,487,500,000 | 2,071,500,000 |
| Cash and cash equivalents | 64,200,000 | 283,000,000 | 134,400,000 | 339,100,000 | 568,900,000 | 516,800,000 | 572,000,000 | 302,400,000 | 357,300,000 | 584,500,000 |
| Free cash flow | 277,700,000 | 193,700,000 | 279,700,000 | 461,700,000 | 669,600,000 | 798,500,000 | 517,700,000 | -434,200,000 | 668,800,000 | -102,500,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 8.24% | 21.17% | 11.72% | 10.36% | 11.90% | 14.66% | 12.69% | 29.45% | 8.03% | -64.57% |
| Operating margin | 10.50% | 6.26% | 17.29% | 17.82% | 19.32% | 20.50% | 19.72% | 12.38% | 11.93% | -46.96% |
| Return on equity | 10.68% | 19.98% | 16.09% | 18.85% | 18.65% | 23.67% | 21.80% | 29.96% | 7.60% | -108.08% |
| Return on assets | 3.41% | 5.82% | 5.03% | 4.84% | 5.42% | 6.93% | 6.59% | 11.08% | 2.93% | -23.11% |
| Liabilities / equity | 2.14 | 2.43 | 2.20 | 2.90 | 2.44 | 2.42 | 2.31 | 1.70 | 1.60 | 3.68 |
| Current ratio | 1.98 | 1.65 | 1.35 | 1.50 | 1.55 | 1.44 | 1.43 | 1.52 | 1.64 | 1.32 |

## As-reported value updates

16 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/FMC/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000037785.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.95 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 1.55 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.24 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 981,900,000 | -3,500,000 | -0.03 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 1,146,100,000 | 1,098,500,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 918,000,000 | -2,700,000 | -0.02 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 1,038,400,000 | 295,100,000 | 2.35 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 1,065,400,000 | 65,000,000 | 0.52 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 1,224,300,000 | -16,300,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 791,400,000 | -15,500,000 | -0.12 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 1,050,500,000 | 66,700,000 | 0.53 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 542,200,000 | -569,300,000 | -4.52 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 1,083,300,000 | -1,720,800,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 758,600,000 | -281,300,000 | -2.25 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 867,100,000 | -186,600,000 | -1.49 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from FMC's latest 10-K: [/company/FMC/business/](/company/FMC/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from FMC's latest 10-K: [/company/FMC/risk-factors/](/company/FMC/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/37785/000003778526000142/fmc-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-07-30
Report date: 2026-06-30

ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This report contains certain forward-looking statements that are based on our current views and assumptions regarding future events, future business conditions and the outlook for our company based on currently available information.

In some cases, we have identified these forward-looking statements by such words or phrases as "outlook," "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words or phrases. Such forward-looking statements are based on our current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. The forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These statements are qualified by reference to the risk factors included in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Form 10-K"), the section captioned "Forward-Looking Information" in Part II of the 2025 Form 10-K and to similar risk factors and cautionary statements in all other reports and forms filed with the Securities and Exchange Commission ("SEC"). We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement.

We specifically decline to undertake any obligation, and specifically disclaim any duty, to publicly revise any forward-looking statements that have been made to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as may be required by law.

APPLICATION OF CRITICAL ACCOUNTING POLICIES

Our consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles. The preparation of our financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. We have described our accounting policies in Note 1 to our consolidated financial statements included in our 2025 Form 10-K. We have reviewed these accounting policies, identifying those that we believe to be critical to the preparation and understanding of our consolidated financial statements. We have reviewed these critical accounting policies with the Audit Committee of our Board of Directors. Critical accounting policies are central to our presentation of results of operations and financial condition and require management to make estimates and judgments on certain matters. We base our estimates and judgments on historical experience, current conditions and other reasonable factors.

The following is a list of those accounting policies that we have deemed most critical to the presentation and understanding of our results of operations and financial condition. See the "Critical Accounting Policies and Estimates" section in our 2025 Form 10-K for a detailed description of these policies and their potential effects on our results of operations and financial condition.

•Revenue recognition and trade receivables

•Environmental obligations and related recoveries

•Impairment and valuation of long-lived assets and indefinite-lived assets

•Pensions and other postretirement benefits

•Income taxes

RECENTLY ISSUED AND ADOPTED ACCOUNTING PRONOUNCEMENTS AND REGULATORY ITEMS

See Note 2 to the consolidated financial statements included in this Form 10-Q for a discussion of recently issued and adopted accounting guidance and regulatory items.

36

OVERVIEW

FMC Corporation is a global agricultural sciences company dedicated to providing farmers innovative solutions that increase the productivity and resilience of their land. We operate in a single distinct business segment. We develop, market and sell all three major classes of crop protection chemicals (insecticides, herbicides and fungicides) as well as biologicals, crop nutrition, and seed treatment products, which we group as plant health. FMC’s innovative crop protection solutions help growers produce food, feed, fiber and fuel for an expanding world population while adapting to a changing environment. FMC is committed to discovering new insecticide, herbicide, and fungicide active ingredients, product formulations and pioneering technologies that are consistently better for the planet.

Strategic Review

On June 30, 2026, FMC announced that we have entered into a definitive agreement under which the Tessenderlo Group, a Belgian-based industrial group, will make a strategic minority equity investment in FMC Corporation of approximately $400 million USD at a price of $13.30 per share. Upon completion of the transaction, Tessenderlo Group will own approximately 20.0% of the outstanding shares of FMC common stock. This transaction represents the conclusion of the FMC Board of Directors' exploration of strategic options, which was announced in February 2026. FMC intends to use the funds to pay down debt. With this investment, FMC is well positioned to execute on its operational and strategic plan as an independent company, which includes advancing its R&D pipeline and accelerating the commercialization of its innovations.

Second Quarter 2026 Highlights

The following items are the financial highlights of our business during the three months ended June 30, 2026 compared to the three months ended June 30, 2025:

•Revenue of $867.1 million for the three months ended June 30, 2026 decreased $183.4 million, or approximately 17 percent, versus the prior year period driven by a decrease in volumes due to lower diamide partner orders and reduced demand for core legacy products, particularly in North America, as growers contend with strained margins. Pricing pressure continued during the period primarily in connection with the company’s core legacy products and planned pricing actions on branded Rynaxypyr® active. On a regional basis, sales in Latin America decreased approximately 10 percent, sales in Europe, Middle East and Africa decreased approximately 18 percent, sales in Asia decreased approximately 20 percent and sales in North America decreased by approximately 22 percent. A more detailed review of revenue is discussed under the section titled "Results of Operations."

•Our gross margin of $342.1 million decreased versus the prior year quarter by $64.2 million. Gross margin as a percent of revenue of approximately 39 percent was flat compared to the prior year period.

•Selling, general and administrative expenses were $179.1 million, which represents an increase of approximately 1 percent versus the prior year period primarily as a result of continued investment to support new products. Research and development expenses of $60.4 million decreased $6.0 million, or 9 percent, compared to the previous year primarily due to the timing of project expenses as well as continued cost reduction efforts in connection with restructuring activities.

•Net loss attributable to FMC stockholders of $186.6 million decreased $253.3 million from net income of $66.7 million in the prior year period largely driven by an increase of $185.6 million in our restructuring and other charges (income) primarily due to costs incurred in connection with Project Foundation, which is the comprehensive plan to further optimize FMC’s cost structure and organizational operations initiated in 2025. The charges were largely comprised of non-cash asset write-off and accelerated depreciation costs of $134.2 million primarily associated with the planned exit of certain production activities, which includes a write-off of $70.6 million for certain receivables due to a change in our commercial strategy in Latin America. During three months ended June 30, 2026, we also recorded an additional impairment charge and incurred third party provider costs within restructuring and other charges (income) in connection with the India held for sale business, discussed further below. Increased interest expense also contributed to the change in net loss for the period. Adjusted after-tax earnings from continuing operations attributable to FMC stockholders of $33.1 million decreased $53.6 million compared to the prior year adjusted after-tax earnings of $86.7 million. Lower price and volume were partially offset by favorable costs. See the disclosure of our Adjusted earnings (loss) non-GAAP financial measurement below, under the section titled "Results of Operations."

37

India Held for Sale Business

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. In May 2026, the Company announced that it has signed a definitive agreement to sell the India commercial business to Crystal Crop Protection Limited for consideration of $252 million, subject to customary adjustments for cash, debt and working capital. The Company will continue to receive all cash generated from the ongoing operation of the India business until closing, primarily through monetization of working capital. FMC plans to continue to actively participate in the Indian market through a new go-to-market approach while deploying resources to its highest-growth opportunities globally. The Company will continue its active ingredients manufacturing operations in India. The sale is expected to close during 2026 and FMC intends to allocate all proceeds from the sale to debt reduction. The assets related to this business have been classified as held for sale since the third quarter of 2025. Although the business does not qualify for recognition as discontinued operations and will continue to be presented in the Company's reported results until a transaction is completed, we believe excluding India's operating results from our non-GAAP measures during the held for sale period, beginning with the third quarter of 2025, provides management and investors with useful supplemental information regarding our ongoing financial performance. Refer to the table below for the adjustments related to the India held for sale business for the three months ended June 30, 2026.

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","Affected Line Item in the Consolidated Statements of Income (Loss)"],["(In millions)","2026","","2025"],["Operating results","$","8.9","","","$","\u2014","","Revenue, Cost of sales and services, and Selling, general and administrative expenses"],["Asset impairment","64.0","","","\u2014","","Restructuring and other charges (income)"],["Third party provider costs","10.3","","","\u2014","","Restructuring and other charges (income)"],["India held for sale business","$","83.2","","","$","\u2014"]]
[[/GREPCENT_TABLE]]

Balance sheet impact - The carrying value of the India held for sale business decreased from $450 million as of December 31, 2025 to $350 million as of June 30, 2026 primarily due to receivable collections during the period as well as an impairment charge of approximately $44 million. The carrying value of the held for sale business is comprised of $367 million of net assets held for sale as presented on the consolidated balance sheet and a gain of $17 million related to foreign currency translation in connection with the assets identified for disposal. The foreign currency translation gains are recorded in Accumula

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/37785/000003778526000041/fmc-20251231.htm
Complete FY 2025 MD&A: /company/FMC/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-27
Report date: 2025-12-31

ITEM 7.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview

FMC Corporation is a global agricultural sciences company dedicated to providing farmers innovative solutions that increase the productivity and resilience of their land. We operate in a single distinct business segment. We develop, market and sell all three major classes of crop protection chemicals (insecticides, herbicides and fungicides) as well as biologicals, crop nutrition, and seed treatment products, which we group as plant health. FMC’s innovative crop protection solutions help growers produce food, feed, fiber and fuel for an expanding world population while adapting to a changing environment. FMC is committed to discovering new insecticide, herbicide, and fungicide active ingredients, product formulations and pioneering technologies that are consistently better for the planet.

FORWARD-LOOKING INFORMATION

Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained herein, in FMC’s other filings with the SEC, and in reports or letters to FMC stockholders.

In some cases, FMC has identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on management’s current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. Additional factors include, among other things, the risk factors and other cautionary statements filed with the SEC included within this Form 10-K as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date of such statements or to reflect the occurrence of anticipated events, except as otherwise required by law.

India Held for Sale Business

In July 2025, the Board of Directors approved a plan to divest the Company’s commercial business in India in response to ongoing commercial challenges in the country. FMC plans to continue to actively participate in the India market through a supply agreement with the eventual buyer of the business for its patented and data-protected portfolio, ranging from new diamide technologies to active ingredients and biologicals. The Company will continue its active ingredients manufacturing operations in India. The sale process is underway and is expected to conclude in 2026; and, therefore, the assets related to this business are classified as held for sale beginning in the third quarter of 2025. However, there is no assurance that we will be able to complete the divestment in the expected timeline and on favorable terms, or that we will be able to successfully enter into a supply agreement with the buyer. Although the business does not qualify for recognition as discontinued operations and will continue to be presented in the Company's reported results until a transaction is completed, we believe excluding India's operating results from our non-GAAP measures during the held for sale period, beginning with the third quarter of 2025, provides management and investors with useful supplemental information regarding our ongoing financial performance. In preparation for the sale, we took a series of target actions to optimize the business for transfer and reflect its fair value.

Total adjustment - approximately $522 million

The assets associated with the India commercial business held a carrying value of approximately $960 million at June 30, 2025. We evaluated the fair value of the assets associated with the business and determined the estimated fair value less costs to sell to be $450 million. Accordingly, we recorded $522 million of charges and write-downs in 2025 as a result of one-time commercial actions to prepare the India business for sale and an asset impairment charge in accordance with the held-for-sale accounting standards. This adjustment was reflected across multiple income statement line items as presented in the table below.

32

Table of Contents

[[GREPCENT_TABLE]]
[["","Twelve Months Ended December 31,","Affected Line Item in the Consolidated Statements of Income (Loss)"],["(in Millions)","2025","","2024"],["Operating results, substantially one-time commercial actions","$","319.8","","","$","\u2014","","Revenue, Cost of sales and services, and Selling, general and administrative expenses"],["Asset impairment","194.8","","","\u2014","","Restructuring and other charges (income)"],["Third party provider costs","7.1","","","\u2014","","Restructuring and other charges (income)"],["India held for sale business","$","521.7","","","$","\u2014"]]
[[/GREPCENT_TABLE]]

•Operating results, substantially pre-sale commercial adjustments ($320 million): These one-time actions commenced during the period included product returns and pricing changes designed to (1) accelerate receivables collection, (2) optimize the working capital mix of receivables and inventory, and (3) address contemporaneous changes in local indirect taxation. These adjustments impacted both the Revenue and Cost of sales and services line items on the consolidated statement of income (loss), resulting in revenue charges for the India business in the third quarter of 2025. These actions were taken in both collaboration with and in anticipation of customer behavior stemming from known indirect tax implications and broader market dynamics. These steps will help mitigate collection and local tax risks and position the business for a stronger sale outcome. The $320 million is made up of revenue charges of $422 million, a credit to cost of sales of $128 million and SG&A charges of $26 million.

•Asset impairment ($195 million): Following the commercial adjustments, we evaluated the remaining carrying value of the net assets associated with the business. The difference between the adjusted carrying value and the estimated fair value, less costs to sell, was recorded as an asset impairment, reflected within the Restructuring and Other Charges line item on the consolidated statement of income (loss).

Balance sheet impact - The combination of commercial adjustments and impairment resulted in a write-down of the net assets identified as held for sale to $450 million, as presented on the consolidated balance sheet as of December 31, 2025.

2025 Highlights

The following are the more significant developments in our businesses during the year ended December 31, 2025 compared to the year ended December 31, 2024:

•In December 2025, the Board of Directors approved management’s comprehensive plan, referred to as Project Foundation, to further optimize FMC’s cost structure and organizational operations. A key component of this initiative is the Manufacturing Restructuring Program, which focuses on redesigning FMC’s manufacturing footprint and includes exiting certain high-cost active ingredient and formulation plants and transitioning production to lower-cost sources. These actions are intended to create a cost-competitive structure that enables FMC’s products to better compete with generics while fully leveraging its innovative technology portfolio. In addition, we are implementing cost-reduction initiatives in Asia to reflect the smaller scale of the region’s business following the planned sale of the India commercial operations. We intend to continue to right-size our cost base and optimize the overall organizational structure, with a sustained focus on driving cost improvements and productivity amid ongoing challenges. However, these actions may take longer than expected to implement, may result in higher-than-anticipated costs or operational disruptions, and may not achieve the expected efficiencies, cost savings or strategic objectives. During the twelve months ended December 31, 2025, we incurred non-cash asset write-off and accelerated depreciation costs of $155.7 million primarily associated with the planned exit of certain production activities, other miscellaneous charges, including professional service provider costs, of $14.5 million and severance and employee separation costs of $1.8 million in connection with Project Foundation.

•Revenue of $3,467.4 million in 2025 decreased $778.7 million or approximately 18 percent versus last year primarily driven by one-time commercial actions taken to position the India business for sale. Excluding those actions which resulted in revenue charges for the India business beginning in the third quarter of 2025, revenue decreased 8 percent versus the prior year driven by a 6 percent price decline, roughly half of which was due to adjustments for certain diamide partners on "cost-plus" contracts. The remaining price decline was mostly attributed to competitive pressure on core portfolio products. On a regional basis, sales in Europe, Middle East and Africa increased by 4 percent, sales in Latin America decreased by 3 percent, and sales in North America decreased 6 percent. Sales in Asia, which included the adjustments for one-time commercial actions in India, decreased approximately 83 percent. A more detailed review of revenue excluding the commercial actions related to the India held for sale business is discussed under the section titled "Results of Operations."

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Table of Contents

•Our gross margin of $1,283.0 million decreased by $365.9 million or approximately 22 percent versus the prior year gross margin of $1,648.9 million. Gross margin as a percent of revenue was 37 percent for the year ending December 31, 2025. Excluding the impact of the one-time commercial actions, our gross margin as a percent of revenue was 41 percent, which increased compared to a gross margin percentage of 39 percent in the prior year as a result of continued cost improvement partially offset by lower pricing during the period.

•Selling, general and administrative expenses increased from $644.6 million to $684.9 million, or approximately 6 percent versus the prior year period to support investment in new products. Research and development expenses of $266.1 million decreased $11.9 million or 4 percent. The decrease in spending on research and development relates to the timing of project expenses as well as continued cost reduction efforts in connection with restructuring activities.

•Net loss attributable to FMC stockholders of $2,238.9 million decreased $2,580.0 million compared to net income attributable to FMC stockholders of $341.1 million in the prior year primarily driven by a significant increase in restructuring and other charges recorded during the period. As a result of the significant decrease in our stock price during the fourth quarter of 2025, we performed a test of our goodwill and other intangible assets for impairment in connection with the preparation of our financial statements for the year endin

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/FMC/mda/fy2025/
All MD&A years: /company/FMC/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/FMC/mda/fy2024/): filed 2025-02-28; accession 0000037785-25-000030 (https://www.sec.gov/Archives/edgar/data/37785/000003778525000030/fmc-20241231.htm)
- [FY 2023 MD&A](/company/FMC/mda/fy2023/): filed 2024-02-27; accession 0000037785-24-000033 (https://www.sec.gov/Archives/edgar/data/37785/000003778524000033/fmc-20231231.htm)
- [FY 2022 MD&A](/company/FMC/mda/fy2022/): filed 2023-02-24; accession 0000037785-23-000019 (https://www.sec.gov/Archives/edgar/data/37785/000003778523000019/fmc-20221231.htm)
- [FY 2021 MD&A](/company/FMC/mda/fy2021/): filed 2022-02-25; accession 0000037785-22-000025 (https://www.sec.gov/Archives/edgar/data/37785/000003778522000025/fmc-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 2800 Chemicals & Allied Products) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/FMC.md · JSON record: /company/FMC.json · verified financials: /company/FMC/financials.json / /company/FMC/financials.csv · machine TOC for the whole site: /llms.txt