FMC (US:FMC)2026-02-04 22:05Revenue Performance - FMC Corporation reported full year 2025 revenue of $3.47 billion, a decline of 18% compared to 2024[13] - Fourth quarter 2025 revenue was $1.08 billion, down 12% versus fourth quarter 2024, driven by a 6% price decline mainly in Rynaxypyr®[11] - Full year 2026 revenue guidance is projected to be between $3.60 billion and $3.80 billion, reflecting a 5% decline at the midpoint compared to the prior year[7] - First quarter 2026 revenue guidance is between $725 million and $775 million, also reflecting a 5% decline at the midpoint compared to the prior year[8] - Total revenue for the three months ended December 31, 2025, was $1,083.3 million, a decrease of 12% compared to $1,224.3 million in the same period of 2024[50] - Revenue excluding the India commercial business for the twelve months ended December 31, 2025, was $3,889.3 million, down 8% from $4,246.1 million in 2024[50] Earnings and Profitability - Adjusted EBITDA for full year 2026 is expected to be between $670 million and $730 million, a decrease of 17% versus prior year[7] - Adjusted EPS for full year 2026 is expected to be between $1.63 and $1.89, a decrease of 41% versus prior year[7] - Adjusted after-tax earnings from continuing operations for Q4 2025 were $150.5 million, down from $224.6 million in Q4 2024[28] - For the twelve months ended December 31, 2025, the company reported adjusted earnings from continuing operations of $842.7 million, down from $902.6 million in 2024[43] - The company recorded a net income (loss) of $(2,237.4) million for the twelve months ended December 31, 2025, compared to a profit of $341.6 million in 2024[43] - Net income attributable to FMC stockholders for the twelve months ended December 31, 2025, was a loss of $2,238.9 million[56] Costs and Expenses - Total costs and expenses for Q4 2025 were $2,499.9 million, significantly higher than $989.7 million in Q4 2024[26] - The company incurred $288.8 million in restructuring charges for the full year 2025, related to both Project Foundation and Project Focus[31] - Restructuring charges related to "Project Foundation" amounted to $200.1 million in Q4 2025[29] - Restructuring charges totaled $303.0 million, primarily related to Project Focus, including $132.1 million for contract abandonment and $55.8 million for severance costs[32] - The company incurred $1,641.8 million in restructuring and other charges for the three months ended December 31, 2025[43] Debt and Cash Flow - The company plans to pay down $1 billion in debt through asset sales and licensing agreements, including the sale of its India commercial business[3] - Total debt as of December 31, 2025, increased to $4,074.9 million from $3,365.3 million in 2024[56] - Cash and cash equivalents at the end of the period were $584.5 million, up from $357.3 million at the end of 2024[61] - The company reported a cash outflow from operating activities of continuing operations of $6.2 million for the year ended December 31, 2025[61] Strategic Initiatives - The Board of Directors has authorized the exploration of strategic options, including the potential sale of the company to enhance shareholder value[5] - The company expects the divestiture of its India commercial business to conclude in 2026, with ongoing commercial challenges prompting the decision[33] - The India commercial business is classified as held for sale, with a carrying value of approximately $960 million and an estimated fair value of $450 million, resulting in $522 million of charges and write-downs[35] - The total adjustment related to the India business for the twelve months ended December 31, 2025, was approximately $522 million, reflecting one-time commercial actions[35] Other Financial Metrics - Gross margin for Q4 2025 was $431.1 million, down 17.7% from $524.7 million in Q4 2024[26] - Basic earnings per share for Q4 2025 was $(13.74), compared to $(0.13) in Q4 2024[28] - Capital additions for the full year 2025 were $85.1 million, an increase from $71.6 million in 2024[26] - Non-operating pension and postretirement charges for the twelve months ended December 31, 2025, were $18.7 million, slightly up from $18.2 million in 2024[43] - Adjusted Return on Invested Capital (ROIC) for the twelve months ended December 31, 2025, was 8.29%[56] - Organic revenue change (non-GAAP) for the three months ended December 31, 2025, was a decline of 13%, while for the twelve months it was down 8%[53]