Liquidity remains under pressure as free cash flow experienced extreme volatility, dropping from a positive $707.1M in 2025Q4 to a negative $600.9M in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | -122.8M | -80.2M | 671.1M | -386.4M | 582.4M | 820.1M | 647.8M | 488.5M | 368.4M | 335.5M | 497.8M | -357.7M | 373.7M | 328.7M | 359.7M | 381.3M | 354.5M | 301.5M | 307.6M | 269.6M | 264M | 217M | 210.4M | 168.5M | 106.6M | -209.3M | 247.1M | 587.3M | 380.9M | 941.9M | 81M |
| Operating CF Margin % | - | -2.31% | 15.81% | -8.61% | 10.04% | 16.26% | 13.95% | 10.6% | 8.6% | 11.65% | 15.17% | -10.92% | 11.47% | 8.48% | 9.6% | 11.29% | 11.38% | 10.67% | 9.87% | 10.24% | 11.25% | 10.09% | 10.26% | 8.77% | 5.75% | -10.77% | 6.29% | 14.29% | 8.7% | 21.84% | 1.59% |
| Operating CF Growth % | -278.89% | -111.95% | 273.68% | -166.35% | -28.98% | 26.6% | 32.61% | 32.6% | 9.81% | -32.6% | 239.17% | -195.72% | 13.69% | -8.62% | -5.66% | 7.56% | 17.58% | -1.98% | 14.09% | 2.12% | 21.66% | 3.14% | 24.87% | 58.07% | 150.93% | -184.7% | -57.93% | 54.19% | -59.56% | 1062.84% | 178.34% |
| Net Income | -2.5B | -2.2B | 401.7M | 1.42B | 838.7M | 805.3M | 578.9M | 543.5M | 654.9M | -83.3M | 245.4M | -177.9M | 411.5M | 467.3M | 465.9M | 414M | 218.5M | 257M | 329.5M | 132.4M | 132M | 111M | 175.6M | 39.8M | 69.1M | -306.3M | 110.6M | 212.6M | 142.6M | 166.9M | 210.7M |
| Depreciation & Amortization | 213.5M | 273M | 169.4M | 251.2M | 169.4M | 170.9M | 162.7M | 150.1M | 168.2M | 113M | 137.1M | 115.7M | 131.2M | 127.2M | 137.8M | 126.6M | 133.6M | 127.2M | 124.2M | 133.7M | 131.8M | 136.3M | 134.3M | 124.6M | 118.8M | 131.6M | 188.9M | 180.7M | 206.6M | 238.4M | 254.2M |
| Stock-Based Compensation | 13.7M | 0 | 23.8M | 25.9M | 24.2M | 17.8M | 18.9M | 25.6M | 23M | 21.1M | 20.2M | 15.4M | 14.8M | 14.2M | 17.4M | 15.8M | 14.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 286.4M | 304.8M | -340.3M | -1.29B | -52.7M | 10.6M | 33.6M | 46.1M | -47.4M | 104.2M | 58.1M | 19.9M | -61M | 19.6M | 57.3M | 89.8M | 32.1M | 49.9M | 96.9M | 6.5M | 57.2M | 56.4M | -60.1M | -17.3M | 7.2M | -200.3M | -7.9M | 20.6M | 27.4M | -15.8M | 52M |
| Other Non-Cash Items | 1.5B | 2.15B | 182.8M | 15.2M | -39.1M | -73.1M | -19.3M | -10.9M | -218.1M | -35.9M | -21.3M | 65.6M | -58.2M | -29.2M | -62M | 13.2M | 87.1M | 135.6M | 42.8M | 165.2M | 62.8M | 45.6M | -1.2M | 44M | -3.1M | 488.8M | 71.1M | 25.6M | -26M | 415.1M | 137.3M |
| Working Capital Changes | 64.7M | -602.2M | 233.7M | -803.2M | -358.1M | -111.4M | -127M | -265.9M | -212.2M | 216.4M | 58.3M | -396.4M | -64.6M | -270.4M | -256.7M | -278.1M | -131.5M | -268.2M | -282.5M | -161.3M | -119.8M | -132.3M | -38.2M | -22.6M | -85.4M | -323.1M | -115.6M | 147.8M | 30.3M | 137.3M | -573.2M |
| Change in Receivables | 208.9M | 228.4M | -348.8M | 192.4M | -443.9M | -241.1M | -71.8M | -123.5M | -302.2M | -262.4M | -6.1M | 140.9M | -276.9M | -394.5M | -193.7M | -77.9M | -109.9M | -59.3M | -99M | -48.6M | -31.2M | -27.5M | 7.9M | 0 | 69.1M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 8.6M | -156.3M | 475.8M | -72.8M | -182.3M | -320.7M | -59.7M | 6.4M | -224.2M | -96.8M | 72.5M | 78.3M | 33.1M | 5.1M | -198M | -110.5M | -7.9M | 20.2M | -91.6M | -39.6M | 21.9M | 4.7M | -5.9M | 11.6M | 37.4M | -40.9M | -16.7M | 57M | 8.2M | -39.9M | -234.3M |
| Change in Payables | -110.4M | 20.1M | 171.7M | -626M | 165.3M | 144.4M | 61.8M | 103M | 182.3M | 331.7M | -24.1M | -292.5M | -21M | 40.4M | 41.2M | 69.3M | 106.6M | -71.5M | 52M | 10.5M | -12.3M | -25.6M | 5.9M | 0 | -83.8M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -61.7M | -108.3M | 263.6M | -154.4M | -266.4M | -112M | -169.3M | -186.7M | -130.9M | -1.33B | -155.2M | 348.8M | -35.2M | -653.2M | -393.6M | -358M | -154M | -200.7M | -191.7M | -120.6M | -109.8M | -6.4M | -109.4M | -157.8M | -110.8M | -154.9M | -34M | -255.2M | -364M | -238.4M | -436.5M |
| Capital Expenditures | -64.7M | -96.3M | -67.9M | -133.9M | -142.3M | -100.1M | -67.2M | -93.9M | -156.6M | -85.7M | -91.2M | -108.5M | -224.7M | -221.9M | -206.6M | -189.5M | -142.3M | -161.2M | -174.8M | -115.4M | -124.6M | -93.5M | -85.4M | -87M | -83.9M | -145.6M | -240.4M | -522.3M | -277.7M | -316.7M | -533M |
| CapEx % of Revenue | 1.88% | 2.78% | 1.6% | 2.98% | 2.45% | 1.98% | 1.45% | 2.04% | 3.65% | 2.98% | 2.78% | 3.31% | 6.9% | 5.73% | 5.51% | 5.61% | 4.57% | 5.7% | 5.61% | 4.38% | 5.31% | 4.35% | 4.16% | 4.53% | 4.53% | 7.49% | 6.12% | 12.71% | 6.34% | 7.34% | 10.49% |
| Acquisitions | -14M | -23.2M | 335.2M | -16.5M | -198.2M | -5.2M | -65.6M | 0 | 107.6M | -1.23B | -18.1M | -1.21B | -1.1M | -346M | -157.4M | -148.1M | -7.5M | -34.3M | -90.6M | 0 | 5.3M | 0 | 0 | 0 | 0 | -300K | -47.4M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 17M | 11.2M | -3.7M | -4M | 74.1M | 6M | -56.5M | -44.8M | -21.4M | -22.5M | -45.9M | -1.29B | -35.7M | -85.3M | -29.6M | -168.5M | -4.2M | -5.2M | 73.7M | -5.2M | -2M | 73.4M | -29.2M | -74M | -18.2M | 11.3M | 88.8M | 261.3M | 72.9M | 57.1M | 61.1M |
| Cash from Financing | -166.1M | 394.6M | -870.1M | 331.5M | -237.4M | -747.9M | -250.3M | -124.2M | -363.3M | 1.21B | -377M | -16.7M | -350M | 371.2M | -48.2M | -25.3M | -116.6M | -77.8M | -137.5M | -243.4M | -198.5M | -215.3M | 41.2M | -53.2M | 65.8M | 376.5M | -250.9M | -340.2M | -7.5M | -704.6M | 356.2M |
| Debt Issued (Net) | 57.6M | 692.5M | -576.7M | 699.3M | 113.8M | -98.2M | 24.1M | 586.2M | -472.5M | 1.29B | -259.2M | 66.1M | -171.2M | 888.9M | 138.1M | 179.4M | -5.9M | 1.3M | 83.2M | -101M | -118.6M | -212.6M | -131.7M | -192.6M | 406.1M | -90.8M | -292.3M | -194.2M | 137.1M | -509.2M | 380.8M |
| Equity Issued (Net) | -400K | -1.6M | -2.1M | -75.9M | -99.5M | -400.1M | -33.7M | -365.5M | 167.5M | 19.9M | -8.9M | 2.2M | 3.9M | -356.3M | -130.3M | -158M | -119.6M | -26.4M | -173.8M | -101.8M | -51.6M | 40.2M | 51.3M | 4.7M | 15.7M | 39.8M | 15.2M | -129M | -139.3M | -187.4M | 20.3M |
| Dividends Paid | -218.6M | -291.3M | -290.6M | -290.5M | -267.5M | -247.2M | -228.5M | -210.3M | -89.2M | -88.8M | -88.6M | -86.4M | -78.1M | -73.6M | -47.8M | -54.1M | -47.4M | -36.3M | -46.9M | -29.7M | -21M | 0 | -1.5M | -3M | -2.8M | -3.2M | -2.8M | -5.9M | -5.3M | -8M | -44.9M |
| Share Repurchases | -400K | -1.8M | -2.3M | -81.2M | -108.9M | -408M | -58.4M | -416.2M | -206.8M | -2.6M | -13M | -3.7M | -4.7M | -367M | -149M | -169.3M | -137.7M | -36.6M | -186.9M | -116.4M | -92.2M | 0 | 0 | 0 | 0 | 0 | -600K | -136.4M | -156.7M | -209M | 0 |
| Other Financing | -4.7M | -5M | -700K | -1.4M | 15.8M | -2.4M | -12.2M | -134.6M | 30.9M | -11.5M | -20.3M | 1.4M | -104.5M | -87.8M | -8.2M | -5.5M | 45.3M | -16.4M | 0 | -10.9M | -7.3M | -42.9M | 121.6M | 137.7M | -353.2M | 430.7M | 117.9M | -11.1M | 0 | 0 | 0 |
| Net Change in Cash | 75.6M | 227.2M | 54.9M | -269.6M | 55.2M | -52.1M | 229.8M | 177.4M | -121.3M | 218.8M | -14.4M | -30.9M | -13.7M | 46.1M | -81.8M | -2.6M | 84.9M | 24.2M | -23.1M | -90M | -40.9M | -6M | 155.4M | -32.6M | 66.2M | 16.1M | -38.9M | 2.3M | -1M | -12.1M | 3.9M |
| Free Cash Flow | -91.2M | -176.5M | 603.2M | -520.3M | 440.1M | 720M | 580.6M | 394.6M | 211.8M | 249.8M | 367M | -466.2M | 149M | 106.8M | 153.1M | 191.8M | 212.2M | 140.3M | 132.8M | 154.2M | 139.4M | 123.5M | 125M | 81.5M | 22.7M | -354.9M | 6.7M | 65M | 103.2M | 625.2M | -452M |
| FCF Margin % | -2.66% | -5.09% | 14.21% | -11.6% | 7.58% | 14.27% | 12.51% | 8.56% | 4.94% | 8.68% | 11.18% | -14.23% | 4.57% | 2.76% | 4.08% | 5.68% | 6.81% | 4.96% | 4.26% | 5.86% | 5.94% | 5.74% | 6.09% | 4.24% | 1.23% | -18.27% | 0.17% | 1.58% | 2.36% | 14.5% | -8.9% |
| FCF Growth % | -145.97% | -129.26% | 215.93% | -218.22% | -38.88% | 24.01% | 47.14% | 86.31% | -15.21% | -31.93% | 178.72% | -412.89% | 39.51% | -30.24% | -20.18% | -9.61% | 51.25% | 5.65% | -13.88% | 10.62% | 12.87% | -1.2% | 53.37% | 259.03% | 106.4% | -5397.01% | -89.69% | -37.02% | -83.49% | 238.32% | 32.51% |
| FCF per Share | -0.73 | -1.41 | 4.82 | -4.14 | 3.47 | 5.58 | 4.45 | 2.99 | 1.56 | 1.86 | 2.73 | -3.49 | 1.11 | 0.78 | 1.10 | 1.34 | 1.45 | 0.96 | 0.88 | 1.00 | 0.90 | 0.79 | 0.83 | 0.58 | 0.17 | -1.39 | 0.03 | 0.25 | 0.80 | 4.48 | -3.04 |
| FCF Conversion (FCF/Net Income) | 0.04x | 0.04x | 1.97x | -0.29x | 0.79x | 1.11x | 1.17x | 1.02x | 0.73x | 0.63x | 2.38x | -0.73x | 1.22x | 1.12x | 0.86x | 1.04x | 2.06x | 1.32x | 1.01x | 2.04x | 2.00x | 1.86x | 1.31x | 6.36x | 1.62x | 0.62x | 2.23x | 2.76x | 3.58x | 5.80x | 0.38x |
| Interest Paid | 114.6M | 0 | 232.2M | 229.6M | 144M | 125.8M | 141.8M | 140.9M | 133.4M | 98.8M | 81.6M | 74.7M | 61M | 40.5M | 36.2M | 36.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 119.1M | 0 | 156.3M | 180.1M | 122M | 139.2M | 82.1M | 130.9M | 135.3M | 33.3M | 62.8M | 340.3M | 109M | 153.3M | 59M | 47.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Severe channel inventory destocking
According to the provided cash flow data, FMC's OCF/NI ratio reached an extreme 36.02 in 2025Q1, highlighting a profound disconnect between accounting net income and actual cash generation that suggests significant non-cash charges are currently distorting the company's reported profitability metrics.
The extreme volatility in the OCF/NI ratio indicates that net income is currently an unreliable proxy for the company's underlying cash-generating capacity. Investors should monitor whether these recurring gaps are driven by persistent inventory write-downs or if they represent a more fundamental breakdown in the conversion of sales into realized cash.
As reported in financial statements, FMC's free cash flow trajectory has become increasingly erratic, swinging from a positive $707.1M in 2025Q4 to a negative $600.9M in 2026Q1, which underscores the high sensitivity of the company's cash position to seasonal and cyclical demand shifts.
The rapid oscillation between cash generation and cash burn suggests that the business model is currently struggling to maintain a stable liquidity profile. This instability warrants further investigation into whether the recent cash outflows are transient consequences of the destocking cycle or indicative of a structural shift in capital requirements.
Based on reported figures, FMC experienced a massive working capital outflow of $559.4M in 2025Q1, which appears to be the primary driver behind the company's recent cash flow deterioration and highlights the intense pressure exerted by excess inventory levels within the global distribution channel.
The significant swings in working capital changes suggest that the company is currently acting as a shock absorber for the agricultural supply chain. If these outflows persist, the company may face increased pressure on its liquidity reserves, potentially limiting its ability to fund ongoing R&D and dividend obligations.
As evidenced by the consistent dividend payments of approximately $72.7M per quarter despite negative net income, FMC's capital deployment strategy appears to prioritize shareholder returns even as the company's core cash flow generation remains under significant strain from the ongoing agricultural market downturn.
The decision to maintain dividend payouts while operating cash flow is negative suggests a management preference for stability, though this may be unsustainable if the current destocking cycle does not normalize. Investors should monitor whether this allocation strategy forces the company to rely on external financing to bridge the liquidity gap.
Quick answers to the most common questions about buying FMC stock.
FMC Corporation (FMC) generated $-80.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
FMC Corporation (FMC) reported negative free cash flow of $176.5M in 2025, indicating capital requirements exceeded cash from operations.
FMC Corporation (FMC) spent $96.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, FMC Corporation (FMC) returned $291.3M to shareholders via cash dividends and spent $1.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.