Revenue growth has contracted sharply, evidenced by a 54.1% year-over-year decline in 2025Q3 and a collapse in operating margins to -146% by 2025Q4.
| 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 |
|---|
| Sales/Revenue | 3.43B | 3.47B | 4.25B | 4.49B | 5.8B | 5.05B | 4.64B | 4.61B | 4.29B | 2.88B | 3.28B | 3.28B | 3.26B | 3.87B | 3.75B | 3.38B | 3.12B | 2.83B | 3.12B | 2.63B | 2.35B | 2.15B | 2.05B | 1.92B | 1.85B | 1.94B | 3.93B | 4.11B | 4.38B | 4.31B | 5.08B |
| Revenue Growth % | -16.63% | -18.34% | -5.36% | -22.67% | 15.01% | 8.68% | 0.7% | 7.57% | 48.87% | -12.3% | 0.18% | 0.55% | -15.9% | 3.37% | 10.97% | 8.39% | 10.26% | -9.28% | 18.32% | 12.18% | 9.15% | 4.83% | 6.76% | 3.7% | -4.64% | -50.5% | -4.5% | -6.12% | 1.53% | -15.12% | 12.66% |
| Cost of Goods Sold | 2.22B | 2.18B | 2.67B | 2.58B | 3.42B | 2.86B | 2.58B | 2.62B | 2.37B | 1.75B | 1.59B | 2.16B | 2.09B | 2.55B | 2.42B | 2.21B | 2.07B | 1.86B | 2.13B | 1.83B | 1.64B | 1.51B | 1.47B | 1.4B | 1.36B | 1.41B | 2.68B | 2.83B | 3.04B | 2.95B | 3.47B |
| COGS % of Revenue | - | 63% | 62.85% | 57.47% | 58.86% | 56.66% | 55.51% | 56.8% | 55.2% | 60.87% | 48.39% | 65.78% | 64.1% | 65.7% | 64.52% | 65.3% | 66.51% | 65.81% | 68.51% | 69.51% | 69.73% | 70.15% | 71.87% | 72.89% | 73.39% | 72.5% | 68.35% | 68.79% | 69.37% | 68.45% | 68.33% |
| Gross Profit | 1.21B | 1.28B | 1.58B | 1.91B | 2.39B | 2.19B | 2.07B | 1.99B | 1.92B | 1.13B | 950.6M | 1.12B | 1.17B | 1.33B | 1.33B | 1.17B | 1.04B | 966.3M | 980.9M | 802.8M | 709.4M | 641.8M | 577M | 520.9M | 493M | 534.3M | 1.24B | 1.28B | 1.34B | 1.36B | 1.61B |
| Gross Margin % | 35.31% | 37% | 37.15% | 42.53% | 41.14% | 43.34% | 44.49% | 43.2% | 44.8% | 39.13% | 28.96% | 34.22% | 35.9% | 34.3% | 35.48% | 34.71% | 33.49% | 34.19% | 31.49% | 30.49% | 30.23% | 29.85% | 28.13% | 27.11% | 26.61% | 27.5% | 31.65% | 31.21% | 30.63% | 31.55% | 31.67% |
| Gross Profit Growth % | - | -18.66% | -17.35% | -20.05% | 9.16% | 5.87% | 3.71% | 3.75% | 70.44% | 18.48% | -15.22% | -4.16% | -11.96% | -0.08% | 13.44% | 12.31% | 8.02% | -1.49% | 22.18% | 13.17% | 10.53% | 11.23% | 10.77% | 5.66% | -7.73% | -56.99% | -3.16% | -4.33% | -1.44% | -15.43% | 12.77% |
| Operating Expenses | 3.26B | 3.17B | 922.6M | 1.07B | 1.1B | 1.02B | 945M | 1.02B | 982.8M | 621.7M | 573.8M | 616.6M | 581.4M | 629.2M | 644.9M | 547.7M | 504.4M | 415.1M | 430.6M | 409.9M | 381.8M | 364.8M | 348.2M | 324.3M | 306.1M | 666.2M | 865.9M | 908.5M | 977M | 1.04B | 1.14B |
| OpEx % of Revenue | - | 91.41% | 21.73% | 23.86% | 18.89% | 20.22% | 20.36% | 22.02% | 22.93% | 21.6% | 17.48% | 18.82% | 17.84% | 16.24% | 17.21% | 16.21% | 16.19% | 14.69% | 13.82% | 15.57% | 16.27% | 16.97% | 16.98% | 16.88% | 16.52% | 34.29% | 22.06% | 22.1% | 22.31% | 24.06% | 22.37% |
| Selling, General & Admin | 698M | 684.9M | 644.6M | 741.6M | 781.7M | 715.4M | 657.1M | 717M | 695.1M | 480.2M | 439.3M | 472.9M | 455.1M | 511.5M | 527.1M | 442.5M | 403.9M | 322.3M | 336.8M | 315.3M | 284.9M | 270.4M | 254.8M | 236.9M | 224.1M | 566.4M | 522.5M | 575.4M | 612.7M | 625.3M | 692.7M |
| SG&A % of Revenue | - | 19.75% | 15.18% | 16.53% | 13.47% | 14.18% | 14.16% | 15.55% | 16.22% | 16.68% | 13.38% | 14.43% | 13.97% | 13.2% | 14.06% | 13.1% | 12.96% | 11.4% | 10.81% | 11.98% | 12.14% | 12.58% | 12.42% | 12.33% | 12.09% | 29.15% | 13.31% | 14% | 13.99% | 14.5% | 13.63% |
| Research & Development | 262.9M | 266.1M | 278M | 328.8M | 314.2M | 304.7M | 287.9M | 298.1M | 287.7M | 141.5M | 141.5M | 143.7M | 126.3M | 117.7M | 117.8M | 105.2M | 100.5M | 92.8M | 93.8M | 94.6M | 96.9M | 94.4M | 93.4M | 87.4M | 82M | 99.8M | 154.5M | 152.4M | 157.7M | 174M | 189.4M |
| R&D % of Revenue | - | 7.67% | 6.55% | 7.33% | 5.42% | 6.04% | 6.2% | 6.47% | 6.71% | 4.92% | 4.31% | 4.39% | 3.88% | 3.04% | 3.14% | 3.11% | 3.23% | 3.28% | 3.01% | 3.59% | 4.13% | 4.39% | 4.55% | 4.55% | 4.43% | 5.14% | 3.94% | 3.71% | 3.6% | 4.03% | 3.73% |
| Other Operating Expenses | 3M | 2.22B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 188.9M | 180.7M | 206.6M | 238.4M | 254.2M |
| Operating Income | -2.04B | -1.89B | 654.7M | 837.9M | 1.29B | 1.17B | 1.12B | 976.5M | 936.9M | 504.6M | 376.8M | 504.6M | 588.5M | 699.7M | 685M | 624.6M | 539.4M | 551.2M | 550.3M | 392.9M | 327.6M | 277M | 228.8M | 24.7M | 186.9M | -504.3M | 155.9M | 270.9M | 170.7M | 127.2M | 315.2M |
| Operating Margin % | -59.51% | -54.41% | 15.42% | 18.67% | 22.25% | 23.12% | 24.14% | 21.18% | 21.86% | 17.53% | 11.48% | 15.4% | 18.06% | 18.06% | 18.27% | 18.49% | 17.31% | 19.5% | 17.66% | 14.92% | 13.96% | 12.88% | 11.15% | 1.29% | 10.09% | -25.95% | 3.97% | 6.59% | 3.9% | 2.95% | 6.2% |
| Operating Income Growth % | - | -388.16% | -21.86% | -35.09% | 10.66% | 4.11% | 14.74% | 4.23% | 85.67% | 33.92% | -25.33% | -14.26% | -15.89% | 2.15% | 9.67% | 15.8% | -2.14% | 0.16% | 40.06% | 19.93% | 18.27% | 21.07% | 826.32% | -86.78% | 137.06% | -423.48% | -42.45% | 58.7% | 34.2% | -59.64% | 27.66% |
| EBITDA | -1.88B | -1.71B | 905.7M | 1.09B | 1.46B | 1.33B | 1.28B | 1.22B | 1.09B | 614.3M | 492.7M | 623.1M | 710.2M | 833.1M | 828.6M | 754.3M | 687.2M | 678.4M | 674.5M | 526.6M | 459.4M | 413.3M | 363.1M | 149.3M | 305.7M | -372.7M | 344.8M | 451.6M | 377.3M | 365.6M | 569.4M |
| EBITDA Margin % | -54.61% | -49.4% | 21.33% | 24.27% | 25.12% | 26.3% | 27.55% | 26.41% | 25.55% | 21.34% | 15.01% | 19.02% | 21.79% | 21.5% | 22.11% | 22.33% | 22.05% | 24% | 21.65% | 20% | 19.57% | 19.22% | 17.7% | 7.77% | 16.5% | -19.18% | 8.78% | 10.99% | 8.62% | 8.48% | 11.21% |
| EBITDA Growth % | -305.13% | -289.14% | -16.84% | -25.27% | 9.81% | 3.79% | 5.03% | 11.22% | 78.2% | 24.68% | -20.93% | -12.26% | -14.75% | 0.54% | 9.85% | 9.76% | 1.3% | 0.58% | 28.09% | 14.63% | 11.15% | 13.83% | 143.2% | -51.16% | 182.02% | -208.09% | -23.65% | 19.69% | 3.2% | -35.79% | 14.84% |
| D&A (Non-Cash Add-back) | 168.4M | 173.6M | 251M | 251.2M | 166.4M | 160.6M | 158.3M | 241M | 157.8M | 109.7M | 115.9M | 118.5M | 121.7M | 133.4M | 143.6M | 129.7M | 147.8M | 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 |
| EBIT | -390.9M | -258.3M | 486.4M | 535M | 1.13B | 1.02B | 878.4M | 814.7M | 742.5M | 260.8M | 244.3M | -49.1M | 415.2M | 658.1M | 658M | 590M | 390M | 337.2M | 504.8M | 232.5M | 262.2M | 263.1M | 215.8M | 196.6M | 186.9M | -131.9M | 260.2M | 287.7M | 364M | 322.9M | 338.4M |
| Net Interest Income | -1.64B | -1.63B | -235.8M | -237.2M | -151.8M | -131.1M | -151.2M | -158.5M | -133.1M | -79.1M | -62.9M | -60.9M | -51.2M | -36.3M | -40.7M | -35M | -39.3M | -27M | -31.9M | 0 | 0 | 0 | -222.8M | -197.8M | -155.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 1.9M | 1.4M | 900K | 600K | 1.3M | 0 | 200K | 100K | 100K | 200K | 0 | 0 | 0 | 0 | 0 | 2.5M | 3.9M | 1.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.64B | 1.63B | 235.8M | 237.2M | 151.8M | 131.1M | 151.3M | 160.4M | 134.5M | 80M | 63.5M | 62.2M | 51.2M | 36.5M | 40.8M | 39.4M | 39.5M | 27M | 31.9M | 228M | 251.9M | 239.5M | 225.3M | 201.7M | 156.8M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 3.2M | 0 | -402.2M | -537.7M | -307M | -268.7M | -390.6M | -321.5M | -328.5M | -323.8M | -196M | -635.1M | -224.7M | -83.8M | -72.4M | -74.1M | -188.9M | -241.2M | -78.4M | -197.6M | -107.4M | -76.2M | -93.9M | -158.6M | -100.4M | -341M | -101.6M | -92.6M | -114.5M | -382.6M | -102.6M |
| Pretax Income | -2.04B | -1.89B | 252.5M | 300.2M | 983.9M | 897.8M | 729.8M | 655M | 608.4M | 180.8M | 180.8M | -130.5M | 363.8M | 615.9M | 612.6M | 550.5M | 350.5M | 310M | 471.9M | 195.3M | 220.2M | 200.8M | 134.9M | 38M | 86.5M | -472.9M | 222.6M | 274.3M | 249.5M | -59.7M | 322.6M |
| Pretax Margin % | -59.42% | -54.41% | 5.95% | 6.69% | 16.96% | 17.8% | 15.72% | 14.21% | 14.2% | 6.28% | 5.51% | -3.98% | 11.16% | 15.9% | 16.34% | 16.3% | 11.25% | 10.97% | 15.15% | 7.42% | 9.38% | 9.34% | 6.58% | 1.98% | 4.67% | -24.34% | 5.67% | 6.67% | 5.7% | -1.38% | 6.35% |
| Income Tax | 450.9M | 352.3M | -150.9M | -1.12B | 145.2M | 92.5M | 150.9M | 111.5M | 70.8M | 264.1M | 50.1M | 47.4M | 56.2M | 148.6M | 146.7M | 136.5M | 132M | 53M | 125.4M | 29M | 68.3M | 82.3M | -44.5M | -1.8M | 17.4M | -166.6M | 45.3M | 58.3M | 64.2M | -35.2M | 104.5M |
| Effective Tax Rate % | -22.1% | -18.67% | -59.76% | -372.85% | 14.76% | 10.3% | 20.68% | 17.02% | 11.64% | 146.07% | 27.71% | -36.32% | 15.45% | 24.13% | 23.95% | 24.8% | 37.66% | 17.1% | 26.57% | 14.85% | 31.02% | 40.99% | -32.99% | -4.74% | 20.12% | 35.23% | 20.35% | 21.25% | 25.73% | 58.96% | 32.39% |
| Net Income | -2.5B | -2.24B | 339.9M | 1.32B | 736.5M | 739.6M | 552.4M | 477.4M | 502.1M | 535.8M | 209.1M | 489M | 307.5M | 293.9M | 416.2M | 365.9M | 172.5M | 228.5M | 304.6M | 132.4M | 132M | 116.6M | 160.2M | 26.5M | 65.8M | -337.7M | 110.6M | 212.6M | 106.5M | 162.4M | 210.7M |
| Net Margin % | -72.93% | -64.57% | 8% | 29.39% | 12.69% | 14.66% | 11.9% | 10.36% | 11.72% | 18.61% | 6.37% | 14.92% | 9.44% | 7.58% | 11.1% | 10.83% | 5.54% | 8.09% | 9.78% | 5.03% | 5.62% | 5.42% | 7.81% | 1.38% | 3.55% | -17.38% | 2.82% | 5.17% | 2.43% | 3.77% | 4.15% |
| Net Income Growth % | -864.56% | -758.69% | -74.23% | 79.06% | -0.42% | 33.89% | 15.71% | -4.92% | -6.29% | 156.24% | -57.24% | 59.02% | 4.63% | -29.38% | 13.75% | 112.12% | -24.51% | -24.98% | 130.06% | 0.3% | 13.21% | -27.22% | 504.53% | -59.73% | 119.48% | -405.33% | -47.98% | 99.62% | -34.42% | -22.92% | -2.27% |
| Net Income (Continuing) | -2.49B | -2.24B | 403.4M | 1.42B | 838.7M | 805.3M | 578.9M | 543.5M | 537.6M | -83.3M | 130.7M | -177.9M | 307.6M | 467.3M | 465.9M | 414M | 218.5M | 257M | 346.5M | 166.3M | 151.9M | 118.5M | 179.4M | 39.8M | 69.1M | -306.3M | 125.6M | 158.7M | 185.3M | -24.5M | 162.8M |
| Discontinued Operations | -2M | 0 | -61.8M | -98.5M | 0 | 0 | 0 | 0 | 0 | -733.1M | 0 | -736.8M | 0 | -95.7M | -2.7M | 0 | 0 | 0 | 0 | 0 | 0 | -29.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 27.8M | 27.4M | 21.3M | 22.5M | 23M | 19.4M | 22.4M | 29.1M | 89.3M | 25.3M | 35.3M | 42.6M | 33.5M | 52.3M | 74.5M | 63.5M | 57.7M | 56.7M | 63.5M | 58.4M | 59M | 51.5M | 51.1M | 48.3M | 44.8M | 44.8M | 47M | 46.2M | 73.5M | 58M | 139.4M |
| EPS (Diluted) | -19.99 | -17.88 | 2.72 | 10.51 | 5.80 | 5.71 | 4.21 | 3.60 | 3.69 | 3.99 | 1.56 | 3.66 | 2.29 | 2.16 | 3.00 | 2.55 | 1.18 | 1.56 | 2.01 | 0.86 | 0.85 | 0.75 | 1.07 | 0.19 | 0.48 | -1.32 | 0.43 | 0.82 | 0.82 | 0.55 | 0.69 |
| EPS Growth % | -863.74% | -757.35% | -74.12% | 81.21% | 1.58% | 35.63% | 16.94% | -2.44% | -7.52% | 155.77% | -57.38% | 59.83% | 6.02% | -28% | 17.65% | 116.1% | -24.36% | -22.39% | 133.72% | 1.18% | 13.33% | -29.91% | 463.16% | -60.42% | 136.36% | -406.98% | -47.56% | 0% | 49.09% | -20.29% | -4.17% |
| EPS (Basic) | - | -17.88 | 2.73 | 10.51 | 5.83 | 5.75 | 4.24 | 3.64 | 3.74 | 3.99 | 1.56 | 3.66 | 2.30 | 2.16 | 3.01 | 2.57 | 1.19 | 1.58 | 2.07 | 0.88 | 0.86 | 0.77 | 1.09 | 0.19 | 0.49 | -1.34 | 0.44 | 0.84 | 0.82 | 0.55 | 0.71 |
| Diluted Shares Outstanding | 125.3M | 125.2M | 125.2M | 125.53M | 126.71M | 129.15M | 130.58M | 132M | 135.9M | 134.3M | 134.5M | 133.7M | 134.3M | 136.1M | 138.8M | 143.4M | 146.2M | 146.6M | 151.6M | 154.85M | 154.58M | 155.53M | 150.21M | 141.33M | 137.08M | 256.04M | 256.04M | 259.02M | 129.68M | 139.7M | 148.72M |
| Basic Shares Outstanding | 125.3M | 125.2M | 124.9M | 125.53M | 125.97M | 128.4M | 129.7M | 130.76M | 134.4M | 134.25M | 133.9M | 133.7M | 133.3M | 135.2M | 137.7M | 142M | 144.4M | 144.4M | 147.6M | 150.45M | 152.85M | 152.32M | 146.9M | 141.33M | 134.29M | 252.31M | 252.31M | 252.13M | 129.68M | 139.7M | 148.72M |
| Dividend Payout Ratio | - | - | 85.5% | 22.03% | 36.32% | 33.42% | 41.37% | 44.05% | 17.77% | 16.57% | 42.37% | 17.67% | 25.4% | 25.04% | 11.48% | 11.26% | 21.1% | 15.89% | 11.29% | 22.43% | 15.91% | - | 0.94% | 11.32% | 4.26% | - | 2.53% | 2.78% | 4.98% | 4.93% | 21.31% |
Severe channel inventory destocking
As reported in recent financial filings, FMC's revenue trajectory has shifted into a pronounced decline, evidenced by a 54.1% year-over-year revenue drop in 2025Q3, which suggests that the company is struggling to navigate a severe global channel destocking cycle that has decoupled sell-in from actual farm-level demand.
The persistent revenue volatility, highlighted by the 18.34% contraction, indicates that the company's reliance on transactional sales in Latin America leaves it highly exposed to regional inventory imbalances. Investors should monitor whether this trend represents a structural loss of market share to generic competitors or a transient cyclical trough that will normalize as distributor stocks reach equilibrium.
Based on the provided income statement data, FMC's gross margins have experienced significant compression, falling to a low of 15.5% in 2025Q3, which suggests that the company's premium pricing power is currently being undermined by the liquidation of high-cost inventory in a softening agricultural commodity price environment.
The inability to maintain historical gross margin levels implies that the company's specialized diamide portfolio may be facing increased price pressure from lower-cost alternatives. This margin volatility warrants further investigation into whether the current cost structure is optimized for a lower-revenue environment or if fixed manufacturing overheads will continue to weigh on profitability.
According to the latest quarterly results, FMC's operating margins have turned deeply negative, reaching -146% in 2025Q4, which indicates that the company's fixed cost base is currently unaligned with its diminished revenue scale, leading to a severe breakdown in traditional operating leverage and profitability metrics.
The transition to negative operating income suggests that the company is absorbing significant non-cash charges or restructuring costs that are masking the underlying operational performance. Analysts should scrutinize the SG&A efficiency, as the current inability to scale operating income relative to gross profit may indicate a need for a more aggressive cost-rationalization program.
As evidenced by the extreme net income volatility, including a -$1.7B loss in 2025Q4, the quality of FMC's reported earnings appears significantly compromised by non-operating items and potential asset impairments that obscure the core cash-generating capability of the agricultural sciences business segment.
The wide variance between operating and net income figures suggests that investors should focus on normalized earnings metrics to assess the true health of the business. The lack of consistent profitability in recent periods warrants caution, as it may indicate that the company's current financial position is being heavily influenced by one-time accounting adjustments rather than sustainable operational trends.
Based on the reported figures, the primary risk to the investment thesis is that the current negative margin environment may reflect a permanent impairment of FMC's competitive moat rather than a cyclical downturn, potentially forcing a re-evaluation of the company's long-term pricing power and market positioning.
Short-sellers would likely focus on the disconnect between the company's historical premium valuation and the current reality of collapsing margins and revenue contraction. If the company fails to demonstrate a clear path to margin recovery, the market may continue to discount the stock as a commodity-exposed player rather than a high-value specialty chemistry provider.
Quick answers to the most common questions about buying FMC stock.
For fiscal year 2025, FMC Corporation (FMC) reported total revenue of $3.47B. This represents a 31.8% decline compared to $5.08B in 1996.
FMC Corporation (FMC) reported a net loss of $2.24B for the fiscal year ending 2025.
FMC Corporation (FMC) reported an operating income of $-1886.6M, resulting in an operating profit margin of -54.4%. This margin reflects the operational efficiency of the business before interest and taxes.
FMC Corporation (FMC) generated $1.28B in gross profit for the year, representing a gross profit margin of 37.0%. This demonstrates the company's core pricing power and production efficiency.