Key Takeaways
- FMC’s Q1 2025 revenue declined 14% year-over-year to $791M, with a 10% drop on an organic basis.
- Adjusted EPS fell 50% to $0.18 per share, and adjusted EBITDA decreased 25% to $120M.
- Regional performance was mixed: North America declined sharply, while Latin America posted double-digit growth.
- Free cash flow was negative $596M, primarily due to inventory-related timing.
- Full-year 2025 guidance remains unchanged, with growth expected in H2 driven by improved volume and cost efficiency.
FMC Q1 2025 Results Show Decline, in Line With Expectations
FMC Corporation (NYSE: FMC) reported Q1 2025 revenue of $791 million, a 14% decline from the same period in 2024. The company posted a GAAP net loss of $0.12 per diluted share, down from a $0.02 loss last year, while adjusted earnings were $0.18 per diluted share, down 50% year-over-year.
Chairman and CEO Pierre Brondeau noted that while sales were down, results were aligned with expectations: “Our strong focus on increasing product-on-the-ground while controlling sales into the channel allowed us to decrease the level of FMC inventory at our distribution partners.”
Key Financial Highlights – Q1 2025 vs. Q1 2024
| Metric | Q1 2025 | Q1 2024 | YoY Change |
|---|---|---|---|
| Revenue | $791M | $918M | -14% |
| Organic Revenue Change | — | — | -10% |
| GAAP EPS | -$0.12 | -$0.02 | ↓ $0.10 |
| Adjusted EPS | $0.18 | $0.36 | -50% |
| Adjusted EBITDA | $120M | $160M | -25% |
| Free Cash Flow | -$596M | -$188M | ↓ $408M |
Regional Sales Performance
- North America: -28% due to delayed purchases and trade-related headwinds.
- Latin America: +10% overall; +17% excluding FX, driven by strong cotton sales in Brazil.
- Asia: -24% overall; -21% excluding FX, due to channel destocking.
- EMEA: -11% overall; -7% excluding FX, partly due to the loss of triflusulfuron registration.
- Plant Health: +1%, led by biologicals outperforming the broader portfolio.
Q1 Revenue Drivers
- Price decline: -9%, with cost-plus contract adjustments contributing significantly.
- FX impact: -4%.
- Volume: -1%, slightly lower against an already weak prior year.
Cost favorability in COGS helped offset declines in pricing and volume, but the company reported negative operating cash flow of $545 million, largely tied to reduced inventory drawdown compared to Q1 2024.
Full-Year and Quarterly Outlook Reaffirmed
FMC reiterated its full-year 2025 guidance, projecting flat revenue and modest earnings growth despite Q1 softness. Second-half performance is expected to deliver:
- 7% revenue growth
- 11% adjusted EBITDA growth
- 9% EPS growth
FMC 2025 Financial Guidance Table
| Metric | Q2 2025 Outlook | H1 2025 Outlook | H2 2025 Outlook | Full-Year 2025 Outlook |
|---|---|---|---|---|
| Revenue | $940M–$1.10B | $1.73B–$1.89B | $2.42B–$2.46B | $4.15B–$4.35B |
| Revenue Growth YoY | -2% (midpoint) | -7% | +7% | 0% |
| Adj. EBITDA | $175M–$205M | $295M–$325M | $575M–$625M | $870M–$950M |
| Adj. EBITDA Growth | -6% (midpoint) | -15% | +11% | +1% |
| Adj. EPS | $0.52–$0.68 | $0.70–$0.86 | $2.56–$2.84 | $3.26–$3.70 |
| Adj. EPS Growth | -5% (midpoint) | -21% | +9% | 0% |
EPS estimates assume 125.6M diluted shares.
Strategic Focus: FMC’s H2 Growth Through Portfolio Expansion
Looking ahead, FMC expects growth in the second half of 2025 to come from:
- New market access in Brazil
- Higher sales volumes
- Cost reductions to offset continued price and FX headwinds
The company continues to manage inventory cautiously and is emphasizing “product-on-the-ground” availability as a way to align with channel demand and avoid excess stock buildup.
Read the complete financial results here.
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