FMC Corporation Reports $1,050.5 Million Revenue in Q2 2025, Net Income Declines to $66.7 Million

FMC Corporation reported a revenue of $1,050.5 million for the second quarter of 2025, marking a slight increase of $12.1 million, or approximately 1%, compared to the same period in 2024. This growth was primarily driven by a 6% increase in volume as customers reached target inventory levels, although it was partially offset by a 3% decline in pricing. The company experienced varied regional performance, with sales in Europe, the Middle East, and Africa rising by approximately 29%, while North America and Asia saw declines of about 5% and 17%, respectively. Gross margin for the quarter was $406.3 million, up from $398.1 million in the prior year, reflecting improved cost management despite lower pricing.

In terms of profitability, net income attributable to FMC stockholders was $66.7 million, a significant decrease from $295.1 million in the previous year. The decline was largely due to a one-time net tax benefit of approximately $300 million recorded in the second quarter of 2024, related to the establishment of a global technology and innovation center in Switzerland. The effective tax rate for the second quarter of 2025 was 24.5%, compared to a negative rate in the prior year, further contributing to the year-over-year decline in net income.

FMC's operational expenses saw an increase, with selling, general, and administrative expenses rising to $176.8 million, up 7% from the previous year, driven by investments in new products and an expanded sales force in Brazil. Research and development expenses decreased by 13% to $66.4 million, attributed to the timing of project expenses and ongoing cost reduction efforts. The company also reported restructuring and other charges of $36.7 million, down from $95.1 million in the prior year, as it continues to implement its Project Focus restructuring initiative.

Looking ahead, FMC announced plans to divest its commercial business in India, a move expected to conclude within the next twelve months. This decision is part of a broader strategy to streamline operations in response to ongoing challenges in the Indian market. The company anticipates that revenue for 2025, excluding India, will range from approximately $4.08 billion to $4.28 billion, reflecting a 2% decline at the midpoint compared to 2024. Adjusted EBITDA is projected to be between $870 million and $950 million, indicating a modest increase from the previous year.

FMC's total debt increased to $4.16 billion as of June 30, 2025, compared to $3.37 billion at the end of 2024, primarily due to the issuance of $750 million in subordinated notes. The company maintains a strong liquidity position, with cash and cash equivalents totaling $438.2 million, and expects to meet its liquidity needs through operational cash flow and available credit facilities. The outlook for free cash flow in 2025 is estimated to be between $200 million and $400 million, reflecting anticipated normalization of working capital following a significant correction in 2024.