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November 27, 2025 • 3 min read
FMC Corporation, a key player in the global agricultural sciences market, provides crop protection solutions like insecticides and herbicides to farmers worldwide. The company recently filed its quarterly report with the SEC, and a deep dive into its income statement reveals a period of significant strategic upheaval and financial strain. Let's break down the numbers to see what's happening.
The most striking feature of FMC's third-quarter 2025 results is the dramatic impact of its decision to classify its India business as "held for sale." In accounting terms, this means the company intends to sell the business unit, and its assets and liabilities are reported separately. This move triggered a massive one-time revenue adjustment of approximately $419 million.
This adjustment is so large that it pushed the revenue for the entire Asia region into negative territory at -$319.8 million for the quarter. Consequently, FMC's total quarterly revenue plummeted by 49% to $542.2 million, down from nearly $1.1 billion in the same quarter last year.
The following flow diagram illustrates the company's financial performance for the third quarter, visually capturing how this significant revenue adjustment impacts the final bottom line.
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This strategic shift didn't just affect the top line. FMC also recorded substantial costs related to the move. "Restructuring and other charges" soared to $294.5 million for the quarter, compared to just $22.6 million a year ago. A large portion of this, $227.4 million, was directly tied to impairment charges and other costs for the India business.
When a single event has such a profound impact, it's useful to look at the underlying performance of the core business. FMC provides non-GAAP (Generally Accepted Accounting Principles) figures that exclude the India business to offer a clearer view.
Excluding the India-related adjustments, FMC's revenue was $961.3 million. While much healthier than the official GAAP number, this still represents a 10% decline from the prior year. After further adjusting for the effects of foreign currency fluctuations, the company's organic revenue was down 11%. This indicates that even the core business is facing headwinds, a common theme in the agricultural sector recently as distributors work through excess inventory built up in prior years.
The combination of lower core revenue and massive one-time charges had a severe effect on profitability. FMC reported a net loss of $569 million for the quarter, a stark reversal from the $65 million profit it earned in Q3 2024. This translates to a loss of $4.52 per share.
The financial strain is also visible in the company's cash flow. For the first nine months of 2025, cash used by operating activities was a significant $663 million. This outflow compares to a cash inflow of $309 million during the same period last year, highlighting the pressure on the company's liquidity from both the restructuring and weaker operational performance.
In summary, FMC's third quarter was defined by a bold strategic decision to divest its India business. While this move resulted in painful, one-time financial hits that obscure the company's performance, it's intended to streamline operations for the future.
However, the 11% decline in organic revenue shows that FMC, like its competitors Corteva and Syngenta, is also navigating a challenging agricultural market. The key for investors will be to monitor the successful completion of the India sale and look for signs of stabilization and recovery in its core global markets.
Last updated: November 27, 2025