A month has gone by since the last earnings report for FMC (FMC Quick QuoteFMC - Free Report) . Shares have lost about 10.2% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is FMC due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.

FMC’s Q3 Earnings Increase, Sales Decline on Lower Prices

FMC reported a loss of $4.52 per share for third-quarter 2025. This compares unfavorably to earnings of 52 cents in the year-ago quarter.

Barring one-time items, adjusted earnings per share were 89 cents, up from 69 cents reported a year ago.

Revenues were $542 million in the quarter, down around 49% from the year-ago quarter’s levels. Excluding India, revenues were $961 million, down 10%.

Third-quarter revenues decreased primarily due to one-time commercial actions taken in India to position the business for sale. Excluding that, third-quarter revenues still witnessed a decline of 10% from the prior-year quarter due to a 6% decrease in price from the decline linked to price reductions in specific "cost-plus" contracts with certain diamide partners, reflecting lower manufacturing costs and the other half stemmed from competitive pressure. The volumes in the core portfolio also decreased due to increased competition.

Regional Sales Performance

In North America, sales increased 4% year over year to $244 million in the quarter. Sales in North America increased as a result of price gains in branded products and higher volume, including Adastrio fungicide based on fluindapyr. It topped the consensus estimate of $225 million.

Latin American sales saw an 8% year-over-year decrease to $463 million in the reported quarter. Sales in Latin America suffered from increased pressure from generics, leading to lower volume and price decline of branded products. It missed the consensus estimate of $516 million.

In Asia, excluding India, revenues declined 47% from the previous year to $99 million. Sales declined due to lower pricing, the removal of India and reduced volumes. It missed the consensus estimate of $153 million.

EMEA experienced an 11% year-over-year sales increase to $155 million in the reported quarter. The growth was fueled by significant volume increases, especially in the growth portfolio from branded Cyazypyr offerings. The successful launch of Isoflex in Great Britain also drove sales. It lagged the consensus estimate of $158 million.

Financials

The company had cash and cash equivalents of $497.7 million at the end of the quarter. Long-term debt was roughly $3.27 billion.

Q4 Guidance

FMC expects fourth-quarter revenues (excluding India) to range between $1.12 billion and $1.22 billion, implying a 4% decline at the midpoint compared to 2024. Adjusted EBITDA is forecasted between $265 million and $305 million, indicating a 16% decline at the midpoint. Adjusted earnings per share are projected to be $1.14 to $1.36, indicating a 30% year-over-year decrease at the midpoint.

How Have Estimates Been Moving Since Then?

Since the earnings release, investors have witnessed a downward trend in estimates review.

The consensus estimate has shifted -27.57% due to these changes.

VGM Scores

At this time, FMC has a poor Growth Score of F, however its Momentum Score is doing a bit better with a D. Charting a somewhat similar path, the stock has a score of C on the value side, putting it in the middle 20% for value investors.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise FMC has a Zacks Rank #5 (Strong Sell). We expect a below average return from the stock in the next few months.