It has been about a month since the last earnings report for FMC (FMC Quick QuoteFMC - Free Report) . Shares have lost about 9.9% in that time frame, underperforming the S&P 500.

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 the most recent earnings report in order to get a better handle on the important drivers.

FMC Q2 Earnings Beat Estimates on Favorable Costs, Revenues Miss 

FMC reported second-quarter 2026 adjusted earnings of 26 cents per share, down 62% year over year. The bottom line beat the Zacks Consensus Estimate of 21 cents as favorable costs and a moderate currency tailwind partly offset lower pricing and volumes. 

Revenues, excluding India, were $841.4 million, down 20% year over year and 7% below the consensus estimate of $905 million. Organic revenues declined 22%, while the growth portfolio expanded in mid-single digits on strength in new active ingredients and Cyazypyr. 

Regional Sales Performance 

North America sales declined 22.4% year over year to $249 million from $321 million. The decrease reflected weaker demand for core legacy products as strained grower margins affected purchasing, along with lower diamide partner orders and pricing pressure. 

EMEA revenues fell 17.7% to $214 million from $260 million. Latin America sales decreased 10.3% to $278 million from $310 million. The unfavorable comparisons reflected the broader impact of lower prices, reduced partner demand and weakness across core legacy products. 

Asia revenues, excluding India in the reported quarter, declined 36.5% to $101 million from $159 million a year earlier. India generated an additional $26 million in second-quarter 2026 reported revenues. 

Financials 

As of June 30, 2026, FMC had cash and cash equivalents of $476.6 million. Long-term debt was $3.95 billion. 

Outlook 

FMC lowered its full-year 2026 revenue guidance, excluding India, to $3.50-$3.70 billion from $3.60-$3.80 billion. 

Adjusted EBITDA is now projected at $620-$680 million. Adjusted earnings are expected between $1.19 and $1.49 per share. Free cash flow guidance was raised to $75-$225 million because it now includes the licensing payment. 

For the third quarter, revenues excluding India are expected between $840 million and $900 million. Adjusted EBITDA is projected at $120-$140 million, with adjusted earnings of 5-13 cents per share. 

Fourth-quarter revenues excluding India are forecast between $1.06 billion and $1.20 billion, representing 4% growth at the midpoint. Adjusted EBITDA is expected at $275-$315 million, while adjusted earnings are projected between $1.09 and $1.33 per share.

How Have Estimates Been Moving Since Then?

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

The consensus estimate has shifted -78.03% due to these changes.

VGM Scores

Currently, FMC has a nice Growth Score of B, however its Momentum Score is doing a bit better with an A. Charting a somewhat similar path, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. 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.