FMC CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FMC CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,539	2,879	4,728	4,610	4,642	5,045	5,802	4,487	4,246	3,467
Cost of revenue	1,608	1,579	2,406	2,526	2,590	2,874	3,476	2,656	2,597	2,184
Gross profit	931	952	1,880	2,084	2,047	2,161	2,327	1,831	1,649	1,283
Research and development	135	138	288	298	288	305	314	329	278	266
Selling, general and administrative	435	582	790	793	730	714	775	734	645	685
Operating income	267	159	741	822	897	1,035	1,144	556	507	-1,628
Interest expense	63.5	80	135	160	151	131	152	237	236	240
Interest income	0.6	0.9	1.4	1.9	0.1	0	0
Pre-tax income	181	95.8	608	655	731	898	984	300	253	-1,887
Income tax	50.1	229	70.8	112	151	92.5	145	-1,119	-151	314
Income from continuing operations	128	-136	531	541	581	808	834	1,420	403	-2,202
Net income to minority interests	2.6	2.6	9.4	2.8	-0.9	-2.5	5	-0.5	0.5	1.5
Net income	209	536	502	477	552	740	737	1,322	341	-2,239
EBITDA	367	256	891	972	1,060	1,205	1,314	740	683	-1,455
EPS, basic	1.56	3.99	3.72	3.64	4.26	5.76	5.83	10.55	2.73	-17.88
EPS, diluted	1.56	3.99	3.69	3.62	4.23	5.73	5.81	10.53	2.72	-17.88
Shares, basic (weighted)	134	134	134	131	130	128	126	125	125	125
Shares, diluted (weighted)	135	134	136	132	131	129	127	126	125	125
Dividend per share	0.66	0.66	0.90	1.64	1.80	1.96	2.17	2.32	2.32	1.82

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	64.2	283	134	339	569	517	572	302	357	585
Receivables	1,693	2,044	2,144	2,231	2,330	2,584	2,871	2,703	2,903	2,062
Inventory	479	993	1,026	1,017	1,096	1,522	1,652	1,725	1,202	1,220
Other current assets	89.1	119	139	197	140	128	105	75	60.1	82.3
Total current assets	2,849	3,653	4,030	4,075	4,376	5,054	5,439	5,129	4,958	4,959
Property, plant and equipment	538	1,025	757	758	772	817	850	893	850	707
Lease right-of-use assets				165	147	135	124	122	110	105
Goodwill	499	1,199	1,468	1,468	1,469	1,463	1,589	1,594	1,507	0
Intangible assets	720	2,632	2,703	2,629	2,625	2,522	2,508	2,465	2,361	2,362
Other non-current assets	455	444	383	685	712	614	561	490	428	423
Total assets	6,139	9,206	9,974	9,873	10,186	10,673	11,171	11,926	11,653	9,687
Accounts payable	317	714	796	900	947	1,135	1,252	602	769	771
Accrued liabilities	359	498	571	681	675	631	602	685	755	574
Deferred revenue		381	458	493	347	631	681	482	454	453
Short-term debt	94.2	193	548	228	338	441	541	934	337	1,305
Total current liabilities	1,438	2,209	2,993	2,724	2,829	3,520	3,800	3,385	3,019	3,755
Long-term debt	1,799	2,993	2,145	3,031	2,930	2,732	2,733	3,024	3,028	2,770
Lease liabilities				163	151	140	129	123	106	97.6
Other non-current liabilities	268	718	743	708	604	477	445	407	471	388
Total liabilities	4,146	6,499	6,764	7,207	7,102	7,529	7,770	7,493	7,145	7,588
Total debt	1,801	3,094	2,531	3,114	3,023	2,816	2,822	3,120	3,104	3,355
Paid-in capital	419	451	776	830	860	880	909	936	967	972
Retained earnings	3,506	3,952	4,334	4,189	4,506	5,093	5,556	6,587	6,638	4,170
Treasury stock	-1,507	-1,500	-1,699	-2,093	-2,141	-2,542	-2,646	-2,724	-2,725	-2,721
Other comprehensive income	-478	-240	-309	-412	-282	-326	-460	-407	-411	-369
Shareholders' equity	1,958	2,682	3,121	2,532	2,962	3,124	3,378	4,411	4,488	2,072
Minority interests	35.3	25.3	89.3	29.1	22.4	19.4	23	22.5	21.3	27.4
Total equity	1,993	2,707	3,210	2,666	3,084	3,144	3,401	4,433	4,509	2,099
Total liabilities and equity	6,139	9,206	9,974	9,873	10,186	10,673	11,171	11,926	11,653	9,687

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	212	538	512	480	552	737	742	1,321	342	-2,237
Depreciation and amortization	101	97.8	150	150	163	171	169	184	176	174
Stock-based compensation	20.2	21.1	22.5	25.6	18.9	17.8	24.2	25.9	23.8	24
Deferred income tax	53.3	113	-43.9	46.1	33.9	10.6	-52.7	-1,293	-340	305
Change in receivables	11.8	-191	-282	-124	-71.8	-241	-444	192
Change in inventory	79	-103	-201	6.4	-54.4	-321	-182	-72.8	476	-156
Change in payables	-29.7	304	167	103	61.8	144	165	-626	172	20.1
Cash from operations	369	232	363	556	737	899	660	-300	737	-6.2
Capital expenditures	-91.2	-38.3	-83	-93.9	-67.2	-100	-142	-134	-67.9	-96.3
Acquisitions	0	-1,226	19.6	0	-65.6	-5.2	-198	-16.5
Cash from investing	-101	-1,289	-37.5	-196	-200	-132	-266	-154	264	-99.7
Debt issued	2.8	1,599	0	1,500	27.1	1,000	0	1,499	0	750
Debt repaid	-243	-302	-552	-902	-100	-1,203	-1.4	-1,200	0	-501
Stock issued	4.1	22.5	10.7	50.7	24.7	7.9	9.4	5.3	0.2	0.2
Share buybacks	-11.2	0	-200	-400	-50	-400	-100	-75	0	0
Dividends paid	-88.6	-88.8	-89.2	-210	-229	-247	-268	-291	-291	-291
Cash from financing	-377	1,213	-363	-87	-250	-748	-237	332	-870	386
Exchange rate effect	0	4	4.5	-0.2	1.6	-12.3
Net change in cash	-14.4	219	-121	177	230	-52.1	55.2	-270	54.9	227
Free cash flow	278	194	280	462	670	799	518	-434	669	-103
Interest paid	81.6	98.8	133	141	142	126	144	230	232	237
Income taxes paid	62.8	33.3	135	131	82.1	139	122	180	156	196

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $9.58 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	35.3%	Gross profit / revenue.
Operating margin	-61.9%	Operating income / revenue.
EBITDA margin	-56.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-70.6%	Pre-tax income / revenue.
Net margin	-84.8%	Net income / revenue.
FCF margin	5.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.2%	Cash from operations / revenue.
Return on equity (ROE)	-168.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-30.2%	Net income / average total assets.
Return on invested capital (ROIC)	-31.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	7.9%	Research and development expense / revenue.
SG&A / revenue	21.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.2%	Capital expenditures / revenue.
D&A / revenue	5.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-18.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-15.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-5.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-22.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-18.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-8.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-421.5%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-313.0%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-756.4%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-757.4%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-100.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-115.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	-21.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-5.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-53.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-15.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-6.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-16.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-4.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.99x	Current assets / current liabilities.
Quick ratio	1.07x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.20x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.42x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	43.3%	Total debt / total assets.
Liabilities / assets	81.8%	Total liabilities / total assets.
Net debt	$3.49B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-7.61x	Operating income / interest expense.
Working capital	$2.35B	Current assets - current liabilities.
Goodwill and intangibles / assets	25.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$671.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.36x	Revenue / average total assets.
Fixed asset turnover	5.86x	Revenue / average property, plant and equipment.
Inventory turnover	1.74x	Cost of revenue / average inventory.
Days inventory	210 days	365 x average inventory / cost of revenue.
Receivables turnover	1.57x	Revenue / average receivables.
Days sales outstanding	232 days	365 x average receivables / revenue.
Days payables	114 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	328 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	30.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$22.00	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$25.93	Revenue / diluted weighted shares.
FCF per share	$1.30	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.87	Cash from operations / diluted weighted shares.
Book value per share	$13.05	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$5.35	Tangible book value / shares outstanding.
Cash per share	$3.80	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	101.6%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.20B	Share price x shares outstanding.
Enterprise value	$4.69B	Market cap + total debt - cash - short-term investments.
P/S	0.37x	Market cap / revenue.
P/B	0.73x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	7.34x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.10x	Market cap / cash from operations, when positive.
EV/Sales	1.44x	Enterprise value / revenue.
EV/FCF	28.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	13.6%	Free cash flow / market cap.
Earnings yield	-229.9%	Net income / market cap (the inverse of P/E).
Dividend yield	13.8%	Dividends paid over the period / market cap.
Shareholder yield	13.8%	(Dividends paid + share buybacks) / market cap.

What was FMC CORP's revenue in fiscal 2025?

FMC CORP reported revenue of $3.47B for fiscal 2025, 18.3% lower than the year before.

Was FMC CORP profitable in fiscal 2025?

No. It reported a net loss of $2.24B.

How much free cash flow did FMC CORP generate in fiscal 2025?

Cash from operations of $6.2M minus capital expenditures of $96.3M left free cash flow of -$102.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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