FMC Corp Decent 2Q26 Results; Capital Structure Risks Into 2027 Back in Focus Following Negative FY26 Guidance Revision

研报英文原文证据摘录

FMC Corp Decent 2Q26 Results; Capital Structure Risks Into 2027 Back in Focus Following Negative FY26 Guidance Revision

J P M O R G A N North America Credit Research

29 July 2026

FMC Corp

Decent 2Q26 Results; Capital Structure Risks Into 2027 Underweight

Back in Focus Following Negative FY26 Guidance FMC

Revision Moody's:S&P: Ba1BB+ Outlook:Outlook: NEGNEG

Fitch: BB+ Outlook: NEG

The above agency ratings are at the corporate level

North America Corporate Credit -

Table 1: FMC 2Q26 Summary

Chemicals and Energy (HY)

2Q26 AC Aaron Rosenthal, CFA

Actual JPMe Consensus 1Q26 Q/Q % Change

Revenue (ex. India) $841 $879 $887 $762 10% (1-212) 270-4584

Adj. EBITDA $153 $140 $142 $72 113% aaron.rosenthal@jpmorgan.com

Capex $5 $20 $25 $17 -68% Elle Boyd

Free Cash Flow (Cont. Ops)* $158 ($86) $39 ($618) - (1-212) 270-7283

elle.boyd@jpmchase.com

Gross Debt $4,281 $4,577 - $4,534 -6% J.P. Morgan Securities LLC

Net Leverage 5.1x 5.6x - 5.2x -

Conference call @ 9am ET; Dial-in: 833-461-5787, code: 204774808.

Source: Company reports, J.P. Morgan estimates, Bloomberg Finance L.P. *Note: FCF (cont. ops) of $158mm represents CFOps

(cont. ops) - capex and excludes the $200mm of licensing proceeds.

SUMMARY:

• Near and intermediate term risks reemerge. FMC’s decent overall 2Q

results are likely to take a backseat to the negative FY26 guidance revision for

both adj. EBITDA and FCF. The cadence for 2H26 implies a sizable step up in

4Q earnings, which we view as optimistic considering the various macro and

idiosyncratic risks at play. The ~$1 billion of cash raised across various

strategic actions and the secured bond issuance help to de-risk the immediate

near-term. That runway, however, now appears somewhat shorter than it did

just a day ago. We remain Underweight.

POSITIVES: