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FMC cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$1.2M in Q3 2026 · $370M over twelve months

Operating cash flow$6.6M
Capital spending−$7.8M
Free cash flow−$1.2M
Cash conversion cycle1752 days

Analysis

In Q3 2026, FMC generated $6.6M of operating cash flow and spent $7.8M on capital projects, leaving free cash flow of −$1.2M. That is $207M more than in Q3 2025 (−$208M).

Over the twelve months to Sep 30, 2026, operating cash flow was $426M; the largest uses were net borrowing (+) / repaid (−) ($355M), dividends ($103M), capital spending ($55.7M); besides operations, cash came from shares issued ($403M), other investing ($22.2M); the cash balance rose by $238M.

Operating cash flow was $6.6M against net income of −$2.1B. The largest differences: deferred taxes +$700M, income taxes payable +$124M, inventory −$123M.

Its cash conversion cycle was 1752 days (receivables 1648 + inventory 230 − payables 125).

Free cash flow

FMC: free cash flow by quarterFMC: free cash flow by quarter$406MQ4 2024−$577MQ1 2025$50.9MQ2 2025−$208MQ3 2025$631MQ4 2025−$618MQ1 2026$358MQ2 2026−$1.2MQ3 2026
Operating cash flow less capital spending.
FMC: operating cash flow against capital spendingFMC: operating cash flow against capital spendingOperating cash flowCapital spending$428M$21.6MQ4 2024−$545M$31.6MQ1 2025$65.9M$15.0MQ2 2025−$184M$23.7MQ3 2025$657M$26.0MQ4 2025−$601M$16.6MQ1 2026$363M$5.3MQ2 2026$6.6M$7.8MQ3 2026
Latest (Q3 2026): Operating cash flow $6.6M, Capital spending $7.8M.

Capital allocation, year by year

FMC: where the cash came from (up) and went (down), by fiscal yearFMC: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $899MFY2021: Net borrowing −$98.2MFY2021: Shares issued $7.9MFY2021: Asset sales $19.7MFY2021: Capital spending −$100MFY2021: Acquisitions −$5.2MFY2021: Buybacks −$400MFY2021: Dividends −$247M$926MFY2021FY2022: Operating cash flow $660MFY2022: Net borrowing $114MFY2022: Shares issued $18.8MFY2022: Capital spending −$142MFY2022: Acquisitions −$198MFY2022: Buybacks −$100MFY2022: Dividends −$268M$793MFY2022FY2023: Operating cash flow −$300MFY2023: Net borrowing $699MFY2023: Shares issued $10.6MFY2023: Capital spending −$134MFY2023: Acquisitions −$16.5MFY2023: Buybacks −$75.0MFY2023: Dividends −$290M$710MFY2023FY2024: Operating cash flow $737MFY2024: Net borrowing −$577MFY2024: Shares issued $400KFY2024: Asset sales $340MFY2024: Capital spending −$67.9MFY2024: Acquisitions −$4.8MFY2024: Dividends −$291M$1.1BFY2024FY2025: Operating cash flow −$6.2MFY2025: Net borrowing $709MFY2025: Shares issued $400KFY2025: Capital spending −$96.3MFY2025: Dividends −$291M$709MFY2025
Over these 5 years operating cash flow totalled $2.0B; the largest uses were dividends ($1.4B) and net borrowing ($675M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$736M
Debt$4.2B
Net debt$3.4B
Due within a year$586M

FMC funds itself: free cash flow was $370M over the last twelve months, and $736M of cash and investments stands against $4.2B of debt ($586M due within a year, 1.3× covered by cash).

FMC: debt maturities by year (FY2025)FMC: debt maturities by year (FY2025)$586MYear 1$500MYear 4$2.3BAfter year 5
Principal due in each year as disclosed in the annual report, against $736M of cash and investments now.

Where the cash came from and went

FMC: sources (+) and uses (−) of cash, Q3 2026FMC: sources (+) and uses (−) of cash, Q3 2026Shares issued$403MCash drawn (+) / kept (−)−$259MNet borrowing (+) / repaid (−)−$105MNot reconciled−$19.9MDividends−$10.2MOther financing−$9.4MCapital spending−$7.8MOperating cash flow$6.6MExchange rates$1.8MOther investing−$400K
FMC: sources (+) and uses (−) of cash, TTM to Q3 2026FMC: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$426MShares issued$403MNet borrowing (+) / repaid (−)−$355MCash drawn (+) / kept (−)−$238MDividends−$103MNot reconciled−$65.9MCapital spending−$55.7MOther financing−$30.3MOther investing$22.2MPartners−$3.0M

From profit to cash

FMC: net income to operating cash flow, Q3 2026FMC: net income to operating cash flow, Q3 2026Net income−$2.1BDepreciation & amortization$40.9MStock-based pay$7.3MDeferred taxes$700MInventory−$123MPayables$51.0MDeferred revenue−$35.0MIncome taxes payable$124MOther operating capital$114MOperating cash flow$6.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202616482301251752
Q2 2026226212112327
Q1 2026255216123348
Q4 2025187183106263
Q3 2025459308182585
Q2 2025259196121334
Q1 2025330244149425
Q4 2024218171103285

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$6.6M−$7.8M−$10.2M−$105M$403M−$259M−$1.2M
Q2 2026$363M−$5.3M−$10.2M−$932M—−$85.7M$358M
Q1 2026−$601M−$16.6M−$10.0M$453M—$194M−$618M
Q4 2025$657M−$26.0M−$72.9M−$471M—−$86.8M$631M
Q3 2025−$184M−$23.7M−$72.9M$382M—−$59.5M−$208M
Q2 2025$65.9M−$15.0M−$72.8M−$86.2M—−$123M$50.9M
Q1 2025−$545M−$31.6M−$72.7M$635M$200K$42.0M−$577M
Q4 2024$428M−$21.6M−$72.7M−$696M—$59.4M$406M

FMC: income statement and cash flow

FMC, Q3 2026: revenue $106M (-80% year over year). The chart follows the revenue to costs, profit and cash.

FMC: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.