We present the results of first‐principles calculations of the total energy and spin‐polarized electronic structure of disordered fcc Fe0.50Mn0.50. These self‐consistent calculations were performed using the Korringa–Kohn–Rostoker method and the coherent‐potential approximation (KKR‐CPA), using the local‐spin‐density approximation to treat exchange and correlation. We use a lattice constant of a=6.80 a.u.; information about stability can be inferred from calculated pressure and energy. The moments on the Fe and Mn sites are large but antiparallel to each other, resulting in a small net magnetization. A comparison of the electronic structure is made for fcc Fe, Mn, and FeMn in both the ferromagnetic and disordered local moment states.