Three versions of the song by Steely Dan exist. The first two versions, FM and FM (reprise), originally appeared on the FM soundtrack album and the 12" single. FM has a running time of 4:50 and features a guitar solo outro. This version of FM also appears on the original 1982 release of the compilation album Gold, the compilation album A Decade of Steely Dan, and the compilation album The Definitive Collection. FM (reprise) is an instrumental reprise of FM with a prominent saxophone solo and has a running time of 2:53.
A third version of FM was created by removing the guitar solo from the end of the original track, and using the FM (reprise) saxophone version as a new ending, yielding a running time of 5:06. This hybrid version appears on the 1991 compilation Gold (Expanded Edition) and most every release after that. It is possible this remix was done so that compilations would not feature two different versions of the same song back to back.