Corteva Inc

Latest Results (14.12.2025):

Corteva, Inc. reported results for the third quarter of 2025 (3Q 2025) and the nine months ended September 30, 2025. For 3Q 2025 the company posted GAAP net sales of $2.62 billion and a GAAP loss from continuing operations after tax of $308 million (GAAP EPS of $(0.46)). On a non‑GAAP basis, 3Q operating EBITDA was $49 million and operating EPS was $(0.23). Year‑to‑date (nine months) 2025 net sales were $13.49 billion with GAAP income from continuing operations of $1.74 billion (GAAP EPS $2.54); on a non‑GAAP basis YTD operating EBITDA was $3.40 billion and operating EPS was $3.11. The company raised full‑year 2025 guidance and provided a preliminary 2026 EBITDA view.

Topline and volumes

3Q 2025 net sales rose 13% year‑over‑year (organic +11%) to $2.62B, driven by a 12% increase in volume across Seed and Crop Protection. YTD net sales were $13.49B (up 4% vs. prior year; organic +6%). Latin America and North America were key volume contributors, with early safrinha deliveries in Brazil.

Profitability — GAAP vs. non‑GAAP

GAAP: 3Q loss from continuing operations after tax $(308)M (EPS $(0.46)). YTD GAAP income from continuing operations $1.74B (EPS $2.54). Non‑GAAP: 3Q operating EBITDA $49M and operating EPS $(0.23); YTD operating EBITDA $3.40B and operating EPS $3.11.

Seed segment

3Q 2025 seed net sales were $917M (up 33% YoY), driven by a 27% volume increase (early Brazil safrinha, recovery in Argentina, increased corn sales in EMEA) and higher out‑licensing. Q3 seed segment operating EBITDA was a loss of $193M, an improvement of ~40% versus prior year. YTD seed net sales were $8.16B (up 5%) and YTD seed operating EBITDA was $2.51B (up 18%).

Crop Protection segment

3Q crop protection net sales were $1.70B (up 4% YoY; organic +3%) with volume +5% led by new products and biologicals. Q3 crop protection operating EBITDA was $279M (up 13% YoY) with margin expansion driven by productivity and raw material deflation. YTD crop protection net sales were $5.33B and YTD operating EBITDA was $990M (up 22%).

Guidance and capital actions

Corteva raised full‑year 2025 guidance: net sales $17.7B–$17.9B, operating EBITDA $3.8B–$3.9B, and operating EPS $3.25–$3.35. The company expects to repurchase about $1.0B of shares in 2025. Preliminary 2026 operating EBITDA is $4.1B at the midpoint.

Separation and strategic updates

On October 1, 2025 Corteva announced a planned separation into “New Corteva” (crop protection/biologicals) and “SpinCo” (advanced genetics, gene editing, hybrid wheat, biofuels), expected to complete in H2 2026 pending approvals. Management cites tailored capital allocation and sharper focus as rationale.

Balance sheet and cash flow notes

As of Sept. 30, 2025, Corteva held $2.51B cash and cash equivalents and inventories of $5.31B. The company reported net cash provided by financing activities YTD and continues to execute share repurchases and dividends while funding R&D (cumulative R&D since 2019 ~$8.9B).

Key risks and items

The release reiterates standard forward‑looking risks (commodity and currency pressures, regulatory outcomes, separation execution). Significant restructuring charges and separation costs were noted; 2025 full‑year restructuring charges were expected in the $160M–$175M pre‑tax range for Crop Protection network activities.