Corteva Inc

Latest Results (24.04.2026):

Corteva, Inc. — fourth quarter 2025 (4Q 2025) and full‑year 2025: Corteva reported 4Q 2025 net sales of $3.91 billion and a GAAP loss from continuing operations (after tax) of $537 million (GAAP EPS (diluted) of $(0.80)). On a non‑GAAP basis, 4Q operating EBITDA was $446 million and operating EPS was $0.22. For full‑year 2025 Corteva posted net sales of $17.40 billion, GAAP income from continuing operations of $1.20 billion (GAAP EPS $1.75), and non‑GAAP operating EBITDA of $3.85 billion with operating EPS of $3.34.

Headline results

4Q 2025 net sales $3.91B (down 2% GAAP, organic down 4%); GAAP loss from continuing operations $(537)M; 4Q operating EBITDA $446M (non‑GAAP). FY 2025 net sales $17.40B (up 3% GAAP, organic up 4%), GAAP income from continuing operations $1.20B, FY operating EBITDA $3.85B and operating EPS $3.34 (non‑GAAP).

Quarter drivers

4Q organic sales fell 4% with volumes down ~5% (seasonal timing shifts moved deliveries into Q3 2025 and Q1 2026). Seed volume fell ~8% in the quarter (freight/weather timing and early Latin America deliveries); seed price/mix +3%. Crop Protection volume down 2% but benefited from biologicals and new products; Crop Protection price down ~1% (Latin America pricing pressure).

Full‑year segment performance

Seed FY net sales $9.90B (+4% vs. 2024; organic +5%); FY seed operating EBITDA $2.64B (+19%), margin improvement ~340 bps. Crop Protection FY net sales ~$7.50B (+2% GAAP; organic +3%); FY crop protection operating EBITDA $1.35B (+6%), margin improvement ~70 bps.

Cash, capital returns and balance sheet

Strong cash generation: cash provided by operating activities (continuing operations) ~$3.5B (up 51% vs. prior year) and free cash flow ~$2.9B (up 69% vs. prior year). Total cash returned to shareholders in 2025 was over $1.5B. Cash & equivalents at year‑end $4.52B and inventories $5.67B.

Significant items and Bayer settlement

4Q included material significant items: pre‑tax significant items for the quarter were roughly $(602)M (including a ~$(610)M Bayer resolution charge recorded in the quarter). FY 2025 significant items totaled about $(658)M pre‑tax (~$(582)M after‑tax) and reduced GAAP results; the Bayer resolution accelerates freedom to operate but will drive a ~$610M cash outflow largely in Q1 2026.

Guidance for 2026

Corteva expects FY 2026 operating EBITDA of $4.0B–$4.2B (≈+7% at the midpoint) and operating EPS $3.45–$3.70 (≈+7% at the midpoint). Guidance reflects growth from platforms and controllable productivity; estimated incremental global tariff impacts of ~$80M are included.

Strategic / corporate updates

Corteva remains on track to complete the planned separation in H2 2026 with key separation milestones expected in H1 2026 (new CEO, SpinCo name/brand, Form 10 filings, credit agency reviews). The Bayer agreement materially expands licensing and technology access and supports ambition to reach ~$1B net royalty income by 2035 and an estimated ~$1B aggregate earnings upside over the next decade.