Corteva Inc

Latest Results (12.03.2026):

Corteva, Inc. — fourth quarter 2025: Corteva reported Q4 2025 GAAP net sales of $3.91 billion and a GAAP loss from continuing operations after tax of $537 million (GAAP diluted EPS: -$0.80). On a non‑GAAP basis, Q4 operating EBITDA was $446 million and operating EPS was $0.22. For full‑year 2025, Corteva reported GAAP 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. Results were shaped by timing shifts in deliveries, pricing pressure in certain regions, a large one‑time charge related to a Bayer resolution, and strong cash generation for the year.

Top‑line and operating results (Q4)

Q4 net sales were $3.91B (down 2% year‑over‑year; organic sales down 4%). Non‑GAAP operating EBITDA was $446M (down 15% YoY) and operating EPS $0.22 (down 31% YoY). GAAP results were impacted by significant items (see below), producing the GAAP loss from continuing operations of $537M.

Full‑year 2025 summary

FY 2025 net sales $17.40B (up 3%; organic +4%). GAAP income from continuing operations $1.20B (GAAP EPS $1.75). Non‑GAAP operating EBITDA $3.85B (up 14% YoY) and operating EPS $3.34 (up 30% YoY).

Seed business

Q4 seed net sales $1.737B (down 2% vs. Q4 2024) with Q4 seed operating EBITDA $124M (up 33%). FY seed net sales $9.898B (up 4% YoY; organic +5%) and FY seed operating EBITDA $2.636B (up 19%). Growth reflects demand for new technology, licensing gains and productivity benefits; Q4 volumes were affected by freight/weather timing shifts.

Crop Protection business

Q4 crop protection net sales ≈ $2.17B (down ~1%) and Q4 operating EBITDA $360M (down 22%). FY crop protection net sales $7.50B (up 2% YoY; organic +3%) and FY operating EBITDA $1.35B (up 6%). Full‑year volume gains (new products, biologicals) and cost/deflation benefits offset regional price pressure, notably in Latin America.

Cash flow and capital returns

Continuing operations cash provided by operating activities was $3.5B (up 51% YoY) and free cash flow was $2.9B (up 69% YoY). Strong cash generation funded over $1.5B returned to shareholders and will support near‑term items including a Bayer settlement cash outflow.

Significant items — Bayer resolution and other charges

Q4 recorded large significant items: a $610M pre‑tax charge related to resolution of litigation with Bayer (preparing a ~$610M cash outflow largely in Q1 2026), and total Q4 significant items pre‑tax of $(602)M. For the full year, significant items were $(658)M pre‑tax (after‑tax impact ≈ $(582)M), reducing GAAP results. The Bayer agreement accelerates Corteva’s freedom to operate and licensing opportunities with estimated multi‑year strategic benefits.

2026 guidance and near‑term outlook

Corteva expects full‑year 2026 operating EBITDA of $4.0B–$4.2B and operating EPS of $3.45–$3.70 (mid‑point growth ≈ 7%). Management includes an estimated ~$80M of incremental tariff impacts in 2026 guidance. The company states it cannot reconcile forward‑looking non‑GAAP measures to GAAP due to uncertainty around future significant items.

Strategic items — separation and technology/licensing

Corteva remains on track to complete a planned separation in the second half of 2026, with key separation milestones targeted in H1 2026 (new CEO, SpinCo brand/name, Form 10 filings, credit agency reviews). The Bayer settlement also accelerates access to key traits and licensing opportunities, with management citing ~ $1B aggregate earnings upside over the next decade from accelerated technology timing.