Corteva Raises Full-Year Guidance on Strong Third Quarter and Year-To-Date 2025 Results
Rhea-AI Summary
Corteva (NYSE: CTVA) reported strong 3Q and YTD 2025 results and raised full-year guidance on Nov 4, 2025. YTD net sales were $13.49B (up 4%) and Operating EBITDA was $3.40B. GAAP YTD income from continuing ops was $1.74B and GAAP EPS was $2.54. The company now expects 2025 net sales of $17.7B–$17.9B, Operating EBITDA $3.8B–$3.9B, and Operating EPS $3.25–$3.35; a preliminary 2026 Operating EBITDA midpoint view is $4.1B. Seed and Crop Protection showed double‑digit volume gains in new products/biologicals and margin expansion in both segments. The company reiterated separation plans for two public companies in H2 2026 and expects ~$1.0B of share repurchases in 2025.
Positive
- Updated 2025 net sales guidance of $17.7B–$17.9B
- Updated 2025 Operating EBITDA guidance of $3.8B–$3.9B (≈14% growth at midpoint)
- YTD Operating EBITDA of $3.40B and Operating EPS of $3.11
- Seed YTD Operating EBITDA +18% to $2.51B
- Crop Protection YTD Operating EBITDA +22% to $990M
- Shareholder returns: $7B returned since 2019 and ~$1.0B repurchase planned for 2025
Negative
- GAAP loss from continuing operations in 3Q 2025 of $308M
- Price declines pressured Crop Protection pricing by 2% YTD, driven by Latin America
- Unfavorable currency impacts led by the Brazilian real and Turkish lira
- Seed segment reported a 3Q operating EBITDA loss of $193M despite improvement
News Market Reaction 1 Alert
On the day this news was published, CTVA gained 1.87%, reflecting a mild positive market reaction. This price movement added approximately $779M to the company's valuation, bringing the market cap to $42.44B at that time.
Data tracked by StockTitan Argus on the day of publication.
- YTD results reflect volume gains in both segments, demand for new technology, and outperformance on controllables
- Crop Protection YTD results driven by double-digit volume growth in new products and biologicals
- Seed YTD results reflect demand for newest hybrids and varieties, strong operational execution, and growth in out-licensing
- Full-year 2025 guidance3 raised due to year-to-date performance, incremental controllable lever benefits, and strength of growth platforms
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3Q 2025 Results Overview |
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Net Sales |
|
Loss from Cont. Ops (After Tax) |
|
EPS |
|
GAAP |
|
|
|
|||
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vs. 3Q 2024 |
13 % |
41 % |
39 % |
|||
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|
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Organic1 Sales |
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Operating EBITDA1 |
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Operating EPS1 |
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NON-GAAP |
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|
|
|||
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vs. 3Q 2024 |
11 % |
149 % |
53 % |
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2025 YTD Results Overview |
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|
|
Net Sales |
|
Inc. from Cont. Ops (After Tax) |
|
EPS |
|
GAAP |
|
|
|
|||
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vs. 2024 YTD |
4 % |
91 % |
97 % |
|||
|
|
|
Organic1 Sales |
|
Operating EBITDA1 |
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Operating EPS1 |
|
NON-GAAP |
|
|
|
|||
|
vs. 2024 YTD |
6 % |
19 % |
39 % |
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2025 YTD Highlights
- Net sales increased
4% versus prior year. Organic1 sales increased6% in the same period with gains in almost all regions. - Seed net sales increased
5% and organic1 sales increased7% . Price/Mix was up3% led byNorth America 2 and EMEA2 with continued execution on the Company's price-for-value strategy for new technology offerings. Volume increased4% , primarily reflecting increased corn area inNorth America 2 and early safrinha deliveries inLatin America . - Crop Protection net sales increased
3% and organic1 sales increased5% . Volume increased7% , driven by new products and biologicals demand. Price declined2% primarily due to the market dynamics inLatin America . - GAAP income and earnings per share (EPS) from continuing operations were
and$1.74 billion per share, respectively.$2.54 - Operating EBITDA1 and Operating EPS1 were
, and$3.40 billion per share, respectively.$3.11 - The Company updated full-year 2025 guidance3 and expects net sales in the range of
to$17.7 billion . Operating EBITDA1 is expected to be in the range of$17.9 billion to$3.8 billion . Operating EPS1 is expected to be in the range of$3.9 billion to$3.25 per share.$3.35 - The Company provided a preliminary view3 of 2026 and expects Operating EBITDA1 to be
at the midpoint of the range.$4.1B
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1. Organic Sales, Operating EPS, and Operating EBITDA are non-GAAP measures. See page 6 for further discussion. 2. North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and |
______________________________________________________________________________________
"We delivered a strong third quarter across the company, reinforcing our conviction that our two businesses will continue to thrive as independent public companies. In Crop Protection, demand for differentiated technology and productivity gains support margin expansion, while Seed continues to benefit from its strength in advanced genetics, growth in out-licensing and ongoing cost discipline.
Our planned separation in the second half of 2026 is driven by our belief that it will create long-term value, as "New Corteva" and "SpinCo" strengthen their positions as market leaders with sharper focus, tailored capital allocation strategies and increased flexibility. Until then, we will continue to execute on our growth platforms and financial framework as one company with a unifying vision: to drive value for farmers, shareholders, employees and the communities we all call home."
Chuck Magro
Chief Executive Officer
______________________________________________________________________________________
Company Updates
On October 1, 2025, the Company announced its plan to separate into two independent public companies: "New Corteva," focused on differentiated technology solutions in crop protection, including biologicals, and "SpinCo," dedicated to advanced genetics and emerging technologies including gene editing, hybrid wheat, and biofuels. The transaction is expected to be completed in the second half of 2026, subject to customary approvals.
Strategic Rationale
- Distinct Market Opportunities: The separation enables tailored innovation, operational design, and go-to-market strategies for each company.
- Farmer-Centric Flexibility: Both companies will be better positioned to deliver more choices and critically needed technologies to farmers, maximizing and protecting yields in a dynamic global market.
- Capital Allocation Optimization: Each business will have the financial flexibility and targeted investment-grade credit ratings to pursue long-term growth, both organically and through acquisitions.
Launching from Strength
- Through the first half of 2025, Corteva returned
in cash to shareholders since 2019.$7 billion - Corteva has invested
4 in cumulative research and development since 2019.$8.9 billion - Corteva has launched over 2,500 new Seed and Crop Protection products since 2019.
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4. Represents cumulative R&D expense from 2019-2025E |
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Next Steps
- A dedicated separation management team has been established.
- The separation is intended to qualify as a tax-free transaction for
U.S. federal tax purposes. - Leadership and board transition planning is ongoing.
Summary of Third Quarter 2025
For the third quarter ended September 30, 2025, net sales increased
Volume was up
Price was down
GAAP income from continuing operations after income taxes was a loss of
|
|
3Q |
3Q |
% |
% |
|
($ in millions, except where noted) |
2025 |
2024 |
Change |
Organic 1 Change |
|
Net Sales |
|
|
13 % |
11 % |
|
North America |
|
|
16 % |
16 % |
|
EMEA |
|
|
11 % |
7 % |
|
Latin America |
|
|
17 % |
15 % |
|
Asia Pacific |
|
|
(8) % |
(5) % |
|
|
2025 |
2024 |
% |
% |
|
($ in millions, except where noted) |
YTD |
YTD |
Change |
Organic 1 Change |
|
Net Sales |
|
|
4 % |
6 % |
|
North America |
|
|
6 % |
7 % |
|
EMEA |
|
|
- % |
4 % |
|
Latin America |
|
|
6 % |
10 % |
|
Asia Pacific |
|
|
(2) % |
- % |
Seed Summary
Seed net sales were
Volume growth in the quarter reflects early safrinha deliveries in
Segment operating EBITDA was a loss of
|
|
3Q |
3Q |
% |
% |
|
($ in millions, except where noted) |
2025 |
2024 |
Change |
Organic 1 Change |
|
North America |
|
|
3 % |
4 % |
|
EMEA |
|
|
34 % |
31 % |
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Latin America |
|
|
79 % |
76 % |
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Asia Pacific |
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|
(17) % |
(16) % |
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Total 3Q Seed Net Sales |
|
|
33 % |
31 % |
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3Q Seed Operating EBITDA |
|
|
40 % |
N/A |
Seed net sales were
Price/Mix gains in most regions, led by
Segment operating EBITDA was
|
|
2025 |
2024 |
% |
% |
|
($ in millions, except where noted) |
YTD |
YTD |
Change |
Organic 1 Change |
|
North America |
|
|
6 % |
6 % |
|
EMEA |
|
|
- % |
7 % |
|
Latin America |
|
|
5 % |
11 % |
|
Asia Pacific |
|
|
5 % |
7 % |
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Total YTD Seed Net Sales |
|
|
5 % |
7 % |
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YTD Seed Operating EBITDA |
|
|
18 % |
N/A |
Crop Protection Summary
Crop Protection net sales were approximately
The increase in volume was primarily driven by demand for new products, herbicides, and biologicals. The price decline was primarily due to the competitive pricing environment in
Segment operating EBITDA was
|
|
3Q |
3Q |
% |
% |
|
($ in millions, except where noted) |
2025 |
2024 |
Change |
Organic 1 Change |
|
North America |
|
|
21 % |
21 % |
|
EMEA |
|
|
(9) % |
(15) % |
|
Latin America |
|
|
- % |
(2) % |
|
Asia Pacific |
|
|
(3) % |
- % |
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Total 3Q Crop Protection Net Sales |
|
|
4 % |
3 % |
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3Q Crop Protection Operating EBITDA |
|
|
13 % |
N/A |
Crop Protection net sales were approximately
The increase in volume was driven by demand for new products, herbicides, fungicides, and biologicals. The price decline was primarily due to market dynamics in
Segment operating EBITDA was
|
|
2025 |
2024 |
% |
% |
|
($ in millions, except where noted) |
YTD |
YTD |
Change |
Organic 1 Change |
|
North America |
|
|
7 % |
8 % |
|
EMEA |
|
|
- % |
1 % |
|
Latin America |
|
|
6 % |
10 % |
|
Asia Pacific |
|
|
(5) % |
(3) % |
|
Total YTD Crop Protection Net Sales |
|
|
3 % |
5 % |
|
YTD Crop Protection Operating EBITDA |
|
|
22 % |
N/A |
2025 Guidance and 2026 Preliminary View
The global outlook for agriculture remains mixed with strong demand and production, but pressured commodity prices and farmer margins. Global corn area was up in 2025, most notably in
Global crop protection industry volumes have stabilized and rebounded in most regions, while prices are beginning to show signs of stabilization. As it pertains to ongoing tariff negotiations around the world, we are not expecting a material net impact on our full-year 2025 results given policies in place today.
The Company updated full-year 2025 guidance with net sales expected to be in the range of
For full-year 2026, the Company's preliminary view of operating EBITDA1 is
The Company is not able to reconcile its forward-looking non-GAAP financial measures, to its most comparable
Third Quarter Conference Call
The Company will host a live webcast of its third quarter 2025 earnings conference call with investors to discuss its results and outlook tomorrow, November 5, 2025, at 9:00 a.m. ET. The slide presentation that accompanies the conference call is posted on the Company's Investor Events and Presentations page. A replay of the webcast will also be available on the Investor Events and Presentations page.
About Corteva
Corteva, Inc. (NYSE: CTVA) is a global pure-play agriculture company that combines industry-leading innovation, high-touch customer engagement and operational execution to profitably deliver solutions for the world's most pressing agriculture challenges. Corteva generates advantaged market preference through its unique distribution strategy, together with its balanced and globally diverse mix of seed, crop protection, and digital products and services. With some of the most recognized brands in agriculture and a technology pipeline well positioned to drive growth, the company is committed to maximizing productivity for farmers, while working with stakeholders throughout the food system as it fulfills its promise to enrich the lives of those who produce and those who consume, ensuring progress for generations to come. More information can be found at www.corteva.com.
Cautionary Statement About Forward-Looking Statements
This press release contains certain estimates and forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and may be identified by their use of words like "plans," "expects," "will," "anticipates," "believes," "intends," "projects," "estimates," "outlook," or other words of similar meaning. All statements that address expectations or projections about the future, including statements about Corteva's financial results or outlook; strategy for growth; product development; regulatory approvals; market position; capital allocation strategy; liquidity; sustainability targets and initiatives; the anticipated benefits of acquisitions, restructuring actions, or cost savings initiatives; and the outcome of contingencies, such as litigation and environmental matters, are forward-looking statements.
Forward-looking statements and other estimates are based on certain assumptions and expectations of future events which may not be accurate or realized. Forward-looking statements and other estimates also involve risks and uncertainties, many of which are beyond the company's control. While the list of factors presented below is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on the company's business, results of operations and financial condition. Some of the important factors that could cause the company's actual results to differ materially from those projected in any such forward-looking statements include: (i) failure to obtain or maintain the necessary regulatory approvals for some of the company's products; (ii) failure to successfully develop and commercialize the company's pipeline; (iii) effect of the degree of public understanding and acceptance or perceived public acceptance of the company's biotechnology and other agricultural products; (iv) effect of changes in agricultural and related policies of governments and international organizations; (v) costs of complying with evolving regulatory requirements and the effect of actual or alleged violations of environmental laws or permit requirements; (vi) effect of climate change and unpredictable seasonal and weather factors; (vii) failure to comply with competition and antitrust laws; (viii) effect of competition in the company's industry; (ix) competitor's establishment of an intermediary platform for distribution of the company's products; (x) risks related to recent funding and staff reductions at
Additionally, there may be other risks and uncertainties that Corteva is unable to currently identify or that Corteva does not currently expect to have a material impact on its business. Where, in any forward-looking statement or other estimate, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of Corteva's management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. Corteva disclaims and does not undertake any obligation to update or revise any forward-looking statement, except as required by applicable law. A detailed discussion of some of the significant risks and uncertainties which may cause results and events to differ materially from such forward-looking statements is included in the "Risk Factors" section of Corteva's Annual Report on Form 10-K, as modified by subsequent Quarterly Reports on Forms 10-Q and Current Reports on Form 8-K.
Regulation G (Non-GAAP Financial Measures)
This earnings release includes information that does not conform to
Corteva is not able to reconcile its forward-looking non-GAAP financial measures to its most comparable
Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items. Operating EBITDA is defined as earnings (loss) (i.e., income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, non-operating benefits (costs), foreign exchange gains (losses), and net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting, excluding the impact of significant items and separation costs. Non-operating benefits (costs) consists of non-operating pension and other post- employment benefit (OPEB) credits (costs), tax indemnification adjustments, and environmental remediation and legal costs associated with legacy businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the Company as pre-tax income or expense.
Operating earnings (loss) per share is defined as "earnings (loss) per common share from continuing operations - diluted" excluding the after-tax impact of significant items, the after-tax impact of separation costs, the after-tax impact of non-operating benefits (costs), the after-tax impact of amortization expense associated with intangible assets existing as of the Separation from DowDuPont, and the after-tax impact of net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. Although amortization of the Company's intangible assets is excluded from these non-GAAP measures, management believes it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in amortization of additional intangible assets. Net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting represents the non-cash net gain (loss) from changes in fair value of certain undesignated foreign currency derivative contracts. Upon settlement, which is within the same calendar year of execution of the contract, the realized gain (loss) from the changes in fair value of the non-qualified foreign currency derivative contracts will be reported in the relevant non-GAAP financial measures, allowing quarterly results to reflect the economic effects of the foreign currency derivative contracts without the resulting unrealized mark to fair value volatility. Base income tax rate is defined as the effective income tax rate less the effect of exchange gains (losses), significant items, separation costs, amortization of intangibles (existing as of Corteva Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and non-operating (benefits) costs.
® TM Corteva Agriscience and its affiliated companies.
11/4/2025
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