Strong 2H and Full Year 2025 Results Driven by Leading Technology, Disciplined Execution

Rhea-AI Summary

Corteva (NYSE: CTVA) reported strong full-year 2025 results with net sales $17.40B (+3% YoY) and GAAP income from continuing operations of $1.20B (+40% YoY). Operating EBITDA (non-GAAP) was $3.85B and operating EPS was $3.34. Cash from operations was $3.5B (+51%) and free cash flow was $2.9B (+69%), enabling >$1.5B returned to shareholders.

The company expects 2026 operating EBITDA of $4.0–$4.2B and operating EPS of $3.45–$3.70. A $610M cash outflow tied to the Bayer resolution is largely expected in Q1 2026; estimated incremental tariffs for 2026 are ~$80M.

Positive

• GAAP income from continuing operations +40% YoY to $1.20B
• Operating EBITDA (non-GAAP) of $3.85B for FY 2025
• Free cash flow +69% YoY to $2.9B
• Cash provided by operations +51% YoY to $3.5B
• Seed full‑year operating EBITDA +19% to $2.64B and margin +340 bps

Negative

• GAAP loss from continuing operations of $(537)M in 4Q 2025 (vs. $(50)M prior year)
• 4Q 2025 operating EBITDA down 15% vs prior year to $446M
• $610M expected cash outflow, largely in Q1 2026, related to Bayer resolution
• Estimated incremental global tariffs of ~$80M included in 2026 guidance

News Market Reaction

+0.11%

3 alerts

+0.11% News Effect

+$56M Valuation Impact

$50.71B Market Cap

1.5x Rel. Volume

On the day this news was published, CTVA gained 0.11%, reflecting a mild positive market reaction. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $56M to the company's valuation, bringing the market cap to $50.71B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

4Q 2025 net sales (GAAP): $3.91B 4Q 2025 loss & EPS (GAAP): $(537)M, $(0.80) per share FY 2025 net sales (GAAP): $17.40B +5 more

8 metrics

4Q 2025 net sales (GAAP) $3.91B Fourth quarter 2025 results overview

4Q 2025 loss & EPS (GAAP) $(537)M, $(0.80) per share Loss from continuing operations after tax, Q4 2025

FY 2025 net sales (GAAP) $17.40B Full-year 2025, up 3% vs FY 2024

FY 2025 EPS (GAAP) $1.75 Income from continuing operations, up 43% vs FY 2024

FY 2025 Operating EBITDA $3.85B Non-GAAP operating EBITDA, up 14% vs FY 2024

FY 2025 Operating EPS $3.34 Non-GAAP operating EPS, up 30% vs FY 2024

Free cash flow 2025 $2.9B Full-year 2025 free cash flow, 69% improvement vs prior year

2026 operating EBITDA guidance $4.0B–$4.2B Full-year 2026 outlook, 7% growth at mid-point

Market Reality Check

Price: $72.60 Vol: Volume 4,668,883 vs 20-da...

normal vol

$72.60 Last Close

Volume Volume 4,668,883 vs 20-day average 3,840,166 (relative volume 1.22x). normal

Technical Price 74.98 trades above 200-day MA 68.68, within 52-week range 53.40–77.41 and at -3.14% vs 52-week high.

Peers on Argus

Peers in Agricultural Inputs (NTR, CF, MOS, ICL, FMC) showed same-day gains betw...

Peers in Agricultural Inputs (NTR, CF, MOS, ICL, FMC) showed same-day gains between 1.10% and 3.70%, while scanner data flags CTVA’s move as stock-specific rather than a coordinated sector momentum event.

Common Catalyst Only one peer (MOS) reported investor conference participation, with no broad earnings or regulatory theme across the group.

Previous Earnings Reports

5 past events · Latest: Jan 06 (Neutral)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 06	Earnings schedule update	Neutral	+2.2%	Announced timing and webcast details for Q4 2025 earnings release.
Oct 02	Earnings schedule update	Neutral	+3.3%	Set dates and webcast information for Q3 2025 earnings release.
May 27	Earnings schedule update	Neutral	+1.9%	Announced timing and webcast plan for Q2 2025 earnings release.
Mar 25	Earnings schedule update	Neutral	-0.3%	Provided dates and webcast details for Q1 2025 earnings release.
Dec 10	Earnings schedule update	Neutral	-0.5%	Outlined release and webcast schedule for Q4 2024 earnings.

Pattern Detected

Earnings-tagged headlines have historically produced modest single-digit moves around scheduling updates, with an average move of 1.67%.

Recent Company History

Over the past year, earnings-tagged news for CTVA primarily announced dates and logistics for quarterly results webcasts, with average same-day moves of about 1.67%. These releases were informational rather than fundamental. By contrast, the current article delivers full Q4 and FY 2025 financials, highlights Seed and Crop Protection performance, outlines the planned 2026 separation milestones, and provides explicit 2026 operating EBITDA and EPS guidance, representing a more substantive update than prior scheduling notices.

Historical Comparison

earnings

+1.7 %

Average Historical Move

Historical Analysis

Past earnings-tag headlines mainly set webcast dates and averaged 1.67% moves. Today’s full Q4/FY 2025 release and 2026 guidance represent a much more fundamental update than prior scheduling notices.

Typical Pattern

Earnings-related news progressed from routine scheduling of quarterly webcasts in 2024–2025 to this report delivering full Q4 and FY 2025 results plus explicit 2026 operating EBITDA and EPS guidance.

Market Pulse Summary

This announcement details Q4 and FY 2025 performance, showing GAAP EPS of $1.75 and operating EPS of...

Analysis

This announcement details Q4 and FY 2025 performance, showing GAAP EPS of $1.75 and operating EPS of $3.34 on net sales of $17.40B, alongside free cash flow of $2.9B. It refines 2026 guidance to operating EBITDA of $4.0–$4.2B and operating EPS of $3.45–$3.70, and outlines progress toward a planned 2026 separation. Investors may watch execution on Seed and Crop Protection growth, the $610M Bayer-related cash outflow, and how 2026 guidance holds against mixed agriculture market conditions.

Key Terms

operating ebitda, free cash flow, non-gaap, organic sales, +4 more

8 terms

operating ebitda financial

"Organic1 Sales | Operating EBITDA1 | Operating EPS1"

Operating EBITDA is a measure of the cash profit a company generates from its core business activities, calculated by taking earnings and adding back interest, taxes, depreciation and amortization while excluding one‑time items and non‑operating income. For investors it acts like checking how much money a store makes from selling its products before financing, taxes and accounting charges, helping compare operational performance across companies and periods.

free cash flow financial

"Free cash flow1 was $2.9 billion, a 69% improvement over prior year."

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

non-gaap financial

"Organic 1 Sales | Operating EBITDA 1 | Operating EPS 1 NON-GAAP"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

organic sales financial

"Organic1 sales increased 4% with gains in all regions."

Organic sales are the change in a company’s revenue that comes from its existing business operations, excluding effects of acquisitions, divestitures, and currency swings. Think of it like measuring how much a garden grows from the plants you already tended, rather than adding new pots; investors use organic sales to judge whether demand and core business performance are genuinely improving or if growth is driven by one‑time deals or accounting shifts.

form 10 regulatory

"Initial and first amendment to Form 10 to be filed with SEC"

Form 10 is a U.S. Securities and Exchange Commission filing companies use to register their securities and become subject to public reporting requirements, delivering a comprehensive package of business descriptions, audited financial statements, management information and risk factors. For investors it matters because it creates a standardized, permanent dossier on a company—like a full inspection and disclosure packet when buying a house—so you can assess finances, risks and management and compare firms reliably.

operating ebitda margin financial

"Segment operating EBITDA margin improved by approximately 340 basis points"

Operating EBITDA margin measures how much profit a company’s core business generates from each dollar of sales before interest, taxes and non-cash accounting items like depreciation and amortization; it’s calculated by dividing operating EBITDA by revenue and showing the result as a percentage. For investors, it highlights underlying operating efficiency and cash-generating strength—like comparing how much of every dollar sold is real operating profit after stripping out financing and accounting differences.

above-ground insect traits medical

"Third generation above-ground insect traits in corn advanced by ~2 years"

Above-ground insect traits are the observable characteristics and behaviors of insects that live, feed, or move on plant surfaces and the air—things like feeding habits, flight, size, life cycle timing, and how they interact with flowers or leaves. For investors, these traits matter because they influence crop yields, pest damage, pollination services and the effectiveness of pest-control products; think of them as the visible features that determine whether an insect is a helpful pollinator or a costly pest, shaping agricultural revenues and the value of related technologies.

royalty neutrality financial

"path to royalty neutrality to 2026, two years earlier than previously expected"

A commitment that royalty payments tied to an asset or product remain unchanged after a sale, restructuring or licensing change. Investors care because it protects expected future cash flows and valuation by preventing unexpected cuts or hikes to income streams; think of it like selling a shop but formally guaranteeing the original owner’s agreed share of each sale stays the same so buyers and sellers know what revenue will look like.

AI-generated analysis. Not financial advice.

• Seed's industry-leading performance reflects demand for latest technology, productivity savings, and growth in licensing
• Resilience in Crop Protection evidenced by volume growth in new products and biologicals coupled with cost improvement
• Robust cash generation driven by earnings growth and efficient working capital management
• Full-year 2026 guidance³ reflects top- and bottom-line growth, along with margin expansion, driven by growth platforms and controllables

INDIANAPOLIS, Feb. 3, 2026 /PRNewswire/ -- Corteva, Inc. (NYSE: CTVA) ("Corteva" or the "Company") today reported financial results for the fourth quarter and full-year ended December 31, 2025.

4Q 2025 Results Overview
	Net Sales	Loss from Cont. Ops (After Tax)	EPS
GAAP	$3.91B	$(537)M	$(0.80)
vs. 4Q 2024	(2) %	n/m4	n/m4
	Organic1 Sales	Operating EBITDA1	Operating EPS1
NON-GAAP	$3.82B	$446M	$0.22
vs. 4Q 2024	(4) %	(15) %	(31) %
FY 2025 Results Overview
	Net Sales	Inc. from Cont. Ops (After Tax)	EPS
GAAP	$17.40B	$1.20B	$1.75
vs. FY 2024	3 %	40 %	43 %
	Organic1 Sales	Operating EBITDA1	Operating EPS1
NON-GAAP	$17.56B	$3.85B	$3.34
vs. FY 2024	4 %	14 %	30 %

Full-Year 2025 Highlights

• Net sales increased 3% versus prior year. Organic¹ sales increased 4% with gains in all regions.
• Seed net sales increased 4% and organic¹ sales increased 5%. Price/Mix was up 3% led by North America² and EMEA² with continued execution on the Company's price-for-value strategy for new technology offerings. Volume increased 2%, primarily reflecting increased corn area in North America² and Brazil.
• Crop Protection net sales increased 2% and organic¹ sales increased 3%. Volume increased 5%, driven by demand for new products and biologicals. Price declined 2% due to the market dynamics in Latin America.
• GAAP income and earnings per share (EPS) from continuing operations were $1.20 billion and $1.75 per share, respectively.
• Operating EBITDA¹ and Operating EPS¹ were $3.85 billion, and $3.34 per share, respectively.
• Cash provided by operating activities – continuing operations was $3.5 billion, up 51% compared to prior year. Free cash flow¹ was $2.9 billion, a 69% improvement over prior year. Strong cash performance supported total cash returned to shareholders of over $1.5 billion.
• The Company refined full-year 2026 guidance³ and expects operating EBITDA¹ to be $4.0 to $4.2 billion. Operating EPS¹ is expected to be $3.45 to $3.70 per share.

1. Organic Sales, Operating EPS, Free Cash Flow, 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 Africa. 3. The Company does not provide the most comparable GAAP measure on a forward-looking basis. See page 7 for further discussion. 4. Not meaningful.

______________________________________________________________________________________

"Our delivery of strong second‑half and full‑year results reflects continued demand for our differentiated technologies and disciplined execution across the company. In Seed, performance was driven by our latest technology, growth in licensing and sustained productivity improvements. In Crop Protection, despite an ongoing challenging pricing environment in key regions including Latin America and Asia Pacific, we delivered sales and earnings growth, driven by volume gains in new products and biologicals and meaningful cost reductions.

We also progressed actions related to our planned separation, and we are on track to complete the separation in the second half of 2026.

We look ahead to 2026 with optimism – our products, our employees' focus on execution, and our accelerated freedom to operate across many crops promises to deliver yet another year of growth, productivity and value creation for both farmers and shareholders."

Chuck Magro
Chief Executive Officer

______________________________________________________________________________________

Company Updates

Separation Update: Key Milestone Targets

• Corteva remains on track to complete the planned separation in the second half of 2026
• Key separation milestones expected to be achieved in the first half of 2026:
  • New Corteva CEO, as well as key executive leadership for both companies, to be named
  • SpinCo official name and brand identity to be launched
  • Initial and first amendment to Form 10 to be filed with SEC
  • Credit agency review and response to capital structure submissions for both companies

Bayer Resolution Accelerates Freedom to Operate

• Finalized a comprehensive resolution of all litigation with Bayer, providing multi-year clarity on technology access and licensing rights, regulatory certainty / support on Bayer traits, and certainty across all litigation
• Agreement helps accelerate Corteva's path to royalty neutrality to 2026, two years earlier than previously expected, and supports the transition to a net out-licensor of seed technology thereafter
• Significantly expands Corteva's freedom to operate and out-licensing flexibility across corn, canola, and cotton, supporting faster innovation and improved farmer choice
• Helps support Corteva's strategic objective of achieving $1 billion net royalty income position by 2035
• Agreement accelerates multiple technology and market opportunities, contributing ~$1 billion of aggregate earnings upside over the next decade across licensing and branded sales:
  • Triple-stack corn traits now expected to be available for out-licensing as early as 2027, an acceleration of ~5 years
  • Third generation above-ground insect traits in corn advanced by ~2 years to the end of the decade
  • Enables entry into the U.S. cotton out-licensing market, expanding Corteva's addressable market
• $610 million cash outflow, largely in first quarter 2026, funded from strong 2025 free cash flow

Summary of Fourth Quarter 2025

For the fourth quarter ended December 31, 2025, net sales decreased 2% versus the same period last year. Organic¹ sales decreased 4%.

Volume was down 5% versus prior year largely due to seasonal timing shifts into third quarter 2025 and first quarter 2026 in both Crop Protection and Seed. Crop Protection volume decreased 2% over the prior year, driven primarily by a seasonal shift in North America to the first quarter of 2026 and the timing of fungicide demand in Latin America. Seed volume decreased 8% versus prior year due primarily to a shift of certain North American deliveries into first quarter 2026 due to freight optimization and weather-related delays, as well as a shift into third quarter 2025 for early deliveries in Latin America in advance of the safrinha season.

Price was up 1% versus prior year. Seed price/mix was up 3% over the prior year with gains in nearly all regions, offset by a shift in out-licensing income to the third quarter in North America. Crop Protection price was down 1% driven largely by competitive pricing dynamics in Latin America and partially offset by price/mix increases in North America.

GAAP loss from continuing operations after income taxes was $537 million in fourth quarter of 2025 compared to a loss of $50 million in fourth quarter of 2024. Operating EBITDA¹ for the fourth quarter of 2025 was income of $446 million, down 15% compared to prior year.

	4Q	4Q	%	%
($ in millions, except where noted)	2025	2024	Change	Organic1 Change
Net Sales	$3,910	$3,978	(2) %	(4) %
North America	$1,478	$1,563	(5) %	(5) %
EMEA	$424	$448	(5) %	(9) %
Latin America	$1,653	$1,622	2 %	(3) %
Asia Pacific	$355	$345	3 %	7 %

 

	FY	FY	%	%
($ in millions, except where noted)	2025	2024	Change	Organic1 Change
Net Sales	$17,401	$16,908	3 %	4 %
North America	$9,024	$8,660	4 %	5 %
EMEA	$3,110	$3,124	- %	2 %
Latin America	$3,928	$3,776	4 %	4 %
Asia Pacific	$1,339	$1,348	(1) %	2 %

Seed Summary

Seed net sales were $1.74 billion in the fourth quarter of 2025, down from $1.77 billion in the fourth quarter of 2024. The sales decrease reflects an 8% decrease in volume, partially offset by a 3% increase in price/mix and a 3% favorable currency impact.

Volume declines in the quarter were due primarily to a shift of certain North American deliveries into first quarter 2026 due to freight optimization and weather-related delays. In addition, early deliveries ahead of the safrinha season in Latin America shifted volumes into the third quarter. The increase in price is due primarily to continued demand for top technology, partially offset by a shift of out-licensing income into the third quarter in North America. Favorable currency impacts were led by the Brazilian Real.

Segment operating EBITDA was $124 million in the fourth quarter of 2025, an improvement of 33% from the fourth quarter of 2024. Cost benefits from productivity and deflation drove the improvement versus prior year, partially offset by higher compensation expense, bad debt, and R&D expense. Segment operating EBITDA margin improved by approximately 190 basis points versus the prior-year period.

	4Q	4Q	%	%
($ in millions, except where noted)	2025	2024	Change	Organic1 Change
North America	$545	$639	(15) %	(15) %
EMEA	$190	$216	(12) %	(16) %
Latin America	$884	$827	7 %	1 %
Asia Pacific	$118	$90	31 %	39 %
Total 4Q Seed Net Sales	$1,737	$1,772	(2) %	(5) %
4Q Seed Operating EBITDA	$124	$93	33 %	N/A

Seed net sales were $9.90 billion for the full year of 2025, up 4% from the same period of 2024. The sales increase reflects a 3% increase in price/mix and a 2% increase in volume, partially offset by a 1% unfavorable currency impact.

Price/Mix gains in all regions, led by North America, demonstrate demand for top technology and the strength of the portfolio, coupled with increased out-licensing income. Volume growth was driven primarily by increased corn area and share gains in North America and Brazil, partially offset by lower soybean area in North America. Unfavorable currency impacts were led by the Turkish lira and Canadian dollar.

Segment operating EBITDA was $2.64 billion for the full year of 2025, up 19% from the same period of 2024. Commercial execution and market share gains in North America and Brazil, product mix, reduction of net royalty expense, and ongoing cost and productivity actions more than offset increased compensation, R&D expense, bad debt, selling expenses, and the unfavorable impact of currency. Segment operating EBITDA margin improved by approximately 340 basis points versus the prior-year period.

	FY	FY	%	%
($ in millions, except where noted)	2025	2024	Change	Organic1 Change
North America	$6,271	$6,033	4 %	4 %
EMEA	$1,560	$1,581	(1) %	4 %
Latin America	$1,614	$1,523	6 %	5 %
Asia Pacific	$453	$408	11 %	14 %
Total FY Seed Net Sales	$9,898	$9,545	4 %	5 %
FY Seed Operating EBITDA	$2,636	$2,219	19 %	N/A

Crop Protection Summary

Crop Protection net sales were approximately $2.17 billion in the fourth quarter of 2025 compared to approximately $2.21 billion in the fourth quarter of 2024. The sales decrease over the prior period reflects a 2% decrease in volume and a 1% price decline, partially offset by a 2% favorable benefit from currency.

The decrease in volume was primarily driven by a seasonal shift to the first quarter of 2026 in North America and the timing of fungicide demand in Latin America, partially offset by strong demand for biologicals. The price decline was primarily due to the competitive pricing environment in Latin America, partially offset by North America price increases. Favorable currency impacts were led by the Brazilian Real.

Segment operating EBITDA was $360 million in the fourth quarter of 2025, down 22% from the fourth quarter of 2024. Productivity savings were more than offset by price pressure and higher compensation and R&D costs. Segment operating EBITDA margin declined by approximately 435 basis points versus the prior-year period.

	4Q	4Q	%	%
($ in millions, except where noted)	2025	2024	Change	Organic1 Change
North America	$933	$924	1 %	1 %
EMEA	$234	$232	1 %	(2) %
Latin America	$769	$795	(3) %	(8) %
Asia Pacific	$237	$255	(7) %	(5) %
Total 4Q Crop Protection Net Sales	$2,173	$2,206	(1) %	(3) %
4Q Crop Protection Operating EBITDA	$360	$461	(22) %	N/A

Crop Protection net sales were approximately $7.50 billion for the full year of 2025 compared to approximately $7.36 billion in the same period of 2024. The sales increase reflects a 5% increase in volume, partially offset by a 2% decline in price and a 1% unfavorable impact from currency.

The increase in volume was driven by demand for new products, herbicides, and biologicals. The price decline was primarily due to competitive market dynamics in Latin America, partially offset by North America price increases. Unfavorable currency impacts were led by the Turkish Lira and the Brazilian Real.

Segment operating EBITDA was $1,350 million for the full year of 2025, up 6% from the same period last year. Raw material deflation, productivity savings, and volume growth more than offset the unfavorable impact of currency, price pressure, and higher compensation and bad debt in SG&A. Segment operating EBITDA margin improved by approximately 70 basis points versus the prior-year period.

	FY	FY	%	%
($ in millions, except where noted)	2025	2024	Change	Organic1 Change
North America	$2,753	$2,627	5 %	5 %
EMEA	$1,550	$1,543	- %	1 %
Latin America	$2,314	$2,253	3 %	4 %
Asia Pacific	$886	$940	(6) %	(4) %
Total FY Crop Protection Net Sales	$7,503	$7,363	2 %	3 %
FY Crop Protection Operating EBITDA	$1,350	$1,272	6 %	N/A

2026 Guidance

The global outlook for agriculture remains mixed with strong crop demand and production, but pressured commodity prices and farmer margins. Global corn area was up in 2025, most notably in North America, driven by favorable corn economics relative to soybeans, with a mid-single digit planted area increase in Latin America. However, the large crop production year in 2025 kept pace with record demand. As a result, any shift from corn to soybean planted acres in the US in 2026 is expected to be manageable.

The global crop protection industry is expected to improve modestly with volume gains more than offsetting ongoing pricing pressure in certain key regions including Latin America and Asia Pacific.

As it pertains to incremental global tariff impacts in 2026 across both businesses, the Company's current estimate is ~$80 million, which is included in our current 2026 guidance. 

For the full year 2026, Corteva expects operating EBITDA¹ to be $4.0 billion to $4.2 billion, growth of 7% at the mid-point. Operating EPS¹ is expected to be $3.45 to $3.70 per share, growth of 7% at the mid-point.

The Company is not able to reconcile its forward-looking non-GAAP financial measures, to its most comparable U.S. GAAP financial measures, as it is unable to predict with reasonable certainty items outside of its control, such as Significant Items, without unreasonable effort.

Fourth Quarter Conference Call

The Company will host a live webcast of its fourth quarter 2025 earnings conference call with investors to discuss its results and outlook tomorrow, February 4, 2026, 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; the anticipated benefits of the Proposed Separation; 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) failure to comply with competition and antitrust laws; (v) effect of changes in agricultural and related policies of governments and international organizations; (vi) costs of complying with evolving regulatory requirements and the effect of actual or alleged violations of environmental laws or permit requirements; (vii) effect of climate change and unpredictable seasonal and weather factors; (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 U.S. government agencies; (xi) risk related to geopolitical and military conflict; (xii) effect of volatility in the company's input costs; (xiii) risks related to the company's global operations; (xiv) effect of industrial espionage and other disruptions to the company's supply chain, information technology or network systems; (xv) risks related to environmental litigation and the indemnification obligations of legacy EIDP liabilities in connection with the Corteva Separation; (xvi) impact of the company's dependence on third parties with respect to certain of its raw materials or licenses and commercialization; (xvii) failure of the company's customers to pay their debts to the company, including customer financing programs; (xviii) failure to effectively manage acquisitions, divestitures, alliances, restructurings, cost savings initiatives, and other portfolio actions; (xix) failure to raise capital through the capital markets or short-term borrowings on terms acceptable to the company; (xx) increases in pension and other post-employment benefit plan funding obligations; (xxi) risks related to pandemics or epidemics; (xxii) capital markets sentiment towards sustainability matters; (xxiii) the company's intellectual property rights or defense against intellectual property claims asserted by others; (xxiv) effect of counterfeit products; (xxv) the company's dependence on intellectual property cross-license agreements; and (xxvi) risks related to Corteva's Separation from DowDuPont; and (xxvii) risks related to Corteva's Proposed Separation, including, but not limited to, whether the objectives of the proposed separation will be achieved; the terms, structure, benefits and costs of any action or transaction resulting from the proposed separation; the timing of any such separation or related action and whether any such separation will be consummated at all; the risk that the proposed separation could divert the attention and time of the company's management; the risk of any unexpected costs or expenses resulting from the proposed separation process or separation itself; and the risk of any litigation as a result of, or relating to, the proposed separation.   

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 U.S. GAAP and are considered non-GAAP measures. These measures may include organic sales, organic growth (including by segment and region), operating EBITDA, operating earnings (loss) per share, and base income tax rate. Management uses these measures internally for planning and forecasting, including allocating resources and evaluating incentive compensation. Management believes that these non-GAAP measures best reflect the ongoing performance of the Company during the periods presented and provide more relevant and meaningful information to investors as they provide insight with respect to ongoing operating results of the Company and a more useful comparison of year over year results. These non-GAAP measures supplement the Company's U.S. GAAP disclosures and should not be viewed as an alternative to U.S. GAAP measures of performance. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. Reconciliations for these non-GAAP measures to U.S. GAAP are provided in the Selected Financial Information and Non-GAAP Measures starting on page A-5 of the Financial Statement Schedules.

Corteva is not able to reconcile its forward-looking non-GAAP financial measures to its most comparable U.S. GAAP financial measures, as it is unable to predict with reasonable certainty items outside of the Company's control, such as significant items, without unreasonable effort. For significant items reported in the periods presented, refer to page A-10 of the Financial Statement Schedules. Beginning January 1, 2020, the Company presents accelerated prepaid royalty amortization expense as a significant item. Accelerated prepaid royalty amortization represents the non-cash charge associated with the recognition of upfront payments made to Monsanto in connection with the Company's non-exclusive license in the United States and Canada for Monsanto's Genuity® Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits. Due to the ramp-up of Enlist E3^TM, Corteva significantly reduced the volume of products with the Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits beginning in 2021, with expected minimal use of the trait platform thereafter. In 2023 and 2024, the company committed to restructuring activities to optimize the Crop Protection network of manufacturing and external partners, which are expected to be substantially complete in 2026. The company expects to record approximately $80 million to $90 million net pre-tax restructuring charges during 2026 for these activities.

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 Corteva 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.

The Company also uses Free Cash Flow as a non-GAAP measure to evaluate and discuss its liquidity position and ability to generate cash.  Free Cash Flow is defined as cash provided by (used for) operating activities – continuing operations, less capital expenditures.

® TM Corteva Agriscience and its affiliated companies.
2/3/2026

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SOURCE Corteva Agriscience

FAQ

What were Corteva's full-year 2025 net sales and EPS (NYSE:CTVA)?

Corteva reported full-year 2025 net sales of $17.40 billion and GAAP EPS of $1.75. According to the company, operating EPS (non-GAAP) was $3.34, reflecting stronger margins and improved cash generation for the year.

How much cash did Corteva generate and return to shareholders in 2025 (CTVA)?

Corteva generated $3.5 billion in cash from operations and $2.9 billion in free cash flow. According to the company, these results supported returning over $1.5 billion to shareholders in 2025.

What guidance did Corteva provide for 2026 operating EBITDA and operating EPS (CTVA)?

Corteva expects 2026 operating EBITDA of $4.0–$4.2 billion and operating EPS of $3.45–$3.70. According to the company, this guidance includes estimated tariff impacts and reflects growth from core platforms.

What is the financial impact of Corteva's resolution with Bayer for investors (CTVA)?

The agreement accelerates freedom to operate and is expected to contribute ~$1 billion aggregate earnings upside over a decade. According to the company, it also triggers a near-term cash outflow of $610 million, largely in Q1 2026.

Why did Corteva report a GAAP loss in 4Q 2025 while full-year results improved (CTVA)?

Corteva reported a 4Q 2025 GAAP loss of $(537) million amid seasonal volume shifts and one-time items, while full-year results benefited from higher prices, productivity, and licensing. According to the company, full‑year earnings rose on stronger cash and operating performance.