Corteva (CTVA) Q3 FY2025 earnings: revenue $2.6 billion, up 12.6% on the year

Corteva, Inc. (CTVA) reported revenue of $2.6 billion for Q3 FY2025, the quarter ended 30 September 2025, up 12.6% on the same quarter a year earlier. Net income was -$320 million, and diluted earnings per share $-0.47. The figures are the company's own, from the 10-Q it filed with the SEC on 5 November 2025.

Revenue

$2.6 billion

+12.6% on the year · -59.4% on the quarter

Q4 FY2023Q3 FY2025

Operating margin

n/a

Q4 FY2023Q3 FY2025

Net income

-$320 million

Q4 FY2023Q3 FY2025

Diluted EPS

-$0.47

Q4 FY2023Q3 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 3 raised, 1 new.

Third-quarter net sales rose 13%: Net sales were $2,618 million, up from $2,326 million, with organic sales up 11%.
Quarterly operating EBITDA rose 149%: Operating EBITDA was $49 million in the quarter, up 149% from the prior year. The GAAP loss from continuing operations narrowed to $308 million from $519 million.
Year-to-date sales and EPS rose: Nine-month net sales were $13.49 billion, up 4%, with organic sales up 6%. GAAP EPS from continuing operations was $2.54, up 97%; operating EPS was $3.11, up 39%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2025	Q2 FY2025	Q3 FY2024	On the quarter	On the year
Revenue	2,618	6,456	2,326	-59.4%	+12.6%
Cost of revenue	1,644	2,932	1,565	-43.9%	+5.0%
Gross profit	974	3,524	761	-72.4%	+28.0%
Gross margin	37.2%	54.6%	32.7%
Research and development	351	375	348	-6.4%	+0.9%
Selling, general and administrative	725	1,156	671	-37.3%	+8.0%
Pre-tax income	-370	1,804	-633
Income tax	-62.0	422	-114
Effective tax rate	n/a	23.4%	n/a
Net income	-320	1,314	-524
Net margin	-12.2%	20.4%	-22.5%
Diluted EPS	-$0.47	$1.92	-$0.76

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2025	Q2 FY2025	Q3 FY2024	On the quarter	On the year
Operating cash flow	193	947	130	-79.6%	+48.5%
Capital expenditure	157	118	154	+33.1%	+1.9%
Free cash flow	36.0	829	-24.0	-95.7%
Free cash flow margin	1.4%	12.8%	-1.0%
Cash from investing	-157	-164	-161
Cash from financing	367	-808	619		-40.7%
Depreciation and amortisation	300	301	306	-0.3%	-2.0%
Buybacks	250	250	253	0.0%	-1.2%
Dividends paid	122	116	117	+5.2%	+4.3%
Dividend per share	$0.18	$0.17	$0.17	+5.9%	+5.9%
Diluted shares, weighted	679m	683m	691m	-0.6%	-1.8%
Shares outstanding at period end	676m	680m	689m	-0.6%	-1.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2025	Q2 FY2025	Q3 FY2024	On the quarter	On the year
Shareholders' equity	25,219	25,909	24,737	-2.7%	+1.9%
Non-controlling interest	242	242	242	0.0%	0.0%
Debt	4,373	3,629	5,716	+20.5%	-23.5%
Finance lease liabilities	0.0	0.0	0.0
Other liabilities	12,364	11,979	11,213	+3.2%	+10.3%
Total liabilities and equity	42,198	41,759	41,908	+1.1%	+0.7%
Fixed assets	4,202	4,153	4,210	+1.2%	-0.2%
Goodwill	10,512	10,518	10,629	-0.1%	-1.1%
Intangible assets	8,428	8,583	9,084	-1.8%	-7.2%
Investments	77.0	76.0	72.0	+1.3%	+6.9%
Cash and equivalents	2,509	2,065	2,421	+21.5%	+3.6%
Receivables	5,050	5,961	4,260	-15.3%	+18.5%
Inventory	5,310	4,316	5,674	+23.0%	-6.4%
Other assets	6,110	6,087	5,558	+0.4%	+9.9%
Total assets	42,198	41,759	41,908	+1.1%	+0.7%

Questions

What was Corteva's revenue in Q3 FY2025?

Corteva (CTVA) reported revenue of $2.6 billion for Q3 FY2025, the quarter ended 30 September 2025, up 12.6% on the same quarter a year earlier.

How much did Corteva earn in Q3 FY2025?

Net loss for Q3 FY2025 was $320 million, and the diluted loss per share $0.47.

When did Corteva report Q3 FY2025 results?

Corteva filed its 10-Q for the quarter ended 30 September 2025 with the SEC on 5 November 2025.

Quarterly results, the last 20 quarters

	Q3 FY2021	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	2,371	3,479	4,601	6,252	2,777	3,825	4,884	6,045	2,590	3,707	4,492	6,112	2,326	3,978	4,417	6,456	2,618	3,910	4,905	6,379
Cost of revenue	1,558	2,232	2,724	3,323	1,879	2,510	2,771	3,137	1,646	2,366	2,550	2,918	1,565	2,496	2,342	2,932	1,644	2,254	2,372	2,718
Gross profit	813	1,247	1,877	2,929	898	1,315	2,113	2,908	944	1,341	1,942	3,194	761	1,482	2,075	3,524	974	1,656	2,533	3,661
Gross margin	34%	36%	41%	47%	32%	34%	43%	48%	36%	36%	43%	52%	33%	37%	47%	55%	37%	42%	52%	57%
R&D	297	316	268	296	312	340	316	329	335	357	332	357	348	365	335	375	351	413	341	388
SG&A	672	806	735	1,017	657	764	726	1,045	670	735	736	1,054	671	735	751	1,156	725	860	877	1,164
Pre-tax income	8.0	245	698	1,327	-396	-203	776	-1,084	-444	1,845	482	1,338	-633	88.0	784	1,804	-370	-530	858	1,625
Tax rate	-350%	37%	17%	24%	n/a	n/a	22%	n/a	n/a	-5%	22%	21%	n/a	157%	15%	23%	n/a	n/a	16%	25%
Net income	30.0	159	564	969	-331	-55.0	595	714	-321	-253	419	1,053	-524	-41.0	652	1,314	-320	-552	720	1,161
Net margin	1%	5%	12%	15%	-12%	-1%	12%	12%	-12%	-7%	9%	17%	-23%	-1%	15%	20%	-12%	-14%	15%	18%
Diluted EPS	$0.04	$0.22	$0.78	$1.33	-$0.46	-$0.08	$0.83	$1.00	-$0.45	-$0.36	$0.60	$1.51	-$0.76	-$0.06	$0.95	$1.92	-$0.47	-$0.82	$1.07	$1.73
Operating cash flow	-176	3,546	-2,730	1,109	-525	3,018	-3,311	812	-105	4,373	-2,609	451	130	4,173	-2,109	947	193	4,375	-2,891	-466
Capital expenditure	144	160	179	139	142	145	151	99.0	162	183	148	114	154	181	94.0	118	157	222	81.0	122
Free cash flow	-320	3,386	-2,909	970	-667	2,873	-3,462	713	-267	4,190	-2,757	337	-24.0	3,992	-2,203	829	36.0	4,153	-2,972	-588
Buybacks	200	200	235	365	200	200	252	80.0	253	171	252	252	253	252	270	250	250	301	250	250
Dividends paid	103	-692	102	101	108	-729	107	106	114	112	112	111	117	118	116	116	122	121	121	120
Shares outstanding	730m	727m	725m	719m	716m	713m	711m	710m	705m	701m	698m	694m	689m	686m	683m	680m	676m	672m	669m	667m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2025, filed 5 November 2025: the filing.