Corteva (CTVA) Q4 FY2025 earnings: revenue $3.9 billion, down 1.7% on the year

Corteva, Inc. (CTVA) reported revenue of $3.9 billion for Q4 FY2025, the quarter ended 31 December 2025, down 1.7% on the same quarter a year earlier. Net income was -$552 million, and diluted earnings per share $-0.82. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue

$3.9 billion

-1.7% on the year · +49.4% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

n/a

Q1 FY2024Q4 FY2025

Net income

-$552 million

Q1 FY2024Q4 FY2025

Diluted EPS

-$0.82

Q1 FY2024Q4 FY2025

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

What management said

Guidance figures: 5 new, 1 kept.

Full-year sales and profit rose: Full-year 2025 net sales were $17.40 billion, up 3%, with organic sales up 4%. Operating EBITDA reached $3.85 billion, up 14%, and operating EPS was $3.34, up 30%.
Fourth-quarter sales declined slightly: Fourth-quarter net sales were $3.91 billion, down 2%, with organic sales down 4%. Operating EBITDA was $446 million, down 15%, and the GAAP loss from continuing operations was $537 million.
Seed sales and profit grew: Seed full-year net sales were $9.90 billion, up 4%, with price/mix up 3% and volume up 2%. Segment operating EBITDA was $2.64 billion, up 19%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	3,910	2,618	3,978	+49.4%	-1.7%
Cost of revenue	2,254	1,644	2,496	+37.1%	-9.7%
Gross profit	1,656	974	1,482	+70.0%	+11.7%
Gross margin	42.4%	37.2%	37.3%
Research and development	413	351	365	+17.7%	+13.2%
Selling, general and administrative	860	725	735	+18.6%	+17.0%
Pre-tax income	-530	-370	88.0
Income tax	7.0	-62.0	138		-94.9%
Effective tax rate	n/a	n/a	156.8%
Net income	-552	-320	-41.0
Net margin	-14.1%	-12.2%	-1.0%
Diluted EPS	-$0.82	-$0.47	-$0.06

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	4,375	193	4,173	+2,166.8%	+4.8%
Capital expenditure	222	157	181	+41.4%	+22.7%
Free cash flow	4,153	36.0	3,992	+11,436.1%	+4.0%
Free cash flow margin	106.2%	1.4%	100.4%
Cash from investing	-188	-157	-123
Cash from financing	-2,198	367	-3,336
Depreciation and amortisation	306	300	302	+2.0%	+1.3%
Buybacks	301	250	252	+20.4%	+19.4%
Dividends paid	121	122	118	-0.8%	+2.5%
Dividend per share	n/a	$0.18	n/a
Diluted shares, weighted	675m	679m	687m	-0.6%	-1.8%
Shares outstanding at period end	672m	676m	686m	-0.5%	-2.0%

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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	24,144	25,219	23,789	-4.3%	+1.5%
Non-controlling interest	242	242	241	0.0%	+0.4%
Debt	2,580	4,373	2,703	-41.0%	-4.6%
Operating lease liabilities	293	n/a	342		-14.3%
Finance lease liabilities	0.0	0.0	0.0
Other liabilities	15,586	12,364	13,750	+26.1%	+13.4%
Total liabilities and equity	42,845	42,198	40,825	+1.5%	+4.9%
Fixed assets	4,220	4,202	4,099	+0.4%	+3.0%
Goodwill	10,465	10,512	10,408	-0.4%	+0.5%
Intangible assets	8,301	8,428	8,876	-1.5%	-6.5%
Investments	9.0	77.0	63.0	-88.3%	-85.7%
Cash and equivalents	4,521	2,509	3,106	+80.2%	+45.6%
Receivables	4,881	5,050	4,448	-3.3%	+9.7%
Inventory	5,667	5,310	5,432	+6.7%	+4.3%
Other assets	4,781	6,110	4,393	-21.8%	+8.8%
Total assets	42,845	42,198	40,825	+1.5%	+4.9%

Questions

What was Corteva's revenue in Q4 FY2025?

Corteva (CTVA) reported revenue of $3.9 billion for Q4 FY2025, the quarter ended 31 December 2025, down 1.7% on the same quarter a year earlier.

How much did Corteva earn in Q4 FY2025?

Net loss for Q4 FY2025 was $552 million, and the diluted loss per share $0.82.

When did Corteva report Q4 FY2025 results?

Corteva filed its 10-K for the year that ended with the quarter on 12 February 2026; the fourth quarter is the year less the first three.

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-K for the period ended 31 December 2025, filed 12 February 2026: the filing.