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Corteva (CTVA) FY2025 results: revenue $17.4 billion, up 2.9% on the year

Corteva, Inc. (CTVA) reported revenue of $17.4 billion for fiscal 2025, the year ended 31 December 2025, up 2.9% on the year before. Net income was $1.1 billion, up 20.6%, and diluted earnings per share $1.60. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue
$17.4 billion
+2.9% on the year
FY2018FY2025
Operating margin
n/a
FY2018FY2025
Net income
$1.1 billion
+20.6% on the year
FY2018FY2025
Diluted EPS
$1.60
+23.1% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

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%.
  • Crop Protection volume grew on new products: Crop Protection full-year net sales were $7.50 billion, up 2%, with volume up 5% and price down 2%. Segment operating EBITDA was $1.35 billion, up 6%.
  • Free cash flow reached $2.9 billion: Free cash flow was $2.9 billion, a 69% improvement over the prior year, defined as operating cash flow from continuing operations less capital expenditures.
Read the Q4 FY2025 earnings call summary

From this 10-K

Corteva supplies seed and crop protection products to agriculture, reaching farmers in approximately 110 countries. It was incorporated in Delaware in March 2018 with business headquarters in Indianapolis, and it became an independent public company on 1 June 2019 when DowDuPont distributed its shares, having first contributed EIDP, formerly E. I. du Pont de Nemours and Company, so that Corteva owns all of EIDP's common stock. Operations run through two segments, Seed and Crop Protection. On 1 October 2025 the company announced its intent to separate those two businesses into standalone publicly traded companies in a transaction intended to be a tax-free spin-off for United States federal income tax purposes.

Corteva, Inc., the 10-K for 2025

Corteva supplies seed and crop protection products to agriculture, reaching farmers in approximately 110 countries. It was incorporated in Delaware in March 2018 with business headquarters in Indianapolis, and it became an independent public company on 1 June 2019 when DowDuPont distributed its shares, having first contributed EIDP, formerly E. I. du Pont de Nemours and Company, so that Corteva owns all of EIDP's common stock. Operations run through two segments, Seed and Crop Protection. On 1 October 2025 the company announced its intent to separate those two businesses into standalone publicly traded companies in a transaction intended to be a tax-free spin-off for United States federal income tax purposes.

Seed

The segment develops and supplies commercial seed combining germplasm with traits meant to raise yield potential, and holds positions in North American corn and soybeans, European corn and sunflower, and corn in Brazil, India, South Africa and Argentina. Its seed and trait technologies aim at resilience to weather, pests, diseases and the herbicides used to control weeds, and its digital tools offer data-driven insights on yield and profitability. Brands include Pioneer, Brevant, Dairyland Seed, Hoegemeyer hybrids, Nutech, Seed Consultants, AgVenture, PhytoGen cottonseed and Pannar. Traits and technologies include the Enlist weed control system with Enlist corn, Enlist E3 soybeans and Enlist cotton, Herculex and WideStrike insect protection, the PowerCore and SmartStax trait families, Optimum AcreMax insect protection, Qrome corn, Plenish high oleic soybeans, Nexera canola and Conkesta soybeans, alongside LumiGEN seed treatments. Since 2019 the company has been accelerating the Enlist E3 trait through its soybean portfolio across brands.

Crop Protection

The segment sells products that protect crops from weeds, insects and other pests and disease, and that support crop health above and below ground through nitrogen management and seed-applied technologies, with digital tools alongside them. The company describes itself as a leader in global herbicides, insecticides, nitrogen stabilisers, pasture and range management herbicides, biologicals and other nature-based products. Insect and nematode products include Jemvelva, Qalcova, Pyraxalt, Isoclast, Reklemel, Delegate, Sentricon and Lannate; disease products include Zorvec, Adavelt, Inatreq, Aproach and Fontelis; weed control includes Arylex, the Enlist system, Rinskor, Kerb, Quelex, Loyant and Duracor; nitrogen management covers Instinct and N-Serve; and biologicals include Stimulate, Utrisha N and BlueN.

Where the inputs come from

The key raw materials for Seed are corn and soybean seed, grown under contract with third-party growers around the world, with production kept close to the customer so the seed suits local weeds, insects, disease, weather and soil. Seed is conditioned and packaged in the company's own plants and at third-party contract plants, a balance the company says keeps it flexible to regional demand shifts while holding down cost, and contract growers receive training, planning tools and access to a testing system that advances products matched to particular geographies. For Crop Protection the key inputs are chlorinated pyridines derivatives, specialty intermediates, technical grade active ingredients, chlorine and seed treatments, usually bought under long-term contracts with multiple suppliers that sometimes carry minimum purchase commitments, though certain important materials come from only a few major suppliers. Contract manufacturers at home and abroad make some inputs and components, ingredients are sourced globally and products are generally formulated close to end customers, with alternative geographies used when demand shifts, local availability falls or capacity is constrained.

Research and people

Research and development and supply chain work together on the characteristics that go into the seed products, with digitised data and a connected network used to run field operations, allocate resources and guide future product advancement. At 31 December 2025 the company employed approximately 21,500 people, 47% in North America, 21% in Latin America, 20% across Europe, the Middle East and Africa and 12% in Asia-Pacific. Approximately 2% of the United States workforce is unionised and another 13% of the global workforce takes part in works councils and collective bargaining outside the United States, and there were no work stoppages from strikes or lockouts in 2025.

From Corteva's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 12 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue17,40116,90817,226+2.9%
Cost of revenue9,1729,5299,920-3.7%
Gross profit8,2297,3797,306+11.5%
Gross margin47.3%43.6%42.4%
Research and development1,4741,4021,337+5.1%
Selling, general and administrative3,4923,1963,176+9.3%
Pre-tax income1,6881,2751,093+32.4%
Income tax484412152+17.5%
Effective tax rate28.7%32.3%13.9%
Net income1,094907735+20.6%
Net margin6.3%5.4%4.3%
Diluted EPS$1.60$1.30$1.03+23.1%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow3,4062,1451,769+58.8%
Capital expenditure591597595-1.0%
Free cash flow2,8151,5481,174+81.8%
Free cash flow margin16.2%9.2%6.8%
Cash from investing-543-589-1,987
Cash from financing-1,644-1,199-99.0
Depreciation and amortisation1,2031,2271,211-2.0%
Buybacks1,0711,009756+6.1%
Dividends paid475458439+3.7%
Dividend per share$0.70$0.66$0.58+6.1%
Diluted shares, weighted681m696m712m-2.1%
Shares outstanding at period end672m686m701m-2.0%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity24,14423,78925,037+1.5%
Non-controlling interest242241242+0.4%
Debt2,5802,7032,489-4.6%
Operating lease liabilities293342355-14.3%
Finance lease liabilities0.00.01.0
Other liabilities15,58613,75014,872+13.4%
Total liabilities and equity42,84540,82542,996+4.9%
Fixed assets4,2204,0994,287+3.0%
Goodwill10,46510,40810,605+0.5%
Intangible assets8,3018,8769,626-6.5%
Investments9.063.098.0-85.7%
Cash and equivalents4,5213,1062,644+45.6%
Receivables4,8814,4484,210+9.7%
Inventory5,6675,4326,899+4.3%
Other assets4,7814,3934,627+8.8%
Total assets42,84540,82542,996+4.9%

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