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DuPont de Nemours (DD) FY2025 results: revenue $6.8 billion, up 1.9% on the year

DuPont de Nemours, Inc. (DD) reported revenue of $6.8 billion for fiscal 2025, the year ended 31 December 2025, up 1.9% on the year before. Net income was -$779 million, and diluted earnings per share $-5.58. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2026.

Revenue
$6.8 billion
+1.9% on the year
FY2018FY2025
Operating margin
n/a
FY2018FY2025
Net income
-$779 million
FY2018FY2025
Diluted EPS
-$5.58
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 lowered, 10 new.

  • Quarter sales flat, organic down 1%: Fourth-quarter net sales were $1,693 million, flat against $1,689 million a year earlier. Organic sales fell 1% as volume declined 1% and currency added 1%, with price flat.
  • Full-year sales and EBITDA rose: Full-year 2025 net sales were $6,849 million, up 2%, and organic sales also rose 2%. Operating EBITDA was $1,628 million, up 6%, with margin up 100 basis points to 23.8%.
  • Results exceeded prior guidance: The company said fourth-quarter and full-year 2025 results exceeded the guidance it had set. Prior fourth-quarter guidance was net sales about $1,685 million, operating EBITDA about $385 million and adjusted EPS about $0.43.
  • Healthcare & Water grew 4%: Healthcare & Water Technologies fourth-quarter net sales were $821 million, up 4% with 3% organic growth. Operating EBITDA was $255 million, a 31.1% margin, flat year over year.
  • Quarter sales hit by order timing: Fourth-quarter net sales carried about a $30 million, or 2%, headwind from order timing moved into the third quarter, for system cut-over before the electronics separation. Each segment carried about $15 million.
Read the Q4 FY2025 earnings call summary

From this 10-K

DuPont makes advanced materials and components sold into healthcare, water, construction and industrial markets. At 31 December 2025 it had subsidiaries in about 50 countries and manufacturing operations in about 20. It is a Delaware corporation formed in 2015 as DowDuPont Inc. to carry out the all-stock merger of The Dow Chemical Company and E. I. du Pont de Nemours and Company, which took effect on 31 August 2017. From the fourth quarter of 2025 it reports two segments, Healthcare & Water Technologies and Diversified Industrials, with the rest in Corporate.

DuPont de Nemours, Inc., the 10-K for 2025

DuPont makes advanced materials and components sold into healthcare, water, construction and industrial markets. At 31 December 2025 it had subsidiaries in about 50 countries and manufacturing operations in about 20. It is a Delaware corporation formed in 2015 as DowDuPont Inc. to carry out the all-stock merger of The Dow Chemical Company and E. I. du Pont de Nemours and Company, which took effect on 31 August 2017. From the fourth quarter of 2025 it reports two segments, Healthcare & Water Technologies and Diversified Industrials, with the rest in Corporate.

What it has sold and spun off

The filing describes a transformation journey from a specialty products company to a focused advanced solutions provider. Dow Inc. was spun off on 1 April 2019, taking the materials science business, and Corteva, Inc. on 1 June 2019, taking agriculture. The Nutrition & Biosciences business went to International Flavors & Fragrances in 2021 in a Reverse Morris Trust transaction. Most of the Materials & Mobility segment went to Celanese Corporation in 2022, and the Delrin business within it to TJC LP in 2023. On 1 November 2025 the semiconductor and interconnect businesses were separated as Qnity Electronics, Inc. and distributed to shareholders of record on 22 October 2025. In the third quarter of 2025 the company agreed to sell the Aramids business to Arclin, a portfolio company of an affiliate of TJC, a transaction the filing states is expected to close around the end of the first quarter of 2026 subject to regulatory approvals. The Materials & Mobility, Aramids and Electronics businesses are all reported as discontinued operations.

Healthcare and Water Technologies

Healthcare Technologies makes specialised materials and provides product design, prototyping and manufacturing for medical device and biopharma customers, where quality and regulatory requirements are strict. Its products include specialty components for medical devices, TYVEK medical packaging and garments, and TYCHEM protective suits. Water Technologies supplies water filtration and separation elements, modules and systems, mainly for industrial wastewater and energy, municipal drinking water and desalination, and life sciences and specialty markets. Its range includes AMBERLITE ion exchange resins, FILMTEC reverse osmosis and nanofiltration elements, and INGE and ITEGRATEC ultrafiltration modules. The segment added Sinochem (Ningbo) RO Memtech Co., Ltd., a reverse osmosis manufacturer in China.

Diversified Industrials

Building Technologies sells into non-residential, residential and repair-and-remodel construction, covering the building envelope and interior with TYVEK house wrap, STYROFOAM insulation and CORIAN solid surface, aimed at continuous insulation, reduced mould risk in wall systems and hygienic interior finishes. Industrial Technologies designs and makes engineered components, systems and process solutions for automotive, aerospace, printing and packaging customers, including precision-engineered shapes and components, specialised lubrication systems, structural bonding and industrial printing plates. Its brands include Vespel shapes and parts, MOLYKOTE lubricants, BETAFORCE and BETASEAL structural adhesives and Cyrel flexographic printing plates.

Corporate and people

Corporate carries non-allocated overhead, support functions, leveraged services and litigation expense not absorbed by the segments, along with the company's equity interest in Derby Holdings Group retained from the Delrin sale. Indirect costs previously allocated to the divested businesses stay in continuing operations, and part of them are reimbursed after each closing. The company employed approximately 15,000 people worldwide at 31 December 2025, approximately 1,700 of them in the Aramids Business. Approximately 18 percent were in Asia Pacific, 24 percent in Europe, the Middle East and Africa, 8 percent in Latin America and 50 percent in the United States and Canada, and within the United States about 4,000 held non-exempt or hourly-rate positions.

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

Written from the 10-K filed 17 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
Revenue6,8496,7196,614+1.9%
Cost of revenue4,4864,4994,442-0.3%
Gross profit2,3632,2202,172+6.4%
Gross margin34.5%33.0%32.8%
Research and development193203192-4.9%
Selling, general and administrative1,019976891+4.4%
Pre-tax income200117-279+70.9%
Income tax102213-217-52.1%
Effective tax rate51.0%182.1%n/a
Net income-779703423
Net margin-11.4%10.5%6.4%
Diluted EPS-$5.58$5.01$2.82
$ 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 flow1,4121,8471,918-23.6%
Capital expenditure333285302+16.8%
Free cash flow1,0791,5621,616-30.9%
Free cash flow margin15.8%23.2%24.4%
Depreciation and amortisation647635580+1.9%
Share-based compensation38.056.057.0-32.1%
Dividends paid597635651-6.0%
Dividend per share$4.29$4.56$4.32-5.9%
Diluted shares, weighted140m140m150m-0.3%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity13,91923,35024,279-40.4%
Non-controlling interest184443446-58.5%
Short-term borrowingsn/an/a0.0
Debt3,1947,1717,859-55.5%
Operating lease liabilities165205390-19.5%
Finance lease liabilities9.09.010.00.0%
Other liabilities4,1045,4585,568-24.8%
Total liabilities and equity21,57536,63638,552-41.1%
Goodwill7,9157,5617,657+4.7%
Intangible assets2,9363,1785,814-7.6%
Investmentsn/an/a0.0
Cash and equivalents7151,7922,392-60.1%
Receivables9107891,513+15.3%
Inventory1,1721,1302,147+3.7%
Other assets7,92722,18619,029-64.3%
Total assets21,57536,63638,552-41.1%

10-K for the year ended 31 December 2025, filed 17 February 2026: the filing.