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Corteva (CTVA) investor relations material
Corteva Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved strong 2025 results with low single-digit top-line growth, double-digit operating EBITDA growth, and margin expansion above 22%, supported by disciplined execution and demand for differentiated technologies.
Seed and crop protection businesses delivered organic growth and share gains across major regions, with robust cash generation and over $1.5 billion returned to shareholders.
Announced a comprehensive agreement with Bayer, accelerating licensing opportunities, expanding technology access, and resolving litigation, with royalty neutrality expected in 2026.
Progressed on planned separation into two companies, targeting completion in the second half of 2026, with key milestones and leadership announcements expected in 2025 and 2026.
Strong global demand for grain, oilseeds, and biofuels expected to continue in 2026, with steady on-farm demand and government support for U.S. farmers.
Financial highlights
Full-year 2025 net sales increased 3% to $17.4B; organic sales up 4% year-over-year, with gains in all regions.
Operating EBITDA up 14% to $3.85B, with margin expansion of 215 basis points to over 22%.
Operating EPS increased to $3.34 from $2.57 in 2024, up 30% year-over-year.
Free cash flow improved by $1.2B to $2.9B, up 69% year-over-year, with 74% FCF/EBITDA conversion.
Returned $1.5B to shareholders in 2025 via dividends and share repurchases.
Outlook and guidance
2026 operating EBITDA guidance of $4.0–$4.2B, a 7% increase at the midpoint, with margin of 22–23%.
Operating EPS expected at $3.45–$3.70, up 7% at the midpoint.
Free cash flow in 2026 will be impacted by separation costs and the Bayer agreement, with ~$80M in estimated global tariff impacts.
Targeting $500M in share repurchases in the first half of 2026.
Guidance does not factor in extreme weather, major operational disruptions, or significant macroeconomic shocks.
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