DuPont De Nemours (DD) Q1 2025 earnings summary

Executive summary

• Net sales rose 5% year-over-year to $3.07–$3.1 billion, with 6% organic growth and 8% volume gains, led by electronics, healthcare, and water end-markets.

• Operating EBITDA increased 16% to $788 million, with margin up 240 basis points to 25.7%.

• Adjusted EPS rose 30% to $1.03, driven by higher segment earnings and operational leverage.

• A $768 million non-cash goodwill impairment in IndustrialsCo (Aramids) led to a GAAP net loss of $548–$589 million.

• The planned Electronics business spin-off (Qnity) is on track for November 1, 2025, with leadership and board appointments completed and Form 10 filed.

Financial highlights

• Net sales reached $3.07–$3.1 billion, up 5% year-over-year, with 6% organic growth (volume +8%, price -2%, currency -1%).

• Operating EBITDA: $788 million (up 16%); margin 25.7% (+240 bps).

• Adjusted EPS: $1.03 (up 30%); GAAP EPS: $(1.33) to $(1.41) due to impairment.

• Operating cash flow: $382 million; CapEx: $249 million; transaction-adjusted free cash flow: $212 million (49% conversion).

• Goodwill impairment charge of $768 million related to Aramids reporting unit.

Outlook and guidance

• Q2 2025 guidance: net sales ~$3.2 billion, operating EBITDA ~$815 million, adjusted EPS ~$1.05.

• Full-year 2025 guidance maintained: net sales $12.8–$12.9 billion, operating EBITDA $3.325–$3.38 billion, adjusted EPS $4.30–$4.40.

• Estimated net cost impact of tariffs for 2025 is ~$60 million (~$0.10/share), mainly in the second half, not yet included in guidance.