Corteva Posts 3% FY2025 Sales Growth and $2.9B Free Cash Flow
Corteva delivered full-year 2025 net sales of $17.40 billion, up 3% year-over-year, with non-GAAP operating EBITDA of $3.85 billion and free cash flow of $2.9 billion, up 69%. The company narrowed Q4 net sales decline to 2%, posted $0.22 operating EPS, and guided 2026 operating EBITDA to $4.0–4.2 billion.
1. Q4 and Full-Year 2025 Results Overview
Corteva reported fourth-quarter net sales of $3.91 billion, down 2% year-over-year, with organic sales declining 4%. GAAP loss from continuing operations was $537 million, or a loss of $0.80 per share, compared to a $50 million loss in Q4 2024. On a non-GAAP basis, fourth-quarter operating EBITDA was $446 million, down 15%, and operating EPS was $0.22, down 31%. For full-year 2025, net sales rose 3% to $17.40 billion, while GAAP income from continuing operations reached $1.20 billion, or $1.75 per share, up 43%. Non-GAAP operating EBITDA was $3.85 billion, a 14% increase, and operating EPS was $3.34, a 30% increase versus 2024.
2. Segment Performance Highlights
Seed net sales in Q4 fell 2% to $1.74 billion, driven by an 8% volume decline offset by a 3% price/mix gain and favorable currency. Segment operating EBITDA improved 33% to $124 million on productivity savings and lower input costs. Crop Protection net sales decreased 1% to $2.17 billion, with a 5% volume decline partially offset by a 1% price increase; segment operating EBITDA declined on competitive pricing in Latin America but benefited from cost improvement initiatives.
3. Cash Generation and Capital Return
Corteva delivered $3.5 billion of operating cash flow in 2025, up 51% year-over-year, and generated free cash flow of $2.9 billion, a 69% improvement. Strong cash conversion enabled $1.5 billion of returns to shareholders through dividends and share repurchases. The company ended the year with a strengthened balance sheet, supporting ongoing investment in R&D and operational expansion.
4. 2026 Outlook, Separation and Licensing Milestones
Management refined full-year 2026 guidance, targeting operating EBITDA of $4.0–$4.2 billion and operating EPS of $3.45–$3.70. The planned corporate separation remains on track for H2 2026, with key milestones—including executive appointments and Form 10 amendments—expected by mid-year. A comprehensive resolution with Bayer accelerates royalty neutrality to 2026, secures multi-year access to traits, and is projected to unlock $1 billion of incremental earnings over the next decade through expanded licensing of corn, canola, and cotton technologies.