Corteva reported fourth-quarter net sales of $3.91 billion, a 2 percent decline versus the year-ago period, driven by a 4 percent organic sales decrease. Volume fell 5 percent overall, primarily due to seasonal timing shifts in both Crop Protection and Seed, while price/mix contributed a modest 1 percent uplift. GAAP loss from continuing operations after tax was $537 million, compared with a $50 million loss in Q4 2024, and non-GAAP operating EBITDA declined 15 percent to $446 million as lower volumes and adverse pricing in Latin America offset cost improvements.

For the full year, Corteva delivered net sales of $17.40 billion, up 3 percent over 2024, with organic sales growth of 4 percent across all regions. GAAP income from continuing operations rose 40 percent to $1.20 billion, translating into EPS of $1.75. On a non-GAAP basis, operating EBITDA increased 14 percent to $3.85 billion and operating EPS grew 30 percent to $3.34. Seed segment sales expanded 5 percent organically, led by price/mix gains in North America and EMEA, while Crop Protection saw a 3 percent organic increase driven by volume growth in new products and biologicals.

Corteva generated $3.5 billion of cash from operating activities, a 51 percent year-over-year improvement, and free cash flow of $2.9 billion, up 69 percent. Strong cash performance supported returning over $1.5 billion to shareholders through dividends and share repurchases. The company ended the year with a net debt-to-EBITDA ratio below 1.0x, reinforcing balance sheet flexibility to fund growth initiatives and potential dividend increases in 2026.

Corteva remains on track to complete its planned separation in H2 2026, with key milestones—such as naming a new CEO for the spin-off and filing Form 10 amendments—expected by mid-year. The company finalized a litigation and licensing agreement with Bayer, unlocking accelerated royalty neutrality two years ahead of schedule and creating a pathway to $1 billion of net royalty income by 2035. For 2026, Corteva projects non-GAAP operating EBITDA of $4.0–4.2 billion and operating EPS of $3.45–3.70, driven by growth platforms, margin expansion and continued productivity gains.