Corteva Stock Earnings Reports

Corteva reported a solid Q3 2025 driven by strong execution on controllables, early Brazil safrinha seed demand, and double-digit operating EBITDA gains in both Seed and Crop Protection. The board announced intent to separate Corteva into two public companies (Seed and Crop Protection), targeting a second‑half 2026 separation to unlock focused long‑term value. Operational highlights include >$600 million of controllable benefits expected in 2025 (up from prior $530M estimate), $200M of seed productivity/deflation benefits, ~$90M of net royalty improvement, and >$250M of Crop Protection controllable benefits YTD. Corteva raised full‑year 2025 operating EBITDA guidance to $3.8–$3.9 billion (midpoint ~14% growth), raised operating EPS guidance to $3.25–$3.35, and reconfirmed free cash flow guidance of ~ $1.9 billion with a ~50% cash conversion rate. The company remains committed to $1 billion of share repurchases in 2025 and expects ongoing margin expansion (expecting >160 bps improvement in 2025 and a path to ~24% midpoint by 2027). Strategic and product updates: Crop Protection names a next‑gen insecticide active Varpelgo (early 2030s launch; peak >$750M), biologicals and new actives are growth engines, the CP technology pipeline is cited at $9B, and Seed expects to cross double‑digit trade penetration for Conkesta in Brazil next year. Early 2026 outlook: preliminary view of ~ $4.1B operating EBITDA (mid‑single‑digit growth) with assumptions of stable/on‑farm demand and continued investment in R&D. Key risks/caveats called out: Brazil pricing competitiveness, currency headwinds (BRL, TRY, CAD), potential separation dis‑synergies (initially estimated $80–$100M) and the usual execution/market uncertainties.