Corteva, Inc.
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
CTVA$11.90-1.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0001755672-25-000011
Cautionary Statements About Forward-Looking StatementsRecent DevelopmentsOverviewCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001755672-25-000017
Cautionary Statements About Forward-Looking StatementsRecent DevelopmentsOverviewThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 22 previous paragraphs and 28 current paragraphs.
11 unchanged; 10 reworded; 2 added; 0 removed; 1 previous and 5 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (2)
Current report
•The company reported net sales of$10,873 million, up 3 percent versus the same period last year, reflecting a 4 percent increase in volume and a 1 percent increase in price, partially offset by a 2 percent unfavorable impact from currency.
Current report
•Restructuring and asset related charges - net were $101 million for the six months ended June 30, 2025, a decrease from $167 million for the six months ended June 30, 2024. The charges for the six months ended June 30, 2025 primarily relate toseverance and related benefit costs, asset related charges, decommissioning and demolition costs and contract termination charges associated with the Crop Protection Operations Strategy Restructuring Program.
Reworded paragraphs (10)
Previous wording
The company expects to record aggregate pre-tax restructuring and asset related charges of $650 million to $700 million, comprised of $85 million to $105 million of severance and related benefit costs, $320 million to $340 million of asset related and impairment charges and $245 million to $255 million of costs related to exiting the company’s production activities and ceasing operations (which includes related contract terminations and decommissioning and demolition costs). Decommissioning and demolition costs will be expensed on an as-incurred basis. Reductions in workforce are subject to local regulatory requirements. Through the first quarter of 2025, the company recorded net pre-tax restructuring and asset related charges of $487 million, comprised of $100 million of severance and related benefit costs, $339 million of asset related and impairment charges, $15 million of decommissioning and demolition costs, and $33 million of costs related to contract terminations.
Current wording
The company expects to record aggregate pre-tax restructuring and asset related charges of $650 million to $700 million, comprised of $85 million to $105 million of severance and related benefit costs, $320 million to $340 million of asset related and impairment charges and $245 million to $255 million of costs related to exiting the company’s production activities and ceasing operations (which includes related contract terminations and decommissioning and demolition costs). Decommissioning and demolition costs will be expensed on an as-incurred basis. Reductions in workforce are subject to local regulatory requirements. Through the second quarter of 2025, the company recorded net pre-tax restructuring and asset related charges of $566 million, comprised of $103 million of severance and related benefit costs, $340 million of asset related and impairment charges, $34 million of decommissioning and demolition costs, and $89 million of costs related to contract terminations.
Previous wording
Cash payments related to these charges are anticipated to be $330 million to $360 million, which primarily relate to the payment of severance and related benefits, contract terminations and decommissioning and demolition. Through the first quarter of 2025, the company paid $81 million associated with these charges. The restructuring actions associated with these charges are expected to be substantially complete by the end of 2026.
Current wording
Cash payments related to these charges are anticipated to be $330 million to $360 million, which primarily relate to the payment of severance and related benefits, decommissioning and demolition costs and contract terminations. Through the second quarter of 2025, the company paid $116 million associated with these charges. The restructuring actions associated with these charges are expected to be substantially complete by the end of 2026.
Previous wording
On September 13, 2022, Corteva, Inc. announced that its Board of Directors authorized a $2 billion share repurchase program to purchase Corteva, Inc.'s common stock, par value $0.01 per share, without an expiration date ("2022 Share Buyback Plan"). The timing, price and volume of purchases will be based on market conditions, relevant securities laws and other factors. In connection with the 2022 Share Buyback Plan, the company repurchased and retired 4,313,000 and 4,630,000 shares in the open market for a total cost (excluding excise taxes) of $270 million and $250 million for the three months ended March 31, 2025 and 2024, respectively.
Current wording
On November 19, 2024, Corteva, Inc. announced that its Board of Directors authorized a $3 billion share repurchase program to purchase Corteva, Inc,'s common stock, par value $0.01 per share, without an expiration date ("2024 Share Buyback Plan"). The timing, price and volume of purchases will be based on market conditions, relevant securities laws and other factors. In connection with the 2024 Share Buyback Plan, the company repurchased and retired 280,000 shares in the open market for a total cost (excluding excise taxes) of $20 million during the three and six months ended June 30, 2025.
Previous wording
•The company reported net sales of $4,417 million, down 2% versus the same quarter last year, reflectinga 5% decrease in currency, partially offset by a 2% increase in volume and a 1% increase in price.
Current wording
•The company reported net sales of $6,456 million, up 6 percent versus the same quarter last year, reflecting a 6 percent increase in volume and a 1 percent increase in price, partially offset by a 1 percent unfavorable impact from currency.
Previous wording
•Cost of goods sold totaled $2,342 million in the first quarter of 2025, down from $2,550 million in the first quarter of 2024, which wasdriven byongoing cost and productivity actions, Crop Protection raw material deflation, lower commodity prices, a reduction in net royalty expense and favorable currency effects, with a partial offset from higher volumes and higher Seed production costs.
Current wording
•Cost of goods sold totaled $2,932 million in the second quarter of 2025, up from $2,918 million in the second quarter of 2024, which wasdriven by higher volumes, with a partial offset from ongoing cost and productivity actions, Crop Protection raw material deflation, lower commodity prices and a reduction in net royalty expense.
Previous wording
•Restructuring and asset related charges - net were $22 million in the first quarter of 2025, a decrease from $75 million in the first quarter of 2024. The charges for the three months ended March 31, 2025 primarily relate to severance and related benefit costs, asset related charges and decommissioning and demolition costs associated with the Crop Protection Operations Strategy Restructuring Program.
Current wording
•Restructuring and asset related charges - net were $79 million in the second quarter of 2025, a decrease from $92 million in the second quarter of 2024. The charges for the three months ended June 30, 2025 primarily relate to contract termination charges and decommissioning and demolition costs associated with the Crop Protection Operations Strategy Restructuring Program.
Previous wording
•Income (loss) from continuing operations after income taxes was $667 million, as compared to $376 million in the same quarter last year.
Current wording
•Income (loss) from continuing operations after income taxes was $1,382 million, as compared to $1,056 million in the same quarter last year.
Previous wording
•Operating EBITDA was $1,189 million for the three months ended March 31, 2025, up from $1,034 million for the three months ended March 31, 2024, primarily driven by Seed pricing gains, Crop Protection volume growth, net cost and productivity benefits, and net royalty improvement, partially offset by continued investment in Seed research and development, competitive Crop Protection pricing and unfavorable currency effects. Refer to page 47 for further discussion of the company's non-GAAP financial measures.
Current wording
•Operating EBITDA was $2,164 million for the three months ended June 30, 2025, up from $1,917 million for the three months ended June 30, 2024, primarily driven by Seed pricing and share gains, Crop Protection volume growth, ongoing cost and productivity benefits, and net royalty improvement, partially offset by continued investment in Seed research and development, competitive Crop Protection pricing and unfavorable currency effects. Refer to page 52 for further discussion of the company's non-GAAP financial measures.
Previous wording
In addition to the financial highlights above, the following events occurred during the three months ended March 31, 2025:
Current wording
In addition to the financial highlights above, the following events occurred during the six months ended June 30, 2025:
Previous wording
•The company returned approximately $385 million to shareholders during the three months ended March 31, 2025 under its previously announced share repurchase programs and through common stock dividends.
Current wording
•The company returned approximately $750 million to shareholders during the six months ended June 30, 2025 under its previously announced share repurchase programs and through common stock dividends.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
On September 13, 2022, Corteva, Inc. announced that its Board of Directors authorized a $2 billion share repurchase program to purchase Corteva, Inc.'s common stock, par value $0.01 per share, without an expiration date ("2022 Share Buyback Plan"). The timing, price and volume of purchases were based on market conditions, relevant securities laws and other factors. In connection with the 2022 Share Buyback Plan, the company repurchased and retired 3,502,000 and 7,815,000 shares in the open market for a total cost (excluding excise taxes) of $230 million and $500 million for the three and six months ended June 30, 2025, respectively, and 4,486,000 and 9,116,000 shares in the open market for a total cost (excluding excise taxes) of $250 million and $500 million for the three and six months ended June 30, 2024, respectively.
Current report — wording carried from elsewhere
The following is a summary of results from continuing operations for the six months ended June 30, 2025:
Current report — wording carried from elsewhere
•Cost of goods sold totaled$5,274 million for thesix months ended June 30, 2025, down from$5,468 million for thesix months ended June 30, 2024, which wasdriven byongoing cost and productivity actions, Crop Protection raw material deflation, lower commodity prices and a reduction in net royalty expense, with a partial offset from higher volumes.
Current report — wording carried from elsewhere
•Income (loss) from continuing operations after income taxes was $2,049 million, as compared to $1,432 million in the same period last year.
Current report — wording carried from elsewhere
•Operating EBITDA was $3,353 million for the six months ended June 30, 2025, up from $2,951 million for the six months ended June 30, 2025, primarily driven by Seed pricing and share gains, Crop Protection volume growth, net cost and productivity benefits, and net royalty improvement, partially offset by continued investment in Seed research and development, competitive Crop Protection pricing and unfavorable currency effects. Refer to page 52 for further discussion of the company's non-GAAP financial measures.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
On November 19, 2024, Corteva, Inc. announced that its Board of Directors authorized a $3 billion share repurchase program to purchase Corteva, Inc,'s common stock, par value $0.01 per share, without an expiration date ("2024 Share Buyback Plan"). The timing, price and volume of purchases will be based on market conditions, relevant securities laws and other factors.