CTVA Corteva 8-K 2026-11-11

Summary

Q3 2026 results and revised FY2026 outlook, following the 10/1/2026 spin-off of Corteva’s Seed business. For the Crop Protection business, sales fell 9% Y/Y as weaker conditions in Brazil outweighed new-product growth and resilience elsewhere; organic sales, based on price and volume excluding currency and portfolio effects, also declined 9%.

FY2026 adjusted pro forma operating EBITDA guidance was lowered to $1.1B-$1.125B from $4.1B-$4.3B; adjusted pro forma operating EPS is expected to be $0.76-$0.80. The company attributed the outlook update primarily to a sharper-than-anticipated deterioration in Brazil.

Developments

Corteva completed the spin-off of Vylor, its Seed business, on 10/1/2026; Corteva shareholders retained all Corteva shares and received Vylor shares, separating the Crop Protection and Seed businesses into independent public companies.

Results with guidance

Metric	Q3 2026 actual	9M 2026	FY2026 guide
Operating EBITDA (non-GAAP)	$222M-17% Y/Y, -90% Q/Q	$943M+0% Y/Y	$1.100B-$1.125Blowered from $4.1B-$4.3B
Restructuring charges (non-GAAP)	—	—	$130M-$140Mlowered from $140M-$150M

Results without guidance

Metric	Q3 2026	Change	9M 2026
Revenue	$1.59B	-9% Y/Y, -75% Q/Q	$5.36B-1% Y/Y
Net income	-$570M	vs -$320M Y/Y, -149% Q/Q	$1.31B-20% Y/Y
Diluted EPS	-$0.08	-189% Y/Y, -104% Q/Q	$0.16-68% Y/Y
Cash and cash equivalents	$3.93B	+57% Y/Y, +66% Q/Q	—
Diluted shares	668M	-1.6% Y/Y, -0.3% Q/Q	671M-1.8% Y/Y

What moved the numbers

Consolidated GAAP results included $99M of Q3 separation costs and a $41M after-tax loss from discontinued operations; for 9M, separation costs were $230M and the discontinued-operations loss was $95M.
Regional organic sales: North America +7% Y/Y, EMEA +14%, Latin America -31% and Asia Pacific +5%. Brazil’s elevated channel inventory, farmer liquidity constraints and high interest rates weighed on Latin America, while new-product demand supported growth in the other regions.
Product-line organic sales declined 11% Y/Y in herbicides, 3% in insecticides, 25% in fungicides and 24% in biologicals; “Other” grew 17%.
9M operating cash flow was $(3.95)B vs $(969)M a year earlier, including $1.57B of pension contributions and a $3.13B decrease in deferred revenue. Corteva repurchased $500M of stock vs $770M in 9M 2025.
2026 net pre-tax restructuring charges are expected to be $130M-$140M, lowered from $140M-$150M. The Crop Protection manufacturing and external-partner network restructuring is expected to be substantially complete in 2028.

Figures extracted from the filings and checked against their text; changes and verdicts computed from them.

Guidance

Metric	Period	Guidance	Prior	Direction
Adjusted pro forma operating EBITDA, non-GAAP	FY2026	$1.1B-$1.125B	$4.1B-$4.3B	Lowered
Adjusted pro forma operating EPS, non-GAAP	FY2026	$0.76-$0.80	—	—

Corteva 8-K