Corteva 8-K

Summary

Q3 2026 Crop Protection carve-out results. Net sales fell 6% Y/Y to $1.685B, as lower sales in Latin America, herbicides and fungicides more than offset growth in other products.

FY2026 operating EBITDA guidance was lowered to $1.100B-$1.125B from $4.1B-$4.3B, and FY2026 restructuring-charge guidance was lowered to $130M-$140M from $140M-$150M.

Developments

• The Seed Business separation was completed on 10/01/2026, making Vylor an independent public company. New Corteva received a $761M cash distribution and used it to repay $600M under its 364-day credit facility and $161M of commercial paper.
• Biotelliga, a New Zealand biological crop-protection company developing pest- and disease-control technologies, was acquired on 6/1/2026 for $66M, including $53M cash and the $13M fair value of a previously held investment. Its pipeline added a bio-insecticide and a bio-fungicide; the purchase price was ≈0.6% of New Corteva’s $10.4B total equity at 9/30/2026 (interim combined financial statements).
• Corteva, DuPont and Chemours reached a North Carolina settlement covering statewide and Fayetteville Works PFAS claims: the companies will pay $455M over 15 years, with Corteva’s share ≈$66M. Corteva and DuPont also agreed to guarantee Chemours’ settlement payments and provide financial assurance capped at $135M for certain obligations.
• Corteva and the FTC filed a proposed settlement of the FTC lawsuit; the court indicated on 11/11/2026 that it intended to approve it. The settlement restricts certain loyalty and rebate programs and requires compliance reporting; approval of the related multidistrict litigation settlement is expected in H1 2027.

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

• Crop Protection product sales in Q3 2026: herbicides $731M vs $813M Y/Y; insecticides $396M vs $409M; fungicides $171M vs $222M; biologicals $115M vs $147M; other $272M vs $197M. By region, Latin America was $594M vs $801M, while North America was $619M vs $562M and EMEA was $266M vs $226M.
• New Corteva’s Q3 GAAP net loss attributable to the company was $57M, vs net income of $76M a year earlier. Crop Protection operating EBITDA, a non-GAAP measure, was $299M vs $315M, with a 17.7% margin vs 17.6%.
• Nine-month operating cash flow was $(1.31)B vs $69M a year earlier; pension contributions were $1.548B vs $90M, a major cash use.
• The Crop Protection Operations Strategy Restructuring Program carries estimated aggregate pre-tax charges of $720M-$783M, including $345M-$365M of asset-related and impairment charges. Cash payments are expected to be $375M-$418M; $246M had been paid through Q3, and the actions are expected to be substantially complete by the end of 2028. The estimated charges are ≈7.1% of New Corteva’s $10.4B total equity at 9/30/2026 (interim combined financial statements).

Other guidance (9)

Metric	Period	Guidance
Restructuring charges (non-GAAP)	2026 Restructuring Actions	$40M-$50M
Cash payments related to the 2026 Restructuring Actions	2026 Restructuring Actions	$40M-$50M
Cash payments related to these charges	Crop Protection Operations Strategy Restructuring Program	$375M-$418M
Amortization expense	Remainder of 2026	$39M
Amortization expense	2027	$150M
Amortization expense	2028	$128M
Amortization expense	2029	$105M
Amortization expense	2030	$95M
Amortization expense	2031	$95M

Figures extracted from the filings and checked against their text; changes and verdicts computed from them. These tables cover the whole earnings day, with the other 8-K of this earnings day.