Corteva Posts $3.35B Operating EBITDA in H1 2025, Eyes $3.85B for Full Year
07 August 2025, Indianapolis: Corteva, Inc. has reported financial results for the second quarter and six months ended June 30, 2025.
2Q 2025 Results Overview
1H 2025 Results Overview
First Half 2025 Highlights
In the first half of 2025, the company reported a 3% increase in net sales compared to the prior year, with organic sales rising by 5% across all regions. Seed net sales grew by 2%, while organic sales in this segment rose by 5%. This growth was supported by a 3% increase in pricing—led by North America and EMEA—reflecting the company’s continued focus on its price-for-value strategy. Additionally, seed volume increased by 2%, primarily due to a larger corn planting area in North America.
Crop Protection net sales were up by 3%, with organic sales growing by 6%. Volume surged by 8%, driven by strong demand for new products and biological solutions. However, pricing in this segment declined by 2%, largely due to challenging market dynamics in Latin America.
The company reported GAAP income from continuing operations of $2.05 billion, translating to earnings per share (EPS) of $2.98. Operating EBITDA stood at $3.35 billion, with an Operating EPS of $3.33 per share. For the full year 2025, the company updated its guidance, expecting net sales between $17.6 billion and $17.8 billion. Operating EBITDA is forecasted to range from $3.75 billion to $3.85 billion, while Operating EPS is projected to be between $3.00 and $3.20 per share. Additionally, the company plans to repurchase approximately $1 billion worth of shares during the year.
Chuck Magro, Chief Executive Officer, Corteva, Inc. said, “In the second quarter, farmers’ drive to get the most out of every acre led to higher demand for our best- in-class seed and crop protection solutions. Coupled with our continued focus on cost discipline and operational excellence, this resulted in impressive margin expansion for the quarter. Turning to the first half of the year, growth platforms, cost discipline as well as our leadership of the North America corn and soybean market helped us deliver results that exceeded our expectations.
While we continue to navigate a fluid macro environment, we are raising our full year guidance as a result of the strength of our global business and the setup for our Latin American business in the second half. This stronger view of 2025 also underscores our confidence in delivering our 2027 financial framework, and in the value our business offers, both in the short- and long-term.”
Summary of Second Quarter 2025
For the second quarter ended June 30, 2025, net sales increased 6% versus the same period last year. Organic sales increased 7%.
Volume was up 6% versus prior year on growth in both Crop Protection and Seed. Crop Protection volume increased 11% over the prior year driven primarily by Latin America on demand for new products, fungicides, spinosyns, and biologicals. Seed volume increased 3% versus prior year due primarily to increased corn area and share gains in North America.
Price was up 1% versus prior year, reflecting higher Seed pricing, partially offset by competitive price dynamics in Crop Protection, primarily in Latin America.
GAAP income from continuing operations after income taxes was $1.38 billion in second quarter of 2025 compared to $1.06 billion in second quarter of 2024. Operating EBITDA1 for the second quarter of 2025 was $2.16 billion, up 13% compared to prior year, translating into approximately 215 basis points of Operating EBITDA1 margin improvement.
Seed Summary
Seed net sales were $4.54 billion in the second quarter of 2025, up from $4.33 billion in the second quarter of 2024. The sales increase
reflects a 3% increase in volume, a 3% increase in price and a 1% unfavorable currency impact.
Volume growth in the quarter reflects increased corn area and share gains in North America, partially offset by lower soybean area in North America and just-in-time seed purchases in Argentina, shifting sales to the second half. The increase in price is due primarily to demand for top technology and increased out-licensing income. Unfavorable currency impacts were led by the Canadian Dollar.
Segment operating EBITDA was $1.86 billion in the second quarter of 2025, up 10% from the second quarter of 2024. Price execution and market share gains in North America, product mix, reduction of net royalty expense, and ongoing cost and productivity actions more than offset increased compensation and research expense, and the unfavorable impact of currency. Segment operating EBITDA margin improved by about 185 basis points versus the prior-year period.
Seed net sales were $7.24 billion in the first half of 2025, up 2% from the same period of 2024. The sales increase reflects a 3% increase in price and a 2% increase in volume, partially offset by a 3% unfavorable currency impact.
Price gains in most regions, led by North America, demonstrate demand for top technology and the strength of the portfolio, coupled with increased out-licensing income. Volume growth was driven primarily by increased corn area and share gains in North America, partially offset by reduced 2024/2025 corn area and just-in-time seed purchases in Argentina, as well as lower soybean area in North America. Unfavorable currency impacts were led by the Brazilian Real and the Canadian dollar.
Segment operating EBITDA was $2.71 billion for the first half of 2025, up 11% from the same period of 2024. Price execution and market share gains in North America, product mix, reduction of net royalty expense, and ongoing cost and productivity actions more than offset increased compensation and research expense and the unfavorable impact of currency. Segment operating EBITDA margin improved by 280 basis points versus the prior-year period.
Crop Protection Summary
Crop Protection net sales were approximately $1.92 billion in the second quarter of 2025 compared to approximately $1.78 billion in the second quarter of 2024. The sales increase over the prior period reflects an 11% increase in volume, partially offset by a 2% price decline and a 1% unfavorable impact from currency.
The increase in volume was driven primarily by Latin America on demand for new products, fungicides, spinosyns, and biologicals. The price decline was primarily due to the competitive pricing environment in Latin America, partially offset by North America price increases. Unfavorable currency impacts were led by the Brazilian Real.
Segment operating EBITDA was $334 million in the second quarter of 2025, up 31% from the second quarter of 2024. Raw material deflation, productivity savings, and volume growth more than offset the unfavorable impact of currency, price pressure, and higher compensation and bad debt expense in SG&A. Segment operating EBITDA margin improved by approximately 310 basis points versus the prior-year period.
Crop Protection net sales were approximately $3.63 billion for the first half of 2025 compared to approximately $3.52 billion in the same period of 2024. The sales increase reflects an 8% increase in volume, partially offset by a 2% decline in price and a 3% unfavorable impact from currency.
The price decline was primarily due to market dynamics in Latin America. The increase in volume was driven by demand for new products, fungicides and biologicals. Unfavorable currency impacts were led by the Brazilian Real and the Turkish Lira.
Segment operating EBITDA was $711 million for the first half of 2025, up 26% from the same period last year. Raw material deflation, productivity savings, and volume growth more than offset the unfavorable impact of currency, price pressure, and higher compensation and bad debt expense in SG&A. Segment operating EBITDA margin improved by approximately 355 basis points versus the prior-year period.
2025 Market Outlook & Guidance
Farmers continue to prioritize top-tier seed and crop protection technologies to maximize and protect their yields to keep pace with record global demand for grain and oilseeds. Global corn area is up in 2025, with a five percent increase in North America, driven by favorable corn economics relative to soybeans and other crops. Expectations for a large production year in 2025 and trade uncertainty have pressured grain prices in most major growing regions. However, the global corn stocks-to-use ratio for the 2025/2026 crop year is still expected to be at its lowest point in over a decade.
In Crop Protection, our latest view of the market for the full year continues to be a “flattish” environment, with volume gains offset by pricing headwinds. For Corteva’s Crop Protection business, we are expecting full-year double-digit volume gains in excess of low- single-digit pricing headwinds from broad-based portfolio gains, including new products and biologicals. As it pertains to ongoing tariff negotiations around the world, we are not expecting a material net impact on our full-year 2025 results given policies in place today. Global grain and oilseed demand is not expected to decline, regardless of any changes in trade flows.
As a result of its strong first half performance and expectations for modest growth in the second half, the Company increased full-year 2025 guidance3 with net sales expected to be in the range of $17.6 billion to $17.8 billion, growth of ~5% at the mid-point. Operating EBITDA1 is expected to be $3.75 billion to $3.85 billion, growth of 13% at the mid-point. Operating EPS1 is expected to be $3.00 to $3.20 per share, growth of 21% at the mid-point. The Company expects to repurchase approximately $1.0 billion of shares in 2025.
The Company is not able to reconcile its forward-looking non-GAAP financial measures, to its most comparable U.S. GAAP financial measures, as it is unable to predict with reasonable certainty items outside of its control, such as Significant Items, without unreasonable effort.
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