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CTVA · Corteva, Inc.

7 filings

10-K

CTVA 10-K Annual Reports

Corteva, Inc. - 7 annual reports

Filing record · 2019–202610-K710-Q238-K85

2025
Corteva, Inc. Annual Report, Year Ended Dec 31, 2025
Corteva, Inc. reported robust performance for the year ended December 31, 2025, with net sales increasing by 3% to $17.4 billion, driven by a 1% rise in price and a 3% increase in volume. This growth was achieved despite a 1% unfavorable currency impact. The company demonstrated strong operational execution, with Cost of Goods Sold (COGS) decreasing to $9.2 billion due to cost-saving initiatives, raw material deflation, and lower commodity prices, partially offset by higher volumes. Income from continuing operations after taxes significantly improved to $1.2 billion from $863 million in the prior year, with Operating EBITDA rising to $3.8 billion from $3.4 billion. Key strategic priorities for Corteva include delivering top-tier technology, increasing market share in seed trait out-licensing, driving operational improvements, and completing the intended separation of its Seed and Crop Protection businesses into two standalone public companies by the second half of 2026. The company also returned approximately $1.5 billion to shareholders through share repurchases and dividends in 2025, underscoring its commitment to shareholder value. Corteva remains focused on innovation and deploying capital with discipline to drive organic and inorganic growth.
Feb 12, 2026
2024
Corteva, Inc. Annual Report, Year Ended Dec 31, 2024
Corteva, Inc. reported net sales of $16.9 billion for the year ended December 31, 2024, a 2% decrease compared to the prior year. This decline was primarily attributed to a 1% decrease in price and a 3% unfavorable currency impact, partially offset by a 2% increase in volume. The company's Seed segment saw a 1% increase in net sales, driven by price gains and volume growth in key regions like Brazil and North America. Conversely, the Crop Protection segment experienced a 5% decrease in net sales due to lower pricing and unfavorable currency impacts, despite a 3% volume increase. The company returned approximately $1.5 billion to shareholders through share repurchases and dividends in 2024. Corteva is focused on delivering innovative technology, accelerating innovation to farmers, and deploying capital with discipline. Despite a slight revenue dip, Corteva demonstrated resilience through operational execution and strategic investments, such as the acquisitions of Stoller and Symborg in the biologicals space. The company continues to manage its cost structure effectively, with COGS decreasing by $391 million year-over-year, largely due to favorable currency effects and productivity actions. Looking ahead, Corteva remains committed to its value creation framework and delivering differentiated solutions to farmers.
Feb 14, 2025
2023
Corteva, Inc. Annual Report, Year Ended Dec 31, 2023
Corteva, Inc. reported net sales of $17.2 billion for the fiscal year 2023, a slight decrease of 1% compared to the previous year, primarily attributed to a 10% volume decline partially offset by a 7% price increase and a favorable portfolio impact from acquisitions. The company's operating EBITDA improved to $3.4 billion, driven by strong price execution and productivity initiatives. Corteva successfully integrated two biologicals companies, Stoller and Symborg, in early 2023, enhancing its crop protection portfolio. The company returned approximately $1.2 billion to shareholders through share repurchases and dividends in 2023, reflecting a commitment to capital deployment. Looking ahead to 2024, Corteva anticipates net sales between $17.4 billion and $17.7 billion and operating EBITDA between $3.5 billion and $3.7 billion, indicating confidence in continued growth and operational efficiency. Significant emphasis was placed on innovation and sustainability, with increased investment in R&D to deliver differentiated solutions. The company continues to manage risks associated with regulatory approvals, supply chain dynamics, and evolving market conditions, while also navigating ongoing litigation related to legacy EIDP businesses, particularly concerning PFAS matters.
Feb 8, 2024
2022
Corteva, Inc. Annual Report, Year Ended Dec 31, 2022
Corteva, Inc. reported strong performance in 2022 with an 11% increase in net sales, reaching $17.5 billion, driven by robust price execution and volume growth across all regions. The company's Seed segment saw a 7% sales increase, primarily due to price hikes, while the Crop Protection segment experienced a significant 17% sales jump, fueled by both price increases and volume growth, particularly from new product introductions. Despite facing headwinds from unfavorable currency impacts and rising input costs, Corteva demonstrated effective cost management and productivity actions, leading to an improvement in Operating EBITDA by 25% to $3.2 billion. The company also returned approximately $1.4 billion to shareholders through share repurchases and dividends. Looking ahead to 2023, Corteva anticipates continued growth, projecting net sales between $18.1 billion and $18.4 billion and Operating EBITDA between $3.4 billion and $3.6 billion, signaling confidence in its strategic priorities and market position.
Feb 9, 2023
2021
Corteva, Inc. Annual Report, Year Ended Dec 31, 2021
Corteva, Inc. (CTVA) reported strong performance in its 2021 fiscal year, with net sales increasing by 10% to $15.7 billion, driven by a 5% volume increase and a 4% price increase. This growth was supported by the successful penetration of new products and the company's "price for value" strategy, which helped offset rising raw material and logistics costs. Operating EBITDA also saw a significant increase, reaching $2.6 billion, up from $2.1 billion in the prior year, reflecting robust price execution and volume gains across all regions and segments. The company continued to return capital to shareholders, with approximately $1.3 billion deployed through share repurchases and dividends in 2021. Corteva also announced an increase in its common stock dividend and a new $1.5 billion share repurchase program, signaling confidence in its ongoing financial strength and commitment to shareholder returns. The company's strategic priorities focus on leveraging its innovation pipeline, driving margin expansion through operational excellence, generating strong cash flow, and deploying capital in a balanced way for growth and shareholder returns.
Feb 10, 2022
2020
Corteva, Inc. Annual Report, Year Ended Dec 31, 2020
Corteva, Inc. operates as a pure-play agriculture company, providing seeds and crop protection solutions globally. For the fiscal year ended December 31, 2020, the company reported net sales of $14.2 billion, an increase of 3% year-over-year, driven by a 5% increase in volume and a 3% rise in local price, partially offset by a 5% currency headwind. Income from continuing operations after income taxes was $756 million, a significant improvement from a loss of $270 million in the prior year. This turnaround was supported by reduced integration and separation costs and favorable tax adjustments. The company's strategic priorities for creating shareholder value include driving organic sales growth through innovation and its multi-channel, multi-brand strategy, expanding margins via operational integration and efficiencies, and accelerating cash returns to shareholders through its share repurchase program. Corteva is committed to innovation, with significant investment in its R&D pipeline to address farmer needs amidst a growing global population and evolving agricultural landscape. The company also actively manages its capital structure, returning cash to shareholders through dividends and share repurchases, with a $1 billion share repurchase program authorized, of which $700 million remained for 2021. Key risks and challenges highlighted include navigating complex and evolving regulatory environments, managing input cost volatility, intellectual property protection, and the impact of climate change and unpredictable weather patterns. Corteva also faces competition from generic products and other major agricultural companies. Despite these challenges, the company's focus on differentiated, science-based solutions positions it for continued growth in the agriculture sector.
Feb 11, 2021
2019
Corteva, Inc. Annual Report, Year Ended Dec 31, 2019
Corteva, Inc. (CTVA) completed its separation from DowDuPont (now DuPont de Nemours) on June 1, 2019, becoming a standalone pure-play agriculture company with two segments, seed and crop protection. For FY2019, net sales were $13,846 million, down 3% from $14,287 million, with the decline driven by a 3% currency headwind and flat volume, as weather-related North American planting delays offset strong new product demand and EMEA corn gains. Reported results were weak: net loss attributable to Corteva was $(959) million, or $(1.28) per share, including a $1,102 million goodwill impairment in discontinued operations and $744 million of integration and separation costs. Pro forma operating EBITDA was $1,987 million (down from $2,072 million) and pro forma operating EPS was $1.43 (down from $1.52), which management frames as the more representative measure of ongoing performance. The balance sheet was substantially de-levered after the separation. Total debt fell to $122 million from $7,938 million at year-end 2018, following roughly $4.6 billion of Make Whole and Term Loan repayments and a $2.0 billion Special Mandatory Redemption, with DowDuPont contributions funding much of the paydown. Cash and marketable securities were $1,769 million, and the company holds roughly $6.4 billion of available credit lines. Management guides 2020 net sales up 4-5%, operating EBITDA up about 12%, and operating EPS up about 5%, supported by the U.S.-China Phase One deal, USMCA, and $1.2 billion of cumulative cost synergies by 2021 (about $350 million realized in 2019). Key investor risks include a 2019 seed segment excess fair value cushion of only about 12% over carrying value (a potential future impairment risk), an accelerated prepaid royalty amortization of roughly $160 million expected in 2020 as Roundup Ready 2 traits are phased out in favor of Enlist E3, pending PFAS/PFOA litigation and environmental accruals of $336 million (with up to $620 million of potential additional exposure), and indemnification disputes with Chemours. The company also faces a Canadian Competition Bureau inquiry and an ongoing criminal EPA/DOJ investigation related to the La Porte, Texas incident.
Feb 14, 2020