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DD · DuPont de Nemours

9 filings

10-K

DD 10-K Annual Reports

DuPont de Nemours - 9 annual reports

Filing record · 2017–202610-K910-Q288-K127

2025
DuPont de Nemours Annual Report, Year Ended Dec 31, 2025
DuPont de Nemours, Inc. reported 2025 net sales of $6.8 billion, up 2 percent from $6.7 billion in 2024, driven by a 3 percent increase in volume partially offset by a 1 percent decrease in local price and product mix. Following the November 1, 2025 spinoff of Qnity Electronics, the Electronics Business and the Aramids Business are reported as discontinued operations, so the company's continuing results now consist of two segments: Healthcare & Water Technologies (net sales of $3.23 billion, Operating EBITDA of $972 million, up 15 percent) and Diversified Industrials (net sales of $3.62 billion, Operating EBITDA of $800 million, down 5 percent). Net income available to common stockholders was a loss of $779 million in 2025, driven by a $836 million loss from discontinued operations, including a $768 million goodwill impairment and a $444 million loss on classification of the Aramids business as held for sale. Income from continuing operations was $98 million. Balance sheet and capital allocation changed significantly. Total debt fell to $3.2 billion from $7.2 billion at year-end 2024, and cash and cash equivalents were $715 million. Qnity paid DuPont a cash distribution of approximately $4.1 billion in connection with the separation, which funded debt repayments and the $500 million accelerated share repurchase under a new $2 billion authorization. Dividends paid were $1.43 per share in 2025. Credit ratings at January 31, 2026 were BBB+ (S&P), Baa1 (Moody's) and BBB+ (Fitch), all stable. Looking ahead, the pending sale of the Aramids business to Arclin, a TJC affiliate, is expected to close around the end of the first quarter 2026, with pre-tax cash proceeds of approximately $1.2 billion, a $300 million note receivable and an equity interest valued at $325 million. On February 13, 2026, the company committed to a cost-reduction plan expected to incur $100 million to $150 million of pre-tax restructuring and other costs from 2026 through 2028. For 2026, the company expects growth in Healthcare and Water, about flat Building Technologies, low-single-digit growth in Industrial Technologies, and capital expenditures of about $320 million.
Feb 17, 2026
2024
DuPont de Nemours Annual Report, Year Ended Dec 31, 2024
DuPont de Nemours, Inc. (NYSE: DD) reported 2024 net sales of $12.4 billion, up 3 percent from $12.1 billion in 2023, with income from continuing operations before income taxes of $1,192 million versus $504 million a year earlier. Electronics & Industrial net sales rose 11 percent to $5,930 million and Operating EBITDA rose 17 percent to $1,717 million, driven by semiconductor and interconnect volume recovery. Water & Protection net sales fell 4 percent to $5,423 million and Operating EBITDA fell 2 percent to $1,360 million. Net income available to common stockholders was $703 million, or $1.67 per diluted share, compared with $423 million in 2023. The central strategic event is the planned separation of the Electronics business, which DuPont is targeting for completion on November 1, 2025; DuPont will retain the Water business. The company also expects a 2025 segment realignment that will report the Electronics businesses as a single segment. Capital allocation has shifted: DuPont completed its $5 billion buyback program, repurchased shares under a $1 billion program, and stated it does not intend to use the remaining $500 million of that $1 billion authorization. Cash and cash equivalents were $1.9 billion at year-end, and total debt was $7.2 billion, down from $7.8 billion after a $650 million partial redemption of 2038 notes. Key risks flagged in the filing include the execution and tax treatment of the Electronics separation, continuing PFAS-related liabilities and indemnification obligations to Corteva and Chemours, and a goodwill carrying amount of $16.6 billion, with the Protection reporting unit's fair value exceeding its carrying value by approximately 5 percent. Credit ratings at January 31, 2024 were BBB+ (S&P, Watch Negative), Baa1 (Moody's, Negative) and BBB+ (Fitch, Watch Negative).
Feb 14, 2025
2023
DuPont de Nemours Annual Report, Year Ended Dec 31, 2023
DuPont de Nemours, Inc. reported 2023 net sales of $12.07 billion, down 7 percent from $13.02 billion in 2022, driven by an 8 percent decrease in volume and a 1 percent unfavorable currency impact, partly offset by a 2 percent increase in local price and product mix. Income from continuing operations before income taxes fell to $504 million from $1.45 billion, largely due to an $804 million non-cash goodwill impairment charge in the Water & Protection segment's Protection reporting unit. Net income available to common stockholders was $423 million, or $0.94 per diluted share, compared with $5.87 billion in 2022, which included gains from the Mobility & Materials divestiture to Celanese. Operating EBITDA declined to $2.94 billion from $3.26 billion. The company completed the sale of its Delrin business to TJC on November 1, 2023, and acquired Spectrum Plastics Group on August 1, 2023 for a net purchase price of about $1.79 billion. Cash, cash equivalents and marketable securities were $2.39 billion at year end versus $4.96 billion a year earlier, reflecting the $2 billion accelerated share repurchase, the Spectrum acquisition and a $400 million contribution to the Water District PFAS settlement fund. Total debt was $7.80 billion. The company's credit ratings were BBB+ (S&P), Baa1 (Moody's) and BBB+ (Fitch), all with stable outlooks. DuPont completed its $5 billion share buyback program with the $2 billion ASR settlement and approved a new $1 billion program in the first quarter of 2024, with an initial $500 million ASR. The quarterly dividend was raised to $0.38 per share, a 6 percent increase. For 2024, management anticipates an electronics market recovery and improved industrial orders, while noting continued weak demand in China and additional destocking in the first quarter.
Feb 15, 2024
2022
DuPont de Nemours Annual Report, Year Ended Dec 31, 2022
DuPont de Nemours, Inc. reported 2022 net sales of $13.0 billion, up 4 percent from $12.6 billion in 2021, with income from continuing operations before income taxes of $1,448 million and net income of $5,917 million, which includes $4,856 million from discontinued operations driven largely by the M&M Divestiture. The divestiture of the majority of the historic Mobility & Materials segment to Celanese closed on November 1, 2022 for $11.0 billion in cash ($10.5 billion net of transferred cash). Proceeds funded a $2.5 billion early redemption of 2023 senior notes, the repayment of all commercial paper, and a $3.25 billion accelerated share repurchase agreement; year-end cash and cash equivalents were $3.7 billion and marketable securities were $1.3 billion, and total debt declined to $8.1 billion from $10.8 billion. Continuing operations are now organized into Electronics & Industrial (net sales $5.9 billion, Operating EBITDA $1.8 billion) and Water & Protection (net sales $6.0 billion, Operating EBITDA $1.4 billion), with Corporate & Other holding the retained Auto Adhesives & Fluids, MultibaseTM and Tedlar product lines along with divested businesses. Operating cash flow fell sharply to $588 million from $2,281 million, reflecting working capital use and transaction costs, and capital expenditures were $743 million. The company also terminated its intended Rogers Corporation acquisition, paying a $162.5 million termination fee, and announced a $5 billion share repurchase program running through June 30, 2024, and a 9 percent increase in the first-quarter 2023 dividend to $0.36 per share. Investors should weigh the company's large PFAS-related exposure: the filing describes a cost-sharing arrangement under which Chemours bears 50 percent of qualified spend and DuPont and Corteva share the other 50 percent, with an accrued indemnification liability of $186 million, and it notes that additional eligible PFAS costs could be significant. The Delrin divestiture remains pending, with closing anticipated by the end of 2023, and the auditor identified goodwill impairment analyses and internal restructuring tax effects as critical audit matters.
Feb 15, 2023
2021
DuPont de Nemours Annual Report, Year Ended Dec 31, 2021
DuPont de Nemours, Inc. reported net sales of $16.65 billion for 2021, up 16 percent from $14.34 billion in 2020, driven by a 10 percent increase in volume and a 4 percent increase from local price and product mix. Net income available to common stockholders was $6.47 billion, compared with a loss of $2.95 billion in 2020, largely reflecting a $4.71 billion gain from discontinued operations tied to the February 1, 2021 divestiture of the Nutrition & Biosciences business to IFF. Income from continuing operations before income taxes was $2.20 billion, versus a pre-tax loss of $2.25 billion in 2020, which included $3.21 billion of goodwill impairment charges that did not recur in 2021. Operating EBITDA rose to $4.17 billion from $3.44 billion. The company's balance sheet shrank substantially after the N&B separation: total debt fell to $10.78 billion from $15.61 billion, and cash and cash equivalents were $2.01 billion at year-end. Net working capital was $3.80 billion. Cash provided by operating activities was $2.28 billion, while capital expenditures totaled $891 million. The company acquired Laird Performance Materials for $2.40 billion in July 2021 and agreed to acquire Rogers Corporation for about $5.2 billion, with closing expected by the end of the second quarter of 2022. It also initiated a divestiture process for a substantial portion of its Mobility & Materials segment, which predominantly includes the Engineering Polymers and Performance Resins lines. For 2022, the company expects demand to remain strong across all segments and anticipates earnings improvement versus 2021, while raw material and logistics costs are expected to remain elevated. The Board declared a first-quarter 2022 dividend of $0.33 per share, a ten percent increase, and authorized a new $1.0 billion share buyback program.
Feb 11, 2022
2020
DuPont de Nemours Annual Report, Year Ended Dec 31, 2020
DuPont de Nemours, Inc. (NYSE: DD) reported 2020 net sales of $20.4 billion, down 5 percent from $21.5 billion in 2019, driven by a 4 percent decrease in volume and a 1 percent decline from portfolio actions. The company posted a net loss available to common stockholders of $2.95 billion, or $(4.01) per diluted share, compared with net income of $498 million in 2019. The loss was driven primarily by $3.21 billion of goodwill impairment charges, including $2.50 billion in Transportation & Industrial and $716 million in Non-Core, along with $849 million of restructuring and asset related charges. Operating cash flow improved to $4.10 billion from $1.41 billion, and cash and cash equivalents were $2.54 billion at year-end, with $6.2 billion of N&B Notes Offering proceeds held in restricted cash. The most significant event for investors is the February 1, 2021 completion of the separation and distribution of the Nutrition & Biosciences (N&B) business to International Flavors & Fragrances Inc. (IFF) through an exchange offer and merger. DuPont accepted approximately 197.4 million shares of its common stock in exchange for about 141.7 million shares of N&B common stock and received a one-time cash payment of approximately $7.3 billion. The company used these proceeds to terminate its $3 billion term loan facilities and plans to redeem its $2 billion May 2020 Notes in May 2021. The N&B business will be reported as discontinued operations beginning in the first quarter of 2021. Looking ahead, DuPont expects demand to remain strong for semiconductors, smartphones, protective garments, water and residential construction, and anticipates earnings improvement from cost actions, a lower share count from the Exchange Offer, and lower interest expense. The company also disclosed a binding memorandum of understanding with Corteva and Chemours to share future eligible PFAS costs, capped at $4 billion of qualified spend, and it planned to sell its Clean Technologies and Solamet businesses and its Biomaterials unit for aggregate pre-tax proceeds of about $920 million, expected to close in the first half of 2021.
Feb 12, 2021
2019
DuPont de Nemours Annual Report, Year Ended Dec 31, 2019
DuPont de Nemours, Inc. (NYSE: DD) reports 2019 net sales of $21.5 billion, down 5 percent from $22.6 billion in 2018, with volume down 4 percent, currency down 2 percent and portfolio actions down 1 percent, partly offset by a 2 percent increase in local price. The company reported a loss from continuing operations of $614 million for 2019, driven by $1,175 million of non-cash goodwill impairment charges in the Nutrition & Biosciences and Non-Core segments and $1,342 million of integration and separation costs. Net income available to common stockholders was $498 million, which includes $1,214 million of income from discontinued operations tied to the Dow and Corteva separations. Pro forma Operating EBITDA was $5.64 billion, compared with $5.91 billion in 2018, and the company ended 2019 with $1.54 billion of cash and marketable securities against $17.45 billion of total debt. The central strategic item is the proposed combination of the Nutrition & Biosciences business with International Flavors & Fragrances Inc. (IFF) in a Reverse Morris Trust transaction, expected to close by the end of the first quarter of 2021. DuPont shareholders would own approximately 55.4 percent of the combined company, and DuPont would receive a one-time $7.3 billion cash payment, subject to adjustment. Financing for that payment includes a $1.25 billion term loan entered in January 2020, with the remaining $6.25 billion expected to come from a notes offering and/or bridge loans. Management's 2020 outlook anticipates a macro environment similar to 2019, with modest improvement in select areas offset by nylon dynamics and automotive weakness. Credit ratings at January 31, 2020 were A- (S&P, Negative Watch), Baa1 (Moody's, Stable) and BBB+ (Fitch, Stable). Investors should also note the company's contingent liabilities, including PFAS-related litigation and the Chemours suit, and the tax-free treatment of the Dow and Corteva distributions, which the IRS could challenge.
Feb 14, 2020
2018
DuPont de Nemours Annual Report, Year Ended Dec 31, 2018
DowDuPont Inc. reported 2018 net sales of $85.98 billion, up from $62.48 billion in 2017, driven largely by the Merger with Historical DuPont (a full year of results versus four months in 2017). Volume rose 4 percent and local price rose 4 percent, with currency adding 1 percent. Income from continuing operations was $4.00 billion, and net income available to common stockholders was $3.84 billion ($1.65 per diluted share), compared with $1.46 billion ($0.91 per share) in 2017. Operating EBITDA by segment totaled $18.29 billion, and free cash flow was $894 million, compared with negative free cash flow in 2017 and 2016. The company is pursuing three separate, tax-free spin-offs: Dow Holdings Inc. (materials science), targeted for April 1, 2019, and Corteva, Inc. (agriculture), targeted for June 1, 2019, leaving DowDuPont as the specialty products company, which it expects to be renamed DuPont. The $12.7 billion of DowDuPont Notes issued in November 2018 must be redeemed at 101 percent of principal if the separations are not completed by May 1, 2020 or are abandoned. Current ratings for DowDuPont are A- (S&P), Baa1 (Moody's) and BBB+ (Fitch), all with stable outlooks. The filing also highlights significant legal and environmental exposures, including asbestos liabilities at Union Carbide, PFOA-related actions tied to the Chemours separation, and a $4.5 billion goodwill impairment recorded by Historical DuPont at the standalone level that did not survive at the DowDuPont level. Environmental accruals totaled $1.20 billion at year-end 2018. Management outlined a $3.0 billion share buyback program, of which $1.4 billion had been repurchased by December 31, 2018, with completion expected before March 31, 2019.
Feb 11, 2019
2017
DuPont de Nemours Annual Report, Year Ended Dec 31, 2017
DowDuPont Inc. reported 2017 net sales of $62.5 billion, up 30 percent from $48.2 billion in 2016, reflecting the Merger of Dow and DuPont completed August 31, 2017, Dow Corning's silicones business addition, higher selling prices and demand growth. Income from continuing operations, net of tax was $1,669 million, versus $4,404 million in 2016, and net income available to common stockholders was $1,460 million ($0.91 per diluted share). The results were weighed down by a $1,491 million goodwill impairment on the Coatings & Performance Monomers reporting unit, $3,280 million of restructuring, goodwill impairment and asset-related charges, $1,101 million of integration and separation costs, and a $1,469 million inventory fair value step-up charge tied to the Merger and the H&N acquisition. A net tax benefit of $1,086 million from the U.S. Tax Cuts and Jobs Act partly offset these charges. The company remains on track for its planned separation into three companies covering agriculture, materials science and specialty products. On February 1, 2018, management updated the timing so materials science is expected to separate by the end of the first quarter of 2019 and agriculture and specialty products by June 1, 2019. The cost synergy commitment was raised from $3 billion to $3.3 billion, and the DowDuPont Cost Synergy Program is expected to involve approximately $2 billion of pretax restructuring charges. Cash provided by operating activities was $8,695 million and free cash flow was $5,125 million. Cash and marketable securities totaled $14,394 million at year-end, against total debt of $34,071 million. Investors should note the company's exposure to legal and environmental matters, including PFOA and GenX litigation and a grand jury subpoena related to the Fayetteville Works facility, as well as asbestos liabilities at Union Carbide. Management also disclosed that the company repurchased $1 billion of stock in 2017, with a $4 billion authorization approved November 2, 2017, of which $3.0 billion remained at year-end, and intends to repurchase approximately $1.0 billion in the first quarter of 2018.
Feb 15, 2018