01—Abstract
Summary
Summary of the 10-Q filed November 6, 2025. Cited figures are marked; the original filing is the authoritative source.
DuPont de Nemours, Inc. reported third-quarter 2025 net sales of $3.07 billiona, up 7 percent from $2.86 billion a year earlier, driven by a 7 percent volume increase, with ElectronicsCo volume up 11 percent and IndustrialsCo volume up 5 percent.
Income from continuing operations, net of tax, was $308 millionb versus $453 million in the prior-year quarter, and the company posted a net loss of $107 million ($(123) million attributable to DuPont common stockholders) against net income of $465 million a year earlier. The loss was driven by $415 million of losses from discontinued operations, including a $437 million loss from classification of the Aramids business as held for sale, and acquisition, integration and separation costs of $139 million tied primarily to the Electronics Separation. Nine-month net loss was $618 million, and cash provided by continuing operations was $1.26 billion versus $1.52 billion a year earlier.
The quarter reflects the completion of the Electronics Separation: Qnity Electronics, Inc. was spun off on November 1, 2025, and beginning in the fourth quarter its results will be reported as discontinued operations. The Aramids Divestiture to TJC LP, with cash proceeds of approximately $1.2 billionc, a $300 million note and a minority equity interest valued at $325 million, is expected to close in the first quarter of 2026. Total debt rose to $8.90 billion at September 30, 2025 from $7.17 billion, primarily due to the Qnity Notes issued in August 2025, and the company disclosed a proposed New Jersey PFAS settlement with an aggregate cash payment of $875 million payable over 25 years, of which DuPont's share is recorded at a net present value of $311 million.
After quarter end, DuPont announced a new $2 billiond share repurchase authorization, expects to launch a $500 million accelerated share repurchase, and entered into a transaction support agreement for a tender offer and consent solicitation on its 2038 and 2048 notes. Credit ratings at November 4, 2025 were BBB+ (S&P, stable), Baa1 (Moody's, negative outlook) and BBB+ (Fitch, stable).
02—Key points
Key Highlights
- Q3 2025 net sales of $3.07 billion, up 7 percent, with volume up 7 percent and ElectronicsCo volume up 11 percent
- Q3 net loss of $(107) million versus net income of $465 million a year earlier, driven by a $415 million loss from discontinued operations including a $437 million held-for-sale loss on the Aramids business
- Continuing operations income before taxes of $327 million versus $552 million; acquisition, integration and separation costs rose to $139 million from $43 million
- Qnity Electronics spin-off completed November 1, 2025; Aramids sale to TJC LP expected to close in Q1 2026 with approximately $1.2 billion cash proceeds
- Total debt increased to $8.90 billion from $7.17 billion at year-end 2024, mainly due to $1.75 billion of Qnity Notes issued in August 2025
- Proposed New Jersey PFAS settlement with aggregate State payment of $875 million over 25 years; DuPont's share recorded at $311 million net present value
- Post-quarter, board approved a new $2 billion share repurchase authorization and the company expects to launch a $500 million accelerated share repurchase
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed November 6, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $1.79B$1.71B | +4.7% |
| Cost of Revenue | $1.18B$1.13B | +4.0% |
| Gross Profit | $616.00M$580.00M | +6.2% |
| R&D Expenses | $52.00M$127.00M | −59.1% |
| SG&A Expenses | $261.00M$368.00M | −29.1% |
| Net Income | -$123.00M$454.00M | −127.1% |
| EPS (Basic) | $-0.88$1.09 | −180.7% |
| EPS (Diluted) | $-0.88$1.08 | −181.5% |
| Shares Outstanding (Basic) | 139.70M417.90M | −66.6% |
| Shares Outstanding (Diluted) | 140.00M419.50M | −66.6% |
05—Questions
Frequently Asked Questions
Why did DuPont report a net loss in the third quarter of 2025?
DuPont reported a net loss of $(107) million in Q3 2025, compared with net income of $465 million in Q3 2024. Income from continuing operations was $308 million, but discontinued operations produced a loss of $415 million, including a $437 million loss from classifying the Aramids business as held for sale and a $51 million impairment on Aramids equity method investments within that figure.
What is the status of the Electronics Separation and Aramids Divestiture?
The Electronics Separation was completed on November 1, 2025, when Qnity Electronics, Inc. became an independent public company; its results will be reported as discontinued operations beginning in Q4 2025. The Aramids Divestiture to TJC LP is expected to close in the first quarter of 2026, subject to customary closing conditions and regulatory approvals, for cash proceeds of approximately $1.2 billion, a $300 million note and a minority equity interest valued at $325 million.
How did DuPont's debt and liquidity change?
Total debt was $8,899 million at September 30, 2025, up from $7,171 million at December 31, 2024, primarily due to the Qnity Notes issued in August 2025. Cash and cash equivalents were $1,955 million, and restricted cash of $1,830 million included escrowed Qnity note proceeds that were released on November 1, 2025. The company stated it was in compliance with its covenant requiring a ratio of Total Indebtedness to Total Capitalization not exceeding 0.60.
What is the New Jersey PFAS settlement and what does it cost DuPont?
In August 2025, DuPont, Chemours and Corteva agreed to a proposed Judicial Consent Order with the State of New Jersey resolving outstanding state claims. The settlement includes an aggregate cash payment of $875 million payable over 25 years, shared under the 2021 MOU. DuPont recorded a pre-tax charge of $177 million in June 2025, reflecting a net present value of $311 million for its share, with a liability of $181 million at September 30, 2025. Final court approval hearing is scheduled for January 8, 2026.
What shareholder returns and capital actions were announced?
The Board declared a fourth-quarter 2025 dividend of $0.20 per share for New DuPont, payable December 15, 2025. On November 6, 2025, the Board approved a new share repurchase authorization of up to $2 billion, and the company expects to launch an accelerated share repurchase of $500 million. In November 2025 the company also entered into a transaction support agreement for a tender offer and consent solicitation on its 2038 and 2048 notes, with the tender cap set at $739 million.
06—Continue