Corteva (CTVA) Q2 2026 earnings summary

Executive summary

• Delivered strong first-half 2026 results with net sales up 4% to $11.28B, Operating EBITDA up 10% to $3.7B, and Operating EPS up 14% to $3.80, driven by robust execution in both Seed and Crop Protection and strong demand for advanced technologies.

• Achieved organic growth across all regions, with margin expansion and increased out-licensing income in Seed, and new product volume growth in Crop Protection despite competitive pricing pressures.

• On track to complete the planned separation into two independent companies (Corteva and Vylor) by October 1, 2026, with key milestones achieved, leadership teams in place, and regulatory filings completed.

• Raised full-year 2026 guidance for Operating EBITDA and EPS, reflecting confidence in continued operational momentum and execution.

• Advanced innovation through the acquisition of Biotelliga and received industry awards for product innovation and sustainability.

Financial highlights

• First-half 2026 net sales reached $11.3B, up 4% year-over-year; Operating EBITDA grew 10% to $3.7B, with margin expanding to 32.8%.

• Second quarter 2026 net sales were $6.38B, down 1% year-over-year; Operating EBITDA rose 4% to $2.26B, with margin up over 190 basis points to 35.4%.

• Operating EPS for 1H 2026 was $3.80, up from $3.33; GAAP income from continuing operations for 1H 2026 was $1.94B.

• Price/mix, volume, cost performance, and currency all contributed to EBITDA growth; improved seed net royalties by $90M.

• Returned $740M to shareholders in H1 2026 via share repurchases and dividends.

Outlook and guidance

• Full-year 2026 Operating EBITDA guidance raised to $4.1–$4.3B (up 9% at midpoint); Operating EPS expected at $3.60–$3.80 (up 11% at midpoint); margin outlook 22.5%–23.5%.

• Guidance assumes LSD-MSD organic growth in both Seed and Crop Protection for 2H 2026, with all earnings delivered in Q4 due to seasonal patterns and separation-related costs.

• Net dis-synergies from separation expected to be largely offset on a run-rate basis; $25M headwind included in FY guidance.

• Long-term growth targets reaffirmed, with 2027 EBITDA target of $4.4B and continued focus on productivity and cost management.

• The 2026 Restructuring Actions expected to deliver $115–$125M in annual run-rate savings by 2027.