DuPont De Nemours (DD) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 reached $3.1 billion, up 7% year-over-year, with 6% organic growth and a 1% currency benefit.

• Operating EBITDA was $840 million, up 6% year-over-year, with a margin of 27.3%.

• Completed the spin-off of the Electronics business (Qnity Electronics) on November 1, 2025, and announced the sale of the Aramids business, both reflected as discontinued operations.

• Adjusted EPS was flat at $1.09, while GAAP EPS from continuing operations declined to $0.70 due to higher separation costs and absence of prior year gains.

• Announced a $2 billion share repurchase authorization, $500 million accelerated share repurchase, and a new quarterly dividend of $0.20 per share.

Financial highlights

• Organic sales growth was 6%, with a 7% volume increase and a 1% price decline; $70 million of sales were pulled forward due to customer timing.

• Transaction-adjusted free cash flow was $576 million, with a conversion rate of 126%.

• Operating EBITDA margin was 27.3%, down 30 bps year-over-year.

• Cash provided by operating activities from continuing operations was $591 million, with capital expenditures of $146 million and $131 million in separation-related costs.

• Net loss for Q3 2025 was $107 million, compared to net income of $465 million in Q3 2024, mainly due to losses from discontinued operations.

Outlook and guidance

• Full-year 2025 net sales guidance is ~$6.84 billion, with operating EBITDA of ~$1.6 billion and adjusted EPS of ~$1.66.

• Organic sales growth for FY25 expected at 2% year-over-year, with strength in healthcare and water offset by construction market weakness.

• Q4 2025 guidance: net sales ~$1.685 billion, operating EBITDA ~$385 million, adjusted EPS ~$0.43.

• Medium-term targets (2026-2028): 3%-4% organic growth, 150-200 bps margin expansion, 8%-10% EPS growth, >90% free cash flow conversion.

• Management expects sufficient liquidity and financial flexibility, supported by $2.0B in cash and access to debt markets.