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Farm products · Consumer Defensive · Fiscal year ends Dec 31
Corteva reported revenue of $17.4B in the fiscal year ended Dec 2025, up 2.9% from the year before. Operating income was $1.9B, an operating margin of 10.7%, and net income was $1.1B. Operating cash flow of $3.4B less capital expenditure of $591M left free cash flow of $2.8B. It held more cash than debt (net cash $2.1B).
Ranks among the 7 farm products companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 15,655 | 17,455 | 17,226 | 16,908 | 17,401 |
| Cost of revenue | 9,220 | 10,436 | 9,920 | 9,529 | 9,172 |
| Gross profit | 6,435 | 7,019 | 7,306 | 7,379 | 8,229 |
| Research & development | 1,187 | 1,216 | 1,337 | 1,402 | 1,474 |
| Selling, general & admin | 3,209 | 3,173 | 3,176 | 3,196 | 3,492 |
| Operating incomederived: pre-tax income + interest | 2,376 | 1,505 | 1,326 | 1,508 | 1,868 |
| Interest expense | 30.0 | 79.0 | 233 | 233 | 180 |
| Pre-tax income | 2,346 | 1,426 | 1,093 | 1,275 | 1,688 |
| Income tax | 524 | 210 | 152 | 412 | 484 |
| Net income | 1,759 | 1,147 | 735 | 907 | 1,094 |
| Diluted EPS | 2.37 | 1.58 | 1.03 | 1.30 | 1.60 |
| Diluted shares | 742 | 725 | 712 | 696 | 681 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 4,459 | 3,191 | 2,644 | 3,106 | 4,521 |
| Receivables | 3,441 | 4,168 | 4,210 | 4,448 | 4,881 |
| Inventory | 5,180 | 6,811 | 6,899 | 5,432 | 5,667 |
| Current assets | 15,546 | 16,795 | 16,260 | 15,097 | 17,335 |
| Net PP&E | 4,329 | 4,254 | 4,287 | 4,099 | 4,220 |
| Goodwill | 10,107 | 9,962 | 10,605 | 10,408 | 10,465 |
| Total assets | 42,344 | 42,618 | 42,996 | 40,825 | 42,845 |
| Payables | 4,126 | 4,895 | 4,280 | 4,039 | 4,398 |
| Deferred revenue | 3,201 | 3,388 | 3,406 | 3,287 | 3,579 |
| Current liabilities | 9,558 | 10,744 | 10,409 | 10,386 | 12,125 |
| Short-term debt | 1.0 | 0.0 | 196 | 500 | 782 |
| Long-term debt | 1,100 | 1,283 | 2,291 | 1,953 | 1,686 |
| Total liabilities | 16,721 | 17,077 | 17,717 | 16,795 | 18,459 |
| Shareholders' equity | 25,384 | 25,302 | 25,037 | 23,789 | 24,144 |
| Backlog (remaining obligations) | 123 | 131 | 134 | 139 | 150 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 2,727 | 872 | 1,769 | 2,145 | 3,406 |
| Capital expenditure | 573 | 605 | 595 | 597 | 591 |
| Free cash flow | 2,154 | 267 | 1,174 | 1,548 | 2,815 |
| Depreciation & amortisation | 1,243 | 1,223 | 1,211 | 1,227 | 1,203 |
| Acquisitions | 0.0 | 0.0 | 1,456 | 0.0 | 0.0 |
| Share buybacks | 950 | 1,000 | 756 | 1,009 | 1,071 |
| Dividends paid | 397 | 418 | 439 | 458 | 475 |
| Dividend per share | 0.52 | 0.58 | 0.62 | 0.66 | 0.70 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.5% | −1.3% | −1.8% | 2.9% |
| Operating income growth (YoY) | – | −36.7% | −11.9% | 13.7% | 23.9% |
| EPS growth (YoY) | – | −33.3% | −34.8% | 26.2% | 23.1% |
| Gross margin | 41.1% | 40.2% | 42.4% | 43.6% | 47.3% |
| Operating margin | 15.2% | 8.6% | 7.7% | 8.9% | 10.7% |
| Net margin | 11.2% | 6.6% | 4.3% | 5.4% | 6.3% |
| Return on equityBlank when equity is negative | 6.9% | 4.5% | 2.9% | 3.8% | 4.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.2% | 4.7% | 4.1% | 5.0% | 6.1% |
| Free cash flow margin | 13.8% | 1.5% | 6.8% | 9.2% | 16.2% |
| Cash conversion (CFO ÷ net income) | 1.55x | 0.76x | 2.41x | 2.36x | 3.11x |
| Receivable days | 80 | 87 | 89 | 96 | 102 |
| Inventory days | 205 | 238 | 254 | 208 | 226 |
| Payable days | 163 | 171 | 157 | 155 | 175 |
| Interest cover | 79.2x | 19.1x | 5.69x | 6.47x | 10.4x |
| Debt ÷ equity | 0.04x | 0.05x | 0.10x | 0.10x | 0.10x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −3,358 | −1,908 | −157 | −653 | −2,053 |
| Current ratio | 1.63x | 1.56x | 1.56x | 1.45x | 1.43x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.