Corteva, Inc.

Corteva, Inc. (NYSE: CTVA) is an Indianapolis-headquartered crop protection company. From its formation in 2019 as the agriculture business of DowDuPont until 1 October 2026 it operated two segments, seed and crop protection. On that date it separated the seed segment into Vylor Inc. (NYSE: VYLR), which began regular-way trading on the New York Stock Exchange the same morning. Corteva retains the crop protection portfolio, the corporate name, the listing, and the legacy pension and environmental obligations of the businesses it was assembled from.

Identifiers

Executive Summary

Corteva sells crop protection chemistry and biologicals and earns revenue in four regions: North America, Latin America, EMEA and Asia Pacific. Its portfolio has four product lines — herbicides, insecticides, fungicides and biologicals — sold to growers through distributors, retailers and other channel partners. In the nine months to 30 September 2026, on an adjusted pro forma basis that treats the seed business as discontinued, net sales were US$5,357m and adjusted pro forma operating EBITDA was US$943m, a margin of 17.6%. North America was the largest region at US$1,826m, ahead of EMEA at US$1,438m and Latin America at US$1,403m, with Asia Pacific at US$690m.

The company’s reported history divides at the separation. As a combined group it reported net sales of US$17,226m in FY2023, US$16,908m in FY2024 and US$17,400m in FY2025. Seed was the larger and more profitable segment: 56.45% of FY2024 net sales at a 23.25% segment operating EBITDA margin, against 17.28% in crop protection. Post-separation, the company guides to US$1.10–1.125bn of adjusted pro forma operating EBITDA for FY2026, a midpoint equal to 28.9% of the FY2025 combined figure. The company has not published a comparable full-year pro forma sales outlook.

Key Highlights

Company Overview

Business Description

Corteva’s crop protection business is organised into four product lines. Herbicides are the largest at US$3,599m of FY2024 net sales, followed by insecticides at US$1,715m, fungicides at US$1,081m and biologicals at US$476m. The company sells to growers through channel partners, and its quarterly results are sensitive to distributor inventory positions and to farmer financing conditions in its largest markets; the third quarter of 2026 release attributes the Latin American decline to elevated channel inventory and delayed purchasing.

Until 1 October 2026 the company also owned a seed business — corn, soybean, other oilseeds and other seed, including the Pioneer genetics operation — that represented 56.45% of FY2024 net sales. That business now trades as Vylor Inc. Corteva’s product-line revenue disclosure has not been published since the separation, so FY2024 remains the last complete account of what the portfolio is made of.

Organisational Structure and Footprint

The separation replaced the group’s executive team and part of its board. Luke Kissam, previously chief executive of Albemarle, joined Corteva on 1 June 2026 to lead the crop protection business before the split and became chief executive of the listed company on 1 October 2026. Four directors — Charles Magro, Kerry Preete, Marcos Lutz and Karen Grimes — resigned at the effective time, Kissam joining the board in their place. Four officers, including Magro and chief financial officer David Johnson, left to lead Vylor.

Corteva remains at its Zionsville Road headquarters in Indianapolis, where about 1,500 of the roughly 22,000 people employed by the pre-separation group worked. Vylor is headquartered at Corteva’s former campus in Johnston, Iowa, where the group had about 3,000 employees. The two companies provide services to one another under transition agreements disclosed in the separation filings.

Financial Performance

Key Financial Highlights

Two bases of presentation appear on this page and they are not comparable. FY2023 to FY2025 are consolidated figures for the group including the seed segment, which was part of the company throughout those years. From the third quarter of 2026 the company reports adjusted pro forma figures, which treat the seed business as discontinued and restate the prior year on the same basis. Any comparison across the two bases is a comparison of two different companies.

Revenue Breakdown

On the FY2024 filing, which is the last year with a complete segment and product-line breakdown, seed was 56.45% of net sales and crop protection 43.55%. Within crop protection, herbicides were the largest line at US$3,599m and the weakest, down 11% on FY2023; insecticides grew 7% to US$1,715m and both fungicides and biologicals declined 3%.

FY2025 segment split. The FY2025 release disclosed segment growth rates (Seed +4% net, Crop Protection +2% net) rather than absolute segment sales. Applying those rates to the audited FY2024 base gives approximately US$9,927m for Seed and US$7,473m for Crop Protection. Those two figures are derived, carry rounding of up to US$50m, and are used on this page only where marked as approximations.

Profitability Analysis

The margin structure the company took into the separation was set by the segment it gave up. In FY2024, seed earned a 23.25% segment operating EBITDA margin against 17.28% in crop protection — nearly six points higher on the same filing. What remains with Corteva is therefore the lower-margin half, at a smaller revenue base.

FY2025 performance inside the combined group was driven by two different mechanisms. Seed grew 3% on price and 2% on volume. Crop protection grew 5% on volume and gave up 2% on price. In the third quarter of 2026, the first reported quarter as a crop protection company, price fell 7% while volume fell 2%, with the pricing decline attributed to competitive pressure on molecules late in their lifecycle in Brazil and to acetochlor in the United States; North America volume rose 19% and EMEA organic sales rose 14% in the same quarter.

Cash generation at the combined group was substantial: US$3,500m from continuing operations and US$2,900m of free cash flow in FY2025, up 69%, with more than US$1.5bn returned to shareholders. No full-year cash flow figure has been published for the post-separation company; the board authorised its first dividend as a stand-alone company in November 2026.

SWOT Analysis

Recent Developments

Strategic Moves

Financial Developments

Business Strategy

Global Strategy

The company describes its operating priorities as differentiated innovation, productivity and disciplined execution, and its separation case as greater focus on crop protection with growth through new products, biologicals and cost reduction. The measurable elements of that programme, as disclosed:

Focus-Market Strategy

Regional disclosure is where the strategy meets its constraints, because the four regions are performing very differently in the same year.

Position in the markets we model

Pheonix Research publishes its own market models for the markets this company sells into, so a company’s disclosed revenue can be divided by an independently built market size to give an implied share with a denominator the company did not choose. These are Pheonix arithmetic on two published inputs, not company statements.

The corn and soybean rows pair audited FY2024 product-line revenue with a 2024 market derived by deflating our 2025 base at our own published CAGR — US$23.52bn for corn and US$12.10bn for soybeans. Those are the only like-for-like pairings available for product lines, because the company has not published that detail since the separation.

Read beside the company’s own disclosure, the seed business realised pricing in line with the price path our corn seed model implies, while crop protection gave up price in a market our model suggests can carry modest annual price growth. That difference in pricing environment is the clearest quantitative distinction between the two businesses as they now stand separately.

Data status

Sources

• Form 8-K, completion of separation, 1 October 2026 — SEC EDGAR
• Vylor Inc. Form 8-K, distribution of shares, 1 October 2026 — SEC EDGAR
• Third quarter 2026 results and updated outlook, 11 November 2026 — SEC EDGAR / PR Newswire
• Corteva reports third-quarter 2026 results — PR Newswire
• Full year 2025 results, 3 February 2026 — PR Newswire
• FY2024 consolidated segment information — SEC EDGAR
• Fourth quarter and full year 2024 results — SEC EDGAR
• Corteva completes split of crop protection and seed businesses — Inside INdiana Business / Indianapolis Business Journal, 1 October 2026
• Corteva splits in two — Hoosier Ag Today, 4 October 2026
• Vylor Q3 2026 earnings call transcript — Investing.com
• corteva.com — company announcements and press releases
• Corteva investor relations — filings, results presentations and webcasts
• Wikidata Q63197674 — entity identifier and aliases
• Corteva logo, File:Corteva logo.svg — Wikimedia Commons

Provenance. Entity resolution: Wikidata Q63197674, bound to Pheonix graph entity MIEN-node_8b2eea48. Financial figures are company-reported and linked to the filing or release they came from; they have not been restated. Market sizes, forecasts and CAGRs are Pheonix Research models and link to the report they come from. Implied shares, margins and the value/volume/price decompositions are Pheonix arithmetic on those two sets of inputs. Where a figure is derived rather than reported — the FY2025 segment split, the 2024 denominators in the implied-share table — the page says so in place. Last verified 13 November 2026.