Corteva (2X0) Q3 2026 Earnings Report

The call presented strong execution, innovation, productivity and growth across North America, EMEA and Asia Pacific, supported by new product growth and expanded year-to-date margins. However, the significant deterioration in Brazil, elevated channel inventory, pricing pressure, lower full-year EBITDA guidance and an expected fourth-quarter EBITDA decline were central to the discussion. The negative Brazil-driven outlook outweighed the otherwise solid performance in the rest of the business.

Corteva updated 2026 stand-alone operating EBITDA guidance to a range of $1.1 billion to $1.125 billion, with full year operating EBITDA expected to be down 12% versus last year at the midpoint and operating EBITDA margin of about 15%; fourth quarter EBITDA is expected to be about half of 2025 levels on an adjusted pro forma basis, operating EPS is expected to be in the range of $0.76 to $0.80 per share, up about 3% at the midpoint, and the full year EBITDA impact related to elevated channel inventory is estimated at approximately $100 million. Fourth quarter revenue is expected to be around $2 billion, down year-over-year, with volumes generally flat year-over-year and pricing down high single digits; U.S. acetochlor is expected to contribute a fourth-quarter headwind closer to that $40-ish million level, with a little bit of it in the first quarter and no year-over-year headwinds expected by the second quarter of 2027. Corteva remains on track for a year-end cash position of about $1.5 billion, around $1 billion of financial debt, underlying fourth-quarter CapEx of about $50 million, and expects to grow the business in 2027.