Stocks CTVA Financial statements
Financial statementsCorteva, Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Corteva, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2019 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14,287 | 13,846 | 14,217 | 15,655 | 17,455 | 17,226 | 16,908 | 17,401 |
| Cost of revenue | 9,948 | 8,575 | 8,507 | 9,220 | 10,436 | 9,920 | 9,529 | 9,172 |
| Gross profit | 4,339 | 5,271 | 5,710 | 6,435 | 7,019 | 7,306 | 7,379 | 8,229 |
| Research and development | 1,355 | 1,147 | 1,142 | 1,187 | 1,216 | 1,337 | 1,402 | 1,474 |
| Selling, general and administrative | 3,041 | 3,065 | 3,043 | 3,209 | 3,173 | 3,176 | 3,196 | 3,492 |
| Interest expense | 337 | 136 | 45 | 30 | 79 | 233 | 233 | 180 |
| Other non-operating income | 249 | 215 | 212 | 1,348 | -60 | -448 | -300 | -570 |
| Pre-tax income | -6,806 | -316 | 675 | 2,346 | 1,426 | 1,093 | 1,275 | 1,688 |
| Income tax | -31 | -46 | -81 | 524 | 210 | 152 | 412 | 484 |
| Net income to minority interests | 38 | 18 | 20 | 10 | 11 | 12 | 12 | 11 |
| Net income | -5,065 | -959 | 681 | 1,759 | 1,147 | 735 | 907 | 1,094 |
| EPS, basic | -6.76 | -1.28 | 0.91 | 2.39 | 1.59 | 1.04 | 1.31 | 1.60 |
| EPS, diluted | -6.76 | -1.28 | 0.91 | 2.37 | 1.58 | 1.03 | 1.30 | 1.60 |
| Shares, basic (weighted) | 749 | 750 | 749 | 736 | 721 | 709 | 694 | 680 |
| Shares, diluted (weighted) | 749 | 750 | 751 | 742 | 725 | 712 | 696 | 681 |
| Dividend per share | 0.26 | 0.52 | 0.52 | 0.58 | 0.62 | 0.66 | 0.70 |
Balance sheet
| FY2019 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 2,270 | 1,764 | 3,526 | 4,459 | 3,191 | 2,644 | 3,106 | 4,521 |
| Short-term investments | 5 | 5 | 269 | 86 | 124 | 98 | 63 | 9 |
| Receivables | 3,649 | 4,225 | 3,754 | 3,441 | 4,168 | 4,210 | 4,448 | 4,881 |
| Inventory | 5,310 | 5,032 | 4,882 | 5,180 | 6,811 | 6,899 | 5,432 | 5,667 |
| Other current assets | 1,038 | 1,190 | 1,165 | 1,010 | 968 | 1,131 | 820 | 767 |
| Total current assets | 22,972 | 13,519 | 14,768 | 15,546 | 16,795 | 16,260 | 15,097 | 17,335 |
| Property, plant and equipment | 4,544 | 4,546 | 4,396 | 4,329 | 4,254 | 4,287 | 4,099 | 4,220 |
| Lease right-of-use assets | 555 | 521 | 458 | 460 | 412 | 414 | 411 | |
| Goodwill | 10,193 | 10,229 | 10,269 | 10,107 | 9,962 | 10,605 | 10,408 | 10,465 |
| Intangible assets | 12,055 | 11,424 | 10,747 | 10,044 | 9,339 | 9,626 | 8,876 | 8,301 |
| Other non-current assets | 1,932 | 2,326 | 1,939 | 1,804 | 1,687 | 1,519 | 1,810 | 2,044 |
| Total assets | 108,683 | 42,397 | 42,649 | 42,344 | 42,618 | 42,996 | 40,825 | 42,845 |
| Accounts payable | 3,798 | 3,702 | 3,615 | 4,126 | 4,895 | 4,280 | 4,039 | 4,398 |
| Accrued liabilities | 4,005 | 4,434 | 2,145 | 2,068 | 2,254 | 2,351 | 2,103 | 3,099 |
| Deferred revenue | 2,662 | 3,201 | 3,388 | 3,406 | 3,287 | 3,579 | ||
| Short-term debt | 2,154 | 7 | 3 | 17 | 24 | 198 | 750 | 894 |
| Total current liabilities | 13,310 | 8,238 | 8,548 | 9,558 | 10,744 | 10,409 | 10,386 | 12,125 |
| Long-term debt | 5,784 | 115 | 1,102 | 1,100 | 1,283 | 2,291 | 1,953 | 1,686 |
| Lease liabilities | 426 | 391 | 338 | 331 | 355 | 342 | 293 | |
| Other non-current liabilities | 1,795 | 2,192 | 1,867 | 1,719 | 1,676 | 1,651 | 1,707 | 1,963 |
| Total liabilities | 33,530 | 17,842 | 17,586 | 16,721 | 17,077 | 17,717 | 16,795 | 18,459 |
| Total debt | 263 | 1 | 1 | 1 | 0 | 196 | 500 | 782 |
| Paid-in capital | 0 | 27,997 | 27,707 | 27,751 | 27,851 | 27,748 | 27,196 | 27,001 |
| Retained earnings | 0 | -425 | 0 | 524 | 250 | -41 | 55 | -67 |
| Other comprehensive income | -3,360 | -3,270 | -2,890 | -2,898 | -2,806 | -2,677 | -3,469 | -2,797 |
| Shareholders' equity | 74,660 | 24,309 | 24,824 | 25,384 | 25,302 | 25,037 | 23,789 | 24,144 |
| Minority interests | 493 | 246 | 239 | 239 | 239 | 242 | 241 | 242 |
| Total equity | 75,153 | 24,555 | 25,063 | 25,623 | 25,541 | 25,279 | 24,030 | 24,386 |
| Total liabilities and equity | 108,683 | 42,397 | 42,649 | 42,344 | 42,618 | 42,996 | 40,825 | 42,845 |
| Shares outstanding | 749 | 743 | 727 | 713 | 701 | 686 | 672 |
Cash flow statement
| FY2019 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|
| Net income | -5,027 | -941 | 701 | 1,769 | 1,158 | 747 | 919 | 1,105 |
| Depreciation and amortization | 2,790 | 1,599 | 1,177 | 1,243 | 1,223 | 1,211 | 1,227 | 1,203 |
| Deferred income tax | -288 | -438 | -365 | -41 | ||||
| Change in inventory | -498 | 74 | 104 | -422 | -1,715 | 57 | 1,110 | -35 |
| Change in payables | 642 | 149 | -118 | 526 | 807 | -663 | -115 | 231 |
| Cash from operations | 483 | 1,070 | 2,064 | 2,727 | 872 | 1,769 | 2,145 | 3,406 |
| Capital expenditures | -1,501 | -1,163 | -475 | -573 | -605 | -595 | -597 | -591 |
| Acquisitions | 0 | -10 | 0 | 0 | 0 | -1,456 | 0 | 0 |
| Purchases of investments | -1,257 | -138 | -995 | -204 | -344 | -148 | -144 | 0 |
| Sales and maturities of investments | 2,186 | 160 | 721 | 345 | 295 | 147 | 130 | 135 |
| Cash from investing | -505 | -904 | -674 | -362 | -632 | -1,987 | -589 | -543 |
| Debt issued | 756 | 1,001 | 2,439 | 419 | 1,358 | 3,429 | 3,072 | 1,730 |
| Debt repaid | -5,956 | -6,804 | -1,441 | -421 | -1,140 | -2,309 | -2,885 | -1,871 |
| Stock issued | 85 | 47 | 56 | 100 | 88 | 31 | 60 | 88 |
| Share buybacks | 0 | -25 | -275 | -950 | -1,000 | -756 | -1,009 | -1,071 |
| Dividends paid | 0 | 194 | 388 | -397 | -418 | -439 | -458 | -475 |
| Cash from financing | -2,624 | -2,929 | 303 | -1,266 | -1,180 | -99 | -1,199 | -1,644 |
| Exchange rate effect | -244 | -88 | 7 | -136 | -278 | -143 | -93 | 84 |
| Net change in cash | -2,890 | -2,851 | 1,700 | 963 | -1,218 | -460 | 264 | 1,303 |
| Free cash flow | -1,018 | -93 | 1,589 | 2,154 | 267 | 1,174 | 1,548 | 2,815 |
| Interest paid | 923 | 263 | 36 | 30 | 75 | 234 | 244 | 191 |
| Income taxes paid | 961 | 234 | 229 | 341 | 467 | 535 | 707 | 750 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 49.5% | Gross profit / revenue. |
| Pre-tax margin | 8.9% | Pre-tax income / revenue. |
| Net margin | 5.7% | Net income / revenue. |
| FCF margin | 3.5% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 6.8% | Cash from operations / revenue. |
| Effective tax rate | 30.7% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 4.0% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 2.4% | Net income / average total assets. |
| R&D / revenue | 8.4% | Research and development expense / revenue. |
| SG&A / revenue | 20.4% | Selling, general and administrative expense / revenue. |
| Capex / revenue | 3.3% | Capital expenditures / revenue. |
| D&A / revenue | 7.0% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 2.9% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | -0.1% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 4.1% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | 11.5% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | 5.4% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | 7.6% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | 20.6% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | -1.6% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income CAGR, 5y | 9.9% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | 23.1% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | 0.4% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | 11.9% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 58.8% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 57.5% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | 10.5% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 81.8% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 119.3% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | 12.1% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | 6.1% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 3y | 6.5% | Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Dividend per share CAGR, 5y | 6.1% | Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | 1.5% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | -1.5% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | -0.6% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 4.9% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 0.2% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 0.1% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | -2.1% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | -2.0% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | -1.9% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 1.52x | Current assets / current liabilities. |
| Quick ratio | 0.76x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 0.22x | (Cash + short-term investments) / current liabilities. |
| Debt / equity | 0.00x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 0.0% | Total debt / total assets. |
| Liabilities / assets | 39.0% | Total liabilities / total assets. |
| Net debt | -$2.37B | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Working capital | $5.57B | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 44.3% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $6.72B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.43x | Revenue / average total assets. |
| Fixed asset turnover | 4.26x | Revenue / average property, plant and equipment. |
| Inventory turnover | 2.02x | Cost of revenue / average inventory. |
| Days inventory | 180 days | 365 x average inventory / cost of revenue. |
| Receivables turnover | 3.05x | Revenue / average receivables. |
| Days sales outstanding | 120 days | 365 x average receivables / revenue. |
| Days payables | 161 days | 365 x average accounts payable / cost of revenue. |
| Cash conversion cycle | 139 days | Days inventory + days sales outstanding - days payables. |
| FCF conversion | 62.3% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 48.1% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $1.51 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $26.59 | Revenue / diluted weighted shares. |
| FCF per share | $0.94 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $1.81 | Cash from operations / diluted weighted shares. |
| Book value per share | $37.56 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $10.03 | Tangible book value / shares outstanding. |
| Cash per share | $3.53 | (Cash + short-term investments) / shares outstanding. |
| Payout ratio | 48.0% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 76.9% | Dividends paid / free cash flow, when free cash flow is positive. |
| Buybacks / FCF | 167.1% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $52.39B | Share price x shares outstanding. |
| Enterprise value | $50.02B | Market cap + total debt - cash - short-term investments. |
| P/E | 51.9x | Market cap / net income. Only when net income is positive. |
| P/S | 2.94x | Market cap / revenue. |
| P/B | 2.08x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 7.80x | Market cap / tangible book value, when positive. |
| P/FCF | 83.3x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 43.3x | Market cap / cash from operations, when positive. |
| EV/Sales | 2.81x | Enterprise value / revenue. |
| EV/FCF | 79.5x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 1.2% | Free cash flow / market cap. |
| Earnings yield | 1.9% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 0.9% | Dividends paid over the period / market cap. |
| Shareholder yield | 2.9% | (Dividends paid + share buybacks) / market cap. |
| PEG | 124x | P/E / EPS growth per year over 3 years (in percent). Only when both are positive. |
What was Corteva, Inc.'s revenue in fiscal 2025?
Corteva, Inc. reported revenue of $17.40B for fiscal 2025, 2.9% higher than the year before.
Was Corteva, Inc. profitable in fiscal 2025?
Yes. Net income was $1.09B, a net margin of 6.3%.
How much free cash flow did Corteva, Inc. generate in fiscal 2025?
Cash from operations of $3.41B minus capital expenditures of $591.0M left free cash flow of $2.82B.