Cash conversion efficiency remains highly volatile, with OCF/NI ratios fluctuating between -101.78 in 2024Q4 and 0.72 in 2025Q2 due to massive seasonal working capital swings.
| Cash from Operations | 2.63B | 3.41B | 2.15B | 1.77B | 872M | 2.73B | 2.06B | 1.07B | 483M | 247M |
| Operating CF Margin % | - | 19.57% | 12.69% | 10.27% | 5% | 17.42% | 14.52% | 7.73% | 3.38% | 1.73% |
| Operating CF Growth % | 126.49% | 58.79% | 21.25% | 102.87% | -68.02% | 32.12% | 92.9% | 121.53% | 95.55% | - |
| Net Income | 1.16B | 1.1B | 863M | 941M | 1.21B | 1.82B | 701M | -941M | -5.07B | 2.71B |
| Depreciation & Amortization | 1.2B | 1.2B | 1.23B | 1.21B | 1.22B | 1.24B | 1.18B | 1.6B | 2.79B | 1.54B |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 55M | 0 | 0 | 84M | 0 | 0 |
| Deferred Taxes | -2M | -41M | -365M | -438M | -286M | 174M | -330M | -477M | 31M | -3.02B |
| Other Non-Cash Items | -3.26B | 599M | 512M | 841M | 224M | -1.17B | 19M | 1.36B | 5.67B | -334M |
| Working Capital Changes | 3.53B | 540M | -92M | -786M | -1.55B | 656M | 497M | -556M | -2.94B | -656M |
| Change in Receivables | 2.24B | -261M | -705M | 358M | -997M | -113M | 187M | 0 | -1.52B | -162M |
| Change in Inventory | 25M | -35M | 1.11B | 57M | -1.72B | -422M | 104M | 74M | -498M | -1.01B |
| Change in Payables | 200M | 231M | -115M | -663M | 807M | 524M | -118M | 149M | 642M | 934M |
| Cash from Investing | -586M | -543M | -589M | -1.99B | -632M | -362M | -674M | -904M | -505M | 386M |
| Capital Expenditures | -578M | -591M | -597M | -595M | -605M | -573M | -475M | -1.16B | -1.5B | -1.11B |
| CapEx % of Revenue | 3.23% | 3.4% | 3.53% | 3.45% | 3.47% | 3.66% | 3.34% | 8.4% | 10.51% | 7.82% |
| Acquisitions | 0 | 0 | -7M | -1.46B | -12M | -4M | -10M | 1M | 0 | 1.32B |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 48M | 37M | -34M | 45M | 34M | 74M | 85M | 236M | 75M | -214M |
| Cash from Financing | -2.25B | -1.64B | -1.2B | -99M | -1.18B | -1.27B | 303M | -2.93B | -2.62B | 2.4B |
| Debt Issued (Net) | -1.51B | -141M | 240M | 1.11B | 205M | 11M | 998M | -7.67B | -4.8B | 4.03B |
| Equity Issued (Net) | -783M | -983M | -1.01B | -756M | -1B | -950M | -275M | -25M | 0 | 265M |
| Dividends Paid | -480M | -475M | -458M | -439M | -418M | -397M | -388M | -511M | -2.81B | -988M |
| Share Repurchases | -1.05B | -1.07B | -1.01B | -756M | -1B | -950M | -275M | -25M | 0 | 0 |
| Other Financing | 522M | -45M | 28M | -18M | 33M | 70M | -32M | 5.28B | 4.98B | -903M |
| Net Change in Cash | -358M | 1.1B | 264M | -460M | -1.22B | 963M | 1.7B | -2.85B | -2.89B | 3.2B |
| Free Cash Flow | 2.05B | 2.81B | 1.55B | 1.17B | 267M | 2.15B | 1.59B | -93M | -1.02B | -866M |
| FCF Margin % | 11.47% | 16.18% | 9.16% | 6.82% | 1.53% | 13.76% | 11.18% | -0.67% | -7.13% | -6.08% |
| FCF Growth % | -2.38% | 81.85% | 31.86% | 339.7% | -87.6% | 35.56% | 1808.6% | 90.86% | -17.55% | - |
| FCF per Share | 3.05 | 4.18 | 2.22 | 1.65 | 0.37 | 2.90 | 2.12 | -0.12 | -1.36 | -1.16 |
| FCF Conversion (FCF/Net Income) | 1.77x | 3.11x | 2.36x | 2.41x | 0.76x | 1.55x | 3.03x | -1.12x | -0.10x | 0.10x |
| Interest Paid | 0 | 191M | 244M | 234M | 75M | 30M | 36M | 263M | 923M | 0 |
| Taxes Paid | 0 | 750M | 707M | 535M | 467M | 341M | 229M | 234M | 961M | 0 |
Extreme Seasonal Working Capital
Based on reported financial statements, the relationship between net income and operating cash flow is highly volatile, with OCF/NI ratios swinging from -101.78 in 2024Q4 to 0.72 in 2025Q2, illustrating that accounting earnings are frequently decoupled from actual cash generation due to the company's intense seasonal business model.
The significant divergence between net income and operating cash flow suggests that investors should prioritize cash flow metrics over GAAP earnings to gauge true performance. The extreme OCF/NI ratios appear to be driven by the timing of seed and chemical shipments, which creates massive accrual-based swings that do not necessarily reflect underlying operational health.
As indicated by recent SEC filings, Corteva experiences massive quarterly working capital fluctuations, with a $4.5 billion inflow in 2025Q4 followed by a $3.0 billion outflow in 2025Q1, confirming that the company's cash position is primarily a function of the Northern Hemisphere's agricultural planting and harvest cycles.
These dramatic shifts in working capital suggest that the company must maintain significant liquidity to bridge the gap between pre-season inventory build-ups and post-harvest collections. Analysts should monitor these cycles closely, as any disruption in the timing of farmer payments could lead to temporary liquidity constraints despite the company's overall healthy balance sheet.
According to historical data, Corteva maintains a disciplined capital expenditure profile, with CapEx/Revenue ratios consistently hovering between 1.7% and 6.6%, suggesting that the company's core infrastructure requirements are well-managed and do not currently demand excessive cash outflows relative to the scale of its global operations.
The relatively low capital intensity implies that the business model is not overly burdened by heavy maintenance requirements, allowing for greater flexibility in capital allocation. Investors should monitor whether future investments in biologicals or new production facilities begin to push these ratios higher, which could signal a shift toward a more capital-intensive growth strategy.
Based on reported figures, Corteva has maintained a steady cadence of shareholder returns, consistently deploying approximately $110 million to $120 million in quarterly dividends and $250 million in share repurchases, even during periods of significant negative free cash flow, which suggests a high degree of confidence in long-term liquidity.
The commitment to share repurchases and dividends despite seasonal cash flow deficits indicates that management prioritizes returning capital to shareholders as a core pillar of its strategy. However, the sustainability of this policy warrants further investigation if the current trend of negative free cash flow in the first quarter of each year persists or deepens.
Quick answers to the most common questions about buying CTVA stock.
Corteva, Inc. (CTVA) generated $3.41B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Corteva, Inc. (CTVA) generated $2.81B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Corteva, Inc. (CTVA) spent $591.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Corteva, Inc. (CTVA) returned $475.0M to shareholders via cash dividends and spent $1.07B on share repurchases. This shows the company's commitment to returning capital to its equity investors.