Revenue declined -1.2% YoY in 2026Q2, yet gross margin expanded to 54.4% and operating margin reached 30.0%, reflecting premium seed mix and cost discipline.
Corteva, Inc. (CTVA) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Sales/Revenue | 17.81B | 17.4B | 16.91B | 17.23B | 17.45B | 15.65B | 14.22B | 13.85B | 14.29B | 14.24B |
| Revenue Growth % | 3.7% | 2.92% | -1.85% | -1.31% | 11.5% | 10.11% | 2.68% | -3.09% | 0.33% | - |
| Cost of Goods Sold | 9.18B | 9.17B | 9.53B | 9.92B | 10.44B | 9.22B | 8.51B | 8.57B | 9.95B | 8.4B |
| COGS % of Revenue | - | 52.71% | 56.36% | 57.59% | 59.79% | 58.89% | 59.84% | 61.93% | 69.63% | 59% |
| Gross Profit | 8.63B | 8.23B | 7.38B | 7.31B | 7.02B | 6.43B | 5.71B | 5.27B | 4.34B | 5.84B |
| Gross Margin % | 48.45% | 47.29% | 43.64% | 42.41% | 40.21% | 41.11% | 40.16% | 38.07% | 30.37% | 41% |
| Gross Profit Growth % | - | 11.52% | 1% | 4.09% | 9.08% | 12.7% | 8.33% | 21.48% | -25.68% | - |
| Operating Expenses | 5.59B | 5.61B | 5.28B | 5.2B | 5.09B | 5.12B | 4.87B | 4.69B | 4.79B | 5.65B |
| OpEx % of Revenue | - | 32.24% | 31.25% | 30.16% | 29.17% | 32.69% | 34.23% | 33.85% | 33.51% | 39.68% |
| Selling, General & Admin | 3.61B | 3.49B | 3.2B | 3.18B | 3.17B | 3.21B | 3.04B | 3.06B | 3.04B | 2.97B |
| SG&A % of Revenue | - | 20.07% | 18.9% | 18.44% | 18.18% | 20.5% | 21.4% | 22.14% | 21.29% | 20.87% |
| Research & Development | 1.49B | 1.47B | 1.4B | 1.34B | 1.22B | 1.19B | 1.14B | 1.15B | 1.35B | 1.51B |
| R&D % of Revenue | - | 8.47% | 8.29% | 7.76% | 6.97% | 7.58% | 8.03% | 8.28% | 9.48% | 10.6% |
| Other Operating Expenses | 3M | 644M | 685M | 683M | 702M | 722M | 682M | 475M | 391M | 1.17B |
| Operating Income | 3.04B | 2.62B | 2.1B | 2.11B | 1.93B | 1.32B | 843M | 584M | -448M | 188M |
| Operating Margin % | 17.08% | 15.05% | 12.4% | 12.25% | 11.05% | 8.41% | 5.93% | 4.22% | -3.14% | 1.32% |
| Operating Income Growth % | - | 24.95% | -0.66% | 9.44% | 46.39% | 56.23% | 44.35% | 230.36% | -338.3% | - |
| EBITDA | 4.28B | 3.82B | 3.32B | 3.32B | 3.15B | 2.56B | 2.02B | 2.18B | 2.34B | 1.73B |
| EBITDA Margin % | 24.05% | 21.96% | 19.65% | 19.28% | 18.05% | 16.35% | 14.21% | 15.77% | 16.39% | 12.16% |
| EBITDA Growth % | 14.98% | 15.02% | 0.06% | 5.4% | 23.09% | 26.73% | -7.47% | -6.79% | 35.3% | - |
| D&A (Non-Cash Add-back) | 1.24B | 1.2B | 1.23B | 1.21B | 1.22B | 1.24B | 1.18B | 1.6B | 2.79B | 1.54B |
| EBIT | 2B | 1.87B | 1.51B | 1.33B | 1.5B | 2.38B | 720M | -180M | -6.47B | -300M |
| Net Interest Income | -41M | -44M | -101M | 50M | 45M | 47M | 11M | -77M | -251M | -74M |
| Interest Income | 134M | 136M | 132M | 283M | 124M | 77M | 56M | 59M | 86M | 0 |
| Interest Expense | 175M | 180M | 233M | 233M | 79M | 30M | 45M | 136M | 337M | 74M |
| Other Income/Expense | -1.46B | -931M | -821M | -1.02B | -502M | 1.03B | -168M | -900M | -6.36B | -562M |
| Pretax Income | 1.58B | 1.69B | 1.27B | 1.09B | 1.43B | 2.35B | 675M | -316M | -6.81B | -374M |
| Pretax Margin % | 8.89% | 9.7% | 7.54% | 6.35% | 8.17% | 14.99% | 4.75% | -2.28% | -47.64% | -2.63% |
| Income Tax | 486M | 484M | 412M | 152M | 210M | 524M | -81M | -46M | -31M | -2.52B |
| Effective Tax Rate % | 30.7% | 28.67% | 32.31% | 13.91% | 14.73% | 22.34% | -12% | 14.56% | 0.46% | 674.87% |
| Net Income | 1.01B | 1.09B | 907M | 735M | 1.15B | 1.76B | 681M | -959M | -5.07B | 2.53B |
| Net Margin % | 5.66% | 6.29% | 5.36% | 4.27% | 6.57% | 11.24% | 4.79% | -6.93% | -35.45% | 17.79% |
| Net Income Growth % | -27.98% | 20.62% | 23.4% | -35.92% | -34.79% | 158.3% | 171.01% | 81.07% | -299.88% | - |
| Net Income (Continuing) | 1.1B | 1.2B | 863M | 941M | 1.22B | 1.82B | 756M | -270M | -6.78B | 2.57B |
| Discontinued Operations | -4M | -99M | 56M | -194M | -58M | -53M | -55M | -671M | 1.75B | 0 |
| Minority Interest | 244M | 242M | 241M | 242M | 239M | 239M | 239M | 246M | 493M | 172M |
| EPS (Diluted) | 0.23 | 0.24 | 0.20 | 0.15 | 0.24 | 0.36 | 0.14 | -0.19 | -1.01 | 0.51 |
| EPS Growth % | -26.21% | 23.08% | 26.21% | -34.81% | -33.33% | 160.44% | 171.09% | 81.07% | -300% | - |
| EPS (Basic) | - | 0.24 | 0.20 | 0.16 | 0.24 | 0.36 | 0.14 | -0.19 | -1.01 | 0.51 |
| Diluted Shares Outstanding | 4.48B | 4.54B | 4.64B | 4.74B | 4.83B | 4.94B | 5.01B | 5B | 4.99B | 4.99B |
| Basic Shares Outstanding | 4.47B | 4.53B | 4.62B | 4.73B | 4.8B | 4.9B | 4.99B | 5B | 4.99B | 4.99B |
| Dividend Payout Ratio | - | 43.42% | 50.5% | 59.73% | 36.44% | 22.57% | 56.97% | - | - | 72.1% |
Quick answers to the most common questions about buying CTVA stock.
For fiscal year 2025, Corteva, Inc. (CTVA) reported total revenue of $17.40B. This represents a 22.2% increase compared to $14.24B in 2017.
Corteva, Inc. (CTVA) is profitable, generating $1.09B in net income for the fiscal year ending 2025 with a net profit margin of 6.3%.
Corteva, Inc. (CTVA) reported an operating income of $2.62B, resulting in an operating profit margin of 15.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Corteva, Inc. (CTVA) generated $8.23B in gross profit for the year, representing a gross profit margin of 47.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Commodity price softening
Metrics are mathematically derived from official filings.
Seasonal Peaks Mask Underlying Stagnation
CTVA's revenue growth decelerated to -1.2% YoY in 2026Q2, despite a strong spring season, suggesting underlying volume and pricing pressures. According to the latest quarterly report, the 2.9% average growth over the past year remains modest.
The revenue trajectory is highly seasonal, with Q2 consistently representing the peak due to the Northern Hemisphere planting season. However, the -1.2% YoY decline in 2026Q2, following a +5.6% growth in 2025Q2, indicates that the company may be facing headwinds from softer commodity prices and potential trade-down effects. The modest 2.9% average growth over the past year, as reported in financial statements, suggests that the company is not experiencing robust expansion, and investors should monitor whether this stagnation persists into the next cycle.
Premium Seed Margins Defend Profitability
Gross margin expanded to 54.4% in 2026Q2, up from 52.3% a year earlier, reflecting the mix shift toward proprietary traits. As reported in the income statement, this is well above the peer average of 31%.
The gross margin improvement is a testament to CTVA's pricing power in its Seed segment, driven by the adoption of Enlist traits and a favorable product mix. The 54.4% gross margin in 2026Q2, compared to 52.3% in 2024Q2, indicates that the company is successfully offsetting input cost inflation with premium pricing. However, the sustainability of this margin is contingent on farmers' willingness to pay for advanced genetics, which could be challenged if commodity prices remain soft.
Operating Leverage Amplifies Seasonal Swings
Operating margin surged to 30.0% in 2026Q2 from 26.3% in 2024Q2, as SG&A grew only 9% while gross profit rose 9%. Based on the quarterly data, this demonstrates strong operating leverage during peak seasons.
CTVA's operating leverage is evident in the peak quarters, where fixed costs are spread over higher revenue, leading to disproportionate profit growth. In 2026Q2, operating income grew 18.8% YoY despite a slight revenue decline, indicating that cost discipline and efficiency gains are driving margin expansion. However, the off-peak quarters (Q3 and Q4) still show operating losses, highlighting the cyclicality of the business and the importance of the spring season for annual profitability.
EPS Volatility Reflects Seasonal and One-Time Items
EPS swung from -$0.82 in 2025Q4 to $1.73 in 2026Q2, with net income of $1.2B, but the absence of stock-based compensation suggests clean earnings. According to the income statement, the tax rate appears stable.
The wide quarterly swings in EPS are primarily due to the seasonal nature of the business, with Q2 being the strongest quarter. The reported EPS of $1.73 in 2026Q2, up from $1.51 in 2024Q2, indicates a 14.6% improvement, which is notable given the revenue decline. The lack of SBC in the data suggests that reported earnings are not being diluted by stock-based compensation, enhancing earnings quality. However, the negative EPS in Q4 2025 and Q3 2025, driven by seasonal losses, underscores the importance of evaluating CTVA on an annual basis rather than quarterly.
R&D and SG&A Discipline Drive Margin Expansion
R&D expenses remained stable at ~$388M in 2026Q2, while SG&A grew only 0.8% YoY, contributing to a 30.0% operating margin. As per the quarterly breakdown, cost control is a key driver of profitability.
CTVA's cost structure is characterized by high fixed R&D and variable SG&A. The stability of R&D spending, despite revenue fluctuations, indicates a commitment to innovation, but it also creates operating leverage during peak seasons. SG&A growth of only 0.8% YoY in 2026Q2, compared to revenue decline of 1.2%, suggests that management is effectively controlling overhead costs. This discipline is crucial for maintaining margins in a competitive environment, but investors should watch for any increase in SG&A as a percentage of revenue if growth slows further.
Commodity Downturn Threatens Premium Mix
With net margin at 18.2% in 2026Q2, CTVA appears vulnerable to a trade-down effect if corn and soybean prices continue to soften. According to recent industry reports, lower farm income could pressure premium seed adoption.
The primary risk to CTVA's income statement narrative is the potential for farmers to trade down to cheaper seed varieties if commodity prices remain depressed. This would directly impact the premium mix that drives gross margins, potentially compressing the 54.4% gross margin seen in 2026Q2. Additionally, the company's thin net margin of 6.3% on a trailing basis leaves limited buffer for adverse legal or regulatory outcomes, as noted in the risk factors. Short-sellers might argue that the market is overestimating the durability of CTVA's IP-driven margins, especially if the Enlist adoption slows or competition intensifies.