Gross margins exhibit extreme seasonal variance, swinging from a low of 32.7% in 2024Q3 to a peak of 54.6% in 2025Q2, reflecting the company's reliance on spring planting windows.
| Sales/Revenue | 17.89B | 17.4B | 16.91B | 17.23B | 17.45B | 15.65B | 14.22B | 13.85B | 14.29B | 14.24B |
| Revenue Growth % | 6.27% | 2.92% | -1.85% | -1.31% | 11.5% | 10.11% | 2.68% | -3.09% | 0.33% | - |
| Cost of Goods Sold | 6.99B | 9.82B | 9.53B | 9.92B | 10.44B | 9.22B | 8.51B | 8.57B | 9.95B | 8.4B |
| COGS % of Revenue | - | 56.41% | 56.36% | 57.59% | 59.79% | 58.89% | 59.84% | 61.93% | 69.63% | 59% |
| Gross Profit | 6B | 7.58B | 7.38B | 7.31B | 7.02B | 6.43B | 5.71B | 5.27B | 4.34B | 5.84B |
| Gross Margin % | 33.51% | 43.59% | 43.64% | 42.41% | 40.21% | 41.11% | 40.16% | 38.07% | 30.37% | 41% |
| Gross Profit Growth % | - | 2.79% | 1% | 4.09% | 9.08% | 12.7% | 8.33% | 21.48% | -25.68% | - |
| Operating Expenses | 5.46B | 4.97B | 5.28B | 5.2B | 5.09B | 5.12B | 4.87B | 4.69B | 4.79B | 5.65B |
| OpEx % of Revenue | - | 28.54% | 31.25% | 30.16% | 29.17% | 32.69% | 34.23% | 33.85% | 33.51% | 39.68% |
| Selling, General & Admin | 3.62B | 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 | 1.48B | 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 | 2M | 0 | 685M | 683M | 702M | 722M | 682M | 475M | 391M | 1.17B |
| Operating Income | 2.47B | 2.62B | 2.1B | 2.11B | 1.93B | 1.32B | 843M | 584M | -448M | 188M |
| Operating Margin % | 13.82% | 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 | 3.38B | 3.82B | 3.32B | 3.32B | 3.15B | 2.56B | 2.02B | 2.18B | 2.34B | 458M |
| EBITDA Margin % | 18.89% | 21.96% | 19.65% | 19.28% | 18.05% | 16.35% | 14.21% | 15.77% | 16.39% | 3.22% |
| EBITDA Growth % | -3.81% | 15.02% | 0.06% | 5.4% | 23.09% | 26.73% | -7.47% | -6.79% | 411.35% | - |
| D&A (Non-Cash Add-back) | 907M | 1.2B | 1.23B | 1.21B | 1.22B | 1.24B | 1.18B | 1.6B | 2.79B | 270M |
| EBIT | 1.05B | 1.87B | 1.51B | 1.33B | 1.5B | 2.38B | 720M | -180M | -6.47B | -300M |
| Net Interest Income | -40M | -44M | -101M | 50M | 45M | 47M | 11M | -77M | -251M | -74M |
| Interest Income | 104M | 136M | 132M | 283M | 124M | 77M | 56M | 59M | 86M | 0 |
| Interest Expense | 180M | 180M | 233M | 233M | 79M | 30M | 45M | 136M | 337M | 74M |
| Other Income/Expense | -711M | -931M | -821M | -1.02B | -502M | 1.03B | -168M | -900M | -6.36B | -562M |
| Pretax Income | 1.76B | 1.69B | 1.27B | 1.09B | 1.43B | 2.35B | 675M | -316M | -6.81B | -374M |
| Pretax Margin % | 9.85% | 9.7% | 7.54% | 6.35% | 8.17% | 14.99% | 4.75% | -2.28% | -47.64% | -2.63% |
| Income Tax | 500M | 484M | 412M | 152M | 210M | 524M | -81M | -46M | -31M | -2.52B |
| Effective Tax Rate % | 28.38% | 28.67% | 32.31% | 13.91% | 14.73% | 22.34% | -12% | 14.56% | 0.46% | 674.87% |
| Net Income | 1.16B | 1.09B | 907M | 735M | 1.15B | 1.76B | 681M | -959M | -5.07B | 2.53B |
| Net Margin % | 6.5% | 6.29% | 5.36% | 4.27% | 6.57% | 11.24% | 4.79% | -6.93% | -35.45% | 17.79% |
| Net Income Growth % | 1.93% | 20.62% | 23.4% | -35.92% | -34.79% | 158.3% | 171.01% | 81.07% | -299.88% | - |
| Net Income (Continuing) | 1.26B | 1.2B | 863M | 941M | 1.22B | 1.82B | 756M | -270M | -6.78B | 2.57B |
| Discontinued Operations | -3M | -99M | 56M | -194M | -58M | -53M | -55M | -671M | 1.75B | 0 |
| Minority Interest | 243M | 242M | 241M | 242M | 239M | 239M | 239M | 246M | 493M | 172M |
| EPS (Diluted) | 1.73 | 1.60 | 1.30 | 1.03 | 1.58 | 2.37 | 0.91 | -1.28 | -6.76 | 3.38 |
| EPS Growth % | 3.63% | 23.08% | 26.21% | -34.81% | -33.33% | 160.44% | 171.09% | 81.07% | -300% | - |
| EPS (Basic) | - | 1.61 | 1.31 | 1.04 | 1.59 | 2.39 | 0.91 | -1.28 | -6.76 | 3.38 |
| Diluted Shares Outstanding | 673.6M | 673.17M | 696M | 711.9M | 724.5M | 741.6M | 751.2M | 749.5M | 749.4M | 749.4M |
| Basic Shares Outstanding | 672.5M | 673.17M | 693.7M | 709M | 720.8M | 735.9M | 748.7M | 749.5M | 749.4M | 749.4M |
| Dividend Payout Ratio | - | 43.42% | 50.5% | 59.73% | 36.44% | 22.57% | 56.97% | - | - | 72.1% |
Seasonal Commodity Price Sensitivity
According to reported financial data, Corteva's revenue trajectory remains highly cyclical, with quarterly growth fluctuating between a 10.2% decline in 2024Q3 and a 12.6% expansion in 2025Q3, reflecting the inherent seasonality of the agricultural input market and its dependence on Northern Hemisphere planting cycles.
The revenue profile suggests a business model heavily tethered to the timing of seed and crop protection sales, which creates significant quarter-over-quarter variance. Investors should monitor whether the company can achieve consistent organic growth outside of these seasonal peaks, as current figures indicate that top-line performance is largely dictated by external planting windows rather than steady-state demand.
As evidenced by the income statement, gross margins exhibit extreme variance, ranging from a low of 32.7% in 2024Q3 to a peak of 54.6% in 2025Q2, highlighting the company's reliance on high-margin spring planting windows to offset lower-margin periods throughout the remainder of the fiscal year.
The wide spread in gross margins suggests that the product mix shifts significantly toward premium, proprietary seed traits during the primary planting season. This volatility warrants further investigation into whether the company's cost structure is sufficiently flexible to maintain profitability during the off-season, or if fixed production costs will continue to exert pressure on margins during lower-volume quarters.
Based on the provided income statement, operating leverage appears inconsistent, with operating margins swinging from a negative 20.0% in 2024Q3 to a positive 28.4% in 2025Q2, indicating that the company's cost base does not scale linearly with the significant seasonal fluctuations in top-line revenue.
The inability to maintain positive operating margins during lower-revenue quarters suggests a high degree of fixed operating expenses, likely driven by R&D and global distribution overhead. This structure implies that profitability is highly sensitive to volume, and any disruption in the primary planting season could have an outsized impact on the company's bottom-line performance.
As reported in financial filings, R&D expenditures remain a consistent and significant component of the cost structure, frequently exceeding $300 million per quarter, which serves as a necessary investment to maintain the company's proprietary germplasm library and competitive advantage in the agricultural biotechnology sector.
While this R&D spending is essential for long-term innovation, it acts as a persistent drag on operating income during periods of lower seasonal revenue. Analysts should monitor whether these investments are yielding sufficient returns in the form of new trait adoption, as the current cost structure appears to prioritize long-term technological leadership over short-term expense discipline.
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 $7.58B in gross profit for the year, representing a gross profit margin of 43.6%. This demonstrates the company's core pricing power and production efficiency.