Revenue contracted 44.2% YoY to $1.8B in 2026Q2, yet gross margin expanded to 35.1% from 32.3% a year earlier, indicating a richer mix and cost discipline, though operating income fell to $256M from $529M.
DuPont de Nemours, Inc. (DD) annual income statement — 30-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 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 8.27B | 6.85B | 12.39B | 12.07B | 13.02B | 12.57B | 14.34B | 21.51B | 22.59B | 62.48B | 48.15B | 48.71B | 58.08B | 57.02B | 56.79B | 59.98B | 53.67B | 44.88B | 57.18B | 53.51B | 49.12B | 46.31B | 40.16B | 32.63B | 27.61B | 27.8B | 23.01B | 19.99B | 19.44B | 20.02B | 20.05B |
| Revenue Growth % | -32.68% | -44.7% | 2.64% | -7.29% | 3.59% | -12.36% | -33.35% | -4.79% | -63.84% | 29.78% | -1.15% | -16.13% | 1.86% | 0.41% | -5.33% | 11.76% | 19.61% | -21.52% | 6.85% | 8.93% | 6.08% | 15.3% | 23.07% | 18.19% | -0.7% | 20.85% | 15.1% | 2.81% | -2.88% | -0.17% | -0.73% |
| Cost of Goods Sold | 5.42B | 4.78B | 8.47B | 8.44B | 8.99B | 8.54B | 9.97B | 15.11B | 16.35B | 49.09B | 37.59B | 38.11B | 47.76B | 47.79B | 48.17B | 51.39B | 46.07B | 39.13B | 51.56B | 46.38B | 41.52B | 38.24B | 34.31B | 28.18B | 23.78B | 23.65B | 17.07B | 14.21B | 13.58B | 13.44B | 12.82B |
| COGS % of Revenue | - | 69.75% | 68.42% | 69.9% | 69.08% | 67.94% | 69.56% | 70.22% | 72.35% | 78.56% | 78.08% | 78.25% | 82.24% | 83.81% | 84.83% | 85.66% | 85.83% | 87.2% | 90.17% | 86.66% | 84.52% | 82.59% | 85.44% | 86.35% | 86.13% | 85.06% | 74.2% | 71.07% | 69.86% | 67.15% | 63.92% |
| Gross Profit | 2.84B | 2.07B | 3.91B | 3.63B | 4.03B | 4.03B | 4.36B | 6.41B | 6.25B | 13.39B | 10.56B | 10.6B | 10.32B | 9.23B | 8.62B | 8.6B | 7.61B | 5.74B | 5.62B | 7.14B | 7.6B | 8.06B | 5.85B | 4.46B | 3.83B | 4.15B | 5.94B | 5.78B | 5.86B | 6.58B | 7.24B |
| Gross Margin % | 34.39% | 30.25% | 31.58% | 30.1% | 30.92% | 32.06% | 30.44% | 29.78% | 27.65% | 21.44% | 21.93% | 21.75% | 17.76% | 16.19% | 15.17% | 14.34% | 14.17% | 12.8% | 9.83% | 13.34% | 15.48% | 17.41% | 14.56% | 13.65% | 13.87% | 14.94% | 25.8% | 28.93% | 30.14% | 32.85% | 36.08% |
| Gross Profit Growth % | - | -47.03% | 7.68% | -9.74% | -0.1% | -7.68% | -31.88% | 2.53% | -53.35% | 26.89% | -0.37% | 2.69% | 11.75% | 7.14% | 0.21% | 13.03% | 32.45% | 2.17% | -21.22% | -6.15% | -5.68% | 37.84% | 31.29% | 16.35% | -7.8% | -30.04% | 2.66% | -1.31% | -10.89% | -9.12% | -12.48% |
| Operating Expenses | 1.63B | 1.21B | 2.08B | 1.92B | 2B | 2.16B | 2.33B | 3.62B | 4.1B | 6.21B | 4.51B | 4.52B | 4.75B | 4.77B | 4.55B | 4.43B | 4.27B | 3.92B | 3.28B | 3.17B | 2.83B | 2.62B | 2.46B | 4.46B | 3.83B | 4.15B | 5.94B | 5.78B | 5.86B | 6.58B | 7.24B |
| OpEx % of Revenue | - | 17.7% | 16.82% | 15.88% | 15.39% | 17.18% | 16.22% | 16.82% | 18.14% | 9.93% | 9.37% | 9.28% | 8.18% | 8.36% | 8.01% | 7.39% | 7.95% | 8.73% | 5.73% | 5.92% | 5.75% | 5.65% | 6.12% | 13.65% | 13.87% | 14.94% | 25.8% | 28.93% | 30.14% | 32.85% | 36.08% |
| Selling, General & Admin | 1.17B | 1.02B | 1.55B | 1.41B | 1.47B | 1.6B | 1.7B | 2.66B | 3.03B | 4.06B | 2.92B | 2.92B | 3.11B | 3.02B | 2.84B | 2.79B | 2.61B | 2.43B | 1.97B | 1.86B | 1.66B | 1.54B | 1.44B | 1.39B | 1.6B | 1.74B | 1.58B | 1.53B | 1.67B | 1.88B | 2.14B |
| SG&A % of Revenue | - | 14.88% | 12.53% | 11.67% | 11.27% | 12.75% | 11.86% | 12.38% | 13.4% | 6.5% | 6.08% | 6% | 5.35% | 5.3% | 5% | 4.65% | 4.86% | 5.41% | 3.44% | 3.48% | 3.39% | 3.34% | 3.58% | 4.27% | 5.79% | 6.24% | 6.88% | 7.65% | 8.57% | 9.39% | 10.65% |
| Research & Development | 267M | 193M | 531M | 508M | 536M | 557M | 625M | 689M | 1.07B | 657M | 1.59B | 1.6B | 1.65B | 1.75B | 1.71B | 1.65B | 1.66B | 1.49B | 1.31B | 1.3B | 1.16B | 1.07B | 1.02B | 981M | 1.07B | 1.07B | 892M | 845M | 807M | 785M | 761M |
| R&D % of Revenue | - | 2.82% | 4.29% | 4.21% | 4.12% | 4.43% | 4.36% | 3.2% | 4.74% | 1.05% | 3.31% | 3.28% | 2.84% | 3.06% | 3.01% | 2.74% | 3.09% | 3.32% | 2.29% | 2.44% | 2.37% | 2.32% | 2.54% | 3.01% | 3.86% | 3.86% | 3.88% | 4.23% | 4.15% | 3.92% | 3.79% |
| Other Operating Expenses | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.08B | 1.17B | 1.35B | 3.46B | 3.41B | 3.39B | 3.91B | 4.34B |
| Operating Income | 1.22B | 860M | 1.83B | 1.72B | 2.02B | 1.87B | 2.04B | 2.79B | 2.15B | 7.19B | 6.05B | 6.08B | 5.56B | 4.46B | 4.07B | 4.17B | 3.34B | 1.82B | 2.35B | 3.97B | 4.78B | 5.44B | 3.39B | 2.02B | 1.1B | 1.17B | 2.15B | 2.11B | 2.08B | 2.61B | 3.01B |
| Operating Margin % | 14.71% | 12.56% | 14.77% | 14.23% | 15.53% | 14.88% | 14.21% | 12.96% | 9.52% | 11.51% | 12.56% | 12.48% | 9.58% | 7.83% | 7.17% | 6.94% | 6.22% | 4.07% | 4.1% | 7.41% | 9.72% | 11.76% | 8.44% | 6.19% | 3.98% | 4.2% | 9.33% | 10.54% | 10.7% | 13.05% | 15.01% |
| Operating Income Growth % | - | -52.98% | 6.52% | -15.08% | 8.13% | -8.24% | -26.9% | 29.67% | -70.09% | 18.89% | -0.49% | 9.22% | 24.61% | 9.73% | -2.3% | 24.74% | 82.96% | -22.21% | -40.86% | -16.96% | -12.25% | 60.54% | 67.95% | 83.55% | -5.82% | -45.6% | 1.95% | 1.2% | -20.36% | -13.16% | -21.44% |
| EBITDA | 1.77B | 1.51B | 3.02B | 2.86B | 3.16B | 2.98B | 3.41B | 4.85B | 4.32B | 11.16B | 8.91B | 8.6B | 8.31B | 7.15B | 6.77B | 7.05B | 6.3B | 4.65B | 4.58B | 6.16B | 6.85B | 7.52B | 5.48B | 3.92B | 2.92B | 2.98B | 3.46B | 3.41B | 3.39B | 3.91B | 4.34B |
| EBITDA Margin % | 21.39% | 22% | 24.41% | 23.73% | 24.25% | 23.73% | 23.79% | 22.56% | 19.12% | 17.86% | 18.5% | 17.65% | 14.31% | 12.53% | 11.92% | 11.75% | 11.74% | 10.37% | 8.01% | 11.51% | 13.95% | 16.25% | 13.64% | 12.02% | 10.59% | 10.73% | 15.05% | 17.04% | 17.42% | 19.53% | 21.63% |
| EBITDA Growth % | -43.91% | -50.15% | 5.55% | -9.28% | 5.87% | -12.58% | -29.73% | 12.36% | -61.28% | 25.24% | 3.62% | 3.45% | 16.3% | 5.6% | -3.99% | 11.86% | 35.45% | 1.53% | -25.58% | -10.13% | -8.93% | 37.31% | 39.7% | 34.09% | -1.94% | -13.84% | 1.61% | 0.62% | -13.4% | -9.87% | -17.72% |
| D&A (Non-Cash Add-back) | 552M | 647M | 1.19B | 1.15B | 1.14B | 1.11B | 1.37B | 2.07B | 2.17B | 3.97B | 2.86B | 2.52B | 2.75B | 2.68B | 2.7B | 2.88B | 2.96B | 2.83B | 2.24B | 2.19B | 2.07B | 2.08B | 2.09B | 1.9B | 1.82B | 1.81B | 1.31B | 1.3B | 1.3B | 1.3B | 1.33B |
| EBIT | 777M | 513M | 1.56B | 900M | 1.94B | 1.97B | -1.57B | 194M | 655M | 2.28B | 5.27B | 10.88B | 6.25B | 7.91B | 2.93B | 4.94B | 4.27B | 2.04B | 1.92B | 4.82B | 5.6B | 7.12B | 4.54B | 2.02B | 1.1B | 1.17B | 2.15B | 2.11B | 2.08B | 2.61B | 3.01B |
| Net Interest Income | -184M | -215M | -293M | -241M | -442M | -513M | -660M | -613M | -16M | 6M | -751M | -875M | -932M | -1.06B | -1.23B | -1.3B | -1.44B | -1.53B | -561M | -464M | -447M | -584M | -661M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 57M | 98M | 73M | 155M | 50M | 12M | 12M | 55M | 39M | 6M | 107M | 71M | 51M | 41M | 41M | 40M | 37M | 39M | 86M | 130M | 185M | 138M | 86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 241M | 313M | 366M | 396M | 492M | 525M | 672M | 667M | 55M | 0 | 858M | 946M | 983M | 1.1B | 1.27B | 1.34B | 1.47B | 1.57B | 648M | 584M | 632M | 722M | 747M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -508M | -660M | -637M | -1.21B | -574M | -426M | -4.28B | -3.26B | -1.55B | -6B | -1.63B | 3.85B | -299M | 2.34B | -2.4B | -564M | -537M | -1.36B | -1.07B | 262M | 195M | 955M | 405M | -268M | -1.72B | -1.78B | 189M | -9M | -86M | 236M | 85M |
| Pretax Income | 708M | 200M | 1.19B | 504M | 1.45B | 1.44B | -2.25B | -474M | 600M | 1.19B | 4.41B | 9.93B | 5.26B | 6.8B | 1.67B | 3.6B | 2.8B | 469M | 1.28B | 4.23B | 4.97B | 6.4B | 3.8B | 1.75B | -622M | -613M | 2.34B | 2.1B | 2B | 2.85B | 3.09B |
| Pretax Margin % | 8.57% | 2.92% | 9.62% | 4.18% | 11.12% | 11.49% | -15.66% | -2.2% | 2.66% | 1.91% | 9.17% | 20.39% | 9.07% | 11.93% | 2.93% | 6% | 5.22% | 1.05% | 2.23% | 7.9% | 10.12% | 13.82% | 9.45% | 5.37% | -2.25% | -2.2% | 10.15% | 10.49% | 10.26% | 14.23% | 15.43% |
| Income Tax | 167M | 102M | 414M | -29M | 387M | 237M | 160M | 140M | 195M | -476M | 9M | 2.15B | 1.43B | 1.99B | 565M | 817M | 481M | -97M | 651M | 1.24B | 1.16B | 1.78B | 877M | -82M | -280M | -228M | 823M | 766M | 685M | 1.04B | 1.19B |
| Effective Tax Rate % | 23.59% | 51% | 34.73% | -5.75% | 26.73% | 16.41% | -7.12% | -29.54% | 32.5% | -39.9% | 0.2% | 21.62% | 27.08% | 29.22% | 33.93% | 22.69% | 17.17% | -20.68% | 50.98% | 29.42% | 23.23% | 27.85% | 23.1% | -4.68% | 45.02% | 37.19% | 35.23% | 36.53% | 34.34% | 36.54% | 38.36% |
| Net Income | 55M | -779M | 703M | 423M | 5.87B | 6.47B | -2.95B | 497M | 3.83B | 1.45B | 4.3B | 7.63B | 3.75B | 4.75B | 1.17B | 2.71B | 2.31B | 648M | 579M | 2.89B | 3.72B | 4.54B | 2.8B | 1.73B | -338M | -385M | 1.51B | 1.33B | 1.31B | 1.81B | 1.91B |
| Net Margin % | 0.67% | -11.37% | 5.68% | 3.51% | 45.08% | 51.46% | -20.58% | 2.31% | 16.94% | 2.32% | 8.92% | 15.67% | 6.45% | 8.33% | 2.06% | 4.52% | 4.3% | 1.44% | 1.01% | 5.39% | 7.58% | 9.79% | 6.96% | 5.3% | -1.22% | -1.38% | 6.58% | 6.66% | 6.74% | 9.03% | 9.51% |
| Net Income Growth % | 128.5% | -210.81% | 66.19% | -92.79% | -9.26% | 319.15% | -693.76% | -87.02% | 164.55% | -66.32% | -43.73% | 103.85% | -21.14% | 306.24% | -56.9% | 17.4% | 256.48% | 11.92% | -79.94% | -22.48% | -17.88% | 62.14% | 61.68% | 611.83% | 12.21% | -125.45% | 13.67% | 1.6% | -27.54% | -5.19% | -7.92% |
| Net Income (Continuing) | 541M | 98M | 778M | 533M | 1.06B | 1.21B | -2.41B | -614M | 405M | 1.67B | 4.4B | 7.78B | 3.84B | 4.82B | 1.1B | 2.78B | 2.32B | 566M | 626M | 2.98B | 3.82B | 4.62B | 2.92B | 1.74B | -405M | -417M | 1.51B | 1.33B | 1.31B | 1.81B | 1.91B |
| Discontinued Operations | -2M | -836M | -40M | -71M | 4.86B | 5.31B | -517M | 1.14B | 3.48B | -77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 110M | 28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 112M | 184M | 443M | 446M | 448M | 617M | 566M | 569M | 1.61B | 1.6B | 1.24B | 809M | 931M | 1.03B | 990M | 1.01B | 803M | 569M | 69M | 414M | 365M | 336M | 449M | 376M | 366M | 357M | 410M | 408M | 532M | 676M | 2.09B |
| EPS (Diluted) | 0.40 | -5.58 | 5.04 | 2.82 | 34.83 | 35.64 | -12.03 | 2.01 | 14.85 | 8.19 | 31.68 | 55.35 | 25.83 | 33.12 | 6.30 | 18.45 | 15.48 | 2.88 | 5.58 | 26.91 | 34.38 | 41.58 | 26.37 | 16.83 | -3.33 | -3.87 | 19.98 | 5.91 | 5.76 | 23.10 | 7.59 |
| EPS Growth % | 131.91% | -210.71% | 78.72% | -91.9% | -2.27% | 396.26% | -698.51% | -86.46% | 81.32% | -74.15% | -42.76% | 114.29% | -22.01% | 425.71% | -65.85% | 19.19% | 437.5% | -48.39% | -79.26% | -21.73% | -17.32% | 57.68% | 56.68% | 605.41% | 13.95% | -119.37% | 238.07% | 2.6% | -75.06% | 204.35% | -67.23% |
| EPS (Basic) | - | -5.61 | 5.04 | 2.82 | 34.89 | 35.76 | -12.03 | 2.01 | 14.94 | 8.28 | 32.13 | 58.05 | 26.19 | 33.48 | 6.39 | 18.54 | 15.75 | 2.88 | 5.58 | 27.27 | 34.83 | 42.21 | 26.82 | 16.92 | -3.33 | -3.87 | 20.16 | 6.00 | 5.82 | 23.43 | 7.71 |
| Diluted Shares Outstanding | 137.2M | 139.73M | 140.2M | 150.4M | 166.47M | 181.4M | 245.17M | 248.77M | 257.28M | 177.57M | 124.8M | 137.93M | 131.89M | 143.38M | 130.71M | 128.69M | 127.09M | 117.1M | 104.33M | 107.29M | 108.27M | 108.53M | 105.98M | 102.9M | 101.17M | 100.2M | 99.77M | 73.6M | 73.46M | 78.27M | 80.38M |
| Basic Shares Outstanding | 136.3M | 139.17M | 139.73M | 149.97M | 166.17M | 180.9M | 245.17M | 248.77M | 255.67M | 175.53M | 123.12M | 125.57M | 130.1M | 131.8M | 129.97M | 127.67M | 125.1M | 115.91M | 103.38M | 105.9M | 106.92M | 107.02M | 104.46M | 102.09M | 101.17M | 100.2M | 99.77M | 73.6M | 73.46M | 76.87M | 80.38M |
| Dividend Payout Ratio | - | - | 90.33% | 153.9% | 11.11% | 9.74% | - | 324.14% | 91.2% | 234.55% | 57.31% | 29.51% | 53.94% | 31.14% | 175.36% | 46.39% | 43.9% | 158.95% | 269.95% | 52.37% | 37.7% | 28.38% | 44.76% | 71.04% | - | - | 51.75% | 57.93% | 60% | 41.92% | 39.28% |
Quick answers to the most common questions about buying DD stock.
For fiscal year 2025, DuPont de Nemours, Inc. (DD) reported total revenue of $6.85B. This represents a 65.8% decline compared to $20.05B in 1996.
DuPont de Nemours, Inc. (DD) reported a net loss of $779.0M for the fiscal year ending 2025.
DuPont de Nemours, Inc. (DD) reported an operating income of $860.0M, resulting in an operating profit margin of 12.6%. This margin reflects the operational efficiency of the business before interest and taxes.
DuPont de Nemours, Inc. (DD) generated $2.07B in gross profit for the year, representing a gross profit margin of 30.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
PFAS litigation overhang
Metrics are mathematically derived from official filings.
Divestiture-Driven Revenue Contraction
Revenue fell 44.2% YoY in 2026Q2 to $1.8B, reflecting the Mobility & Materials divestiture, but sequential stability suggests the remaining portfolio is finding a floor. According to the latest income statement data, the decline is perimeter-driven, not organic.
The steep year-over-year declines in 2026Q1 and Q2 (-45.2% and -44.2%) align with the completion of the Mobility & Materials sale, leaving a smaller, more focused revenue base. Sequential revenue has been essentially flat around $1.7-1.8B over the last two quarters, which may indicate that the divestiture impact is largely behind the company. Investors should monitor whether organic growth can resume in the Electronics & Industrial and Water & Protection segments, as the current trajectory is purely a function of portfolio reshaping.
Gross Margin Resilience Amid Shrinkage
Gross margin expanded to 35.1% in 2026Q2, up from 32.3% a year earlier, suggesting a richer mix post-divestiture. As reported in the financial statements, this improvement appears driven by a higher proportion of specialty products.
Despite the dramatic revenue decline, gross margins have improved by roughly 300 basis points year-over-year, indicating that the remaining businesses carry higher pricing power. This is consistent with the company's shift toward semiconductor materials and water technologies, which typically command premium margins. However, the sustainability of this margin level depends on maintaining utilization rates in a high-fixed-cost manufacturing environment, especially if electronics demand softens.
Operating Leverage Masked by Cost Cuts
Operating margin rose to 14.1% in 2026Q2 from 14.9% in 2025Q2, but with revenue down 44%, the absolute operating income fell from $529M to $256M. Based on the income statement data, cost discipline appears to be offsetting volume losses.
The company has aggressively reduced SG&A and R&D expenses in absolute terms, with SG&A down from $405M to $269M year-over-year, a 34% cut. This suggests management is prioritizing cost efficiency to protect profitability during the transition. However, the lack of revenue growth means operating leverage is negative; any future volume recovery could drive outsized earnings growth given the leaner cost base.
Earnings Distorted by One-Time Items
Net income swung from a $589M loss in 2025Q1 to a $143M profit in 2026Q2, but the path includes large impairments and restructuring charges. According to the reported figures, EPS of $1.05 in 2026Q2 is not indicative of sustainable earnings power.
The negative net margins in 2025Q4 and 2025Q3, along with the massive loss in 2025Q1, are likely tied to divestiture-related charges and asset write-downs. The recent profitability may reflect a cleaner cost structure, but investors should adjust for one-time items to assess core earnings. The absence of stock-based compensation in earlier quarters and its modest presence in 2026 suggests limited dilution, but the quality of earnings remains clouded by non-operating noise.
Cost Rationalization Drives Margin Recovery
SG&A as a percentage of revenue fell to 14.8% in 2026Q2 from 12.3% in 2025Q2, while R&D dropped from $142M to $42M. As per the income statement data, this aggressive cost cutting is the primary driver of margin recovery.
The dramatic reduction in R&D spending, from over $140M per quarter to $42M, raises questions about the company's ability to sustain its 'qualified-in' status in semiconductor materials. While cost cuts boost short-term margins, they may undermine long-term innovation and competitive positioning. Investors should monitor whether R&D intensity stabilizes at a level sufficient to support next-generation product development.
Sustainability of Earnings Beat Questioned
The Q2 2026 EPS beat of $1.88 versus $1.45 estimate may be flattered by cost cuts and one-time gains, not organic growth. Given the 44% revenue decline, the earnings quality warrants skepticism.
Short-sellers might argue that the earnings beat is a result of aggressive cost reduction and favorable one-time items, masking the underlying revenue weakness. The negative revenue growth for five consecutive quarters suggests that the core business is not expanding, and the reliance on cost discipline is not a durable growth strategy. Additionally, unresolved PFAS liabilities could lead to future charges that erode the apparent profitability.