Corteva (CTVA) official guidance

Our latest view on the crop protection market for the full year assumes modest growth with low single-digit volume gains more than offsetting slightly negative pricing.

In the crop protection market, most notable is that we are expecting modest growth in 2026, something we haven't seen in a while.

Our latest view on the crop protection market for the full year assumes modest growth with low single-digit volume gains more than offsetting slightly negative pricing.

We continue to expect operating EBITDA in the range of $4 billion-$4.2 billion, with margins of 22%-23% and operating EPS of $3.45-$3.70, representing approximately 7% growth at the midpoint.

2026 operating EBITDA is expected to be in the range of $4 billion-$4.2 billion, or approximately 7% improvement over prior year at the midpoint.

We continue to expect operating EBITDA in the range of $4 billion-$4.2 billion, with margins of 22%-23% and operating EPS of $3.45-$3.70, representing approximately 7% growth at the midpoint.

The Company updated full-year 2026 guidance3 and expects Operating EBITDA1 to be in the range of $4.1 to $4.3 billion. Operating EPS1 is expected to be $3.60 to $3.80 per share.

We continue to expect operating EBITDA in the range of $4 billion-$4.2 billion, with margins of 22%-23% and operating EPS of $3.45-$3.70, representing approximately 7% growth at the midpoint.

Operating EPS1 is expected to be $3.45 to $3.70 per share, growth of 7% at the mid-point.

Operating EPS is expected to be in the range of $3.45-$3.70 per share, an increase of 7% at the midpoint, which reflects higher earnings growth and lower average share count, partially offset by higher net interest expense.

Operating EPS1 is expected to be $3.45 to $3.70 per share, growth of 7% at the mid-point.

Net dis-synergies largely offset on run-rate basis; $25 million headwind included in full-year 2026 guidance given timing of separation-related activities

We are also seeing some favorability in our previous estimate of $100 million in net dis-synergies, with $50 million included in our 2026 guide.

Net dis-synergies estimate of ~$100 million trending favorably; $50 million included in full-year 2026 guidance

As for net dis-synergies, we are still estimating roughly $100 million, $50 million of which is built into this year's guide.

From a price/mix perspective, Seed is expected to improve low to mid-single digits, while Crop Protection pricing remains pressured with low single-digit declines year-over-year.

Crossing the milestone of royalty neutrality into royalty positive later this year is a monumental accomplishment and a sign of what's to come.

As a result of this resolution and the progress we've been making across the broader outlicensing spectrum, we now expect to achieve royalty neutrality in 2026, which is two years ahead of our most recent expectations.

That's really what's driving us in the second half to get the double-digit growth for crop protection.

As a result, the Company reaffirmed full-year 2026 guidance3 with Operating EBITDA1 expected to be $4.0 billion to $4.2 billion, growth of 7% at the mid-point.

For the full year 2026, Corteva expects operating EBITDA1 to be $4.0 billion to $4.2 billion, growth of 7% at the mid-point.

For full-year 2026, the Company’s preliminary view of operating EBITDA1 is $4.1 billion at the mid-point, reflecting growth of ~6%.