A-1
Corteva, Inc.
Consolidated Statements of Operations
(Dollars in millions, except per share amounts)
Three Months Ended
March 31,
20262025
Net sales$4,905 $4,417 
Cost of goods sold2,372 2,342 
Research and development expense341 335 
Selling, general and administrative expenses877 751 
Amortization of intangibles160 162 
Restructuring and asset related charges - net92 22 
Separation costs52 — 
Other income (expense) - net(117)15 
Interest expense36 36 
Income (loss) from continuing operations before income taxes858 784 
Provision for (benefit from) income taxes on continuing operations133 117 
Income (loss) from continuing operations after income taxes725 667 
Income (loss) from discontinued operations after income taxes(2)(11)
Net income (loss)723 656 
Net income (loss) attributable to noncontrolling interests3 4 
Net income (loss) attributable to Corteva$720 $652 
Basic earnings (loss) per share of common stock:
Basic earnings (loss) per share of common stock from continuing operations$1.07 $0.97 
Basic earnings (loss) per share of common stock from discontinued operations— (0.02)
Basic earnings (loss) per share of common stock$1.07 $0.95 
Diluted earnings (loss) per share of common stock:
Diluted earnings (loss) per share of common stock from continuing operations$1.07 $0.97 
Diluted earnings (loss) per share of common stock from discontinued operations— (0.02)
Diluted earnings (loss) per share of common stock$1.07 $0.95 
Average number of shares outstanding used in earnings (loss) per share (EPS) calculation (in millions)
  Basic672.5684.9
  Diluted673.6686.6


A-2
Corteva, Inc.
Consolidated Balance Sheets
(Dollars in millions, except share amounts)
March 31, 2026December 31, 2025March 31, 2025
Assets
Current assets
Cash and cash equivalents$1,964 $4,521 $2,008 
Marketable securities2 9 1 
Accounts and notes receivable - net9,088 6,371 8,294 
Inventories5,202 5,667 5,132 
Other current assets1,129 767 1,152 
Total current assets17,385 17,335 16,587 
Investment in nonconsolidated affiliates165 160 136 
Property, plant and equipment9,617 9,551 9,244 
Less: Accumulated depreciation5,434 5,331 5,139 
Net property, plant and equipment4,183 4,220 4,105 
Goodwill10,409 10,465 10,332 
Other intangible assets8,147 8,301 8,718 
Deferred income taxes395 320 413 
Other assets2,033 2,044 1,832 
Total Assets$42,717 $42,845 $42,123 
Liabilities and Equity
Current liabilities
Short-term borrowings$1,674 $894 $2,291 
Accounts payable4,187 4,398 3,905 
Income taxes payable229 155 322 
Deferred revenue2,773 3,579 2,631 
Accrued and other current liabilities2,991 3,099 2,332 
Total current liabilities11,854 12,125 11,481 
Long-term debt1,682 1,686 1,792 
Other noncurrent liabilities
Deferred income tax liabilities290 251 369 
Pension and other post-employment benefits2,388 2,434 2,239 
Other noncurrent obligations1,898 1,963 1,715 
Total noncurrent liabilities6,258 6,334 6,115 
Commitments and contingent liabilities
Stockholders' equity
Common stock, $0.01 par value; 1,666,667,000 shares authorized; issued at March 31, 2026 - 670,044,000; December 31, 2025 - 672,163,000; and March 31, 2025 - 683,026,000
7 7 7 
Additional paid-in capital26,859 27,001 26,962 
Retained earnings (accumulated deficit)436 (67)587 
Accumulated other comprehensive income (loss)(2,940)(2,797)(3,271)
Total Corteva stockholders' equity24,362 24,144 24,285 
Noncontrolling interests243 242 242 
Total equity24,605 24,386 24,527 
Total Liabilities and Equity$42,717 $42,845 $42,123 

A-3
Corteva, Inc.
Consolidated Statements of Cash Flows
(Dollars in millions, except per share amounts)

Three Months Ended
March 31,
20262025
Operating activities
Net income (loss)$723 $656 
(Income) loss from discontinued operations after income taxes211 
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:
Depreciation and amortization297 296 
Provision for (benefit from) deferred income tax(52)(122)
Net periodic pension and OPEB (benefit) cost, net(3)10 
Pension and OPEB contributions(48)(51)
Net (gain) loss on sales of property, businesses, consolidated companies and investments3 (4)
Restructuring and asset related charges - net92 22 
Other net loss157 75 
Changes in assets and liabilities, net
         Accounts and notes receivable(2,810)(2,505)
         Inventories439 379 
         Accounts payable(221)(190)
         Deferred revenue(790)(667)
         Other assets and liabilities(674)(11)
Cash provided by (used for) operating activities - continuing operations$(2,885)$(2,101)
Cash provided by (used for) operating activities - discontinued operations(6)(8)
Cash provided by (used for) operating activities$(2,891)$(2,109)
Investing activities
Capital expenditures$(81)$(94)
Proceeds from sales of property, businesses and consolidated companies - net of cash divested— 8 
Investments in and loans to nonconsolidated affiliates(3)— 
Proceeds from sales and maturities of investments8 62 
Other investing activities, net(1)(10)
Cash provided by (used for) investing activities$(77)$(34)
Financing activities
Net change in borrowings (less than 90 days)$521 $745 
Proceeds from debt268 637 
Payments on debt(22)(14)
Repurchase of common stock(250)(270)
Proceeds from exercise of stock options17 35 
Dividends paid to stockholders(121)(116)
Other financing activities, net(24)(22)
Cash provided by (used for) financing activities$389 $995 
Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents(5)21 
Increase (decrease) in cash, cash equivalents and restricted cash equivalents$(2,584)$(1,127)
Cash, cash equivalents and restricted cash equivalents at beginning of period4,725 3,422 
Cash, cash equivalents and restricted cash equivalents at end of period$2,141 $2,295 

A-4
Corteva, Inc.
Consolidated Segment Information
(Dollars in millions, except per share amounts)

Three Months Ended
March 31,
SEGMENT NET SALES - SEED20262025
    Corn$2,373 $2,069 
    Soybean306 305 
    Other oilseeds245 223 
    Other99 110 
Seed$3,023 $2,707 
Three Months Ended
March 31,
SEGMENT NET SALES - CROP PROTECTION20262025
    Herbicides$1,027 $860 
    Insecticides377 336 
    Fungicides334 304 
    Biologicals70 84 
    Other74 126 
Crop Protection$1,882 $1,710 
Three Months Ended
March 31,
GEOGRAPHIC NET SALES - SEED20262025
North America 1
$1,770 $1,597 
EMEA 2
928 826 
Latin America224 185 
Asia Pacific101 99 
Rest of World 3
1,253 1,110 
Net Sales$3,023 $2,707 
Three Months Ended
March 31,
GEOGRAPHIC NET SALES - CROP PROTECTION20262025
North America 1
$669 $613 
EMEA 2
727 651 
Latin America282 257 
Asia Pacific204 189 
Rest of World 3
1,213 1,097 
Net Sales$1,882 $1,710 

1.Reflects U.S. & Canada
2.Reflects Europe, Middle East, and Africa
3.Reflects EMEA, Latin America, and Asia Pacific

A-5
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
Three Months Ended
March 31,
2026
Net Sales (GAAP)$4,905 
Add: Impacts from Currency and Portfolio / Other(179)
Organic Sales (Non-GAAP)$4,726 
Three Months Ended
March 31,
OPERATING EBITDA20262025
Seed$1,034 $842 
Crop Protection434 377 
Corporate Expenses(30)(30)
Operating EBITDA (Non-GAAP)$1,438 $1,189 
RECONCILIATION OF INCOME (LOSS) FROM CONTINUING OPERATIONS AFTER INCOME TAXES TO OPERATING EBITDAThree Months Ended
March 31,
20262025
Income (loss) from continuing operations after income taxes (GAAP)$725 $667 
Provision for (benefit from) income taxes on continuing operations133 117 
Income (loss) from continuing operations before income taxes (GAAP)858 784 
Depreciation and amortization297 296 
Interest income(34)(32)
Interest expense36 36 
Exchange (gains) losses - net 1
67 27 
Non-operating (benefits) costs - net 2
(18)10 
Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges3 9 
Significant items (benefit) charge 3
177 59 
Separation costs52 — 
Operating EBITDA (Non-GAAP)$1,438 $1,189 

1.Refer to page A-12 for pre-tax and after tax impacts of exchange (gains) losses.
2.Non-operating (benefits) costs consists of non-operating pension and other post-employment benefit (OPEB) (credits) costs, tax indemnification adjustments and environmental remediation and legal costs associated with legacy businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense.
3.Refer to page A-8 for pre-tax and after tax impacts of significant items.

A-6
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
PRICE - VOLUME - CURRENCY ANALYSIS
REGION
Q1 2026 vs. Q1 2025Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change 1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$229 10 %$221 10 %1 %9 %— %— %
EMEA178 12 %56 4 %2 %2 %8 %— %
Latin America64 14 %17 4 %(2)%6 %10 %— %
Asia Pacific17 6 %15 5 %1 %4 %1 %— %
Rest of World259 12 %88 4 %1 %3 %8 %— %
Total$488 11 %$309 7 %1 %6 %4 %— %
SEED
Q1 2026 vs. Q1 2025Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change 1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$173 11 %$171 11 %2 %9 %— %— %
EMEA102 12 %43 5 %4 %1 %7 %— %
Latin America39 21 %15 8 %8 %— %13 %— %
Asia Pacific2 2 %4 4 %7 %(3)%(2)%— %
Rest of World143 13 %62 6 %6 %— %7 %— %
Total$316 12 %$233 9 %3 %6 %3 %— %
CROP PROTECTION
Q1 2026 vs. Q1 2025Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change 1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$56 9 %$50 8 %— %8 %1 %— %
EMEA
76 12 %13 2 %(1)%3 %10 %— %
Latin America25 10 %2 1 %(9)%10 %9 %— %
Asia Pacific15 8 %11 6 %(3)%9 %2 %— %
Rest of World116 11 %26 2 %(3)%5 %9 %— %
Total$172 10 %$76 4 %(2)%6 %6 %— %

A-7
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
SEED PRODUCT LINE
Q1 2026 vs. Q1 2025Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change 1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Corn$304 15 %$235 11 %4 %7 %4 %— %
Soybeans1 — %(2)(1)%1 %(2)%1 %— %
Other oilseeds22 10 %14 6 %5 %1 %4 %— %
Other(11)(10)%(14)(13)%(10)%(3)%3 %— %
Total $316 12 %$233 9 %3 %6 %3 %— %
CROP PROTECTION PRODUCT LINE
Q1 2026 vs. Q1 2025Percent Change Due To:
Net Sales Change
(GAAP)
Organic Change 1
(Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Herbicides$167 19 %$111 13 %(1)%14 %6 %— %
Insecticides41 12 %26 8 %(3)%11 %4 %— %
Fungicides30 10 %5 2 %(1)%3 %8 %— %
Biologicals(14)(17)%(18)(21)%(4)%(17)%4 %— %
Other(52)(41)%(48)(38)%(2)%(36)%(3)%— %
Total$172 10 %$76 4 %(2)%6 %6 %— %

1.Organic sales is defined as price and volume and excludes currency and portfolio and other impacts, including significant items.

A-8
Corteva, Inc.
Significant Items
(Dollars in millions, except per share amounts)

SIGNIFICANT ITEMS BY SEGMENT (PRE-TAX)
Three Months Ended
March 31,
20262025
Seed$— $(40)
Crop Protection(99)(14)
Corporate(78)(5)
Total significant items before income taxes$(177)$(59)
SIGNIFICANT ITEMS - PRE-TAX, AFTER TAX, AND EPS IMPACTS
Pre-tax
After tax 5
($ Per Share)
202620252026202520262025
1st Quarter
Restructuring and asset related charges - net 1
$(92)$(22)$(71)$(17)$(0.10)$(0.02)
Litigation settlement 2
(85)— (64)— (0.10)— 
   AltEn facility remediation charges 3
— (37)— (28)— (0.04)
   Income tax items 4
— — — 55 — 0.08 
1st Quarter – Total
$(177)$(59)$(135)$10 $(0.20)$0.02 

1.First quarter 2026 and 2025 include restructuring and asset related benefits (charges) of $(92) and $(22), respectively. The first quarter 2026 charges primarily consist of ($78) related to the 2026 Restructuring Actions and ($14) related to the Crop Protection Operations Strategy Restructuring Program. The first quarter 2025 charges relate to the Crop Protection Operations Strategy Restructuring Program.

2.First quarter 2026 includes a settlement charge associated with the Crop Protection loyalty program multi-district litigation plaintiffs.

3.First quarter 2025 includes a charge relating to the increase in the remediation accrual at the AltEn facility consisting of Corteva's estimated voluntary contribution to the solid waste and wastewater remedial action plans.

4.First quarter 2025 reflects a deferred tax benefit of $55 associated with a change in a legal entity's U.S. tax characterization.

5.Unless specifically addressed in notes above, the income tax effect on significant items was calculated based upon the enacted tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment.

A-9
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
Operating Earnings (Loss) Per Share (Non-GAAP)
Operating earnings (loss) per share is defined as earnings (loss) per common share from continuing operations – diluted, excluding the after-tax impact of significant items, the after-tax impact of separation costs, the after-tax impact of non-operating benefits (costs), the after-tax impact of amortization expense associated with intangible assets existing as of the Corteva Separation from DowDuPont, and the after-tax impact of net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting.
Three Months Ended
March 31,
2026202520262025
$$EPS (diluted)EPS (diluted)
Income (loss) from continuing operations attributable to Corteva common stockholders (GAAP)$722 $663 $1.07 $0.97 
Less: Non-operating benefits (costs), after tax 1
(1)(8)— (0.01)
Less: Amortization of intangibles (existing as of Corteva Separation), after tax(106)(109)(0.16)(0.16)
Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax(3)(7)(0.01)(0.01)
Less: Significant items benefit (charge), after tax(135)10 (0.20)0.02 
Less: Separation costs, after tax(42)— (0.06)— 
Operating Earnings (Loss) (Non-GAAP) 2
$1,009 $777 $1.50 $1.13 

1.Non-operating benefits (costs) consists of non-operating pension and other post-employment benefit (OPEB) credits (costs), tax indemnification adjustments and environmental remediation and legal costs associated with legacy businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense.
2.Refer to page A-10 for the Non-GAAP reconciliation of operating EBITDA to operating earnings (loss) per share.

A-10
Corteva, Inc.
Operating EBITDA to Operating Earnings (Loss) Per Share
(Dollars in millions, except per share amounts)

Operating EBITDA to Operating Earnings (Loss) Per Share
Three Months Ended
March 31,
20262025
Operating EBITDA (Non-GAAP) 1
$1,438 $1,189 
Depreciation(137)(134)
Amortization of intangibles (post Corteva Separation)(21)(20)
Interest income34 32 
Interest expense(36)(36)
(Provision for) benefit from income taxes on continuing operations before significant items, separation costs, non-operating benefits (costs), amortization of intangibles (existing as of Corteva Separation), mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, and exchange gains (losses) (Non-GAAP) 1
(209)(220)
Base income tax rate from continuing operations (Non-GAAP)1
16.4 %21.3 %
Exchange gains (losses), after tax 2
(57)(30)
Net (income) loss attributable to non-controlling interests(3)(4)
Operating Earnings (Loss) (Non-GAAP) 1
$1,009 $777 
Diluted Shares (in millions)673.6 686.6 
Operating Earnings (Loss) Per Share (Non-GAAP) 1
$1.50 $1.13 

1.     Refer to pages A-5 through A-7, A-9 and A-11 for Non-GAAP reconciliations.
2.     Refer to page A-12 for pre-tax and after tax impacts of exchange gains (losses).

A-11
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions)

Reconciliation of Base Income Tax Rate to Effective Income Tax Rate
Base income tax rate is defined as the effective income tax rate less the effect of exchange gains (losses), significant items, separation costs, amortization of intangibles (existing as of Corteva Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and non-operating (benefits) costs.
Three Months Ended
March 31,
20262025
Income (loss) from continuing operations before income taxes (GAAP)
$858 $784 
Add: Significant items (benefit) charge 1
177 59 
Separation costs52 — 
Non-operating (benefits) costs(18)10 
Amortization of intangibles (existing as of Corteva Separation)139 142 
Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges3 9 
Less: Exchange gains (losses) 2
(67)(27)
Income (loss) from continuing operations before income taxes, significant items, separation costs, non-operating (benefits) costs, amortization of intangibles (existing as of Corteva Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and exchange gains (losses) (Non-GAAP)
$1,278 $1,031 
Provision for (benefit from) income taxes on continuing operations (GAAP)
$133 $117 
Add: Tax (expenses) benefits on significant items (benefit) charge 1
42 69 
Tax benefits on separation costs10 — 
Tax (expenses) benefits on non-operating (benefits) costs(19)2 
Tax benefits on amortization of intangibles (existing as of Corteva Separation)33 33 
 Tax (expenses) benefits on mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges— 2 
Tax (expenses) benefits on exchange gains (losses) 2
10 (3)
Provision for (benefit from) income taxes on continuing operations before significant items, separation costs, non-operating (benefits) costs, amortization of intangibles (existing as of Corteva Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and exchange gains (losses) (Non-GAAP)
$209 $220 
Effective income tax rate (GAAP)
15.5 %14.9 %
Significant items, separation costs, non-operating (benefits) costs, amortization of intangibles (existing as of Corteva Separation), and mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges effect1.0 %7.3 %
Tax rate from continuing operations before significant items, separation costs, non-operating (benefits) costs, amortization of intangibles (existing as of Corteva Separation), and mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges16.5 %22.2 %
Exchange gains (losses), net effect 2
(0.1)%(0.9)%
Base income tax rate from continuing operations (Non-GAAP)
16.4 %21.3 %

1.See page A-8 for further detail on the significant items table.
2.See page A-12 for further details of exchange gains (losses).

A-12
Corteva, Inc.
(Dollars in millions, except per share amounts)

Exchange Gains/Losses
The Company routinely uses foreign currency exchange contracts to offset its net exposures, by currency, related to the foreign currency-denominated monetary assets and liabilities. The objective of this program is to maintain an approximately balanced position in foreign currencies in order to minimize, on an after-tax basis, the effects of exchange rate changes on net monetary asset positions. The hedging program gains (losses) are largely taxable (tax deductible) in the United States (U.S.), whereas the offsetting exchange gains (losses) on the remeasurement of the net monetary asset positions are often not taxable (tax deductible) in their local jurisdictions. The net pre-tax exchange gains (losses) are recorded in other income (expense) - net and the related tax impact is recorded in provision for (benefit from) income taxes on continuing operations in the Consolidated Statements of Operations.
Three Months Ended
March 31,
20262025
Subsidiary Monetary Position Gain (Loss)
Pre-tax exchange gain (loss)$85 $(47)
Local tax (expenses) benefits(24)(1)
Net after-tax impact from subsidiary exchange gain (loss)$61 $(48)
Hedging Program Gain (Loss)
Pre-tax exchange gain (loss)$(152)$20 
Tax (expenses) benefits34 (2)
Net after-tax impact from hedging program exchange gain (loss)$(118)$18 
Total Exchange Gain (Loss)
Pre-tax exchange gain (loss)$(67)$(27)
Tax (expenses) benefits10 (3)
Net after-tax exchange gain (loss)$(57)$(30)
As shown above, the "Total Exchange Gain (Loss)" is the sum of the "Subsidiary Monetary Position Gain (Loss)" and the "Hedging Program Gain (Loss)."