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A-1
Corteva, Inc.
Consolidated Statements of Operations
(Dollars in millions, except per share amounts)
Three Months Ended December 31,Twelve Months Ended
December 31,
2025202420252024
Net sales$3,910 $3,978 $17,401 $16,908 
Cost of goods sold2,254 2,496 9,172 9,529 
Research and development expense413 365 1,474 1,402 
Selling, general and administrative expenses860 735 3,492 3,196 
Amortization of intangibles159 164 644 685 
Restructuring and asset related charges - net15 89 146 288 
Separation costs28 — 35 — 
Other income (expense) - net(665)19 (570)(300)
Interest expense46 60 180 233 
Income (loss) from continuing operations before income taxes(530)88 1,688 1,275 
Provision for (benefit from) income taxes on continuing operations7 138 484 412 
Income (loss) from continuing operations after income taxes(537)(50)1,204 863 
Income (loss) from discontinued operations after income taxes(12)11 (99)56 
Net income (loss)(549)(39)1,105 919 
Net income (loss) attributable to noncontrolling interests3 2 11 12 
Net income (loss) attributable to Corteva$(552)$(41)$1,094 $907 
Basic earnings (loss) per share of common stock:
Basic earnings (loss) per share of common stock from continuing operations$(0.80)$(0.08)$1.75 $1.23 
Basic earnings (loss) per share of common stock from discontinued operations(0.02)0.02 (0.15)0.08 
Basic earnings (loss) per share of common stock$(0.82)$(0.06)$1.60 $1.31 
Diluted earnings (loss) per share of common stock:
Diluted earnings (loss) per share of common stock from continuing operations$(0.80)$(0.08)$1.75 $1.22 
Diluted earnings (loss) per share of common stock from discontinued operations(0.02)0.02 (0.15)0.08 
Diluted earnings (loss) per share of common stock$(0.82)$(0.06)$1.60 $1.30 
Average number of shares outstanding used in earnings (loss) per share (EPS) calculation (in millions)
  Basic674.7687.3680.0693.7
  Diluted674.7687.3681.4696.0


A-2
Corteva, Inc.
Consolidated Balance Sheets
(Dollars in millions, except share amounts)
December 31, 2025December 31, 2024
Assets
Current assets
Cash and cash equivalents$4,521 $3,106 
Marketable securities9 63 
Accounts and notes receivable - net6,371 5,676 
Inventories5,667 5,432 
Other current assets767 820 
Total current assets17,335 15,097 
Investment in nonconsolidated affiliates160 134 
Property, plant and equipment9,551 9,074 
Less: Accumulated depreciation5,331 4,975 
Net property, plant and equipment4,220 4,099 
Goodwill10,465 10,408 
Other intangible assets8,301 8,876 
Deferred income taxes320 401 
Other assets2,044 1,810 
Total Assets$42,845 $40,825 
Liabilities and Equity
Current liabilities
Short-term borrowings and finance lease obligations$894 $750 
Accounts payable4,398 4,039 
Income taxes payable155 207 
Deferred revenue3,579 3,287 
Accrued and other current liabilities3,099 2,103 
Total current liabilities12,125 10,386 
Long-term debt1,686 1,953 
Other noncurrent liabilities
Deferred income tax liabilities251 478 
Pension and other post-employment benefits2,434 2,271 
Other noncurrent obligations1,963 1,707 
Total noncurrent liabilities6,334 6,409 
Commitments and contingent liabilities
Stockholders' equity
Common stock, $0.01 par value;1,666,667,000 shares authorized;
issued at December 31, 2025 - 672,163,000 and December 31, 2024 - 685,595,000
7 7 
Additional paid-in capital27,001 27,196 
Retained earnings (accumulated deficit)(67)55 
Accumulated other comprehensive income (loss)(2,797)(3,469)
Total Corteva stockholders' equity24,144 23,789 
Noncontrolling interests242 241 
Total equity24,386 24,030 
Total Liabilities and Equity$42,845 $40,825 

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

Twelve Months Ended
December 31,
20252024
Operating activities
Net income (loss)$1,105 $919 
(Income) loss from discontinued operations after income taxes99 (56)
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities
Depreciation and amortization1,203 1,227 
Provision for (benefit from) deferred income tax(41)(365)
Net periodic pension and OPEB (benefit) cost, net36 160 
Pension and OPEB contributions(136)(151)
Net (gain) loss on sales of property, businesses, consolidated companies, and investments(41)(17)
Restructuring and asset related charges - net147 288 
Other net loss545 383 
Changes in assets and liabilities, net
         Accounts and notes receivable(261)(705)
         Inventories(35)1,110 
         Accounts payable231 (115)
         Deferred revenue270 (86)
         Other assets and liabilities335 (296)
Cash provided by (used for) operating activities - continuing operations$3,457 $2,296 
Cash provided by (used for) operating activities - discontinued operations(51)(151)
Cash provided by (used for) operating activities$3,406 $2,145 
Investing activities
Capital expenditures$(591)$(597)
Proceeds from sales of property, businesses, and consolidated companies - net of cash divested54 5 
Investments in and loans to nonconsolidated affiliates(20)(7)
Purchases of investments— (144)
Proceeds from sales and maturities of investments135 130 
Proceeds from (payments for) settlement of net investment hedge(83)63 
Other investing activities, net(38)(39)
Cash provided by (used for) investing activities$(543)$(589)
Financing activities
Net change in borrowings (less than 90 days)$— $53 
Proceeds from debt1,730 3,072 
Payments on debt(1,871)(2,885)
Repurchase of common stock(1,071)(1,009)
Proceeds from exercise of stock options88 60 
Dividends paid to stockholders(475)(458)
Other financing activities, net(45)(32)
Cash provided by (used for) financing activities$(1,644)$(1,199)
Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents84 (93)
Increase (decrease) in cash, cash equivalents and restricted cash equivalents$1,303 $264 
Cash, cash equivalents and restricted cash equivalents at beginning of period3,422 3,158 
Cash, cash equivalents and restricted cash equivalents at end of period$4,725 $3,422 

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

Three Months Ended
December 31,		Twelve Months Ended
December 31,
SEGMENT NET SALES - SEED2025202420252024
    Corn$1,386 $1,411 $7,002 $6,496 
    Soybean164 154 1,878 1,927 
    Other oilseeds94 87 644 653 
    Other93 120 374 469 
Seed$1,737 $1,772 $9,898 $9,545 
Three Months Ended
December 31,		Twelve Months Ended
December 31,
SEGMENT NET SALES - CROP PROTECTION2025202420252024
    Herbicides$1,062 $1,031 $3,730 $3,599 
    Insecticides488 490 1,669 1,715 
    Fungicides272 320 1,140 1,081 
    Biologicals191 169 519 476 
    Other160 196 445 492 
Crop Protection$2,173 $2,206 $7,503 $7,363 
Three Months Ended
December 31,		Twelve Months Ended
December 31,
GEOGRAPHIC NET SALES - SEED2025202420252024
North America 1
$545 $639 $6,271 $6,033 
EMEA 2
190 216 1,560 1,581 
Latin America884 827 1,614 1,523 
Asia Pacific118 90 453 408 
Rest of World 3
1,192 1,133 3,627 3,512 
Net Sales$1,737 $1,772 $9,898 $9,545 
Three Months Ended
December 31,		Twelve Months Ended
December 31,
GEOGRAPHIC NET SALES - CROP PROTECTION2025202420252024
North America 1
$933 $924 $2,753 $2,627 
EMEA 2
234 232 1,550 1,543 
Latin America769 795 2,314 2,253 
Asia Pacific237 255 886 940 
Rest of World 3
1,240 1,282 4,750 4,736 
Net Sales$2,173 $2,206 $7,503 $7,363 
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
December 31,		Twelve Months Ended
December 31,
20252025
Net Sales (GAAP)$3,910 $17,401 
Add: Impacts from Currency and Portfolio / Other(88)155 
Organic Sales (Non-GAAP)$3,822 $17,556 
Three Months Ended
December 31,		Twelve Months Ended
December 31,
OPERATING EBITDA2025202420252024
Seed$124 $93 $2,636 $2,219 
Crop Protection360 461 1,350 1,272 
Corporate Expenses(38)(29)(138)(115)
Operating EBITDA (Non-GAAP)$446 $525 $3,848 $3,376 
RECONCILIATION OF INCOME (LOSS) FROM CONTINUING OPERATIONS AFTER INCOME TAXES TO OPERATING EBITDAThree Months Ended
December 31,		Twelve Months Ended
December 31,
2025202420252024
Income (loss) from continuing operations after income taxes (GAAP)$(537)$(50)$1,204 $863 
Provision for (benefit from) income taxes on continuing operations7 138 484 412 
Income (loss) from continuing operations before income taxes (GAAP)(530)88 1,688 1,275 
Depreciation and amortization306 302 1,203 1,227 
Interest income(44)(39)(136)(132)
Interest expense46 60 180 233 
Exchange (gains) losses - net 1
84 50 181 284 
Non-operating (benefits) costs - net 2
12 42 39 174 
Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges(58)4 — — 
Significant items (benefit) charge 3
602 18 658 315 
Separation costs28 — 35 — 
Operating EBITDA (Non-GAAP)$446 $525 $3,848 $3,376 
1.Refer to page A-15 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-10 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
Q4 2025 vs. Q4 2024Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$(85)(5)%$(85)(5)%1 %(6)%— %— %
EMEA(24)(5)%(39)(9)%2 %(11)%4 %— %
Latin America31 2 %(55)(3)%— %(3)%5 %— %
Asia Pacific10 3 %23 7 %2 %5 %(4)%— %
Rest of World17 1 %(71)(3)%1 %(4)%4 %— %
Total$(68)(2)%$(156)(4)%1 %(5)%2 %— %
SEED
Q4 2025 vs. Q4 2024Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$(94)(15)%$(94)(15)%(3)%(12)%— %— %
EMEA(26)(12)%(34)(16)%2 %(18)%4 %— %
Latin America57 7 %8 1 %7 %(6)%6 %— %
Asia Pacific28 31 %35 39 %9 %30 %(8)%— %
Rest of World59 5 %9 1 %6 %(5)%4 %— %
Total$(35)(2)%$(85)(5)%3 %(8)%3 %— %
CROP PROTECTION
Q4 2025 vs. Q4 2024Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$9 1 %$9 1 %4 %(3)%— %— %
EMEA
2 1 %(5)(2)%3 %(5)%3 %— %
Latin America(26)(3)%(63)(8)%(7)%(1)%5 %— %
Asia Pacific(18)(7)%(12)(5)%(1)%(4)%(2)%— %
Rest of World(42)(3)%(80)(6)%(4)%(2)%3 %— %
Total$(33)(1)%$(71)(3)%(1)%(2)%2 %— %
















A-7
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)

SEED PRODUCT LINE
Q4 2025 vs. Q4 2024Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Corn$(25)(2)%$(72)(5)%3 %(8)%3 %— %
Soybeans10 6 %9 6 %10 %(4)%— %— %
Other oilseeds7 8 %7 8 %4 %4 %— %— %
Other(27)(23)%(29)(24)%(8)%(16)%1 %— %
Total $(35)(2)%$(85)(5)%3 %(8)%3 %— %
CROP PROTECTION PRODUCT LINE
Q4 2025 vs. Q4 2024Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Herbicides$31 3 %$15 1 %3 %(2)%2 %— %
Insecticides(2)— %(12)(2)%(5)%3 %2 %— %
Fungicides(48)(15)%(55)(17)%2 %(19)%2 %— %
Biologicals22 13 %14 8 %(9)%17 %5 %— %
Other(36)(18)%(33)(17)%(10)%(7)%(1)%— %
Total$(33)(1)%$(71)(3)%(1)%(2)%2 %— %

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


A-8
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
PRICE - VOLUME - CURRENCY ANALYSIS
REGION
Twelve Months 2025 vs. Twelve Months 2024Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$364 4 %$392 5 %2 %3 %(1)%— %
EMEA(14)— %69 2 %2 %— %(2)%— %
Latin America152 4 %163 4 %(3)%7 %— %— %
Asia Pacific(9)(1)%24 2 %2 %— %(2)%(1)%
Rest of World129 2 %256 3 %— %3 %(1)%— %
Total$493 3 %$648 4 %1 %3 %(1)%— %
SEED
Twelve Months 2025 vs. Twelve Months 2024Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$238 4 %$255 4 %2 %2 %— %— %
EMEA(21)(1)%58 4 %5 %(1)%(5)%— %
Latin America91 6 %82 5 %2 %3 %1 %— %
Asia Pacific45 11 %58 14 %7 %7 %(3)%— %
Rest of World115 3 %198 6 %4 %2 %(3)%— %
Total$353 4 %$453 5 %3 %2 %(1)%— %
CROP PROTECTION
Twelve Months 2025 vs. Twelve Months 2024Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
North America$126 5 %$137 5 %1 %4 %— %— %
EMEA
7 — %11 1 %— %1 %(1)%— %
Latin America61 3 %81 4 %(7)%11 %(1)%— %
Asia Pacific(54)(6)%(34)(4)%— %(4)%(1)%(1)%
Rest of World14 — %58 1 %(4)%5 %(1)%— %
Total$140 2 %$195 3 %(2)%5 %(1)%— %


A-9
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions, except per share amounts)
SEED PRODUCT LINE
Twelve Months 2025 vs. Twelve Months 2024Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Corn$506 8 %$577 9 %3 %6 %(1)%— %
Soybeans(49)(3)%(48)(2)%2 %(4)%(1)%— %
Other oilseeds(9)(1)%13 2 %3 %(1)%(3)%— %
Other(95)(20)%(89)(19)%1 %(20)%(1)%— %
Total $353 4 %$453 5 %3 %2 %(1)%— %
CROP PROTECTION PRODUCT LINE
Twelve Months 2025 vs. Twelve Months 2024Percent Change Due To:
Net Sales Change (GAAP)
Organic Change 1 (Non-GAAP)
Price &Portfolio /
$%$%Product MixVolumeCurrencyOther
Herbicides$131 4 %$149 4 %— %4 %— %— %
Insecticides(46)(3)%(32)(2)%(4)%2 %(1)%— %
Fungicides59 5 %78 7 %— %7 %(1)%(1)%
Biologicals43 9 %45 9 %(7)%16 %— %— %
Other(47)(10)%(45)(9)%(6)%(3)%(1)%— %
Total$140 2 %$195 3 %(2)%5 %(1)%— %

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


A-10
Corteva, Inc.
Significant Items
(Dollars in millions, except per share amounts)
SIGNIFICANT ITEMS BY SEGMENT (PRE-TAX)
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2025202420252024
Seed$(610)$1 $(651)$(49)
Crop Protection5 12 — (175)
Corporate3 (31)(7)(91)
Total significant items before income taxes$(602)$(18)$(658)$(315)
SIGNIFICANT ITEMS - PRE-TAX, AFTER TAX, AND EPS IMPACTS
Pre-tax
After tax 10
($ Per Share)
202520242025202420252024
1st Quarter
Restructuring and asset related charges - net 1
$(22)$(75)$(17)$(56)$(0.02)$(0.08)
Estimated settlement expense 2
— (54)— (41)— (0.06)
   Gain (loss) on sale of assets 3
— 4 — 3 — 0.01 
   Acquisition-related costs 4
— (2)— (1)— — 
   AltEn facility remediation charges 5
(37)— (28)— (0.04)— 
   Income tax items 6
— — 55 — 0.08 — 
1st Quarter – Total
$(59)$(127)$10 $(95)$0.02 $(0.13)
2nd Quarter
Restructuring and asset related charges - net 1
$(79)$(92)$(59)$(69)$(0.09)$(0.10)
Estimated settlement expense 2
— (47)— (36)— (0.05)
Inventory write-offs 3
— 2 — 2 — — 
Gain (loss) on sale of assets 3
14 3 12 2 0.02 — 
Acquisition-related costs 4
— (3)— (2)— — 
Insurance proceeds 7
98 — 74 — 0.11 — 
2nd Quarter – Total
$33 $(137)$27 $(103)$0.04 $(0.15)
3rd Quarter
Restructuring and asset related charges - net 1
$(30)$(32)$(23)$(24)$(0.03)$(0.03)
Acquisition-related costs 4
— (1)— (1)— — 
Income tax items 6
— — — 4 — — 
3rd Quarter – Total
$(30)$(33)$(23)$(21)$(0.03)$(0.03)
4th Quarter
Restructuring and asset related charges - net 1
$(15)$(89)$(11)$(66)$(0.02)$(0.10)
Bayer resolution 8
(610)— (470)— (0.70)— 
Gain (loss) on sale of assets 3
23 — 17 — 0.03 — 
Insurance proceeds 7
— 71 — 54 — 0.08 
Income tax items 6
— — (132)(120)(0.19)(0.17)
4th Quarter – Total
$(602)$(18)$(596)$(132)$(0.88)$(0.19)
Annual Total 9
$(658)$(315)$(582)$(351)$(0.85)$(0.50)

1.Fourth, third, second and first quarter 2025 includes restructuring and asset related benefits (charges) of ($15), ($30), $(79) and $(22), respectively. The charges primarily relate to the Crop Protection Operations Strategy Restructuring Program.

Fourth, third, second and first quarter 2024 includes restructuring and asset related benefits (charges) of $(89), $(32), $(92) and $(75), respectively. The charges primarily relate to the Crop Protection Operations Strategy Restructuring Program of $(89), $(29), $(57) and $(55) for the fourth, third, second and first quarter, respectively, and to non-cash accelerated prepaid royalty amortization expense related related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits of $(35) and $(20) for the second and first quarter, respectively.

2.Second and first quarter 2024 included estimated Lorsban® related charges of $(47) and $(54), respectively.


A-11
Corteva, Inc.
Significant Items
(Dollars in millions, except per share amounts)
3.Fourth quarter 2025 includes a benefit of $23 related to the Crop Protection Operations Strategy Restructuring Program consisting of a gain on the sale of assets. Second quarter 2025 includes a benefit of $14 related to the 2022 Restructuring Actions consisting of a gain on the sale of assets.

Second and first quarter 2024 includes a benefit of $3 and $4, respectively, related to the 2022 Restructuring Actions consisting of a gain on the sale of assets. Second quarter 2024 also includes a $2 benefit associated with sales of inventory previously reserved for in association with the 2022 Restructuring Actions.

4.Second and first quarter 2024 includes acquisition-related costs relating to third-party integration costs associated with the completed acquisitions of Stoller and Symborg.

5.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.

6.Fourth quarter 2025 includes a tax charge of $(132) related to the establishment of a valuation allowance against the net deferred tax asset position of a legal entity in Brazil (Crop Protection business). First quarter 2025 reflects a deferred tax benefit of $55 associated with a change in a legal entity's U.S. tax characterization.

Fourth quarter 2024 includes a tax charge of $(120) related to the establishment of a valuation allowance against the net deferred tax asset position of a legal entity in Brazil (Seed business). Third quarter 2024 includes a tax benefit of $4 related to intellectual property realignment.

7.Second quarter 2025 and fourth quarter 2024 includes proceeds received related to prior significant items.

8.Fourth quarter 2025 includes a charge relating to the resolution of litigation with Bayer.

9.Earnings per share for the year may not equal the sum of quarterly earnings per share due to the changes in average share calculations.

10.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-12
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 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
December 31,
2025202420252024
$$EPS (diluted)EPS (diluted)
Income (loss) from continuing operations attributable to Corteva common stockholders (GAAP)$(540)$(52)$(0.80)$(0.08)
Less: Non-operating benefits (costs), after tax 1
(8)(29)(0.01)(0.04)
Less: Amortization of intangibles (existing as of Corteva Separation), after tax(107)(109)(0.16)(0.16)
Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax44 (3)0.07 (0.01)
Less: Significant items benefit (charge), after tax(596)(132)(0.88)(0.19)
Less: Separation costs, after tax(24)— (0.04)— 
Operating Earnings (Loss) (Non-GAAP) 2
$151 $221 $0.22 $0.32 
Twelve Months Ended
December 31,
2025202420252024
$$EPS (diluted)EPS (diluted)
Income (loss) from continuing operations attributable to Corteva common stockholders (GAAP)$1,193 $851 $1.75 $1.22 
Less: Non-operating benefits (costs), after tax 1
(36)(127)(0.05)(0.18)
Less: Amortization of intangibles (existing as of Corteva Separation), after tax(434)(459)(0.64)(0.67)
Less: Mark-to-market gains (losses) on certain foreign currency contracts not designated as hedges, after tax— — — — 
Less: Significant items benefit (charge), after tax(582)(351)(0.85)(0.50)
Less: Separation costs, after tax(31)— (0.05)— 
Operating Earnings (Loss) (Non-GAAP) 2
$2,276 $1,788 $3.34 $2.57 
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-13 for the Non-GAAP reconciliation of operating EBITDA to operating earnings (loss) per share.

A-13
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
December 31,		Twelve Months Ended
December 31,
2025202420252024
Operating EBITDA (Non-GAAP) 1
$446 $525 $3,848 $3,376 
Depreciation(147)(138)(559)(542)
Amortization of intangibles (post Corteva Separation)(20)(20)(78)(82)
Interest income44 39 136 132 
Interest expense(46)(60)(180)(233)
(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
(61)(80)(702)(604)
Base income tax rate from continuing operations (Non-GAAP) 1
22.0 %23.1 %22.2 %22.8 %
Exchange gains (losses), after tax 2
(62)(43)(178)(247)
Net (income) loss attributable to noncontrolling interests(3)(2)(11)(12)
Operating Earnings (Loss) (Non-GAAP) 1
$151 $221 $2,276 $1,788 
Diluted shares (in millions)674.7 687.3 681.4 696.0 
Operating Earnings (Loss) Per Share (Non-GAAP) 1
$0.22 $0.32 $3.34 $2.57 
1.     Refer to pages A-5 through A-9, and A-12 and A-14 for Non-GAAP reconciliations.
2.     Refer to page A-15 for pre-tax and after tax impacts of exchange gains (losses).





A-14
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
December 31,		Twelve Months Ended
December 31,
2025202420252024
Income (loss) from continuing operations before income taxes (GAAP)
$(530)$88 $1,688 $1,275 
Add: Significant items (benefit) charge 1
602 18 658 315 
Separation costs28 — 35 — 
Non-operating (benefits) costs12 42 39 174 
Amortization of intangibles (existing as of Corteva Separation)139 144 566 603 
Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges(58)4 — — 
Less: Exchange gains (losses) 2
(84)(50)(181)(284)
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)
$277 $346 $3,167 $2,651 
Provision for (benefit from) income taxes on continuing operations (GAAP)
$7 $138 $484 $412 
Add: Tax (expenses) benefits on significant items (benefit) charge 1
6 (114)76 (36)
Tax benefits on separation costs4 — 4 — 
Tax benefits on non-operating (benefits) costs4 13 3 47 
Tax benefits on amortization of intangibles (existing as of Corteva Separation)32 35 132 144 
 Tax (expenses) benefits on mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges(14)1 — — 
Tax benefits on exchange gains (losses) 2
22 7 3 37 
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)
$61 $80 $702 $604 
Effective income tax rate (GAAP)
(1.3)%156.8 %28.7 %32.3 %
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 effect21.5 %(132.1)%(5.3)%(8.3)%
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 hedges20.2 %24.7 %23.4 %24.0 %
Exchange gains (losses), net effect 2
1.8 %(1.6)%(1.2)%(1.2)%
Base income tax rate from continuing operations (Non-GAAP)
22.0 %23.1 %22.2 %22.8 %
1. See page A-10 for further detail on the significant items table.
2. See page A-15 for further details of exchange gains (losses).



A-15
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
December 31,		Twelve Months Ended
December 31,
2025202420252024
Subsidiary Monetary Position Gain (Loss)
Pre-tax exchange gains (losses)$(81)$47 $(254)$(152)
Local tax (expenses) benefits21 (12)11 11 
Net after tax impact from subsidiary exchange gains (losses)$(60)$35 $(243)$(141)
Hedging Program Gain (Loss)
Pre-tax exchange gains (losses)$(3)$(97)$73 $(132)
Tax (expenses) benefits1 19 (8)26 
Net after tax impact from hedging program exchange gains (losses)$(2)$(78)$65 $(106)
Total Exchange Gain (Loss)
Pre-tax exchange gains (losses)$(84)$(50)$(181)$(284)
Tax (expenses) benefits22 7 3 37 
Net after tax exchange gains (losses)$(62)$(43)$(178)$(247)
Noncontrolling interest adjustment— — — 1 
Net after tax exchange gain (loss) attributable to Corteva$(62)$(43)$(178)$(246)
As shown above, the "Total Exchange Gain (Loss)" is the sum of the "Subsidiary Monetary Position Gain (Loss)" and the "Hedging Program (Loss) Gain."



A-16
Corteva, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in millions)
Free Cash Flow (Non-GAAP)
Free Cash Flow is defined as cash provided by (used for) operating activities – continuing operations, less capital expenditures.
Twelve Months Ended
December 31,
20252024
Cash provided by (used for) operating activities - continuing operations (GAAP)$3,457 $2,296 
    Less: Capital expenditures(591)(597)
Free Cash Flow (Non-GAAP)$2,866 $1,699