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What is Corteva's latest dividend and current dividend yield?

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What were the key takeaways from Corteva’s earnings call?

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- **Strategic Separation**: Split into Seed and Crop Protection businesses to accelerate innovation and unlock $80-100M in dis-synergies.
- **Record Performance**: Q3 EBITDA up 19%, full-year guidance raised to $3.8-3.9B with 14% growth.
- **New Product Momentum**: Varpelgo insecticide and biologicals driving $9B Crop Protection pipeline, with Spinosyns near $900M in 2025.
- **Free Cash Flow Strength**: $1.9B free cash flow on track, supporting $1B buybacks and 50% conversion rate.
- **2026 Growth Drivers**: Double-digit Seed growth, Crop Protection biologicals expansion, and $4.1B EBITDA target.

**【CEO Summary Section】**
- Announced intent to split into two public companies (Seed and Crop Protection) by mid-2026 to unlock growth potential.
- Seed business delivered $200M in productivity benefits and expects double-digit trade penetration for Conkesta in Brazil next year.
- Crop Protection introduced new insecticide Varpelgo (expected $750M peak revenue) and achieved 19% EBITDA growth year-to-date.
- Raised full-year 2025 EBITDA guidance to $3.8-3.9B (14% growth) and operating EPS to $3.25-3.35.
- Free cash flow conversion rate maintained at ~50% with $1B share buybacks on track.

**【CFO Financial Commentary】**
- Organic sales up 11% Q3/2025, driven by Seed and Crop Protection volume gains.
- Operating EBITDA margin expanded 320bps to 25.3%, with $500M+ cost savings from deflation and productivity.
- Year-to-date Seed royalty expense reduced by $90M, nearing royalty neutrality.
- Full-year free cash flow guidance reaffirmed at $1.9B, supported by strong EBITDA and lower capex.

**【Q&A Highlights】**
- **Crop Protection Pipeline**: $9B pipeline with Varpelgo and biologicals driving high single-digit growth in 2026.
- **Biologicals Growth**: Spinosyns revenue near $900M, with double-digit growth in new products (Rinskor, Arylex).
- **Latin America Risk Management**: Barter system covers 40% of Brazil sales, limiting credit risk exposure.
- **Seed Market Share**: Gained share in North America corn and soy, with Conkesta Brazil penetration set to double in 2026.
- **2026 Outlook**: Full-year EBITDA $4.1B (mid-single-digit growth), with Crop Protection pricing stabilizing globally.

Corteva, Inc. (CTVA) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CTVA

CTVA fundamentals

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