AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 5/6 · 18/10/2026
Moat56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · Patented seed technology is monetized through product demand and licensing, with pricing improvements across multiple reporting periods. This supports a strong Seed intangible-asset advantage, without establishing equivalent protection in Crop Protection.
durability · 2/4 · Repeated commercial gains and eliminated royalty obligations support persistence, but finite patents, external licensing and competing intellectual property require continuous renewal. Portfolio-wide remaining protection is unknown.
customer dependency · 2/4 · Recurring demand for advanced Seed offerings and out-licensing indicates customers value the technology. This is indirect dependency evidence; it does not demonstrate customer lock-in, switching costs or measured repeat purchasing.
erosion resilience · 2/4 · Seed demand, licensing gains and improved royalty economics show adaptation, while recurring Crop Protection pricing pressure demonstrates uneven resilience. Patent and licensing risks remain potential erosion channels rather than proof of realized Seed decline.
Pricing power50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Seed achieved repeated pricing improvements, including a reported 3% first-half 2026 increase. Crop Protection experienced repeated competitive price declines. Company-wide pricing power is mixed, and Seed figures include mix and licensing effects.
retention · 2/4 · Multi-period advanced-technology demand, licensing income and Crop Protection new-product demand provide indirect evidence of continuing customer demand. Acreage shifts and delivery timing affect volumes, and no customer-cohort retention evidence is supplied.
margin resilience · 2/4 · Seed operating improvement reflects favorable pricing and mix, lower royalty expense and productivity despite lower quarterly volumes. However, first-half 2026 GAAP continuing income declined while adjusted operating EBITDA rose, with litigation and restructuring charges excluded. Resilience is demonstrated but uneven and not attributable solely to pricing.
contractual freedom · 2/4 · Product contracts specify transaction prices and permit rebates and discounts, demonstrating commercial term-setting. This does not establish unilateral repricing rights. Realized price pressure and competition litigation constrain confidence; allegations do not prove unlawful conduct.
Predictability84
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 50.00
- Revenue growth volatility (pp)
- 5.34
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 5.17
Financial strength89
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 100.00
- netDebtEbitGrade
- 100.00
- interestCoverageGrade
- 100.00
- currentRatioGrade
- 54.38
- Debt / FCF (x)
- 0.92
- Net debt / operating income (x)
- -0.86
- Interest coverage (x)
- 12.54
- Current ratio (x)
- 1.43
Capital allocation—
Missing required inputs: sbcRevenue. Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 7.53
- 3-year average dilution (%)
- -1.92
- cashConversionGrade
- 100.00
Management56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · 2025 continuing operating cash flow of $3.457 billion covered $591 million of capital spending, $1.071 billion of repurchases and $475 million of dividends. This supports funding discipline, but expanded restructuring commitments and asset charges temper the assessment. Higher estimates partly reflect added scope; acquisition returns and repurchase value creation are unestablished.
incentive alignment · 3/4 · The disclosed 2025 program places substantial compensation at risk, and granted PSUs use a three-year RONA and operating EPS growth period. Recovery and anti-hedging policies reinforce alignment. These are actual arrangements, not evidence that the PSU cycle has vested or that ownership requirements have been met.
execution · 2/4 · Observed Seed pricing, licensing and royalty improvements, stronger annual cash generation and Crop Protection new-product demand support execution. Expanded restructuring requirements and realized litigation charges offset those achievements. Management attribution of demand and productivity remains issuer-reported operating evidence.
governance · 2/4 · An independent chair, independent director sessions and annual director elections establish meaningful oversight structures. EIDP's standalone cash flow restatement and Crop Protection litigation charges temper confidence in oversight outcomes. The restatement did not affect Corteva consolidated statements or its internal control reporting, and competition allegations are not findings of misconduct.
Evidence
Lower pricing reflects the continued competitive price environment in Crop Protection, particularly in Latin America, partially offset by improvement in Seed pricing driven by strong demand for top technology offerings and operational execution globally.
MD&A / 2024 versus 2023 pricing and technology demand · Filed 12/02/2026
Pricing improvements were driven by Seed, led by North America and EMEA with continued execution on the company's price for value strategy, partially offset by a decline in Crop Protection pricing primarily due to the market dynamics in Latin America.
MD&A / 2025 Seed and Crop Protection pricing · Filed 12/02/2026
The sales increase over the prior period was driven by a 3 percent increase in price and a 1 percent favorable impact from currency.
MD&A / first-half 2026 Seed sales drivers · Filed 31/07/2026
Pricing and mix gains in all regions, led by North America, demonstrate demand for top technology and the strength of the portfolio, coupled with increased out-licensing income.
MD&A / first-half 2026 Seed technology demand and out-licensing · Filed 31/07/2026
In August 2022, Corteva filed a lawsuit against Bayer CropScience LLP and Monsanto Company (collectively “Bayer”) in federal court in Delaware for alleged infringement of Corteva’s patented AAD-1 herbicide resistance technology used in Enlist® corn.
Commitments and contingencies / patented AAD-1 technology and Bayer litigation · Filed 12/02/2026
Also as a result of the resolution of this litigation and the related license terminations and amendments, potential royalty obligations for Corteva's Enlist E3® soybeans, as well as future royalty payments due to Bayer under other licensing agreements in dispute were terminated.
Commitments and contingencies / Bayer settlement and terminated royalty obligations · Filed 06/05/2026
The settlement agreements support Corteva's product out-licensing growth in competitive corn, cotton and canola markets, including for the out-licensing of above and below ground triple-stack corn technology.
Commitments and contingencies / settlement-supported out-licensing opportunities · Filed 06/05/2026
In seed, EnlistTM E3 soybeans remained the number one soybean technology in the United States and the segment expanded its corn and soybean licensing income.
Chairman and CEO letter / soybean technology position and licensing income · Filed 19/03/2026
Upon the loss or expiration of patent protection for one of Corteva’s products or of a product that Corteva licenses, or upon the “at- risk” launch (despite pending patent infringement litigation against the generic product) by a generic manufacturer of a generic version of one of Corteva’s patented products or of a product that Corteva licenses, Corteva can lose a major portion of revenues for that product, which can have a material adverse effect on Corteva’s business.
Risk factors / patent expiry and generic competition · Filed 12/02/2026
The company currently has certain third-party biotechnology trait license agreements, which require up-front and variable payments subject to the licensor meeting certain conditions.
Accounting policies / third-party biotechnology license payment obligations · Filed 14/02/2025
The Seed pricing and mix improvement was driven by demand for top technology and increased out-licensing income, partially offset by the competitive Crop Protection pricing environment in Latin America.
MD&A / Seed gains offset by Latin American Crop Protection pricing pressure · Filed 31/07/2026
Corteva’s lawsuit alleges Inari illegally obtained various varieties of seed technologies from a seed depository and illegally transported them abroad for the purpose of performing gene editing on the technologies and then filing a patent for such technologies.
Legal proceedings / allegations concerning Inari and seed technologies · Filed 31/07/2026
These patents could reduce the value of Corteva’s commercial or pipeline products or, to the extent they cover key technologies on which Corteva has relied, require Corteva to seek to obtain licenses (and Corteva cannot ensure it would be able to obtain such a license on acceptable terms) or cease using the technology, no matter how valuable to Corteva’s business.
Risk factors / competing patents and access to essential technology · Filed 12/02/2026
The increase in pricing and mix was driven by demand for top technology and increased out-licensing income, while the decline in volume was driven by timing shifts in North America and Brazil, coupled with the acreage shift from corn to soybean in North America and corn to sunflower in EMEA.
MD&A / second-quarter Seed pricing, licensing and volume drivers · Filed 31/07/2026
The improvement was driven by more favorable pricing and mix, reductions in net royalty expense, and ongoing cost and productivity actions, which more than offset lower volumes, increased research and development expense and functional cost.
MD&A / Seed operating EBITDA improvement drivers · Filed 31/07/2026
51 Table of Contents Reconciliation of Income (Loss) from Continuing Operations after Income Taxes to Operating EBITDA Three Months Ended June 30, Six Months Ended June 30, (In millions) 2026 2025 2026 2025 Income (loss) from continuing operations after income taxes (GAAP) $ 1,217 $ 1,382 $ 1,942 $ 2,049 Provision for (benefit from) income taxes on continuing operations 408 422 541 539 Income (loss) from continuing operations before income taxes (GAAP) $ 1,625 $ 1,804 $ 2,483 $ 2,588 Depreciation and amortization 339 301 636 597 Interest income (27) (31) (61) (63) Interest expense 47 52 83 88 Exchange (gains) losses - net 75 25 142 52 Non-operating (benefits) costs - net 17 3 (1) 13 Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges 21 43 24 52 Significant items (benefit) charge 85 (33) 262 26 Separation costs 79 — 131 — Operating EBITDA (Non-GAAP) $ 2,261 $ 2,164 $ 3,699 $ 3,353 Significant Items Three Months Ended June 30, Six Months Ended June 30, (In millions) 2026 2025 2026 2025 Restructuring and asset related charges - net $ (49) $ (79) $ (141) $ (101) Litigation settlement 1 (36) — (121) — Gain (loss) on sale of assets 2 — 14 — 14 AltEn facility remediation charges 3 — — — (37) Insurance proceeds 3 — 98 — 98 Total pre-tax significant items benefit (charge) $ (85) $ 33 $ (262) $ (26) Total tax (provision) benefit impact of significant items 4 20 (6) 62 8 Tax only significant item benefit (charge) 5 — — — 55 Total significant items benefit (charge), after tax $ (65) $ 27 $ (200) $ 37 1.Relates to estimated settlements associated with various lawsuits filed as described in the section entitled “Federal Trade Commission Investigation” within Note 12 - Commitments and Contingent Liabilities, to the interim Consolidated Financial Statements.
MD&A / GAAP reconciliation, operating EBITDA and estimated litigation settlements · Filed 31/07/2026
The majority of contracts have a single performance obligation satisfied at a point in time and the transaction price is stated in the contract, usually as quantity times price per unit.
Revenue recognition / contractual transaction prices and performance obligations · Filed 12/02/2026
These procedures also included, among others (i) evaluating revenue transactions by testing, on a sample basis, the revenue recognized by obtaining and inspecting source documents, such as purchase orders, invoices, shipment or delivery documents, and cash receipts, as applicable; (ii) testing, on a sample basis, the recognition of variable consideration for rebates issued and discounts granted during the year by obtaining and inspecting source documents, such as support for the nature of the variable consideration, amount, and agreement with the customer; and (iii) confirming, on a sample basis, outstanding customer invoice balances as of year-end, and, for confirmations not returned, obtaining and inspecting source documents, including invoices, shipment or delivery documents, and subsequent cash receipts, as applicable.
Auditor critical audit matter / customer rebates and discounts · Filed 12/02/2026
On September 29, 2022, the FTC, along with ten state attorneys general in California, Colorado, Illinois, Indiana, Iowa, Minnesota, Nebraska, Oregon, Wisconsin, and Texas, filed a lawsuit against Corteva and another competitor alleging the parties engaged in unfair methods of competition, unlawful conditioning of payments, unreasonably restrained trade, and have an unlawful monopoly (the “FTC lawsuit”).
Commitments and contingencies / FTC competition allegations · Filed 31/07/2026
Consolidated Financial Statements CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) For the Year Ended December 31, 2025 2024 2023 Operating activities Net income (loss) $ 1,105 $ 919 $ 747 (Income) loss from discontinued operations after income taxes 99 (56) 194 Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities: Depreciation and amortization 1,203 1,227 1,211 Provision for (benefit from) deferred income tax (41) (365) (438) Net periodic pension and OPEB (benefit) cost, net 36 160 138 Pension and OPEB contributions (136) (151) (149) Net (gain) loss on sales of property, businesses, consolidated companies, and investments (41) (17) (22) Restructuring and asset related charges - net 146 288 336 Other net loss 545 383 578 Changes in assets and liabilities, net Accounts and notes receivable (261) (705) 358 Inventories (35) 1,110 57 Accounts payable 231 (115) (663) Deferred revenue 270 (86) (11) Other assets and liabilities 336 (296) (527) Cash provided by (used for) operating activities - continuing operations 3,457 2,296 1,809 Cash provided by (used for) operating activities - discontinued operations (51) (151) (40) Cash provided by (used for) operating activities 3,406 2,145 1,769 Investing activities Capital expenditures (591) (597) (595) Proceeds from sales of property, businesses, and consolidated companies - net of cash divested 54 5 57 Acquisitions of businesses - net of cash acquired — — (1,456) Investments in and loans to nonconsolidated affiliates (20) (7) (32) Purchases of investments — (144) (148) Proceeds from sales and maturities of investments 135 130 147 Proceeds from (payments for) settlement of net investment hedge (83) 63 42 Other investing activities, net (38) (39) (2) Cash provided by (used for) investing activities (543) (589) (1,987) Financing activities Net change in borrowings (less than 90 days) — 53 (6) Proceeds from debt 1,730 3,072 3,429 Payments on debt (1,871) (2,885) (2,309) Repurchase of common stock (1,071) (1,009) (756) Proceeds from exercise of stock options 88 60 31 Dividends paid to stockholders (475) (458) (439) Other financing activities, net (45) (32) (49) Cash provided by (used for) financing activities (1,644) (1,199) (99) Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents 84 (93) (143) Increase (decrease) in cash, cash equivalents and restricted cash equivalents 1,303 264 (460) Cash, cash equivalents and restricted cash equivalents at beginning of period 3,422 3,158 3,618 Cash, cash equivalents and restricted cash equivalents at end of period 1 $ 4,725 $ 3,422 $ 3,158 Supplemental cash flow information Cash paid during the period for Interest, net of amounts capitalized $ 191 $ 244 $ 234 Income taxes 750 707 535 1.
Consolidated statements of cash flows / 2023–2025 cash generation and capital deployment · Filed 12/02/2026
The company expects to record aggregate pre-tax restructuring and asset related charges of $650 million to $700 million, comprised of $85 million to $105 million of severance and related benefit costs, $320 million to $340 million of asset-related and impairment charges, and $245 million to $255 million of costs related to exiting the company's production activities and ceasing operations (inclusive of decommissioning and demolition costs and contract terminations).
MD&A / year-end 2025 expected Crop Protection restructuring charges · Filed 12/02/2026
11 Table of Contents NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) The company expects to record aggregate pre-tax restructuring and asset related charges of $750 million to $815 million, comprised of $100 million to $125 million of severance and related benefit costs, $350 million to $372 million of asset related and impairment charges and $300 million to $318 million of costs related to exiting the company’s production activities and ceasing operations (inclusive of contract terminations and decommissioning and demolition costs).
Note 4 / expanded 2026 expected Crop Protection restructuring charges · Filed 31/07/2026
Furthermore, on June 12, 2026, the company disclosed that its management recently committed to the next phase of the plan to include the intended cessation of the company's production activities at its site in Asturias, Spain.
Note 4 / intended Asturias production cessation · Filed 31/07/2026
Corteva 2026 Proxy Statement | 41 COMPENSATION DISCUSSION AND ANALYSIS 2025 TARGET COMPENSATION MIX AND “PAY AT RISK” CEO Other NEOs • 91% of targeted Total Direct Compensation (“TDC”) for the CEO at risk • 15% of the at-risk pay is tied to achievement of annual incentive goals, 85% is tied to achievement of financial goals and/or share price over a multi-year period • On average 77% of TDC for the other NEOs is at risk • On average 29% of the at-risk pay is tied to achievement of annual incentive goals, 71% is tied to achievement of financial goals and/or share price over a multi-year period 42 | Corteva 2026 Proxy Statement COMPENSATION DISCUSSION AND ANALYSIS Benefits, Retirement and Other Compensation Components In addition to the annual and long-term direct compensation programs designed to align pay with performance, we provide our executives with additional compensation elements including: health and welfare, paid time off, and other benefits, retirement plans, and limited perquisites.
Compensation discussion / 2025 target compensation and pay at risk · Filed 19/03/2026
The actual number of shares earned for the PSUs granted in 2025 will be based on performance relative to Corteva’s RONA and Cumulative Operating EPS Growth metrics for the performance period, covering January 2025 through December 2027.
Compensation discussion / granted 2025 PSU performance measures and period · Filed 19/03/2026
Except where impracticable by law, Corteva's policy requires the reimbursement or forfeiture of any excess incentive-based compensation received by the Grantee over the amount that would have been paid to the Grantee had it been paid on the restated results.
Compensation risk / excess incentive compensation recovery policy · Filed 19/03/2026
Prohibition on Hedging and Pledging of Company Common Stock Our insider trading policy includes an “anti-hedging” provision that prohibits directors and executive officers and certain of their related persons (such as certain of their family members and entities they control) from engaging in hedging transactions and short sales with respect to the securities of the Company or its subsidiaries.
Compensation risk / director and executive anti-hedging policy · Filed 19/03/2026
Page is an independent director and currently serves as Chair of the Board.
Corporate governance / current independent board chair · Filed 19/03/2026
Executive Sessions. Pursuant to our Corporate Governance Guidelines, the independent directors meet in regularly scheduled executive sessions.
Corporate governance / independent director executive sessions · Filed 19/03/2026
As part of the Company’s Board refreshment process, our Certificate of Incorporation provides that all directors stand for election at each annual meeting of stockholders.
Corporate governance / annual election of all directors · Filed 19/03/2026
Refer to the EIDP Explanatory Note at page F-68 and EIDP Note 1 – Basis of Presentation, of the EIDP Consolidated Financial Statements, for discussion regarding EIDP’s restatement for the misclassification of intercompany activities between EIDP and Corteva, Inc.
Explanatory note / EIDP cash flow restatement · Filed 14/02/2025
EIDP’s parent company, Corteva, has confirmed the misclassification was isolated to EIDP’s standalone financial statements, and did not impact the consolidated financial statements of Corteva, as intercompany transactions are eliminated upon consolidation; nor did the misclassification have any impact on Corteva’s internal control over financial reporting.
Explanatory note / restatement isolated to EIDP standalone statements · Filed 14/02/2025
Volume increases were driven by demand for Crop Protection new products, partially offset by timing impacts in Latin 44 Table of Contents America Seed and channel purchase timing in North America Crop Protection.
MD&A / first-half Crop Protection new-product demand and purchase timing · Filed 31/07/2026
