Corteva, Inc. (NYSE:CTVA) reported third-quarter and nine-month financial results for the period ended September 30, 2026, in an 8-K earnings press release filed November 11, 2026, and updated its full-year 2026 guidance downward citing deteriorating market conditions in Brazil.

Key Highlights

  • Q3 net sales fell 9% to $1,591 million versus $1,742 million in the third quarter of 2025, with organic sales also down 9%.
  • Q3 Pro Forma GAAP loss from continuing operations after income taxes was $(54) million, compared to income of $60 million in the third quarter of 2025.
  • Q3 Adjusted Pro Forma Operating EBITDA was $222 million, down 17% versus the prior year, with margin erosion of 140 basis points.
  • Year-to-date net sales of $5,357 million declined 1%, while year-to-date Adjusted Pro Forma Operating EBITDA of $943 million was flat versus the prior year.
  • Latin America organic sales dropped 31% in Q3, with volume down 24% and price down 7%, reflecting elevated channel inventory and farmer liquidity constraints in Brazil.
  • Full-year 2026 guidance updated: Adjusted Pro Forma Operating EBITDA is now expected to be between $1.1 billion and $1.125 billion, and Adjusted Pro Forma Operating EPS between $0.76 and $0.80 per share.
  • Board of Directors authorized the first common dividend post spin, according to the filing.

Corteva's Third-Quarter 2026 Results: Regional Divergence and Revised Guidance

According to the filing, Corteva's third-quarter 2026 results reflected a significant regional divide. North America reported 7% organic sales growth, with volume up 19% as new product growth and early demand offset pricing pressure from U.S. acetochlor. EMEA reported 14% organic sales growth, driven by demand for new and differentiated products while holding price flat. Asia Pacific posted 5% organic sales growth, supported by 7% volume growth from new product demand.

Latin America was the primary drag, with organic sales declining 31% in the quarter. The filing attributed the decline to challenging market dynamics in Brazil, including elevated channel inventory, delayed purchasing tied to farmer liquidity constraints and high interest rates, and competitive pricing pressure on mature molecules. Volume fell 24% and price fell 7% in the region. The filing states that CEO Luke Kissam characterized Brazil as "materially weaker than anticipated," while noting that acetochlor pricing in the U.S. was consistent with expectations.

For the nine months ended September 30, 2026, the company reported Pro Forma GAAP income from continuing operations of $112 million, or $0.16 per share, down 68% from the prior year period. Year-to-date Adjusted Pro Forma Operating EBITDA margin expanded 30 basis points to 17.6%, and year-to-date Adjusted Pro Forma Operating EPS was $0.76. The company updated its full-year 2026 guidance, citing deterioration in Brazil as the primary driver. The filing notes that the company "is not able to reconcile its forward-looking non-GAAP financial measures to its most comparable U.S. GAAP financial measures" due to uncertainty around items outside its control. All forward-looking statements in the filing are subject to the company's cautionary language regarding risks and uncertainties.

What Was Disclosed

Corteva disclosed Q3 and year-to-date 2026 financial results, including a Q3 net sales decline of 9% and a Pro Forma GAAP loss from continuing operations of $(54) million. The company lowered its full-year 2026 Adjusted Pro Forma Operating EBITDA guidance to $1.1 billion to $1.125 billion, citing weaker-than-expected conditions in Brazil.