CTVA · 8-K · 20260806PR338406
Operating Expense Trends
Corteva, Inc. · 2026-08-06 · Importance 44 · Surprise 24 · In source text
Pro forma 2025 research and development expense is $979 million after eliminating $495 million associated with the Crop Protection Business from historical Corteva expense of $1,474 million. Pro forma 2025 selling, general and administrative expense is $2,159 million, consisting of historical Corteva expense of $3,492 million less $1,350 million for Crop Protection plus $17 million from commercial agreements. Pro forma 2025 separation costs total $305 million, including $270 million of estimated additional separation-related expenses and $35 million already included in historical results. Pro forma first-quarter 2026 continuing-operations income is $471 million after tax, compared with $725 million historically, while pro forma 2025 continuing-operations income is $243 million versus $1,204 million historically.
Key facts
- Significant items (benefit) charge for Year Ended December 31, 2025 was $650 million. source
- Cost of goods sold for Pro Forma Year Ended December 31, 2024 (Vylor) was $4,881 million (historical Corteva COGS $9,529 million less $4,648 million for Separation). source
- Cost of goods sold for Pro Forma Year Ended December 31, 2023 (Vylor) was $4,986 million (historical Corteva COGS $9,920 million less $4,934 million for Separation). source
- Research and development expense for Pro Forma Year Ended December 31, 2024 (Vylor) was $902 million (historical $1,402 million less $500 million for Separation). source
- Research and development expense for Pro Forma Year Ended December 31, 2023 (Vylor) was $836 million (historical $1,337 million less $501 million for Separation). source
- Selling, general and administrative expenses for Pro Forma Year Ended December 31, 2024 (Vylor) were $1,970 million (historical $3,196 million less $1,226 million for Separation). source
- Selling, general and administrative expenses for Pro Forma Year Ended December 31, 2023 (Vylor) were $1,936 million (historical $3,176 million less $1,240 million for Separation). source
- Other income (expense) - net for Pro Forma Year Ended December 31, 2023 (Vylor) was $(124) million (historical $(448) million plus $324 million for Separation). source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | positive | realized | +77.3% | Cost of goods sold for Pro Forma Year Ended December 31, 2023 (Vylor) was $4,986 million (historical Corteva COGS $9,920 million less… |
| operating_income | positive | realized | +72.8% | Cost of goods sold for Pro Forma Year Ended December 31, 2024 (Vylor) was $4,881 million (historical Corteva COGS $9,529 million less… |
| operating_income | positive | realized | +19.2% | Selling, general and administrative expenses for Pro Forma Year Ended December 31, 2024 (Vylor) were $1,970 million (historical $3,196… |
| operating_income | positive | realized | +7.8% | Research and development expense for Pro Forma Year Ended December 31, 2024 (Vylor) was $902 million (historical $1,402 million less $500… |
| operating_income | positive | realized | +5.1% | Other income (expense) - net for Pro Forma Year Ended December 31, 2023 (Vylor) was $(124) million (historical $(448) million plus $324… |
| operating_income | negative | realized | -2.7% | Income (loss) from continuing operations before income taxes for Pro Forma Year Ended December 31, 2024 (Vylor) was $1,104 million… |
| operating_income | negative | realized | -2.2% | Income (loss) from continuing operations before income taxes for Pro Forma Year Ended December 31, 2023 (Vylor) was $952 million… |
| operating_income | negative | realized | -1.8% | Exchange (gains) losses - net for the Three Months Ended March 31, 2026 was $116 million. |