CTVA · 10-Q · 2026Q4 · Full report

Liquidity and Debt Position

Corteva, Inc. · 2026-11-12 · Importance 78 · Surprise 74 · Contradicted

At September 30, 2026, Corteva reported total debt of $7.446 billion, up from $4.373 billion a year earlier, and cash, cash equivalents and marketable securities of $3.933 billion. Management attributed the debt increase from December 31, 2025 primarily to financing activities for the Vylor Separation, higher short-term borrowing for working capital—including the Bayer resolution payment and FMC rimisoxafen prepayment—and capital spending, dividends and share repurchases. Corteva issued $700 million of 6.000% notes due 2036 in September 2026, while Vylor issued $1.1 billion of notes in August 2026; the company also reported approximately $7.8 billion in committed and uncommitted unused credit lines at September 30, 2026. Management said operating cash generation and access to capital markets and commercial paper markets would be adequate to meet anticipated cash requirements.

Key facts

• Corteva’s cash and cash equivalents were $3,932 million at September 30, 2026, compared with $4,521 million at December 31, 2025 and $2,509 million at September 30, 2025. source
• Financing activities provided $3,989 million in the first nine months of 2026, compared with $554 million in the first nine months of 2025, primarily due to higher short-term borrowings for working capital and other corporate needs. source
• Corteva’s short-term borrowings totaled $3,988 million at September 30, 2026 and $2,685 million at September 30, 2025. source
• In August 2026, Corteva refinanced its five-year revolving credit facility at $2.85 billion, extending its maturity to August 2031; its facility amount was to decrease to $2.0 billion upon consummation of the Vylor Separation on October 1, 2026. source
• In February 2026, Corteva increased its 364-Day Revolving Credit Facility to $1.25 billion and extended its expiration date to February 2027. source
• Corteva had approximately $7.8 billion of committed and uncommitted unused credit lines at September 30, 2026, versus $6.2 billion at December 31, 2025 and $6.3 billion at September 30, 2025. source
• Cash, cash equivalents and marketable securities were $3,933 million at September 30, 2026, compared with $4,530 million at December 31, 2025 and $2,586 million at September 30, 2025. source
• Corteva's cash, cash equivalents and marketable securities totaled $3.9 billion at September 30, 2026, $4.5 billion at December 31, 2025, and $2.6 billion at September 30, 2025; foreign subsidiaries held $2.1 billion, $2.1 billion, and $2.3 billion on those respective dates. source

Impact estimates