Corteva Updates 2026 Outlook After Brazil Weakness

The Tip Desk · November 12, 2026 · 3 min read

Crop Protection net sales fell 9% to $1.591 billion in the third quarter as Latin America organic sales dropped 31%.

Corteva, Inc. (CTVA) reported a $54 million loss from continuing operations after taxes for the third quarter ended September 30, 2026, versus $60 million of income a year earlier, and now expects full-year 2026 Adjusted Pro Forma Operating EBITDA of $1.1 billion to $1.125 billion after Brazil proved materially weaker than anticipated.

The global crop protection company said net sales declined 9% year over year to $1.591 billion, with organic sales also down 9%. Volume fell 2% as broad-based growth across most regions was more than offset by Brazil, and pricing declined 7% on competitive pressure on molecules late in their lifecycle in Brazil and U.S. acetochlor.

Latin America organic sales declined 31% to $570 million. Volumes decreased 24% due to elevated channel inventory and delayed purchasing given farmer liquidity constraints and high interest rates. Price declined 7% amid competitive pressure on mature molecules.

North America organic sales grew 7% to $574 million, with volume up 19% as new-product growth and early demand more than offset U.S. acetochlor pricing headwinds. EMEA organic sales grew 14% to $239 million on strong demand for new and differentiated products while holding price flat. Asia Pacific organic sales grew 5% to $208 million, led by new products that supported 7% volume growth, with price down 2%.

Adjusted Pro Forma Operating EBITDA was $222 million, down 17% from $268 million, translating into 140 basis points of margin erosion. Adjusted Pro Forma Operating EPS was $0.06 a share.

By product line, herbicides net sales fell 10% to $731 million, with organic sales down 11% on a 10% price decline and a 1% volume decline. Fungicides net sales fell 23% to $171 million, with organic sales down 25% on a 16% volume decline and a 9% price decline. Biologicals net sales fell 22% to $115 million, with organic sales down 24% on a 23% volume decline. Insecticides net sales fell 3% to $396 million.

Chief Executive Luke Kissam said acetochlor pricing in the U.S. was consistent with expectations, but Brazil was materially weaker than anticipated. He said those conditions are reflected in the updated outlook and that the company’s strategy has not changed.

The company said Crop Protection market conditions have become more challenging, particularly in Brazil, where farmer liquidity constraints, elevated financing costs, just-in-time purchasing and increased pricing pressure have resulted in a significantly softer market than previously anticipated. Demand for differentiated new products remains strong, and regional performance outside Latin America has been resilient.

Adjusted Pro Forma Operating EPS is expected to be between $0.76 and $0.80 a share. After the first half, the company had raised 2026 Operating EBITDA guidance to $4.1 billion to $4.3 billion and Operating EPS to $3.60 to $3.80 a share.

The company committed to restructuring the Crop Protection manufacturing network, expected to be substantially complete in 2028, and expects approximately $130 million to $140 million of net pre-tax restructuring charges during 2026. The board authorized the first common dividend post spin.