The Bayer AG of agricultural seeds and crop protection.

• Seeds: Develops and sells high-performance seeds for major crops like corn, soybeans, and cotton, enhanced with traits for yield, pest resistance, and herbicide tolerance.
• Crop Protection: Manufactures and markets herbicides, insecticides, and fungicides that help farmers protect crops from weeds, pests, and diseases, thereby improving yield and quality.
• Digital Solutions: Offers digital tools and software platforms that provide farmers with data-driven insights for optimized planting, nutrient management, pest scouting, and other agronomic decisions.

Corteva (CTVA) - Major Customers

• Agricultural Retailers: These are businesses, ranging from large national chains to regional and local independent stores, that directly sell agricultural inputs (seeds, fertilizers, crop protection products) and related services to farmers.
• Agricultural Cooperatives: Farmer-owned businesses that supply inputs, services, and sometimes market products on behalf of their member farmers. They serve as a crucial distribution channel in many agricultural regions.
• Independent Distributors and Wholesalers: These companies purchase products in bulk from manufacturers like Corteva and then distribute them to a network of smaller retailers, co-ops, or directly to large farming operations.

Evonik Industries AG (EVK.DE)

Bayer AG (BAYN.DE)

Chuck Magro, Chief Executive Officer

Chuck Magro was appointed Chief Executive Officer of Corteva in 2021. Prior to joining Corteva, he served as President and CEO of Nutrien from its launch in 2018 until April 2021. From 2014 to 2018, Mr. Magro was President and CEO of Agrium, which later merged with Potash Corporation of Saskatchewan to form Nutrien. He guided Nutrien through numerous M&A transactions, expanding globally and restructuring the industry. Mr. Magro also held various key leadership positions at Agrium, including Chief Operating Officer, Chief Risk Officer, Executive Vice President of Corporate Development, and Vice President of Manufacturing. He began his career in 2005 at NOVA Chemicals Corporation.

David Johnson, Executive Vice President, Chief Financial Officer

David Johnson was appointed Executive Vice President and Chief Financial Officer of Corteva, effective September 16, 2024. Before joining Corteva, Mr. Johnson served as Vice President, Chief Financial Officer, and Chief Accounting Officer at Atkore, a publicly traded company specializing in electrical, safety, and infrastructure solutions. During his six-year tenure at Atkore, he was responsible for all financial and information technology activities and oversaw the company's transformation through acquisitions and organic growth investments. Prior to Atkore, Mr. Johnson spent 29 years at Eaton Corporation, a power management company, where he most recently served as Vice President, Finance and Operations for its Electrical Sector business. He possesses over three decades of experience in strategic and financial planning, risk assessment, mergers and acquisitions, global tax strategies, international operations, and internal controls.

Sam Eathington, Executive Vice President, Chief Technology and Digital Officer

Sam Eathington is the Executive Vice President, Chief Technology and Digital Officer at Corteva. He holds more than 50 patents and is a frequent contributor to various periodicals. Before joining Corteva, Mr. Eathington served as Chief Science Officer with The Climate Corporation, a division of Bayer Crop Science. A sixth-generation Illinois farmer, he earned a B.S. in agronomy, an M.S. in soybean breeding and genetics, and a Ph.D. in quantitative genetics and maize breeding, all from the University of Illinois, Urbana-Champaign.

Robert King, Executive Vice President, Crop Protection Business Unit

Robert King serves as the Executive Vice President, Crop Protection Business Unit at Corteva. In this role, he oversees chemical-related manufacturing and supply chains. His responsibilities also include identifying and implementing crop protection-related operational sustainability initiatives, as well as direct, upstream, and downstream greenhouse gas (GHG) emission reductions.

Audrey Grimm, Senior Vice President, Chief People Officer

Audrey Grimm is the Senior Vice President, Chief People Officer at Corteva. She joined the company in 2022. Ms. Grimm previously held the position of Vice President of Europe, Middle East and Africa (EMEA) function and served as Director of Human Resources for the EMEA region from 2017 to 2021. She oversees sustainability matters related to human capital management and employee engagement initiatives.

The key risks to Corteva's business include:

1. Regulatory and Legal Risks: Corteva faces significant challenges related to the lengthy and unpredictable regulatory approval process for its biotechnology traits and crop protection products, which can delay product launches and impact sales. There are also ongoing concerns regarding the safety of these products, potentially leading to litigation, regulatory scrutiny (such as from the FTC), and reputational damage. The company's use of persistent and hazardous chemicals in its portfolio further exposes it to potential increased regulation and liability risks.
2. Market and Macroeconomic Risks: Corteva operates in a highly competitive agricultural market, facing intense competition from major industry players. This competitive environment often leads to pricing pressures, particularly in the Crop Protection segment, which can negatively impact profit margins. Additionally, the company's global operations expose it to significant market risks, including adverse currency fluctuations (e.g., Brazilian Real, Turkish Lira, Euro) and geopolitical instability, which can disrupt supply chains, increase costs, and affect global trade.
3. Environmental and Climate Change Risks: As an agricultural company, Corteva's business is inherently exposed to the direct impacts of environmental factors and climate change. Unpredictable weather patterns and changing climate conditions can affect seed quality, disrupt supply chains, and influence the overall demand for its products. Furthermore, water availability is a critical resource for both Corteva's operations and its growers, and any disruptions in water supply could impact production capabilities and financial performance.

The clear emerging threat for Corteva (CTVA) is the accelerating development and adoption of biological crop protection products and bio-stimulants. These environmentally friendly alternatives to traditional synthetic pesticides, herbicides, and fertilizers are gaining significant traction due to increasing consumer demand for sustainable agriculture, stricter environmental regulations, and continuous advancements in their efficacy and cost-effectiveness. While Corteva has some biological offerings, a rapid and widespread industry pivot towards these solutions could diminish the market for their core portfolio of synthetic chemical crop protection products and genetically modified seeds designed for use with specific synthetic chemicals, potentially disrupting a significant portion of their traditional revenue streams. This shift is analogous to how streaming services disrupted physical media rentals, representing an alternative, increasingly preferred solution to an existing need.

Corteva (symbol: CTVA) operates primarily in two main addressable markets: seeds and crop protection products.

• Seeds: The global seed market was valued at approximately USD 60.65 billion in 2024 and is projected to reach USD 91.68 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 5.3% during the forecast period (2025-2032).
• Crop Protection Products: The global crop protection products market was valued at approximately USD 83.86 billion in 2024 and is expected to reach USD 121.47 billion by 2032, with a CAGR of 4.74%. This market includes herbicides, insecticides, fungicides, and biologicals.

Corteva (CTVA) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives and market dynamics:

1. New Product Innovation and Launches, particularly in Biologicals and Advanced Seed Traits: Corteva is committed to a continuous expansion of its product portfolio, with plans to launch 20 new products in 2024 and 2025, projected to generate over $200 million in revenue potential. This includes new seed varieties with enhanced traits and innovative crop protection solutions. The company is also seeing strong growth in its biologicals business, with new products in this segment delivering double-digit volume gains. New crop protection technologies are anticipated to reach $2 billion in annual sales by 2027, contributing approximately $600 million in incremental top-line growth.

2. Strategic Pricing and Value Capture: Corteva employs a "price for value" strategy, leveraging the benefits of its premium seed traits and advanced agricultural technologies to support price increases. Recent innovations have led to a 3-5% price increase in specific seed products. The seed business, in particular, has demonstrated price/mix increases, such as a 4% gain in Q3 2025. The company anticipates low-single-digit price gains in the Seed segment in the latter half of 2025, reflecting the demand for its high-performing offerings.

3. Expansion in Key Geographic Markets and Digital Agriculture Adoption: Corteva is actively expanding its market presence and diversifying revenue streams by targeting new geographical markets, particularly in regions with high agricultural productivity potential. Recent volume growth has been observed from early deliveries of safrinha corn to Brazil, recovered corn acres in Argentina, and increased corn sales across Europe, the Middle East, and Africa. Additionally, Corteva is investing significantly in its digital agriculture platform, Granular, with plans to expand these data-driven services to new regions, further enhancing its value proposition to farmers. The company also anticipates achieving double-digit trade penetration for its Conkesta soybean traits in Brazil by next year.

4. Increased Sales Volume of Proprietary Seed and Crop Protection Products: Demand for Corteva's proprietary technology is driving volume growth across both its Seed and Crop Protection segments. In Q3 2025, the seed business experienced a 27% increase in volume sales, driven by new hybrids and varieties. Crop protection products also saw a 7% volume increase year-to-date in Q3 2025, with gains across nearly all regions, particularly in new products and biologicals. Strong global consumption of grains, oilseeds, feed, and biofuels is expected to support sustained on-farm demand for Corteva's offerings.

5. Strategic Separation into Independent Seed and Crop Protection Businesses: Corteva announced plans to separate into two independent, publicly traded companies by mid-2026: "New Corteva" focusing on crop protection and "SpinCo" on seeds. This strategic restructuring aims to sharpen the focus of each business, allowing them to pursue distinct market strategies with dedicated leadership and capital allocation. This move is expected to unlock value, accelerate innovation, and better position each entity to achieve its maximum long-term growth potential by optimizing operations and capital allocation.

Share Repurchases

• Corteva authorized a new $3 billion share repurchase program on November 19, 2024.
• This new authorization is in addition to an existing $2 billion program announced in September 2022, which had approximately $750 million remaining as of September 30, 2024.
• The company expects to repurchase approximately $1 billion of shares during 2025.

Outbound Investments

• In March 2023, Corteva acquired Stoller Group, a maker of natural pesticides, for $1.2 billion, as part of its strategy to grow its biologicals product portfolio.
• Corteva also acquired Symborg, an expert in microbiological technologies, reinforcing its commitment to its biologicals business.
• In October 2025, Corteva announced a plan to separate into two independent public companies by the second half of 2026, aiming to optimize capital allocation and pursue distinct growth strategies for its crop protection and seed businesses.

Capital Expenditures

• Capital expenditures totaled $605 million in 2022, $595 million in 2023, and $597 million in 2024.
• Corteva expects capital expenditures for 2025 to be approximately $600 million.
• The primary focus of these expenditures is on supporting production close to the customer and maintaining flexibility by balancing owned manufacturing facilities with third-party contract manufacturers.