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DuPont Reports First Quarter 2026 ResultsMay 5, 2026 6:00 AM
PR Newswire (US) Exceeds First Quarter 2026 Guidance
Raises Full Year 2026 GuidanceFirst Quarter 2026 HighlightsNet Sales of $1.7 billion increased 4%; organic sales increased 2% versus year-ago periodGAAP Income from continuing operations of $150 million; operating EBITDA of $414 millionGAAP EPS from continuing operations of $0.36; adjusted EPS of $0.55Cash provided by operating activities from continuing operations of $232 million; transaction-adjusted free cash flow of $147 millionCompleted the previously announced divestiture of the Aramids business on April 1stAnnounces $275 million accelerated share repurchase expected to be launched imminentlyWILMINGTON, Del., May 5, 2026 /PRNewswire/ -- DuPont (NYSE: DD) announced its financial results(1) for the first quarter ended March 31, 2026 and raised financial guidance for the full year 2026. "We delivered a strong start to the year, exceeding our financial guidance through disciplined commercial and operational execution" said Lori Koch, DuPont Chief Executive Officer. "Our teams remained focused on our customers and delivered organic growth, margin expansion, and double-digit adjusted EPS growth, along with solid cash flow generation in the quarter.""Our strategic priorities are clear and we remain focused on value creation by serving our customers, driving commercial and operational excellence and allocating capital thoughtfully to deliver consistent performance to our shareholders," Koch concluded.First Quarter 2026 Consolidated Results(1) Dollars in millions, except EPS1Q'261Q'25Changevs. 1Q'25Organic Sales (2)vs. 1Q'25Net sales$1,681$1,6124 %2 %GAAP Income from continuing operations$150$8088 %
Operating EBITDA(2)$414$36015 %
Operating EBITDA margin(2) %24.6 %22.3 %230 bps
GAAP EPS from continuing operations$0.36$0.1989 %
Adjusted EPS(2)$0.55$0.3653 %
Cash provided by operating activities – cont. ops.$232$77201 %
Transaction-adjusted free cash flow(2)$147$8n.m
Net salesNet sales were up 4% on a 2% increase in organic sales and a 2% currency benefit.3% organic sales growth in Healthcare & Water Technologies; about flat organic sales growth in Diversified Industrials.GAAP Income from continuing operationsGAAP Income/GAAP EPS from continuing operations improved on higher segment earnings and lower interest expense, partially offset by the absence of a prior year gain on interest rate swaps.Operating EBITDAOperating EBITDA increased on organic growth, favorable mix and productivity.Adjusted EPSAdjusted EPS increased on higher segment earnings and lower interest expense, corporate costs and tax rate.Cash provided by operating activities from continuing operationsCash provided by operating activities from continuing operations in the quarter of $232 million, capital expenditures of $102 million and separation-related transaction costs and other payments of $17 million resulted in transaction-adjusted free cash flow and related conversion of $147 million and 65%, respectively.(1)Results and cash flows are presented on a continuing operations basis. See page 6 for further information, including the basis of presentation included in this release.(2)Organic sales, operating EBITDA, operating EBITDA margin, adjusted EPS, transaction-adjusted free cash flow and transaction-adjusted free cash flow conversion are non-GAAP measures and only reflect continuing operations. See page 6 for further discussion, including a definition of significant items. Reconciliation to the most directly comparable GAAP measure, including details of significant items begins on page 13 of this communication. First Quarter 2026 Segment Highlights Healthcare & Water Technologies Dollars in millions1Q'261Q'25Changevs. 1Q'25Organic Sales(2)vs. 1Q'25Net sales$806$7636 %3 %Operating EBITDA$244$2239 %
Operating EBITDA margin %30.3 %29.2 %110 bps
Net salesNet sales increased 6% on organic sales growth of 3% and a currency benefit of 3%.Healthcare Technologies sales up high-single digits on an organic basis on broad-based growth led by medical packaging and biopharma.Water Technologies sales down low to mid-single digits on an organic basis as strength in industrial water and microelectronics markets were more than offset by logistics disruptions in the Middle East. Operating EBITDAOperating EBITDA increased on organic growth and productivity.Operating EBITDA margin of 30.3% increased 110 basis points on organic growth, favorable mix and productivity. Diversified Industrials Dollars in millions1Q'261Q'25Changevs. 1Q'25Organic Sales(2)vs. 1Q'25Net sales$875$8493 %~flatOperating EBITDA$200$1858 %
Operating EBITDA margin %22.9 %21.8 %110 bps
Net salesNet sales increased 3% on a currency benefit of 3%. Organic sales were about flat in the quarter.Building Technologies sales down low-single digits on an organic basis from ongoing weakness in construction markets.Industrial Technologies sales up low-single digits on an organic basis on strength in aerospace and automotive, partially offset by declines in the printing and packaging businesses.Operating EBITDAOperating EBITDA increased on favorable mix and productivity.Operating EBITDA margin of 22.9% increased 110 basis points on favorable mix and productivity. 2026 Financial Outlook Dollars in millions, except EPS
2Q'26EFull Year 2026ENet sales
~$1,800$7,155 - $7,215Operating EBITDA(2)
~$430$1,730 - $1,760Adjusted EPS(2)
~$0.59$2.35 - $2.40"For the second quarter 2026, we estimate net sales of about $1.8 billion, operating EBITDA of about $430 million and adjusted EPS of approximately $0.59 per share," said Antonella Franzen, DuPont Chief Financial Officer. "Our second quarter guidance estimates organic sales growth of about 3%, with currency a slight tailwind in the quarter.""We are raising our full year 2026 guidance given our strong start to the year and the interest income benefit from the Aramids transaction. In addition, our full year net sales guidance now assumes about 4% organic growth including about 1% of pricing due to actions taken to fully offset higher input costs related to the Middle East conflict," Franzen concluded.Conference Call
The Company will host a live webcast of its quarterly earnings conference call with investors to discuss its results and business outlook beginning today at 8:00 a.m. ET. The slide presentation that accompanies the conference call will be posted on the DuPont's Investor Relations Events and Presentations page. A replay of the webcast also will be available on the DuPont's Investor Relations Events and Presentations page following the live event.About DuPont
DuPont (NYSE: DD) is a global innovation leader, providing advanced solutions that help transform industries and improve everyday life across our key markets of healthcare, water, construction, and industrial. More information about the company, its businesses and solutions can be found at www.dupont.com. Investors can access information included on the Investor Relations section of the website at investors.dupont.com.DuPont™ and all products, unless otherwise noted, denoted with ™, SM or ® are trademarks, service marks or registered trademarks of affiliates of DuPont de Nemours, Inc.Overview
On April 1, 2026, DuPont completed the sale of the Aramids business (the "Aramids Business" and the divestiture of the Aramids Business, the "Aramids Divestiture") to Arclin, a portfolio company of an affiliate of TJC LP, ("TJC"), for pre-tax cash proceeds of approximately $1.2 billion, subject to customary transaction adjustments, a note receivable in the principal amount of $300 million and a non-controlling common equity interest (the "Aramids Equity Consideration"), valued at $325 million, in New Arclin U.S. Holding Corp., which now owns the Arclin global materials business and the Aramids Business. The financial results of the divested Aramids Business are reflected in DuPont's interim Consolidated Financial Statements as discontinued operations, along with comparative periods.On March 18, 2026, the Company announced that it plans to seek approval at its 2026 Annual Meeting of Stockholders for an amendment to the Company's Third Amended and Restated Certificate of Incorporation (the "Certificate of Incorporation") to effect, at the discretion of DuPont's Board of Directors (the "Board of Directors"), a reverse stock split of the Company's common stock, par value $0.01 per share, at a ratio of not less than 1-for-2 or more than 1-for-4, with the exact ratio to be determined by the Board of Directors at a later date (the "Intended Reverse Stock Split"). If and when the Intended Reverse Stock Split is effected, the Certificate of Incorporation will also be amended to reflect a corresponding reduction in the number of authorized shares of the Company's common stock by the selected reverse stock split ratio. The interim Consolidated Financial Statements have not been retrospectively adjusted to reflect the Intended Reverse Stock Split, which remains subject to stockholder approval.On November 1, 2025, DuPont completed the separation of its semiconductor and interconnect solutions businesses (the "Electronics Business" and the separation of the Electronics Business, the "Electronics Separation") into an independent public company, Qnity Electronics, Inc. ("Qnity"), by way of the distribution to DuPont's stockholders of record as of October 22, 2025 of all the issued and outstanding common stock of Qnity on November 1, 2025 (the "Qnity Distribution"). As a result, the financial results of the divested Electronics Business, are reflected in the comparative period of DuPont's interim Consolidated Financial Statements as discontinued operations.Cautionary Statement Regarding Forward-looking Statements
Certain statements in this release may be considered forward-looking statements, within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements often contain words such as "expect", "anticipate", "intend", "plan", "believe", "seek", "see", "will", "would", "target", "outlook", "stabilization", "confident", "preliminary", "initial", "continue", "may", "could", "project", "estimate", "forecast" and similar expressions and variations or negatives of these words. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements address matters that are, to varying degrees, uncertain and subject to risks, uncertainties, and assumptions, many of which are beyond DuPont's control, that could cause actual results to differ materially from those expressed in any forward-looking statements.Forward-looking statements are not guarantees of future results. Some of the important factors that could cause DuPont's actual results to differ materially from those projected in any such forward-looking statements include, but are not limited to (i) the ability to realize the intended benefits of the Electronics Separation and the Qnity Distribution, including achievement of the intended tax treatment, contractual allocation to, and assumption by Qnity of certain liabilities, including certain legacy liabilities with respect to per- and polyfluoroalkyl substances ("PFAS") and the possibility of disputes, litigation or unanticipated costs in connection with the Electronics Separation and Qnity Distribution; (ii) the impact of the Aramids Divestiture on DuPont's balance sheet, financial condition and future results of operations; (iii) risks and costs related to the impact of the arrangement to share future eligible PFAS costs by and among DuPont, Corteva, Inc. and The Chemours Company, including the outcome of pending or future litigation related to PFAS or PFOA, which includes personal injury claims and natural resource damages claims; the extent and cost of ongoing and potential future remediation obligations; and changes in laws and regulations applicable to PFAS chemicals; (iv) the failure to realize expected benefits and effectively manage and achieve anticipated synergies and operational efficiencies in connection with the Electronics Separation, the Aramids Divestiture and completed and future, if any, divestitures, mergers, acquisitions, and other portfolio management, productivity and infrastructure actions; (v) risks and uncertainties that are outside the Company's control but adversely impact the overall environment in which DuPont, its customers and/or its suppliers operate, including changes in economic, political, regulatory, international trade, geopolitical, military conflicts, capital markets and other external conditions, including pandemics and responsive actions, as well as natural and other disasters or weather-related events; (vi) the ability to offset increases in cost of inputs, including raw materials, energy and logistics; (vii) the risks and uncertainties associated with continuing or expanding geopolitical conflicts or trade disputes or restrictions and responsive actions, new or increased tariffs or export controls, including on exports to China of U.S.-regulated products and technology; (viii) other risks to DuPont's business and operations, including the risk of impairment; (ix) risks and uncertainties in connection with completing the $2 billion share buyback announced on November 6, 2025, including timeline, associated costs and the possibility that the authorization may be suspended or discontinued prior to completion; (x) the ability to implement, and realize the intended benefits of, the Intended Reverse Stock Split; (xi) the impact of the invalidation of certain tariffs imposed under the International Emergency Economic Powers Act and (xii) other risk factors discussed in DuPont's most recent annual report on Form 10-K, and subsequent quarterly reports on Form 10-Q and current reports on Form 8-K filed with the U.S. Securities and Exchange Commission.Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business or supply chain disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on DuPont's consolidated financial condition, results of operations, credit rating or liquidity. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. DuPont assumes no obligation to publicly provide revisions or updates to any forward-looking statements whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.Non-GAAP Financial MeasuresUnless otherwise indicated, all financial metrics presented reflect continuing operations only.This communication includes information that does not conform to accounting principles generally accepted in the United States of America ("U.S. GAAP") and are considered non-GAAP measures. Management uses these measures internally for planning, forecasting and evaluating the performance of the Company, including allocating resources. DuPont's management believes these non-GAAP financial measures are useful to investors because they provide additional information related to the ongoing performance of DuPont to offer a more meaningful comparison related to future results of operations. These non-GAAP financial measures supplement disclosures prepared in accordance with U.S. GAAP, and should not be viewed as an alternative to U.S. GAAP. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. Reconciliations for these Non-GAAP measures to U.S. GAAP are provided in the Selected Financial Information and Non-GAAP Measures starting on page 12. Non-GAAP measures included in this communication are defined below. The Company has not provided forward-looking U.S. GAAP financial measures or a reconciliation of forward-looking non-GAAP financial measures to the most comparable U.S. GAAP financial measures on a forward-looking basis because the Company is unable to predict with reasonable certainty the ultimate outcome of certain future events. These events include, among others, the impact of portfolio changes, including asset sales, mergers, acquisitions, and divestitures; contingent liabilities related to litigation, environmental and indemnifications matters; impairments and discrete tax items. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP results for the guidance period.Key TermsSignificant ItemsSignificant items are items that arise outside the ordinary course of business for the Company and includes items for nonconsolidated affiliates, that the Company's management believes may cause misinterpretation of underlying business and investment performance, both historical and future, based on a combination of some or all of the item's size, unusual nature and infrequent occurrence. Management classifies as significant items certain costs and expenses associated with integration and separation activities related to transformational acquisitions and divestitures as they are considered unrelated to ongoing business performance. There were no significant items associated with nonconsolidated affiliates recorded for the three month periods ended March 31, 2026 and March 31, 2025.Future Reimbursable Indirect CostsIndirect costs, such as those related to corporate and shared service functions previously allocated to the separated Electronics Business and Aramids Business, do not meet the criteria for discontinued operations and are reported within continuing operations in all respective periods presented. The Company has, is, will or expects to be reimbursed in accordance with the applicable transition service agreements ("TSAs") for the portion of indirect costs related to activities the Company is, will or expects to undertake on a transitional basis to support a) Qnity not beyond year end 2027 for services and 2040 for site leases and, b) the Aramids Business post the intended Aramids Divestiture, but not beyond 2028 (such indirect costs "Future Reimbursable Indirect Costs"). Services provided and costs reimbursed in accordance with the applicable TSAs include but are not limited to, costs associated with information technology services/support, product stewardship and regulatory support, facilities services, and shared property lease costs.Future Reimbursable Indirect Costs do not meet the criteria for discontinued operations and therefore are included in both GAAP Net Income from Continuing Operations and in GAAP Cash provided by operating activities-continuing operations for all periods presented. Future Reimbursable Indirect Costs are excluded from Adjusted Earnings, Operating EBITDA and Transaction-Adjusted Free Cash Flow, each defined below. Such indirect costs that are not subject to future reimbursement are reported within continuing operations in Corporate and are included within Adjusted Earnings, Operating EBITDA, and Cash provided by operating activities-continuing operations.Corporate DDOB Remediation CostsCorporate DDOB Remediation Costs are environmental remediation costs, including certain investigate, remediate and restoration costs, associated with discontinued or divested operations, businesses or product lines ("Corporate DDOB Remediation Costs"). DDOB Remediation Costs are excluded from Adjusted Earnings and Operating EBITDA, as defined below, to provide better insight into the underlying business performance of the Company.Non-GAAP Measure DefinitionsOrganic SalesOrganic Sales is defined as net sales excluding the impacts of currency and portfolio.Adjusted EarningsAdjusted Earnings is defined as income from continuing operations excluding the after-tax impact of significant items, after-tax impact of amortization expense of intangibles, the after-tax impact of non-operating pension / other post employment benefits ("OPEB") credits / costs, Future Reimbursable Indirect Costs and Corporate DDOB Remediation Costs.Adjusted Earnings is the numerator used in the calculation of Adjusted EPS, as well as the denominator in Adjusted Free Cash Flow Conversion.Adjusted EPSAdjusted EPS is defined as Adjusted Earnings per common share - diluted. Management estimates amortization expense in 2026 associated with intangibles to be about $275 million on a pre-tax basis, or approximately $0.51 per share.Operating EBITDA, EBITDA Margin & Incremental MarginThe Company's measure of profit/loss for segment reporting purposes is Operating EBITDA as this is the manner in which the Company's chief operating decision maker ("CODM") assesses performance and allocates resources. The Company defines Operating EBITDA as earnings (i.e., "Income from continuing operations before income taxes") before interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, and foreign exchange gains / losses, excluding Future Reimbursable Indirect Costs, Corporate DDOB Remediation Costs, and adjusted for significant items. Reconciliations of these measures are provided on the following pages.Operating EBITDA Margin is defined as Operating EBITDA divided by Net Sales.Incremental Margin is the change in Operating EBITDA divided by the change in Net Sales for the applicable period.Adjusted Free Cash Flow & Adjusted Free Cash Flow Conversion Adjusted Free Cash Flow is defined as cash provided by/used for operating activities from continuing operations less capital expenditures and excluding the impact of cash inflows/outflows that are unusual in nature and/or infrequent in occurrence that neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business liquidity. As a result, Adjusted Free Cash Flow represents cash that is available to the Company, after investing in its asset base, to fund obligations using the Company's primary source of liquidity, cash provided by operating activities from continuing operations. Management believes Adjusted Free Cash Flow, even though it may be defined differently from other companies, is useful to investors, analysts and others to evaluate the Company's cash flow and financial performance, and it is an integral measure used in the Company's financial planning process. Management notes that there were no exclusions for items that are unusual in nature and/or infrequent in occurrence for the three month period ended March 31, 2026.Adjusted Free Cash Flow Conversion is defined as Adjusted Free Cash Flow divided by Adjusted Earnings. Management uses Adjusted Free Cash Flow Conversion as an indicator of our ability to convert earnings to cash.Transaction Adjusted Free Cash Flow & Transaction Adjusted Free Cash Flow Conversion Management believes supplemental non-GAAP financial measures including Transaction-Adjusted Free Cash Flow and Transaction-Adjusted Free Cash Flow Conversion (each defined below) provide an integral view of information on the Company's underlying business performance during this period of transformational change. Management believes the Electronics Separation and Aramids Divestiture collectively represent a significant transformational change for the Company and separation-related transaction cost payments impact comparability to the Company's continuing operations. Management believes Transaction-Adjusted Free Cash Flow, which may be defined differently from other companies, is useful to investors, analysts and others to evaluate the Company's cash flow and financial performance, and it is an integral measure used in the Company's financial planning process. These non-GAAP financial measures are not intended to represent residual cash flow for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure.Transaction-Adjusted Free Cash Flow is defined as cash provided by/used for operating activities from continuing operations less capital expenditures and removing the impact of separation-related transaction costs and other payment and cash inflows/outflows that are unusual in nature and/or infrequent in occurrence that neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business liquidity.Transaction-Adjusted Free Cash Flow Conversion is defined as Transaction-Adjusted Free Cash Flow excluding separation-related transaction costs, divided by Adjusted Earnings.Separation-related transaction costs and other payments include cash outflows directly associated with the Electronics Separation and the Aramids Divestiture. These costs include advisor and banking fees, payments related to establishing a new capital structure (including fees associated with interest rate swaps), capital expenditures required to facilitate physical asset separation, restructuring payments associated with senior leadership, and Future Reimbursable Indirect Costs, among other expenditures.Future Reimbursable Indirect Costs are excluded from Adjusted Earnings and Operating EBITDA. To provide comparable data analysis, the Company has also adjusted payments associated with Future Reimbursable Indirect Costs within Separation-related transaction costs and other payments. This adjustment is intended to provide insight into the Company's underlying business performance. For the three months ended March 31, 2026, the Company adjusted $8 million associated with Future Reimbursable Indirect Costs within Separation-related transaction costs and other payments.Additionally, $3 million was reflected in Separation-related transaction costs and other payments for the three month period ended March 31, 2026, respectively, for capital expenditures incurred to complete the physical separation of shared locations.Finally, $6 million of restructuring and short-term incentive program payments to former senior leadership were reflected in Separation-related transaction costs and other payments for the three month period ended March 31, 2026. These payments were reflected in other cash payments as they related to the establishment of the post-spin leadership structure.DuPont de Nemours, Inc.Consolidated Statements of Operations
Three Months Ended March 31,In millions, except per share amounts (Unaudited)20262025Net sales$ 1,681$ 1,612Cost of sales1,0791,069Research and development expenses4750Selling, general and administrative expenses255234Amortization of intangibles6875Restructuring and asset related charges - net4639Acquisition, integration and separation costs—50Equity in loss of nonconsolidated affiliates(1)(15)Sundry income (expense) - net36100Interest expense4083Income from continuing operations before income taxes$ 181$ 97Provision for income taxes on continuing operations3117Income from continuing operations, net of tax$ 150$ 80Income (loss) from discontinued operations, net of tax14(661)Net income (loss) $ 164$ (581)Net income attributable to noncontrolling interests38Net income (loss) available for DuPont common stockholders$ 161$ (589)
Per common share data:
Earnings per common share from continuing operations - basic$ 0.36$ 0.19Earnings (loss) per common share from discontinued operations - basic0.03(1.59)Earnings (loss) per common share - basic$ 0.39$ (1.41)Earnings per common share from continuing operations - diluted$ 0.36$ 0.19Earnings (loss) per common share from discontinued operations - diluted0.03(1.59)Earnings (loss) per common share - diluted$ 0.39$ (1.40)
Weighted-average common shares outstanding - basic410.1418.5Weighted-average common shares outstanding - diluted412.8419.9 DuPont de Nemours, Inc.Condensed Consolidated Balance Sheets In millions, except share amounts (Unaudited)March 31, 2026December 31, 2025Assets
Current Assets
Cash and cash equivalents$ 710$ 715Restricted cash and cash equivalents4242Accounts and notes receivable - net1,6991,669Inventories1,2091,172Prepaid and other current assets130121Assets of discontinued operations1,8531,856Total current assets$ 5,643$ 5,575Property, plant and equipment - net of accumulated depreciation (March 31,
2026 - $3,634; December 31, 2025 - $3,565)3,4263,464Other Assets
Goodwill7,8657,915Other intangible assets2,8602,936Investments and noncurrent receivables452432Deferred income tax assets264282Deferred charges and other assets939971Total other assets$ 12,380$ 12,536Total Assets$ 21,449$ 21,575Liabilities and Equity
Current Liabilities
Short-term borrowings$ 40$ 60Accounts payable882995Income taxes payable4954Accrued and other current liabilities833882Liabilities of discontinued operations299314Total current liabilities$ 2,103$ 2,305Long-Term Debt3,1323,134Other Noncurrent Liabilities
Deferred income tax liabilities378405Pension and other post-employment benefits - noncurrent414432Other noncurrent obligations1,1841,196Total other noncurrent liabilities$ 1,976$ 2,033Total Liabilities$ 7,211$ 7,472Commitments and contingent liabilities
Stockholders' Equity
Common stock (authorized 1,666,666,667 shares of $0.01 par value each;
issued 2026: 409,867,418 shares; 2025: 409,195,445 shares)44Additional paid-in capital38,84938,718Accumulated deficit(24,201)(24,278)Accumulated other comprehensive loss(612)(525)Total DuPont stockholders' equity$ 14,040$ 13,919Noncontrolling interests198184Total equity$ 14,238$ 14,103Total Liabilities and Equity$ 21,449$ 21,575 DuPont de Nemours, Inc.Consolidated Statement of Cash Flows
Three Months Ended March 31,In millions (Unaudited)20262025Operating Activities
Net income (loss)$ 164$ (581)Income (loss) from discontinued operations14(661)Net income from continuing operations$ 150$ 80Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization155160Credit for deferred income tax and other tax related items(12)(5)Losses of nonconsolidated affiliates plus dividends received216Net periodic pension benefit costs31Periodic benefit plan contributions(12)(13)Restructuring and asset related charges - net4639Interest rate swap gain—(78)Stock based compensation137Donatelle contingent earn-out true-up(6)—Other net income(3)(6)Changes in assets and liabilities, net of effects of acquired and divested companies:
Accounts and notes receivable23(45)Inventories(48)(49)Accounts payable(6)(8)Other assets and liabilities, net(73)(22)Cash provided by operating activities - continuing operations$ 232$ 77Investing Activities
Capital expenditures(102)(122)Other investing activities, net—2Cash used for investing activities - continuing operations$ (102)$ (120)Financing Activities
Changes in short-term borrowings(20)—Proceeds from issuance of Company stock844Employee taxes paid for share-based payment arrangements(16)(16)Distributions to noncontrolling interests(11)(5)Dividends paid to stockholders(82)(172)Other financing activities, net1—Cash used for financing activities - continuing operations$ (44)$ (189)Cash Flows from Discontinued Operations
Cash (used for) provided by operations - discontinued operations(79)274Cash used for investing activities - discontinued operations(6)(127)Cash used for financing activities - discontinued operations(3)(17)Cash (used for) provided by discontinued operations$ (88)$ 130Effect of exchange rate changes on cash, cash equivalents and restricted cash(5)13Decrease in cash, cash equivalents and restricted cash$ (7)$ (89)Cash, cash equivalents and restricted cash from continuing operations, beginning of period7571,834Cash, cash equivalents and restricted cash from discontinued operations, beginning of period358Cash, cash equivalents and restricted cash at beginning of period$ 760$ 1,892Cash, cash equivalents and restricted cash from continuing operations, end of period7521,752Cash, cash equivalents and restricted cash from discontinued operations, end of period151Cash, cash equivalents and restricted cash at end of period$ 753$ 1,803 DuPont de Nemours, Inc.Select Segment Information and Non-GAAP Measures Net Sales by SegmentThree Months EndedIn millions (Unaudited)Mar 31, 2026Mar 31, 2025Healthcare & Water Technologies$ 806$ 763Diversified Industrials875849Total$ 1,681$ 1,612 Net Sales Variance by SegmentThree Months Ended March 31, 2026Organic SalesCurrencyPortfolio /
OtherTotalPercent change from prior year (Unaudited)Healthcare & Water Technologies3 %3 %— %6 %Diversified Industrials—3—3Total2 %2 %— %4 % Operating EBITDA by Segment Three Months EndedIn millions (Unaudited)Mar 31, 2026Mar 31, 2025Healthcare & Water Technologies$ 244$ 223Diversified Industrials200185Corporate 1(30)(48)Total$ 414$ 3601. Corporate includes expenses of the Corporate function not allocated to specific business in the Company. Equity in Earnings (Loss) of Nonconsolidated Affiliates by SegmentThree Months EndedIn millions (Unaudited)Mar 31, 2026Mar 31, 2025Healthcare & Water Technologies$ 1$ —Diversified Industrials(1)—Corporate 1(1)(15)Total equity loss included in operating EBITDA (GAAP)$ (1)$ (15)1. Corporate includes the equity interest acquired in the Delrin® Divestiture transaction. DuPont de Nemours, Inc.Selected Financial Information and Non-GAAP Measures
Reconciliation of "Income from continuing operations, net of tax" to "Operating EBITDA" Three Months EndedIn millions (Unaudited)Mar 31, 2026Mar 31, 2025Income from continuing operations, net of tax (GAAP)$ 150$ 80+ Provision for income taxes on continuing operations3117Income from continuing operations before income taxes $ 181$ 97+ Depreciation and amortization155160- Interest income 1, 21017+ Interest expense 34082- Non-operating pension/OPEB benefit credits 1—2- Foreign exchange gains (losses), net 110(3)+ Future Reimbursable Indirect Costs825+ Corporate DDOB Remediation Costs43- Significant items charge(46)(9)Operating EBITDA (non-GAAP)$ 414$ 3601.Included in "Sundry income (expense) - net".2.The three months ended March 31, 2025 excludes accrued interest income earned on employee retention credits. Refer to details of significant items on page 14.3.The three months ended March 31, 2025 excludes interest rate swap basis amortization. Refer to details of significant items on page 14. Reconciliation of "Cash provided by operating activities - continuing operations" to Adjusted Free Cash Flow 1 , Transaction-Adjusted Free Cash Flow1 and calculation of "Adjusted Free Cash Flow Conversion" and "Transaction-Adjusted Free Cash Flow Conversion"Three Months EndedIn millions (Unaudited)Mar 31, 2026Mar 31, 2025Cash provided by operating activities (GAAP) 2 - continuing operations$ 232$ 77Capital expenditures(102)(122)Adjusted free cash flow (non-GAAP)$ 130$ (45)Separation-related transaction cost and other payments31753Transaction-adjusted free cash flow (non-GAAP)$ 147$ 8
Adjusted earnings (non-GAAP) 4$ 226$ 154Adjusted free cash flow conversion (non-GAAP)58 %(29) %Transaction-adjusted free cash flow conversion (non-GAAP)65 %5 %1.Adjusted Free Cash Flow and Transaction-Adjusted Free Cash Flow are calculated on a continuing operations basis for all periods presented. Refer to the definitions of Non-GAAP metrics on pages 7-8 for additional information.2.Refer to the Consolidated Statement of Cash Flows included in the schedules above for major GAAP cash flow categories as well as further detail relating to the changes in "Cash provided by operating activities - continuing operations" for the three month periods noted.3.Other payments for the three months ended March 31, 2026 includes $6 million related to restructuring and short-term incentive program payments associated with former senior leadership, $3 million of separation-related capital expenditures and $8 million for Future Reimbursable Indirect Costs (as defined in our Non-GAAP definitions).4.Refer to page 14 for the Non-GAAP reconciliations of Net income from continuing operations available for DuPont common stockholders to Adjusted Earnings (Non-GAAP). DuPont de Nemours, Inc.Selected Financial Information and Non-GAAP Measures Significant Items Impacting Results for the Three Months Ended March 31, 2026In millions, except per share amounts (Unaudited)Pretax 1Net
Income 2EPS 3Income Statement ClassificationReported earnings (GAAP)$ 181$ 147$ 0.36
Less: Significant items
Restructuring and asset related charges - net(46)(36)(0.08)Restructuring and asset related charges - netOther benefits (credits), net 4———Sundry income (expense) - net; Selling, general and administrative expensesIncome tax items 5—180.04Provision for income taxes on continuing operationsTotal significant items$ (46)$ (18)$ (0.04)
Less: Amortization of intangibles(68)(52)(0.13)Amortization of intangiblesLess: Future reimbursable indirect costs(8)(6)(0.01)Selling, general and administrative expensesLess: Corporate DDOB remediation costs(4)(3)(0.01)Selling, general and administrative expensesAdjusted earnings (non-GAAP)$ 307$ 226$ 0.55
Significant Items Impacting Results for the Three Months Ended March 31, 2025In millions, except per share amounts (Unaudited)Pretax 1Net
Income 2EPS 3Income Statement ClassificationReported earnings (GAAP)$ 97$ 78$ 0.19
Less: Significant items
Acquisition, integration and separation costs(50)(43)(0.10)Acquisition, integration and separation costsRestructuring and asset related charges - net(39)(33)(0.08)Restructuring and asset related charges - netInterest rate swap mark-to-market loss 677600.14Sundry income (expense) - net; Interest expenseOther benefits (credits), net 7330.01Sundry income (expense) - netIncome tax items 8—160.04Provision for income taxes on continuing operationsTotal significant items$ (9)$ 3$ 0.01
Less: Amortization of intangibles(75)(59)(0.14)Amortization of intangiblesLess: Non-op pension / OPEB benefit credits22—Sundry income (expense) - netLess: Future reimbursable indirect costs(25)(20)(0.04)Selling, general and administrative expensesLess: Corporate DDOB remediation costs(3)(2)—Selling, general and administrative expensesAdjusted earnings (non-GAAP)$ 207$ 154$ 0.36
1.Income (loss) from continuing operations before income taxes.2.Net income (loss) from continuing operations available for DuPont common stockholders. The income tax effect on significant items was calculated based upon the enacted tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment.3.Earnings (loss) per common share from continuing operations - diluted.4.Includes benefits related to an adjustment of the Donatelle contingent earn-out liability ($6 million pre-tax benefit) and legal costs within the Healthcare & Water Technologies segment associated with a pending intellectual property matter ($3 million pre-tax cost), and legal costs associated with personal injury cases associated with Corian® Quartz, a product within the Diversified Industrials segment ($3 million pre-tax cost).5.Reflects the 2026 income tax benefit primarily the result of a discrete tax benefit relating to a change in tax classification of a non-U.S. legal entity ($20 million pre-tax benefit).6.The three months ended March 31, 2025 includes non-cash mark-to-market gain related to the 2022 Swaps and 2024 Swaps and the interest settlement loss on the 2022 Swaps. The three months March 31, 2025 also includes basis amortization on the 2022 Swaps ($1 million pre-tax, reflected in "Interest expense" within the Consolidated Statements of Operations).7.Reflects the accrued interest earned on employee retention credits.8.Reflects the income tax impact of certain internal restructurings related to the Electronics Separation. View original content to download multimedia:https://www.prnewswire.com/news-releases/dupont-reports-first-quarter-2026-results-302761915.htmlSOURCE DuPont Original: DuPont Reports First Quarter 2026 Results
US Market News
4月前
DuPont Reports Fourth Quarter and Full Year 2025 ResultsFebruary 10, 2026 6:00 AM
PR Newswire (US)
Exceeds Fourth Quarter and Full Year 2025 Guidance
Initiates First Quarter and Full Year 2026 Guidance Fourth Quarter 2025 HighlightsNet Sales of $1.7 billion were flat; organic sales decreased 1% versus year-ago period including a $30 million, or 2%, headwind from the third quarter timing shiftGAAP Loss from continuing operations of $(108) million; operating EBITDA of $409 millionGAAP EPS from continuing operations of $(0.27); adjusted EPS of $0.46Cash provided by operating activities from continuing operations of $87 million, including $228 million of separation-related transaction cost and other payments; transaction-adjusted free cash flow of $228 millionFull Year 2025 HighlightsNet Sales of $6.8 billion increased 2%; organic sales increased 2% versus year-ago periodGAAP Income from continuing operations of $98 million; operating EBITDA of $1.63 billionGAAP EPS from continuing operations of $0.21; adjusted EPS of $1.68Cash provided by operating activities from continuing operations of $560 million, including $462 million of separation-related transaction cost and other payments; transaction-adjusted free cash flow of $689 millionWILMINGTON, Del., Feb. 10, 2026 /PRNewswire/ -- DuPont (NYSE: DD) announced its financial results(1) for the fourth quarter and full year ended December 31, 2025 and initiated financial guidance for the first quarter and full year 2026.
"Our full year results capped a year of strong, disciplined execution" said Lori Koch, DuPont Chief Executive Officer. "Our teams delivered against our commitments in a dynamic macro environment, driving organic growth, margin expansion, double-digit adjusted EPS growth, and strong cash flow generation.""Exiting the year with this momentum, we are well positioned to continue advancing our strategic priorities centered on driving growth and delivering consistent performance to create value for shareholders, customers and our employees," Koch concluded.Fourth Quarter 2025 Consolidated Results(1)
Dollars in millions, unless noted 4Q'25 4Q'24Changevs. 4Q'24Organic Sales (2)vs. 4Q'24Net sales$1,693$1,689-(1) %GAAP Income from continuing operations$(108)$(291)63 %
Operating EBITDA(2)$409$3954 %
Operating EBITDA margin(2) %24.2 %23.4 %80 bps
GAAP EPS from continuing operations$(0.27)$(0.70)61 %
Adjusted EPS(2)$0.46$0.3918 %
Cash provided by operating activities – cont. ops.$87$161(46) %
Transaction-adjusted free cash flow(2)$228$11992 %
Net salesNet sales were flat as a 1% decrease in volume was offset by a 1% currency benefit. Price was flat year-over-year. Fourth quarter net sales included an approximately $30 million, or 2%, headwind from the order timing shift into the third quarter related to system cut-over activities in advance of the planned electronics separation.3% organic sales growth in Healthcare & Water Technologies; 4% organic sales decline in Diversified Industrials.GAAP Loss from continuing operationsGAAP Loss/GAAP EPS from continuing operations improved on higher segment earnings and the absence of prior year losses related to interest rate swaps.Operating EBITDAOperating EBITDA increased on favorable mix and cost productivity, partially offset by growth investments.Adjusted EPSAdjusted EPS increased on higher segment earnings and lower interest expense, partially offset by a higher tax rate.Cash provided by operating activities from continuing operationsCash provided by operating activities from continuing operations in the quarter of $87 million, capital expenditures of $87 million and separation-related transaction cost and other payments of $228 million resulted in transaction-adjusted free cash flow and related conversion of $228 million and 118%, respectively.(1)Results and cash flows are presented on a continuing operations basis, now reflecting the Electronics and Aramids businesses as discontinued operations. See page 8 for further information, including the basis of presentation included in this release.(2)Organic sales, operating EBITDA, operating EBITDA margin, adjusted EPS, transaction-adjusted free cash flow and transaction-adjusted free cash flow conversion are non-GAAP measures and only reflect continuing operations. See page 9 for further discussion, including a definition of significant items. Reconciliation to the most directly comparable GAAP measure, including details of significant items begins on page 16 of this communication.(3)Effective in the fourth quarter of 2025, following the separation of the Electronics business on November 1, 2025, the Company made changes to its management and reporting structure creating two new reportable segments: Healthcare & Water Technologies and Diversified Industrials. Fourth Quarter 2025 Segment Highlights
Healthcare & Water Technologies(3) Dollars in millions, unless noted 4Q'25 4Q'24Changevs. 4Q'24Organic Sales(2)vs. 4Q'24Net sales$821$7904 %3 %Operating EBITDA$255$2464 %
Operating EBITDA margin %31.1 %31.1 %-
Net salesNet sales increased 4% on organic sales growth of 3% and a currency benefit of 1%. Fourth quarter net sales included an approximately $15 million, or 2%, headwind from the order timing shift into the third quarter due to separation-related activities primarily in Water Technologies.Healthcare Technologies sales up mid-single digits on an organic basis on broad-based growth led by medical packaging and medical devices.Water Technologies sales up low-single digits on an organic basis primarily due to strength in industrial water markets.Operating EBITDAOperating EBITDA increased on organic growth and productivity, partially offset by growth investments.Operating EBITDA margin of 31.1% was flat year-over-year.Diversified Industrials(3)
Dollars in millions, unless noted 4Q'25 4Q'24Changevs. 4Q'24Organic Sales(2)vs. 4Q'24Net sales$872$899(3) %(4) %Operating EBITDA$197$1932 %
Operating EBITDA margin %22.6 %21.5 %110 bps
Net salesNet sales decreased 3% as organic sales declines of 4% were partially offset by a 1% benefit from currency. Fourth quarter net sales included an approximately $15 million, or 2%, headwind from the order timing shift into the third quarter due to separation-related activities primarily in Industrial Technologies.Building Technologies sales down high-single digits on an organic basis from ongoing weakness in construction markets.Industrial Technologies sales down low-single digits on an organic basis as strength in aerospace was offset by weakness in printing and packaging markets.Operating EBITDAOperating EBITDA increased on favorable mix and cost productivity.Operating EBITDA margin of 22.6% increased 110 basis points. Full Year 2025 Consolidated Results(1)
Dollars in millions, unless noted FY'25 FY'24Changevs. FY'24Organic Sales(2)vs. FY'24Net sales$6,849$6,7192 %2 %GAAP Income (loss) from continuing operations$98$(96)202 %
Operating EBITDA(2)$1,628$1,5316 %
Operating EBITDA margin(2) %23.8 %22.8 %100 bps
GAAP EPS from continuing operations$0.21$(0.23)191 %
Adjusted EPS(2)$1.68$1.4516 %
Cash provided by operating activities – cont. ops.$560$765(27) %
Transaction-adjusted free cash flow(2)$689$58717 %
Net salesNet sales increased 2% as a 3% increase in volume was partially offset by a 1% decrease in price.7% organic sales growth in Healthcare & Water Technologies; 2% organic sales decline in Diversified Industrials.GAAP Income from continuing operationsGAAP Income/GAAP EPS from continuing operations increased on higher segment earnings and a lower effective tax rate.Operating EBITDAOperating EBITDA increased on organic growth and productivity, partially offset by growth investments.Adjusted EPSAdjusted EPS increased on higher segment earnings and lower interest expense.Cash provided by operating activities from continuing operationsCash provided by operating activities from continuing operations in the year of $560 million, capital expenditures of $333 million and separation-related transaction cost and other payments of $462 million resulted in transaction-adjusted free cash flow and related conversion of $689 million and 98%, respectively. Full Year 2025 Segment Highlights
Healthcare & Water Technologies(3)
Dollars in millions, unless noted FY'25 FY'24Changevs. FY'24Organic Sales(2)vs. FY'24Net sales$3,233$2,9769 %7 %Operating EBITDA$972$84415 %
Operating EBITDA margin %30.1 %28.4 %170 bps
Net salesNet sales increased 9% on organic sales growth of 7%, a currency benefit of 1% and a portfolio benefit of 1%.Healthcare Technologies sales up high-single digits on an organic basis on broad-based growth led by medical packaging and biopharma.Water Technologies sales up mid-single digits on an organic basis primarily due to strength in industrial and municipal water markets.Operating EBITDAOperating EBITDA increased on organic growth and productivity, partially offset by growth investments.Operating EBITDA margin of 30.1% increased 170 basis points.Diversified Industrials(3) Dollars in millions, unless noted FY'25 FY'24Changevs. FY'24Organic Sales(2)vs. FY'24Net sales$3,616$3,743(3) %(2) %Operating EBITDA$800$839(5) %
Operating EBITDA margin %22.1 %22.4 %(30) bps
Net salesNet sales decreased 3% on an organic sales decline of 2% and a portfolio headwind of 1%.Building Technologies sales down mid-single digits on an organic basis from ongoing weakness in construction markets.Industrial Technologies sales up low-single digits on an organic basis driven by growth in aerospace markets.Operating EBITDAOperating EBITDA decreased as cost productivity was more than offset by the organic sales decline.Operating EBITDA margin of 22.1% decreased 30 basis points. 2026 Financial Outlook Dollars in millions, unless noted
1Q'26E Full Year 2026E Net sales
~$1,670$7,075 - $7,135Operating EBITDA(2)
~$395$1,725 - $1,755Adjusted EPS(2)
~$0.48$2.25 - $2.30"Our fourth quarter and full year results reflect disciplined execution across the company and a continued focus on operational and financial rigor delivering strong cash generation and margin expansion," said Antonella Franzen, DuPont Chief Financial Officer."Our 2026 guidance is in line with the medium-term targets communicated at our recent investor day. Our full year net sales guidance assumes about 3% organic growth and a currency tailwind of about 1% versus last year. Our first quarter net sales assumes about 2% organic growth coupled with a currency tailwind of about 2% on a year-over-year basis," Franzen concluded.Conference CallThe Company will host a live webcast of its quarterly earnings conference call with investors to discuss its results and business outlook beginning today at 8:00 a.m. ET. The slide presentation that accompanies the conference call will be posted on the DuPont's Investor Relations Events and Presentations page. A replay of the webcast also will be available on the DuPont's Investor Relations Events and Presentations page following the live event.About DuPontDuPont (NYSE: DD) is a global innovation leader, providing advanced solutions that help transform industries and improve everyday life across our key markets of healthcare, water, construction, and industrial. More information about the company, its businesses and solutions can be found at www.dupont.com. Investors can access information included on the Investor Relations section of the website at investors.dupont.com.DuPont™ and all products, unless otherwise noted, denoted with ™, SM or ® are trademarks, service marks or registered trademarks of affiliates of DuPont de Nemours, Inc.OverviewDuPont de Nemours, Inc. ("DuPont") completed the previously announced separation of its Electronics business (the "Electronics Separation") into an independent public company, Qnity Electronics, Inc. ("Qnity"), by way of the distribution to DuPont's stockholders of record as of October 22, 2025 of all the issued and outstanding common stock of Qnity on November 1, 2025 (the "Qnity Distribution"). As a result, beginning in the fourth quarter of 2025, the financial results of the divested Electronics business are reflected in DuPont's Consolidated Financial Statements as discontinued operations, along with comparative periods.On August 29, 2025, DuPont announced a definitive agreement to sell the aramids business (the "Aramids Divestiture") to Arclin a portfolio company of a TJC LP, ("TJC") affiliate, in return for pre-tax cash proceeds of approximately $1.2 billion, subject to customary transaction adjustments, a note from TJC in the principal amount of $300 million and a minority equity interest (the "Equity Consideration") valued at $325 million in the future Arclin holding company that will hold the Arclin global materials business and the aramids business being divested. The transaction is expected to close around the end of the first quarter 2026, subject to customary closing conditions and receipt of regulatory approvals. As a result, beginning in the third quarter of 2025, the financial results of the aramids business being divested are reflected in DuPont's Consolidated Financial Statements as discontinued operations, along with comparative periods.Cautionary Statement Regarding Forward-looking StatementsCertain statements in this release may be considered forward-looking statements, within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements often contain words such as "expect", "anticipate", "intend", "plan", "believe", "seek", "see", "will", "would", "target", "outlook", "stabilization", "confident", "preliminary", "initial", "continue", "may", "could", "project", "estimate", "forecast" and similar expressions and variations or negatives of these words. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements address matters that are, to varying degrees, uncertain and subject to risks, uncertainties, and assumptions, many of which are beyond DuPont's control, that could cause actual results to differ materially from those expressed in any forward-looking statements.Forward-looking statements are not guarantees of future results. Some of the important factors that could cause DuPont's actual results to differ materially from those projected in any such forward-looking statements include, but are not limited to (i) the ability to realize the intended benefits of the Electronics Separation and Qnity Distribution, including achievement of the intended tax treatment; contractual allocation to, and assumption by Qnity of certain liabilities, including certain legacy liabilities with respect to PFAS; and the possibility of disputes, litigation or unanticipated costs in connection with the Electronics Separation and Distribution; (ii) the ability to timely effect, if at all, the Aramids Divestiture and the impact on DuPont's balance sheet, financial condition and future results of operations; (iii) risks and costs related to the impact of the arrangement to share future eligible PFAS costs by and among DuPont, Corteva and Chemours, including the outcome of pending or future litigation related to PFAS or PFOA, which includes personal injury claims and natural resource damages claims; the extent and cost of ongoing and potential future remediation obligations; and changes in laws and regulations applicable to PFAS chemicals; (iv) the failure to realize expected benefits and effectively manage and achieve anticipated synergies and operational efficiencies in connection with the Electronics Separation, the Aramids Divestiture and completed and future, if any, divestitures, mergers, acquisitions, and other portfolio management, productivity and infrastructure actions; (v) risks and uncertainties that are outside the Company's control but adversely impact the overall environment in which DuPont, its customers and/or its suppliers operate, including changes in economic, political, regulatory, international trade, geopolitical, military conflicts, capital markets and other external conditions, including pandemics and responsive actions, as well as natural and other disasters or weather-related events; (vi) the ability to offset increases in cost of inputs, including raw materials, energy and logistics; (vii) the risks and uncertainties associated with continuing or expanding trade disputes or restrictions and responsive actions, new or increased tariffs or export controls including on exports to China of U.S.-regulated products and technology; (viii) other risks to DuPont's business and operations, including the risk of impairment; (ix) risks and uncertainties in connection with completing the $2 billion share buyback authorization DuPont announced on November 3, 2025, including timeline, associated costs and the possibility that the authorization may be suspended or discontinued prior to completion; and (x) other risk factors discussed in DuPont's most recent annual report on Form 10-K, and subsequent quarterly reports on Form 10-Q and current reports on Form 8-K filed with the U.S. Securities and Exchange Commission.Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business or supply chain disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on DuPont's consolidated financial condition, results of operations, credit rating or liquidity. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. DuPont assumes no obligation to publicly provide revisions or updates to any forward-looking statements whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.Non-GAAP Financial MeasuresUnless otherwise indicated, all financial metrics presented reflect continuing operations only.This communication includes information that does not conform to accounting principles generally accepted in the United States of America ("U.S. GAAP") and are considered non-GAAP measures. Management uses these measures internally for planning, forecasting and evaluating the performance of the Company, including allocating resources. DuPont's management believes these non-GAAP financial measures are useful to investors because they provide additional information related to the ongoing performance of DuPont to offer a more meaningful comparison related to future results of operations. These non-GAAP financial measures supplement disclosures prepared in accordance with U.S. GAAP, and should not be viewed as an alternative to U.S. GAAP. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. Reconciliations for these Non-GAAP measures to U.S. GAAP are provided in the Selected Financial Information and Non-GAAP Measures starting on page 15. Non-GAAP measures included in this communication are defined below. The Company has not provided forward-looking U.S. GAAP financial measures or a reconciliation of forward-looking non-GAAP financial measures to the most comparable U.S. GAAP financial measures on a forward-looking basis because the Company is unable to predict with reasonable certainty the ultimate outcome of certain future events. These events include, among others, the impact of portfolio changes, including asset sales, mergers, acquisitions, and divestitures; contingent liabilities related to litigation, environmental and indemnifications matters; impairments and discrete tax items. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP results for the guidance period.Key TermsSignificant ItemsSignificant items are items that arise outside the ordinary course of business for the Company, and beginning in the first quarter 2025, includes items for nonconsolidated affiliates, that the Company's management believes may cause misinterpretation of underlying business and investment performance, both historical and future, based on a combination of some or all of the item's size, unusual nature and infrequent occurrence. Management classifies as significant items certain costs and expenses associated with integration and separation activities related to transformational acquisitions and divestitures as they are considered unrelated to ongoing business performance. Management believes the update to the definition of significant items to include those related to nonconsolidated affiliates reflects a more accurate measure of the ongoing performance of the investment. There were no significant items associated with nonconsolidated affiliates recorded for the three and twelve month periods ended December 31, 2025 and December 31, 2024.Future Reimbursable Indirect CostsIndirect costs, such as those related to corporate and shared service functions allocated to the separated Electronics business, the divested Delrin® business and the Aramids business, do not meet the criteria for discontinued operations and are reported within continuing operations in all respective periods presented. The Company has, is, will or expects to be reimbursed in accordance with the applicable transition service agreements ("TSAs") for the portion of indirect costs related to activities the Company is, will or expects to undertake on a transitional basis to support a) the divested Delrin® business, b) Qnity not beyond year end 2027 for services and 2040 for site leases and, c) the Aramids Business post the intended Aramids Divestiture, but not beyond 2028 (such indirect costs "Future Reimbursable Indirect Costs"). Services provided and costs reimbursed in accordance with the applicable TSAs include but are not limited to, costs associated with information technology services/support, product stewardship and regulatory support, facilities services, and shared property lease costs.Future Reimbursable Indirect Costs do not meet the criteria for discontinued operations and therefore are included in both GAAP Net Income from Continuing Operations and in GAAP Cash provided by operating activities-continuing operations for all periods presented. Future Reimbursable Indirect Costs are excluded from Adjusted Earnings, Operating EBITDA and beginning in the fourth quarter 2025, from Transaction-Adjusted Free Cash Flow, each defined below. Such indirect costs that are not subject to future reimbursement are reported within continuing operations in Corporate & Other and are included within Adjusted Earnings, Operating EBITDA, and Cash provided by operating activities-continuing operations.Corporate DDOB Remediation CostsCorporate DDOB Remediation Costs are environmental remediation costs, including certain investigate, remediate and restoration costs, associated with discontinued or divested operations, businesses or product lines ("Corporate DDOB Remediation Costs"). Subsequent to the spin-off of Qnity and beginning with the fourth quarter of 2025, DDOB Remediation Costs are excluded from Adjusted Earnings and Operating EBITDA, as defined below, to provide better insight into the underlying business performance of the Company. This update was applied for all periods presented.Non-GAAP Measure DefinitionsOrganic SalesOrganic Sales is defined as net sales excluding the impacts of currency and portfolio.Adjusted EarningsAdjusted Earnings is defined as income from continuing operations excluding the after-tax impact of significant items, after-tax impact of amortization expense of intangibles, the after-tax impact of non-operating pension / other post employment benefits ("OPEB") credits / costs, Future Reimbursable Indirect Costs and Corporate DDOB Remediation Costs.Adjusted Earnings is the numerator used in the calculation of Adjusted EPS, as well as the denominator in Adjusted Free Cash Flow Conversion.Adjusted EPSAdjusted EPS is defined as Adjusted Earnings per common share - diluted. Management estimates amortization expense in 2026 associated with intangibles to be about $270 million on a pre-tax basis, or approximately $0.50 per share.Operating EBITDA, EBITDA Margin & Incremental MarginThe Company's measure of profit/loss for segment reporting purposes is Operating EBITDA as this is the manner in which the Company's chief operating decision maker ("CODM") assesses performance and allocates resources. The Company defines Operating EBITDA as earnings (i.e., "Income from continuing operations before income taxes") before interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, and foreign exchange gains / losses, excluding Future Reimbursable Indirect Costs, Corporate DDOB Remediation Costs, and adjusted for significant items. Reconciliations of these measures are provided on the following pages.Operating EBITDA Margin is defined as Operating EBITDA divided by Net Sales.Incremental Margin is the change in Operating EBITDA divided by the change in Net Sales for the applicable period.Adjusted Free Cash Flow & Adjusted Free Cash Flow Conversion Adjusted Free Cash Flow is defined as cash provided by/used for operating activities from continuing operations less capital expenditures and excluding the impact of cash inflows/outflows that are unusual in nature and/or infrequent in occurrence that neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business liquidity. As a result, Adjusted Free Cash Flow represents cash that is available to the Company, after investing in its asset base, to fund obligations using the Company's primary source of liquidity, cash provided by operating activities from continuing operations. Management believes Adjusted Free Cash Flow, even though it may be defined differently from other companies, is useful to investors, analysts and others to evaluate the Company's cash flow and financial performance, and it is an integral measure used in the Company's financial planning process. Management notes that there were no exclusions for items that are unusual in nature and/or infrequent in occurrence for the three and twelve-month periods ended December 31, 2025 and December 31, 2024.Adjusted Free Cash Flow Conversion is defined as Adjusted Free Cash Flow divided by Adjusted Earnings. Management uses Adjusted Free Cash Flow Conversion as an indicator of our ability to convert earnings to cash.Transaction Adjusted Free Cash Flow & Transaction Adjusted Free Cash Flow Conversion Management believes supplemental non-GAAP financial measures including Transaction-Adjusted Free Cash Flow and Transaction-Adjusted Free Cash Flow Conversion (each defined below) provide an integral view of information on the Company's underlying business performance during this period of transformational change. Management believes the Electronics Separation and Aramids Divestiture collectively represent a significant transformational change for the Company and separation-related transaction cost payments impact comparability to the Company's continuing operations. Management believes Transaction-Adjusted Free Cash Flow, which may be defined differently from other companies, is useful to investors, analysts and others to evaluate the Company's cash flow and financial performance, and it is an integral measure used in the Company's financial planning process. These non-GAAP financial measures are not intended to represent residual cash flow for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure.Transaction-Adjusted Free Cash Flow is defined as cash provided by/used for operating activities from continuing operations less capital expenditures and removing the impact of separation-related transaction costs and other payment and cash inflows/outflows that are unusual in nature and/or infrequent in occurrence that neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business liquidity.Transaction-Adjusted Free Cash Flow Conversion is defined as Transaction-Adjusted Free Cash Flow excluding separation-related transaction costs, divided by Adjusted Earnings.Separation-related transaction costs and other payments include cash outflows directly associated with the Electronics Separation and the Aramids Divestiture. These costs include advisor and banking fees, payments related to establishing a new capital structure (including fees associated with interest rate swaps), capital expenditures required to facilitate physical asset separation, restructuring payments associated with senior leadership, and Future Reimbursable Indirect Costs, among other expenditures.Future Reimbursable Indirect Costs are excluded from Adjusted Earnings and Operating EBITDA. To provide comparable data analysis, the Company has also adjusted payments associated with Future Reimbursable Indirect Costs within Separation-related transaction costs and other payments. This adjustment is intended to provide insight into the Company's underlying business performance. For the three and twelve months ended December 31, 2025, the Company adjusted $11 million and $70 million, respectively associated with Future Reimbursable Indirect Costs within Separation-related transaction costs and other payments.For the twelve months ended December 31, 2025, the Company paid $123 million in fees associated with the settlement of interest rate swaps related to the 2048 notes, representing the allocated of the fair value of the swaps at the time of settlement, and $21 million in fees associated with the debt exchange. A total of $124 million and $144 million were reflected in Separation-related transaction costs and other payments for the three and twelve month periods ended December 31, 2025, respectively, these amounts related to achieving the post Electronics Separation capital structure.Additionally, $4 million and $16 million were reflected in Separation-related transaction costs and other payments for the three and twelve month periods ended December 31, 2025, respectively, for expenditures incurred to complete the physical separation of shared locations.Finally, $9 million of restructuring and other separation payments to senior leadership were reflected in Separation-related transaction costs and other payments for the three and twelve month periods ended December 31, 2025. These payments were reflected in other cash payments as they related to the establishment of the post-spin leadership structure. DuPont de Nemours, Inc.Consolidated Statements of Operations
Three Months Ended December 31,Twelve Months Ended December 31,In millions, except per share amounts (Unaudited)2025202420252024Net sales$ 1,693$ 1,689$ 6,849$ 6,719Cost of sales1,0951,1364,4864,499Research and development expenses3851193203Selling, general and administrative expenses2622271,019976Amortization of intangibles7176291294Restructuring and asset related charges - net94915157Acquisition, integration and separation costs365920390Equity in (loss) earnings of nonconsolidated affiliates(1)—(7)(6)Sundry income (expense) - net(101)(246)14(111)Interest expense6184313366(Loss) income from continuing operations before income taxes$ (66)$ (199)$ 200$ 117Provision for income taxes on continuing operations4292102213(Loss) income from continuing operations, net of tax$ (108)$ (291)$ 98$ (96)(Loss) income from discontinued operations, net of tax(12)185(836)834Net (loss) income $ (120)$ (106)$ (738)$ 738Net income attributable to noncontrolling interests6114135Net (loss) income available for DuPont common stockholders$ (126)$ (117)$ (779)$ 703
Per common share data:
(Loss) earnings per common share from continuing operations - basic$ (0.27)$ (0.70)$ 0.21$ (0.23)(Loss) earnings per common share from discontinued operations - basic(0.03)0.42(2.08)1.91(Loss) earnings per common share - basic$ (0.30)$ (0.28)$ (1.87)$ 1.68(Loss) earnings per common share from continuing operations - diluted$ (0.27)$ (0.70)$ 0.21$ (0.23)(Loss) earnings per common share from discontinued operations - diluted(0.03)0.42(2.07)1.91(Loss) earnings per common share - diluted$ (0.30)$ (0.28)$ (1.86)$ 1.68
Weighted-average common shares outstanding - basic413.7418.3417.5419.2Weighted-average common shares outstanding - diluted413.7418.3419.2419.2 DuPont de Nemours, Inc.Consolidated Balance Sheets
In millions, except share amounts (Unaudited)December 31, 2025December 31, 2024Assets
Current Assets
Cash and cash equivalents$ 715$ 1,792Restricted cash and cash equivalents426Accounts and notes receivable - net1,6691,342Inventories1,1721,130Prepaid and other current assets121125Assets of discontinued operations1,85616,380Total current assets$ 5,575$ 20,775Property, plant and equipment - net of accumulated depreciation (December 31, 2025 -
$3,565; December 31, 2024 - $3,477)3,4643,454Other Assets
Goodwill7,9157,561Other intangible assets2,9363,178Restricted cash and cash equivalents - noncurrent—36Investments and noncurrent receivables432418Deferred income tax assets282237Deferred charges and other assets971977Total other assets$ 12,536$ 12,407Total Assets$ 21,575$ 36,636Liabilities and Equity
Current Liabilities
Short-term borrowings$ 60$ 1,848Accounts payable9951,054Income taxes payable5479Accrued and other current liabilities882784Liabilities of discontinued operations3141,731Total current liabilities$ 2,305$ 5,496Long-Term Debt3,1345,323Other Noncurrent Liabilities
Deferred income tax liabilities405524Pension and other post-employment benefits - noncurrent432432Other noncurrent obligations1,1961,068Total other noncurrent liabilities$ 2,033$ 2,024Total Liabilities$ 7,472$ 12,843Commitments and contingent liabilities
Stockholders' Equity
Common stock (authorized 1,666,666,667 shares of $0.01 par value each; issued 2025:
409,195,445 shares; 2024: 417,994,343 shares)44Additional paid-in capital38,71847,922Accumulated deficit(24,278)(23,076)Accumulated other comprehensive loss(525)(1,500)Total DuPont stockholders' equity$ 13,919$ 23,350Noncontrolling interests184443Total equity$ 14,103$ 23,793Total Liabilities and Equity$ 21,575$ 36,636 DuPont de Nemours, Inc.Consolidated Statement of Cash Flows
Year Ended December 31,In millions (Unaudited)20252024Operating Activities
Net (loss) income$ (738)$ 738(Loss) income from discontinued operations(836)834Net income (loss) from continuing operations$ 98$ (96)Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization647635Provision (credit) for deferred income tax and other tax related items13(92)Earnings of nonconsolidated affiliates in excess of dividends received85Net periodic pension benefit cost (credit) 3(1)Periodic benefit plan contributions(44)(43)Net gain on sales, businesses and investments(3)(4)Restructuring and asset related charges - net15157Stock based compensation3856Loss on debt extinguishment9974Interest rate swap (gain) loss(31)138Interest rate swap termination(123)—Donatelle contingent earn-out true-up(19)—Other net loss (income)36(23)Changes in assets and liabilities, net of effects of acquired and divested companies:
Accounts and notes receivable(201)(83)Inventories(10)61Accounts payable61(36)Other assets and liabilities, net(163)117Cash provided by operating activities - continuing operations$ 560$ 765Investing Activities
Capital expenditures(333)(285)Proceeds and adjustments to proceeds from sales of property and businesses, net of cash divested—(7)Acquisitions of property and businesses, net of cash acquired(55)(313)Other investing activities, net1443Cash used for investing activities - continuing operations$ (374)$ (562)Financing Activities
Changes in short-term borrowings60—Distribution from Electronics at spin-off4,100—Payments on long-term debt and fees(4,134)(687)Purchases of common stock and forward contracts(500)(500)Proceeds from issuance of Company stock3250Employee taxes paid for share-based payment arrangements(26)(27)Distributions to noncontrolling interests(9)(5)Dividends paid to stockholders(597)(635)Cash transferred to Electronics at spin-off(664)—Payment of excise tax on purchase of treasury stock(8)(21)Other financing activities, net(4)(1)Cash used for financing activities - continuing operations$ (1,750)$ (1,826)Cash Flows from Discontinued Operations
Cash provided by operations - discontinued operations8521,082Cash used for investing activities - discontinued operations(313)(287)Cash used for financing activities - discontinued operations(118)(21)Cash provided by discontinued operations$ 421$ 774Effect of exchange rate changes on cash, cash equivalents and restricted cash11(62)Decrease in cash, cash equivalents and restricted cash$ (1,132)$ (911)Cash, cash equivalents and restricted cash from continuing operations, beginning of period1,8342,755Cash, cash equivalents and restricted cash from discontinued operations, beginning of period5848Cash, cash equivalents and restricted cash at beginning of period$ 1,892$ 2,803Cash, cash equivalents and restricted cash from continuing operations, end of period7571,834Cash, cash equivalents and restricted cash from discontinued operations, end of period358Cash, cash equivalents and restricted cash at end of period$ 760$ 1,892 DuPont de Nemours, Inc.Net Sales by Segment and Geographic Region
Net Sales by Segment and Geographic RegionThree Months EndedTwelve Months EndedIn millions (Unaudited)Dec 31, 2025Dec 31, 2024Dec 31, 2025Dec 31, 2024Healthcare & Water Technologies$ 821$ 790$ 3,233$ 2,976Diversified Industrials8728993,6163,743Total$ 1,693$ 1,689$ 6,849$ 6,719U.S. & Canada$ 839$ 845$ 3,415$ 3,371EMEA 13573331,4681,379Asia Pacific 24194311,6401,647Latin America7880326322Total$ 1,693$ 1,689$ 6,849$ 6,719 Net Sales Variance by Segment and
Geographic RegionThree Months Ended December 31, 2025
Local Price &
Product MixVolumeTotalOrganicCurrencyPortfolio / OtherTotal
Percent change from prior year (Unaudited)
Healthcare & Water Technologies— %3 %3 %1 %— %4 %
Diversified Industrials—(4)(4)1—(3)
Total— %(1) %(1) %1 %— %— %
U.S. & Canada2 %(2) %— %(1) %— %(1) %
EMEA 1(1)325—7
Asia Pacific 2(2)—(2)(1)—(3)
Latin America(2)(1)(3)——(3)
Total— %(1) %(1) %1 %— %— %
Net Sales Variance by Segment and
Geographic RegionTwelve Months Ended December 31, 2025
Local Price &
Product MixVolumeTotalOrganicCurrencyPortfolio /
OtherTotal
Percent change from prior year (Unaudited)
Healthcare & Water Technologies— %7 %7 %1 %1 %9 %
Diversified Industrials(1)(1)(2)—(1)(3)
Total(1) %3 %2 %— %— %2 %
U.S. & Canada— %1 %1 %(1) %1 %1 %
EMEA 1(1)43216
Asia Pacific 2(1)54—(4)—
Latin America(2)31——1
Total(1) %3 %2 %— %— %2 %
1.Europe, Middle East and Africa.2.Net sales attributed to China/Hong Kong, for the three months ended December 31, 2025 and 2024 were $184 million and $188 million, respectively, while for the twelve months ended December 31, 2025 and 2024 net sales attributed to China/Hong Kong were $708 million and $763 million, respectively. DuPont de Nemours, Inc.Selected Financial Information and Non-GAAP Measures
Operating EBITDA by Segment Three Months EndedTwelve Months Ended
In millions (Unaudited)Dec 31, 2025Dec 31, 2024Dec 31, 2025Dec 31, 2024
Healthcare & Water Technologies$ 255$ 246$ 972$ 844
Diversified Industrials197193800839
Corporate 1(43)(44)(144)(152)
Total$ 409$ 395$ 1,628$ 1,531
1. Corporate includes expenses of the Corporate function not allocated to specific business in the Company.
Equity in Earnings of Nonconsolidated Affiliates by SegmentThree Months EndedTwelve Months Ended
In millions (Unaudited)Dec 31, 2025Dec 31, 2024Dec 31, 2025Dec 31, 2024
Healthcare & Water Technologies$ 1$ 1$ 2$ 1
Diversified Industrials——(1)—
Corporate 1(2)(1)(8)(7)
Total equity earnings included in operating EBITDA (GAAP)$ (1)$ —$ (7)$ (6)
1. Corporate includes the equity interest acquired in the Delrin® Divestiture transaction.
Reconciliation of "Income from continuing operations, net of tax" to "Operating EBITDA" Three Months EndedTwelve Months Ended
In millions (Unaudited)Dec 31, 2025Dec 31, 2024Dec 31, 2025Dec 31, 2024
Income from continuing operations, net of tax (GAAP)$ (108)$ (291)$ 98$ (96)
+ Provision for income taxes on continuing operations4292102213
Income from continuing operations before income taxes $ (66)$ (199)$ 200$ 117
+ Depreciation and amortization159163647635
- Interest income 1, 220197274
+ Interest expense 36184311365
- Non-operating pension/OPEB benefit (costs) credits 13259
- Foreign exchange losses, net 1(5)16(34)(3)
+ Future reimbursable indirect costs142589100
+ Remediation costs associated with divested businesses431214
+ Significant items (charge) benefit (255)(356)(412)(380)
Operating EBITDA (non-GAAP)$ 409$ 395$ 1,628$ 1,531
1.Included in "Sundry income (expense) - net".2.The three and twelve months ended December 31, 2025 excludes accrued interest income earned on employee retention credits and interest income earned on cash held in escrow associated with the Qnity financing. Refer to details of significant items on pages 16-17.3.The three and twelve months ended December 31, 2025 excludes interest rate swap basis amortization. Refer to details of significant items on pages 16-17. Reconciliation of "Cash provided by operating activities - continuing
operations" to Adjusted Free Cash Flow 1 , Transaction-Adjusted Free
Cash Flow1 and calculation of "Adjusted Free Cash Flow Conversion"
and "Transaction-Adjusted Free Cash Flow Conversion"Three Months EndedTwelve Months EndedIn millions (Unaudited)Dec 31, 2025Dec 31, 2024Dec 31, 2025Dec 31, 2024Cash provided by operating activities (GAAP) 2 - continuing operations$ 87$ 161$ 560$ 765Capital expenditures(87)(71)(333)(285)Adjusted free cash flow (non-GAAP)$ —$ 90$ 227$ 480Separation-related transaction cost and other payments322829462107Transaction-adjusted free cash flow (non-GAAP)$ 228$ 119$ 689$ 587
Adjusted earnings (non-GAAP) 4$ 193$ 165$ 704$ 613Adjusted free cash flow conversion (non-GAAP)— %55 %32 %78 %Transaction-adjusted free cash flow conversion (non-GAAP)118 %72 %98 %96 %1.Adjusted Free Cash Flow and Transaction-Adjusted Free Cash Flow are calculated on a continuing operations basis for all periods presented. Refer to the definitions of Non-GAAP metrics on pages 9-10 for additional information.2.Refer to the Consolidated Statement of Cash Flows included in the schedules above for major GAAP cash flow categories as well as further detail relating to the changes in "Cash provided by operating activities - continuing operations" for the twelve month periods noted.3.Other payments for the year ended December 31, 2025 includes $144 million for interest rate swap settlements and debt exchange fees that were related to achieving the post-spin capital structure for new DuPont, $9 million related to restructuring related compensation cash payments for certain executive officers, $16 million of separation-related capital expenditures and $70 million for Future Reimbursable Indirect Costs (as defined in our Non-GAAP definitions).4.Refer to pages 16-17 for the Non-GAAP reconciliations of Net income from continuing operations available for DuPont common stockholders to Adjusted Earnings (Non-GAAP). DuPont de Nemours, Inc.Selected Financial Information and Non-GAAP Measures
Significant Items Impacting Results for the Three Months Ended December 31, 2025In millions, except per share amounts (Unaudited)Pretax 1Net Income 2EPS 3Income Statement ClassificationReported earnings (GAAP)$ (66)$ (111)$ (0.27)
Less: Significant items
Acquisition, integration & separation costs(36)(31)(0.08)Acquisition, integration and separation costsRestructuring and asset related charges - net(94)(72)(0.17)Restructuring and asset related charges - netLoss on debt extinguishment 4(114)(88)(0.21)Sundry income (expense) - netInterest rate swap mark-to-market loss 5(17)(13)(0.03)Sundry income (expense) - netQnity financing 6650.01Sundry income (expense) - netOther benefits (credits), net 7———Sundry income (expense) - net; Selling, general and
administrative expensesIncome tax items 8—(39)(0.09)Provision for income taxes on continuing operationsTotal significant items$ (255)$ (238)$ (0.57)
Less: Amortization of intangibles(71)(55)(0.13)Amortization of intangiblesLess: Non-op pension / OPEB benefit costs330.01Sundry income (expense) - netLess: Future reimbursable indirect costs(14)(11)(0.03)Selling, general and administrative expensesLess: Corporate DDOB remediation costs(4)(3)(0.01)Selling, general and administrative expensesAdjusted earnings (non-GAAP)$ 275$ 193$ 0.46
Significant Items Impacting Results for the Three Months Ended December 31, 2024In millions, except per share amounts (Unaudited)Pretax 1Net Income 2EPS 3Income Statement ClassificationReported earnings (GAAP)$ (199)$ (294)$ (0.70)
Less: Significant items
Acquisition, integration and separation costs(59)(46)(0.11)Acquisition, integration and separation costsRestructuring and asset related charges - net(9)(7)(0.02)Restructuring and asset related charges - netInventory write-offs 921—Cost of salesInterest rate swap mark-to-market loss 10(290)(222)(0.53)Sundry income (expense) - netIncome tax items 11—(106)(0.24)Provision for income taxes on continuing operationsTotal significant items$ (356)$ (380)$ (0.90)
Less: Amortization of intangibles(76)(60)(0.14)Amortization of intangiblesLess: Non-op pension / OPEB benefit credits22—Sundry income (expense) - netLess: Future reimbursable indirect costs(25)(19)(0.04)Selling, general and administrative expensesLess: Corporate DDOB remediation costs(3)(2)(0.01)Selling, general and administrative expensesAdjusted earnings (non-GAAP)$ 259$ 165$ 0.39
1.Income (loss) from continuing operations before income taxes.2.Net income (loss) from continuing operations available for DuPont common stockholders. The income tax effect on significant items was calculated based upon the enacted tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment.3.Earnings (loss) per common share from continuing operations - diluted.4.Includes $15 million of treasury transaction-related fees in addition to $99 million loss on debt extinguishment related to the Debt Exchange, Special Mandatory Redemption, Consent Solicitation and Tender Offer.5.The three months ended December 31, 2025 includes the non-cash mark-to-market net loss related to the 2022 Swaps and 2024 Swaps and the interest settlement loss on the 2022 Swaps.6.Includes interest income earned on cash held in escrow associated with the Qnity notes.7.Reflects the accrued interest earned on employee retention credits ($5 million pre-tax), and a benefit related to an indemnification receivable for a tax matter ($3 million pre-tax) offset by legal costs within the Healthcare & Water segment associated with a pending intellectual property matter ($8 million pre-tax).8.Reflects the income tax impact of certain internal restructurings related to the Electronics Separation.9.Reflects an adjustment to raw material inventory write-offs recorded in "Cost of Sales" in connection with restructuring actions related to plant line closures within the Healthcare & Water segment.10.The three months ended December 31, 2024 includes non-cash mark-to-market loss related to the 2022 Swaps and 2024 Swaps and the interest settlement loss on the 2022 Swaps.11.Reflects the impact of an international tax audit. DuPont de Nemours, Inc.Selected Financial Information and Non-GAAP Measures
Significant Items Impacting Results for the Twelve Months Ended December 31, 2025In millions, except per share amounts (Unaudited)Pretax 1Net Income 2EPS 3Income Statement ClassificationReported losses (GAAP)$ 200$ 88$ 0.21
Less: Significant items
Acquisition, integration & separation costs(203)(162)(0.39)Acquisition, integration and separation costsRestructuring and asset related charges - net(151)(118)(0.28)Restructuring and asset related charges - netLoss on debt extinguishment 4(114)(88)(0.21)Sundry income (expense) - netInterest rate swap mark-to-market gain 529240.06Sundry income (expense) - net; interest expenseQnity financing 615120.03Sundry income (expense) - netOther benefits (credits), net 71290.01Sundry income (expense) - net; Selling, general and
administrative expensesIncome tax items 8—70.02Provision for income taxes on continuing operationsTotal significant items$ (412)$ (316)$ (0.76)
Less: Amortization of intangibles(291)(227)(0.54)Amortization of intangiblesLess: Non-op pension / OPEB benefit credits550.01Sundry income (expense) - netLess: Future reimbursable indirect costs(89)(69)(0.16)Selling, general and administrative expensesLess: Corporate DDOB remediation costs(12)(9)(0.02)Selling, general and administrative expensesAdjusted earnings (non-GAAP)$ 999$ 704$ 1.68
Significant Items Impacting Results for the Twelve Months Ended December 31, 2024In millions, except per share amounts (Unaudited)Pretax 1Net Income 2EPS 3Income Statement ClassificationReported earnings (GAAP)$ 117$ (98)$ (0.23)
Less: Significant items
Acquisition, integration and separation costs (90)(75)(0.18)Acquisition, integration and separation costsRestructuring and asset related charges - net (57)(44)(0.10)Restructuring and asset related charges - netInventory write-offs 9(25)(20)(0.05)Cost of salesLoss on debt extinguishment 10(74)(57)(0.14)Sundry income (expense) - netInterest rate swap mark-to-market loss 11(139)(104)(0.25)Sundry income (expense) - net; interest expenseOther benefits (credits), net 12(2)(1)—Costs of salesIncome tax items 137(99)(0.23)Sundry income (expense) - net; Provision for
income taxes on continuing operationsTotal significant items$ (380)$ (400)$ (0.95)
Less: Amortization of intangibles(294)(231)(0.55)Amortization of intangiblesLess: Non-op pension / OPEB benefit credits970.02Sundry income (expense) - netLess: Future reimbursable indirect costs(100)(77)(0.18)Selling, general and administrative expensesLess: Corporate DDOB remediation costs(14)(10)(0.02)Selling, general and administrative expensesAdjusted earnings (non-GAAP)$ 896$ 613$ 1.45
1.Income (loss) from continuing operations before income taxes.2.Net income (loss) from continuing operations available for DuPont common stockholders. The income tax effect on significant items was calculated based upon the enacted tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment.3.Earnings (loss) per common share from continuing operations - diluted.4.Includes $15 million of treasury transaction-related fees in addition to $99 million loss on debt extinguishment related to the Debt Exchange, Special Mandatory Redemption, Consent Solicitation and Tender Offer.5.The twelve months ended December 31, 2025 includes the non-cash mark-to-market net gain related to the 2022 Swaps and 2024 Swaps offset by the interest settlement loss on the 2022 Swaps. The year ended December 31, 2025 also includes basis amortization on the 2022 Swaps ($2 million pre-tax, reflected in "Interest expense" within the Consolidated Statements of Operations).6.Includes interest income earned on cash held in escrow associated with the Qnity notes.7.Reflects benefits related to an adjustment of the Donatelle contingent earn-out liability ($19 million pre-tax), accrued interest earned on employee retention credits ($11 million pre-tax), a benefit related to an indemnification receivable for a tax matter ($3 million pre-tax) offset by legal costs within the Healthcare & Water segment associated with a pending intellectual property matter ($22 million pre-tax).8.Reflects the income tax impact of certain internal restructurings related to the Electronics Separation.9.Reflects net raw material inventory write-offs recorded in "Cost of Sales" in connection with restructuring actions related to plant line closures within the Healthcare & Water segment.10.Reflects the loss on extinguishment of debt related to the partial redemption of the 2038 notes.11.The year ended December 31, 2024 includes non-cash mark-to-market loss related to the 2022 Swaps and 2024 Swaps and the interest settlement loss on the 2022 Swaps. The year ended December 31, 2024 also includes basis amortization on the 2022 Swaps ($1 million pre-tax, reflected in "Interest expense" within the Consolidated Statements of Operations).12.Reflects credit for the amortization of an inventory step-up adjustment related to the Donatelle Plastics acquisition ($2 million pre-tax).13.Reflects the impact of an international tax audit.
View original content to download multimedia:https://www.prnewswire.com/news-releases/dupont-reports-fourth-quarter-and-full-year-2025-results-302683207.htmlSOURCE DuPont
Original: DuPont Reports Fourth Quarter and Full Year 2025 Results
abrooklyn
2年前
DuPont Reports First Quarter 2024 Results
Source: PR Newswire (US)
Net Sales of $2.9 billion decreased 3%; organic sales decreased 6% versus year-ago period
GAAP Income from continuing operations of $183 million; operating EBITDA of $682 million
GAAP EPS from continuing operations of $0.41; adjusted EPS of $0.79
Cash provided by operating activities from continuing operations of $493 million; adjusted free cash flow of $286 million
$500 million accelerated share repurchase (ASR) transaction launched in February was completed in April
Raises full year 2024 guidance for net sales, operating EBITDA and adjusted EPS
WILMINGTON, Del., May 1, 2024 /PRNewswire/ -- DuPont (NYSE: DD) announced its financial results(1) for the first quarter ended March 31, 2024.
DuPont Logo (PRNewsfoto/DuPont)
"First quarter 2024 financial results exceeded our expectations driven by better-than-expected volumes along with a continued focus by our teams on operational execution and cost discipline," said Ed Breen, DuPont Executive Chairman and Chief Executive Officer. "The first quarter was encouraging as the electronics market saw continued recovery, demonstrated by 11 percent year-over-year volume growth in Semiconductor Technologies and another quarter of volume growth in Interconnect Solutions. Channel inventory destocking within our industrial-based businesses has bottomed and assumed recovery timing is on track with our previous expectations. In addition, we delivered significant year-over-year cash flow improvement during the first quarter driven by our continued focus on working capital improvement," Breen concluded.
First Quarter 2024 Results(1)
Dollars in millions, unless noted
1Q'24
1Q'23
Change
vs. 1Q'23
Organic Sales (2)
vs. 1Q'23
Net sales
$2,931
$3,018
(3) %
(6) %
GAAP Income from continuing operations
$183
$273
(33) %
Operating EBITDA(2)
$682
$714
(4) %
Operating EBITDA(2) margin %
23.3 %
23.7 %
(40) bps
GAAP EPS from continuing operations
$0.41
$0.58
(29) %
Adjusted EPS(2)
$0.79
$0.84
(6) %
Cash provided by operating activities – cont. ops.
$493
$405
22 %
Adjusted free cash flow(2)
$286
$173
65 %
Net sales
Net sales decreased 3% as organic sales(2) decline of 6% and currency headwind of 1% was partially offset by a favorable portfolio impact of 4%, primarily reflecting the August 2023 Spectrum acquisition.
Organic sales(2) decline of 6% consisted of a 5% decrease in volume and a 1% decrease in price.
Lower volume was driven by the impact of continued channel inventory destocking in industrial-based businesses, including for water technologies mainly in China and medical packaging within Safety Solutions, partially offset by strong growth within electronics markets.
10% organic sales(2) decline in Water & Protection; 2% organic sales(2) decline in Electronics & Industrial; 1% organic sales(2) growth in the retained businesses reported in Corporate.
8% organic sales(2) decline in EMEA; 7% organic sales(2) decline in U.S. & Canada; 4% organic sales(2) decline in Asia Pacific.
GAAP Loss from continuing operations
GAAP income/GAAP EPS from continuing operations decreased due primarily to higher charges related to restructuring activities, lower segment earnings and higher net interest expense partially offset by the benefit of a lower share count.
Operating EBITDA(2)
Operating EBITDA(2) decreased as volume declines were partially offset by the impact of lower product costs and the earnings contribution from the Spectrum acquisition.
Adjusted EPS(2)
Adjusted EPS(2) decreased as lower segment earnings and higher net interest expense more than offset the benefit of a lower share count.
Cash provided by operating activities from continuing operations
Cash provided by operating activities from continuing operations in the quarter of $493 million and capital expenditures of $207 million resulted in adjusted free cash flow(2) of $286 million. Adjusted free cash flow conversion(2) during the quarter was 86%.
(1)
Results and cash flows are presented on a continuing operations basis. See page 5 for further information, including the basis of presentation included in this release.
(2)
Organic sales, operating EBITDA, operating EBITDA margin, adjusted EPS, adjusted free cash flow and adjusted free cash flow conversion are non-GAAP measures and only reflect continuing operations. See page 6 for further discussion, including a definition of significant items. Reconciliation to the most directly comparable GAAP measure, including details of significant items begins on page 11 of this communication. Adjusted EPS outlook on page 3 assumes the $1B share repurchase program is substantially complete by year-end 2024.
(3)
During first quarter 2024, the Company realigned the management and reporting structure of certain product lines within the three E&I lines of business. E&I line of business revenue amounts for historical periods have been recast to conform to the new structure.
First Quarter 2024 Segment Highlights
Electronics & Industrial
Dollars in millions, unless noted
1Q'24
1Q'23
Change
vs. 1Q'23
Organic Sales(2)
vs. 1Q'23
Net sales
$1,365
$1,296
5 %
(2) %
Operating EBITDA
$374
$362
3 %
Operating EBITDA margin %
27.4 %
27.9 %
(50) bps
Net sales
Net sales increased 5% as favorable portfolio impact of 8% primarily reflecting the Spectrum acquisition was partially offset by organic sales(2) decline of 2% and a currency headwind of 1%.
Organic sales(2) decline of 2% reflects a 1% decline in price and a 1% decline in volume.
Semiconductor Technologies(3) sales up 10% on an organic basis driven by the start of semiconductor demand recovery and normalization of customer inventory levels, along with increased demand for OLED materials.
Interconnect Solutions(3) sales up slightly on an organic basis as mid-single digit volume gains were mostly offset by the impact of lower pass-through metals prices.
Industrial Solutions(3) sales down about 20% on an organic basis due primarily to ongoing channel inventory destocking for Kalrez® parts and within biopharma markets.
Operating EBITDA
Operating EBITDA increased as strength in Semiconductor Technologies and Interconnect Solutions and the earnings contribution from the Spectrum acquisition was partially offset by the impact of lower volumes in Industrial Solutions.
Water & Protection
Dollars in millions, unless noted
1Q'24
1Q'23
Change
vs. 1Q'23
Organic Sales(2)
vs. 1Q'23
Net sales
$1,291
$1,449
(11) %
(10) %
Operating EBITDA
$295
$344
(14) %
Operating EBITDA margin %
22.9 %
23.7 %
(80) bps
Net sales
Net sales decreased 11% due to a 10% decrease in volume and a currency headwind of 1%.
Safety Solutions sales down low-teens on an organic(2) basis on volume declines driven mainly by channel inventory destocking, most notably for medical packaging products within healthcare markets.
Water Solutions sales down mid-teens on an organic(2) basis driven by lower volumes resulting from distributor inventory destocking and weaker industrial demand in China.
Shelter Solutions sales flat on an organic(2) basis.
Operating EBITDA
Operating EBITDA decreased due to lower volumes partially offset by the impact of lower product costs.
Financial Outlook
Dollars in millions, unless noted
2Q'24E
Full Year 2024E
Net sales
~$3,025
$12,100 - $12,400
Operating EBITDA(2)
~$710
$2,900 - $3,050
Adjusted EPS(2)
~$0.84
$3.45 - $3.75
"We are raising our financial guidance for the year for net sales, operating EBITDA and adjusted EPS," said Lori Koch, Chief Financial Officer of DuPont. "At the mid-point of our updated guidance ranges for full year 2024, we now estimate net sales of about $12.25 billion, operating EBITDA of about $2.975 billion and adjusted EPS of $3.60 per share."
"For the second quarter of 2024, we expect sequential sales and earnings improvement driven by favorable seasonality, continued electronics recovery, and reduced channel inventory destocking in industrial-based end-markets including water and medical packaging" Koch continued. "Year-over-year sales and earnings growth assumed in the second half of 2024 is expected to be driven by further electronics market recovery and a return to volume growth in W&P."
Conference Call
The Company will host a live webcast of its quarterly earnings conference call with investors to discuss its results and business outlook beginning today at 8:00 a.m. ET. The slide presentation that accompanies the conference call will be posted on the DuPont's Investor Relations Events and Presentations page. A replay of the webcast also will be available on the DuPont's Investor Relations Events and Presentations page following the live event.
About DuPont
DuPont (NYSE: DD) is a global innovation leader with technology-based materials and solutions that help transform industries and everyday life. Our employees apply diverse science and expertise to help customers advance their best ideas and deliver essential innovations in key markets including electronics, transportation, construction, water, healthcare and worker safety. More information about the company, its businesses and solutions can be found at www.dupont.com. Investors can access information included on the Investor Relations section of the website at investors.dupont.com.
DuPontTM and all products, unless otherwise noted, denoted with TM, SM or ® are trademarks, service marks or registered trademarks of affiliates of DuPont de Nemours, Inc.
Overview
On November 1, 2023, DuPont completed the divestiture of the Delrin® acetal homopolymer (H-POM) business to TJC LP, (the "Delrin® Divestiture"). The results of operations for the three months ended March 31, 2023 present the financial results of the Delrin® Divestiture as discontinued operations. Unless otherwise indicated, the discussion of results, including the financial measures further discussed below, refers only to DuPont's Continuing Operations and does not include discussion of balances or activity of the Delrin® Divestiture.
Effective as of January 1, 2024, Electronics & Industrial realigned certain product lines that comprise its business units (Industrial Solutions, Interconnect Solutions and Semiconductor Technologies) that are intended to optimize business operations across the segment leading to enhanced value for our customers and cost savings. The realignment did not result in changes to total Electronics and Industrial segment net sales.
Cautionary Statement about Forward-looking Statements
This communication contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "target," "stabilization," "confident," "preliminary," "initial," and similar expressions and variations or negatives of these words. All statements, other than statements of historical fact, are forward-looking statements, including statements regarding outlook, expectations and guidance.
Forward-looking statements address matters that are, to varying degrees, uncertain and subject to risks, uncertainties, and assumptions, many of which that are beyond DuPont's control, that could cause actual results to differ materially from those expressed in any forward-looking statements. Forward-looking statements are not guarantees of future results. Some of the important factors that could cause DuPont's actual results to differ materially from those projected in any such forward-looking statements include, but are not limited to: i) the possibility that the Company may fail to realize the anticipated benefits of the $1 billion share repurchase program announced on February 6, 2024 and that the program may be suspended, discontinued or not completed prior to its termination on June 30, 2025; (ii) risks and uncertainties related to the settlement agreement concerning PFAS liabilities reached June 2023 with plaintiff water utilities by Chemours, Corteva, EIDP and DuPont; (iii) risks and costs related to each of the parties respective performance under and the impact of the arrangement to share future eligible PFAS costs by and between DuPont, Corteva and Chemours, including the outcome of any pending or future litigation related to PFAS or PFOA, including personal injury claims and natural resource damages claims; the extent and cost of ongoing remediation obligations and potential future remediation obligations; changes in laws and regulations applicable to PFAS chemicals; (iv) ability to achieve anticipated tax treatments in connection with completed and future, if any, divestitures, mergers, acquisitions and other portfolio changes actions and impact of changes in relevant tax and other laws; (v) indemnification of certain legacy liabilities; (vi) failure to realize expected benefits and effectively manage and achieve anticipated synergies and operational efficiencies in connection with completed and future, if any, divestitures, mergers, acquisitions, and other portfolio management, productivity and infrastructure actions; (vii) risks and uncertainties, including increased costs and the ability to obtain raw materials and meet customer needs from, among other events, pandemics and responsive actions; timing and recovery from demand declines in consumer-facing markets, including in China; adverse changes in worldwide economic, political, regulatory, international trade, geopolitical, capital markets and other external conditions; and other factors beyond the Company's control, including inflation, recession, military conflicts, natural and other disasters or weather related events, that impact the operations of the Company, its customers and/or suppliers; (viii) ability to offset increases in cost of inputs, including raw materials, energy and logistics; (ix) risks associated with demand and market conditions in the semiconductor industry and associated end markets, including from continuing or expanding trade disputes or restrictions, including on exports to China of U.S.-regulated products and technology; (x) risks, including ability to achieve, and costs associated with DuPont's sustainability strategy including the actual conduct of the company's activities and results thereof, and the development, implementation, achievement or continuation of any goal, program, policy or initiative discussed or expected; and (xi) other risks to DuPont's business and operations, including the risk of impairment; each as further discussed in DuPont's most recent annual report and subsequent current and periodic reports filed with the U.S. Securities and Exchange Commission. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business or supply chain disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on DuPont's consolidated financial condition, results of operations, credit rating or liquidity. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. DuPont assumes no obligation to publicly provide revisions or updates to any forward-looking statements whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.
Non-GAAP Financial Measures
Unless otherwise indicated, all financial metrics presented reflect continuing operations only.
This communication includes information that does not conform to accounting principles generally accepted in the United States of America ("U.S. GAAP") and are considered non-GAAP measures. Management uses these measures internally for planning, forecasting and evaluating the performance of the Company, including allocating resources. DuPont's management believes these non-GAAP financial measures are useful to investors because they provide additional information related to the ongoing performance of DuPont to offer a more meaningful comparison related to future results of operations. These non-GAAP financial measures supplement disclosures prepared in accordance with U.S. GAAP, and should not be viewed as an alternative to U.S. GAAP. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. Reconciliations for these non-GAAP measures to U.S. GAAP are provided in the Selected Financial Information and Non-GAAP Measures starting on page 11 and in the Reconciliation to Non-GAAP Measures on the Investors section of the Company's website. Non-GAAP measures included in this communication are defined below. The Company has not provided forward-looking U.S. GAAP financial measures or a reconciliation of forward-looking non-GAAP financial measures to the most comparable U.S. GAAP financial measures on a forward-looking basis because the Company is unable to predict with reasonable certainty the ultimate outcome of certain future events. These events include, among others, the impact of portfolio changes, including asset sales, mergers, acquisitions, and divestitures; contingent liabilities related to litigation, environmental and indemnifications matters; impairments and discrete tax items. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP results for the guidance period.
Indirect costs, such as those related to corporate and shared service functions previously allocated to the Delrin® Divestiture, do not meet the criteria for discontinued operations and were reported within continuing operations in the respective prior years. A portion of these historical indirect costs include costs related to activities the Company is undertaking on behalf of Delrin® and for which it is reimbursed ("Future Reimbursable Indirect Costs"). Future Reimbursable Indirect Costs are reported within continuing operations but are excluded from operating EBITDA as defined below. The remaining portion of these indirect costs is not subject to future reimbursement ("Stranded Costs"). Stranded Costs are reported within continuing operations in Corporate & Other and are included within Operating EBITDA.
Adjusted Earnings (formerly referred to as "Adjusted results") is defined as income from continuing operations excluding the after-tax impact of significant items, after-tax impact of amortization expense of intangibles, the after-tax impact of non-operating pension / other post employment benefits ("OPEB") credits / costs and Future Reimbursable Indirect Costs. Adjusted Earnings is the numerator used in the calculation of Adjusted EPS, as well as the denominator in Adjusted Free Cash Flow Conversion.
Adjusted EPS is defined as Adjusted Earnings per common share - diluted. Management estimates amortization expense in 2024 associated with intangibles to be about $600 million on a pre-tax basis, or approximately $1.10 per share.
The Company's measure of profit/loss for segment reporting purposes is Operating EBITDA as this is the manner in which the Company's chief operating decision maker ("CODM") assesses performance and allocates resources. The Company defines Operating EBITDA as earnings (i.e., "Income from continuing operations before income taxes") before interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, and foreign exchange gains / losses, excluding Future Reimbursable Indirect Costs, and adjusted for significant items. Reconciliations of these measures are provided on the following pages.
Operating EBITDA Margin is defined as Operating EBITDA divided by Net Sales.
Significant items are items that arise outside the ordinary course of the Company's business that management believes may cause misinterpretation of underlying business performance, both historical and future, based on a combination of some or all of the item's size, unusual nature and infrequent occurrence. Management classifies as significant items certain costs and expenses associated with integration and separation activities related to transformational acquisitions and divestitures as they are considered unrelated to ongoing business performance.
Organic Sales is defined as net sales excluding the impacts of currency and portfolio.
Adjusted Free Cash Flow is defined as cash provided by/used for operating activities from continuing operations less capital expenditures and excluding the impact of cash inflows/outflows that are unusual in nature and/or infrequent in occurrence that neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business liquidity. As a result, adjusted free cash flow represents cash that is available to the Company, after investing in its asset base, to fund obligations using the Company's primary source of liquidity, cash provided by operating activities from continuing operations. Management believes adjusted free cash flow, even though it may be defined differently from other companies, is useful to investors, analysts and others to evaluate the Company's cash flow and financial performance, and it is an integral measure used in the Company's financial planning process. Management notes that there were no exclusions for items that are unusual in nature and/or infrequent in occurrence for the three-month periods ended March 31, 2024 and March 31, 2023.
Adjusted Free Cash Flow Conversion is defined as Adjusted Free Cash Flow divided by Adjusted Earnings. Management uses Adjusted Free Cash Flow Conversion as an indicator of our ability to convert earnings to cash. The Company updated its definition of Adjusted Free Cash Flow Conversion in the fourth quarter 2023 and all periods were recast to reflect the change. Refer to Reconciliation to Non-GAAP Measures under the Events & Presentation tab on the Investors section of the Company's website for the recast information
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