Analyst Consensus ?
ConsensusBuy35 ratings
Bullish2262.9%
Neutral1131.4%
Bearish25.7%
1 unmapped firm rating excluded from the percentages.
Corteva, Inc. · CTVA · FY2026 Q1 · Calendar Q2 2026
Corteva Q1 2026: EBITDA Jumps 21% as Royalty Positivity Arrives Early
Corteva delivered a strong start to fiscal 2026, beating consensus on both EPS ($1.50 vs. $1.17 estimate, 28% surprise) and revenue ($4.91B vs. $4.64B estimate, 5.7% surprise). Q1 EBITDA grew 21% year-over-year with margins above 29%, driven by solid performance across both seed and crop-protection segments. The company reaffirmed its full-year 2026 operating EBITDA guidance of $4.0 to $4.2B with 22 to 23% margins. A notable milestone: Corteva now expects to achieve royalty positivity this year, ahead of its prior royalty-neutral timeline, thanks to the Bayer licensing agreement. The planned separation into Vylor (seed) and a standalone crop-protection business remains on track for Q4 2026, with a Form 10 filing expected by Q2. Despite the strong quarter, the stock sold off post-earnings with a -3.9% abnormal move and -5.3% subsequent drift, potentially reflecting concerns over H2…
Reported After market closeNYSEBasic Materials
$59.51B market cap
100quality score
Company context
Snapshot as of publicationCorteva, Inc. operates in the agriculture business. The company operates through two segments, Seed and Crop Protection. The Seed segment develops and supplies advanced germplasm and traits that produce optimum yield for farms. It offers trait technologies that enhance resistance to weather, disease, insects, and herbicides used to control weeds, as well as food and nutritional characteristics. This segment also provides digital solutions that assist farmer decision-making with a view to optimize product selection, and maximize yield and profitability.…
Earnings scorecard
Reported versus consensus
Reported EPS
$1.50
Consensus $1
EPS surprise
+28.2%
Reported versus consensus
Reported revenue
$4.91B
Consensus $4.64B
Revenue surprise
+5.7%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$90.51Current
$53Low
$76Average
$103High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Oppenheimer | Outperform | Outperform | Maintain | Jul 23, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 21, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 20, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Jul 14, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jun 11, 2026 |
| UBS | Neutral | Neutral | Maintain | Jun 9, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | May 28, 2026 |
| Citigroup | Neutral | Neutral | Maintain | May 7, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Apr 21, 2026 |
| Argus Research | Buy | Buy | Maintain | Mar 31, 2026 |
| JP Morgan | Neutral | Overweight | Downgrade | Feb 5, 2026 |
| Keybanc | Overweight | Downgrade | Oct 3, 2025 | |
| BMO Capital | Outperform | Outperform | Maintain | Jul 8, 2025 |
| Jefferies | Buy | Buy | Maintain | Jun 6, 2025 |
| Deutsche Bank | Buy | Buy | Maintain | Jun 12, 2024 |
| OTR Global | Negative | Mixed | Downgrade | Jun 7, 2024 |
| Canaccord Genuity | Buy | Buy | Maintain | May 3, 2024 |
| Loop Capital | Buy | Hold | Upgrade | Feb 12, 2024 |
| Exane BNP Paribas | Neutral | Underperform | Upgrade | Feb 2, 2024 |
| Roth MKM | Buy | Buy | Maintain | Jan 29, 2024 |
| Berenberg | Hold | Buy | Downgrade | Nov 27, 2023 |
| Fermium Research | Outperform | Outperform | Maintain | Oct 30, 2023 |
| Goldman Sachs | Neutral | Neutral | Maintain | Oct 24, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Aug 4, 2023 |
| Redburn Partners | Neutral | Buy | Downgrade | Jul 25, 2023 |
| Vertical Research | Buy | Hold | Upgrade | May 22, 2023 |
| Roth Capital | Buy | Buy | Maintain | Oct 8, 2021 |
| Monness, Crespi, Hardt | Neutral | Sell | Upgrade | Aug 9, 2021 |
| Redburn | Neutral | Buy | Downgrade | Jan 21, 2021 |
| Susquehanna | Positive | Neutral | Upgrade | Mar 31, 2020 |
| Edward Jones | Buy | Hold | Upgrade | Mar 19, 2020 |
| Bernstein | Outperform | Market Perform | Upgrade | Jan 23, 2020 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | Oct 11, 2019 |
| Citi | Buy | Neutral | Upgrade | Aug 19, 2019 |
| Monness Crespi Hardt | Sell | Sell | Maintain | Jul 17, 2019 |
| Nomura | Neutral | Neutral | Maintain | Jun 10, 2019 |
Named analyst price targets
Upside is calculated against the persisted current price $90.51. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| RBC Capital | Arun Viswanathan | $103 | $86.78 | +13.8% | Jul 21, 2026 |
| Mizuho Securities | Analyst unavailable | $97 | $85.72 | +7.2% | Jul 14, 2026 |
| Mizuho Securities | Analyst unavailable | $96 | $85.25 | +6.1% | Jul 2, 2026 |
| Barclays | Benjamin Theurer | $91 | $74.46 | +0.5% | Jun 11, 2026 |
| UBS | Joshua Spector | $86 | $75.86 | -5.0% | Jun 9, 2026 |
| Morgan Stanley | Vincent Andrews | $95 | $79.89 | +5.0% | May 28, 2026 |
| RBC Capital | Arun Viswanathan | $95 | $78.62 | +5.0% | Apr 24, 2026 |
| Wells Fargo | Analyst unavailable | $90 | $80.29 | -0.6% | Apr 21, 2026 |
| UBS | Analyst unavailable | $88 | $83.56 | -2.8% | Apr 9, 2026 |
| Mizuho Securities | Analyst unavailable | $82 | $75.03 | -9.4% | Feb 17, 2026 |
| UBS | Joshua Spector | $80 | $72.6 | -11.6% | Feb 9, 2026 |
| RBC Capital | Analyst unavailable | $89 | $72.99 | -1.7% | Feb 5, 2026 |
| Oppenheimer | Analyst unavailable | $86 | $72.99 | -5.0% | Feb 5, 2026 |
| Goldman Sachs | Analyst unavailable | $88 | $75.12 | -2.8% | Feb 5, 2026 |
| Wells Fargo | Analyst unavailable | $85 | $75.12 | -6.1% | Feb 5, 2026 |
| Oppenheimer | Analyst unavailable | $78 | $72.63 | -13.8% | Jan 27, 2026 |
| Mizuho Securities | Edlain Rodriguez | $80 | $70.5 | -11.6% | Jan 16, 2026 |
| Oppenheimer | Analyst unavailable | $76 | $63.38 | -16.0% | Nov 7, 2025 |
| UBS | Analyst unavailable | $81 | $61.53 | -10.5% | Oct 30, 2025 |
| Oppenheimer | Analyst unavailable | $75 | $62.79 | -17.1% | Oct 22, 2025 |
| Wells Fargo | Analyst unavailable | $80 | $61.91 | -11.6% | Oct 16, 2025 |
| Mizuho Securities | Analyst unavailable | $78 | $65.61 | -13.8% | Oct 8, 2025 |
| UBS | Analyst unavailable | $85 | $64.56 | -6.1% | Oct 6, 2025 |
| Morgan Stanley | Analyst unavailable | $84 | $74.29 | -7.2% | Sep 15, 2025 |
| BMO Capital | Analyst unavailable | $86 | $74.29 | -5.0% | Sep 15, 2025 |
| Oppenheimer | Kristen Owen | $87 | $72.09 | -3.9% | Jul 15, 2025 |
| KeyBanc | Aleksey Yefremov | $71 | $60.29 | -21.6% | Apr 14, 2025 |
| KeyBanc | Aleksey Yefremov | $69 | $60.76 | -23.8% | Nov 21, 2024 |
| Citigroup | Patrick Cunningham | $68 | $59.12 | -24.9% | Oct 23, 2024 |
| Bank of America Securities | Steve Byrne | $67 | $57.3 | -26.0% | Oct 16, 2024 |
| Mizuho Securities | John Roberts | $61 | $57.85 | -32.6% | Sep 25, 2024 |
| Oppenheimer | Kriten Owen | $69 | $57.04 | -23.8% | Sep 17, 2024 |
| KeyBanc | Aleksey Yefremov | $62 | $53 | -31.5% | Aug 2, 2024 |
| Mizuho Securities | John Roberts | $60 | $51.89 | -33.7% | Jun 18, 2024 |
| Wolfe Research | Chris Parkinson | $68 | $51.9 | -24.9% | Jun 11, 2024 |
| Deutsche Bank | David Begleiter | $65 | $57.03 | -28.2% | May 6, 2024 |
| RBC Capital | Arun Viswanathan | $64 | $57.16 | -29.3% | May 6, 2024 |
| Canaccord Genuity | Bobby Burleson | $65 | $56.98 | -28.2% | May 3, 2024 |
| BMO Capital | Joel Jackson | $67 | $56.98 | -26.0% | May 3, 2024 |
| Jefferies | Laurence Alexander | $67 | $57 | -26.0% | Mar 28, 2024 |
| Loop Capital Markets | Christopher Kapsch | $65 | $55.04 | -28.2% | Feb 12, 2024 |
| BNP Paribas | Laurent Favre | $53 | $53.04 | -41.4% | Feb 2, 2024 |
| Wells Fargo | Analyst unavailable | $77 | $61.54 | -14.9% | Feb 3, 2023 |
| Citigroup | Analyst unavailable | $74 | $61.68 | -18.2% | Feb 3, 2023 |
| Morgan Stanley | Analyst unavailable | $80 | $62.12 | -11.6% | Jan 11, 2023 |
| Barclays | Analyst unavailable | $75 | $65.35 | -17.1% | Nov 17, 2022 |
| UBS | Analyst unavailable | $73 | $66.72 | -19.3% | Nov 16, 2022 |
| Credit Suisse | John Roberts | $68 | $51.26 | -24.9% | Jul 14, 2022 |
| Barclays | Benjamin Theurer | $71 | $53.22 | -21.6% | Jun 20, 2022 |
| Deutsche Bank | David Begleiter | $72 | $62.04 | -20.5% | Jun 6, 2022 |
| Argus Research | Bill Selesky | $69 | $60.91 | -23.8% | May 24, 2022 |
| Mizuho Securities | Analyst unavailable | $67 | $57.99 | -26.0% | Apr 29, 2022 |
| Roth Capital | Brian White | $56 | $50.25 | -38.1% | Feb 4, 2022 |
| Barclays | Duffy Fischer | $54 | $47.33 | -40.3% | Nov 5, 2021 |
| Deutsche Bank | David Begleiter | $55 | $44.79 | -39.2% | Aug 8, 2021 |
| Argus Research | Bill Selesky | $54 | $45.82 | -40.3% | May 17, 2021 |
| Bank of America Securities | Steve Byrne | $42 | $46.45 | -53.6% | May 10, 2021 |
Track every rating change on CTVA the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
-2.5%
Event window
SPY move
+1.4%
Same window
Abnormal move
-3.9%
Stock minus SPY
Volume
1.7×
Versus trailing sessions
Subsequent drift
-5.3%
Up to 20 sessions
CTVASPY benchmark
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Try FN2 freeTranscript intelligence
What changed
From the prior quarter (Q4 2025), management had described the Bayer settlement as bringing royalty neutrality by 2026. In Q1 2026, management upgraded this to royalty positivity this year, ahead of the prior timeline. The SpinCo was previously unnamed; it is now revealed as Vylor, with proprietary hybrid wheat technology launching next year. A $1.5B discretionary pension contribution was approved to strengthen post-spin capital structure. Q1 EBITDA grew 21% YoY with margins above 29%, while full-year guidance was reaffirmed at $4.0 to $4.2B.
Guidance delta
Full-year 2026 operating EBITDA guidance of $4.0 to $4.2B and margin of 22 to 23% was reaffirmed. The $100M net dis-synergy assumption from the separation remains unchanged. Management noted a approximately $40M oil-price head-impact expected in H2.
Key takeaways
- Q1 EBITDA grew 21% YoY with margins above 29%, driven by strong seed and crop-protection performance.
- EPS of $1.50 beat the $1.17 consensus by 28%; revenue of $4.91B exceeded the $4.64B estimate by 5.7%.
- Full-year 2026 operating EBITDA guidance of $4.0 to $4.2B and 22 to 23% margins reaffirmed.
- Royalty positivity now expected this year, ahead of the prior royalty-neutral timeline.
- Separation into Vylor (seed) and standalone crop-protection business on track for Q4, with Form 10 filing by Q2.
- Board approved $1.5B discretionary pension contribution to strengthen post-spin capital structure.
Management priorities
- Complete separation and Form 10 filing by Q2, with spin-off in Q4 2026.
- Launch Vylor brand with proprietary hybrid wheat technology and expand gene-editing capabilities.
- Expand licensing revenue from Enlist and PowerCore traits to sustain royalty-positive trajectory.
- Scale biologicals portfolio, including first biocontrol product launch.
- Advance biofuels initiatives, including sustainable aviation-fuel projects with Bunge, Chevron, and BP JV.
Related earnings events
Basic MaterialsSources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-29T18:21:42.696595+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T18:21:42.693920+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.