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Corteva cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$588M in Q2 2026 · $629M over twelve months

Operating cash flow−$466M
Capital spending−$122M
Free cash flow−$588M
Cash / net income-0.4×
Cash conversion cycle119 days

Analysis

In Q2 2026, Corteva generated −$466M of operating cash flow and spent $122M on capital projects, leaving free cash flow of −$588M. That is $1.4B less than in Q2 2025 ($829M).

Over the twelve months to Jun 30, 2026, operating cash flow was $1.2B; the largest uses were buybacks ($1.1B), capital spending ($582M), dividends ($484M); besides operations, cash came from net borrowing (+) / repaid (−) ($1.2B), shares issued ($49.0M); the cash balance rose by $302M.

Operating cash flow was −$466M against net income of $1.2B — -0.4× profit, less cash than reported earnings, worth checking against working capital. The largest differences: deferred revenue −$2.4B, inventory +$788M, receivables +$394M.

Its cash conversion cycle was 119 days (receivables 93 + inventory 161 − payables 136).

Free cash flow

Corteva: free cash flow by quarterCorteva: free cash flow by quarter−$24.0MQ3 2024$4.0BQ4 2024−$2.2BQ1 2025$829MQ2 2025$36.0MQ3 2025$4.2BQ4 2025−$3.0BQ1 2026−$588MQ2 2026
Operating cash flow less capital spending.
Corteva: operating cash flow against capital spendingCorteva: operating cash flow against capital spendingOperating cash flowCapital spending$130M$154MQ3 2024$4.2B$181MQ4 2024−$2.1B$94.0MQ1 2025$947M$118MQ2 2025$193M$157MQ3 2025$4.4B$222MQ4 2025−$2.9B$81.0MQ1 2026−$466M$122MQ2 2026
Latest (Q2 2026): Operating cash flow −$466M, Capital spending $122M.

Capital allocation, year by year

Corteva: where the cash came from (up) and went (down), by fiscal yearCorteva: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.7BFY2021: Net borrowing $10.0MFY2021: Shares issued $100MFY2021: Capital spending −$573MFY2021: Buybacks −$950MFY2021: Dividends −$397M$2.8BFY2021FY2022: Operating cash flow $872MFY2022: Net borrowing $204MFY2022: Shares issued $88.0MFY2022: Asset sales $73.0MFY2022: Capital spending −$605MFY2022: Buybacks −$1.0BFY2022: Dividends −$418M$1.2BFY2022FY2023: Operating cash flow $1.8BFY2023: Net borrowing $1.1BFY2023: Shares issued $31.0MFY2023: Asset sales $57.0MFY2023: Capital spending −$595MFY2023: Acquisitions −$1.5BFY2023: Buybacks −$756MFY2023: Dividends −$439M$3.0BFY2023FY2024: Operating cash flow $2.1BFY2024: Net borrowing $239MFY2024: Shares issued $60.0MFY2024: Asset sales $5.0MFY2024: Capital spending −$597MFY2024: Buybacks −$1.0BFY2024: Dividends −$458M$2.4BFY2024FY2025: Operating cash flow $3.4BFY2025: Net borrowing −$141MFY2025: Shares issued $88.0MFY2025: Asset sales $54.0MFY2025: Capital spending −$591MFY2025: Buybacks −$1.1BFY2025: Dividends −$475M$3.5BFY2025
Over these 5 years operating cash flow totalled $10.9B; the largest uses were buybacks ($4.8B) and capital spending ($3.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.4B
Debt$4.9B
Net debt$2.5B
Cash runway12 months

Corteva is burning cash: its operations consume cash, a free cash flow of −$2.4B a year at the current rate against $2.4B of cash and investments: a runway of about 12 months before any new financing.

Where the cash came from and went

Corteva: sources (+) and uses (−) of cash, Q2 2026Corteva: sources (+) and uses (−) of cash, Q2 2026Net borrowing (+) / repaid (−)$1.5BCash drawn (+) / kept (−)−$478MOperating cash flow−$466MBuybacks−$250MCapital spending−$122MDividends−$120MOther investing−$49.0MExchange rates−$27.0MShares issued$14.0MOther financing−$13.0MAsset & business sales$1.0M
Corteva: sources (+) and uses (−) of cash, TTM to Q2 2026Corteva: sources (+) and uses (−) of cash, TTM to Q2 2026Net borrowing (+) / repaid (−)$1.2BOperating cash flow$1.2BBuybacks−$1.1BCapital spending−$582MDividends−$484MCash drawn (+) / kept (−)−$302MShares issued$49.0MOther financing−$44.0MAcquisitions−$43.0MAsset & business sales$30.0MExchange rates−$16.0MOther investing$3.0M

From profit to cash

Corteva: net income to operating cash flow, Q2 2026Corteva: net income to operating cash flow, Q2 2026Net income$1.2BDepreciation & amortization$339MDeferred taxes$4.0MGains on disposals$3.0MOther non-cash$162MReceivables$394MInventory$788MPayables−$266MDeferred revenue−$2.4BOther operating capital$61.0MOperating cash flow−$466M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202693161136119
Q1 2026111206163155
Q4 2025117224178163
Q3 2025193269228234
Q2 202590147120116
Q1 2025114203153165
Q4 2024101205144162
Q3 2024186311207290

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$466M−$122M−$250M−$120M$1.5B$14.0M−$478M−$588M
Q1 2026−$2.9B−$81.0M−$250M−$121M$767M$17.0M$2.6B−$3.0B
Q4 2025$4.4B−$222M−$301M−$121M−$1.8B$13.0M−$2.0B$4.2B
Q3 2025$193M−$157M−$250M−$122M$739M$5.0M−$420M$36.0M
Q2 2025$947M−$118M−$250M−$116M−$461M$35.0M−$22.0M$829M
Q1 2025−$2.1B−$94.0M−$270M−$116M$1.4B$35.0M$1.1B−$2.2B
Q4 2024$4.2B−$181M−$252M−$118M−$3.0B$30.0M−$666M$4.0B
Q3 2024$130M−$154M−$253M−$117M$989M$2.0M−$615M−$24.0M

Corteva: income statement and cash flow

Corteva, Q2 2026: revenue $6.4B (-1% year over year), operating margin 24.7%. The chart follows the revenue to costs, profit and cash.

Corteva: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.