DuPont de Nemours : First Quarter 2026 Reconciliation to Non-GAAP Measures

Published: 2026-05-05 06:13:24 ET DD

Published on 05/05/2026 at 06:13 am EDT

DuPont de Nemours, Inc. ("DuPont" or the "Company")

Reconciliation of non-GAAP financial measures and other supplemental information

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 following tables. 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.

Significant 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.

Indirect 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 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.

Organic Sales is defined as net sales excluding the impacts of currency and portfolio.

Adjusted 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 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.

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, 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.

Management uses the supplemental pro forma non-GAAP financial measures to assist in evaluating DuPont's results as a stand-alone company for the twelve months ended December 31, 2025 following the November 1, 2025 separation of Qnity. These measures are intended to reflect the impact of the separation on the Company's historical non-GAAP results by adjusting for corporate cost and capital structure changes that occurred as a result of the separation. Management believes these measures provide a more meaningful comparison of the Company's historical non-GAAP results in relation to future results of operations. The 2025 pro forma amounts are adjusted as if the separation occurred on January 1, 2025 for comparability. The Corporate cost benefit reflects the elimination of costs associated with the separation of Qnity that are not included in discontinued operations and relate primarily to corporate functions that no longer support the Company's continuing operations. These supplemental pro forma non-GAAP financial measures are not prepared in accordance with Article 11 of Regulation S-X and should not be viewed as an alternative to U.S. GAAP.

Pro Forma Operating EBITDA is defined as Operating EBITDA adjusting for the impact of the reduction in corporate costs post separation, inclusive of changes in Delrin equity earnings/losses.

Pro Forma Adjusted EPS is defined as Adjusted EPS adjusting for the impact of changes in net interest expense resulting from the post-separation capital structure, and the impact of the reduction in corporate costs post separation (inclusive of changes in Delrin equity earnings/losses) and applying a 25.5 percent adjusted base tax rate.

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.

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, 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.

In millions

1Q26

FY 2025

4Q25

3Q25

2Q25

1Q25

FY 2024

Net Sales

$ 1,681

$ 6,849

$ 1,693

$ 1,795

$ 1,749

$ 1,612

$ 6,719

In millions

1Q26

FY 2025

4Q25

3Q25

2Q25

1Q25

FY 2024

Income (loss) from continuing operations, net of tax (GAAP)

$ 150

$ 98

$ (108)

$ 102

$ 24

$ 80

$ (96)

+ Provision for (benefit from) income taxes on continuing operations

102

(11)

213

Income (loss) from continuing operations before income taxes

$ 181

$ 200

$ (66)

$ 91

$ 78

$ 97

$ 117

+ Depreciation and amortization

155

647

159

162

166

160

635

- Interest income 1

+ Interest expense 2

311

365

- Non-operating pension/OPEB benefit credits

- Foreign exchange gains (losses), net

(34)

(5)

(12)

(14)

(3)

+ Future reimbursable indirect costs

100

+ Corporate DDOB Remediation Costs

- Adjustments for significant items charge

(46)

(412)

(255)

(76)

(72)

(9)

(380)

Operating EBITDA (non-GAAP)

$ 414

$ 1,628

$ 409

$ 436

$ 423

$ 360

$ 1,531

Excludes accrued interest income earned on employee retention credits and employee retention credits and interest income earned on cash held in escrow associated with the Qnity financing. Refer to details of significant items on the following page.

Excludes interest rate swap basis amortization. Refer to details of significant items on the following page.

In millions

1Q26

FY 2025

4Q25

3Q25

2Q25

1Q25

FY 2024

Income (loss) from continuing operations margin

8.9%

1.4%

(6.4)%

5.7%

1.4%

5.0%

(1.4)%

In millions

1Q26

FY 2025

4Q25

3Q25

2Q25

1Q25

FY 2024

Total operating EBITDA margin (non-GAAP) 1

24.6%

23.8%

24.2%

24.3%

24.2%

22.3%

22.8%

Operating EBITDA Margin is Operating EBITDA as a percentage of net sales.

In millions

FY 2025

4Q25

3Q25

2Q25

1Q25

Income (loss) from continuing operations, net of tax (GAAP)

$ 98

$ (108)

$ 102

$ 24

$ 80

+ Provision for (benefit from) income taxes on continuing operations

102

(11)

Income from continuing operations before income taxes

$ 200

$ (66)

$ 91

$ 78

$ 97

+ Depreciation and amortization

647

159

162

166

160

- Interest income 1

+ Interest expense 2

311

- Non-operating pension/OPEB benefit credits

- Foreign exchange losses, net

(34)

(5)

(12)

(14)

(3)

+ Future reimbursable indirect costs

+ Corporate DDOB Remediation Costs

- Adjustments for significant items charge

(412)

(255)

(76)

(72)

(9)

Operating EBITDA (non-GAAP)

$ 1,628

$ 409

$ 436

$ 423

$ 360

+ Benefit (hurt) from post-separation Corporate costs 3

(2)

(7)

Pro Forma Operating EBITDA (non-GAAP)

$ 1,647

$ 421

$ 434

$ 416

$ 376

Excludes accrued interest income earned on employee retention credits and employee retention credits and interest income earned on cash held in escrow associated with the Qnity financing.

Excludes interest rate swap basis amortization.

Amount reflects the impact of post-separation corporate costs and Delrin equity earnings/losses.The pro forma adjustments reflect 2025 costs as if the separation occurred on January 1, 2025 for comparability. The pro forma impact of corporate costs is calculated as the prior year corporate costs ($144 million) less the pro forma costs ($125 million from Investor Day), inclusive of the impact of Delrin equity earnings/losses. The $125 million of pro forma corporate costs were attributed to each quarter equally for purposes of the pro forma calculation.

Pro Forma Operating EBITDA Margin

In millions

FY 2025

4Q25

3Q25

2Q25

1Q25

Total Pro Forma Operating EBITDA Margin (non-GAAP) 1

24.0%

24.9%

24.2%

23.8%

23.3%

1. Pro Forma Operating EBITDA Margin is Pro Forma Operating EBITDA as a percentage of net sales.

In millions

1Q26

FY 2025

4Q25 3Q25

2Q25

1Q25

FY 2024

Acquisition, integration and separation costs 2

$ -

$ (203)

$ (36) $ (62)

$ (55)

$ (50)

$ (90)

Restructuring and asset-related charges - net 3

(46)

(151)

(94) (18)

(39)

(57)

Income tax related item 4

- -

Inventory write-offs 5

- -

(25)

Loss on debt extinguishment 6

(114)

(114) -

(74)

Interest rate swap mark-to-market gain (loss) 7

(17) (4)

(27)

(139)

Qnity Financing 8

6 9

Other benefits (credits), net 9

- (1)

(2)

Total pretax significant items charge

$ (46)

$ (412)

$ (255) $ (76)

$ (72)

$ (9)

$ (380)

In millions

1Q26

FY 2025

4Q25

3Q25

2Q25

1Q25

FY 2024

Total significant items (charge) benefit, net of tax

$ (18)

$ (316)

$ (238)

$ (5)

$ (76) $

$ (400)

In millions

1Q26

FY 2025 1

4Q25

3Q25

2Q25

1Q25

FY 2024 1

Total significant items (charge) benefit - diluted

$ (0.04)

$ (0.76)

$ (0.57)

$ (0.01)

$ (0.19) $

0.01

$ (0.95)

Earnings (Loss) per share amounts from continuing operations - diluted for the year may not equal the sum of the quarterly earnings (loss) per common share from continuing operations - diluted amounts due to the change in average share calculations.

Acquisition, integration and separation costs primarily related to the Previously Intended Business Separations, the Electronics Separation, the acquisitions of Donatelle Plastics and Spectrum Plastics Group, and the sale of divested business units.

Includes restructuring actions and asset related charges.

Reflects the impact of an international tax audit in Q1 2024.

Reflects net raw material inventory write-offs recorded in "Cost of Sales" in connection with restructuring actions related to plant line closures.

The year ended December 31, 2025 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 Offer to Purchase. The year ended December 31, 2024 reflects the loss on extinguishment of debt related to the partial redemption of the 2038 Notes.

Includes the mark-to-market gain (loss) related to the 2022 Swaps and 2024 Swaps, net interest settlement loss and basis amortization related to the 2022 Swaps.

Includes interest income earned on cash held in escrow associated with the Qnity notes.

Other benefits (credits), net includes the following items:

Q1 2026 includes benefits related to an adjustment of the Donatelle contingent earn-out liability ($6 million pre-tax benefit), 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).

FY 2025 includes legal costs associated with pending intellectual property matter (Q2 2025: $5 million pre-tax cost, Q3 2025: $9 million pre-tax cost, Q4 2025: $8 million pre-tax cost), benefits related to an adjustment of the Donatelle contingent earn-out liability (Q2 2025: $12 million pre-tax benefit, Q3 2025: $7 million pre-tax benefit), Employee Retention Credits pursuant to the Coronavirus Aid, Relief, and Economic Security ("CARES") Act (Q1 2025: $3 million pre-tax benefit, Q2 2025: $3 million pre-tax benefit, Q4 2025: $5 million pre-tax benefit), and a benefit related to an indemnification receivable for a tax matter (Q4 2025: $3 million pre-tax benefit).

FY 2024 reflects amortization of an inventory step-up adjustment related to the Donatelle Plastics acquisition ($2 million pre-tax cost).

In millions

1Q26

FY 2025

4Q25

3Q25

2Q25

1Q25

FY 2024

Income (loss) from continuing operations before income taxes (GAAP)

$ 181

$ 200

$ (66)

$ 91

$ 78

$ 97

$ 117

Less: Significant items charge, before tax 1

(46)

(412)

(255)

(76)

(72)

(9)

(380)

Less: Amortization of intangibles, before tax 1

(68)

(291)

(71)

(74)

(75)

(294)

Less: Non-op pension / OPEB benefit credits, before tax 1

Less: Future reimbursable indirect costs, before tax 1

(8)

(89)

(14)

(25)

(100)

Less: Corporate DDOB Remediation Costs, before tax 1

(4)

(12)

(4)

(3)

(2)

(3)

(14)

Adjusted earnings, before tax (non-GAAP)

$ 307

$ 999

$ 275

$ 266

$ 251

$ 207

$ 896

1. Impact on income (loss) from continuing operations before income taxes.

In millions

1Q26

FY 2025

4Q25

3Q25

2Q25

1Q25

FY 2024

Net income (loss) from continuing operations available to DuPont common stockholders (GAAP)

$ 147

$ 88

$ (111)

$ 98

$ 23

$ 78

$ (98)

Less: Significant items (charge) benefit, net of tax 1

(18)

(316)

(238)

(5)

(76)

(400)

Less: Amortization of intangibles, net of tax 1

(52)

(227)

(55)

(58)

(59)

(231)

Less: Non-op pension / OPEB benefit credits, net of tax 1

Less: Future reimbursable indirect costs, net of tax 1

(6)

(69)

(11)

(19)

(20)

(77)

Less: Corporate DDOB Remediation Costs, net of tax 1

(3)

(9)

(3)

(1)

(2)

(10)

Adjusted earnings, net of tax (non-GAAP)

$ 226

$ 704

$ 193

$ 180

$ 177

$ 154

$ 613

Impact on income (loss) from continuing operations available to DuPont common stockholders, net of tax. The income tax effect for each adjustment was calculated based on the statutory tax rate for the jurisdiction(s) in which the adjustment was taxable or deductible.

In millions

1Q26 1

FY 2025 1

4Q25 3Q25

2Q25

1Q25

FY 2024 1

Earnings (loss) per common share from continuing operations - diluted (GAAP)

$ 0.36

$ 0.21

$ (0.27) $ 0.23

$ 0.05

$ 0.19

$ (0.23)

Less: Significant items (charge) benefit - diluted 2

(0.04)

(0.76)

(0.57) (0.01)

(0.19)

0.01

(0.95)

Less: Amortization of intangibles - diluted 2

(0.13)

(0.54)

(0.13) (0.13)

(0.14)

(0.55)

Less: Non-op pension / OPEB benefit credits - diluted 2

0.01

0.01 -

0.02

Less: Future reimbursable indirect costs - diluted 2

(0.01)

(0.16)

(0.03) (0.05)

(0.05)

(0.04)

(0.18)

Less: Corporate DDOB Remediation Costs - diluted 2

(0.01)

(0.02)

(0.01) (0.01)

(0.02)

Adjusted earnings per common share from continuing operations - diluted (non-GAAP)

$ 0.55

$ 1.68

$ 0.46 $ 0.43

$ 0.43

$ 0.36

$ 1.45

Earnings (loss) per share amounts from continuing operations - diluted for the year may not equal the sum of the quarterly earnings (loss) per common share from continuing operations - diluted amounts due to the change in average share calculations.

Impact on earnings per common share from continuing operations - diluted.

DuPont de Nemours, Inc.

Investor Day Basis Pro Forma Adjusted EPS

Pretax Non-GAAP Adjustments to Net Income (Unaudited) - Reflects the impact on income (loss) from continuing operations before income taxes.

In millions

FY 2025

4Q25

3Q25

2Q25

1Q25

Income (loss) from continuing operations before income taxes (GAAP)

$ 200

$ (66)

$ 91

$ 78

$ 97

Less: Significant items charge, before tax 1

(412)

(255)

(76)

(72)

(9)

Less: Amortization of intangibles, before tax 1

(291)

(71)

(74)

(75)

Less: Non-op pension / OPEB benefit credits, before tax 1

Less: Future reimbursable indirect costs, before tax 1

(89)

(14)

(25)

Less: Corporate DDOB Remediation Costs, before tax 1

(12)

(4)

(3)

(2)

(3)

Adjusted earnings, before tax (non-GAAP)

$ 999

$ 275

$ 266

$ 251

$ 207

Plus: Interest expense benefit from post-separation capital structure, before tax 1

129

Plus: Benefit from rightsizing of Corporate costs, before tax 1

(2)

(7)

Pro Forma Adjusted earnings, before tax (non-GAAP)

$ 1,147

$ 301

$ 303

$ 283

$ 260

Non-GAAP Adjustments to Earnings Per Share (Unaudited) - Earnings (loss) per share amounts from continuing operations - diluted for the year may not equal the sum of the quarterly earnings (loss) per common share from continuing operations - diluted amounts due to the change in average share calculations.

In millions

FY 2025

4Q25 3Q25

2Q25

1Q25

Earnings (loss) per common share from continuing operations - diluted (GAAP)

$ 0.21

$ (0.27) $ 0.23

$ 0.05

$ 0.19

Less: Significant items (charge) benefit - diluted

(0.76)

(0.57) (0.01)

(0.19)

0.01

Less: Amortization of intangibles - diluted

(0.54)

(0.13) (0.13)

(0.14)

Less: Non-op pension / OPEB benefit credits - diluted

0.01

0.01 -

Less: Future reimbursable indirect costs - diluted

(0.16)

(0.03) (0.05)

(0.05)

(0.04)

Less: Corporate DDOB Remediation Costs - diluted

(0.02)

(0.01) (0.01)

Adjusted earnings per common share from continuing operations - diluted (non-GAAP)

$ 1.68

$ 0.46 $ 0.43

$ 0.43

$ 0.36

Plus: Interest, net benefit from post-separation capital structure 1

0.22

0.02 0.06

0.06

0.07

Plus: Benefit (hurt) from rightsizing of Corporate costs 2

0.03

0.02 -

(0.02)

0.03

Less: Impact of tax rate change 3

0.12

0.04 0.04

0.05

Pro Forma Adjusted earnings per common share from continuing operations - diluted (non-GAAP)

$ 2.05

$ 0.54 $ 0.53

$ 0.52

$ 0.46

The interest benefit reflects the impact of DuPont's post-separation capital structure as if the separation occurred on January 1, 2025 for comparability. The full year 2025 pro forma net interest impact represents the prior year interest expense of $239 million less pro forma net interest expense of $110 million. The benefit excludes the interest income expected from the Aramids Divestiture.

The Corporate cost benefit relates to the impact of post-separation corporate costs and Delrin equity earnings/losses. The pro forma adjustments reflect 2025 costs as if the separation occurred on January 1, 2025 for comparability. The pro forma impact of corporate costs is calculated as the prior year corporate costs ($144 million) less the pro forma costs ($125 million from Investor Day), inclusive of the impact of Delrin equity earnings/losses. The $125 million of pro forma corporate costs were attributed to each quarter equally for purposes of the pro forma calculation.

The pro forma adjustment is tax effected using the expected base tax rate in 2025 giving effect to the separation (25.5%).

DuPont de Nemours, Inc.

In millions

1Q26

FY 2025

4Q25

3Q25

2Q25

1Q25

FY 2024

FY 2023

FY 2022

FY 2021

FY 2020

FY 2019

Healthcare Technologies

$ 467

$ 1,758

$ 437

$ 458

$ 444

$ 419

$ 1,568

$ 1,459

$ 1,342

$ 1,302

$ 1,289

$ 1,067

Water Technologies

339

1,475

384

374

373

344

1,408

1,460

1,493

1,370

1,276

1,117

Healthcare & Water Technologies

$ 806

$ 3,233

$ 821

$ 832

$ 817

$ 763

$ 2,976

$ 2,919

$ 2,835

$ 2,672

$ 2,565

$ 2,184

Industrial Technologies

$ 504

$ 2,003

$ 483

$ 533

$ 513

$ 474

$ 2,040

$ 1,980

$ 2,034

$ 2,379

$ 2,305

$ 2,989

Building Technologies

371

1,613

389

430

419

375

1,703

1,715

1,894

1,712

1,508

1,611

Diversified Industrials

$ 875

$ 3,616

$ 872

$ 963

$ 932

$ 849

$ 3,743

$ 3,695

$ 3,928

$ 4,091

$ 3,813

$ 4,600

Total

$ 1,681

$ 6,849

$ 1,693

$ 1,795

$ 1,749

$ 1,612

$ 6,719

$ 6,614

$ 6,763

$ 6,378

$ 6,784

Supplemental Information - Selected Segment Information (Unaudited) Net Trade Revenue by Segment and Business or Major Product Line

DuPont de Nemours, Inc. Segment Information (Unaudited)

Net Sales

In millions

1Q26

FY 2025

4Q25

3Q25

2Q25

1Q25

FY 2024

Healthcare & Water Technologies

$ 806

$ 3,233

$ 821

$ 832

$ 817

$ 763

$ 2,976

Diversified Industrials

875

3,616

872

963

932

849

3,743

Total net sales by segment

$ 1,681

$ 6,849

$ 1,693

$ 1,795

$ 1,749

$ 1,612

$ 6,719

Operating EBITDA

In millions

1Q26

FY 2025

4Q25

3Q25

2Q25

1Q25

FY 2024

Healthcare & Water Technologies

$ 244

$ 972

$ 255

$ 246

$ 248

$ 223

$ 844

Diversified Industrials

200

800

197

219

199

185

839

Corporate

(30)

(144)

(43)

(29)

(24)

(48)

(152)

Total operating EBITDA (non-GAAP)

$ 414

$ 1,628

$ 409

$ 436

$ 423

$ 360

$ 1,531

Operating EBITDA Margin

In millions

1Q26

FY 2025

4Q25

3Q25

2Q25

1Q25

FY 2024

Healthcare & Water Technologies

30.3%

30.1%

31.1%

29.6%

30.4%

29.2%

28.4%

Diversified Industrials

22.9%

22.1%

22.6%

22.7%

21.4%

21.8%

22.4%

Total operating EBITDA margin (non-GAAP) 1, 2

24.6%

23.8%

24.2%

24.3%

24.2%

22.3%

22.8%

Operating EBITDA Margin is Operating EBITDA as a percentage of net sales.

Operating EBITDA Margin %'s for Corporate are not presented separately above as they are not meaningful; however, the results of Corporate are included in the total operating EBITDA margin %'s above.

Depreciation and Amortization (Pretax)

In millions

1Q26

FY 2025

4Q25

3Q25

2Q25

1Q25

FY 2024

Healthcare & Water Technologies

$ 91

$ 370

$ 92

$ 93

$ 92

$ 352

Diversified Industrials

244

245

Corporate 1

(1)

Total depreciation and amortization by segment (Pretax)

$ 155

$ 647

$ 159

$ 162

$ 166

$ 160

$ 635

Corporate primarily reflects impacts of previously divested businesses.

Equity (Loss) Earnings

In millions

1Q26

FY 2025

4Q25

3Q25

2Q25

1Q25

FY 2024

Healthcare & Water Technologies

$ 1

$ 2

$ 1

$ -

$ 1

Diversified Industrials

(1)

Corporate

(1)

(9)

(2)

(1)

(15)

(8)

Total equity (loss) earnings included in operating EBITDA (non-GAAP)

$ (1)

$ (7)

$ (1)

$ -

$ 9

$ (15)

$ (6)

In millions

1Q26

FY 2025

4Q25

3Q25

2Q25

1Q25

FY 2024

Cash provided by operating activities (GAAP) - continuing operations

$ 232

$ 560

$ 87

$ 322

$ 74

$ 77

$ 765

Capital expenditures

(102)

(333)

(87)

(74)

(50)

(122)

(285)

Adjusted free cash flow (non-GAAP) 1

$ 130

$ 227

$ -

$ 248

$ 24

$ (45)

$ 480

Separation-related transaction cost and other payments 2

462

228

107

Transaction-adjusted free cash flow (non-GAAP) 1

$ 147

$ 689

$ 228

$ 346

$ 107

$ 8

$ 587

Adjusted earnings (non-GAAP)

$ 226

$ 704

$ 193

$ 180

$ 177

$ 154

$ 613

Adjusted free cash flow conversion (non-GAAP) 3

58%

32%

138%

14%

(29)%

78%

Transaction-adjusted free cash flow conversion (non-GAAP) 3

65%

98%

118%

192%

60%

96%

Calculated on a continuing operations basis for all periods presented.

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).

Refer to the definitions in the non-GAAP financial measures section for further information.

In millions

1Q26

FY 2025

4Q25

3Q25

2Q25

1Q25

FY 2024

Capital Expenditure (GAAP - per cash flow)

$ 102

$ 333

$ 87

$ 74

$ 50

$ 122

$ 285

Less: Cash to Accrual Adjustment 1

(14)

(5)

(21)

(9)

Purchases of Property, Plant & Equipment (accrual basis)

$ 63

$ 295

$ 101

$ 79

$ 71

$ 44

$ 294

Reflects the incremental cash spent or unpaid on capital expenditures for continuing operations.

Disclaimer

DuPont de Nemours Inc. published this content on May 05, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 05, 2026 at 10:12 UTC.