DuPont de Nemours, Inc.
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ITEM 1. BUSINESS
Throughout this Annual Report on Form 10-K, except as otherwise noted by the context, the terms "DuPont" or "Company" used herein mean DuPont de Nemours, Inc. and its consolidated subsidiaries.
DuPont is a leading provider of advanced solutions that improve everyday life across healthcare, water, construction and industrial markets. The Company is committed to helping customers advance their technology pipelines and provide solutions that address their unique challenges. From delivering clean water to enabling medical packaging solutions which enhance safety and performance, DuPont's innovations power the essential products and technologies people rely on every day. At December 31, 2025, the Company has subsidiaries in about 50 countries worldwide and manufacturing operations in about 20 countries. See Note 23 to the Consolidated Financial Statements for details on the location of the Company's sales and property.
Transformational Journey
DuPont is a Delaware corporation formed in 2015 (formerly, DowDuPont Inc.), for the purpose of effecting the all-stock merger of equals transactions between The Dow Chemical Company ("TDCC") and E. I. du Pont de Nemours and Company (n/k/a as EIDP, Inc., "EIDP"), which became effective on August 31, 2017. As a result of the merger, TDCC and EIDP became subsidiaries of DowDuPont Inc. (the "DWDP Merger"). The DWDP Merger aimed to combine the strengths of both companies and then realign the assets to create three more focused and streamlined public companies.
On April 1, 2019, the Company completed the separation of the materials science business through the spin-off of Dow Inc., (“Dow”) including Dow’s subsidiary TDCC (the “Dow Distribution”). On June 1, 2019, the Company completed the separation of the agriculture business through the spin-off of Corteva, Inc. (“Corteva”) including Corteva’s subsidiary EIDP, (the “Corteva Distribution" and together with the Dow Distribution, the “DWDP Distributions”).
On its transformation journey from a specialty products company to a focused advanced solutions provider, DuPont has taken the following actions:
•the divestiture in 2021 of the Nutrition & Biosciences (“N&B”) business to International Flavors & Fragrance Inc. (“IFF”) in a Reverse Morris Trust transaction (the “N&B Transaction”);
•the divestiture in 2022 of the majority of the businesses comprising the historical Materials & Mobility (M&M) segment to Celanese Corporation (the “M&M Divestiture”);
•the divestiture in 2023 of the Delrin® business, part of the historical M&M segment, to TJC LP ("TJC"), (the “Delrin® Divestiture” and together with the M&M Divestiture, referred to as the "M&M Divestitures");
•the entry in the third quarter of 2025 into a definitive agreement to sell the Aramids business (the “Aramids Divestiture”) to Arclin, a portfolio company of an affiliate of TJC, in a transaction that is expected to close around the end of the first quarter 2026, subject to customary closing conditions and receipt of regulatory approvals; and
•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”).
See Part II, Item 7 Management’s Discussion & Analysis and Notes 4 and 15 to the Consolidated Financial Statements for more information.
The M&M Divestitures, intended Aramids Divestiture, and Electronics Separation represent strategic shifts with related major impacts on DuPont's operations and results. The revenues and certain expenses of the M&M Businesses, Aramids Business, and Electronics Business are classified as discontinued operations in the current and historical periods.
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The Consolidated Financial Statements included in this annual report present the financial position of DuPont as of December 31, 2025 and 2024, the results of operations of DuPont for the years ended December 31, 2025, 2024 and 2023, and the Consolidated Statements of Cash Flows giving effect to the M&M Divestitures, Aramids Divestiture, and Electronics Separation as if each had occurred on January 1, 2023, with the historical financial results of the businesses divested as part of the aforementioned divestitures (the "M&M Businesses", “Aramids Business”, and “Electronics Business”) reflected as discontinued operations, as applicable. The comprehensive income related to the M&M Businesses, Aramids Business, and Electronics Business has not been segregated and is included in the Consolidated Statements of Comprehensive Income, for the years ended December 31, 2025, 2024 and 2023, as applicable. Unless otherwise indicated, the information in the Notes to the Consolidated Financial Statements refer only to DuPont's continuing operations and do not include discussion of balances or activity of discontinued operations.
SEGMENT INFORMATION
Effective in the fourth quarter of 2025, following the Electronics Separation, the Company realigned its management and reporting structure. This realignment resulted in a change in reportable segments which changed the manner in which the Company reports its financial results (the "Q4 2025 Segment Realignment"), creating two new reportable segments: Healthcare & Water Technologies and Diversified Industrials. As a result, the Consolidated Financial Statements have been recast for all periods presented to reflect the new two segment reporting structure as described below:
•Healthcare & Water Technologies includes high-performance packaging, parts and components for medical device and biopharma markets as well as water filtration and purification technologies primarily for industrial wastewater & energy, municipal drinking water & desalination, and life sciences & specialty markets.
•Diversified Industrials includes building technologies, with a broad portfolio serving new-build and repair/remodel applications across non-residential and residential construction markets, and industrial technologies, which includes a portfolio of adhesive, wear and friction, and packaging solutions serving aerospace, automotive and printing and packaging markets.
See Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations and Note 23 in this annual report for additional information concerning the Company’s operating segments.
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HEALTHCARE & WATER TECHNOLOGIES
Healthcare & Water Technologies is a global leader in providing innovative high-performance products, components, and solutions across a number of industries including medical packaging, medical devices, water filtration and purification, and protective garments. Healthcare & Water Technologies' innovation-driven portfolio addresses some of the world’s most critical challenges including an aging population and increasing complexity of high-performance medical devices, water scarcity, increasing regulatory requirements and the need for high-purity water. The segment leverages application development expertise, specialized manufacturing capabilities, and recognized brands to support customers’ product development, scale‑up, and operational requirements across regulated and mission‑critical applications.
DuPont believes that its combination of differentiated technology, in-depth application expertise, and a commitment to quality and performance makes Healthcare & Water Technologies a preferred choice for customers seeking to develop their next-generation products.
Acquisitions
On August 1, 2023, the Company completed the acquisition of Spectrum Plastics Group ("Spectrum") from AEA Investors. Spectrum is a recognized leader in the advanced manufacturing of specialty medical devices and components with a strategic focus on key therapeutic areas such as structural heart, electrophysiology, surgical robotics and cardiovascular. Spectrum is primarily reported within the Healthcare Technologies business within the Healthcare & Water Technologies segment
On July 28, 2024, the Company completed the acquisition of Donatelle Plastics, LLC ("Donatelle"). Donatelle is a medical device company specializing in the design, development and manufacture of medical components and devices. Donatelle is part of the Healthcare Technologies business within the Healthcare & Water Technologies segment.
On October 10, 2025, the Company completed the acquisition of Sinochem (Ningbo) RO Memtech Co., Ltd. ("Sinochem"). Sinochem is a reverse osmosis manufacturer located in China. Sinochem is part of the Water Technologies business within the Healthcare & Water Technologies segment.
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Details on Healthcare & Water Technologies' 2025 net sales, by business and geographic region, are as follows:
Healthcare Technologies delivers specialized materials and product design, prototyping, and manufacturing services tailored for situations where technological advancement is paramount, and the assurance of quality and performance is required. This business produces medical packaging, high-performance parts and components to meet stringent performance, quality, and regulatory requirements for the biopharma and medical device markets. Key offerings include specialty components for medical devices, TYVEK® medical packaging and garments, as well as TYCHEM® protective suits.
Water Technologies operates as a pure play provider of advanced water filtration and separation solutions, including elements, modules, and systems serving primarily industrial wastewater and energy markets, municipal and desalination applications, and life sciences and specialty sectors. Its product suite includes AMBERLITE™ ion exchange resins, FILMTEC™ reverse osmosis and nanofiltration elements and INGE™ and ITEGRATEC™ ultrafiltration modules. Through these differentiated technologies, this business delivers reliable, high-performance solutions that meet growing global demand for efficient water purification and treatment.
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DIVERSIFIED INDUSTRIALS
The Diversified Industrials segment provides engineered products and integrated solutions that enhance safety, performance, durability and operational efficiency across construction and industrial end markets, including aerospace, automotive, electric vehicles, and broader industrial markets. The segment consists of the Building Technologies and Industrial Technologies businesses. Diversified Industrials develops technologies designed to enhance safety, performance, and operational efficiency for customers across these end markets.
The segment leverages market-driven innovation, design capabilities, advanced manufacturing capabilities, and application development expertise, supported by a portfolio of established brands, to advance new product and solution development.
Details on Diversified Industrials 2025 net sales, by business and geographic region, are as follows:
Building Technologies provides solutions for the non‑residential, residential, and repair‑and‑remodel construction markets. The business delivers integrated systems designed to support energy efficiency, durability, and comfort. Building Technologies solutions span the full building envelope and interior including TYVEK® house wrap, STYROFOAM™ insulation, and CORIAN® solid surface. Its products are designed to endure the full life of a structure: continuous insulation helps cut thermal leaks, wall systems reduce mold risk, and interior finishes are ultra-hygienic and flexible. These technologies enable customers to meet a range of performance requirements and regulatory demands across diverse construction applications.
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Industrial Technologies specializes in the design and production of engineered components, systems, and process solutions used in critical OEM and operational applications across industrial end markets such as automotive, aerospace, printing, and packaging. The segment focuses on light-weighting vehicles, enhancing safety and efficiency, and improving reliability, durability, and performance for next-generation vehicle, aircraft and industrial platforms. The product portfolio offers precision-engineered shapes and components, specialized lubrication systems, structural bonding solutions, and industrial printing plates for use in demanding production environments. Industrial Technologies offers a variety of well-known brands, such as Vespel® shapes and parts, MOLYKOTE® specialty lubricants, BETAFORCE™ and BETASEAL™ structural adhesives, and Cyrel® flexographic printing plates. These products help customers minimize downtime, improve product performance, and reduce the total cost of ownership in complex industrial applications.
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Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Management’s discussion and analysis of financial condition and results of operations is provided as a supplement to, and should be read in conjunction with, the interim Consolidated Financial Statements and related notes to enhance the understanding of the Company’s operations and present business environment. Components of management’s discussion and analysis of financial condition and results of operations include:
•Overview
•Result of Operations
•Segment Results
•Changes in Financial Condition
OVERVIEW
DuPont is a leading provider of advanced solutions that improve everyday life across healthcare, water, construction and industrial markets. The Company is committed to helping customers advance their technology pipelines and provide solutions that address their unique challenges. From delivering clean water to enabling medical packaging solutions which enhance safety and performance, DuPont's innovations power the essential products and technologies people rely on every day.
As of June 30, 2026, the Company had $2.9 billion of working capital and approximately $1.7 billion in cash and cash equivalents. The Company expects its cash and cash equivalents, cash generated from operations, and ability to access the debt capital markets to provide sufficient liquidity and financial flexibility to meet the liquidity requirements associated with its continuing operations.
Outlined below are material historical transactions and recent developments impacting this Quarterly Report on Form 10-Q.
Aramids Divestiture
On April 1, 2026, DuPont completed the sale of the Aramids business (the "Aramids Divestiture") to Arclin, a portfolio company of an affiliate of TJC LP, ("TJC"), in return 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 (the "Aramids Note Receivable") and a non-controlling common equity interest (the "Aramids Equity Consideration"), valued at $325 million in the New Arclin U.S. Holding Corp ("Arclin") that holds the Arclin global materials business and the Aramids business being divested. The financial results of the Aramids divested business are reflected in DuPont's interim Consolidated Financial Statements as discontinued operations, along with comparative periods.
Electronics Separation
On November 1, 2025, the Company 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 results of operations of the Electronics Business are reflected in DuPont's interim Consolidated Financial Statements as discontinued operations for all periods.
Recent Developments
Reverse Stock Split
On May 26, 2026, DuPont’s Board of Directors (the "Board of Directors"), announced a reverse stock split of the Company’s common stock, par value $0.01 per share, at a ratio of 1-for-3, as approved by shareholders, and amended the Certificate of Incorporation to reflect a corresponding reduction in the number of authorized shares of the Company's common stock (the "Reverse Stock Split"). The Reverse Stock Split became effective on June 24, 2026. All share and share-related information presented in these interim Consolidated Financial Statements have been retroactively adjusted in all periods presented to reflect the decreased number of shares resulting from the Reverse Stock Split and related impacts.
Macroeconomic Conditions
In February 2026, military conflict in the Middle East involving the United States, Israel, and Iran heightened geopolitical uncertainty. The Company does not have operations in Iran, and the conflict has not had a material impact on the Company’s financial condition or results of operations to date. The impact on the Company’s business, financial condition, or results of operations will depend on factors such as the severity and duration of the conflict, the scope and enforcement of related
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governmental actions and the degree of disruption to global logistics and supply chains. The Company continues to monitor developments and assess potential impacts.
See Part II, Item 1A. Risk Factors for additional information.
International Emergency Economic Powers Act Tariffs
In February 2026, the U.S. Supreme Court invalidated certain tariffs imposed under the International Emergency Economic Powers Act, and the collecting agency subsequently ceased assessing those tariffs. While a refund process has been established, the ruling remains subject to further appeal by the U.S. government. Through June 30, 2026, the Company began to receive refunds and was notified the U.S. Treasury approved payment for the first phase of claim submissions, which did not have a material impact on the Company’s results of continuing operations. Further, in accordance with the Electronics Tax Matters Agreement, the Company shares with Qnity 44 percent of the refunds related to tariffs paid prior to November 1, 2025. The Company continues to monitor developments related to the ruling, the ultimate outcome of which could affect future results.
Dividends
On April 15, 2026, the Board of Directors declared a second quarter 2026 dividend of $0.60 per share, retrospectively adjusted for the Reverse Stock Split, which was paid on May 29, 2026 to shareholders of record on May 15, 2026.
On June 24, 2026, the Board of Directors declared a third quarter 2026 dividend of $0.60 per share, which is payable on September 15, 2026 to shareholders of record on August 31, 2026.
The Company expects to continue to pay quarterly dividends, although each dividend is subject to the approval of the Company’s Board of Directors.
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RESULTS OF OPERATIONS
| Summary of Sales Results | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
| In millions | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Net sales | $ | 1,819 | $ | 1,749 | $ | 3,500 | $ | 3,361 | ||||||
The following table summarizes sales variances by segment from the prior year:
| Sales Variances by Segment | ||||||||||||||||||||||||||
| Percentage change from prior year | Three Months Ended June 30, 2026 | Six Months Ended June 30, 2026 | ||||||||||||||||||||||||
Organic Sales 1 | Currency | Portfolio & Other | Total | Organic Sales 1 | Currency | Portfolio & Other | Total | |||||||||||||||||||
| Healthcare & Water Technologies | 4 | % | 1 | % | — | % | 5 | % | 3 | % | 2 | % | — | % | 5 | % | ||||||||||
| Diversified Industrials | 3 | — | — | 3 | 2 | 1 | — | 3 | ||||||||||||||||||
| Total | 4 | % | — | % | — | % | 4 | % | 3 | % | 1 | % | — | % | 4 | % | ||||||||||
1.Organic sales (which includes both volume and selling price impacts), is defined as the change in net sales, absent the impacts from currency and portfolio. DuPont believes this information is useful to investors and management in understanding ongoing operations and in analysis of ongoing operating trends.
The Company reported net sales for the three months ended June 30, 2026 of $1.8 billion, up 4 percent from $1.7 billion for the three months ended June 30, 2025, due to a 4 percent increase in organic sales. Organic sales increased in Healthcare & Water Technologies (up 4 percent) and Diversified Industrials (up 3 percent).
The Company reported net sales for the six months ended June 30, 2026 of $3.5 billion, up 4 percent from $3.4 billion for the six months ended June 30, 2025, due to a 3 percent increase in organic sales and a 1 percent favorable currency impact. Organic sales increased in Healthcare & Water Technologies (up 3 percent) and Diversified Industrials (up 2 percent). The currency impact was primarily driven by the weakening of the U.S. dollar compared to the Euro.
Cost of Sales
Cost of sales was $1.2 billion for the three months ended June 30, 2026, up slightly from $1.1 billion for the three months ended June 30, 2025. Cost of sales for the three months ended June 30, 2026 primarily reflects increased sales volume.
Cost of sales as a percentage of net sales was consistent at 65 percent for the three months ended June 30, 2026 and 2025.
Cost of sales was $2.3 billion for the six months ended June 30, 2026, slightly up from $2.2 billion and June 30, 2025. Cost of sales for the six months ended June 30, 2026 primarily reflects increased sales volume and productivity initiatives.
Cost of sales as a percentage of net sales was 65 percent and 66 percent for the six months ended June 30, 2026 and 2025, respectively.
Research and Development Expenses ("R&D")
R&D expenses totaled $42 million in the second quarter of 2026, down from $53 million in the second quarter of 2025. R&D as a percentage of net sales for the three months ended June 30, 2026 was relatively consistent at 2 percent compared with 3 percent for the three months ended June 30, 2025.
R&D expenses totaled $89 million in the first six months of 2026, down from $103 million in the first six months of 2025. R&D as a percentage of net sales was consistent period over period at 3 percent for the six months ended June 30, 2026 and 2025.
Selling, General and Administrative Expenses ("SG&A")
SG&A expenses were $269 million in the second quarter of 2026, slightly up from $262 million in the second quarter of 2025. SG&A as a percentage of net sales was consistent period over period at 15 percent for the three months ended June 30, 2026 and 2025.
For the first six months of 2026, SG&A expenses were $524 million, up from $496 million in the first six months of 2025. SG&A as a percentage of net sales was consistent period over period at 15 percent for the six months ended June 30, 2026 and 2025.
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Amortization of Intangibles
Amortization of intangibles was $68 million in the second quarter of 2026, down from $74 million in the second quarter of 2025. In the first six months of 2026, amortization of intangibles was $136 million, down from $149 million in the same period of the prior year. The decrease for the three and six months ended June 30, 2026 as compared with the same periods of the prior year was primarily due to the absence of amortization in the current period from fully amortized assets.
Restructuring and Asset Related (Benefits) Charges - Net
Restructuring and asset related (benefits) charges – net were $3 million of benefits and $43 million of charges for the three and six months ended June 30, 2026, respectively, primarily reflecting activity related to the 2026 DuPont Restructuring Program. Comparatively, Restructuring and asset related (benefits) charges – net for the first six months of 2025 were $39 million, primarily reflecting charges related to the Transformational Separation-Related Restructuring Program during the first quarter of 2025. See Note 5 to the interim Consolidated Financial Statements for additional information.
Acquisition, Integration and Separation Costs
Acquisition, integration and separation costs primarily consist of financial advisory, information technology, legal, accounting, consulting, other professional advisory fees, other contractual transaction payments and certain costs to achieve cost savings targets following the Electronics Separation and the Aramids Divestiture. The Company recorded $7 million in costs for the three and six months ended June 30, 2026, primarily related to costs to achieve cost savings targets following the Aramids Divestiture and Electronics Separation. Comparatively, the Company recorded $55 million and $105 million in costs for the three and six months ended June 30, 2025, respectively, which were primarily related to preparations for the Electronics Separation and Aramids Divestiture.
Equity in Earnings (Loss) of Nonconsolidated Affiliates
The Company's share of earnings from nonconsolidated affiliates was flat at $9 million for the three months ended June 30, 2026 and 2025. In the first six months of 2026, the Company's share of earnings of nonconsolidated affiliates was $8 million. The Company's share of loss of nonconsolidated affiliates was $6 million first six months of 2025. The increase in earnings of nonconsolidated affiliates over the six month periods was primarily driven by higher equity earnings from Derby in the first six months of 2026 compared to 2025. See Note 10 to the interim Consolidated Financial Statements for additional information.
Sundry Income (Expense) – Net
Sundry income (expense) – net includes a variety of income and expense items such as foreign currency exchange gains or losses, interest income, dividends from investments, gains and losses on sales of investments, losses on debt extinguishments and assets, non-operating pension and other post-employment benefit plan credits or costs, interest rate swap mark-to-market adjustments, interest rate swap net interest settlement and certain litigation matters.
Sundry income (expense) – net in the second quarter of 2026 was income of $42 million compared with expense of $9 million in the second quarter of 2025. The increase in income was primarily driven by the absence of a non-cash mark-to-market loss related to the 2022 Swaps and 2024 Swaps, as well as foreign exchange gains in 2026 compared to losses in the prior-year period. Sundry income (expense) - net for the first six months of 2026 was income of $78 million, compared with income of $91 million in the first six months of 2025. The decrease was primarily driven by the absence of a non-cash mark-to-market gain related to the 2022 Swaps and 2024 Swaps, offset by a foreign exchange gains in 2026 compared to losses in the prior-year period. See Notes 6 and 17 to the interim Consolidated Financial Statements for additional information.
Interest Expense
Interest expense was $41 million and $84 million for the three months ended June 30, 2026 and 2025, respectively, and $81 million and $167 million for the six months ended June 30, 2026 and 2025, respectively. The decrease in interest expense from the prior year for both periods is primarily due to the changes in capital structure during 2025 as a result of the Electronics Separation, partially offset by a reduction in capitalized interest and interest expense from the interest rate swap.
Provision for Income Taxes on Continuing Operations
The Company's effective tax rate fluctuates based on, among other factors, where income is earned and the level of income relative to tax attributes. The effective tax rate on continuing operations for the second quarter of 2026 was 28.2 percent, compared with an effective tax rate of 69.2 percent for the second quarter of 2025. The decrease in the effective tax rate for 2026, compared with 2025, was primarily due to transaction-related items recognized in 2025. For the first six months of 2026, the effective tax rate on continuing operations was 23.7 percent, compared with 40.6 percent for the first six months of 2025. The decrease in the effective tax rate for 2026, compared with 2025, was primarily due to transaction-related items recognized in 2025.
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SEGMENT RESULTS
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 / other post-employment benefits ("OPEB") / charges, and foreign exchange gains / losses, excluding costs related to activities the Company will or continues to undertake post-closing of the Aramids Divestiture and Electronics Separation, and for which it is or will be reimbursed ("Future Reimbursable Indirect Costs"), environmental remediation costs, including certain investigate, remediate and restoration costs, associated with discontinued or divested operations, businesses or product lines ("Corporate DDOB Remediation Costs"), and is adjusted for significant items.
Healthcare & Water Technologies
| Healthcare & Water Technologies | Three Months Ended | Six Months Ended | ||||||||||||
| In millions | June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||
| Net sales | $ | 856 | $ | 817 | $ | 1,662 | $ | 1,580 | ||||||
| Operating EBITDA | $ | 258 | $ | 248 | $ | 502 | $ | 471 | ||||||
| Equity in earnings of nonconsolidated affiliates | $ | 1 | $ | — | $ | 2 | $ | — | ||||||
| Healthcare & Water Technologies | Three Months Ended | Six Months Ended | ||||||
| Percentage change from prior year | June 30, 2026 | June 30, 2026 | ||||||
| Change in Net Sales from Prior Period due to: | ||||||||
Organic Sales1 | 4 | % | 3 | % | ||||
| Currency | 1 | 2 | ||||||
Portfolio & other | — | — | ||||||
Total | 5 | % | 5 | % | ||||
1.Organic sales (which includes both volume and selling price impacts), is defined as the change in net sales, absent the impacts from currency and portfolio. DuPont believes this information is useful to investors and management in understanding ongoing operations and in analysis of ongoing operating trends.
Healthcare & Water Technologies net sales were $856 million for the three months ended June 30, 2026, up 5 percent compared to $817 million for the three months ended June 30, 2025. Net sales increased due to 4 percent organic sales growth and a 1 percent increase from favorable currency impacts. Organic sales growth in Healthcare & Water Technologies was driven by broad-based volume growth led by personal protection and biopharma in Healthcare Technologies and continued strength in industrial water and semiconductor markets within Water Technologies, partially offset by weakness in the Middle East. The favorable currency impact reflected the weakening of the U.S. dollar compared to the Euro.
Operating EBITDA was $258 million for the three months ended June 30, 2026, up 4 percent compared with $248 million for the three months ended June 30, 2025, primarily due to the impact of organic growth and manufacturing productivity, partially offset by growth investments.
Healthcare & Water Technologies net sales were $1,662 million for the six months ended June 30, 2026, up 5 percent compared to $1,580 million for the six months ended June 30, 2025. Net sales increased due to 3 percent organic sales growth and a 2 percent increase from favorable currency impacts. Organic sales growth in Healthcare & Water Technologies was driven by organic sales increases within Healthcare Technologies. Within Healthcare Technologies, organic sales growth was driven by broad-based volume growth in medical packaging and biopharma end-markets. Organic sales were about flat in Water Technologies as strength in industrial water and semiconductor markets was offset by weakness in the Middle East. The favorable currency impact reflected the weakening of the U.S. dollar compared to the Euro.
Operating EBITDA was $502 million for the six months ended June 30, 2026, up 7 percent compared with $471 million for the six months ended June 30, 2025, primarily due to the impact of organic growth and manufacturing productivity.
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Diversified Industrials
| Diversified Industrials | Three Months Ended | Six Months Ended | ||||||||||||
| In millions | June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||
| Net sales | $ | 963 | $ | 932 | $ | 1,838 | $ | 1,781 | ||||||
| Operating EBITDA | $ | 213 | $ | 199 | $ | 413 | $ | 384 | ||||||
| Equity in loss of nonconsolidated affiliates | $ | — | $ | — | $ | (1) | $ | — | ||||||
| Diversified Industrials | Three Months Ended | Six Months Ended | ||||||
| Percentage change from prior year | June 30, 2026 | June 30, 2025 | ||||||
| Change in Net Sales from Prior Period due to: | ||||||||
Organic Sales1 | 3 | % | 2 | % | ||||
| Currency | — | 1 | ||||||
Portfolio & other | — | — | ||||||
Total | 3 | % | 3 | % | ||||
1.Organic sales (which includes both volume and selling price impacts), is defined as the change in net sales, absent the impacts from currency and portfolio. DuPont believes this information is useful to investors and management in understanding ongoing operations and in analysis of ongoing operating trends.
Diversified Industrials net sales were $963 million for the three months ended June 30, 2026, up 3 percent from $932 million for the three months ended June 30, 2025. Net sales increased due to 3 percent organic sales growth. Within Industrial Technologies, organic sales growth was driven by strength in aerospace markets coupled with growth in electric vehicle applications. In Building Technologies, organic sales growth was led by growth in residential and non-residential construction markets.
Operating EBITDA was $213 million for the three months ended June 30, 2026, up 7 percent compared with $199 million for the three months ended June 30, 2025, primarily driven by organic growth, favorable mix, and manufacturing productivity.
Diversified Industrials net sales were $1,838 million for the six months ended June 30, 2026, up 3 percent from $1,781 million for the six months ended June 30, 2025. The increase in net sales was driven by 2 percent organic sales growth and a 1 percent increase from favorable currency impacts. In Industrial Technologies, organic sales growth was driven by strength in aerospace markets. Organic sales growth in Building Technologies was flat. The favorable currency impact reflected the weakening of the U.S. dollar compared to the Euro.
Operating EBITDA was $413 million for the six months ended June 30, 2026, up 8 percent compared with $384 million for the six months ended June 30, 2025, primarily driven by organic growth, manufacturing productivity and favorable mix.
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CHANGES IN FINANCIAL CONDITION
Liquidity & Capital Resources
Information related to the Company's liquidity and capital resources can be found in the Company's 2025 Annual Report, Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, Liquidity and Capital Resources. The discussion below provides the updates to this information for the six months ended June 30, 2026.
The Company continually reviews its sources of liquidity and debt portfolio and may make adjustments to one or both to help ensure adequate liquidity and increase the Company’s optionality and financing efficiency as it relates to financing cost and balancing terms/maturities. The Company’s primary source of incremental liquidity is cash flows from operating activities. Management expects the generation of cash from operations and the ability to access the debt capital markets and other sources of liquidity will continue to provide sufficient liquidity and financial flexibility to meet the Company’s and its subsidiaries' obligations as they come due. However, DuPont is unable to predict the extent of macroeconomic related impacts which depend on uncertain and unpredictable future developments. In light of this uncertainty, the Company has taken steps to further ensure liquidity and capital resources, as discussed below.
| In millions | June 30, 2026 | December 31, 2025 | ||||||
| Cash and cash equivalents | $ | 1,740 | $ | 715 | ||||
| Total debt | $ | 3,125 | $ | 3,194 | ||||
The Company's cash and cash equivalents at June 30, 2026 and December 31, 2025 were $1.7 billion and $0.7 billion, respectively, of which approximately $0.8 billion and $0.6 billion at June 30, 2026 and December 31, 2025, respectively, were held by subsidiaries in foreign countries, including United States territories. For each of its foreign subsidiaries, the Company makes an assertion regarding the amount of earnings intended for permanent reinvestment, with the balance available to be repatriated to the United States. Due to the Electronics Separation, the Company reevaluated its permanent reinvestment assertion and determined that certain foreign earnings would be repatriated to the United States. Refer to subsequent paragraphs for drivers of the change in cash and cash equivalents.
Total debt at June 30, 2026 and December 31, 2025 was $3,125 million and $3,194 million, respectively. The decrease was primarily due to the reduction in the commercial paper borrowing and the mark-to-market impact of the redesignated interest rate swap.
As of June 30, 2026, the Company is contractually obligated to make future cash payments of $3.2 billion and $2.0 billion associated with principal and interest, respectively, on debt obligations. Related to the principal, all payments will be due subsequent to 2026. Related to interest, $165 million will be due in the next twelve months, and the remainder will be due subsequent to June 30, 2027. The majority of interest obligations will be due in 2031 or later.
Revolving Credit Facilities
In May 2026, the Company entered into a $750 million 364-day revolving credit facility (the "2026 $750 million Revolving Credit Facility"). Prior to entering the new facility, the Company held a $1 billion 364-day revolving credit facility that expired in May 2026. There were no drawdowns of either facility during the six month period ended June 30, 2026. The new 2026 $750 million Revolving Credit Facility will be used for general corporate purposes.
In May 2026, the Company entered into a $2 billion five-year revolving credit facility (the "2026 Five-Year Revolving Credit Facility"). Prior to entering the new facility, the Company held another $2 billion five-year revolving credit facility that was terminated when the 2026 Five-Year Revolving Credit Facility became effective. There were no drawdowns of either facility during the six month period ended June 30, 2026. The new 2026 Five-Year Revolving Credit Facility serves as a backstop to the Company's commercial paper and letter of credit issuance.
New Jersey Settlement Agreement
In August 2025, DuPont together with Chemours and Corteva agreed to a proposed Judicial Consent Order with the State of New Jersey (the "NJ Settlement") to resolve all outstanding claims by the State of New Jersey pending against the companies related to legacy use of a wide variety of substances of concern, including, but not limited to DNAPL (dense non-aqueous phase liquids), chemical solvents, and PFAS. The NJ Settlement is subject to approval from the Federal District Court of New Jersey (Camden), (the "NJ Court"). The NJ Settlement is subject to the entry of a Judicial Consent Order ("JCO") by the NJ Court. It is payable over 25 years. DuPont's initial payment will be due within 30 days of the entry of the JCO.
Contingent upon the NJ Settlement being approved by the NJ Court, DuPont and Corteva will purchase Chemours’ interest in future, if any, insurance proceeds related to PFAS claims. DuPont and Corteva will make the purchase by contributing a total of
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$150 million ($106.5 million from DuPont, $43.5 million from Corteva) into an escrow fund to be applied to Chemours’ share of the NJ Settlement. See Note 13 to the interim Consolidated Financial Statements for more information.
Pursuant to the Legacy Liabilities Assignment Agreement, 44 percent of any funding obligations related to the NJ Settlement will be contractually allocated to Qnity (and for which Qnity will indemnify the Company). See Note 3 to the interim Consolidated Financial Statements for more information.
Credit Ratings
The Company's credit ratings impact its access to the debt capital markets and cost of capital. The Company remains committed to maintaining a strong financial position with a balanced financial policy focused on maintaining a strong investment-grade rating and driving shareholder value. At July 31, 2026, DuPont's credit ratings were as follows:
| Credit Ratings | Long-Term Rating | Short-Term Rating | Outlook | ||||||||
| Standard & Poor’s | BBB+ | A-2 | Stable | ||||||||
| Moody’s Investors Service | Baa1 | P-2 | Stable | ||||||||
| Fitch Ratings | BBB+ | F-2 | Stable |
The Company's indenture covenants include customary limitations on liens, sale and leaseback transactions, and mergers and consolidations, subject to certain limitations. The 2026 Five-Year Revolving Credit Facility and the 2026 $750 million Revolving Credit Facility each contain a financial covenant, typical for companies with similar credit ratings, requiring that the ratio of Total Indebtedness to Total Capitalization for the Company and its consolidated subsidiaries not exceed 0.60. At June 30, 2026, the Company was in compliance with this financial covenant.
Summary of Cash Flows
The Company’s cash flows from operating, investing and financing activities from continuing operations and cash used in discontinued operations, as reflected in the interim Consolidated Statements of Cash Flows, are summarized in the following table.
Cash Flow Summary | Six Months Ended | |||||||
In millions | June 30, 2026 | June 30, 2025 | ||||||
| Cash provided by (used for) continuing operations: | ||||||||
| Operating activities | $ | 632 | $ | 151 | ||||
Investing activities | $ | 989 | $ | (165) | ||||
Financing activities | $ | (425) | $ | (373) | ||||
| Cash (used in) provided by discontinued operations | $ | (167) | $ | 330 | ||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | $ | (7) | $ | 44 | ||||
Cash Flows provided by Operating Activities – Continuing Operations
In the first six months of 2026, cash provided by operating activities of continuing operations was $632 million, compared with $151 million in the same period last year. The increase in cash provided by operating activities of continuing operations is primarily due to higher earnings and improvements in net working capital.
The table below reflects net working capital on a continuing operations basis:
Net Working Capital | June 30, 2026 | December 31, 2025 | ||||||
In millions (except ratio) | ||||||||
Current assets | $ | 4,856 | $ | 3,719 | ||||
Current liabilities | 2,001 | 1,991 | ||||||
| Net working capital | $ | 2,855 | $ | 1,728 | ||||
| Current ratio | 2.43:1 | 1.87:1 | ||||||
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Cash Flows provided by (used for) Investing Activities – Continuing Operations
In the first six months of 2026, cash provided by investing activities of continuing operations was $989 million, compared with cash used for investing activities of $165 million in the first six months of 2025. The increase in cash provided by investing activities is primarily driven by the proceeds from the Aramids Divestiture.
Cash Flows used for Financing Activities – Continuing Operations
In the first six months of 2026, cash used for financing activities of continuing operations was $425 million compared with cash used of $373 million in the same period last year. The increase in cash used for financing activities of continuing operations is primarily attributable to cash used to repay commercial paper borrowings and share buyback activities, partially offset by proceeds from issuance of common stock and lower dividends paid to stockholders in 2026.
Cash Flows provided by (used in) Discontinued Operations
In the first six months of 2026 cash used in discontinued operations was $167 million compared with cash provided by discontinued operations of $330 million in the same period last year. The activity for the six months ended June 30, 2026 presents the cash flows of the Aramids Business as discontinued operations. The activity for the six months ended June 30, 2025 presents the cash flows of the Aramids Business and the Electronics Business as discontinued operations. Cash used from discontinued operations includes MOU activity, refer to Note 3 to the interim Consolidated Financial Statements for additional information.
Dividends
On February 19, 2026, the Board of Directors declared a first quarter 2026 dividend of $0.60 per share, retrospectively adjusted for the Reverse Stock Split, which was paid on March 16, 2026 to shareholders of record on March 2, 2026.
On April 15, 2026, the Board of Directors declared a second quarter 2026 dividend of $0.60 per share, retrospectively adjusted for the Reverse Stock Split, which was paid on May 29, 2026, to shareholders of record on May 15, 2026.
On June 24, 2026, the Company announced that its Board declared a third quarter 2026 dividend of $0.60 per share payable on September 15, 2026, to shareholders of record on August 31, 2026.
The Company expects to continue to pay quarterly dividends, although each dividend is subject to the approval of the Company’s Board of Directors.
Share Buyback Programs
In the fourth quarter of 2025, the Company’s Board of Directors approved the $2B Authorization. Under the $2B Authorization, repurchases may be made from time to time on the open market at prevailing market prices or in privately negotiated transactions off market, including accelerated share repurchase ("ASR") transactions. The $2B Authorization will terminate once the authorized amount of shares have been repurchased and retired or when terminated by the Board of Directors. In the fourth quarter of 2025, DuPont entered into an ASR agreement with one counterparty for repurchase of about $500 million of common stock ("Q4 2025 ASR Transaction"). DuPont paid an aggregate of $500 million to the counterparty, whereby the counterparty is required to deliver a variable number of shares to the Company. DuPont received initial deliveries of 3.4 million shares of DuPont common stock, which were retired immediately and recorded as an increase to accumulated deficit of $400 million.
In January 2026, the Q4 2025 ASR Transaction was completed. The settlement resulted in the delivery of approximately 0.7 million shares of additional DuPont common stock, which were retired immediately and recorded as an increase to accumulated deficit of approximately $90 million. In total, the Company repurchased 4.1 million shares at an average price of $122.66 per share under the Q4 2025 ASR Transaction.
On May 5, 2026, the Company launched an accelerated share repurchase transaction under the $2B Authorization to repurchase $275 million, in aggregate, of common stock ("Q2 2026 ASR Transaction"). In the same month, the Q2 2026 ASR Transaction was completed. The Q2 2026 ASR transaction resulted in the delivery of approximately 1.8 million shares of additional DuPont common stock at a price per share of $148.91, which were retired immediately and recorded as an increase to accumulated deficit of approximately $270 million.
On August 4, 2026, the Company announced that it expects to repurchase $250 million, in aggregate, of common stock under the $2B Authorization during the third quarter of 2026.
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Pension and Other Post-Employment Plans
DuPont expects to make additional contributions in the aggregate of approximately $31 million by year-end 2026 to pension and other post-employment benefit plans. Any such contribution could be funded by existing cash balances and/or cash from other available sources of liquidity.
Restructuring and Other Cost Savings
In February 2026, the Company committed to a plan aimed at reducing costs, streamlining operations, and aligning its organizational and cost structure with its strategic priorities (the "2026 DuPont Restructuring Program"). Anticipated pre-tax restructuring charges and asset related charges and other cost savings of approximately $100 million to $150 million, starting in the first quarter of 2026 and continuing through 2028, are expected under the program. The Company recorded pre-tax restructuring charges of $51 million inception-to-date, consisting of severance and related benefit costs of $50 million and $1 million of asset related charges. Total current liabilities related to the Company's plan to reduce costs, streamline operations, and align its organizational and cost structure with its strategic priorities were $39 million at June 30, 2026 recognized in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. Noncurrent liabilities related to the 2026 DuPont Restructuring Program totaled $6 million and were recognized in "Other noncurrent obligations" in the interim Condensed Consolidated Balance Sheets. The Company expects the program to be substantially complete by the end of 2028.
In March 2025, the Company approved targeted restructuring actions to streamline, right-size and optimize specific organizational structures in preparation for the Electronics Separation and the future structure of DuPont (the "Transformational Separation-Related Restructuring Program"). The Company recorded pre-tax restructuring charges of $61 million inception-to-date, consisting of severance and related benefit costs of $50 million, $6 million of asset related charges and $5 million of accelerated restricted stock compensation expense. Total liabilities related to the Transformational Separation-Related Restructuring Program were $16 million at June 30, 2026 recognized in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. The Company expects the program to be substantially complete in 2026.
See Note 5 to the interim Consolidated Financial Statements for more information on the Company's restructuring programs.
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Next expected filings
- ~2026-11-07 10-Q expected by 2026-11-13 (in 55 days)
- ~2027-02-17 10-K expected by 2027-03-04 (in 157 days)
- ~2027-05-06 10-Q expected by 2027-05-12 (in 235 days)
- ~2027-08-05 10-Q expected by 2027-08-11 (in 326 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-09-10 8-K Material Agreement Entered; Regulation FD Disclosure; Financial Statements and Exhibits
- 2026-08-04 8-K Earnings Release; Financial Statements and Exhibits
- 2026-08-04 10-Q Quarterly Report
- 2026-08-04 S-4 Registration (Merger)
- 2026-06-24 8-K Material Modification to Rights; Bylaws/Articles Amended; Financial Statements and Exhibits
- 2026-05-05 8-K Earnings Release; Financial Statements and Exhibits
- 2026-05-05 10-Q Quarterly Report
- 2026-04-15 8-K Officer/Director Change
- 2026-04-10 DEF 14A Proxy Statement
- 2026-03-18 8-K Other Events; Financial Statements and Exhibits
- 2026-02-17 10-K Annual Report
- 2026-02-10 8-K Earnings Release; Financial Statements and Exhibits
- 2026-01-20 8-K Officer/Director Change; Financial Statements and Exhibits
- 2025-12-04 8-K Other Events
- 2025-11-19 8-K Material Agreement Entered; Material Financial Obligation; Other Events; Financial Statements and Exhibits