Q1 2025 Agribusiness Earnings Summary: Corteva, Nutrien, Mosaic, CF Industries and AGI

Index:

1. Corteva

2. Nutrien

3. Mosaic

4. CF Industries

5. Ag Growth International

About Upstream Ag Professional Agribusiness Breakdowns

Each quarter in Upstream Ag Professional, I shrewdly analyze publicly traded agribusiness earnings, cutting through the noise to highlight the key takeaways that matter for those working in the agriculture industry.

By breaking down earnings results and executive commentary, I provide the strategic insights agribusiness professionals need to stay ahead of their competitors, their suppliers and ultimately their customers.

The below is just one portion— more deep dives on the most influential agribusinesses, their market positioning, and strategic initiatives will be published as results become available.

If you want to satiate your curiosity and be the best-informed in the industry, you’re in the right place.

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Access the financials I have compiled to be able to effectively look at major agribusinesses in detail here: Agribusiness Financial Data Q4 2022 to Q4 2024 (Excel Workbooks)

Corteva Q1 2025 Results - Corteva

Key Takeaways

• Revenue was $4.42B (↓2% YoY), but organic growth was +3%

• Net income: $667M (↑77%) with Operating EBITDA at $1.19B (↑15%)

• North America sales up 6%, driven by strong seed demand

• Crop Protection sales were $1.71B (↓2%, but +3% organic), EBITDA up 22%. Pricing pressure remains from generics.

• Seed sales: $2.71B (↓2%, but +2% organic), EBITDA up 13%

• Tariff impact currently expected to be ~$50M before looking to offset further.

• Biologicals and new crop protection products are driving margin expansion

• R&D spending on track to reach 8% of sales, primarily from salary increases

• Corteva sees ~$10M–$15M EBITDA benefit per 1M acre shift from soy to corn

• Licensing opportunity in seed traits estimated at $4B globally, led by U.S. and Brazil. Over 100 current licensees with expectations to capture even more meaningful market share over time.

Overall Financial Performance

• Revenue - $4.42 billion (down 2% YoY)

  • Organic Sales Growth - +3%

• Net Income - $667 million (up 77%)

• Operating EBITDA - $1.19 billion (up 15%)

Regional Results

Crop Protection

• Sales - $1.71 billion (down 2%, but +3% organic)

• Operating EBITDA - $377 million (up 22%)

• Margin improvement - ~425 basis points YoY

• Drivers

  • Volume - Up 5% driven by biologicals, new products, and broader portfolio strength.

  • Price - Down 2% due to global competition.

  • Currency - Unfavorable exchange rates impacted results​.

Seed

• Sales - $2.71 billion (down 2%, but +2% organic)

• Operating EBITDA - $842 million (up 13%)

• Margin improvement - ~390 basis points YoY

• Drivers

  • Price - Up 3% globally, with strength in North America from corn area expansion.

  • Volume - Up in North America and Brazil, but down in EMEA (seasonal) and LATAM (lower Argentina corn acreage).

  • Currency headwinds - Notable drag from Brazilian Real, Turkish Lira, and Euro​.

Biologicals

Two quarters ago Corteva began explicitly breaking out biologicals in their segments. For Q1 2025, Biologicals grew $2 million, with a 10% organic growth, but significant currency headwinds (likely Brazil).

Tariffs

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