Q2 2026 Agribusiness Result Highlights: Corteva, BASF, FMC & AGCO

Index:

Corteva has revenue of $6.38 billion, down 1% versus last year.

Operating EBITDA of $2.26 billion, up 4%.

Operating EBITDA margin 35.4%, up 193 bps. GAAP net margin 19.1% (down from 21.4%). Seed had 43.4% (+232 bps), Crop Protection 18.5% (+111 bps).

Revenue by segment

Seed had $4.53 billion in revenue, flat versus the prior year.

Soybean grew 5% and other oilseeds (sunflower and canola) jumped 23%, while corn fell 3% and the smaller lines (cotton, sorghum, wheat, rice) declined 11%.

The corn decline was driven by lower planted acres in North America and EMEA along with timing shifts, largely offset by higher soybean acres. Pricing remained a strength, with price/mix up 3% against a 3% volume decline, reflecting continued value creation and capture from their technology. EBITDA was up 6% to $1.97 billion, expanding margin to a whopping 43.4%.

Crop Protection revenue came in at $1.85 billion, down 4%, with pricing the main culprit.

Price fell 4% on competitive market dynamics, with the biggest drop in Brazil, while volume slipped 2% on channel purchase timing in North America and dry weather in EMEA that suppressed fungicide demand.

The weakness was broad across all segments: herbicides down 6%, insecticides down 8%, fungicides down 23%, and biologicals down 11%.

Corteva has been banking on their differentiated technology to be the driver of holding up pricing, but even for Corteva the market was tough.

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