Q3 2025 Agribusiness Results Highlights and Analysis

A look at Corteva, Nutrien, UPL, Mosaic, CF Industries, CNH and TELUS results.

Author

Shane Thomas
November 08, 2025 • Read Time: 7 minutes

Index:

About Upstream Ag Professional Agribusiness Breakdowns

Each quarter in Upstream Ag Professional, we analyze publicly traded agribusiness results to highlight the key takeaways that matter for those of us working in the agriculture industry — that means looking at the intersection of financials with product details, competitive dynamics and strategic considerations that are often missing in the financial results.

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

Agribusiness Q3 Summary

Corteva led with sales up 13% and EBITDA up, driven by seed volume growth, strong corn demand, and growing biological sales expected to be between $550 and $600 million for full year 2025.

Nutrien delivered $1.4 billion in EBITDA as fertilizer prices improved and Retail margins expanded, helped by proprietary products now contributing nearly 30% of Retail gross margin.

Mosaic posted an 80% jump in EBITDA on tight phosphate and potash markets, with biologicals doubling to roughly $70 million and turning profitable.

UPL and CF Industries both strengthened margins on better cost control and global nitrogen and herbicide demand, while CF also advanced its low-carbon ammonia platform, something they seem to be leading in.

In contrast, CNH Industrial’s ag equipment business declined 10%, hit by weak North American demand with large tractor sales down over 40% on the quarter and combines down 23%.

TELUS trimmed its Agriculture and Consumer Goods portfolio, selling unspecified non-core assets.

Overall Results and Key Performance Indicators

  • Net Sales - $2.62 billion, up 13% YoY; organic sales rose 11%.

  • Operating EBITDA - $49 million, up 149% YoY.

  • YTD 2025

    • Net sales of $13.49 billion (+4% YoY, +6% organic)

    • Operating EBITDA $3.40 billion (+19%)

North America delivered the strongest performance, with sales up 16% year-over-year to $707 million.

Organic sales also rose 16%, driven by corn demand and improved pricing.

Seed volumes benefited from increased planted corn acres (for every 1 million acres of corn planted in the United States over soybean, Corteva typically sees a $10-$15 million increase in EBITDA) while Crop Protection results showed uptake of differentiated herbicide products.

EMEA had sales of $462 million, an 11% increase versus the prior year and a 7% organic improvement. Growth was driven by higher seed volumes and better price realization. Demand for Corteva’s new hybrids and herbicide products remained strong.

Latin America recorded a 17% increase in net sales to $1.16 billion, with organic sales up 15%. Growth was driven by strong early safrinha corn deliveries in Brazil, a recovery of corn acreage in Argentina, and strong uptake of biologicals and herbicides. However, the region continued to experience price pressure due to competitive dynamics, particularly in Crop Protection, though this was more than offset by the larger volumes (volumes were up 20% in the region in crop protection).

Asia Pacific was the lone region to contract, with sales declining 8% year-over-year to $288 million, a 5% organic decrease. The softness was due to oilseed acreage and currency headwinds, particularly in Australia and parts of Southeast Asia.

Seed

  • Net Sales - $917 million (+33%)

    • Volume was up 27% alone.

    • Drivers were early corn deliveries in Brazil, recovery in Argentina, EMEA corn growth.

  • YTD Seed Sales of $8.16 billion (+5%), EBITDA $2.51 billion (+18%), margin up 340 bps.

Crop Protection

Crop Protection

  • Net Sales - $1.70 billion (+4%)

    • Drivers included Strong demand for new products and biologicals, offset by pricing pressure in Latin America.

  • Operating EBITDA - $279 million (+13%), margin up 135 bps YoY.

  • YTD Crop Protection Sales of $5.33B (+3%, +5% organic), EBITDA $990M million (+22%), margin up 285 bps.

  • Product Categories

    • Herbicides: $813 million (+10%)

    • Insecticides: $409 million (-6%)

    • Fungicides: $222 million (+3%)

    • Biologicals: $147 million (+9%, with double-digit volume growth).

  • Pricing outlook: “With the exception of Latin America, where we expect competitive pressure to keep prices flat to modestly down, we see overall CP market pricing stabilizing in 2026.”

Other Details Shared

  • $8.9B cumulative R&D investment since 2019.

  • 2,500+ new products launched since 2019.

  • Corteva Spin Update - They will be having two separate Investor Days closer to the spin out for each company going through the details of each new business. The timeline for the spin is on track for a late summer split.

Crop Protection Pipeline

Crop Protection Market Assumption

Corn Opportunity

Executive Commentary

One notable comment was surrounding Crop Protection investment in R&D:

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