DuPont de Nemours, Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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Sep 30, 2025 · Filed Nov 6, 2025
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Segments and Geographic Regions
NOTE 21 -SEGMENTS AND GEOGRAPHIC REGIONS
The Company's segments are aligned with the market verticals they serve, while maintaining integration and innovation strengths within strategic value chains. DuPont is comprised oftwo operating segments: ElectronicsCo and IndustrialsCo. Major products by segment include: ElectronicsCo (CMP pads and slurries, photoresists and advanced coatings for lithography, removers and cleaners, dielectric and metallization solutions for advanced chip packaging, specialty thermal materials and laminates); and IndustrialsCo (medical packaging, medical silicones, specialty medical devices, water purification and separation, water filtration and purification resins, flexible packaging products, nonwovens, construction materials, auto adhesives and fluids). The Company operates globally in substantially all of its product lines. Transfers of products between operating segments are generally valued at cost, to the extent such transfers are applicable.
The revenues and certain expenses of the Aramids Divestiture are classified as discontinued operations in the current and historical periods.
Aramids Business costs that are classified as discontinued operations include only direct operating expenses incurred by the business. Indirect costs, such as those related to corporate and shared service functions previously allocated to the Aramids Business, do not meet the criteria for discontinued operations and remain reported within continuing operations. A portion of these indirect costs include costs related to activities the Company will continue to undertake post-closing of the Aramids Divestitures, and for which it is reimbursed (“Future Reimbursable Indirect Costs”). Future Reimbursable Indirect Costs are reported within continuing operations but are excluded from operating EBITDA as defined below. The remaining portion of these indirect costs are not subject to future reimbursement (“Stranded Costs”). Stranded Costs are reported within continuing operations in Corporate and are included within Operating EBITDA.
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 CODM utilizes Operating EBITDA to assess financial performance and allocate resources by comparing actual results to historical and previously forecasted results. 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, and adjusted for significant items. Reconciliations of these measures are provided on the following pages.
The information below reflects segment structure as of September 30, 2025.
| Segment Revenue, Significant Segment Expenses and Segment Operating EBITDA | Three Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | |||
| (In millions) | ElectronicsCo | IndustrialsCo | ElectronicsCo | IndustrialsCo |
| Segment net sales | $1,275 | $1,797 | $1,147 | $1,715 |
| Less 1: | ||||
| Cost of sales | $703 | $1,169 | $607 | $1,119 |
| Selling, general and administrative expenses | 143 | 203 | 147 | 190 |
| Research and development expenses | 92 | 48 | 81 | 42 |
| Amortization of intangibles & other segment items 2 | 49 | 66 | 55 | 73 |
| Add: | ||||
| Equity in earnings of nonconsolidated affiliates | $14 | $1 | $10 | $(1) |
| Depreciation and amortization 3 | 101 | 153 | 112 | 155 |
| Segment operating EBITDA | $403 | $465 | $379 | $445 |
| Segment Revenue, Significant Segment Expenses and Segment Operating EBITDA | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | |||
| (In millions) | ElectronicsCo | IndustrialsCo | ElectronicsCo | IndustrialsCo |
| Segment net sales | $3,563 | $5,157 | $3,235 | $5,028 |
| Less 1: | ||||
| Cost of sales | $1,922 | $3,346 | $1,753 | $3,291 |
| Selling, general and administrative expenses | 417 | 598 | 435 | 585 |
| Research and development expenses | 263 | 136 | 231 | 133 |
| Amortization of intangibles & other segment items 2 | 155 | 215 | 172 | 222 |
| Add: | ||||
| Equity in earnings of nonconsolidated affiliates | $37 | $1 | $33 | $1 |
| Depreciation and amortization 3 | 306 | 457 | 325 | 446 |
| Segment operating EBITDA | $1,149 | $1,320 | $1,002 | $1,244 |
The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.
Other segment items include immaterial other gains or losses and miscellaneous income and expenses.
Depreciation is a reconciling item to Segment Operating EBITDA as it is included within "Cost of sales", "Selling, general and administrative expenses" and "Research and development expenses".
Total reportable segment net sales are $3,072 million and $2,862 million for the three months ended September 30, 2025, and 2024, respectively, and $8,720 million and $8,263 million for the nine months ended September 30, 2025, and 2024, respectively.
| Reconciliation of Segment Operating EBITDA to Income from Continuing Operations Before Income Taxes · Three Months Ended September 30, · Nine Months Ended September 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| In millions · 2025 · 2024 · 2025 · 2024 | ||||||||
| IndustrialsCo segment operating EBITDA | $465 | $445 | $1,320 | $1,244 | ||||
| ElectronicsCo segment operating EBITDA | 403 | 379 | 1,149 | 1,002 | ||||
| Total segment operating EBITDA | $868 | $824 | $2,469 | $2,246 | ||||
| + | Corporate Operating EBITDA 1 | $(28) | $(33) | $(108) | $(122) | |||
| - | Depreciation and amortization | 257 | 267 | 772 | 777 | |||
| + | Interest income 2 | 18 | 14 | 53 | 55 | |||
| - | Interest expense 3 | 84 | 86 | 250 | 281 | |||
| + | Non-operating pension/OPEB benefit (costs) credits | (1) | 3 | 2 | 12 | |||
| + | Foreign exchange losses, net | (11) | (17) | (33) | (17) | |||
| - | Future reimbursable indirect costs | 8 | 8 | 25 | 24 | |||
| + | Significant items (charge) benefit | (170) | 122 | (398) | (51) | |||
| Income from continuing operations before income taxes | $327 | $552 | $938 | $1,041 | ||||
Corporate includes certain enterprise and governance activities including non-allocated corporate overhead costs and support functions, leveraged services, non-business aligned litigation expenses, DuPont's equity interest in Derby related to the Delrin® Divestiture and other costs not absorbed by reportable segments.
The three and nine months ended September 30, 2025 excludes accrued interest income earned on employee retention credits and interest earned on cash held in escrow associated with the Qnity financing. Refer to details of significant items below.
The three and nine months ended September 30, 2025 excludes interest rate swap basis amortization and interest expense associated the Qnity notes. Refer to details of significant items below.
The following tables summarize the pre-tax impact of significant items by segment that are excluded from Operating EBITDA above:
| Significant Items by Segment for the Three Months Ended September 30, 2025 | ElectronicsCo | IndustrialsCo | Corporate | Total |
|---|---|---|---|---|
| In millions | ||||
| Restructuring and asset related charges - net 1 | $(1) | $(13) | $(6) | $(20) |
| Acquisition, integration and separation costs 2 | — | (1) | (138) | (139) |
| Interest rate swap mark-to-market loss 3 | — | — | (4) | (4) |
| Qnity financing 4 | — | — | (5) | (5) |
| Other benefits (credits), net 5 | — | (2) | — | (2) |
| Total | $(1) | $(16) | $(153) | $(170) |
Acquisition, integration and separation costs related primarily to the Electronics Separation.
Includes the non-cash mark-to-market net gain related to the 2022 Swaps and 2024 Swaps offset by the cash settlement loss on the 2024 Swaps and the interest settlement loss on the 2022 Swaps. The three months ended September 30, 2025 also includes basis amortization on the 2022 Swaps ($1 million pre-tax, reflected in "Interest expense" within the interim Consolidated Statements of Operations). See Note 19 for additional information.
Includes interest income earned on cash held in escrow ($9 million pre-tax) and interest expense ($14 million pre-tax) associated with the Qnity notes. See Note 13 for additional information.
Reflects legal costs within the IndustrialsCo segment associated with a pending intellectual property matter ($9 million pre-tax cost) offset by benefits related to an adjustment of the Donatelle contingent earn-out liability ($7 million pre-tax benefit).
| Significant Items by Segment for the Three Months Ended September 30, 2024 | ElectronicsCo | IndustrialsCo | Corporate | Total |
|---|---|---|---|---|
| In millions | ||||
| Restructuring and asset related charges - net 1 | $2 | $(21) | $(2) | $(21) |
| Inventory write-offs 2 | — | (2) | — | (2) |
| Acquisition, integration and separation costs 3 | — | (3) | (40) | (43) |
| Interest rate swap mark-to-market gain 4 | — | — | 190 | 190 |
| Other benefits (credits), net 5 | — | (2) | — | (2) |
| Total | $2 | $(28) | $148 | $122 |
Reflects an adjustment to raw material inventory write-offs recorded in “Cost of sales” within the interim Consolidated Statements of Operations in connection with restructuring actions related to plant line closures within the IndustrialsCo segment.
Acquisition, integration and separation costs related primarily to the Electronics Separation.
Includes the mark-to-market gain related to the 2022 Swaps and 2024 Swaps offset by the interest settlement loss on the 2022 Swaps. The three months ended September 30, 2024 also includes basis amortization on the 2022 Swaps ($1 million pre-tax, reflected in "Interest expense" within the interim Consolidated Statements of Operations). Refer to Note 19 for further details.
Reflects credit related to the amortization of an inventory step-up adjustment related to the Donatelle Plastics Acquisition ($2 million pre-tax benefit).
| Significant Items by Segment for the Nine Months Ended September 30, 2025 | ElectronicsCo | IndustrialsCo | Corporate | Total |
|---|---|---|---|---|
| In millions | ||||
| Restructuring and asset related charges - net 1 | $(8) | $(24) | $(35) | $(67) |
| Acquisition, integration and separation costs 2 | — | — | (383) | (383) |
| Interest rate swap mark-to-market gain 3 | — | — | 46 | 46 |
| Qnity financing 4 | — | — | (5) | (5) |
| Other benefits (credits), net 5 | — | 5 | 6 | 11 |
| Total | $(8) | $(19) | $(371) | $(398) |
Acquisition, integration and separation costs related primarily to the Electronics Separation.
Includes the non-cash mark-to-market net gain related to the 2022 Swaps and 2024 Swaps offset by the cash settlement loss on the 2024 swaps and the interest settlement loss on the 2022 Swaps. The nine months ended September 30, 2025 also includes basis amortization on the 2022 Swaps ($2 million pre-tax, reflected in "Interest expense" within the interim Consolidated Statements of Operations). See Note 19 for additional information.
Includes interest income earned on cash held in escrow ($9 million pre-tax) and interest expense ($14 million pre-tax) associated with the Qnity notes. See Note 13 for additional information.
Reflects benefits related to an adjustment of the Donatelle contingent earn-out liability ($19 million pre-tax cost) and accrued interest earned on employee retention credits ($6 million pre-tax benefit), offset by legal costs within the IndustrialsCo segment associated with a pending intellectual property matter ($14 million pre-tax benefit).
| Significant Items by Segment for the Nine Months Ended September 30, 2024 | ElectronicsCo | IndustrialsCo | Corporate | Total |
|---|---|---|---|---|
| In millions | ||||
| Restructuring and asset related charges - net 1 | (2) | $(47) | $(7) | $(56) |
| Inventory write-offs 2 | — | (27) | — | (27) |
| Acquisition, integration and separation costs 3 | — | (9) | (42) | (51) |
| Loss on debt extinguishment 4 | — | — | (74) | (74) |
| Interest rate swap mark-to-market gain 5 | — | — | 151 | 151 |
| Income tax items 6 | — | — | 8 | 8 |
| Other benefits (credits), net 7 | — | (2) | — | (2) |
| Total | $(2) | $(85) | $36 | $(51) |
Reflects raw material inventory write-offs recorded in “Cost of sales” within the interim Consolidated Statements of Operations in connection with restructuring actions related to plant line closures within the IndustrialsCo segment.
Acquisition, integration and separation costs related primarily to the Electronics Separation.
Reflects the loss on extinguishment of debt related to the partial redemption of an aggregate principal amount of the 2038 Notes. Refer to Note 13 for further details.
Includes the non-cash mark-to-market gain related to the 2022 Swaps and 2024 Swaps offset by the interest settlement loss on the 2022 Swaps. The nine months ended September 30, 2024 also includes basis amortization on the 2022 Swaps ($1 million pre-tax, reflected in "Interest expense" within the interim Consolidated Statements of Operations). Refer to Note 19 for further details.
Reflects the impact of an international tax audit.
Reflects credit related to the amortization of an inventory step-up adjustment related to the Donatelle Plastics Acquisition ($2 million pre-tax credit).
| Segment and Corporate Information | ElectronicsCo | IndustrialsCo | Corporate | Total |
|---|---|---|---|---|
| In millions | ||||
| Assets of continuing operations | $13,817 | $16,862 | $5,552 | $36,231 |
| Investment in nonconsolidated affiliates | 419 | 9 | 108 | 536 |
| Assets of continuing operations | $13,599 | $16,358 | $3,676 | $33,633 |
| Investment in nonconsolidated affiliates | 382 | 9 | 117 | 508 |
| Capital Expenditure Reconciliation to Consolidated Financial Statements | Three Months Ended September 30, | Nine Months Ended September 30, | ||
|---|---|---|---|---|
| In millions | 2025 | 2024 | 2025 | 2024 |
| IndustrialsCo | $79 | $68 | $195 | $168 |
| ElectronicsCo | 79 | 62 | 200 | 145 |
| Segment totals | $158 | $130 | $395 | $313 |
| Accrual to cash adjustment 1 | (12) | (31) | 88 | 63 |
| Total | $146 | $99 | $483 | $376 |
- Reflects the incremental cash spent or unpaid on capital expenditures; total capital expenditures are presented on a cash basis.
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