Corteva, Inc. filed a Current Report on Form 8-K with the Securities and Exchange Commission on October 1, 2026, disclosing the financial results of its Crop Protection business following the separation of its Seed Business into a new publicly traded company, Vylor Inc.
The company reported that the spin-off was completed on October 1, 2026, through a pro rata dividend in-kind of Vylor shares to holders of Corteva common stock. For financial reporting purposes, Vylor has been designated as the accounting spinnor and successor to Corteva. Consequently, the historical consolidated financial statements of Corteva have been treated as the historical financial statements of Vylor for periods prior to the spin-off.
The filing includes audited Combined Financial Statements for New Corteva and New EIDP as of December 31, 2025 and 2024, and for the years ended December 31, 2025, 2024, and 2023. The statements show that for the year ended December 31, 2025, New Corteva recorded net sales of $7,840 million, with cost of goods sold of $4,739 million. The company also reported research and development expenses of $479 million and selling, general, and administrative expenses of $1,390 million for the same period.
The filing also includes interim Combined Financial Statements for the six months ended June 30, 2026, and the year ended December 31, 2025, as well as unaudited Pro Forma Combined Financial Statements prepared in accordance with Regulation S-X to give effect to the spin-off and related capital structure changes.
The audit report from PricewaterhouseCoopers LLP (PwC) confirms that the combined financial statements present fairly, in all material respects, the financial position of New Corteva as of December 31, 2025 and 2024. The audit identified revenue recognition as a critical audit matter due to the high degree of auditor effort required to test revenue transactions, variable consideration estimates, and customer confirmations.
