10-Q · August 4, 2026
DuPont delivered Q2 2026 net sales of $1.819 billion, up 4% year over year and 8.3% sequentially, with both continuing segments growing and segment EBITDA expanding. Gross margin was stable at 35%, while substantially…
Earnings analysis · 10-Q
DD earnings analysis
Filed November 3, 2026 · Our reading of the company's report
The latest report
DuPont delivered solid Q3 operating momentum, with revenue of $1.868 billion up 4% year over year, approximately 36% gross margin versus 34% a year earlier, and double-digit Operating EBITDA growth in Diversified…
Read full summary
DuPont delivered solid Q3 operating momentum, with revenue of $1.868 billion up 4% year over year, approximately 36% gross margin versus 34% a year earlier, and double-digit Operating EBITDA growth in Diversified Industrials. Both segments grew sales, while operating cash flow from continuing operations reached $1.042 billion for the first nine months, supporting a materially stronger liquidity position. The principal offsets are geopolitical and supply-chain exposure, significant PFAS settlement commitments, and ongoing restructuring and separation-related obligations.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Gross margin
- 36.0%
What stood out
-
Sales grew 4% year over year
Q3 net sales were $1.868 billion, up 4% from $1.795 billion in Q3 2025 and up approximately 3% sequentially from $1.82 billion in Q2 2026. Organic sales increased 5%, partly offset by a 1% unfavorable currency impact.
-
Manufacturing productivity lifted gross margin
Gross margin improved to approximately 36% in Q3 2026 from 34% in Q3 2025, as cost of sales declined to 64% of net sales from 66%, driven primarily by manufacturing productivity.
-
Broad-based segment sales growth
Both operating segments grew 4% year over year in Q3: Healthcare & Water Technologies sales increased to $865 million from $832 million, while Diversified Industrials increased to $1,003 million from $963 million.
-
Strong operating EBITDA growth
Segment profitability grew faster than sales: Healthcare & Water Technologies Operating EBITDA increased 7% to $263 million, and Diversified Industrials Operating EBITDA increased 11% to $242 million.
-
Operating cash flow more than doubled
Cash provided by operating activities from continuing operations rose to $1.042 billion in the first nine months of 2026 from $473 million in the prior-year period, primarily due to higher earnings and improved net working capital.
-
Liquidity strengthened materially
Cash and cash equivalents increased to $1.652 billion at September 30, 2026 from $715 million at December 31, 2025, while net working capital increased to $2.730 billion from $1.728 billion and total debt declined to $3.094 billion from $3.194 billion.
What to watch
-
Geopolitical and supply-chain disruption
The updated risk factor highlights Middle East conflict and related logistics, energy and raw-material disruption. Management said Healthcare & Water Technologies growth was partially offset by continued Middle East disruptions, although the conflict had not had a material impact on overall results to date.
-
PFAS settlement cash obligations
Environmental settlement obligations create substantial future cash commitments: DuPont paid $71 million under the New Jersey settlement and expects $240 million of additional NJ payments plus $125 million of North Carolina payments, or $365 million in aggregate future contractual obligations.
-
Restructuring execution and charges
The 2026 DuPont Restructuring Program carries expected pre-tax restructuring, asset-related charges and other cost savings of approximately $100 million to $150 million through 2028; $60 million of charges had been recorded inception-to-date and $50 million of related current liabilities remained at September 30, 2026.
Management's outlook
The 10-Q does not provide numeric revenue or EPS guidance. Management expects to repurchase $250 million of common stock in Q4 2026, expects approximately $20 million of additional pension and other post-employment plan contributions by year-end 2026, and expects $100 million to $150 million of pre-tax restructuring and asset-related charges and other cost savings under the 2026 restructuring program through 2028.
Earlier filings 4
10-Q · May 5, 2026
DuPont's Q1 2026 results show growth with net sales reaching $1.681 billion, up 4% year-over-year, driven primarily by organic sales increases. Adjusted EPS was impressive at $0.55, beating expectations despite GAAP EPS…
10-K · February 17, 2026
DuPont completed a major portfolio reshaping in 2025 including the Electronics Separation (Qnity distribution on November 1, 2025) and ongoing Aramids divestiture, and implemented a Q4 2025 segment realignment into…
10-Q · November 6, 2025
DuPont reported quarterly net sales of $3,072 million, up $210 million (+7.3%) versus the prior-year quarter but down versus the prior quarter. Gross margin was 38.9% and operating margin was 12.6%;…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.