DuPont Reports Second Quarter 2025 Results

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DuPont announced its financial results(1) for the second quarter ended June 30, 2025.

"We delivered another quarter of year-over-year organic sales growth and solid margin expansion in both the ElectronicsCo and IndustrialsCo segments, as well as 15 percent adjusted EPS growth," said Lori Koch, DuPont Chief Executive Officer. "Ongoing strength in electronics, healthcare and water end-markets, along with our team's focus on operational execution continued to drive strong earnings growth and cash conversion. As a result of our strong second quarter performance, we are raising our full year earnings guidance, which now incorporates the impact of tariffs."

"We continue to advance our plans for the intended separation of Qnity™, our electronics business, including completing Board of Director appointments as well as assembling management teams for both companies. We remain on track for a November 1, 2025 spin-off date," Koch concluded.

Net sales

• Net sales increased 3% led by organic sales growth of 2% which consisted of a 4% increase in volume partially offset by a 2% decrease in price. Currency was a 1% benefit.
• Higher volume was driven by continued strength in electronics, healthcare and water end- markets.
• 6% organic sales growth in ElectronicsCo; 1% organic sales growth in IndustrialsCo.
• 4% organic sales growth in Asia Pacific; 2% organic sales growth in EMEA; 1% organic sales growth in U.S. & Canada.

GAAP Income from continuing operations

GAAP Income/GAAP EPS from continuing operations increased as the benefit from higher segment earnings and the absence of both a loss on debt extinguishment and an income tax-related item incurred in the prior year was partially offset by separation transaction costs.

Operating EBITDA

Operating EBITDA increased on organic growth and productivity, partially offset by growth investments.

Adjusted EPS

• Adjusted EPS increased due to higher segment earnings and a lower tax rate.
• Cash provided by operating activities from continuing operations
• Cash provided by operating activities from continuing operations in the quarter of $381 million, capital expenditures of $116 million and separation transaction cost payments of $168 million resulted in transaction-adjusted free cash flow and related conversion of $433 million and 93%, respectively.

Net sales

• Net sales and organic sales increased 6% as an 8% increase in volume was partially offset by a 2% decrease in price.
• Semiconductor Technologies sales up mid-single digits on an organic basis on ongoing end-market demand strength, driven primarily by advanced nodes and AI technology applications.
• Interconnect Solutions sales up high-single digits on an organic basis reflecting continued demand strength from AI-driven technology ramps, and content and share gains.

Operating EBITDA

• Operating EBITDA increased due primarily to organic growth and lower legal costs, partially offset by growth investments.
• Operating EBITDA margin of 31.9% increased 220 basis points.

Net sales

• Net sales and organic sales increased 1% as a 2% increase in volume was partially offset by a 1% decrease in price.
• Healthcare & Water Technologies sales up high-single digits on an organic basis with strong growth in both businesses.
• Diversified Industrials sales down low-single digits on an organic basis driven primarily by softness in construction markets.​​​​​​​

Operating EBITDA

• Operating EBITDA increased on organic growth and productivity.
• Operating EBITDA margin of 24.4% increased 50 basis points.

"For the third quarter of 2025, we estimate net sales of about $3.32 billion, operating EBITDA of about $875 million and adjusted EPS of approximately $1.15 per share," said Antonella Franzen, DuPont Chief Financial Officer. "Our third quarter guidance assumes about 3 percent organic growth year-over-year with continued strength expected in healthcare, water and electronics end-markets, partially muted by continued weakness in construction end-markets."

"We are raising our full year 2025 earnings guidance to reflect our stronger second quarter performance which more than offsets the net impact of tariffs now incorporated into the outlook. The net tariff impact assumed in the second half of 2025 is currently estimated as a $20 million headwind, or $0.04 per share," Franzen concluded.