What Management Said
Read the full Q4 2025 transcript ↗Earlier today, we reported our fourth quarter and full-year financial results, which were ahead of our previously communicated guidance. We finished the year strong, delivering full year organic sales growth of 2%, operating EBITDA growth of 6%, and 100 basis points of margin expansion. Operational discipline and a focus on productivity were key to our earnings growth and margin improvement. These results led to an adjusted EPS of $1.68 per share, up 16% year-over-year.
We set the strategic direction of new DuPont, starting with enhancing our core values to drive a culture focused on growth and continuous improvement. We have successfully repositioned ourselves and have a streamlined portfolio of leading businesses, the majority of which are aligned to secular end markets, which will enable strong organic growth. We saw 2% organic growth for full year 2025 and expect that to accelerate to about 3% in 2026. We are well-positioned in secular end markets, and our top-line growth will continue to be bolstered by our innovation engine, which launched more than 125 new products in 2025.
We have completed a maturity assessment resulting in the identification of key initiatives in 2026 centered primarily on demand generation and pipeline discipline. On capital allocation, we have a proven model that enables both consistent investments and high-return organic opportunities, as well as bolting on to existing businesses with M&A to enable even greater returns. We will continue to return cash to shareholders through a quarterly dividend in line with our targeted payout ratio, as well as utilizing share repurchases. With these priorities, let's move to our 2026 outlook on slide 5.
- Full year 2025 delivered organic sales growth of 2%, operating EBITDA growth of 6%, 100 basis points of margin expansion, and adjusted EPS of $1.68, up 16% year-over-year.
- Fourth quarter operating EBITDA of $409 million increased 4% on favorable mix and cost productivity, with operating EBITDA margin of 24.2%, up 80 basis points year-over-year.
- Fourth quarter adjusted EPS of $0.46 was up 18% versus the year-ago period.
- Healthcare & Water Technologies grew 3% organically in Q4 (5% adjusting for the order timing shift), led by continued strength in medical packaging and medical devices.
- Completed the separation of Qnity Electronics, standing up a pure-play semiconductor technology solutions partner, and executed a $500 million ASR in Q4 under the $2 billion authorization.
- Launched more than 125 new products in 2025 generating greater than $2 billion in sales, with a Vitality Index of about 30% and about 145 basis points of margin lift from products introduced in the past five years.
- Fourth quarter net sales of $1.7 billion were about flat, with a 1% organic sales decline including a $30 million (2%) headwind from order timing shifts into Q3 due to system cutover activities ahead of the electronics separation.
- Diversified Industrials net sales fell 3% in Q4 on a 4% organic decline (down 2% adjusting for the order timing shift).
- Building Technologies organic sales were down high single digits on continued weakness in construction markets.
- Industrial Technologies organic sales were down low single digits as strength in aerospace was more than offset by weakness in printing and packaging markets.
- Asia-Pacific organic sales were down 2% year-over-year, primarily due to a supply chain change in the Shelter business (a distributor joint venture relationship change).
Guidance Changes
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Performance Breakdown
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Earnings Call Themes & Trends
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Q&A Summary
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