DuPont (NYSE: DD) raises guidance again and adjusted EPS jumps 62%

What happened

DuPont de Nemours, Inc. (NYSE: DD) beat its third-quarter guidance on Nov. 3 and raised its full-year 2026 outlook again. Net sales rose 4% to $1.87 billion. Organic sales grew 5%, and a 1% currency headwind trimmed the reported figure.

Profit grew much faster than sales. Adjusted EPS reached $2.09, up 62% from $1.29 a year earlier. GAAP EPS from continuing operations rose to $1.24 from $0.70. DuPont restated all per-share figures for the 1-for-3 reverse stock split that took effect June 24.

For the full year, DuPont now expects adjusted EPS of $7.47 to $7.52, operating EBITDA of about $1.78 billion and organic growth of about 4.5%. Chief Financial Officer Antonella Franzen said all three are at or above the high end of earlier guidance.

Key numbers

Metric	Latest	Change	Source
Net sales	$1.87 billion	from $1.80 billion, +4%	SEC 8-K, Exhibit 99.1
Operating EBITDA	$469 million	from $436 million, +8%	SEC 8-K, Exhibit 99.1
Adjusted EPS	$2.09	from $1.29, +62%	SEC 8-K, Exhibit 99.1
GAAP EPS from continuing operations	$1.24	from $0.70, +77%	SEC 8-K, Exhibit 99.1
Transaction-adjusted free cash flow	$341 million	from $346 million, -1%	SEC 8-K, Exhibit 99.1
Full-year 2026 adjusted EPS guidance	$7.47 – $7.52		SEC 8-K, Exhibit 99.1

Read more: DuPont de Nemours (DD) company research

Where the profit growth came from

Operating EBITDA rose 8% to $469 million from $436 million. The margin widened to 25.1% from 24.3%. The filing credits organic growth and productivity.

Adjusted EPS grew faster than EBITDA, so not all of its 62% gain came from operations. The filing says lower net interest expense, a lower tax rate and a smaller share count also helped. Interest expense fell to $40 million from $85 million. Diluted weighted-average shares dropped to 135.1 million from 140.0 million.

Adjusted EPS also leaves out intangible amortization. Management estimates it at roughly $270 million before tax in 2026, or $1.53 per share. That is one reason GAAP EPS sits below the adjusted figure.

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Segment results

Diversified Industrials grew fastest. Sales rose to $1.00 billion from $963 million, and organic sales were up 5%. Operating EBITDA climbed 11% to $242 million, and the margin rose to 24.1% from 22.7%. The filing cites aerospace and electric vehicle battery applications in Industrial Technologies, and North America and Asia in Building Technologies.

Healthcare Water Technologies sales rose to $865 million from $832 million on 4% organic growth. Its margin widened to 30.4% from 29.6%. Healthcare Technologies grew mid-single digits on personal protection and medical packaging. Water Technologies grew low-single digits on industrial water, semiconductor and specialty markets. Continued disruptions in the Middle East partly offset that growth.

Why it matters

OptimistFi has argued that DuPont works if its reshaped portfolio proves to be a resilient, application-specific specialty materials franchise. The risk is that it stays a smaller cyclical chemical company with restructuring and legacy drag. Mid-single-digit organic growth in both segments, wider margins and a guidance raise strengthen that view.

Separation and legacy items are also shrinking in the numbers. Acquisition, integration and separation costs were $15 million against $62 million a year earlier. The loss from discontinued operations narrowed to $45 million from $209 million. The filing says GAAP EPS improved partly on lower interest expense and transaction costs.

The year-ago quarter also carried a 2% benefit from an order timing shift out of the fourth quarter of 2025, tied to separation-related activities. This year's growth therefore came against a lifted base.

Cash conversion is the softer spot. Cash from operations rose 27% to $410 million, yet transaction-adjusted free cash flow slipped 1% to $341 million from $346 million. The year-ago figure added back $98 million of separation-related payments, against $2 million this quarter. The filing also lists PFAS costs and the cost-sharing arrangement with Corteva, Inc. and The Chemours Company among the risks that could move results.

Buybacks and balance sheet

In the third quarter, DuPont completed a $250 million accelerated share purchase and substantially completed $100 million of open-market buybacks. It plans another $250 million repurchase in the fourth quarter. The filing notes that repurchases may be reduced, suspended or discontinued before completion.

Cash and equivalents stood at $1.65 billion on Sept. 30, up from $715 million at Dec. 31, 2025. Long-term debt was $3.09 billion, from $3.13 billion.

The Aramids sale closed April 1 to a subsidiary of ARC Falcon Holdings LP (Arclin). It brought about $1.2 billion of pre-tax cash proceeds, a $300 million note receivable and an Arclin equity interest valued at $325 million.

What's next

DuPont's fourth-quarter outlook calls for net sales of $1.83 billion, operating EBITDA of $455 million and adjusted EPS of $1.90 to $1.95. The full-year adjusted EPS guidance stands at $7.47 to $7.52.

Delivering the fourth-quarter outlook would support the case for repeatable growth. A miss, or another dip in transaction-adjusted free cash flow, would weaken it.

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