On November 1, 2025 (the "Distribution Date"), the Company completed the separation of its semiconductor and interconnect solutions businesses, (the "Electronics Business" and the separation of the Electronics Business, the “Electronics Separation”) into an independent public company, Qnity Electronics, Inc. (“Qnity”), by way of the distribution to DuPont's stockholders of record as of October 22, 2025, of all the issued and outstanding common stock of Qnity on November 1, 2025 (the “Qnity Distribution”). In connection with the Electronics Separation, Qnity paid a cash distribution to DuPont of approximately $4.1 billion. Certain internal distributions and reorganizations, and the Qnity Distribution on November 1, 2025 qualified as tax-free transactions under the applicable sections of the U.S. Internal Revenue Code. The Company has determined that the Electronics Separation represents a strategic shift that has had and will have a major effect on the Company’s operations and results.


	For the Years Ended December 31,
In millions	2025		2024		2023
Net sales	$	3,940	$	4,335	$	4,036
Cost of sales	2,109		2,326		2,273
Research and development expenses	277		297		285
Selling, general and administrative expenses	414		505		437
Amortization of intangibles	173		232		262
Restructuring and asset related charges - net	9		9		34

Acquisition, integration and separation costs	323		78		—
Equity in earnings of nonconsolidated affiliates	42		37		16
Sundry income (expense) - net	—		31		17
Interest expense	23		—		—
Income from discontinued operations before income taxes	$	654	$	956	$	778
Provision for income taxes on discontinued operations	141		181		166
Income from discontinued operations, net of tax	$	513	$	775	$	612
Income from discontinued operations attributable to noncontrolling interests	31		33		28
Income from discontinued operations attributable to DuPont stockholders, net of tax	$	482	$	742	$	584


In millions	December 31, 2024
Assets
Cash and cash equivalents	$	51
Accounts and notes receivable - net	669
Inventories	598
Prepaid and other current assets	37
Property, plant and equipment - net	1,560
Goodwill	8,252
Other intangible assets	1,654
Investments and noncurrent receivables	394
Deferred income tax assets	8
Deferred charges and other assets	154
Total assets of discontinued operations	$	13,377
Liabilities

Accounts payable	$	523
Income taxes payable	120
Accrued and other current liabilities	204
Deferred income tax liabilities	337
Pension and other post-employment benefits - noncurrent	85
Other noncurrent obligations	187
Total liabilities of discontinued operations	$	1,456

In connection with the Qnity Distribution, DuPont has entered into certain agreements that provide for the allocation of DuPont’s assets, employees, liabilities and obligations among DuPont and Qnity, and provides a framework for DuPont’s relationship with Qnity following the Distributions. In connection with the Electronics Separation, effective November 1, 2025, DuPont and/or certain of its affiliates entered into certain agreements with Qnity and/or certain of its affiliates, including each of the following:

•Separation and Distribution Agreement - entered into a Separation and Distribution Agreement (the "Electronics Separation and Distribution Agreement") that sets forth, among other things, the agreements between the Company and Qnity regarding the principal transactions necessary to effect the Qnity Distribution. It also sets forth other agreements that govern certain aspects of the Company’s and Qnity’s ongoing relationship after the completion of the Qnity Distribution.

•Tax Matters Agreement - entered into a Tax Matters Agreement with Qnity (the “Electronics Tax Matters Agreement”). The Electronics Tax Matters Agreement governs the Company’s and Qnity’s respective rights, responsibilities and obligations with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings and other matters regarding taxes.

•Employee Matters Agreement - entered into an Employee Matters Agreement with Qnity (the “Employee Matters Agreement”). The Employee Matters Agreement identifies employees and employee-related liabilities (and attributable assets) contractually allocated (either retained, transferred and accepted, or assigned and assumed, as applicable) to the Company and Qnity as part of the Qnity Distribution and describes when and how the relevant transfers and assignments occur or will occur.

•Intellectual Property Cross-License Agreement - entered into an Intellectual Property Cross-License Agreement with Qnity, effective as of November 1, 2025 (the “IP Cross-License Agreement”). The IP Cross-License Agreement sets forth the terms and conditions pursuant to which the Company and Qnity may use, following the Qnity Distribution, certain patents, know-how (including trade secrets), copyrights and software contractually allocated to the other party under the electronics Separation and Distribution Agreement in the conduct of their respective businesses and natural evolutions thereof. The Company also licenses to Qnity certain engineering, safety, health and environmental standards that are contractually allocated to the Company under the Electronics Separation and Distribution Agreement and used by Qnity’s businesses as of the Distribution.

•Legacy Liabilities Assignment Agreement - The Company entered into an assignment agreement with Qnity, effective as of November 1, 2025 (the “Legacy Liabilities Assignment Agreement”). Pursuant to the Legacy Liabilities Assignment Agreement, the Applicable Percentage (as defined in the Electronics Separation and Distribution Agreement) of any Legacy Liabilities (as defined in that certain Letter Agreement, dated as of June 1, 2019, by and between the Company (f/k/a DowDuPont Inc.) and Corteva, Inc. (the “Letter Agreement”) and any funding obligations of the Company under that certain Memorandum of Understanding, dated as of January 22, 2021, by and among the Company, Corteva, Inc., E. I. du Pont de Nemours and Company and The Chemours Company (the "MOU"), including with respect to the funding of the escrow account thereunder, will be contractually allocated to Qnity (and for which Qnity will indemnify the Company). For more information on the Letter Agreement and the MOU, see the discussion in Note 16.

In connection with the Qnity Distribution, Qnity and DuPont indemnify one another against certain litigation, environmental, income taxes, and other liabilities. At December 31, 2025, DuPont had recorded related indemnification assets of $159 million within "Accounts and notes receivable - net" and $248 million within "Deferred charges and other assets" and accrued related indemnification liabilities of $199 million within "Accrued and other current liabilities" and $95 million within "Other noncurrent obligations" on the Consolidated Balance Sheets.

On August 29, 2025, DuPont announced a definitive agreement to sell the Aramids business (Kevlar® and Nomex®), (the "Aramids Business") to TJC LP, (“TJC”), in a transaction for gross consideration of $1.8 billion (the “Aramids Divestiture”). In accordance with the transaction agreement, at the closing of the Aramids Divestiture, DuPont will receive pre-tax cash proceeds of approximately $1.2 billion, subject to customary transaction adjustments, an interest bearing note receivable of $300 million, and a noncontrolling common equity interest valued at $325 million, which, at the date of the definitive agreement, was expected to represent an approximate 17.5 percent stake at the time of the closing in the future Arclin holding company that will hold the Arclin global materials business and the Aramids Business (the "Equity Consideration"). The transaction is expected to close around the end of the first quarter 2026, subject to customary closing conditions and receipt of regulatory approvals.


	For the Years Ended December 31,
In millions	2025		2024		2023
Net sales	$	1,297	$	1,332	$	1,418
Cost of sales	1,024		1,054		1,120
Research and development expenses	28		31		31
Selling, general and administrative expenses	48		71		80
Amortization of intangibles	43		69		71
Restructuring and asset related charges - net	75		21		13
Goodwill impairment charges	768		—		136
Acquisition, integration and separation costs	55		—		—
Equity in earnings of nonconsolidated affiliates	24		29		34
Sundry income (expense) - net	2		4		5
Loss from classification to held for sale	444		—		—
(Loss) income from discontinued operations before income taxes	$	(1,162)	$	119	$	6
(Benefit from) provision for income taxes on discontinued operations	(67)		20		22
(Loss) income from discontinued operations, net of tax	$	(1,095)	$	99	$	(16)
Income from discontinued operations attributable to noncontrolling interests	—		—		5

(Loss) income from discontinued operations attributable to DuPont common stockholders	$	(1,095)	$	99	$	(21)

During the third quarter of 2025, in connection with the announcement of the Aramids Divestiture and due to the changes in facts and circumstances relevant to potential impairment triggers, the Company performed an impairment analysis on the Aramids reporting unit's equity method investments. As a result of the analysis performed, the Company recorded pre-tax, non-cash impairment charges of $51 million to write-down the value of certain equity method investments. The charge was recognized in “Restructuring and asset related charges – net” in the summarized results of discontinued operations for the year ended December 31, 2025.

Assets and liabilities classified as held for sale are required to be recorded at the lower of carrying value or fair value less costs to sell. Included within the fair value estimate calculation was the $300 million note receivable at a fair value of $181 million, $325 million Equity Consideration, and estimated cash proceeds of $1.1 billion, net of transaction adjustments. The fair value of the note receivable was determined using a market approach primarily based on current market interest rates for similar credit facilities and the duration of the note. The Equity Consideration fair value was determined using a contractually agreed-upon value per the transaction agreement. During the third quarter of 2025, in connection with the announcement of the Aramids Divestiture and due to the changes in facts and circumstances relevant to potential impairment triggers, the Company performed an impairment analysis on the Aramids business asset group. The Company determined that the estimated fair value of the Aramids business, less costs to sell, was lower than its carrying value and recorded a $437 million loss from classification to held for sale and a corresponding valuation allowance during the third quarter of 2025. The Company revised the estimated fair value, less costs to sell, of the Aramids business in the fourth quarter of 2025 and recorded an additional $7 million loss as a result of foreign currency changes, among others. At December 31, 2025, a valuation allowance of $406 million was recorded against the assets held for sale within "Assets of discontinued operations" in the Consolidated Balance Sheets. The Company will continue to revise the estimated fair value, less costs to sell, of the Aramids business between signing and the expected closing in 2026 to account for factors such as final selling costs, market changes affecting the seller note, currency fluctuations, and any updates will impact the valuation allowance.


In millions	December 31, 2025		December 31, 2024
Assets
Cash and cash equivalents	$	3	$	7
Accounts and notes receivable - net	230		188
Inventories	453		402
Prepaid and other current assets	16		17
Property, plant and equipment - net	769		754
Goodwill	—		754
Other intangible assets	496		538
Investments and noncurrent receivables	201		269
Deferred income tax assets	4		1
Deferred charges and other assets	90		73
Valuation allowance to adjust assets to estimated fair value less costs to sell	$	(406)	$	—
Total assets of discontinued operations	$	1,856	$	3,003
Liabilities
Accounts payable	$	169	$	143
Income taxes payable	8		3
Accrued and other current liabilities	60		43

Deferred income tax liabilities	33		54
Pension and other post-employment benefits - noncurrent	5		6
Other noncurrent obligations	39		26
Total liabilities of discontinued operations	$	314	$	275

On November 1, 2022, DuPont completed the previously announced divestiture of the majority of the historic Mobility & Materials segment, including the Engineering Polymers business line and select product lines within the Advanced Solutions and Performance Resins business lines (the “M&M Divestiture”). The Company also announced on February 18, 2022, that its Board of Directors approved the divestiture of the Delrin® acetal homopolymer (H-POM) business, subject to entry into a definitive agreement and satisfaction of customary closing conditions, (the Delrin® business together with the M&M Divestiture businesses, the "M&M Businesses”). On November 1, 2023, the Company closed the sale of the Delrin® business to TJC LP ("TJC"), (the “Delrin® Divestiture”). DuPont received cash proceeds of approximately $1.28 billion, which includes certain customary transaction adjustments, a note receivable in the amount of $350 million and acquired a 19.9 percent noncontrolling equity interest in Derby Group Holdings LLC, (“Derby”). The customary transaction adjustments primarily relate to $27 million of cash transferred with the Delrin® Divestiture for which DuPont was reimbursed at closing resulting in net cash proceeds of $1.25 billion. TJC, through its subsidiaries, holds the 80.1 percent controlling interest in Derby. The Company accounts for its equity interest in Derby as an equity method investment based upon its noncontrolling equity interest, its $350 million intra-entity note receivable owed by an indirect, wholly owned subsidiary of Derby and its representation on the Derby board of directors. The note receivable has a maturity date of November 2031. The Company has limited continuing involvement with Derby including short term transition service agreements and insignificant sales to the Delrin® business.

As a result of the Delrin® Divestiture, and included as part of the $419 million gain on the sale, the Company initially recognized the 19.9 percent equity interest and the $350 million note receivable at fair values of $121 million and $224 million, respectively, which are recorded in "Investments and noncurrent receivables" in the Consolidated Balance Sheets. The fair value of the equity interest was determined using the enterprise value based on sales proceeds and a market approach primarily based on restricted stock studies. The fair value of the note receivable was determined using a market approach primarily based on current market interest rates for similar credit facilities and the duration of the note.

The Company determined the sales of the M&M Businesses represent a strategic shift that has a major effect on the Company’s operations and results. For the years ended December 31, 2023 the Company recognized an after-tax gain of $480 million recorded in "(Loss) income from discontinued operations, net of tax" in the Company's Consolidated Statement Operations. For the year ended December 31, 2023, $419 million is related to the gain on the sale of Delrin®, which is included in the Consolidated Statements of Cash Flows. The results of operations of the M&M Businesses are presented as discontinued operations as summarized below for all periods. The Delrin® Divestiture is reflected through November 1, 2023:


	For the Year Ended December 31, 2023
In millions
Net sales	$	460
Cost of sales	295
Research and development expenses	3
Selling, general and administrative expenses	2



Acquisition, integration and separation costs 1	195

Sundry income (expense) - net	9
Loss from discontinued operations before income taxes	$	(26)
Provision for income taxes on discontinued operations	31
Loss from discontinued operations, net of tax	$	(57)

Gain on sale, net of tax 2	480
Income from discontinued operations attributable to DuPont common stockholders	$	423

Pursuant to the Transaction Agreement, liabilities and assets related to the M&M Divestiture could not be directly assumed by Celanese and as a result, transferred by way of indemnification between both parties. In addition, pursuant to the Transaction Agreement, DuPont indemnifies Celanese against certain litigation, environmental, workers' compensation and other liabilities that arose prior to the transaction.


(Loss) Income from Discontinued Operations, Net of Tax	For the Years Ended December 31,
In millions	2025		2024		2023
Electronics Separation	$	513	$	775	$	612
Aramids Divestiture 1	(1,095)		99		(16)
M&M Divestitures 2	(2)		(27)		423
MOU Activity 3	(201)		(36)		(426)
Indemnification activity - environmental and legal 4	(35)		(24)		(50)
Tax related matters 5	(6)		57		—
Other	(10)		(10)		(19)
(Loss) income from discontinued operations, net of tax 6	$	(836)	$	834	$	524

3.Includes the activity subject to the binding Memorandum of Understanding (“MOU”) between Chemours, Corteva Inc ("Corteva"), E. I. du Pont de Nemours and Company ("EIDP") and the Company. The year ended December 31, 2025 includes a charge related to the State of New Jersey legal matters discussed further in Note 16. The year ended December 31, 2023 includes a charge related to the Water District Settlement Agreement, as defined in Note 16.