Selected Financial Data
since 2005
Income Statement
DuPont de Nemours Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net sales | Net income attributable to DuPont |
|---|---|---|
| Dec 31, 2019 | 21,512) | 498) |
| Dec 31, 2018 | 85,977) | 3,844) |
| Dec 31, 2017 | 62,484) | 1,460) |
| Dec 31, 2016 | 48,158) | 4,318) |
| Dec 31, 2015 | 48,778) | 7,685) |
| Dec 31, 2014 | 58,167) | 3,772) |
| Dec 31, 2013 | 57,080) | 4,787) |
| Dec 31, 2012 | 56,786) | 1,182) |
| Dec 31, 2011 | 59,985) | 2,742) |
| Dec 31, 2010 | 53,674) | 2,310) |
| Dec 31, 2009 | 44,875) | 648) |
| Dec 31, 2008 | 57,514) | 579) |
| Dec 31, 2007 | 53,513) | 2,887) |
| Dec 31, 2006 | 49,124) | 3,724) |
| Dec 31, 2005 | 46,307) | 4,515) |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial performance from 2005 to 2019 is characterized by significant volatility in both top-line revenue and bottom-line profitability, culminating in a drastic reduction of scale in the final reporting year.
- Revenue Trajectory
- Net sales exhibited a general upward trend from 2005 to 2008, rising from 46,307 million to 57,514 million. A sharp contraction occurred in 2009, where sales fell to 44,875 million, followed by a recovery period that peaked in 2018 at 85,977 million. The most notable shift occurred in 2019, with net sales plummeting to 21,512 million, representing a significant reduction in the company's operational scale.
- Net Income Volatility
- Net income attributable to the company showed substantial fluctuations over the period. After a decline from 4,515 million in 2005 to a low of 579 million in 2008, earnings recovered intermittently. A significant peak in profitability was recorded in 2015, reaching 7,685 million, despite net sales for that year (48,778 million) being lower than the 2008 peak. By 2019, net income dropped precipitously to 498 million.
- Profitability Margin Analysis
- An inverse relationship between sales and income is observed during several intervals. For instance, 2018 saw the highest net sales in the series, yet the net income of 3,844 million was significantly lower than the 7,685 million achieved in 2015 on much lower sales. This suggests fluctuations in operational efficiency or the impact of non-operating items. The profit margin reached a critical low in 2019, coinciding with the collapse in total revenue.
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Balance Sheet: Assets
DuPont de Nemours Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2019 | 9,999) | 69,396) |
| Dec 31, 2018 | 49,603) | 188,030) |
| Dec 31, 2017 | 49,893) | 192,164) |
| Dec 31, 2016 | 23,659) | 79,511) |
| Dec 31, 2015 | 24,475) | 68,026) |
| Dec 31, 2014 | 24,267) | 68,796) |
| Dec 31, 2013 | 24,977) | 69,501) |
| Dec 31, 2012 | 23,684) | 69,605) |
| Dec 31, 2011 | 23,422) | 69,224) |
| Dec 31, 2010 | 24,130) | 69,588) |
| Dec 31, 2009 | 19,560) | 65,937) |
| Dec 31, 2008 | 16,060) | 45,474) |
| Dec 31, 2007 | 18,654) | 48,801) |
| Dec 31, 2006 | 17,209) | 45,581) |
| Dec 31, 2005 | 17,404) | 45,934) |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The asset profile from 2005 to 2019 is characterized by three distinct phases: a decade of moderate growth and stability, a period of massive asset expansion, and a subsequent sharp contraction in the balance sheet size.
- Asset Stability and Gradual Growth (2005–2016)
- From 2005 through 2016, total assets remained relatively stable, oscillating between 45 billion and 80 billion US dollars. Current assets showed a similar pattern of stability, generally ranging between 16 billion and 25 billion US dollars. A notable shift occurred in 2009, where total assets increased from approximately 45 billion to nearly 66 billion US dollars, establishing a new baseline that persisted for several years.
- Period of Accelerated Expansion (2017–2018)
- A substantial increase in the asset base is observed starting in 2017. Total assets surged from 79.5 billion US dollars in 2016 to 192.2 billion US dollars in 2017, representing an increase of approximately 141%. During the same period, current assets more than doubled, rising from 23.7 billion to 49.9 billion US dollars. This scale of expansion suggests a major corporate action, such as a merger or a significant acquisition, which peaked in 2017 and remained largely stable through 2018.
- Structural Contraction (2019)
- The period ending December 31, 2019, reflects a significant reduction in the balance sheet. Total assets declined sharply from 188 billion US dollars in 2018 to 69.4 billion US dollars in 2019. This contraction was mirrored in current assets, which dropped from 49.6 billion to 10 billion US dollars. The magnitude of this decrease indicates a substantial divestiture, spin-off, or structural reorganization of the corporate entity.
- Liquidity Composition Trends
- The ratio of current assets to total assets remained consistently low throughout the period. In the early years and again in 2019, current assets represented a smaller fraction of the total asset base. During the 2017-2018 expansion, while both figures rose, the total asset growth disproportionately exceeded the growth in current assets, suggesting that the expansion was primarily driven by non-current assets, such as property, plant, equipment, or intangible assets.
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Balance Sheet: Liabilities and Stockholders’ Equity
DuPont de Nemours Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total debt | Total DuPont stockholders’ equity | |
|---|---|---|---|
| Dec 31, 2019 | 8,346) | 17,447) | 40,987) |
| Dec 31, 2018 | 24,715) | 40,464) | 94,571) |
| Dec 31, 2017 | 26,128) | 34,071) | 100,330) |
| Dec 31, 2016 | 12,604) | 21,363) | 25,987) |
| Dec 31, 2015 | 11,215) | 17,210) | 25,374) |
| Dec 31, 2014 | 11,593) | 19,783) | 22,423) |
| Dec 31, 2013 | 11,971) | 17,960) | 26,898) |
| Dec 31, 2012 | 11,493) | 20,987) | 20,877) |
| Dec 31, 2011 | 13,634) | 21,600) | 22,281) |
| Dec 31, 2010 | 13,896) | 23,827) | 21,839) |
| Dec 31, 2009 | 13,106) | 22,373) | 20,555) |
| Dec 31, 2008 | 13,108) | 11,856) | 13,511) |
| Dec 31, 2007 | 12,445) | 9,715) | 19,389) |
| Dec 31, 2006 | 10,601) | 9,546) | 17,065) |
| Dec 31, 2005 | 10,663) | 10,706) | 15,324) |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial profile from 2005 to 2019 is marked by a period of relative stability followed by a phase of significant volatility and structural reconfiguration. Between 2005 and 2016, liabilities and equity grew at a moderate pace, but the period from 2017 to 2019 saw dramatic shifts in the capital structure, characterized by extreme peaks and subsequent sharp contractions.
- Total Debt Trends
- Total debt remained relatively stable between 9.5 billion and 11.8 billion USD from 2005 to 2008, before increasing to a range of 20 billion to 23.8 billion USD between 2009 and 2012. After a period of fluctuation, a significant escalation occurred in 2017 and 2018, peaking at 40.464 billion USD. A drastic reduction followed in 2019, with total debt falling to 17.447 billion USD.
- Stockholders' Equity Volatility
- Equity exhibited a gradual upward trend from 15.324 billion USD in 2005 to 25.987 billion USD in 2016. A substantial surge is observed in 2017, where equity increased to 100.330 billion USD, representing the highest equity position in the sequence. This figure remained elevated in 2018 at 94.571 billion USD before experiencing a sharp decline to 40.987 billion USD by the end of 2019.
- Current Liabilities Analysis
- Current liabilities remained largely consistent, fluctuating between 10.6 billion and 13.9 billion USD for the first twelve years of the analyzed period. A notable spike occurred in 2017, reaching 26.128 billion USD, which indicates a significant temporary increase in short-term obligations. By 2019, current liabilities dropped to 8.346 billion USD, the lowest level recorded since 2005.
- Capital Structure and Leverage Patterns
- The leverage profile shifted fundamentally in 2017. Prior to 2017, total debt and stockholders' equity were often of a similar magnitude, suggesting a higher reliance on debt relative to equity. The massive expansion of stockholders' equity in 2017 and 2018 substantially diluted the debt-to-equity ratio, despite the absolute increase in total debt during those same years. The 2019 data indicates a simultaneous contraction of both debt and equity, suggesting a major balance sheet restructuring event.
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Cash Flow Statement
DuPont de Nemours Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Cash provided by operating activities | Cash (used for) provided by investing activities | Cash provided by (used for) financing activities |
|---|---|---|---|
| Dec 31, 2019 | 1,409) | (2,313) | (11,550) |
| Dec 31, 2018 | 4,731) | (2,462) | (1,918) |
| Dec 31, 2017 | 8,695) | 4,274) | (6,523) |
| Dec 31, 2016 | 5,478) | (3,479) | (3,892) |
| Dec 31, 2015 | 7,516) | (1,350) | (3,041) |
| Dec 31, 2014 | 6,502) | (3,105) | (3,583) |
| Dec 31, 2013 | 7,823) | (1,469) | (4,731) |
| Dec 31, 2012 | 4,075) | (2,687) | (2,530) |
| Dec 31, 2011 | 3,879) | (1,994) | (3,362) |
| Dec 31, 2010 | 4,102) | 135) | (178) |
| Dec 31, 2009 | 2,075) | (14,767) | 12,659) |
| Dec 31, 2008 | 4,711) | (2,737) | (978) |
| Dec 31, 2007 | 4,484) | (2,858) | (2,728) |
| Dec 31, 2006 | 4,154) | (1,907) | (3,302) |
| Dec 31, 2005 | 4,474) | (1,096) | (2,508) |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow profile from 2005 to 2019 reveals significant volatility, characterized by periods of stable operations punctuated by large-scale strategic shifts and liquidity events. The trajectory of cash generation and allocation suggests a transition from steady capital expenditure to a period of aggressive restructuring and eventual contraction in operating cash flows.
- Operating Cash Flow Trends
- Cash provided by operating activities remained relatively consistent between 2005 and 2008, averaging approximately 4.4 billion US$. A sharp contraction occurred in 2009, with cash flow dropping to 2.07 billion US$, before recovering to a baseline of roughly 4 billion US$ through 2012. A period of significant growth was observed between 2013 and 2017, reaching a peak of 8.69 billion US$ in 2017. However, this trend reversed abruptly in 2018 and 2019, with operating cash flows plummeting to 1.41 billion US$ by the end of 2019.
- Investing Activity Patterns
- Investing activities were predominantly negative throughout the period, reflecting ongoing capital outflows. A notable anomaly occurred in 2009, characterized by a massive outflow of 14.77 billion US$. Outside of this event, annual outflows typically ranged between 1 billion and 3.5 billion US$. A significant departure from this pattern occurred in 2017, when the company recorded a positive cash inflow of 4.27 billion US$, suggesting substantial divestitures or the sale of business assets.
- Financing Activity Dynamics
- Financing activities were consistently negative for most of the observed period, indicating a trend of debt repayment, dividend distributions, or share repurchases. A critical exception occurred in 2009, where a substantial inflow of 12.66 billion US$ was recorded, effectively offsetting the massive investing outflow of the same year. Financing outflows intensified in 2017 at 6.52 billion US$ and peaked in 2019 with an outflow of 11.55 billion US$, occurring simultaneously with the sharp decline in operating cash flow.
- Correlation of Financial Events
- The data indicates a high degree of correlation between the three cash flow components during pivotal years. The 2009 fiscal year represents a major restructuring or acquisition event, where a large financing inflow funded an expansive investing outflow. The year 2017 shows a convergence of peak operating efficiency and asset divestiture, which facilitated an increase in financing outflows. By 2019, a concerning divergence is evident: operating cash generation reached a multi-year low while financing outflows reached a period high, suggesting a significant liquidity event or a strategic capital reallocation despite weakening operational cash flows.
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Per Share Data
DuPont de Nemours Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2019 | 0.67 | 0.67 | 2.16 |
| Dec 31, 2018 | 4.98 | 4.95 | 4.56 |
| Dec 31, 2017 | 2.76 | 2.73 | 5.28 |
| Dec 31, 2016 | 10.71 | 10.56 | 5.52 |
| Dec 31, 2015 | 19.35 | 18.45 | 5.16 |
| Dec 31, 2014 | 8.73 | 8.61 | 4.59 |
| Dec 31, 2013 | 11.16 | 11.04 | 3.84 |
| Dec 31, 2012 | 2.13 | 2.10 | 3.63 |
| Dec 31, 2011 | 6.18 | 6.15 | 2.70 |
| Dec 31, 2010 | 5.25 | 5.16 | 1.80 |
| Dec 31, 2009 | 0.96 | 0.96 | 1.80 |
| Dec 31, 2008 | 1.86 | 1.86 | 5.04 |
| Dec 31, 2007 | 9.09 | 8.97 | 4.92 |
| Dec 31, 2006 | 11.61 | 11.46 | 4.50 |
| Dec 31, 2005 | 14.07 | 13.86 | 4.02 |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial performance per share from 2005 to 2019 is characterized by significant volatility in earnings and a fluctuating dividend policy. Both basic and diluted earnings per share exhibited sharp cyclical swings, while dividend distributions showed a period of steady growth followed by strategic reductions.
- Earnings Per Share (EPS) Volatility
- Basic and diluted earnings per share experienced several distinct phases. An initial decline occurred between 2005 and 2009, with basic EPS falling from 14.07 to a low of 0.96. A strong recovery followed, peaking in 2015 at 19.35. However, a subsequent downward trend is evident from 2016 onward, culminating in a significant drop to 0.67 by the end of 2019.
- Dividend Distribution Patterns
- Dividends per share remained relatively resilient during the initial decline in earnings, increasing from 4.02 in 2005 to 5.04 in 2008. A sharp reduction to 1.80 occurred in 2009, coinciding with the earnings trough. Following this, dividends grew consistently, reaching a peak of 5.52 in 2016, before entering a period of decline that resulted in a value of 2.16 by 2019.
- Relationship Between Earnings and Dividends
- A divergence between earnings and dividend payments is observable during periods of financial stress. In 2009 and again from 2017 to 2019, the dividend per share exceeded the basic earnings per share. Notably, in 2019, the dividend of 2.16 was substantially higher than the basic EPS of 0.67, indicating that dividend payments were not fully covered by current-year earnings during the final analyzed period.
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