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Call sheet · Q2'26

DuPont de Nemours (DD)

Q2'26 earnings call · held August 4, 2026 · compared with the Q1'26 call · management-credibility review
8/12
Disclosure score
1 medium, 1 low flags
Financial quality
Bottom line
The H2 organic-growth bridge has a clear test: management added about two points of pricing to Q2 growth of about 4% to reach roughly 6%. Separate that from volume. Water growth guidance narrowed, with project revenue still expected mainly in Q4. AI offers a measurable process benefit, a shorter sales-play launch cycle, but management did not attribute the nearly 30% garments win rate to AI.

The 30-second version

  • The H2 growth step-up relies on incremental pricing
  • AI shortened the sales process; it did not explain the win rate
  • Water growth guidance narrowed, with project timing still important

What changed this quarter

MetricQ1'26Q2'26Change
Net Sales$1.7B, organic +2%$1.8B, organic +4%+200bps organic acceleration
Organic Sales Growth2%4%Growth rate increased 2 percentage points from Q1 to Q2; both rates are year-over-year
Operating EBITDA$414M$448M, +8% YoYAccelerating leverage
Operating EBITDA Margin24.6%, +230bps YoY (pro forma +130bps)24.6%, +80bps YoY, incl 30bps price-cost headwindMargin expansion decelerating vs Q1 pace
Adjusted EPS$0.55 reported / pro forma +20%$1.88, +21% YoYNot directly comparable (reverse split occurred June 2026)
Free Cash Flow Conversion65%127%Transaction-adjusted conversion increased; compare working-capital timing on the same basis
HWT Segment Sales$806M$856M, +5% (organic +4%)Steady growth
HWT Segment Margin30.3%, +110bps YoY30.1%, -30bps YoYDown 30bps YoY in Q2 after a 110bps YoY increase in Q1; down 20bps sequentially
Diversified Industrials Sales$875M, organic flat$963M, organic +3%Inflection from flat to positive
DI Segment Margin22.9%, +110bps YoY22.1%, +70bps YoYExpansion decelerating

Accountability tracked

5 new promises made1 narrative shift flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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