With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Industries included in the sector are diversified and specialty chemical manufacturers.

Fortune Sector Leaders: Chemicals

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

This year’s Fortune 500 marks the 68th running of the list.

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-144-DuPont

To say that DuPont has been through a lot of changes in recent years would be an understatement. In 2017, DuPont completed a $130 billion merger of equals with Dow to form DowDuPont, one of the world's biggest chemical companies. Then, in 2019, the chemical giant split apart again, this time into three separate companies—Dow, Corteva, and DuPont. Since then, DuPont has been reshuffling its businesses, most recently completing the separation of its nutrition and biosciences operation and signing agreements to divest its clean technologies and advanced solar cell materials businesses. The company expects to generate about $8 billion from the three transactions.

Collectively, the ranked companies produced a three-year average shareholder return of 33%, vs. 19% for the S&P 500.

FGC 2021-DuPont

100 Fastest-Growing Companies

This year's Fortune 500 marks the 66th running of the list.

F500-2020-152-Dupont

One of the three companies to emerge from the breakup of DowDuPont in 2019—just two years after a historic merger—the new DuPont is focused on specialty industrial materials such as Tyvek, used in personal protective gear. In April, the company said it would double its production of garments made with Tyvek to meet high demand resulting from the coronavirus.

This year's Fortune Global 500 generated $27.7 trillion in revenues and $1.5 trillion in profits.

Fortune Global 500

This year's Fortune 500 marks the 65th running of the list.

These 52 companies from across the globe are doing well by doing good.

Change the World

Here are the World's Most Admired Companies for 2018 as ranked in their industries. See who made the list.

World's Most Admired Companies

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune Global 500 generated $27.6 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 62nd running of the list.

The world's 500 largest companies generated $31.2 trillion in revenues and $1.7 trillion in profits in 2014. Together, this year's Fortune Global 500 employ 65 million people worldwide and are represented by 36 countries.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Global business is back. After limping through a worldwide financial crisis and economic slowdown, the 500 largest companies ranked by revenues shattered all sorts of performance records in 2013: They racked up combined revenues of $31.1 trillion, up 2.5% from 2012, and profits soared 27% to nearly $2 trillion. China’s 95 companies (up from 89 last year) posted $5.8 trillion in revenues. The U.S. has four fewer companies on the list than last year but remains (for now) the country leader, with 128 corporations on the list—including No. 1 Wal-Mart Stores—reporting $8.6 trillion in revenues. 

Key Financials (last Fiscal Year)

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DuPont de Nemours manufactures specialty chemicals. The electronics and industrial segment supplies materials for the fabrication of semiconductors and integrated circuits. The water and protection segment provides engineered products and integrated systems for worker safety, water purification and separation, transportation, energy, medical packaging, and building materials. The corporate and other segment offers auto adhesives and fluids as well as Multibase and Tedlar products.

Q2 2026

Q1 2026

Q4 2025

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Q2 2025

Q1 2025

Q4 2024

DuPont (DD): Company Profile, Stock Price, News, Rankings

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DuPont

dupont

Good morning, ladies and gentlemen, and thank you for standing by. My name is Chris, and I will be your conference operator for today. At this time, I would like to welcome everyone to the DuPont Second Quarter twenty twenty five Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session.

We kindly ask that you limit yourself to one question and one follow-up. Thank you for that. And I would now like to turn the conference over to VP for Investor Relations, Ann Giann Cristoforo. You may begin.

Good morning, and thank you for joining us for DuPont's second quarter twenty twenty five financial results conference call. Joining me today are Ed Breen, Executive Chairman Lori Koch, Chief Executive Officer John Kemp, parent electronics business president and CEO elect of the future Community Electronics Company and Antonella Franzen, chief financial officer. We have prepared slides to supplement our remarks, which are posted on DuPont's website under the Investor Relations tab and through the webcast link. Please read the forward looking statement disclaimer contained in the slides. During this call, we will make forward looking statements regarding our expectations or predictions about the future.

Because these statements are based on current assumptions and factors that involve risks and uncertainties, our actual performance and results may differ materially from our forward looking statements. Our Form 10 ks, as updated by our current and periodic reports, includes detailed discussion of principal risks and uncertainties which may cause such differences. Unless otherwise specified, all historical financial measures presented today are on a continuing operations basis and exclude significant items. We will also refer to other non GAAP measures. A reconciliation to the most directly comparable GAAP financial measure is included in our press release and presentation materials and have been posted to DuPont's Investor Relations website.

I'll now turn the call over to Lori, who will begin on Slide three.

Good morning, and thanks, everyone, for joining our second quarter call. Earlier today, we reported another solid quarter ahead of our previously communicated guidance. Second quarter sales of $3,300,000,000 grew 2% on an organic basis. Operating EBITDA of $859,000,000 increased 8% year over year resulting in operating EBITDA margin of 26.4%, an increase of 120 basis points from the prior year. Adjusted EPS of $1.12 was up 15% year over year.

As a result of our strong second quarter financial performance, we are raising our full year earnings guidance. Antonella will provide further details shortly. Second quarter saw continued strength in electronics driven by AI technology demand in both interconnect solutions and semi and strong volume growth in healthcare and water. This momentum is continuing into the third quarter with order patterns remaining strong through July. Weakness in construction continued to impact our diversified industrials business during the quarter.

I also wanted to highlight that yesterday, jointly with Chemours and Corteva, we announced a settlement with the State of New Jersey to comprehensively resolve all current and future environmental claims, including PFAS, across the four current and former operating sites and statewide for PFAS claims. The settlement will be payable over a twenty five year period, and our portion of the total settlement is $177,000,000 on an NPV basis. Importantly, this settlement also includes AFFF, which was less than 1% of the total settlement amount. The settlement is subject to final court approval. Regarding our separation milestone, progress on the intended spin off of CUNY Electronics continues, and we remain on track for a November 1 separation date.

In June, we completed the composition of the CUNY board, adding two new members that bring a depth of experience and knowledge of the semiconductor sector that complements the existing diverse set of skills. The community board will be comprised of 10 members, including John Kemp. We filed a first amendment to the Form 10 registration statement with the SEC in June, which included additional pro form a financial information. This will continue to be an iterative process with the SEC as we progress towards separation. Turning to slide four.

We are pleased to announce that we will be holding an Investor Day on September 18 for DuPont and Community focused on introducing both portfolios and their respective strategies for driving value creation. I continue to be excited about what lies ahead for both future independent companies and the investment potential for each, for the new DuPont as a leading advanced solutions provider and Qunity as a pure play technology solutions leader within the semiconductor value chain. As we look forward to the new DuPont, we've assembled a highly experienced senior leadership team consisting of a healthy mix between in house and external talent who bring great experience in driving growth and margin expansion. To highlight a few of our new leaders, Yaron Blumhard currently leads our health care and water technologies business. Yaron has both internal and external experience in complex global markets with a strong focus on commercial excellence as well as a growth mindset. Beth Ferreira recently joined our team to lead our diversified industrials business. Beth brings deep experience and global perspective in the industrial space with key roles at ITW and IMI, where she successfully led transformation efforts, drove operational efficiencies, and fostered a customer centric culture.

David Cook just recently joined us from Danaher and will be our chief operations and engineering officer. Dave brings extensive knowledge and operational excellence with a proven track record of driving performance improvement and implementing business systems. The new DuPont will have a more focused portfolio highlighted by high growth health care and water end markets. With a continued emphasis on innovation and customer relationships, we are well positioned to accelerate growth through a more agile and focused organization. With that, I'll now turn the call over to John.

Thanks, Laurie, and good morning, everyone. As we approach our November 1 spin off, Qunity is poised to emerge as a premier pure play technology solutions partner to the semiconductor value chain. With a leading portfolio, a focused business model and global and local scale, I could not be more excited about Cunity's future. Established with decades of innovation, quality, consistency and technical know how, we are a trusted partner to the world's leading semiconductor customers and electronics industry OEMs. Our broad and uniquely positioned portfolio brings end to end solutions and competitive advantages that span the entire electronics value chain, enabling AI applications as well as high performance computing and advanced connectivity.

Qunity is well positioned for growth powered by a large and expanding addressable market and multiple industry tailwinds. I am equally excited about our upcoming Investor Day. At that event, I will share more about our portfolio and strategy, unique competitive advantages and innovation engine to drive long term growth. I will now turn the call over to Antonella to cover the financials and outlook.

Thanks, John, and good morning, everyone. I am pleased with another quarter of organic growth and margin improvement as continued volume growth across many key end markets and operational focus by our team drove strong financial performance in the quarter, including solid cash conversion. Beginning with second quarter financial highlights on Slide five. Net sales of $3,300,000,000 increased 3% versus the year ago period on 2% organic sales growth. Organic sales growth consisted of a 4% increase in volume, partially offset by a 2% decline in price.

Currency was a 1% benefit in the quarter. From a segment view, both segments saw organic sales growth with Electronics Co and Industrials Co, up 61%, respectively. Organic growth during the quarter was led by high single digit growth in Interconnect Solutions and Healthcare and Water Technologies, along with mid single digit strength in semi. From a regional perspective, Asia Pacific delivered 4% organic sales growth year over year. Organic sales were up 2% in Europe and 1% in North America.

Second quarter operating EBITDA of $859,000,000 increased 8% versus the year ago period as organic growth and productivity benefits were partially offset by growth investments. Operating EBITDA margin during the quarter of 26.4% increased 120 basis points year over year. Turning to free cash flow. We delivered transaction adjusted free cash flow of $433,000,000 and related conversion of 93 percent in the quarter. This was in line with our expected acceleration.

Turning to Slide six. Adjusted EPS for the quarter of $1.12 per share increased 15% from $0.97 in the year ago period. Higher segment earnings of $0.11 drove the year over year increase, along with a lower tax rate, which resulted in a $04 benefit. Turning to segment results, beginning with Electronics Co. On Slide seven.

Second quarter net sales of $1,200,000,000 increased 6% versus the year ago period on both a reported and organic basis due to an 8% increase in volume, partially offset by a 2% decrease in price. Currency was about flat during the quarter. At the line of business level, organic sales for semiconductor technology were up mid single digits on continued strong end market demand driven by advanced nodes and AI technology applications. Semi demand was better than expected, driven by tiny shifts of about 15,000,000 from the third quarter into the second quarter, primarily in China. Interconnect Solutions also posted another strong quarter with organic sales up high single digits, reflecting continued demand from AI driven technology ramps and benefits from content and share gains across advanced packaging solutions.

Operating EBITDA for Electronics Co. Of $373,000,000 was up 14% versus the year ago period as organic growth and lower legal costs were partially offset by growth investments to support advanced node transitions and AI technology ramps. Operating EBITDA margin during the quarter was 31.9%, up two twenty basis points versus the year ago period. Turning to Slide eight. Industrials.co second quarter net sales of $2,100,000,000 were up 1% versus the year ago period on both a reported and organic basis as 2% volume growth was partially offset by a 1% decline in price.

Currency was about flat during the quarter. For the second quarter, health care and water sales were up high single digits on an organic basis versus the year ago period with strong growth in both businesses. Diversified industrial sales were down low single digits on an organic basis due primarily to softness in construction market. Operating EBITDA for Industrials Code during the quarter of $5.00 $9,000,000 was up 3% versus the year ago period on organic growth and productivity gains. Operating EBITDA margin during the quarter was 24.4%, up 50 basis points from the year ago period.

Turning to Slide nine, which outlines our latest view on 2025 financial guidance. From a top line perspective, the midpoint of our full year total company net sales guidance of $12,850,000,000 remains unchanged as currency benefits are offset by volume softness, primarily due to a delayed recovery in construction end markets. We are raising the midpoint of our full year operating EBITDA and adjusted EPS guidance to $3,360,000,000 and $4.4 per share respectively, driven by our stronger second quarter performance, which more than offsets the net impact of tariffs now incorporated into the outlook. The net tariff impact assumed in the 2025 is currently estimated as a $20,000,000 headwind or $04 per share, equally split between the third and fourth quarter. Our updated guidance assumes no earnings benefit related to currency fluctuations versus the prior guide given our geographic cost base.

For the third quarter, we estimate net sales of about $3,320,000,000 operating EBITDA of about $875,000,000 and adjusted EPS of $1.15 per share, which includes a $02 headwind related to tariffs and a $05 year over year headwind related to tax. Our third quarter guidance assumes about 3% organic sales growth versus the prior year, led by continued growth in health care, water and electronics end markets, partially offset by continued weakness in construction end markets. Overall, another solid quarter and strong first half of the year. I want to thank our employees for delivering these results and for their ongoing support of the separation process. With that, we are pleased to take your questions.

And let me turn it back to the operator to open the Q and A.

And with that, ladies and gentlemen, we'll take our first question from Scott Davis of Melius Research.

Good morning, everyone. Laurie and Antonella.

I just wanted to drill in a little bit on industrials because in three months, it's going to be a stand alone. The 1% price, would I assume that's mostly just due to the tieback weakness and some price you have to kind of give up in that business when material costs are down?

Yes. Scott. No. It's more related to the price that we took through the inflationary period and having to give back a little bit as the raw material environment resolved. So it really was more in the diversified industrial space.

There really wasn't anything in the in that tieback or health care space. So we look to reduce that price headwind as we go through this year just as we lap some of the concessions that started in 2024.

Okay. And will there be an effort to capture price to offset the tariff impacts then as well, Lori?

We do have some, but the majority of the reductions is related to supply chain moves, so we're able to move product around to avoid the tariffs. There is a little bit of surcharges that we put in to offset, but the majority of the benefit reducing the gross headwind down to the $20,000,000 net headwind is from supply chain move.

Okay. That's it for me. I'll pass it on. Thank you. Best of luck in the spin.

Alright. Next up, we have Jeff Sprague of Vertical Research Partners.

Hey. Good morning. Hey. On on the settlement, obviously, nice to see that done. Very interesting comment, right, that AFFF was 1% of the settlement amount.

You've made a long time argument, right, that you shouldn't really be embroiled in AFFF to a significant degree. But I just wonder how we should read that across. One could maybe guess that New Jersey was so big and complicated and there was so much going on that AFFF considerations were really way down the pecking order, but perhaps not. Would just I'd love your thoughts on how to read that 1% across the other outstanding AFFF kind of open issues that you're dealing with.

Yeah. We were definitely happy to announce the settlement and get another one behind us. And, you know, the real important piece for us was that it's paid over a twenty five year period. So the the cash flows related to the settlement will be material to the overall DuPont cash flows at any period. So But to your question, the settlement amount that was related to AFFF is in line with where we said the original Water District settlement case would be, with about 3% to 7% of the total headwind belonging to DuPont.

So if you take our portion that's related to AFFF and compare it to the three m announcement earlier in New Jersey, it's in that 5% range, so right in the middle of that three to 7%. So that was really important for us to get out there to kind of give an indication of where future settlements and states where we didn't have a site could land with respect to the overall landscape.

And, Jeff, we have one more state where we have a site where we've done significant remediation, and we continue to. So at some point, you'll probably see something there. That will be North Carolina. But every other state is a triple F and should fall, as Lori said, as this one did, in between that 3% to 7%. And then remember, the 3% to 7%, we're onethree of the three percent to 7% at DuPont.

And one of the other things we liked about this, and Lori mentioned, it was over twenty five years. So I think there's opportunities to structure things like that for the others.

Yes. That's great to hear. And then just back to the brighter side of Industrial Co. Just looking at health care and water, were they up collectively high single digits or both individually were up high single digits? But really my real question is just I would assume we're kind of through the inventory liquidations that have been weighing on those end markets.

But can you give some color on that? Have we recoupled the end demand? Anything else going on in the channel there? And just how you see, you know, the back half playing out in those businesses?

Yeah. No. They were both up nicely. So health care was a little bit ahead of water with respect to growth, but both up nicely. And as you had mentioned, they're decoupling from the lapping of the destock that happened in both RO on the water side and then in medical packaging on the tieback side.

So really starting to get to a nice position. As we look to the back half of the year, we'll continue to expect outsized growth versus the rest of the portfolio in health care and water. Really, a lot of opportunities on the water side just given the secular trends around access to clean water and desalination and on the the health care side just with the aging population. And we've also been pretty clear that we'll look to add to those pieces of the portfolio as we go forward from an m and a perspective. So really starting to try to bolster that piece today.

It's about 40% of the portfolio. We'll look to increase that as we, can advance some of our m and a activity.

We've had some people play in health care mention, know, uncertainty about, you know, Medicaid, Medicare reimbursements and the like. You're not seeing any of that sort of pressure in your business?

Alright. Next up, we have Steve Tusa of JPMorgan.

on this the electronics trends that are going on out there, there's just a lot of mixed messages.

How do you see this cycle in totality? Are you guys at kind of like a normalized run rate of growth? Are we still like are we at a bottom in some of the consumer markets and therefore things can accelerate? Like what is the do you think the broad messaging on the electronic side?

Thanks, Steve. Great question. And I know there's been a lot of discussion already over the last couple of weeks as lots of industry players have reported already. What I would say is that we continue to be in a fairly mixed environment. Really, all of the growth so far for the last several quarters is really coming from AI driven applications across advanced nodes, advanced packaging and data center.

Most of the rest of the electronics economy kind of remains relatively weak. I think we're starting to see the green shoots of stabilization and recovery on the lagging edge parts of the market. And we expect kind of slow improvement as we move through the back half of the year for the more industrial focused, lagging edge semiconductor nodes. And then we still have a relatively weak consumer environment where consumer devices are expected to be up kind of low single digit. So we're really happy with the growth that we've seen and the position of our portfolio with advanced technologies and data centers and advanced packaging.

But as we go forward and we start to see broader recovery, I think there's plenty of opportunity to see continued improvement.

And then just one follow-up to that. If you I guess there were some news around some changes in the way that they're assembling and manufacturing some of these chips with, I guess, direct to the Board type of process. I'm certainly not an expert on this. I'm not sure if you guys have heard about that or looked at it and what that would mean for kind of your content in general on some of these new chips if they change that process?

Yes. Steve, look, I think that those type we've said for a long time that we see convergence across the technology roadmaps between the chip fabrication and the semi roadmaps as well as the printed circuit board roadmaps. And that kind of converges mostly in the advanced packaging space. But because we have a really nice position kind of on both ends of that spectrum, we're able to sit down at the table with our customers and understand their end to end manufacturing process, their system integration and really work with them to solve problems. And to your point, we're seeing an increased number of engagements broadly with all of the industry leaders to help solve those challenges across both sides of our portfolio.

Alright. Next up, we have Chris Parkinson of Wolfe Research.

Great. Thank you. John, if I could just ask that question slightly differently. When I take a step back and I look at the environment heading into 2026, I think most people are aware of the kind of the node transitions. But when you think about your portfolio and where you stand and what you're seeing in terms of second half growth rates and where you think you could ultimately be, could you just quickly comment on what you're seeing across semi advanced packaging and ICS in terms of data center, HPC and hyperscalers?

It seems like there's some diverging growth rates, but things should ultimately be moving in the right direction over the next twelve months. So I'd love to hear your thoughts on that. Thank you.

Yes, Chris. Thanks for the question. I think you're absolutely right. The hyperscalers, the most part, seem to continue to be very robust in their investments and continuing to put in capacity. And we see ongoing node migrations to support those investments from our customers.

We're really excited as we get into the second half of the year on the node migrations, particularly at N2 as well as some of the HBM, whether that's 3E or four on the DRAM side. We're really well positioned with content gains on both N2 and on the HBM side. So we see that as net positive as those more advanced nodes start to scale. And then to the comment I made earlier, as we start to see a broader market recovery both in the more industrial parts of the market and the consumer parts of the market as we start to see some of those refresh cycles tick up, obviously that will be a nice plug as well. As it gets into more of 2026, stay tuned for that.

As we mentioned, we'll be doing Investor Day in mid September and we'll provide a lot more color on the trends that we're seeing kind of in the second half of the year and heading into next year.

All right. Next up we have John McNulty of BMO Capital Markets.

Yes. Thanks for taking my question. Wanted to dig into Healthcare and Water a little bit more. The high single digit growth, certainly looks like it did better than what we saw from most in Water and actually most in Healthcare as well. I guess, can you speak to the drivers that you're seeing there?

Which of them are kind of industry or end market driven? And which ones are maybe some of your own initiatives that may be helping to accelerate the growth?

Thanks. So a little bit was the recovery. So this was probably the last quarter that we would see the outsized number because of the lapping of the destock last year on the RO side and on the Medical Packaging side and then also on the Livio side. So on the biopharma side, we're seeing nice growth there. But underlying, it really just had goes back to the megatrends, and we're really well positioned to take advantage of those.

So we've got really great customer relationships. We're leading positions in really all the end markets that we compete in. We've done a really nice job on the water side to really shore up our position in China. So we had mentioned that last year, we saw a bit of a destock, especially within the distributor channels that led to negative growth in 2024, and we quickly corrected that and got us back on track to see really nice share regain within the China on the RO side. So it's really just being well positioned in a nicely growing market.

And as I had mentioned, we'll continue to try to add to that portfolio so that we can continue to drive outsized growth for the new DuPont.

Got it. Okay. And then maybe just the second question, just look, splitting up a company has a lot of things to do, as I'm sure you're all seeing. I guess, does M and A and building up a list of assets for potential acquisition and the team to evaluate them, where does that fit kind of in your to do list? And how should we be thinking about that?

And how are the boards thinking about that when the assets actually do split come November?

Yes. So obviously, the first priority for us is getting Unity separated. So we're well on track with that separation. We'll have the go live internally on October 1 and then, obviously, the formal separation on November 1. But our strategy organization and a lot of, you know, my time and Antonella's time is spent looking at making sure we've got the right pipeline from an MA perspective to be proactive when we have the opportunity.

So we spend a lot of time discussing this with the board around where the key components are. There's a lot of fragmentation left within the health care space that we'll look to continue to take advantage of. Obviously, we completed Spectrum and Donnatal the past couple of years that really gave us nice positions in the the med device space, and we'll look to add on there and the same in water. So, you know, making the decision early earlier this year to keep water portfolio was the right one, and we'll continue to add to it. So it's a key focus of our strategy team.

They're not really involved in the separation work that goes on, so they can obviously dedicate their full time to looking and scouting out new opportunities for us.

Alright. So next up, we have David Begleiter of Deutsche Bank.

Thank you. Good morning. John, just in Internet Connect Solutions, sorry, organic sales growth did slow versus Q1 or the rate of growth did slow. Can you talk to why that occurred?

Yes. I think it's really just the year over year comp. So 2024, we were still kind of in the midst. The recovery hadn't really started yet. And so 2024 was a pretty easy comp.

We started to see acceleration in growth and the recovery, especially on the AI and advanced packaging side, really starting in the second quarter and then continuing through the 2024. So ICS has now posted several really strong quarters on the back of some great wins and share gains in both advanced packaging and data centers, and we expect that momentum to continue into the back half of the year.

Perfect. And Laurie, in the PFAS news yesterday, you're agreeing to buy rights to insurance proceeds from Chemours. Can you discuss why you're doing that and what that means for potential future support from DuPont to Chemours? Thank you.

Yeah. So together with Corteva, we did that to ensure that, you know, Chemours had the ample liquidity to be able to make the payments over the next five years, and I think they were making statements covered them through 2030. So they should be in a really nice position to be able to make those payments as they come due. And I think reiterating what we had said earlier, just the twenty five year payment schedule was really key to that announcement and sets the precedent, hopefully, for for future announcements. So that was really the reason behind it.

We, you know, we obviously had the MOU broadly governing the payments between the three parties, and I think it's been working really well for us.

Yeah. And and and we're also highly confident we're gonna recover the insurance money, so it's it's not a freebie. We'll get paid back on that.

Alright. Next up, we have Josh Spector of UBS.

Yes. Hi. Good morning. I wanted to ask a question for John about the mix in electronics. I think one of the learnings from us from the Form 10 filings was the greater share of China exposure within Qunity.

It's about 34%, almost double where some of the peers are. And I think some of the commentary in the industry is higher exposure to leading edge nodes, which helps drive above average growth. Can you just square that view versus higher exposure in China? And why that is, I guess, good exposure in your opinion? Thanks.

Yes. Thanks, Josh. So when you look about China for Acunity, last year, and I think this is what's in the Form 10, we had about $1,400,000,000 It's just over 30,000,000,000 It's about a third of our total sales. When you look at that, more than half of that is really coming from the ICS part of the portfolio and the PCB assembly. And that's just a function of where that part of the market is and the preponderance of printed circuit board and assembly manufacturing in the world is taking place in China.

And so it's somewhat natural that our position with the technology leaders in that space would give us some outside sales in China. And then on the semi side, about nominally, it's about $650,000,000 A part of that is going to multinational companies who are manufacturing in China. And then we've seen the startup of a lot of new fabs in China over the last couple of years. And we're well positioned in the start up environment because of the quality and the reputation of our materials. So that's what's fueled a lot of the growth that we've seen specifically in China.

As we look forward, we've said over the last couple of quarters, we've said we expect a normalization of growth in China. I would expect that to come down to be kind of if you take kind of 2024 and the acceleration out, typically we would expect to be about 30% of sales in China and I think that's kind of where we'll normalize too. That's pretty consistent with others in the industry. And I think China is a large and growing market in electronics and we're well positioned to win in China. And we'll particularly in, like I said, in some of the circuit board and assembly technologies where we've got local teams on the ground there and we're doing a lot of local for local type strategies.

As supply chain shift based on kind of geopolitical or other requirements, we've got a really good global position and we'll shift with our customers as those supply chains evolve over time.

Thanks. That's very helpful. I wanted to ask separately just if you can comment at all on if there is a process on Arimind's divestments. And if so, I guess, how how you're thinking about in the context of an Investor Day in one months? Point Is there a goal to maybe have a firm view of if that's in or not the portfolio before that happens to make an easier communication story for you on the RemainCo DuPont?

Or is this just ongoing, and we'll see where it ends up?

DuPont (DD) Q2 2025 Earnings Call Transcript

Company Participants