DuPont (DD.N) — Solid 3Q26 Beat Led by Diversified Industrials; FY26 Guidance Raise

DuPont posted a solid beat with adjusted EPS of $2.09 versus our $1.87 estimate and FactSet consensus the same. Operating EBITDA of $469mm came in above our $452mm estimate and prior guidance of $448mm. The beat was led by Diversified Industrials, with 5% organic growth, and Building Technologies was notably up mid-single digits on strength in Asia and surprisingly North America. Healthcare & Water Technologies also had strong operating leverage despite low-single-digit organic sales in water, with productivity and mix tailwinds contributing. Segment EBITDA rose 7% to $263mm at a 30.4% margin, up 80bps, while Diversified Industrials EBITDA rose 11% to $242mm at a 24.1% margin, up 140bps. FY26 EBITDA guidance of $1.785bn sits above consensus of $1.762bn, and 4Q26 guidance of roughly $455mm is slightly above consensus of $451mm, underpinned by about 8% organic sales growth in 4Q26. DD will also repurchase $250mm of shares in 4Q26 after completing its $250mm ASR and $100mm in open market