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SEGMENTS
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
The Company's segments are aligned with the market verticals they serve, while maintaining integration and innovation strengths within strategic value chains. The Company's Chief Executive Officer is its CODM. Effective in the first quarter of 2025, in anticipation of the Separation, DuPont and Qnity realigned their segment structure. As a result of this realignment, Qnity consists of two operating and reportable segments: Semiconductor Technologies (“Semi”) and Interconnect Solutions (“ICS”). All periods presented have been adjusted to conform to the current segment reporting structure. This realignment is consistent with how the CODM now assesses performance. Major products by segment include: Semi (which includes chemical mechanical planarization (“CMP”) pads and slurries, photoresists, functional sub-layers, advanced overcoats, post-CMP cleaners, post-Etch residue removers and emerging cleans) and ICS (which includes copper pillar plating, copper redistribution layer, solder bump plating, under bump metallization, photoresists, packaging dielectrics, gap fillers, phase change, specialty thermal interface materials, thermally conductive insulators, copper playing solutions, dry film photoresists, laminates and polyimide films). The Company operates globally in substantially all of its product lines. Transfers of products between operating segments are generally valued at cost, to the extent such transfers are applicable.

The Company's measure of profit/loss for segment reporting purposes is Operating EBITDA as this is the manner in which the CODM assesses performance and allocates resources. The CODM utilizes Operating EBITDA to assess financial performance and allocate resources by comparing actual results to historical and previously forecasted results. The Company defines Operating EBITDA as earnings (i.e., “Income (loss) before income taxes”) before interest, depreciation, amortization, non-operating pension and other post-employment benefits / charges, and foreign exchange gains / losses, indirect legacy costs, and adjusted for significant items. Reconciliations of these measures are provided on the following pages.
Segment Net Sales, Significant Segment Expenses and Segment Operating EBITDAThree Months Ended September 30,
20252024
(In millions)Semiconductor TechnologiesInterconnect SolutionsSemiconductor TechnologiesInterconnect Solutions
Segment net sales$693 $583 $640 $508 
Less 1:
Cost of sales$360 $341 $315 $294 
Selling, general and administrative expenses69 77 76 70 
Research and development expenses58 34 50 30 
Amortization of intangibles & other segment items 2
11 37 12 42 
Add:
Equity in earnings of nonconsolidated affiliates$14 $1 $10 $— 
Depreciation and amortization 3
31 57 35 63 
Segment operating EBITDA$240 $152 $232 $135 
Segment Net Sales, Significant Segment Expenses and Segment Operating EBITDANine Months Ended September 30,
20252024
(In millions)Semiconductor TechnologiesInterconnect SolutionsSemiconductor TechnologiesInterconnect Solutions
Segment net sales$1,981 $1,583 $1,834 $1,400 
Less 1:
Cost of sales$991 $927 $918 $835 
Selling, general and administrative expenses202 215 226 206 
Research and development expenses167 96 144 84 
Amortization of intangibles & other segment items 2
37 116 35 136 
Add:
Equity in earnings (losses) of nonconsolidated affiliates$38 $(1)$34 $(1)
Depreciation and amortization 3
91 175 93 193 
Segment operating EBITDA$713 $403 $638 $331 
1.The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
2.Other segment items include immaterial other gains or losses and miscellaneous income and expenses.
3.Depreciation is a reconciling item to Segment Operating EBITDA as it is included within "Cost of sales", "Selling, general and administrative expenses" and "Research and development expenses".
Reconciliation of Segment Operating EBITDA to Income Before Income TaxesThree Months Ended September 30,Nine Months Ended September 30,
In millions2025202420252024
Semiconductor Technologies segment operating EBITDA$240 $232 $713 $638 
Interconnect Solutions segment operating EBITDA152 135 403 331 
Total segment operating EBITDA$392 $367 $1,116 $969 
+
Corporate Operating EBITDA 1
$(10)$(8)$(25)$(21)
-Depreciation and amortization94 102 280 297 
-
Interest expense 2
14 — 14 — 
+
Non-operating pension benefit (costs) credits 3
(2)1 (2)1 
+
Foreign exchange gains (losses), net 3
1 (4)(4)3 
+Significant items charges(1)(4)(18)(7)
Income before income taxes$272 $250 $773 $648 
1.Corporate includes certain enterprise and governance activities including non-allocated corporate overhead costs and support functions, leveraged services, and other costs not absorbed by reportable segments.
2.Interest expense in 2025 was driven by interest associated with the Secured and Unsecured Notes.
3.Included in "Other income (expense) - net."

The following tables summarize the pre-tax impact of significant items by segment that are excluded from Operating EBITDA above:
Significant Items by Segment for the Three Months Ended September 30, 2025
Semiconductor TechnologiesInterconnect SolutionsCorporateTotal
In millions
Restructuring and asset related charges - net 1
$— $— $(1)$(1)
Total$— $— $(1)$(1)
1. Includes restructuring actions and asset related charges. See Note 4 for additional information.

Significant Items by Segment for the Three Months Ended September 30, 2024
Semiconductor TechnologiesInterconnect SolutionsCorporateTotal
In millions
Restructuring and asset related charges - net 1
$— $(8)$4 $(4)
Total$— $(8)$4 $(4)
1. Includes restructuring actions and asset related charges. See Note 4 for additional information.
Significant Items by Segment for the Nine Months Ended September 30, 2025
Semiconductor TechnologiesInterconnect SolutionsCorporateTotal
In millions
Restructuring and asset related charges - net 1
$(3)$(4)$(13)$(20)
Employee Retention Credit 2
2 — — 2 
Total$(1)$(4)$(13)$(18)
1. Includes restructuring actions and asset related charges. See Note 4 for additional information.
2. Reflects the accrued interest earned on employee retention credits and is recorded in "Interest income" within the "Other income (expense) - net" line item in the Company's unaudited interim Combined Statements of Operations.

Significant Items by Segment for the Nine Months Ended September 30, 2024
Semiconductor TechnologiesInterconnect SolutionsCorporateTotal
In millions
Restructuring and asset related charges - net 1
$(1)$(10)$4 $(7)
Total$(1)$(10)$4 $(7)
1. Includes restructuring actions and asset related charges. See Note 4 for additional information.

Segment and Corporate InformationSemiconductor TechnologiesInterconnect SolutionsCorporateTotal
In millions
As of September 30, 2025
Total Assets$6,736 $5,313 $463 $12,512 
Investment in nonconsolidated affiliates407 12 — 419 
As of December 31, 2024
Total Assets$6,520 $5,270 $483 $12,273 
Investment in nonconsolidated affiliates370 12 — 382 
Capital Expenditure Reconciliation to Unaudited Interim Combined Financial StatementsThree Months Ended September 30,Nine Months Ended September 30,
In millions2025202420252024
Semiconductor Technologies$37 $18 $94 $49 
Interconnect Solutions25 23 69 53 
Corporate6 5 14 15 
Segment totals$68 $46 $177 $117 
Accrual to cash adjustment 1
(7)(17)37 17 
Total$61 $29 $214 $134 
1.Reflects the incremental cash spent or unpaid on capital expenditures; total capital expenditures are presented on a cash basis.