Ingredion Incorporated Reports 2025 Fourth Quarter and Full-Year Results

• Reported and adjusted* EPS were $11.18 and $11.13 for full-year 2025, compared with $9.71 and $10.65 for full-year 2024
• Cash from operations was $944 million for the full-year 2025, during which the Company returned $435 million to shareholders, including $224 million of share repurchases
• The Company expects its full-year 2026 outlook for reported and adjusted EPS to be in the range of $11.00 to $11.80
   

WESTCHESTER, Ill., Feb. 03, 2026 (GLOBE NEWSWIRE) -- Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to the food and beverage manufacturing industry, today reported its fourth quarter 2025 and full-year 2025 results.

“We delivered record full-year financial results driven by continued strength in Texture & Healthful Solutions and solid results from our Food & Industrial Ingredients—LATAM business,” stated Jim Zallie, president and CEO of Ingredion. “These strong performances were partially offset by slower-than-expected operational recovery within our Food & Industrial Ingredients—U.S./CAN business.”

“Texture & Healthful Solutions delivered a solid quarterly performance with 4% sales volume growth, driven by strong demand for our clean label offerings and our expanding solutions portfolio, both of which outpaced net sales growth within the segment. Additionally, specialty starch modernization upgrades at our Indianapolis facility came online during the fourth quarter, further enhancing reliability and expanding our capacity to support texture solutions growth.”

“Our Food & Industrial Ingredients—LATAM segment regained momentum in the fourth quarter, delivering operating income growth for the full year as market conditions improved. In Food & Industrial Ingredients—U.S./CAN, operational challenges combined with weaker sweetener demand, driven primarily by higher retail prices for canned beverages, impacted results.”

“As we enter 2026, we are well-positioned to build on our current Texture & Healthful Solutions momentum, and we anticipate F&II—U.S./CAN will overcome the operational setbacks that meaningfully impacted 2025 results. Supported by strong cash generation and a healthy balance sheet, we will continue to demonstrate disciplined capital allocation to create long-term value for shareholders.”

Diluted Earnings Per Share (EPS)

Factors affecting changes in Reported and Adjusted EPS

**Totals may not sum or recalculate due to rounding

Business Review

Total Ingredion

Net Sales

*Represents loss of volume due to the sale of our South Korea business
 

• Fourth quarter and full-year 2025 net sales decreased 2% and 3% from fourth quarter and full-year 2024. The decrease was driven by lower volume from each of the F&II segments, and price mix, primarily from lower raw material costs, partially offset by T&HS volume increases. Excluding foreign exchange impacts, fourth quarter and full-year 2025 net sales were down 4% and 3% from fourth quarter and full-year 2024.
   

Reported Operating Income

Adjusted Operating Income

Operating Income

• Fourth quarter 2025 reported and adjusted operating income were $220 million and $228 million, respectively, an increase of 36% and a decrease of 8% versus the fourth quarter 2024. The difference between reported and adjusted operating income was primarily attributable to restructuring costs associated with our Cost2Compete initiatives. Excluding foreign exchange impacts, reported and adjusted operating income for the fourth quarter 2025 were up 31% and down 11%, respectively, from the fourth quarter 2024.
   
• Reported and adjusted operating income for full-year 2025 were $1,016 million and $1,028 million, respectively, an increase of 15% and an increase of 1% versus full-year 2024. The difference between reported and adjusted operating income was primarily attributable to restructuring and impairment costs associated with our Cost2Compete initiatives.
   

Texture & Healthful Solutions

Net Sales

Segment Operating Income

• Fourth quarter 2025 operating income for Texture & Healthful Solutions was $90 million, a decrease of $4 million from the fourth quarter 2024, and full-year 2025 operating income was $405 million, an increase of $55 million from the prior year. The decrease for the quarter was primarily due to one-time SG&A expenses, the effect of which was partially offset by gross profit dollar growth from volume gains in the current period. The increase for the full year was driven by lower raw material and input costs, as well as improved volumes, partially offset by an unfavorable price mix and higher operating expenses. Excluding foreign exchange translational impacts, segment operating income was down 7% for the fourth quarter and up 14% for the full year.
   

Food & Industrial Ingredients–LATAM

Net Sales

Segment Operating Income

• Fourth quarter 2025 operating income for Food & Industrial Ingredients–LATAM was $123 million, an increase of $2 million from the fourth quarter 2024, and full-year 2025 operating income was $493 million, an increase of $10 million from the prior year. The increase in the fourth quarter was driven by favorable input costs and foreign exchange impacts, partially offset by lower volume demand. The full year operating income increase was driven by favorable raw material costs and Mexico transactional currency impacts, partially offset by lower volume demand. Excluding foreign exchange translational impacts, segment operating income was down 1% and up 2% for the fourth quarter and the full-year 2025.
   

Food & Industrial Ingredients–U.S./Canada

Net Sales

Segment Operating Income

• Fourth quarter 2025 operating income for Food & Industrial Ingredients—U.S./Canada was $56 million, a decrease of $26 million from fourth quarter 2024 and full-year 2025 operating income was $315 million, a decrease of $58 million from the prior year. The decrease in the fourth quarter and full year resulted primarily from production challenges at one of our large manufacturing facilities and lower-than-expected beverage and food volume demand. Excluding foreign exchange translational impacts, segment operating income was down 32% for the fourth quarter and down 15% for the full year.
   

All Other**

Net Sales

All Other Operating Income (Loss)

• Fourth quarter 2025 operating income for All Other was $3 million, an increase of $7 million from fourth quarter 2024, and full-year 2025 operating loss was $2 million, an improvement of $20 million from the prior year. The increase for the fourth quarter and full year resulted primarily from improvements in the plant-based protein business, partially offset by lower profits from the Pakistan business.
   

**All Other consists of the businesses of multiple operating segments that are not individually or collectively classified as reportable segments. Net sales from All Other are generated primarily by sweetener and starch sales by our Pakistan business, sales of stevia and other ingredients from our PureCircle and Sugar Reduction businesses, and pea protein ingredients from our Protein Fortification business.

Other Financial Items

• At both December 31, 2025 and 2024, total debt and cash, including short-term investments, were $1.8 billion and $1.0 billion.
• Cash from operations for full-year 2025 was $944 million, down from $1,436 million for full-year 2024, reflecting investment in working capital.
• Reported net financing costs were $9 million for both the fourth quarter 2025 and the fourth quarter 2024.
• Reported and adjusted effective tax rates for the fourth quarter 2025 were 19.3% and 24.0%, compared to 36.2% and 25.2%, for the prior-year period. The two main drivers of the decrease in the reported effective tax rate were the change in value of the Mexican peso against the U.S. dollar and the recapture of U.S. tax benefits, which negatively impacted our tax rate in 2024.
• Net capital expenditures for full-year 2025 were $433 million, up $138 million from full-year 2024.
   

Dividends and Share Repurchases

For full-year 2025, the Company paid $211 million in dividends to shareholders, and in the fourth quarter 2025 declared a quarterly dividend of $0.82 per share that was paid in the first quarter of 2026. During 2025, the Company repurchased 1.8 million outstanding shares of common stock at a net cost of $224 million. To support total shareholder return, the Company is dedicated to continuing to return value to shareholders through cash dividends and share repurchases.

2026 Full-Year Outlook

The Company expects its full-year 2026 reported and adjusted EPS to each be in the range of $11.00 to $11.80. This guidance does not assume extraordinary changes in current tax rates, tariffs or trade, or food regulations. This expectation excludes any acquisition-related integration and restructuring costs, as well as any potential impairment costs.

The Company expects full-year 2026 net sales to be up low single-digits to mid-single-digits, reflecting greater volume demand and foreign exchange impacts, partially offset by price mix. Reported and adjusted operating income are expected to be up low single-digits for full year 2026.

The 2026 full-year outlook assumes the following: Texture & Healthful Solutions operating income is expected to be up low single-digits to mid-single-digits, driven by sales volume growth offset by price mix; Food & Industrial Ingredients—LATAM operating income is expected to be flat to up low single-digits, reflecting sales volume growth, offset by price mix; Food & Industrial Ingredients—U.S./Canada operating income is expected to be flat, as operational improvements are offset by input cost increases; and All Other operating income is anticipated to improve by $5 to $10 million from the prior year.

Corporate costs for full-year 2026 are expected to be flat to up low single-digits.

For full-year 2026, the Company expects both the reported and adjusted effective tax rates to be 25.5% to 27.0%.

Cash from operations for the full-year 2026 is expected to be in the range of $820 million to $940 million, reflecting continued investments in working capital as net sales are expected to grow. Capital expenditures for the full year are expected to be approximately $400 million to $440 million.

First quarter 2026 outlook

For the first quarter of 2026, the Company expects net sales to be down low single-digits compared to the same quarter last year, with reported and adjusted operating income expected to be down mid-double-digits, primarily attributable to the challenging comparison with the prior year's robust first quarter 26% increase in adjusted operating income.

Conference Call and Webcast Details

Ingredion will host a conference call on Tuesday, February 3, 2026, at 8 a.m. CT/9 a.m. ET, hosted by Jim Zallie, president and chief executive officer, and Jim Gray, executive vice president and chief financial officer. The call will be webcast in real-time and can be accessed at https://ir.ingredionincorporated.com/events-and-presentations. A presentation containing additional financial and operating information will be available on the Company's website above and for download a few hours prior to the start of the call. A replay will be available for a limited time at https://ir.ingredionincorporated.com/financial-information/quarterly-results.

About the Company

Ingredion Incorporated (NYSE: INGR) headquartered in the suburbs of Chicago, is a leading global ingredient solutions provider serving customers in nearly 120 countries. With 2025 annual net sales of approximately $7.2 billion, the Company turns grains, fruits, vegetables and other plant-based materials into value-added ingredient solutions for the food, beverage, animal nutrition, brewing and industrial markets. With Ingredion's Idea Labs® innovation centers around the world and more than 11,000 employees, the Company co-creates with customers and fulfills its purpose of bringing the potential of people, nature and technology together to make life better. Visit ingredion.com for more information and the latest Company news.

Forward-Looking Statements

This news release contains or may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Ingredion intends these forward-looking statements to be covered by the safe harbor provisions for such statements.

Forward-looking statements include, among others, any statements regarding our expectations for full-year 2026 reported and adjusted earnings per share, net sales, reported and adjusted operating income, segment and All Other operating income, corporate costs, reported and adjusted effective tax rate, cash from operations, working capital, and capital expenditures, our expectations for 2026 first quarter net sales and reported and adjusted operating income, and any other statements regarding our prospects and our future operations, financial condition, volumes, cash flows, expenses or other financial items, including management's plans or strategies and objectives for any of the foregoing and any assumptions, expectations or beliefs underlying any of the foregoing.

These statements can sometimes be identified by the use of forward-looking words such as “may,” “will,” “should,” “anticipate,” “assume,” “believe,” “plan,” “project,” “estimate,” “expect,” “intend,” “continue,” “pro forma,” “forecast,” “outlook,” “opportunities,” “potential,” or other similar expressions or the negative thereof. All statements other than statements of historical facts therein are “forward-looking statements.”

These statements are based on current circumstances or expectations, but are subject to certain inherent risks and uncertainties, many of which are difficult to predict and beyond our control. Although we believe our expectations reflected in these forward-looking statements are based on reasonable assumptions, investors are cautioned that no assurance can be given that our expectations will prove correct.

Actual results and developments may differ materially from the expectations expressed in or implied by these statements, based on various risks and uncertainties, including changes in consumer practices, preferences, demand and perceptions that may lessen demand for the products we make; geopolitical conflicts and actions arising from them, including the impacts on the availability and prices of raw materials and energy supplies, supply chain interruptions, and volatility in foreign exchange and interest rates; the effects of global economic conditions and the general political, economic, business, and market conditions that affect customers and consumers in the various geographic regions and countries in which we buy our raw materials or manufacture or sell our products, and the impact these factors may have on our sales volumes, the pricing of our products and our ability to collect our receivables from customers; our reliance on purchases of our products by major industries which we serve and from which we derive a significant portion of our sales, including, without limitation, the food, beverage, animal nutrition and brewing industries; the risks associated with pandemics; our ability to develop or acquire new products and services at rates or of qualities sufficient to gain market acceptance; increased competitive and/or customer pressure in the corn-refining industry and related industries, including with respect to the markets and prices for our primary products and our co-products, particularly corn oil, and the ability to pass through price increases in our key inputs; price fluctuations, supply chain disruptions, tariffs, duties and shortages affecting inputs to our procurement, production processes and delivery channels, including raw materials, energy costs and availability and cost of freight and logistics; our ability to contain costs, achieve budgets and realize expected synergies, including our ability to complete planned maintenance and investment projects on time and on budget as well as to effectively manage freight and shipping costs and hedging activities; operating difficulties at our manufacturing facilities and liabilities relating to product safety and quality; the effects of climate change and legal, regulatory, and market measures to address climate change; our ability to successfully identify and complete acquisitions, divestitures, or strategic alliances on favorable terms, as well as to successfully conduct due diligence, integrate acquired businesses or implement and maintain strategic alliances and achieve anticipated synergies with respect to such transactions; economic, political and other risks inherent in conducting operations in foreign countries and in foreign currencies; the failure to maintain satisfactory labor relations; our ability to attract, develop, motivate, and maintain good relationships with our workforce; the impact of legal and regulatory proceedings, lawsuits, claims and investigations; the impact of any impairment charges on our goodwill or long-lived assets; the impact on our business of political events, trade and international disputes, war, threats or acts of terrorism, and natural disasters; changes in government policy, law, or regulation and costs of legal compliance, including compliance with environmental regulation or the occurrence of other significant events beyond our control; changes in our tax rates or exposure to additional income tax liability; risks affecting our ability to raise funds at reasonable rates and other factors affecting our access to sufficient funds for future growth and expansion; increases in interest rates that could increase our borrowing costs; interruptions, security incidents, or failures with respect to information technology systems, processes, and sites; risks affecting the continuation of our dividend policy; and our ability to maintain effective internal control over financial reporting.

Our forward-looking statements speak only as of the date on which they are made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement as a result of new information or future events or developments or otherwise. If we do update or correct one or more of these statements, investors and others should not conclude that we will make additional updates or corrections. For a further description of these and other risks, see “Risk Factors” and other information included in our Annual Report on Form 10-K for the year ended December 31, 2024, and our subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission.

CONTACTS:
Investors: Noah Weiss, 773-896-5242
Media: Rick Wion, 708-209-6323

More details could be found on this link: Ingredion Incorporated Reports 2025 Fourth Quarter and