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Ingredion (INGR) FY2025 results: revenue $7.2 billion, down 2.8% on the year

Ingredion Inc. (INGR) reported revenue of $7.2 billion for fiscal 2025, the year ended 31 December 2025, down 2.8% on the year before. Net income was $729 million, up 12.7%, and diluted earnings per share $11.18. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2026.

Revenue
$7.2 billion
-2.8% on the year
FY2018FY2025
Operating margin
14.1%
11.9% a year earlier
FY2018FY2025
Net income
$729 million
+12.7% on the year
FY2018FY2025
Diluted EPS
$11.18
+15.1% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 12 new.

  • Fourth-quarter operating income rose 36%: Reported Q4 operating income was $220 million versus $162 million a year earlier. Adjusted operating income was $228 million versus $248 million.
  • Full-year reported operating income up 15%: Full-year adjusted operating income was $1,028 million against $1,016 million in 2024.
  • Full-year EPS reached $11.18: Adjusted diluted EPS was $11.13 for 2025, against $9.71 reported and $10.65 adjusted for 2024.
  • T&HS full-year profit rose on volume: Full-year T&HS operating income reached $405 million from $350 million, with lower raw material and input costs cited.
  • US/CAN operating income declined: US/CAN Q4 operating income was $56 million and full-year $315 million. Excluding FX, the declines were 32% for Q4 and 15% for the year.
Read the Q4 FY2025 earnings call summary

From this 10-K

Ingredion turns corn and other plant-based materials, such as tapioca, potato, peas and rice, into ingredients for food, beverage, animal nutrition, brewing and industrial customers, mainly starches and sweeteners. It sells to customers in over 60 industries worldwide, and its principal executive offices are in Westchester, Illinois.

Ingredion Inc., the 10-K for 2025

Ingredion turns corn and other plant-based materials, such as tapioca, potato, peas and rice, into ingredients for food, beverage, animal nutrition, brewing and industrial customers, mainly starches and sweeteners. It sells to customers in over 60 industries worldwide, and its principal executive offices are in Westchester, Illinois.

What it makes

Its starches go into processed foods, where they control texture, gelling and freshness, and into paper and corrugated boxes, textiles, adhesives, construction materials, pharmaceuticals and cosmetics. Its sweeteners include glucose syrups, high maltose syrups, high fructose corn syrup, dextrose, polyols, maltodextrins and stevia, used in baked goods, candy, dairy products, beverages and beer, and dextrose also goes into intravenous solutions. It also sells pea protein ingredients, refined corn oil to cooking oil packers and food makers, and corn gluten feed and meal for livestock, pet food and aquaculture.

Segments

Texture & Healthful Solutions sells modified and native starches, clean-label texturizers, hydrocolloids and custom formulations to customers worldwide from 20 manufacturing facilities in the U.S., Canada, Asia-Pacific and Europe, and competes with ADM, Tate & Lyle, Cargill and Roquette. Food & Industrial Ingredients-LATAM has nine plants in Mexico and South America that turn mainly corn, along with some tapioca and sugar, into starches, sweeteners and co-products for local markets; brewers in Latin America are among its customers and use high maltose corn syrup and starches in their beer. Food & Industrial Ingredients-U.S./Canada has six plants in the U.S. and Canada that turn corn into starches, sweeteners and co-products, shipped by bulk rail car or tanker truck. All Other includes its Pakistan business, PureCircle stevia, other sugar reduction sweeteners and pea protein.

Recent changes

In September 2025 it agreed to sell a 51 percent ownership interest in its Pakistan business, subject to conditions and approvals, and in December 2025 it gave Nishat Group an option to buy more shares. It sold its South Korea business on February 1, 2024.

Raw materials and selling

Corn, mainly yellow dent, is its primary raw material. Its U.S. operations use U.S. corn, while its subsidiaries elsewhere use local corn and imports, and most of its Mexico and Colombia operations import their corn from the United States. Its salaried sales staff, generally organized by region, sell directly to manufacturers and distributors, and it hires trucking companies to deliver bulk products.

People

At December 31, 2025, it employed approximately 11,200 people, approximately 3,200 of them in the U.S. and Canada, where approximately 33 percent are union members. By segment, Texture & Healthful Solutions had about 3,200, Food & Industrial Ingredients-LATAM 3,900, Food & Industrial Ingredients-U.S./Canada 1,300, and All Other, including corporate staff, 2,800.

From Ingredion's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 17 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue7,2197,4308,160-2.8%
Cost of revenue5,3915,6396,411-4.4%
Gross profit1,8281,7911,749+2.1%
Gross margin25.3%24.1%21.4%
Research and development71.067.063.0+6.0%
Operating income1,016883957+15.1%
Operating margin14.1%11.9%11.7%
Pre-tax income974931839+4.6%
Income tax238277188-14.1%
Effective tax rate24.4%29.8%22.4%
Net income729647643+12.7%
Net margin10.1%8.7%7.9%
Diluted EPS$11.18$9.71$9.60+15.1%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow9441,4361,057-34.3%
Capital expenditure433295314+46.8%
Free cash flow5111,141743-55.2%
Free cash flow margin7.1%15.4%9.1%
Cash from investing-444-47.0-329
Cash from financing-491-765-569
Depreciation and amortisation222214219+3.7%
Share-based compensation40.037.033.0+8.1%
Dividends paid211210194+0.5%
Diluted shares, weighted65m67m67m-2.1%
Shares outstanding at period endn/a64m65m

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity4,2743,8043,538+12.4%
Non-controlling interest21.019.014.0+10.5%
Redeemable equity64.060.055.0+6.7%
Debt1,7901,8312,188-2.2%
Operating lease liabilities118145157-18.6%
Other liabilities1,6301,5851,690+2.8%
Total liabilities and equity7,8977,4447,642+6.1%
Fixed assets2,5262,2642,370+11.6%
Goodwill922906918+1.8%
Intangible assets347358385-3.1%
Securities held for sale or to maturity6.05.0n/a+20.0%
Cash and equivalents1,030997401+3.3%
Receivables1,1851,0931,279+8.4%
Inventory1,2271,1871,450+3.4%
Other assets654634839+3.2%
Total assets7,8977,4447,642+6.1%

10-K for the year ended 31 December 2025, filed 17 February 2026: the filing.