Ingevity (NGVT) FY2025 results: revenue $1.2 billion, down 2.7% on the year
Ingevity Corp. (NGVT) reported revenue of $1.2 billion for fiscal 2025, the year ended 31 December 2025, down 2.7% on the year before. Net income was -$167 million, and diluted earnings per share $-4.61. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$1.2 billion
-2.7% on the year
FY2018FY2025
Operating margin
35.9%
35.5% a year earlier
FY2018FY2025
Net income
-$167 million
FY2018FY2025
Diluted EPS
-$4.61
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 4 new.
Full year adjusted EBITDA held near prior year: Continuing-operations adjusted EBITDA was $373.0 million, against $376.5 million in 2024 per the schedules. Margin was 31.9%, against 31.4%. Total adjusted EBITDA including discontinued operations was $397.5 million.
Full year net loss driven by impairments: Continuing-operations net loss was $150.3 million, including $336.8 million of pre-tax special charges. Diluted loss per share from continuing operations was $4.15, against $3.34 in the prior year.
Fourth quarter adjusted EBITDA fell 12%: Continuing-operations fourth quarter adjusted EBITDA was $70.3 million, down 12%. The schedules show a 27.6% margin against 30.3% a year earlier. Total adjusted EBITDA was $75.0 million.
Auto disruption cut fourth quarter Materials sales: Fourth quarter Performance Materials sales fell 3% to $151.2 million on lower North American volumes. Segment EBITDA was $78.0 million, at a 51.6% margin.
Fourth quarter Performance Chemicals EBITDA negative: Fourth quarter Performance Chemicals segment EBITDA was negative $1.2 million, against $3.0 million a year earlier. Road Markings pricing, lower plant utilization and higher SG&A were cited.
$ 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
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
331
129
205
+157.5%
Capital expenditure
57.7
77.6
110
-25.6%
Free cash flow
274
51.0
95.3
+436.3%
Free cash flow margin
23.4%
4.2%
7.8%
Cash from investing
-57.5
-79.5
-77.3
Cash from financing
-252
-70.2
-99.9
Depreciation and amortisation
106
108
123
-1.8%
Share-based compensation
18.3
11.9
10.6
+53.8%
Buybacks
56.3
0.0
92.1
Diluted shares, weighted
36m
36m
36m
-0.3%
Shares outstanding at period end
35m
36m
36m
-2.4%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
29.7
195
631
-84.8%
Debt
1,208
1,401
1,467
-13.7%
Operating lease liabilities
22.4
33.6
48.6
-33.3%
Finance lease liabilities
97.6
98.9
100
-1.3%
Other liabilities
293
294
376
-0.3%
Total liabilities and equity
1,651
2,023
2,623
-18.4%
Fixed assets
608
643
762
-5.4%
Goodwill
4.3
175
528
-97.5%
Intangible assets
176
279
336
-36.8%
Securities held for sale or to maturity
50.6
63.6
63.9
-20.4%
Cash and equivalents
78.1
68.0
95.9
+14.9%
Inventory
186
196
309
-5.1%
Other assets
548
598
529
-8.4%
Total assets
1,651
2,023
2,623
-18.4%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.