- 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."
| * | Reported results are in accordance with U.S. generally accepted accounting principles "GAAP." Adjusted financial measures are non-GAAP financial measures. See section II of the Supplemental Financial Information entitled "Non-GAAP Information" following the Consolidated Financial Statements for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures. |
Diluted Earnings Per Share (EPS)
| 4Q24 | 4Q25 | 2024 | 2025 | |||||||||
| Reported Diluted EPS | $ | 1.43 | $ | 2.56 | $ | 9.71 | $ | 11.18 | ||||
| Impairment charges | 1.20 | 0.05 | 1.63 | 0.11 | ||||||||
| Restructuring and resegmentation costs | 0.06 | 0.08 | 0.20 | 0.17 | ||||||||
| Net (gain) on sale of business | - | - | (1.29 | ) | - | |||||||
| Tax items and other matters | (0.06 | ) | (0.16 | ) | 0.40 | (0.33 | ) | |||||
| Adjusted Diluted EPS** | $ | 2.63 | $ | 2.53 | $ | 10.65 | $ | 11.13 | ||||
Factors affecting changes in Reported and Adjusted EPS
| 4Q25 | 2025 | |||
| Total items affecting adjusted diluted EPS** | (0.10 | ) | 0.48 | |
| Total operating items | (0.23 | ) | 0.13 | |
| Margin | (0.22 | ) | 0.39 | |
| Volume | (0.10 | ) | (0.47 | ) |
| Foreign exchange | 0.08 | 0.06 | ||
| Other income | 0.01 | 0.15 | ||
| Total non-operating items | 0.13 | 0.35 | ||
| Other non-operating income | (0.01 | ) | - | |
| Financing costs | - | 0.03 | ||
| Tax rate | 0.06 | 0.09 | ||
| Shares outstanding | 0.08 | 0.23 | ||
| Non-controlling interests | - | - | ||
**Totals may not sum or recalculate due to rounding
Business Review
Total Ingredion
Net Sales
| $ in millions | 2024 | FX Impact | Volume | S. Korea Volume* | Price/Mix | 2025 | Change | Change excl. FX |
| Fourth Quarter | 1,800 | 36 | (40) | - | (39) | 1,757 | (2%) | (4%) |
| Full-Year | 7,430 | 8 | (51) | (24) | (144) | 7,219 | (3%) | (3%) |
*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
| $ in millions | 2024 | FX Impact | Business Drivers | Restructuring/ Impairment | Other | 2025 | Change | Change excl. FX |
| Fourth Quarter | 162 | 7 | (27) | 81 | (3) | 220 | 36% | 31% |
| Full-Year | 883 | 6 | 6 | 106 | 15 | 1,016 | 15% | 14% |
Adjusted Operating Income
| $ in millions | 2024 | FX Impact | Business Drivers | 2025 | Change | Change excl. FX |
| Fourth Quarter | 248 | 7 | (27) | 228 | (8%) | (11%) |
| Full-Year | 1,016 | 6 | 6 | 1,028 | 1% | 1% |
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
| $ in millions | 2024 | FX Impact | Volume | Price/Mix | 2025 | Change | Change excl. FX |
| Fourth Quarter | 581 | 13 | 25 | (28) | 591 | 2% | (1%) |
| Full-Year | 2,366 | 37 | 106 | (112) | 2,397 | 1% | -% |
Segment Operating Income
| $ in millions | 2024 | FX Impact | Business Drivers | 2025 | Change | Change excl. FX |
| Fourth Quarter | 94 | 3 | (7) | 90 | (4%) | (7%) |
| Full-Year | 350 | 8 | 47 | 405 | 16% | 14% |
- 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
| $ in millions | 2024 | FX Impact | Volume | Price/Mix | 2025 | Change | Change excl. FX |
| Fourth Quarter | 584 | 24 | (17) | (4) | 587 | 1% | (4%) |
| Full-Year | 2,450 | (15) | (97) | 3 | 2,341 | (4%) | (4%) |
Segment Operating Income
| $ in millions | 2024 | FX Impact | Business Drivers | 2025 | Change | Change excl. FX |
| Fourth Quarter | 121 | 4 | (2) | 123 | 2% | (1%) |
| Full-Year | 483 | - | 10 | 493 | 2% | 2% |
- 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
| $ in millions | 2024 | FX Impact | Volume | Price/Mix | 2025 | Change | Change excl. FX |
| Fourth Quarter | 511 | - | (37) | (11) | 463 | (9%) | (9%) |
| Full-Year | 2,155 | (9) | (87) | (46) | 2,013 | (7%) | (6%) |
Segment Operating Income
| $ in millions | 2024 | FX Impact | Business Drivers | 2025 | Change | Change excl. FX |
| Fourth Quarter | 82 | - | (26) | 56 | (32%) | (32%) |
| Full-Year | 373 | (3) | (55) | 315 | (16%) | (15%) |
- 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
| $ in millions | 2024 | FX Impact | Volume | S. Korea Volume* | Price/Mix | 2025 | Change | Change excl. FX |
| Fourth Quarter | 124 | (1) | (11) | - | 4 | 116 | (6%) | (6%) |
| Full-Year | 459 | (5) | 27 | (24) | 11 | 468 | 2% | 3% |
All Other Operating Income (Loss)
| $ in millions | 2024 | FX Impact | Business Drivers | 2025 | Change | Change excl. FX |
| Fourth Quarter | (4) | - | 7 | 3 | NM | NM |
| Full-Year | (22) | 1 | 19 | (2) | NM | NM |
- 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
