INTERNATIONAL FLAVORS & FRAGRANCES (IFF) Company Report

IFF targets mid-single-digit sales growth and high-single-digit EBITDA growth CAGRs over time in a normalized environment.
Completed 11 non-core divestitures, unlocking >$6 billion in gross proceeds and refining its portfolio away from Food Ingredients, with that sale expected to close April 1, 2026.
Strengthened its balance sheet, with net debt to credit-adjusted EBITDA improving to 2.6× in 2025 from 4.5× in 2023, and authorized a $500 million share repurchase program.
Plans $150 million in operating expense and $15.5 million in capex investments through 2026 to drive R&D, innovation and capacity expansion.
Delivered average 4% comparable currency-neutral sales growth and 10% adjusted operating EBITDA growth between 2024 and 2026E.

Feb 19, 2026, 6:00 PM

Presentation

IFF presents strategic progress and $500M share buyback at CAGNY 2026

IFF

Share Buyback

IFF plans $150 million reinvestment in operational expenses and increased CapEx to 6% of sales in 2026, focused on innovation and capacity expansion.
Delivered 4% organic top-line growth and 10% EBITDA growth through 2026, reaching the top of its guided ranges.
Completed the divestiture of 11 businesses, generating $6 billion in proceeds and reducing net leverage from 4.5x to 2.6x.
Authorized a $500 million share buyback program to offset dilution and capitalize on intrinsic value opportunities.
Division performance in 2025: Taste – $2.5 billion sales (19% EBITDA), Health & Biosciences – $2.3 billion (15% EBITDA), Scent – $2.5 billion (21% EBITDA).

Feb 19, 2026, 6:00 PM

Transcript

IFF outlines strategic progress at CAGNY 2026

IFF

Share Buyback

M&A

IFF is reinvesting $150 million in operational expenses and raising CapEx to 6% of sales by 2026 to support capacity expansion, innovation, and digital transformation.
The company delivered 4% organic sales growth and 10% EBITDA growth, reaching the top end of its guided range through 2026.
IFF has divested 11 businesses for approximately $6 billion in proceeds, reducing net leverage from 4.5× to 2.6× credit-adjusted EBITDA.
A $500 million share buyback program was authorized to offset dilution and capture intrinsic value.
Division highlights: Taste ($2.5 billion sales, 19% EBITDA margin), Health & Biosciences ($2.3 billion, 15% margin), Scent ($2.5 billion, 21% margin), each focusing on innovation and emerging markets.

Feb 19, 2026, 6:00 PM

Transcript

IFF unveils CAGNY 2026 strategic progress and division performance

IFF

Share Buyback

Guidance Update

IFF implemented a disciplined capital allocation strategy, including portfolio optimization through divestitures and a $500 million share buyback authorization, first in seven years.
The company launched a new operating model granting full divisional accountability and driving productivity via people, process, and digital transformation.
Taste division reported $2.5 billion net sales in 2025 with 4% organic growth and 10% EBITDA growth; group targets low- to mid-single-digit sales and high-single-digit EBIT growth.
Scent division achieved $2.5 billion sales and 21% EBITDA margin in 2025, marking 22 consecutive quarters of growth, focusing on fine fragrance, personal care expansion, and high-value specialties.

Feb 19, 2026, 6:00 PM

Transcript

IFF reports Q4 2025 results

IFF

Earnings

Guidance Update

IFF reported Q4 revenue of $2.589 billion, down 7% reported, up 1% on a comparable currency neutral basis; adjusted operating EBITDA was $437 million, down 7% reported, up 7% comparable currency neutral, with a margin of 16.9% (+90 bps)
Segment performance was mixed: Taste sales of $588 million (+2%) with EBITDA of $94 million (+17%); Food Ingredients sales of $802 million (−4%) with EBITDA of $82 million (−11%); Health & Biosciences sales of $589 million (+5%) with EBITDA of $155 million (+20%); Scent sales of $610 million (+4%) with EBITDA of $106 million (+1%)
Full-year 2025 operating cash flow was $850 million, capex was $594 million (~5.5% of sales), free cash flow was $256 million, and net debt to credit adjusted EBITDA was 2.6×
2026 guidance: revenue of $10.5 – 10.8 billion, comparable currency neutral sales growth of 1 – 4%, adjusted operating EBITDA of $2.05 – 2.15 billion, and comparable currency neutral EBITDA growth of 3 – 8%

Feb 12, 2026, 2:00 PM

Presentation

IFF reports Q4 2025 results and 2026 outlook

IFF

Earnings

Guidance Update

M&A

IFF generated $2.6 billion in Q4 revenue (up 1% y/y) and $437 million in EBITDA (up 7%), lifting EBITDA margin to 16.9%.
The company strengthened its balance sheet, ending 2025 with $590 million of cash, $6 billion of gross debt (down ~$3 billion y/y), and net debt/credit-adjusted EBITDA at 2.6x (vs. 3.8x in 2024).
Portfolio optimization advanced with completed divestitures of Pharma Solutions, Nitrocellulose, and René Laurent, agreement to sell Soy Crush, Concentrates & Lecithin by April, and launch of a competitive sale process for the Food Ingredients business.
For full-year 2026, IFF forecasts sales of $10.5 billion–$10.8 billion (1%–4% growth) and EBITDA of $2.05 billion–$2.15 billion (3%–8% growth) on a comparable currency-neutral basis.
In 2025, IFF returned $409 million to shareholders via dividends and repurchased $38 million of stock, while driving productivity investments and innovation capacity for future growth.

Feb 12, 2026, 2:00 PM

Transcript

IFF reports Q4 and full-year 2025 results

IFF

Earnings

Guidance Update

M&A

IFF achieved 6% sales growth in 2025 against a strong prior-year comparable, with two-year average growth of 4%; full-year segment performance: Taste sales +4%/EBITDA +10%, Health & Biosciences +3%/+7%, Scent +3%/+2%.
Balance sheet improvements included cash & equivalents of $590 million, gross debt reduced by ~$3 billion to ~$6 billion, and net debt to credit-adjusted EBITDA of 2.6×, down from 3.8× at end-2024.
Portfolio optimization progress: divested Pharma Solutions, Nitrocellulose, Renee Laurent; agreed to sell soy crush, concentrates, and lecithin businesses to Bunge by April; launched sale process for the food ingredients business.
For 2026, IFF forecasts sales of $10.5–$10.8 billion (1–4% currency-neutral growth) and EBITDA of $2.05–$2.15 billion (3–8% currency-neutral growth).

Feb 12, 2026, 2:00 PM

Transcript

International Flavors & Fragrances reports Q4 2025 results and 2026 outlook

IFF

Earnings

Guidance Update

M&A

Revenue of $2.6 B in Q4 2025, up 1% year-over-year; EBITDA of $437 M, a 7% increase, with margin expanding 90 bps to 16.9%
Segment highlights: Taste sales +2% to $588 M (EBITDA +17%); Food Ingredients -4% to $802 M (EBITDA -11%); Health & Biosciences +5% to $589 M (EBITDA +20%); Scent +4% to $610 M (EBITDA +1%)
Completed divestitures of Pharma Solutions, Nitrocellulose and René Laurent; announced soy crush sale to Bunge by April; officially launched Food Ingredients sale process
2026 guidance: Sales of $10.5–10.8 B (cc growth 1–4%); EBITDA of $2.05–2.15 B (cc growth 3–8%), driven by volume growth and productivity

Feb 12, 2026, 2:00 PM

Transcript

IFF swings to Q4 profit, revenue beats estimates

IFF

Earnings

Guidance Update

Q4 net sales of $2.59 B, down ~6.6% YoY, topped estimates; adjusted EPS of $0.80, ~3.8% below expectations
Swung to a GAAP profit in Q4 with $18 M net income ($0.07/share) vs. a $60 M loss ($0.23/share) year-ago
FY 2025 sales of $10.89 B; GAAP loss per share of $(1.46) and adjusted EPS of $4.20
2026 outlook: full-year sales of $10.5–10.8 B and adjusted operating EBITDA of $2.05–2.15 B

Feb 11, 2026, 11:06 PM

Morningstar

IFF reports Q4 and full year 2025 results

IFF

Earnings

M&A

Full-year 2025 net sales of $10.89 B (-5% YoY), adjusted operating EBITDA of $2.086 B (19.2% margin) and adjusted EPS ex-amortization of $4.20
Q4 2025 net sales of $2.59 B (-7% YoY), adjusted operating EBITDA of $437 M (16.9% margin) and adjusted EPS ex-amortization of $0.80
Launched sale process for the Food Ingredients segment to optimize the portfolio and enhance financial flexibility
FY 2025 free cash flow of $256 M and net debt to credit-adjusted EBITDA of 2.6x

Feb 11, 2026, 9:24 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for INTERNATIONAL FLAVORS & FRAGRANCES.

Q4 2025

Feb 12, 2026

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Q3 2025

Nov 5, 2025

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Q2 2025

Aug 6, 2025

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INTERNATIONAL FLAVORS & FRAGRANCES (IFF)

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