Ingredion (INGR)

• Ingredion reported record results in 2025, including $950 million in cash from operations, with approximately half returned to shareholders, and record gross profit margins over 25%, up 120 basis points on the prior year.
• The company provided an updated long-term outlook through 2028, targeting net sales growth of 1% to 3%, mid-single digits operating income growth, and 7% to 9% adjusted EPS growth.
• Strategic growth is driven by the Texture and Healthful Solutions segment, where its solutions business grew 7.5% last year with 500 basis points of margin accretion, and clean label solutions grew 8% with 200 basis points of margin expansion in 2025.
• Ingredion is implementing an enterprise productivity program, expected to contribute over 1 point of operating income growth by 2028, and has consistently increased its annual dividend rate 11 times in the last 11 years.

• Ingredion reported record results in 2025, including $950 million in cash from operations and gross profit margins over 25%, while returning $435 million to shareholders.
• The company is a global leader in texture and the number one clean label producer, with the clean label segment growing 8% and expanding margins by 200 basis points in 2025.
• Strategic investments include $200 million in CapEx in the last year to support growth in areas like private label, which is seeing significant expansion.
• Ingredion's 2028 outlook projects net sales growth of 1% to 3%, mid-single digits operating income growth, and adjusted EPS growth of 7% to 9%.

• Ingredion reported a record year in 2025, achieving gross profit margins over 25% (up 120 basis points on prior year) and record earnings per share driven by its Texture and Healthful Solutions segment. The company returned $435 million to shareholders through dividends and share repurchases and averaged $1 billion in cash generation over the last three years.
• The company's solutions business, a part of the Texture and Healthful Solutions segment, surpassed $1 billion in net revenue, growing at 7.5%, and is 500 basis points margin accretive.
• Ingredion provided a long-term outlook (2025-2028) projecting net sales growth of 1% to 3%, mid-single-digit operating income growth, and adjusted EPS growth in the 7%-9% range.
• The U.S.-Canada segment is targeted to achieve $350 million in operating income by 2028, an increase from $315 million in 2025.

Ingredion reported strong financial performance in 2025, with key metrics detailed below:

• The company is strategically focused on Texture & Healthful Solutions, a segment delivering above-market performance, and maintains a #1 position in Clean Label.
• Ingredion plans to achieve 100 basis points of incremental operating income margin expansion over the next three years through Enterprise Productivity initiatives and anticipates over $1 billion in capital investment during the same period.
• Capital allocation priorities include a plan to repurchase at least $100 million in shares in FY2026 and a consistent dividend, having increased it for 11 consecutive years.

• Ingredion reported full-year 2025 adjusted diluted EPS of $11.13 and net sales of $7,219 million, representing a 3% decrease compared to 2024.
• The Texture & Healthful Solutions (T&HS) segment demonstrated continued strength with 4% sales growth, while the Food & Industrial Ingredients (F&II) – U.S./Canada segment faced significant operational challenges and decreased demand.
• The company returned $211 million in dividends and repurchased $224 million of common stock to shareholders in 2025.
• For 2026, Ingredion forecasts adjusted diluted EPS between $11.00 and $11.80 and projects operating cash flow between $820 million and $940 million.

• Ingredion achieved record full-year results in 2025, with reported diluted EPS of $11.18 and adjusted diluted EPS of $11.13, despite a 3% decrease in net sales to $7,219 million.
• The Texture & Healthful Solutions segment demonstrated solid performance with 4% sales growth in Q4 2025 and a 16% increase in full-year operating income to $405 million, while Food & Industrial Ingredients – LATAM also contributed positively.
• The Food & Industrial Ingredients – USA/Canada segment faced operational challenges and weaker demand, leading to a 16% decline in full-year operating income to $315 million.
• For the full-year 2026, Ingredion anticipates reported and adjusted EPS to be between $11.00 and $11.80, with net sales projected to grow in the low to mid-single digits and operating income in the low single digits.
• In 2025, the company returned value to shareholders by paying $211 million in dividends and repurchasing 1.8 million common shares for $224 million.

• Ingredion reported full-year 2025 diluted EPS of $11.18 and adjusted diluted EPS of $11.13, compared to $9.71 and $10.65 in 2024, respectively.
• Net sales for full-year 2025 decreased by 3% to $7,219 million compared to 2024.
• Full-year 2025 reported operating income increased by 15% to $1,016 million, while adjusted operating income increased by 1% to $1,028 million.
• The company generated $944 million in operating cash flow for full-year 2025 and returned $435 million to shareholders, including $224 million in share repurchases.
• For full-year 2026, Ingredion forecasts reported and adjusted EPS in the range of $11.00 to $11.80.

• Ingredion reported full-year 2025 adjusted diluted EPS of $11.13, an increase from $10.65 in 2024, while net sales decreased 3% to $7,219 million.
• Reported operating income for full-year 2025 increased 15% to $1,016 million, and adjusted operating income increased 1% to $1,028 million compared to 2024.
• The company returned $435 million to shareholders in 2025, comprising $211 million in dividends and $224 million in share repurchases.
• Operating cash flow for 2025 was $944 million, a decrease from $1,436 million in 2024, primarily reflecting increased investment in working capital.
• For full-year 2026, Ingredion projects reported and adjusted diluted EPS to be between $11.00 and $11.80, with net sales expected to achieve low to mid-single-digit growth.

• Ingredion (INGR) reported FY 2025 Net Sales of $7,219 million, a 3% decrease year-over-year, with Adjusted Operating Income of $1,028 million (up 1%) and Adjusted Diluted EPS of $11.13 (up 4.5%).
• For Q4 2025, Net Sales were $1,757 million, down 2% from Q4 2024, and Adjusted Diluted EPS was $2.53, a decrease from $2.63 in the prior year quarter.
• The Texture & Healthful Solutions segment showed strong momentum, achieving its 7th consecutive quarter of sales volume growth (+4%) in Q4 2025 and record adjusted operating income of $405 million for FY 2025, a 16% increase.
• The Food & Industrial Ingredients—U.S./CAN segment experienced persistent operational challenges at its Argo facility, contributing to a -7% net sales volume change in Q4 2025 and an estimated ~$40 million impact on FY 2025 operating income.
• For full-year 2026, the company anticipates net sales to be up low to mid-single-digits, adjusted operating income to be up low single-digits, and Adjusted EPS to be between $11.00 and $11.80.

• Ingredion reported full-year 2025 net sales of $7.2 billion, a 3% decrease year-over-year, but achieved record full-year operating income and earnings per share growth, with gross margins expanding to over 25%.
• The Texture and Healthful Solutions segment demonstrated strong performance, with Q4 2025 volume growth of 4% and full-year 2025 operating income up 16%, notably driven by the protein fortification business which saw over 40% net sales growth.
• The Food and Industrial Ingredients US/Canada segment faced significant operational challenges at its Argo facility, leading to an estimated $16 million loss impact in Q4 2025 and a total $40 million impact for the full year 2025.
• For 2026, the company projects net sales to increase by low single digits to mid-single digits and adjusted EPS to be in the range of $11-$11.80, while committing to at least $100 million in share repurchases.
• Ingredion exceeded its cost-to-compete savings target, delivering $59 million in run rate savings in 2025, and announced the retirement of CFO Jim Gray effective March 31, 2026.