Logo

IFF

International Flavors & Fragrances Inc.

IFF

International Flavors & Fragrances Inc. • NYSE
$69.48 ▼ -0.43% (-0.30)
Market Cap $17.79 B
52w High $91.37
52w Low $59.14
Dividend Yield 1.60%
P/E -37.56
Volume 871.67K
Outstanding Shares 256.10M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.694B ▼ $757M ▼ $40M ▼ 1.485% ▼ $0.16 ▼ $351M ▼
Q2-2025 $2.764B ▼ $832M ▼ $612M ▲ 22.142% ▲ $2.39 ▲ $837M ▲
Q1-2025 $2.843B ▲ $1.938B ▲ $-1.018B ▼ -35.807% ▼ $-3.98 ▼ $-687M ▼
Q4-2024 $2.771B ▼ $853M ▲ $-46M ▼ -1.66% ▼ $-0.18 ▼ $197M ▼
Q3-2024 $2.925B $803M $59M 2.017% $0.23 $417M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $773M ▼ $25.768B ▼ $11.495B ▼ $14.241B ▼
Q2-2025 $816M ▲ $26.121B ▼ $11.685B ▼ $14.404B ▲
Q1-2025 $613M ▲ $28.265B ▼ $15.052B ▲ $13.177B ▼
Q4-2024 $469M ▼ $28.667B ▼ $14.756B ▼ $13.876B ▼
Q3-2024 $567M $29.928B $15.118B $14.775B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $40M ▼ $164M ▼ $-115M ▼ $-237M ▲ $-195M ▼ $30M ▼
Q2-2025 $612M ▲ $241M ▲ $2.698B ▲ $-2.823B ▼ $203M ▲ $146M ▲
Q1-2025 $-1.017B ▼ $127M ▼ $-157M ▲ $169M ▲ $144M ▲ $-52M ▼
Q4-2024 $-46M ▼ $368M ▲ $-260M ▼ $-162M ▲ $-98M ▲ $208M ▼
Q3-2024 $60M $366M $-78M $-421M $-104M $258M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Food Ingredients
Food Ingredients
 $0 ▲$800.00M ▲$850.00M ▲$830.00M ▼
Health Biosciences
Health Biosciences
 $450.00M ▲$540.00M ▲$580.00M ▲$580.00M ▲
Pharma Solutions
Pharma Solutions
 $230.00M ▲$270.00M ▲$100.00M ▼$370.00M ▲
Scent
Scent
 $580.00M ▲$610.00M ▲$600.00M ▼$650.00M ▲
Taste
Taste
 $0 ▲$630.00M ▲$630.00M ▲$640.00M ▲
Nourish
Nourish
 $1.41Bn ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement IFF’s income statement tells a story of scale with choppy profitability. Revenue roughly doubled earlier in the decade after large acquisitions and has since leveled off and edged down, suggesting the company is stabilizing rather than still in a rapid growth phase. Core operations have remained profitable, but margins have been under pressure from integration costs, inflation, and restructuring. The very large accounting losses in the middle of the period reflect write‑downs and one‑off charges more than a broken business model, but they still show that past deals were expensive and not all lived up to expectations. More recently, profitability and cash earnings have improved again, indicating that cost actions and portfolio cleanup are starting to show through, though the history of volatile earnings keeps execution risk front and center.

Balance Sheet

Balance Sheet The balance sheet is still shaped by big acquisitions: a large base of assets, much of it goodwill and intangibles, funded with substantial debt. Over time, total assets and equity have been shrinking as IFF sells non‑core businesses and records impairments, which cleans up the balance sheet but also highlights how much value was written off. Debt remains high but is slowly coming down, which is a positive sign for financial discipline. Cash on hand is modest relative to obligations, so the company depends on steady cash generation and continued access to credit. Overall, the balance sheet is sound but leveraged, and the room for major new, debt‑funded deals appears limited without further repair.

Cash Flow

Cash Flow Cash flow is a relative bright spot compared with reported earnings. Even in years with weak or negative net income, IFF typically produced solid cash from operations, helped by non‑cash charges and working‑capital management. Investment spending has been steady and measured, which has allowed the company to deliver generally positive free cash flow over the period, with only one notable soft year. Recent years show healthier free cash flow again, giving IFF flexibility to reduce debt and fund focused growth initiatives. The main risk is that if operating performance backslides, the cash cushion is not huge given the debt load, so maintaining operational discipline is critical.

Competitive Edge

Competitive Edge IFF holds a strong competitive position as one of a small group of global leaders in flavors, fragrances, and specialty ingredients. Its products are deeply embedded in customers’ recipes, making it costly and risky for brand owners to switch suppliers. Long‑standing relationships with major consumer goods and food companies, a broad portfolio that spans taste, scent, texture, and health, and a global manufacturing and creative network all reinforce its scale advantage. The merger that added nutrition and biosciences capabilities broadened its offering and cross‑selling potential, strengthening its role as an integrated solutions provider rather than a simple ingredient vendor. Competition from other large players is intense, however, and the company’s own complexity and integration history mean execution quality is a key differentiator going forward.

Innovation and R&D

Innovation and R&D Innovation is a core pillar of IFF’s identity and moat. The company combines chemistry, biotechnology, and sensory science to develop new molecules, delivery systems, and formulations that are hard for rivals to copy. Its work in fermentation, enzymes, probiotics, and controlled‑release systems positions it well in health, wellness, and functional ingredients, areas where customer demand is rising. A large patent portfolio and vast library of proprietary formulations give IFF a deep toolkit for customized solutions, while automation and in‑house AI tools help speed up product development and match offerings to consumer trends. Sustainability is tightly woven into its R&D agenda, from upcycled ingredients to cleaner processes and more resilient supply chains. The opportunity is to translate this innovation engine into higher‑margin, faster‑growing platforms; the risk is that returns on this heavy R&D spend must remain high enough to justify the investment in a competitive, regulated space.

Summary

IFF today is a scaled, innovation‑driven ingredients company with a durable competitive moat, but one that is still working through the aftermath of large acquisitions and portfolio reshaping. The financials show a business that can generate solid cash flow and operating profits, yet has experienced sharp swings in reported earnings due to restructuring, integration, and write‑downs. The balance sheet remains leveraged but is gradually improving as the company pays down debt and prunes non‑core assets. Strategically, IFF’s strengths lie in its deep customer relationships, high switching costs, and strong R&D platform in flavors, fragrances, and biosciences. The path ahead depends on consistent execution: improving margins, further strengthening the balance sheet, and successfully shifting more of the portfolio toward higher‑value, innovation‑led solutions while maintaining its leadership in a concentrated, highly competitive industry.

NEWS

November 24, 2025 · 4:05 PM UTC

Mativ Announces Appointment of Seasoned Executive to Its Board of Directors

Read more

November 23, 2025 · 8:00 PM UTC

IFF Introduces Smart Dosing Robot to Transform Fragrance Production

Read more

November 6, 2025 · 3:00 AM UTC

IFF Benicarló Pioneers On-Site Green Hydrogen Production Facility for Sustainable Fragrance Ingredient Manufacturing

Read more

November 4, 2025 · 4:15 PM UTC

IFF Reports Third Quarter 2025 Results

Read more

October 30, 2025 · 4:15 PM UTC

IFF Declares Dividend for Fourth Quarter 2025

Read more