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INGR

Ingredion Incorporated

INGR

Ingredion Incorporated • NYSE
$107.54 ▼ -0.04% (-0.04)
Market Cap $6.95 B
52w High $149.84
52w Low $102.31
Dividend Yield 3.22%
P/E 10.72
Volume 437.29K
Outstanding Shares 64.60M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.816B ▼ $203M ▼ $171M ▼ 9.416% ▼ $2.66 ▼ $305M ▼
Q2-2025 $1.833B ▲ $206M ▲ $196M ▼ 10.693% ▼ $3.04 ▼ $324M ▼
Q1-2025 $1.813B ▲ $190M ▼ $197M ▲ 10.866% ▲ $3.05 ▲ $331M ▲
Q4-2024 $1.8B ▼ $287M ▲ $95M ▼ 5.278% ▼ $1.46 ▼ $215M ▼
Q3-2024 $1.87B $211M $188M 10.053% $2.88 $327M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $921M ▲ $7.833B ▲ $3.567B ▲ $4.238B ▼
Q2-2025 $868M ▲ $7.781B ▲ $3.505B ▲ $4.248B ▲
Q1-2025 $846M ▼ $7.468B ▲ $3.42B ▼ $4.019B ▲
Q4-2024 $1.008B ▲ $7.444B ▼ $3.554B ▲ $3.864B ▼
Q3-2024 $884M $7.525B $3.495B $4.004B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $172M ▼ $277M ▲ $-87M ▲ $-136M ▼ $54M ▲ $470M ▲
Q2-2025 $198M ▼ $185M ▲ $-125M ▼ $-50M ▲ $24M ▲ $84M ▲
Q1-2025 $199M ▲ $77M ▼ $-90M ▲ $-154M ▲ $-160M ▼ $-15M ▼
Q4-2024 $95M ▼ $436M ▼ $-126M ▼ $-164M ▼ $120M ▼ $305M ▼
Q3-2024 $188M $479M $-46M $-75M $372M $429M

Revenue by Products

Product Q3-2020Q4-2020Q1-2021Q2-2021
E M E A Segment
E M E A Segment
 $140.00M ▲$160.00M ▲$160.00M ▲$180.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Ingredion’s income statement shows a business that has become steadily more profitable over the last several years, even as sales have moved around a bit. Revenue climbed nicely coming out of 2020, then eased slightly most recently, suggesting more of a plateau than a growth surge. The more important story is margin improvement: gross profit and operating profit have both grown faster than sales, indicating better pricing, a richer mix of higher‑value ingredients, and tighter cost control. Earnings per share have risen meaningfully over time, with only one weak year earlier in the period, which looks more like a one‑off disruption than a structural problem. Overall, the income statement reflects a mature, resilient business that has managed to shift toward higher‑margin specialties rather than chasing pure volume growth.

Balance Sheet

Balance Sheet The balance sheet looks sturdy and gradually strengthening. Total assets have grown modestly, and shareholders’ equity has trended upward, which usually signals that retained profits are building the company’s capital base. Debt is meaningful but not excessive and has been nudging down from prior peaks, suggesting a slow de‑risking of the capital structure. Cash on hand has risen sharply in the most recent year, giving Ingredion more flexibility to invest, manage volatility in raw material costs, and handle any short‑term shocks. Overall, the company appears to be financed in a balanced way, with no obvious signs of strain.

Cash Flow

Cash Flow Cash generation has improved quite a bit. Operating cash flow was relatively weak a few years ago but has strengthened significantly in the last two years, now comfortably covering investment needs. Free cash flow has been positive in most years, with just one year of modest shortfall when working capital and investment needs were heavier. Capital spending has been steady and disciplined, not overly aggressive, which fits a strategy of targeted capacity and innovation investments rather than large, risky bets. The latest figures suggest Ingredion is now converting a healthy portion of its accounting profits into actual cash, which supports financial flexibility and dividends or buybacks if management chooses.

Competitive Edge

Competitive Edge Ingredion’s competitive position is built on scale, specialization, and deep relationships with customers. It operates globally across many end markets, which spreads risk and helps offset regional or category‑specific slowdowns. The key shift has been moving away from a heavy reliance on bulk commodity ingredients toward a broader mix of specialty solutions tied to texture, health, and sugar reduction. Those offerings tend to be more profitable and less exposed to swings in commodity prices. Collaboration with customers on formulation and product design raises switching costs, because changing suppliers often means reformulating recipes, re‑qualifying products, and taking on performance risk. Against large rivals in ingredients, Ingredion stands out by leaning hard into customized solutions and application support rather than just selling ingredients by the ton. The main risks are intense competition from global peers, exposure to agricultural input costs, and the need to keep proving its value as customers pursue their own cost savings.

Innovation and R&D

Innovation and R&D Innovation is a central pillar of Ingredion’s strategy, not an add‑on. The company has focused on fast‑growing themes: sugar reduction, plant‑based proteins, and clean‑label ingredients. Its stevia and allulose platforms, plus its investment in enzymatic sugar‑reduction technology, give it a differentiated position in helping food and beverage makers cut sugar while preserving taste and texture. In plant‑based proteins, it is building a portfolio that supports meat and dairy alternatives and high‑protein snacks, with efforts aimed at improving flavor and mouthfeel—key pain points in this category. Its clean‑label starches, fibers, and texturizers support simpler ingredient lists and better nutritional profiles, aligning with consumer preferences. Ingredion backs this with ingredient labs, customer co‑development centers, and data‑driven R&D, which shortens development cycles and deepens customer stickiness. The opportunity is to scale these platforms globally, especially in faster‑growing regions, but success depends on staying ahead of taste, regulatory, and nutrition trends, which can shift quickly.

Summary

Ingredion today looks like a solid, cash‑generative ingredients business that is steadily upgrading its profile. Financially, margins and earnings have improved even as revenue growth has been modest, suggesting that strategy—shifting toward specialty ingredients and solutions—is working. The balance sheet is sound, debt is manageable, and cash generation has become a clear strength. Competitively, the company benefits from global reach, customer intimacy, and a growing portfolio of higher‑value, health‑oriented and clean‑label solutions, which help buffer it from pure commodity cycles. Its innovation pipeline in sugar reduction, plant proteins, and texture solutions is well aligned with long‑term consumer trends in health, wellness, and sustainability. Key watch points include execution in high‑growth regions, ongoing volatility in agricultural costs, pressure from large global competitors, and the need to keep translating innovation into sustained pricing power and volume growth. Overall, Ingredion appears to be a mature but evolving player that is using science and specialization to move up the value chain within the global food system.

NEWS

November 7, 2025 · 6:45 AM UTC

Ingredion Board of Directors Waives Mandatory Retirement for Jim Zallie; Will Continue as Ingredion President & CEO

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November 4, 2025 · 6:03 AM UTC

Ingredion Incorporated Reports Third Quarter 2025 Results

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October 14, 2025 · 4:05 PM UTC

Ingredion to Release 2025 Third Quarter Financial Results On November 4, 2025

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October 13, 2025 · 9:25 AM UTC

Patrick Kalotis Joins Ingredion as EVP Global Texture & Healthful Solutions

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September 29, 2025 · 7:03 AM UTC

Ingredion Announces Conditional Sale of Equity in Rafhan Maize

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