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Ingredion Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary3 Feb, 2026
Executive summary
Achieved record full-year 2025 operating income and EPS growth, led by Texture & Healthful Solutions and strong LATAM performance, despite operational setbacks at the Argo facility in U.S./Canada and industry volume softness.
Clean label ingredient volumes and solutions selling grew significantly, especially in Asia-Pacific and U.S./Canada, with margin-accretive results.
Protein fortification and plant-based protein businesses delivered over 40% net sales growth, with record quarterly sales and full 2026 capacity contracted.
Delivered $59 million in cost-to-compete run rate savings, exceeding the $50 million target, and completed major capital projects for future growth.
CFO James Gray announced retirement effective March 31, 2026; search for successor underway.
Financial highlights
Full-year 2025 net sales: $7.2B, down 3% year-over-year; gross profit up 2% to $1.83B; gross margin up to 25.3%.
Q4 net sales: $1.76B, down 2% year-over-year; Q4 adjusted operating income: $228M; Q4 adjusted EPS: $2.53.
Full-year reported/adjusted operating income: $1.016B/$1.028B; adjusted diluted EPS up 4.5% to $11.13; reported EPS: $11.18, up 15.1%.
Cash from operations: $944M; CapEx: $433M; share repurchases: $224M; dividends paid: $211M, with 11th consecutive annual increase.
Net income attributable to shareholders was $729M, up 13% from 2024.
Outlook and guidance
2026 net sales expected up low to mid-single digits; operating income up low single digits; adjusted EPS guidance: $11–$11.80.
2026 cash from operations: $820M–$940M; CapEx: $400M–$440M; share repurchase target: at least $100M.
Texture & Healthful Solutions and LATAM segments expected to see net sales and operating income up low to mid-single digits; U.S./Canada segment projected flat year-over-year; All Other to improve.
Q1 2026 net sales expected down low single digits, operating income down mid double digits due to tough prior-year comparison.
What drives 2026 cash from operations decline
Detail F&II-U.S./CAN operational improvements for 2026
What limits 2026 EPS growth despite segment momentum
Argo recovery impact on 2026 F&I U.S./CAN OI?
What drives T&HS margin expansion in 2026?
LatAm currency headwinds and growth drivers?
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Next Ingredion earnings date
Q1 20265 May, 2026
Ingredion
Next Ingredion earnings date
Q1 20265 May, 2026
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Frequently asked questions
Ingredient Experts
Ingredion, Inc. is an American company with global operations that specializes in the production and sale of various types of ingredients. The company’s product range includes sweeteners, starches, plant-based protein, and nutritional ingredients, which are used across various sectors such as food, beverage, brewing, and industrial applications. The company is headquartered in Westchester, Illinois, and its shares are listed on the NYSE.
Corn and More
What we today know as Ingredion can trace its roots back to the establishment of the Corn Products Refining Company, formed from a merger of several corn refining companies. Initially, the company focused on producing corn syrup and other corn-derived products. Over the decades, the company expanded its operations and product offerings, including various food ingredients and industrial products.
The early 2000s marked a significant phase of global expansion for the company. It made several strategic acquisitions around the world, including operations in South America, Asia, and Europe. This period was characterized by diversification into a broader array of ingredients beyond corn-based products. The company got its current name in 2012.
Turning Raw Product Into Ingredients
Ingredion Incorporated is a global ingredient solutions company specializing in transforming a diverse array of agricultural products into ingredients for various industries. They process corn, tapioca, potatoes, and grains, among other raw materials, into a range of products used in food, beverage, brewing, and pharmaceutical applications. Their portfolio also includes plant-based stevia, utilized as a sweetener, and various gums, which act as thickeners and stabilizers. Some companies with similar offerings are Bunge Limited, Archer Daniels Midland, and Kerry Group.
The Customers
The company serves a wide range of customers across multiple industries, primarily focusing on food and beverage, brewing, and pharmaceutical sectors. In the food and beverage industry, their ingredients are used in the production of things like snacks, beverages, confectioneries, and dairy alternatives. Brewers utilize its products for fermentation and flavor enhancement, and the pharmaceutical industry uses its products in the formulation of tablets and medicinal syrups.
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