Ingredion (INGR) Q1 2026 earnings summary

Executive summary

• Q1 2026 net sales declined 1% year-over-year to $1.79 billion, with adjusted operating income down 22% to $212 million and reported operating income down 26% to $203 million, mainly due to operational challenges at the Argo facility and softer volumes in Food & Industrial Ingredients U.S./Canada and LATAM.

• Net income attributable to shareholders fell 28% year-over-year to $142 million, with gross profit down 14% to $401 million.

• Texture & Healthful Solutions delivered its eighth consecutive quarter of volume growth, up 2%, driven by clean label and wellness trends in EMEA and Asia Pacific.

• Announced plans to cease operations at the Cabo facility in Brazil by end of Q2 2026 to drive productivity and optimize the network.

Financial highlights

• Q1 net sales were $1.79 billion, down 1% year-over-year; gross profit margin declined to 22.4%; adjusted diluted EPS was $2.34, down from $2.97.

• Cash from operations was $33 million, reflecting a $205 million working capital investment; capital expenditures totaled $110 million; $52 million in dividends and $14 million in share repurchases.

• Reported EPS was $2.22, down from $3.00 in Q1 2025.

Outlook and guidance

• Full-year 2026 net sales expected to be flat to up low single digits; adjusted operating income flat to down low single digits; adjusted EPS guidance revised to $10.45–$11.15; reported EPS guidance $9.60–$10.30.

• Cash from operations expected at $725–$825 million; capex at $400–$440 million.

• Segment guidance: Texture & Healthful Solutions operating income up low single digits; F&II LATAM net sales flat to down low single digits, operating income down low single digits; F&II U.S./Canada net sales down low single digits, operating income down low double digits.

• Full-year effective tax rate expected at 26%–27.5%.