Ingredion Incorporated (INGR) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$2.72	$2.82	+3.7%	—	—	—
Q4 26	$2.47	$2.34	-5.3%	—	—	—
Q3 26	$2.61	$2.53	-3.1%	—	—	—
Q2 26	$2.89	$2.75	-4.8%	—	—	—
Q1 26	$2.79	$2.87	+2.9%	—	—	—
Q4 25	$2.41	$2.97	+23.2%	—	—	—
Q3 25	$2.56	$2.63	+2.7%	—	—	—
Q2 25	$2.58	$3.05	+18.2%	—	—	—
Q1 25	$2.49	$2.87	+15.3%	—	—	—
Q4 24	$2.06	$2.08	+1.0%	—	—	—
Q3 24	$1.87	$1.97	+5.3%	—	—	—
Q2 24	$1.95	$2.33	+19.5%	—	—	—
Q1 24	$2.33	$2.32	-0.4%	—	—	—
Q4 23	$2.01	$2.8	+39.3%	—	—	—
Q3 23	$1.45	$1.65	+13.8%	—	—	—
Q2 23	$1.62	$1.73	+6.8%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$11.4	—	—	$7.2B	—
FY24	—	$9.88	—	—	$7.4B	—
FY23	—	$9.74	—	—	$8.2B	—
FY22	—	$7.43	—	—	$7.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$6.1B	$6.2B	$6.3B	$6.2B	$6B	$6.9B	$7.9B	$8.2B	$7.4B	$7.2B
YoY change	+2.08%	+2.66%	+0.72%	-1.27%	-3.58%	+15.1%	+15.3%	+2.69%	-8.95%	-2.84%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	6.1B	6.2B	6.3B	6.2B	6B	6.9B	7.9B	8.2B	7.4B	7.2B
Cost of revenue	4.7B	4.8B	4.9B	4.9B	4.7B	5.6B	6.5B	6.4B	5.6B	5.4B
Gross profit	1.4B	1.5B	1.4B	1.3B	1.3B	1.3B	1.5B	1.7B	1.8B	1.8B
Gross margin	23%	23.6%	21.8%	21.1%	21.2%	19.3%	18.8%	21.4%	24.1%	25.3%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	579M	—	—	—	—	—	—	—	—	—
Operating expenses	1.2B	613M	606M	591M	597M	634M	728M	781M	781M	791M
Operating income	825M	865M	767M	721M	675M	697M	766M	968M	1B	1B
Operating margin	13.6%	13.9%	12.2%	11.6%	11.3%	10.1%	9.64%	11.9%	13.6%	14.4%
Non-operating income, net	-20M	-28M	-74M	-58M	-88M	-375M	1M	-15M	-40M	-26M
Pretax income	742M	769M	621M	582M	506M	248M	668M	839M	931M	974M
Income tax	246M	237M	167M	158M	152M	123M	166M	188M	277M	—
Net income	496M	532M	454M	424M	354M	125M	502M	651M	654M	736M
Net margin	8.16%	8.52%	7.22%	6.83%	5.91%	1.81%	6.32%	7.98%	8.8%	10.2%
EBITDA	1B	1.1B	1B	940M	893M	929M	986M	1.2B	1.2B	1.3B
EPS	6.7	7.21	6.25	6.17	5.18	1.74	7.43	9.74	9.88	11.4
Diluted EPS	6.55	7.06	6.17	6.13	5.15	1.73	7.34	9.6	9.71	11.2

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2B	1.9B	1.9B	1.9B	1.9B	1.8B	1.8B	1.8B	1.8B	1.8B	1.8B	1.9B
Cost of revenue	1.6B	1.5B	1.5B	1.4B	1.4B	1.4B	1.3B	1.4B	1.4B	1.3B	1.4B	1.4B
Gross profit	421M	400M	417M	446M	479M	449M	466M	477M	455M	430M	401M	426M
Gross margin	20.7%	20.8%	22.2%	23.7%	25.6%	24.9%	25.7%	26%	25.1%	24.5%	22.4%	23%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	198M	197M	201M	183M	199M	198M	183M	203M	203M	202M	187M	193M
Operating income	223M	203M	216M	263M	280M	251M	283M	274M	252M	228M	214M	233M
Operating margin	11%	10.6%	11.5%	14%	15%	13.9%	15.6%	14.9%	13.9%	13%	11.9%	12.6%
Non-operating income, net	-12M	-1M	79M	-23M	-6M	-90M	-7M	-3M	-4M	-12M	-11M	-3M
Pretax income	185M	176M	276M	230M	273M	152M	267M	259M	241M	207M	194M	175M
Income tax	25M	43M	58M	80M	84M	55M	68M	61M	69M	40M	50M	59M
Net income	160M	133M	218M	150M	189M	97M	199M	198M	172M	167M	144M	116M
Net margin	7.87%	6.92%	11.6%	7.99%	10.1%	5.39%	11%	10.8%	9.47%	9.5%	8.04%	6.27%
EBITDA	277M	257M	269M	317M	331M	304M	338M	327M	308M	281M	269M	286M
EPS	2.39	2	3.29	2.25	2.88	1.46	3.05	3.04	2.66	2.59	2.25	1.8
Diluted EPS	2.36	1.97	3.23	2.22	2.83	1.43	3	2.99	2.61	2.56	2.22	1.78

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	9B	10.1B	6.5B	6.2B	5.3B	6.5B	6.5B	7.2B	9B	7.1B	6.1B
Enterprise value	10.5B	11.3B	8.2B	8B	7B	8.4B	8.9B	9.2B	10B	8B	6.9B
Shares outstanding	72.3M	72M	70.9M	66.9M	67.2M	67.1M	66.2M	66M	65.5M	64.2M	64.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	18.2	18.9	14.3	14.7	14.9	51.9	12.9	11	13.8	9.62	10.4
P/S	1.49	1.61	1.03	1	0.88	0.94	0.82	0.88	1.21	0.98	0.84
P/B	3.48	3.45	2.69	2.24	1.72	2.01	1.99	1.96	2.32	1.62	1.34
EV/EBITDA	10.1	10.4	8.03	8.47	7.83	9.04	9.05	7.74	8.22	6.39	6.01
EV/Sales	1.72	1.81	1.31	1.28	1.17	1.22	1.12	1.12	1.35	1.11	0.96
Earnings yield	5.49%	5.29%	7.01%	6.82%	6.7%	1.93%	7.74%	9.09%	7.26%	10.4%	9.57%
FCF yield	5.39%	4.52%	5.45%	5.66%	9.25%	1.42%	-2.28%	10.3%	12.6%	7.22%	7.52%
PEG	—	—	—	—	—	—	—	—	—	—	-0.26

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	23%	23.6%	21.8%	21.1%	21.2%	19.3%	18.8%	21.4%	24.1%	25.3%	23%
Operating margin	13.6%	13.9%	12.2%	11.6%	11.3%	10.1%	9.64%	11.9%	13.6%	14.4%	12.6%
Net margin	8.16%	8.52%	7.22%	6.83%	5.91%	1.81%	6.32%	7.98%	8.8%	10.2%	8.2%
ROE	19.1%	18.2%	18.9%	15.3%	11.5%	3.88%	15.4%	17.8%	16.8%	16.9%	13.7%
ROA	8.58%	8.75%	7.93%	7.02%	5.16%	1.79%	6.64%	8.52%	8.79%	9.32%	7.33%
ROIC	13.7%	14.3%	13.4%	11.6%	9.89%	6.83%	10.1%	13.3%	14.4%	—	12.6%
Return on tangible assets	15.5%	15.3%	14.1%	11.9%	8.5%	2.9%	10.1%	12.9%	13.3%	13.7%	10.8%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.3	2.52	2.26	2.23	1.82	1.78	1.76	1.92	2.62	2.66	2.8
Quick ratio	1.5	1.66	1.39	1.34	1.19	1.01	0.91	1.1	1.69	1.73	1.92
Debt / equity	0.75	0.64	0.87	0.72	0.77	0.7	0.82	0.66	0.52	0.45	0.39
Debt / assets	0.34	0.31	0.37	0.33	0.35	0.32	0.35	0.31	0.27	0.25	0.22
Net debt / EBITDA	1.39	1.15	1.72	1.85	1.91	2.06	2.47	1.68	0.84	0.75	0.73
Interest coverage	11.2	10.7	8.67	8.19	7.25	4.35	7.75	8.36	24.9	27.3	11.2
Effective tax rate	33.2%	30.8%	26.9%	27.1%	30%	49.6%	24.9%	22.4%	29.8%	—	26.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	84.1	86.7	88.7	92.8	89.1	102.7	120	123.6	113.4	112.4	113.5
EPS (basic)	6.7	7.21	6.25	6.17	5.18	1.74	7.43	9.74	9.88	11.4	11.4
EPS (diluted)	6.55	7.06	6.17	6.13	5.15	1.73	7.34	9.6	9.71	11.2	9.2
Book value per share	35.9	40.5	34	41.4	45.7	48.1	49.3	55.3	59.4	68	71.7
FCF per share	6.74	6.32	4.98	5.26	7.28	1.37	-2.24	11.2	17.3	7.96	5.56
Cash per share	7.14	8.39	4.71	4.01	9.9	4.95	3.61	6.2	15.4	16.1	15.1
Capex per share	0.04	0.11	0.01	0.03	0.1	0.27	0.11	0.03	0.09	6.74	7.04

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.05%	0.13%	0.02%	0.03%	0.12%	0.26%	0.09%	0.02%	0.08%	6%	6.24%
Capex / operating cash flow	0.47%	0.98%	0.14%	0.32%	0.99%	-10.3%	-116.7%	0.18%	0.43%	45.9%	55.9%
Payout ratio	28.4%	31%	40.1%	41%	50.3%	147.2%	36.1%	29.8%	32.1%	28.7%	35.7%
Dividend yield	1.56%	1.64%	2.81%	2.8%	3.37%	2.84%	2.79%	2.71%	2.33%	2.98%	3.4%

Yield

3.4%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.82

ex-dividend Jul 1, 2026

Payout ratio

36%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 1, 2026	$0.82
Apr 1, 2026	$0.82
Jan 2, 2026	$0.82

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2B	$1.9B	$1.9B	$1.9B	$1.9B	$1.8B	$1.8B	$1.8B	$1.8B	$1.8B	$1.8B	$1.9B
YoY change	+0.49%	-3.32%	-11.9%	-9.23%	-8.02%	-6.3%	-3.67%	-2.4%	-2.89%	-2.39%	-1.16%	+0.93%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	516M	604M	334M	268M	665M	332M	239M	409M	1B	1B
Receivables	751M	760M	802M	830M	855M	950M	1.2B	1.1B	939M	1B
Inventory	789M	823M	824M	861M	917M	1.2B	1.6B	1.4B	1.2B	1.2B
Total current assets	2.3B	2.4B	2.1B	2.2B	2.6B	2.7B	3.3B	3.4B	3.4B	3.5B
Property, plant & equipment	1.4B	1.5B	1.5B	1.7B	1.8B	1.6B	1.6B	1.5B	1.4B	1.6B
Goodwill & intangibles	2.6B	2.6B	2.5B	2.5B	2.7B	2.7B	2.6B	2.6B	2.5B	2.5B
Total assets	5.8B	6.1B	5.7B	6B	6.9B	7B	7.6B	7.6B	7.4B	7.9B
Accounts payable	440M	493M	452M	504M	599M	774M	873M	778M	604M	693M
Short-term debt	106M	120M	169M	123M	484M	355M	591M	504M	103M	111M
Total current liabilities	978M	957M	946M	967M	1.5B	1.5B	1.9B	1.8B	1.3B	1.3B
Long-term debt	1.8B	1.7B	1.9B	1.9B	1.9B	1.9B	2.1B	1.9B	1.9B	1.9B
Total liabilities	3.2B	3.2B	3.3B	3.3B	3.8B	3.8B	4.3B	4B	3.6B	3.5B
Shareholders' equity	2.6B	2.9B	2.4B	2.8B	3.1B	3.2B	3.3B	3.6B	3.9B	4.4B
Total debt	2B	1.9B	2.1B	2B	2.4B	2.2B	2.7B	2.4B	2B	2B
Net debt	1.4B	1.3B	1.8B	1.7B	1.7B	1.9B	2.4B	2B	1B	941M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	341M	409M	445M	510M	884M	1B	846M	868M	921M	1B	918M	952M
Receivables	1.4B	1.1B	1.1B	1.1B	1B	939M	1.1B	1.2B	1.2B	1B	1.2B	1.2B
Inventory	1.5B	1.4B	1.3B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.1B
Total current assets	3.3B	3.4B	3.1B	3.1B	3.4B	3.4B	3.4B	3.5B	3.5B	3.5B	3.5B	3.5B
Property, plant & equipment	-3.5B	1.5B	-3.4B	-3.5B	-3.5B	1.4B	-3.5B	-3.6B	-3.7B	1.6B	-3.7B	-3.8B
Goodwill & intangibles	1.3B	2.6B	2.6B	2.5B	2.6B	2.5B	2.5B	1.3B	1.3B	2.5B	2.5B	2.5B
Total assets	7.5B	7.6B	7.3B	7.2B	7.5B	7.4B	7.5B	7.8B	7.8B	7.9B	7.9B	8.1B
Accounts payable	—	778M	659M	606M	604M	604M	634M	666M	652M	693M	613M	651M
Short-term debt	466M	504M	141M	109M	99M	103M	42M	46M	57M	111M	83M	41M
Total current liabilities	1.7B	1.8B	1.3B	1.2B	1.3B	1.3B	1.2B	1.3B	1.3B	1.3B	1.3B	1.3B
Long-term debt	1.9B	1.9B	1.7B	1.7B	1.7B	1.9B	1.7B	1.7B	1.7B	1.9B	1.7B	1.7B
Total liabilities	4.1B	4B	3.5B	3.4B	3.5B	3.6B	3.4B	3.5B	3.5B	3.5B	3.5B	3.5B
Shareholders' equity	3.5B	3.6B	3.8B	3.8B	4B	3.9B	4B	4.3B	4.3B	4.4B	4.4B	4.6B
Total debt	2.4B	2.4B	1.9B	1.9B	1.8B	2B	1.8B	1.8B	1.8B	2B	1.8B	1.8B
Net debt	2.1B	2B	1.4B	1.3B	963M	1B	947M	926M	883M	941M	911M	835M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	496M	532M	454M	424M	354M	125M	502M	651M	654M	736M
Depreciation & amortization	196M	209M	247M	220M	213M	220M	215M	219M	214M	222M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-135M	-72M	-115M	-105M	26M	-506M	-822M	156M	397M	-46M
Operating cash flow	644M	818M	706M	629M	705M	-174M	-6M	1.1B	1.4B	944M
Capital expenditure	3M	8M	1M	2M	7M	18M	7M	2M	6M	-433M
Investing cash flow	-405M	-12M	-11M	-43M	-227M	-35M	-20M	-13M	254M	-444M
Dividends paid	-141M	-165M	-182M	-174M	-178M	-184M	-181M	-194M	-210M	-211M
Share repurchases	-8M	-123M	-657M	—	—	-68M	-112M	-101M	-216M	-224M
Financing cash flow	1B	769M	398M	-367M	139M	-392M	94M	-589M	-811M	-479M
Net change in cash	1.2B	1.6B	1.1B	219M	617M	-601M	68M	534M	840M	21M
Free cash flow	487M	455M	353M	352M	489M	92M	-148M	741M	1.1B	511M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	160M	133M	218M	150M	189M	97M	199M	198M	172M	167M	144M	116M
Depreciation & amortization	56M	54M	53M	54M	53M	54M	55M	53M	57M	57M	55M	55M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	77M	99M	99M	77M	173M	48M	-147M	-75M	40M	136M	-123M	-119M
Operating cash flow	330M	316M	426M	301M	430M	239M	147M	185M	277M	405M	33M	90M
Capital expenditure	1M	0	0	0	0	6M	—	-101M	-105M	-135M	-110M	-100M
Investing cash flow	-3M	-4M	246M	-1M	4M	5M	2M	-137M	-99M	-122M	-100M	-3M
Dividends paid	-48M	-51M	-51M	-53M	-52M	-54M	-52M	-54M	-51M	-54M	-52M	-53M
Share repurchases	-101M	0	-1M	-65M	-21M	-129M	-55M	0	-79M	-90M	-14M	0
Financing cash flow	-205M	-270M	-349M	164M	242M	-189M	-143M	-52M	-121M	-151M	-38M	-53M
Net change in cash	122M	42M	323M	464M	676M	55M	6M	-4M	57M	132M	-105M	34M
Free cash flow	289M	327M	144M	257M	429M	305M	-15M	84M	172M	270M	-77M	-10M

Ingredion Incorporated Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

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Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history