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Ingredion Inc Financials

INGR
Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 64 / 100
Financial Profile 64/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
59

Ingredion Inc has an operating margin of 11.9%, meaning the company retains $12 of operating profit per $100 of revenue. This results in a moderate score of 59/100, indicating healthy but not exceptional operating efficiency. This is up from 11.7% the prior year.

Growth
3

Ingredion Inc's revenue declined 8.9% year-over-year, from $8.2B to $7.4B. This contraction results in a growth score of 3/100.

Leverage
94

Ingredion Inc carries a low D/E ratio of 0.47, meaning only $0.47 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
85

With a current ratio of 2.62, Ingredion Inc holds $2.62 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 85/100.

Cash Flow
76

Ingredion Inc converts 15.3% of revenue into free cash flow ($1.1B). This strong cash generation earns a score of 76/100.

Returns
68

Ingredion Inc earns a strong 17.0% return on equity (ROE), meaning it generates $17 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 68/100. This is down from 18.2% the prior year.

Altman Z-Score Safe
3.94

Ingredion Inc scores 3.94, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Strong
7/9

Ingredion Inc passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed
2.22x

For every $1 of reported earnings, Ingredion Inc generates $2.22 in operating cash flow ($1.4B OCF vs $647.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

This page shows Ingredion Inc (INGR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue
$7.4B
YoY-8.9%
5Y CAGR+3.7%
10Y CAGR+2.7%

Ingredion Inc generated $7.4B in revenue in fiscal year 2024. This represents a decrease of 8.9% from the prior year.

EBITDA
$1.1B
YoY-6.7%
5Y CAGR+4.4%
10Y CAGR+3.5%

Ingredion Inc's EBITDA was $1.1B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 6.7% from the prior year.

Free Cash Flow
$1.1B
YoY+53.2%
5Y CAGR+26.4%
10Y CAGR+9.6%

Ingredion Inc generated $1.1B in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 53.2% from the prior year.

Net Income
$647.0M
YoY+0.6%
5Y CAGR+9.4%
10Y CAGR+6.2%

Ingredion Inc reported $647.0M in net income in fiscal year 2024. This represents an increase of 0.6% from the prior year.

EPS (Diluted)
$9.71
YoY+1.1%
5Y CAGR+9.6%
10Y CAGR+7.4%

Ingredion Inc earned $9.71 per diluted share (EPS) in fiscal year 2024. This represents an increase of 1.1% from the prior year.

Cash & Debt
$997.0M
YoY+148.6%
5Y CAGR+30.4%
10Y CAGR+5.6%

Ingredion Inc held $997.0M in cash against $1.8B in long-term debt as of fiscal year 2024.

Dividends Per Share
N/A
Shares Outstanding
64M
YoY-1.6%
5Y CAGR-0.8%

Ingredion Inc had 64M shares outstanding in fiscal year 2024. This represents a decrease of 1.6% from the prior year.

Gross Margin
24.1%
YoY+2.7pp
5Y CAGR+3.0pp
10Y CAGR+4.4pp

Ingredion Inc's gross margin was 24.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 2.7 percentage points from the prior year.

Operating Margin
11.9%
YoY+0.2pp
5Y CAGR+1.2pp
10Y CAGR+1.6pp

Ingredion Inc's operating margin was 11.9% in fiscal year 2024, reflecting core business profitability. This is up 0.2 percentage points from the prior year.

Net Margin
8.7%
YoY+0.8pp
5Y CAGR+2.1pp
10Y CAGR+2.4pp

Ingredion Inc's net profit margin was 8.7% in fiscal year 2024, showing the share of revenue converted to profit. This is up 0.8 percentage points from the prior year.

Return on Equity
17.0%
YoY-1.2pp
5Y CAGR+1.8pp
10Y CAGR+0.7pp

Ingredion Inc's ROE was 17.0% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 1.2 percentage points from the prior year.

R&D Spending
$67.0M
YoY+6.3%
5Y CAGR+8.8%

Ingredion Inc invested $67.0M in research and development in fiscal year 2024. This represents an increase of 6.3% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$301.0M
YoY-4.7%
5Y CAGR-1.7%
10Y CAGR+0.9%

Ingredion Inc invested $301.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 4.7% from the prior year.

INGR Income Statement

Metric Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Q4'23
Revenue $1.8B-0.9% $1.8B+1.1% $1.8B+0.7% $1.8B-3.7% $1.9B-0.4% $1.9B-0.2% $1.9B-2.0% $1.9B
Cost of Revenue $1.4B+0.4% $1.4B+0.7% $1.3B-0.3% $1.4B-2.9% $1.4B-2.9% $1.4B-2.3% $1.5B-3.7% $1.5B
Gross Profit $455.0M-4.6% $477.0M+2.4% $466.0M+3.8% $449.0M-6.3% $479.0M+7.4% $446.0M+7.0% $417.0M+4.3% $400.0M
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses N/A N/A N/A N/A N/A N/A N/A N/A
Operating Income $249.0M-8.1% $271.0M-1.8% $276.0M+70.4% $162.0M-39.6% $268.0M+11.7% $240.0M+12.7% $213.0M+5.4% $202.0M
Interest Expense N/A N/A N/A N/A N/A N/A N/A N/A
Income Tax $69.0M+13.1% $61.0M-10.3% $68.0M+23.6% $55.0M-34.5% $84.0M+5.0% $80.0M+37.9% $58.0M+34.9% $43.0M
Net Income $171.0M-12.8% $196.0M-0.5% $197.0M+107.4% $95.0M-49.5% $188.0M+27.0% $148.0M-31.5% $216.0M+64.9% $131.0M
EPS (Diluted) $2.61-12.7% $2.99-0.3% $3.00+109.8% $1.43-49.5% $2.83+27.5% $2.22-31.3% $3.23+64.0% $1.97

INGR Balance Sheet

Metric Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Q4'23
Total Assets $7.8B+0.7% $7.8B+4.2% $7.5B+0.3% $7.4B-1.1% $7.5B+4.2% $7.2B-1.3% $7.3B-4.2% $7.6B
Current Assets $3.5B0.0% $3.5B+4.5% $3.4B+0.3% $3.4B+0.1% $3.4B+8.1% $3.1B-0.8% $3.1B-8.1% $3.4B
Cash & Equivalents $915.0M+6.3% $861.0M+2.9% $837.0M-16.0% $997.0M+13.7% $877.0M+73.7% $505.0M+15.3% $438.0M+9.2% $401.0M
Inventory $1.2B+0.2% $1.2B+4.4% $1.2B-1.3% $1.2B-3.8% $1.2B-0.8% $1.2B-7.4% $1.3B-7.3% $1.4B
Accounts Receivable $1.3B-3.5% $1.4B+5.8% $1.3B+17.5% $1.1B-6.8% $1.2B-8.8% $1.3B+0.2% $1.3B+0.4% $1.3B
Goodwill $921.0M N/A N/A $906.0M-2.1% $925.0M+2.0% $907.0M-0.3% $910.0M-0.9% $918.0M
Total Liabilities $3.5B+0.1% $3.5B+2.5% $3.4B-3.8% $3.6B+1.7% $3.5B+1.5% $3.4B-1.5% $3.5B-12.5% $4.0B
Current Liabilities $1.3B+1.1% $1.3B+6.9% $1.2B-7.7% $1.3B+2.1% $1.3B+2.0% $1.2B-4.1% $1.3B-27.6% $1.8B
Long-Term Debt $1.7B0.0% $1.7B-0.1% $1.7B-2.5% $1.8B+2.6% $1.7B0.0% $1.7B+0.1% $1.7B0.0% $1.7B
Total Equity $4.2B+1.0% $4.2B+5.5% $4.0B+4.5% $3.8B-3.7% $4.0B+6.6% $3.7B-0.5% $3.7B+5.3% $3.5B
Retained Earnings $5.5B+2.2% $5.4B+2.8% $5.2B+2.8% $5.1B+0.9% $5.0B+2.7% $4.9B+2.0% $4.8B+3.5% $4.7B

INGR Cash Flow Statement

Metric Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Q4'23
Operating Cash Flow $277.0M+49.7% $185.0M+140.3% $77.0M-82.3% $436.0M-9.0% $479.0M+53.5% $312.0M+49.3% $209.0M-49.0% $410.0M
Capital Expenditures $105.0M+4.0% $101.0M+9.8% $92.0M-29.8% $131.0M+162.0% $50.0M-9.1% $55.0M-15.4% $65.0M-21.7% $83.0M
Free Cash Flow $172.0M+104.8% $84.0M+660.0% -$15.0M-104.9% $305.0M-28.9% $429.0M+66.9% $257.0M+78.5% $144.0M-56.0% $327.0M
Investing Cash Flow -$87.0M+30.4% -$125.0M-38.9% -$90.0M+28.6% -$126.0M-173.9% -$46.0M+17.9% -$56.0M-130.9% $181.0M+308.0% -$87.0M
Financing Cash Flow -$136.0M-172.0% -$50.0M+67.5% -$154.0M+6.1% -$164.0M-118.7% -$75.0M+58.1% -$179.0M+48.4% -$347.0M-29.5% -$268.0M
Dividends Paid $51.0M-5.6% $54.0M+3.8% $52.0M-3.7% $54.0M+3.8% $52.0M-1.9% $53.0M+3.9% $51.0M0.0% $51.0M
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

INGR Financial Ratios

Metric Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Q4'23
Gross Margin 25.1%-1.0pp 26.0%+0.3pp 25.7%+0.8pp 24.9%-0.7pp 25.6%+1.9pp 23.8%+1.6pp 22.2%+1.3pp 20.8%
Operating Margin 13.7%-1.1pp 14.8%-0.4pp 15.2%+6.2pp 9.0%-5.3pp 14.3%+1.6pp 12.8%+1.5pp 11.3%+0.8pp 10.5%
Net Margin 9.4%-1.3pp 10.7%-0.2pp 10.9%+5.6pp 5.3%-4.8pp 10.1%+2.2pp 7.9%-3.6pp 11.5%+4.7pp 6.8%
Return on Equity 4.0%-0.6pp 4.7%-0.3pp 5.0%+2.5pp 2.5%-2.3pp 4.8%+0.8pp 4.0%-1.8pp 5.8%+2.1pp 3.7%
Return on Assets 2.2%-0.3pp 2.5%-0.1pp 2.6%+1.4pp 1.3%-1.2pp 2.5%+0.5pp 2.1%-0.9pp 2.9%+1.2pp 1.7%
Current Ratio 2.75-0.0 2.78-0.1 2.85+0.2 2.62-0.1 2.67+0.2 2.52+0.1 2.44+0.5 1.92
Debt-to-Equity 0.410.0 0.41-0.0 0.44-0.0 0.47+0.0 0.44-0.0 0.470.0 0.47-0.0 0.49
FCF Margin 9.5%+4.9pp 4.6%+5.4pp -0.8%-17.8pp 16.9%-6.0pp 22.9%+9.3pp 13.7%+6.0pp 7.6%-9.4pp 17.0%

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Frequently Asked Questions

What is Ingredion Inc's annual revenue?

Ingredion Inc (INGR) reported $7.4B in total revenue for fiscal year 2024. This represents a -8.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Ingredion Inc's revenue growing?

Ingredion Inc (INGR) revenue declined by 8.9% year-over-year, from $8.2B to $7.4B in fiscal year 2024.

Is Ingredion Inc profitable?

Yes, Ingredion Inc (INGR) reported a net income of $647.0M in fiscal year 2024, with a net profit margin of 8.7%.

What is Ingredion Inc's earnings per share (EPS)?

Ingredion Inc (INGR) reported diluted earnings per share of $9.71 for fiscal year 2024. This represents a 1.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Ingredion Inc's EBITDA?

Ingredion Inc (INGR) had EBITDA of $1.1B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Ingredion Inc have?

As of fiscal year 2024, Ingredion Inc (INGR) had $997.0M in cash and equivalents against $1.8B in long-term debt.

What is Ingredion Inc's gross margin?

Ingredion Inc (INGR) had a gross margin of 24.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Ingredion Inc's operating margin?

Ingredion Inc (INGR) had an operating margin of 11.9% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Ingredion Inc's net profit margin?

Ingredion Inc (INGR) had a net profit margin of 8.7% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Ingredion Inc's return on equity (ROE)?

Ingredion Inc (INGR) has a return on equity of 17.0% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Ingredion Inc's free cash flow?

Ingredion Inc (INGR) generated $1.1B in free cash flow during fiscal year 2024. This represents a 53.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Ingredion Inc's operating cash flow?

Ingredion Inc (INGR) generated $1.4B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Ingredion Inc's total assets?

Ingredion Inc (INGR) had $7.4B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Ingredion Inc's capital expenditures?

Ingredion Inc (INGR) invested $301.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Ingredion Inc spend on research and development?

Ingredion Inc (INGR) invested $67.0M in research and development during fiscal year 2024.

How many shares does Ingredion Inc have outstanding?

Ingredion Inc (INGR) had 64M shares outstanding as of fiscal year 2024.

What is Ingredion Inc's current ratio?

Ingredion Inc (INGR) had a current ratio of 2.62 as of fiscal year 2024, which is generally considered healthy.

What is Ingredion Inc's debt-to-equity ratio?

Ingredion Inc (INGR) had a debt-to-equity ratio of 0.47 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Ingredion Inc's return on assets (ROA)?

Ingredion Inc (INGR) had a return on assets of 8.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Ingredion Inc's Altman Z-Score?

Ingredion Inc (INGR) has an Altman Z-Score of 3.94, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Ingredion Inc's Piotroski F-Score?

Ingredion Inc (INGR) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Ingredion Inc's earnings high quality?

Ingredion Inc (INGR) has an earnings quality ratio of 2.22x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Ingredion Inc?

Ingredion Inc (INGR) scores 64 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.