This page shows Ingredion Inc (INGR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 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).
Profitability expanded on a smaller sales base, revealing a margin-led operating model rather than one dependent on revenue growth.
Over the last two years, revenue slid from$8.16B to$7.22B , yet gross profit still increased, which means the business earned more from each sales dollar instead of needing more sales to lift profit. This margin expansion was real but not fully cash-converted: gross margin reached25.3% while operating margin hit14.1% , but operating cash flow fell as inventory and receivables both rose, so some earnings stayed tied up in working capital.
Balance-sheet pressure has eased: debt to equity moved down from 0.6x to 0.4x, which means less of the capital structure is leaning on borrowings. Liquidity improved too, so the company has more room to absorb normal working-capital swings without needing extra financing.
Capital spending stepped back up: operating cash flow was
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Ingredion Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Ingredion Inc has an operating margin of 14.1%, meaning the company retains $14 of operating profit per $100 of revenue. This strong profitability earns a score of 73/100, reflecting efficient cost management and pricing power. This is up from 11.9% the prior year.
Ingredion Inc's revenue declined 2.8% year-over-year, from $7.4B to $7.2B. This contraction results in a growth score of 16/100.
Ingredion Inc has a moderate D/E ratio of 0.41. This balance of debt and equity financing earns a leverage score of 57/100.
With a current ratio of 2.66, Ingredion Inc holds $2.66 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 72/100.
Ingredion Inc converts 7.1% of revenue into free cash flow ($511.0M). This strong cash generation earns a score of 67/100.
Ingredion Inc earns a strong 17.1% 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 79/100. This is up from 17.0% the prior year.
Ingredion Inc scores 3.71, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Ingredion Inc passes 8 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Ingredion Inc generates $1.29 in operating cash flow ($944.0M OCF vs $729.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Ingredion Inc generated $7.2B in revenue in fiscal year 2025. This represents a decrease of 2.8% from the prior year.
Ingredion Inc's EBITDA was $1.2B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 12.9% from the prior year.
Ingredion Inc reported $729.0M in net income in fiscal year 2025. This represents an increase of 12.7% from the prior year.
Ingredion Inc earned $11.18 per diluted share (EPS) in fiscal year 2025. This represents an increase of 15.1% from the prior year.
Cash & Balance Sheet
Ingredion Inc generated $511.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 55.2% from the prior year.
Ingredion Inc held $1.0B in cash against $1.7B in long-term debt as of fiscal year 2025.
Ingredion Inc had 63M shares outstanding in fiscal year 2025. This represents a decrease of 1.9% from the prior year.
Margins & Returns
Ingredion Inc's gross margin was 25.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.2 percentage points from the prior year.
Ingredion Inc's operating margin was 14.1% in fiscal year 2025, reflecting core business profitability. This is up 2.2 percentage points from the prior year.
Ingredion Inc's net profit margin was 10.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.4 percentage points from the prior year.
Ingredion Inc's ROE was 17.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.1 percentage points from the prior year.
Capital Allocation
Ingredion Inc invested $71.0M in research and development in fiscal year 2025. This represents an increase of 6.0% from the prior year.
Ingredion Inc invested $433.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 46.8% from the prior year.
INGR Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8B+2.0% | $1.8B-3.2% | $1.8B-0.9% | $1.8B+1.1% | $1.8B+0.7% | $1.8B-3.7% | $1.9B-0.4% | $1.9B |
| Cost of Revenue | $1.4B | N/A | $1.4B+0.4% | $1.4B+0.7% | $1.3B | N/A | $1.4B-2.9% | $1.4B |
| Gross Profit | $401.0M-6.7% | $430.0M-5.5% | $455.0M-4.6% | $477.0M+2.4% | $466.0M+3.8% | $449.0M-6.3% | $479.0M+7.4% | $446.0M |
| 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 | $203.0M | N/A | $249.0M-8.1% | $271.0M-1.8% | $276.0M | N/A | $268.0M+11.7% | $240.0M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $50.0M | N/A | $69.0M+13.1% | $61.0M-10.3% | $68.0M | N/A | $84.0M+5.0% | $80.0M |
| Net Income | $142.0M-13.9% | $165.0M-3.5% | $171.0M-12.8% | $196.0M-0.5% | $197.0M+107.4% | $95.0M-49.5% | $188.0M+27.0% | $148.0M |
| EPS (Diluted) | $2.22-13.3% | $2.56-1.9% | $2.61-12.7% | $2.99-0.3% | $3.00+109.8% | $1.43-49.5% | $2.83+27.5% | $2.22 |
INGR Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $7.9B+0.4% | $7.9B+0.8% | $7.8B+0.7% | $7.8B+4.2% | $7.5B+0.3% | $7.4B-1.1% | $7.5B+4.2% | $7.2B |
| Current Assets | $3.5B+0.6% | $3.5B-0.3% | $3.5B0.0% | $3.5B+4.5% | $3.4B+0.3% | $3.4B+0.1% | $3.4B+8.1% | $3.1B |
| Cash & Equivalents | $914.0M-11.3% | $1.0B+12.6% | $915.0M+6.3% | $861.0M+2.9% | $837.0M-16.0% | $997.0M+13.7% | $877.0M+73.7% | $505.0M |
| Inventory | $1.2B-3.6% | $1.2B+0.2% | $1.2B+0.2% | $1.2B+4.4% | $1.2B-1.3% | $1.2B-3.8% | $1.2B-0.8% | $1.2B |
| Accounts Receivable | $1.4B+14.6% | $1.2B-9.7% | $1.3B-3.5% | $1.4B+5.8% | $1.3B+17.5% | $1.1B-6.8% | $1.2B-8.8% | $1.3B |
| Goodwill | $920.0M-0.2% | $922.0M+0.1% | $921.0M | N/A | N/A | $906.0M-2.1% | $925.0M+2.0% | $907.0M |
| Total Liabilities | $3.5B-1.4% | $3.5B+0.6% | $3.5B+0.1% | $3.5B+2.5% | $3.4B-3.8% | $3.6B+1.7% | $3.5B+1.5% | $3.4B |
| Current Liabilities | $1.3B-3.0% | $1.3B+3.0% | $1.3B+1.1% | $1.3B+6.9% | $1.2B-7.7% | $1.3B+2.1% | $1.3B+2.0% | $1.2B |
| Long-Term Debt | $1.7B0.0% | $1.7B+0.1% | $1.7B0.0% | $1.7B-0.1% | $1.7B-2.5% | $1.8B+2.6% | $1.7B0.0% | $1.7B |
| Total Equity | $4.4B+2.6% | $4.3B+0.8% | $4.2B+1.0% | $4.2B+5.5% | $4.0B+4.5% | $3.8B-3.7% | $4.0B+6.6% | $3.7B |
| Retained Earnings | $5.7B+1.6% | $5.6B+2.1% | $5.5B+2.2% | $5.4B+2.8% | $5.2B+2.8% | $5.1B+0.9% | $5.0B+2.7% | $4.9B |
INGR Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $33.0M-91.9% | $405.0M+46.2% | $277.0M+49.7% | $185.0M+140.3% | $77.0M-82.3% | $436.0M-9.0% | $479.0M+53.5% | $312.0M |
| Capital Expenditures | $110.0M-18.5% | $135.0M+28.6% | $105.0M+4.0% | $101.0M+9.8% | $92.0M-26.4% | $125.0M+150.0% | $50.0M-9.1% | $55.0M |
| Free Cash Flow | -$77.0M-128.5% | $270.0M+57.0% | $172.0M+104.8% | $84.0M+660.0% | -$15.0M-104.8% | $311.0M-27.5% | $429.0M+66.9% | $257.0M |
| Investing Cash Flow | -$100.0M+29.6% | -$142.0M-63.2% | -$87.0M+36.5% | -$137.0M-75.6% | -$78.0M+38.1% | -$126.0M-173.9% | -$46.0M+17.9% | -$56.0M |
| Financing Cash Flow | -$48.0M+68.2% | -$151.0M-11.0% | -$136.0M-257.9% | -$38.0M+77.1% | -$166.0M-1.2% | -$164.0M-118.7% | -$75.0M+58.1% | -$179.0M |
| Dividends Paid | $52.0M-3.7% | $54.0M+5.9% | $51.0M-5.6% | $54.0M+3.8% | $52.0M-3.7% | $54.0M+3.8% | $52.0M-1.9% | $53.0M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
INGR Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.4%-2.1pp | 24.5%-0.6pp | 25.1%-1.0pp | 26.0%+0.3pp | 25.7%+0.8pp | 24.9%-0.7pp | 25.6%+1.9pp | 23.8% |
| Operating Margin | 11.3% | N/A | 13.7%-1.1pp | 14.8%-0.4pp | 15.2% | N/A | 14.3%+1.6pp | 12.8% |
| Net Margin | 7.9%-1.5pp | 9.4%-0.0pp | 9.4%-1.3pp | 10.7%-0.2pp | 10.9%+5.6pp | 5.3%-4.8pp | 10.1%+2.2pp | 7.9% |
| Return on Equity | 3.2%-0.6pp | 3.9%-0.2pp | 4.0%-0.6pp | 4.7%-0.3pp | 5.0%+2.5pp | 2.5%-2.3pp | 4.8%+0.8pp | 4.0% |
| Return on Assets | 1.8%-0.3pp | 2.1%-0.1pp | 2.2%-0.3pp | 2.5%-0.1pp | 2.6%+1.4pp | 1.3%-1.2pp | 2.5%+0.5pp | 2.1% |
| Current Ratio | 2.76+0.1 | 2.66-0.1 | 2.75-0.0 | 2.78-0.1 | 2.85+0.2 | 2.62-0.1 | 2.67+0.2 | 2.52 |
| Debt-to-Equity | 0.40-0.0 | 0.410.0 | 0.410.0 | 0.41-0.0 | 0.44-0.0 | 0.47+0.0 | 0.44-0.0 | 0.47 |
| FCF Margin | -4.3%-19.7pp | 15.4%+5.9pp | 9.5%+4.9pp | 4.6%+5.4pp | -0.8%-18.1pp | 17.3%-5.7pp | 22.9%+9.3pp | 13.7% |
Similar Companies
Frequently Asked Questions
What is Ingredion Inc's annual revenue?
Ingredion Inc (INGR) reported $7.2B in total revenue for fiscal year 2025. This represents a -2.8% 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 2.8% year-over-year, from $7.4B to $7.2B in fiscal year 2025.
Is Ingredion Inc profitable?
Yes, Ingredion Inc (INGR) reported a net income of $729.0M in fiscal year 2025, with a net profit margin of 10.1%.
What is Ingredion Inc's EBITDA?
Ingredion Inc (INGR) had EBITDA of $1.2B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Ingredion Inc have?
As of fiscal year 2025, Ingredion Inc (INGR) had $1.0B in cash and equivalents against $1.7B in long-term debt.
What is Ingredion Inc's gross margin?
Ingredion Inc (INGR) had a gross margin of 25.3% in fiscal year 2025, 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 14.1% in fiscal year 2025, 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 10.1% in fiscal year 2025, 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 17.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Ingredion Inc's free cash flow?
Ingredion Inc (INGR) generated $511.0M in free cash flow during fiscal year 2025. This represents a -55.2% 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 $944.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Ingredion Inc's total assets?
Ingredion Inc (INGR) had $7.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Ingredion Inc's capital expenditures?
Ingredion Inc (INGR) invested $433.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Ingredion Inc spend on research and development?
Ingredion Inc (INGR) invested $71.0M in research and development during fiscal year 2025.
What is Ingredion Inc's current ratio?
Ingredion Inc (INGR) had a current ratio of 2.66 as of fiscal year 2025, which is generally considered healthy.
What is Ingredion Inc's debt-to-equity ratio?
Ingredion Inc (INGR) had a debt-to-equity ratio of 0.41 as of fiscal year 2025, 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 9.2% for fiscal year 2025, 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 3.71, 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 8 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 to 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 1.29x, 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 61 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.