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Earnings drop prompts Ingredion (NYSE: INGR) to lower 2026 profit outlook

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Ingredion Incorporated reported weaker first quarter 2026 results, with earnings and operating profit declining year over year and full-year guidance reduced. Net sales were $1.792 billion, down 1% from $1.813 billion in the first quarter 2025 as softer demand and less favorable mix in Food & Industrial Ingredients–U.S./Canada more than offset growth in other segments.

Reported diluted EPS fell to $2.22 from $3.00, while adjusted EPS declined to $2.34 from $2.97, reflecting lower operating income and higher restructuring costs. Reported operating income dropped to $203 million from $276 million, and adjusted operating income decreased to $212 million from $273 million, driven mainly by higher costs and lower volumes in the U.S./Canada business, including production challenges at the Argo facility.

Texture & Healthful Solutions delivered continued volume growth, with operating income of $100 million, slightly above the prior year, and Food & Industrial Ingredients–LATAM posted operating income of $115 million, down from $127 million. All Other generated operating income of $3 million, reflecting improvements in plant-based protein.

The company updated its full-year 2026 outlook, now expecting reported EPS of $9.60–$10.30 and adjusted EPS of $10.45–$11.15. It now anticipates full-year net sales to be flat to up low single digits, reported operating income to be down high single digits, and adjusted operating income to be flat to down low single digits. For full-year 2026, Ingredion expects cash from operations of $725–$825 million and capital expenditures of $400–$440 million.

Positive

  • None.

Negative

  • Profitability down sharply in Q1 2026: Reported operating income fell 26% to $203 million, adjusted operating income fell 22% to $212 million, and diluted EPS declined 26% to $2.22, indicating a significant deterioration in earnings power versus first quarter 2025.
  • Lowered full-year 2026 earnings outlook: Reported EPS is now expected at $9.60–$10.30 and adjusted EPS at $10.45–$11.15, with reported operating income projected down high single digits and adjusted operating income flat to down low single digits, signaling weaker expectations for the year.
  • U.S./Canada segment under significant pressure: Food & Industrial Ingredients–U.S./Canada operating income dropped from $92 million to $34 million, a 63% decline, due to operational challenges at the Argo facility and softer volumes and mix, weighing heavily on consolidated results.

Insights

Ingredion posts materially weaker Q1 results and trims 2026 outlook, mainly due to U.S./Canada operational issues.

Ingredion reported first quarter 2026 net sales of $1.792 billion, down 1%, but profitability fell much more sharply. Reported operating income declined 26% to $203 million, and adjusted operating income dropped 22% to $212 million, reflecting higher costs and weaker volumes in Food & Industrial Ingredients–U.S./Canada.

Reported diluted EPS decreased from $3.00 to $2.22, while adjusted EPS fell from $2.97 to $2.34. Management cites operational challenges at the Argo facility and softer demand in U.S./Canada as key drivers, while Texture & Healthful Solutions and LATAM delivered results broadly in line with expectations.

The company lowered its full-year 2026 guidance to reported EPS of $9.60–$10.30 and adjusted EPS of $10.45–$11.15, with reported operating income now expected to be down high single digits and adjusted operating income flat to down low single digits. It still targets cash from operations of $725–$825 million and capital expenditures of $400–$440 million, so execution on resolving Argo-related issues and stabilizing U.S./Canada margins will be important for meeting these updated ranges.

Item 0.07 Item 0.07
Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net sales Q1 2026 $1.792 billion Three months ended March 31, 2026 vs $1.813B in 2025
Reported EPS Q1 2026 $2.22 Down from $3.00 in Q1 2025 (diluted)
Adjusted EPS Q1 2026 $2.34 Down from $2.97 in Q1 2025
Reported operating income $203 million Q1 2026 vs $276 million in Q1 2025, down 26%
Adjusted operating income $212 million Q1 2026 vs $273 million in Q1 2025, down 22%
Updated 2026 adjusted EPS guidance $10.45–$11.15 Full-year 2026 adjusted EPS range
Expected 2026 cash from operations $725–$825 million Full-year 2026 outlook
Capital expenditures 2026 $400–$440 million Planned full-year 2026 capex
Adjusted EPS financial
"First quarter 2026 reported and adjusted EPS were $2.22 and $2.34, compared with $3.00 and $2.97 in the first quarter 2025"
Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.
Adjusted operating income financial
"First quarter reported and adjusted operating income were $203 million and $212 million"
Adjusted operating income is a company's profit from its main activities, excluding certain one-time or unusual costs and gains. It helps investors see how well the business is performing in its normal operations, without distractions from rare events or expenses. This way, they get a clearer picture of the company’s true profitability.
Texture & Healthful Solutions financial
"Texture & Healthful Solutions delivered an eighth consecutive quarter of broad-based net sales volume growth"
Food & Industrial Ingredients–U.S./CAN financial
"results were weaker than anticipated in Food & Industrial Ingredients–U.S./CAN due to operational challenges at our Argo facility"
Restructuring costs financial
"we recorded pre-tax restructuring charges of $11 million and $1 million, primarily related to estimated legal entity restructuring costs in 2026"
Restructuring costs are the immediate expenses a company incurs when reorganizing operations, such as closing facilities, laying off staff, breaking leases, or consolidating divisions. Investors care because these upfront outlays can lower short-term profits but may reduce future running costs or improve efficiency—like paying to renovate a house to make it cheaper to maintain—so they signal whether near-term earnings are being affected and what benefits might follow.
Effective income tax rate financial
"Reported and adjusted effective tax rates for the first quarter were 25.8% and 25.1%, respectively"
The effective income tax rate is the share of a company’s pre-tax profit that it actually pays in income taxes, calculated by dividing total tax expense by pre-tax income. For investors, it shows how much tax reduces a company’s earnings — like knowing the difference between a car’s sticker price and what you actually pay after fees and discounts — and helps compare profitability and cash available for growth or dividends.
Net sales $1.792 billion -1% vs Q1 2025
Reported diluted EPS $2.22 -26% vs $3.00 in Q1 2025
Adjusted diluted EPS $2.34 -21% vs $2.97 in Q1 2025
Reported operating income $203 million -26% vs Q1 2025
Adjusted operating income $212 million -22% vs Q1 2025
Guidance

For full-year 2026, Ingredion expects reported EPS of $9.60–$10.30, adjusted EPS of $10.45–$11.15, net sales flat to up low single-digits, reported operating income down high single digits, adjusted operating income flat to down low single-digits, cash from operations of $725–$825 million, and capital expenditures of $400–$440 million.

Understanding 8-K Material Events →
0001046257falseMay 5, 202600010462572026-05-052026-05-05

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): May 5, 2026
Ingredion_Logo_SM_rgbHEX.gif
INGREDION INCORPORATED
(Exact name of registrant as specified in its charter)
Delaware1-1339722-3514823
(State or Other Jurisdiction
of Incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
5 Westbrook Corporate Center, Westchester, Illinois
60154
(Address of Principal Executive Offices)(Zip Code)
(708) 551-2600
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Title of each class:Trading Symbol(s)Name of each exchange on which registered:
Common Stock, par value $0.01 per shareINGRNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Item 2.02    Results of Operations and Financial Condition.
On May 5, 2026, Ingredion Incorporated (the “Company”) issued a press release announcing the Company’s condensed consolidated financial results for the quarter ended March 31, 2026 (the “Press Release”). A copy of the Company’s Press Release is being furnished as Exhibit 99 and hereby incorporated by reference. The Company will host a conference call Tuesday, May 5, 2026 at 8 a.m. CT/ 9 a.m. ET to discuss the first quarter financial results.
The information contained in Item 2.02 of this report on Form 8-K, including Exhibit 99, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.
Item 9.01    Financial Statements and Exhibits.
(d) Exhibits
The following exhibit is being furnished as part of this report:
Exhibit NumberDescription
99
Press Release dated May 5, 2026 issued by Ingredion Incorporated
104Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document).


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
INGREDION INCORPORATED
Date:
May 5, 2026
By:
/s/ Jason A. Payant
Jason A. Payant
Vice President and Interim Chief Financial Officer


image.jpg
PRESS RELEASE
Ingredion Incorporated
CONTACTS:
5 Westbrook Corporate Center
Investors: Noah Weiss, 773-896-5242
Westchester, IL 60154
Media: Rick Wion, 708-209-6323

INGREDION INCORPORATED REPORTS FIRST QUARTER 2026 RESULTS
•First quarter 2026 reported and adjusted* operating income decreased 26% and 22% compared to the first quarter 2025
•First quarter 2026 reported and adjusted EPS were $2.22 and $2.34, compared with $3.00 and $2.97 in the first quarter 2025
•Adjusting full-year guidance for reported EPS to be in the range of $9.60 to $10.30 and adjusted EPS to be in the range of $10.45 to $11.15

WESTCHESTER, Ill., May 5, 2026 – Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to the food and beverage manufacturing industry, today reported its first quarter 2026 results.
“While we expected a challenging first quarter after last year’s strong first quarter, results were weaker than anticipated in Food & Industrial Ingredients–U.S./CAN due to operational challenges at our Argo facility,” said Jim Zallie, chairman, president and CEO of Ingredion. “At the same time, performance in our Texture & Healthful Solutions and Food & Industrial Ingredients–LATAM segments were in line with our expectations despite an increasingly uncertain macroeconomic environment.”
“Texture & Healthful Solutions delivered an eighth consecutive quarter of broad-based net sales volume growth driven by continued strong customer demand for our solutions portfolio, including clean label ingredients.”
“Food & Industrial Ingredients–LATAM delivered as expected, reflecting disciplined execution across the region, while absorbing the year-over-year impact of Mexican foreign exchange headwinds.”
“In our Food & Industrial Ingredients–U.S./CAN business, while we anticipated softer customer demand, a longer-than-expected recovery at our Argo facility negatively impacted results during the quarter. We remain focused on strengthening operational reliability, and we expect performance to improve sequentially throughout the second quarter; we are targeting a return to normal operations in the second half of the year.”
“Excluding the impact of Argo, we are pleased with the performance and resilience of the other parts of our business, especially our Texture & Healthful Solutions segment which continues to find opportunities for growth. Our focus going forward remains on servicing our customers, delivering innovative solutions, and driving long-term value creation for our shareholders.”

*Reported results are in accordance with U.S. generally accepted accounting principles “GAAP.” Adjusted financial measures are non-GAAP financial measures. See “II. Non-GAAP Information” in the Supplemental Financial Information that follows the Condensed Consolidated Financial Statements for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures.
INGREDION REPORTS FIRST QUARTER 2026 RESULTS – Page 2
Diluted Earnings Per Share (EPS)
1Q25
1Q26
Reported Diluted EPS
$
3.00 
$
2.22 
Impairment charges
0.08 
— 
Restructuring costs
0.02 
0.15 
Tax items and other matters
(0.13)
(0.03)
Adjusted Diluted EPS**
$
2.97 
$
2.34 
Factors affecting changes in Reported and Adjusted EPS
1Q26
Total items affecting adjusted diluted EPS**
(0.63)
Total operating items
(0.70)
Margin
(0.71)
Volume
(0.14)
Foreign exchange
0.07 
Other income
0.08 
Total non-operating items
0.07 
Financing costs
— 
Non-controlling interests
— 
Tax rate
0.01 
Shares outstanding
0.06 
Other non-operating income
— 
** Totals may not sum or recalculate due to rounding

Business Review
Total Ingredion
Net Sales
$ in millions
2025
FX
Impact
Volume
Price
Mix
2026
Change
Change
excl. FX
First Quarter
1,813
33
(32)
(22)
1,792
(1%)
(3%)
•First quarter net sales decreased 1%. The decrease was primarily driven by lower volume and less favorable mix in the F&II–U.S./CAN business, partially offset by higher net sales in T&HS and favorable foreign exchange impacts across the segments.
Reported Operating Income
$ in millions
2025
FX Impact
Business
Drivers
Restructuring/Impairment
Other
2026
Change
Change
excl. FX
First Quarter
276
6
(67)
(4)
(8)
203
(26%)
(28%)

INGREDION REPORTS FIRST QUARTER 2026 RESULTS – Page 3
Adjusted Operating Income
$ in millions
2025
FX Impact
Business
Drivers
2026
Change
Change
excl. FX
First Quarter
273
6
(67)
212
(22%)
(24%)
•First quarter reported and adjusted operating income were $203 million and $212 million. The difference between reported and adjusted operating income was primarily attributable to legal-entity restructuring and previously announced plant-closure costs. Excluding foreign exchange translational impacts, reported operating income was down 28% and adjusted operating income was down 24% from a year ago, primarily due to increased operating costs and lower volumes in the F&II–U.S./CAN business.
Texture & Healthful Solutions
Net Sales
$ in millions
2025
FX Impact
Volume
Price
Mix
2026
Change
Change
excl. FX
First Quarter
602
13
13
(11)
617
2%
—%
Segment Operating Income
$ in millions
2025
FX Impact
Business
Drivers
2026
Change
Change
excl. FX
First Quarter
99
3
(2)
100
1%
(2%)
•First quarter operating income for Texture & Healthful Solutions was $100 million, an increase of $1 million from a year ago, primarily driven by favorable input costs, foreign exchange, and better volume, partially offset by strategic price and mix management. Excluding foreign exchange translational impacts, segment operating income was down 2%.
Food & Industrial Ingredients–LATAM
Net Sales
$ in millions
2025
FX
Impact
Volume
Price
Mix
2026
Change
Change
excl. FX
First Quarter
573
18
(7)
(5)
579
1%
(2%)
Segment Operating Income
$ in millions
2025
FX Impact
Business
Drivers
Argentina JV
2026
Change
Change
excl. FX
First Quarter
127
2
(14)
—
115
(9%)
(11%)
•First quarter operating income for Food & Industrial Ingredients–LATAM was $115 million, a $12 million decrease from a year ago, driven primarily by Mexico transactional currency impacts and softer volumes. Excluding foreign exchange translational impacts, segment operating income was down 11%.

INGREDION REPORTS FIRST QUARTER 2026 RESULTS – Page 4
Food & Industrial Ingredients–U.S./CAN
Net Sales
$ in millions
2025
FX Impact
Volume
Price
Mix
2026
Change
Change
excl. FX
First Quarter
520
2
(38)
(9)
475
(9%)
(9%)
Segment Operating Income
$ in millions
2025
FX Impact
Business
Drivers
2026
Change
Change
excl. FX
First Quarter
92
1
(59)
34
(63%)
(64%)
•First quarter operating income for Food & Industrial Ingredients–U.S./CAN was $34 million, a $58 million decrease from a year ago. The decline resulted from production challenges at our Argo facility and softer volumes and mix. Excluding foreign exchange translational impacts, operating income was down 64%.
All Other*
Net Sales
$ in millions
2025
FX Impact
Volume
Price
Mix
2026
Change
Change
excl. FX
First Quarter
118
—
—
3
121
3%
3%
All Other Operating Income
$ in millions
2025
FX Impact
Business
Drivers
2026
Change
Change
excl. FX
First Quarter
—
—
3
3
nm
nm
•First quarter operating income for All Other increased $3 million from the prior year, reflecting continued improvements in the plant-based protein business.
* All Other consists of the businesses of multiple operating segments that are not individually or collectively classified as reportable segments. Net sales from All Other are generated primarily by sweetener and starch sales by our Pakistan business, sales of stevia and other ingredients from our PureCircle and Other Sugar Reduction businesses, and pea protein ingredients from our Protein Fortification business.
Other Financial Items
•At March 31, 2026, total debt was $1.8 billion, and cash, including short-term investments, was $918 million, versus $1.8 billion and $1.0 billion at December 31, 2025.
•Net financing costs were $9 million for both the first quarter of 2026 and the first quarter of 2025.
•Reported and adjusted effective tax rates for the first quarter were 25.8% and 25.1%, respectively, compared to 25.5% and 25.4%, respectively, for the year-ago period.
•Net capital expenditures were $110 million through March 31, 2026.

INGREDION REPORTS FIRST QUARTER 2026 RESULTS – Page 5
Dividends and Share Repurchases
In the first quarter, the Company paid $52 million in dividends to shareholders. On March 18, 2026, the Company declared a quarterly dividend of $0.82 per share that was paid on April 21, 2026. During the quarter, the Company repurchased $14 million of common stock.
Updated Full-Year 2026 Outlook
The Company now expects its full-year 2026 reported EPS to be in the range of $9.60 to $10.30 and adjusted EPS to be in the range of $10.45 to $11.15.

This guidance reflects tariff levels in effect as of the end of April 2026. In addition, this guidance excludes any acquisition-related integration and restructuring costs, as well as any potential impairment costs.
The Company now expects full-year 2026 net sales to be flat to up low single-digits, reflecting volume growth partially offset by lower price mix.
Reported operating income is now expected to be down high single-digits, with adjusted operating income now expected to be flat to down low single-digits for full-year 2026.
The 2026 full-year outlook further assumes the following: Texture & Healthful Solutions operating income is now expected to be up low single-digits, driven by sales volume growth, partially offset by expected higher input cost inflation; Food & Industrial Ingredients–LATAM operating income is now expected to be down low single-digits reflecting the continued strength of the Mexican peso; Food & Industrial Ingredients–U.S./CAN operating income is now expected to be down low double-digits driven by Argo’s operational headwinds in the first quarter; and All Other operating income is still anticipated to improve by $5 to $10 million from the prior year.
Corporate costs for full-year 2026 are now expected to be flat.
For full-year 2026, the Company now expects a reported effective tax rate of 26.3% to 27.8%, and an adjusted effective tax rate of 26.0% to 27.5%.
Cash from operations for full-year 2026 is expected to now be in the range of $725 million to $825 million reflecting our updated outlook. Capital expenditures for the full year are expected to be approximately $400 to $440 million.
Second Quarter 2026 Outlook
For the second quarter of 2026, compared to the same quarter last year, the Company expects net sales to be flat to up low single-digits. Reported operating income is expected to be down high double-digits and adjusted operating income is expected to be down high single-digits, which reflect the challenging comparison to the prior year’s strong results.
Conference Call and Webcast Details
Ingredion will host a conference call on Tuesday, May 5, 2026, at 8 a.m. CT/ 9 a.m. ET, hosted by Jim Zallie, chairman, president and chief executive officer, and Jason Payant, vice president and interim chief financial officer. The call will be webcast in real time and can be accessed at https://ir.ingredionincorporated.com/events-and-presentations. A presentation containing additional financial and operating information will be accessible through the Company’s website and available to download a few hours before the start of the call. A replay will be available for a limited time at https://ir.ingredionincorporated.com/financial-information/quarterly-results.
About Ingredion
Ingredion Incorporated (NYSE: INGR), headquartered in the suburbs of Chicago, is a leading global ingredient solutions provider serving customers in nearly 120 countries. With 2025 annual net sales of approximately $7.2 billion, the Company turns grains, fruits, vegetables and other plant-based materials into value-added ingredient solutions for the food, beverage, animal nutrition, brewing and industrial markets. With Ingredion Idea Labs® innovation centers located around the world

INGREDION REPORTS FIRST QUARTER 2026 RESULTS – Page 6
and more than 11,000 employees, the Company co-creates with customers and fulfills its purpose of bringing the potential of people, nature and technology together to make life better. Visit ingredion.com for more information and the latest Company news.
Forward-Looking Statements
This news release contains or may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Ingredion Incorporated intends these forward-looking statements to be covered by the safe harbor provisions for such statements.
Forward-looking statements include, among others, any statements regarding our expectations for second quarter 2026 net sales and reported and adjusted operating income, full-year 2026 reported and adjusted earnings per share, net sales, reported and adjusted operating income, segment operating income, corporate costs, reported and adjusted effective tax rates, cash from operations, and capital expenditures, and any other statements regarding our prospects and our future operations, financial condition, volumes, cash flows, expenses or other financial items, including management’s plans or strategies and objectives for any of the foregoing and any assumptions, expectations, or beliefs underlying any of the foregoing.
These statements can sometimes be identified by the use of forward-looking words such as “may,” “will,” “should,” “anticipate,” “assume,” “believe,” “plan,” “project,” “estimate,” “expect,” “intend,” “continue,” “pro forma,” “forecast,” “outlook,” “opportunities,” “potential,” or other similar expressions or the negative thereof. All statements other than statements of historical facts therein are “forward-looking statements.”

These statements are based on current circumstances or expectations, but are subject to certain inherent risks and uncertainties, many of which are difficult to predict and beyond our control. Although we believe our expectations reflected in these forward-looking statements are based on reasonable assumptions, investors are cautioned that no assurance can be given that our expectations will prove correct.

Actual results and developments may differ materially from the expectations expressed in or implied by these statements, based on various risks and uncertainties, including changes in consumer practices, preferences, price sensitivity, behaviors, demand and perceptions; the impact of geopolitical developments, tensions, threats or conflicts on the availability and prices of raw materials and energy supplies; supply chains and foreign exchange and interest rates; the impact of global business and economic conditions on demand for our products or our access to global credit and equity markets; our reliance on certain industries for a significant portion of our sales; operating difficulties at our manufacturing facilities and liabilities relating to product safety and quality; our ability to keep pace with technological developments in research and development and continue to offer innovative products; competitive pressures that may adversely affect our market share, revenue and profitability; market volatility that may adversely affect our ability to pass through potential increases in the cost of corn and other raw materials to customers, to purchase quantities of corn and other raw materials at prices sufficient to sustain or increase our profitability, or to supply product quantities and meet shipment delivery requirements that our customers demand; the impact on inputs to our procurement, production processes and delivery channels, such as raw material, energy, and freight and logistics, of price fluctuations, supply chain interruptions, tariffs, duties, and shortages; our ability to contain costs, manage working capital, and achieve budgets, including completion of planned maintenance and investment projects on time and on budget; global climate change and legal, regulatory, or market measures to address climate change; our ability to identify and complete acquisitions, divestitures, or strategic alliances on favorable terms or achieve anticipated synergies; the economic, political and other risks inherent in conducting operations in foreign countries and with foreign currencies; our ability to maintain satisfactory labor relations; our ability to attract, develop, retain, motivate and maintain good relationships with our workforce, including key personnel; the impact of legal and regulatory proceedings; the risks associated with pandemics; the impact of any impairment charges on intangible assets and goodwill; global and regional economic policies and changes to existing laws and regulations; changes in our tax rates or exposure to additional income tax liabilities; increases in interest rates that could increase our borrowing costs; risks affecting our ability to raise funds at reasonable rates and other factors affecting our access to sufficient funds for future growth and expansion; risks relating to the use of artificial intelligence and other advanced technologies, and our reliance on third‑party technology providers; interruptions, security incidents, or failures with respect to information technology systems, processes, and sites; risks affecting the continuation of our dividend policy; and our ability to maintain effective internal control over financial reporting.

Our forward-looking statements speak only as of the date on which they are made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement as a result of new information or future events or developments or otherwise. If we do update or correct one or more of these statements, investors and others should not conclude that we will make additional updates or corrections. For a further description of

INGREDION REPORTS FIRST QUARTER 2026 RESULTS – Page 7
these and other risks, see “Risk Factors” and other information included in our Annual Report on Form 10-K for the year ended December 31, 2025, and in our subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission.
###


Ingredion Incorporated
Condensed Consolidated Statements of Income
(Unaudited)
(dollars and shares in millions, except per share data)
Three Months Ended March 31,
Change
%
2026
2025
Net sales
$
1,792 
$
1,813 
(1%)
Cost of sales
1,391 
1,347 
Gross profit
401 
466 
(14%)
Operating expenses
200 
193 
4%
Other operating (income), net
(13)
(10)
Restructuring/impairment charges
11 
7 
Operating income
203 
276 
(26%)
Financing costs
9 
9 
Income before income taxes
194 
267 
(27%)
Provision for income taxes
50 
68 
Net income
144 
199 
(28%)
Less: Net income attributable to non-controlling interests
2 
2 
Net income attributable to Ingredion
$
142 
$
197 
(28%)
Earnings per common share attributable to Ingredion common shareholders:
Weighted average common shares outstanding:
Basic
63.2
64.5
Diluted
64.0
65.6
Earnings per common share of Ingredion:
Basic
$
2.25 
$
3.05 
(26%)
Diluted
2.22 
3.00 
(26%)


Ingredion Incorporated
Condensed Consolidated Balance Sheets
(dollars and shares in millions, except per share amounts)
March 31, 2026
December 31, 2025
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
$
914 
$
1,030 
Short-term investments
4 
3 
Accounts receivable, net
1,358 
1,185 
Inventories
1,183 
1,227 
Prepaid expenses and assets held for sale
66 
60 
Total current assets
3,525 
3,505 
Property, plant and equipment, net
2,561 
2,526 
Intangible assets, net
1,259 
1,269 
Other non-current assets
583 
597 
Total assets
$
7,928 
$
7,897 
Liabilities and stockholders’ equity
Current liabilities:
Short-term borrowings
$
83 
$
48 
Accounts payable, accrued liabilities and liabilities held for sale
1,194 
1,268 
Total current liabilities
1,277 
1,316 
Long-term debt
1,742 
1,742 
Other non-current liabilities
463 
473 
Total liabilities
3,482 
3,531 
Share-based payments subject to redemption
41 
64 
Redeemable non-controlling interests
— 
7 
Ingredion stockholders’ equity:
Preferred stock — authorized 25.0 shares — $0.01 par value, none issued
— 
— 
Common stock — authorized 200.0 shares — $0.01 par value, 77.8 shares issued at March 31, 2026 and December 31, 2025
1 
1 
Additional paid-in capital
1,162 
1,155 
Less: Treasury stock (common stock: 14.8 shares at March 31, 2026 and December 31, 2025) at cost
(1,553)
(1,555)
Accumulated other comprehensive loss
(927)
(937)
Retained earnings
5,700 
5,610 
Total Ingredion stockholders’ equity
4,383 
4,274 
Non-redeemable non-controlling interests
22 
21 
Total stockholders’ equity
4,405 
4,295 
Total liabilities and stockholders’ equity
$
7,928 
$
7,897 


Ingredion Incorporated
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(dollars in millions)
Three Months Ended March 31,
2026
2025
Cash from operating activities
Net income
$
144 
$
199 
Non-cash charges to net income:
Depreciation and amortization
55 
55 
Mechanical stores expense
18 
16 
Impairment charges
— 
6 
Margin accounts
8 
(3)
Changes in other working capital
(205)
(220)
Other
13 
24 
Cash provided by operating activities
33 
77 
Cash from investing activities
Capital expenditures and mechanical stores purchases, net
(110)
(92)
Proceeds from sale of business
12 
12 
Purchases of equity securities, net
(1)
— 
Other
(1)
2 
Cash used for investing activities
(100)
(78)
Cash from financing activities
Proceeds (payments) on borrowings, net
35 
(48)
Repurchases of common stock, net
(14)
(55)
Common stock activity for share-based compensation, net
(10)
(11)
Purchases of non-controlling interests
(7)
— 
Dividends paid, including to non-controlling interests
(52)
(52)
Cash used for financing activities
(48)
(166)
Effects of foreign exchange rate changes on cash and cash equivalents
(1)
7 
(Decrease) in cash and cash equivalents
(116)
(160)
Cash and cash equivalents, beginning of period
1,030 
997 
Cash and cash equivalents, end of period
$
914 
$
837 


Ingredion Incorporated
Supplemental Financial Information
(Unaudited)
(dollars in millions, except for percentages)
I. Segment Information of Net Sales to Unaffiliated Customers and Operating Income
Three Months Ended
March 31,
Change %
Change
Excl. FX %
2026
2025
Net Sales to Unaffiliated Customers:
Texture & Healthful Solutions (i)
$
617 
$
602 
2%
0%
Food & Industrial Ingredients–LATAM (ii)
579 
573 
1%
(2%)
Food & Industrial Ingredients–U.S./Canada (iii)
475 
520 
(9%)
(9%)
All Other (iv)
121 
118 
3%
3%
Net Sales
$
1,792 
$
1,813 
(1%)
(3%)
Operating Income (Loss):
Texture & Healthful Solutions
$
100 
$
99 
1%
(2%)
Food & Industrial Ingredients–LATAM
115 
127 
(9%)
(11%)
Food & Industrial Ingredients–U.S./Canada
34 
92 
(63%)
(64%)
All Other
3 
— 
nm
nm
Corporate
(40)
(45)
(11%)
(11%)
Adjusted Operating Income
212 
273 
(22%)
(24%)
Restructuring costs
(11)
(1)
Other matters
2 
10 
Impairment charges
— 
(6)
Operating Income
$
203 
$
276 
(26%)
(28%)
Notes to Net Sales to Unaffiliated Customers
(i)Net of inter-segment sales of $9 million for both the first quarter of 2026 and 2025.
(ii)Net of inter-segment sales of $10 million and $13 million for the first quarter of 2026 and 2025.
(iii)Net of inter-segment sales of $27 million and $33 million for the first quarter of 2026 and 2025.
(iv)Net of inter-segment sales of $4 million and $3 million for the first quarter of 2026 and 2025.


II. Non-GAAP Information
To supplement the consolidated financial results prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), non-GAAP historical financial measures are used, which exclude certain GAAP items such as restructuring costs, impairment charges, Mexico tax item, and other specified items. The term “adjusted” is generally used when referring to these non-GAAP financial measures.
Management uses non-GAAP financial measures internally for strategic decision making, forecasting future results and evaluating current performance. By disclosing non-GAAP financial measures, management intends to provide investors with a more meaningful, consistent comparison of the Company’s operating results and trends for the periods presented. These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and reflect an additional way of viewing aspects of the Company’s operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business. Expected financial measures may not reflect certain future charges, costs and/or gains that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance. Non-GAAP adjustments are generally made to adjusted financial measures, which increases management’s confidence in its ability to forecast adjusted financial measures than in its ability to forecast GAAP financial measures. These non-GAAP measures, including non-GAAP expected measures, should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.
Non-GAAP financial measures are not prepared in accordance with GAAP; therefore, the Company’s non-GAAP information is not necessarily comparable to similarly titled measures presented by other companies. A reconciliation of each non-GAAP financial measure to the most comparable GAAP measure is provided in the tables below.
Ingredion Incorporated
Reconciliation of GAAP Net Income attributable to Ingredion and Diluted Earnings Per Share (“EPS”) to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS
(Unaudited)
Three Months Ended
March 31, 2026
Three Months Ended
March 31, 2025
(in millions)
Diluted EPS
(in millions)
Diluted EPS
Net income attributable to Ingredion
$
142 
$
2.22 
$
197 
$
3.00 
Adjustments:
Restructuring costs (i)
10 
0.15 
1 
0.02 
Other matters (ii)
(2)
(0.03)
(7)
(0.11)
Impairment charges (iii)
— 
— 
5 
0.08 
Tax item–Mexico (iv)
(4)
(0.06)
(1)
(0.02)
Other tax matters (v)
4 
0.06 
— 
— 
Non-GAAP adjusted net income attributable to Ingredion
$
150 
$
2.34 
$
195 
$
2.97 

Net income and EPS may not sum or recalculate due to rounding.

II. Non-GAAP Information (continued)
Notes
(i)During the three months ended March 31, 2026 and 2025, we recorded pre-tax restructuring charges of $11 million and $1 million, primarily related to estimated legal entity restructuring costs in 2026.
(ii)During the three months ended March 31, 2026, we recorded pre-tax benefits of $2 million. During the three months ended March 31, 2025, we recorded pre-tax benefits of $10 million, primarily related to insurance recoveries and a favorable judgment related to certain indirect taxes.
(iii)During the three months ended March 31, 2025, we recorded $6 million of pre-tax impairment charges on previously announced plant closures and impairments on equity investments. There was no such activity during the three months ended March 31, 2026.
(iv)The tax amounts are result of the movement of the Mexican peso against the U.S. dollar and its impact on the remeasurement of the Mexico financial statements during the period.
(v)During the three months ended March 31, 2026, we recognized prior-year tax reserves, recapture of prior-year U.S. tax benefits, and associated tax impacts related to the above current and prior-year non-GAAP adjustments. These were partially offset by interest income on previously recognized tax benefits associated with certain Brazilian local incentives that were previously taxable.

Ingredion Incorporated
Reconciliation of GAAP Operating Income to Non-GAAP Adjusted Operating Income
(Unaudited)
(dollars in millions, pre-tax)
Three Months Ended
March 31,
2026
2025
Operating income
$
203 
$
276 
Adjustments:
Restructuring costs (i)
11 
1 
Other matters (ii)
(2)
(10)
Impairment charges (iii)
— 
6 
Non-GAAP adjusted operating income
$
212 
$
273 
For notes (i) through (iii), see notes (i) through (iii) included in the Reconciliation of GAAP Net Income attributable to Ingredion and Diluted Earnings Per Share (“EPS”) to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS.

II. Non-GAAP Information (continued)
Ingredion Incorporated
Reconciliation of GAAP Effective Income Tax Rate to Non-GAAP Adjusted Effective Income Tax Rate
(Unaudited)
(dollars in millions, except for percentages)
Three Months Ended March 31, 2026
Income before Income Taxes (a)
Provision for Income Taxes (b)
Effective Income
Tax Rate (b/a)
As Reported
$
194 
$
50 
25.8%
Adjustments:
Restructuring costs (i)
11 
1 
Other matters (ii)
(2)
— 
Tax item–Mexico (iv)
— 
4 
Other tax matters (v)
— 
(4)
Adjusted Non-GAAP
$
203 
$
51 
25.1%

Three Months Ended March 31, 2025
Income before Income Taxes (a)
Provision for Income Taxes (b)
Effective Income
Tax Rate (b/a)
As Reported
$
267 
$
68 
25.5%
Adjustments:
Restructuring costs (i)
1 
— 
Impairment charges (iii)
6 
1 
Other matters (ii)
(10)
(3)
Tax item–Mexico (iv)
— 
1 
Adjusted Non-GAAP
$
264 
$
67 
25.4%
For notes (i) through (v), see notes (i) through (v) included in the Reconciliation of GAAP Net Income attributable to Ingredion and Diluted Earnings Per Share (“EPS”) to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS.

II. Non-GAAP Information (continued)
Ingredion Incorporated
Reconciliation of Expected GAAP Diluted Earnings Per Share (“GAAP EPS”)
to Expected Adjusted Diluted Earnings Per Share (“Adjusted EPS”)
(Unaudited)
Expected EPS Range
for Full-Year 2026
Low End of
Guidance
High End of
Guidance
GAAP EPS
$
9.60 
$
10.30 
Adjustments:
Restructuring costs (i)
0.20 
0.20 
Other matters (ii)
0.20 
0.20 
Impairment charges (iii)
0.45 
0.45 
Tax item–Mexico (iv)
(0.06)
(0.06)
Other tax matters (v)
0.06 
0.06 
Adjusted EPS
$
10.45 
$
11.15 
For notes (i) through (v), see notes (i) through (v) included in the Reconciliation of GAAP Net Income attributable to Ingredion and Diluted Earnings Per Share (“EPS”) to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS.
In addition, the forecasted amounts above include the following adjustments:

(i)An estimated $7 million of pre-tax restructuring costs related to the planned cessation of our Cabo, Brazil manufacturing facility.
(ii)An estimated $20 million of pre-tax direct costs related to a thermal event at our Argo manufacturing facility.
(iii)An estimated $36 million of pre-tax impairment charges related to the planned cessation of our Cabo, Brazil manufacturing facility.

II. Non-GAAP Information (continued)
Ingredion Incorporated
Reconciliation of Expected GAAP Effective Income Tax Rate (“GAAP ETR”)
to Expected Adjusted Effective Income Tax Rate (“Adjusted ETR”)
(Unaudited)
Expected Effective Income
Tax Rate Range
for Full-Year 2026
Low End of
Guidance
High End of
Guidance
GAAP ETR
26.3
%
27.8
%
Adjustments:
Restructuring costs (i)
(0.1
%)
(0.1
%)
Other matters (ii)
0.1
%
0.1
%
Impairment charges (iii)
(0.3
%)
(0.3
%)
Tax item–Mexico (iv)
0.4
%
0.4
%
Other tax matters (v)
(0.4
%)
(0.4
%)
Adjusted ETR
26.0
%
27.5
%
For notes (i) through (v), see notes (i) through (v) included in the Reconciliation of GAAP Net Income attributable to Ingredion and Diluted Earnings Per Share (“EPS”) to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS.
In addition, the forecasted amounts above include the following adjustments:

(i)An estimated $7 million of pre-tax restructuring costs related to the planned cessation of our Cabo, Brazil manufacturing facility.
(ii)An estimated $20 million of pre-tax direct costs related to a thermal event at our Argo manufacturing facility.
(iii)An estimated $36 million of pre-tax impairment charges related to the planned cessation of our Cabo, Brazil manufacturing facility.

Source: View Original Filing on SEC EDGAR

FAQ

How did Ingredion (INGR) perform financially in Q1 2026?

Ingredion’s Q1 2026 net sales were $1.792 billion, down 1% from $1.813 billion. Reported operating income declined to $203 million and adjusted operating income to $212 million. Diluted EPS fell to $2.22, with adjusted EPS at $2.34.

Why did Ingredion’s earnings decline compared to Q1 2025?

Earnings declined mainly because of higher operating costs and lower volumes in the Food & Industrial Ingredients–U.S./Canada segment, including production challenges at the Argo facility. These factors drove a 26% drop in reported operating income and a 26% decline in diluted EPS year over year.

What full-year 2026 EPS guidance did Ingredion provide?

Ingredion now expects 2026 reported EPS of $9.60–$10.30 and adjusted EPS of $10.45–$11.15. This outlook assumes flat to low single-digit net sales growth, reported operating income down high single digits, and adjusted operating income flat to down low single digits.

How did Ingredion’s key business segments perform in Q1 2026?

Texture & Healthful Solutions net sales rose to $617 million with operating income of $100 million. LATAM net sales reached $579 million and operating income $115 million. U.S./Canada net sales fell to $475 million and operating income dropped to $34 million.

What cash flow and capital spending does Ingredion expect for 2026?

Ingredion expects cash from operations of $725–$825 million for full-year 2026. It plans capital expenditures of approximately $400–$440 million, supporting maintenance and growth projects while managing through operational challenges, including those at the Argo facility.

Did Ingredion return capital to shareholders in Q1 2026?

Yes. Ingredion paid $52 million in dividends during the first quarter, including a quarterly dividend of $0.82 per share declared on March 18, 2026. The company also repurchased $14 million of common stock during the quarter.

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