NYSE : IFF
International Flavors & Fragrances Inc. — Financial statements
Materials · Specialty Chemicals · United States
Last price 90.81 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 23.17B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
International Flavors & Fragrances Inc. (IFF) reported revenue of 10.78B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 10.78B | 10.89B | 11.48B | 11.48B | 12.44B | 11.66B |
| Cost of Revenue | 6.84B | 6.95B | 7.36B | 7.80B | 8.29B | 7.92B |
| Gross Profit | 3.94B | 3.94B | 4.12B | 3.68B | 4.15B | 3.73B |
| Selling, General & Admin | 1.75B | 1.78B | 2.12B | 1.76B | 1.75B | 1.72B |
| Research & Development | 693.00M | 694.00M | 671.00M | 636.00M | 603.00M | 629.00M |
| Amortization of Goodwill & Intangibles | 572.00M | 568.00M | 610.00M | 680.00M | 727.00M | 732.00M |
| Operating Expenses | 3.01B | 3.04B | 3.40B | 3.08B | 3.08B | 3.08B |
| Operating Income | 931.00M | 896.00M | 723.00M | 606.00M | 1.07B | 659.00M |
| Interest Expense | -187.00M | -229.00M | -305.00M | -380.00M | -336.00M | -289.00M |
| Interest & Investment Income | 15.00M | 19.00M | 15.00M | 5.00M | 15.00M | 8.00M |
| Currency Exchange Gain (Loss) | -79.00M | -92.00M | -91.00M | -77.00M | -12.00M | 3.00M |
| Other Non Operating Income (Expenses) | -10.00M | -3.00M | 19.00M | 17.00M | 4.00M | |
| EBT Excluding Unusual Items | 670.00M | 591.00M | 361.00M | 171.00M | 738.00M | 381.00M |
| Merger & Restructuring Charges | -45.00M | -70.00M | -29.00M | -46.00M | -12.00M | -41.00M |
| Impairment of Goodwill | -1.12B | -1.15B | -64.00M | -2.62B | -2.25B | |
| Gain (Loss) on Sale of Assets | -141.00M | -225.00M | 40.00M | -20.00M | 14.00M | 14.00M |
| Asset Writedown | -120.00M | |||||
| Legal Settlements | -43.00M | -43.00M | ||||
| Other Unusual Items | 488.00M | 5.00M | ||||
| Pretax Income | -678.00M | -412.00M | 308.00M | -2.52B | -1.62B | 354.00M |
| Income Tax Expense | 111.00M | -53.00M | 41.00M | 69.00M | 239.00M | 75.00M |
| Earnings From Continuing Operations | -789.00M | -359.00M | 267.00M | -2.59B | -1.86B | 279.00M |
| Minority Interest in Earnings | -2.00M | -2.00M | -4.00M | -4.00M | -7.00M | -9.00M |
| Net Income | 277.00M | -361.00M | 263.00M | -2.59B | -1.87B | 270.00M |
| Preferred Dividends & Other Adjustments | -2.00M | -3.00M | 2.00M | |||
| Net Income to Common | 277.00M | -361.00M | 263.00M | -2.59B | -1.87B | 268.00M |
| Shares Outstanding (Basic) | 256.00M | 256.00M | 256.00M | 255.00M | 255.00M | 243.00M |
| Shares Outstanding (Diluted) | 256.00M | 256.00M | 256.00M | 255.00M | 255.00M | 243.00M |
| EPS (Basic) | 1.08 | -1.41 | 1.03 | -10.15 | -7.33 | 1.10 |
| EPS (Diluted) | 1.08 | -1.41 | 1.03 | -10.15 | -7.33 | 1.10 |
| Free Cash Flow | 542.00M | 256.00M | 607.00M | 952.00M | -107.00M | 1.04B |
| Free Cash Flow Per Share | 2.12 | 1.00 | 2.37 | 3.73 | -0.42 | 4.30 |
| Dividend Per Share | 1.60 | 1.60 | 1.60 | 3.24 | 3.20 | 3.12 |
| Gross Margin | 36.58% | 36.16% | 35.91% | 32.07% | 33.37% | 32.04% |
| Operating Margin | 8.64% | 8.23% | 6.30% | 5.28% | 8.58% | 5.65% |
| Profit Margin | 2.57% | -3.31% | 2.29% | -22.55% | -15.02% | 2.30% |
| Free Cash Flow Margin | 5.03% | 2.35% | 5.29% | 8.29% | -0.86% | 8.96% |
| EBITDA | 1.91B | 1.86B | 1.74B | 1.75B | 2.25B | 1.81B |
| EBITDA Margin | 17.73% | 17.06% | 15.13% | 15.23% | 18.05% | 15.57% |
| D&A For EBITDA | 980.00M | 962.00M | 1.01B | 1.14B | 1.18B | 1.16B |
| EBIT | 931.00M | 896.00M | 723.00M | 606.00M | 1.07B | 659.00M |
| EBIT Margin | 8.64% | 8.23% | 6.30% | 5.28% | 8.58% | 5.65% |
| Effective Tax Rate | 13.31% | 21.19% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 569.00M | 590.00M | 469.00M | 703.00M | 483.00M | 711.00M |
| Cash & Short-Term Investments | 569.00M | 590.00M | 469.00M | 703.00M | 483.00M | 711.00M |
| Accounts Receivable | 1.42B | 1.73B | 1.62B | 1.73B | 1.82B | 1.91B |
| Other Receivables | 171.00M | 270.00M | 118.00M | 187.00M | 212.00M | 309.00M |
| Receivables | 1.59B | 2.00B | 1.74B | 1.91B | 2.03B | 2.21B |
| Inventory | 1.55B | 2.36B | 2.26B | 2.64B | 3.30B | 2.64B |
| Prepaid Expenses | 139.00M | 170.00M | 159.00M | 184.00M | 144.00M | 160.00M |
| Restricted Cash | 6.00M | 10.00M | 4.00M | |||
| Other Current Assets | 5.24B | 469.00M | 3.34B | 849.00M | 1.47B | 1.25B |
| Total Current Assets | 9.09B | 5.59B | 7.97B | 6.29B | 7.43B | 6.99B |
| Property, Plant & Equipment | 3.20B | 4.64B | 4.36B | 4.96B | 4.97B | 5.16B |
| Long-Term Investments | 10.00M | 15.00M | 10.00M | 11.00M | 10.00M | 86.00M |
| Goodwill | 8.14B | 8.27B | 9.07B | 10.63B | 13.37B | 16.41B |
| Other Intangible Assets | 3.73B | 6.04B | 6.45B | 8.36B | 9.08B | 10.51B |
| Long-Term Deferred Tax Assets | 313.00M | 285.00M | 240.00M | 278.00M | 167.00M | 82.00M |
| Other Long-Term Assets | 670.00M | 693.00M | 630.00M | 449.00M | 490.00M | 427.00M |
| Total Assets | 25.15B | 25.54B | 28.72B | 30.98B | 35.52B | 39.66B |
| Accounts Payable | 1.06B | 1.29B | 1.28B | 1.38B | 1.42B | 1.53B |
| Accrued Expenses | 688.00M | 783.00M | 812.00M | 820.00M | 790.00M | 850.00M |
| Short-Term Debt | 50.00M | 318.00M | 2.00M | 3.00M | 193.00M | 331.00M |
| Current Portion of Long-Term Debt | 914.00M | 936.00M | 1.41B | 882.00M | 404.00M | 301.00M |
| Current Portion of Leases | 83.00M | 104.00M | 92.00M | 92.00M | 91.00M | 114.00M |
| Current Income Taxes Payable | 131.00M | 180.00M | 129.00M | 194.00M | 313.00M | 94.00M |
| Other Current Liabilities | 1.48B | 325.00M | 623.00M | 389.00M | 519.00M | 411.00M |
| Total Current Liabilities | 4.41B | 3.93B | 4.35B | 3.76B | 3.73B | 3.63B |
| Long-Term Debt | 4.74B | 4.74B | 7.56B | 9.19B | 10.37B | 10.77B |
| Long-Term Leases | 497.00M | 553.00M | 568.00M | 660.00M | 684.00M | 685.00M |
| Pension & Post-Retirement Benefits | 169.00M | 186.00M | 167.00M | 253.00M | 231.00M | 385.00M |
| Long-Term Deferred Tax Liabilities | 819.00M | 1.38B | 1.59B | 1.94B | 2.28B | 2.52B |
| Other Long-Term Liabilities | 515.00M | 562.00M | 609.00M | 542.00M | 479.00M | 447.00M |
| Total Liabilities | 11.14B | 11.35B | 14.85B | 16.34B | 17.78B | 18.44B |
| Common Stock | 35.00M | 35.00M | 35.00M | 35.00M | 35.00M | 35.00M |
| Additional Paid-In Capital | 19.93B | 19.92B | 19.92B | 19.87B | 19.84B | 19.83B |
| Retained Earnings | -3.40B | -3.42B | -2.65B | -2.44B | 955.00M | 3.64B |
| Treasury Stock | -998.00M | -952.00M | -944.00M | -963.00M | -978.00M | -997.00M |
| Comprehensive Income & Other | -1.59B | -1.43B | -2.53B | -1.90B | -2.20B | -1.42B |
| Total Common Equity | 13.98B | 14.15B | 13.83B | 14.61B | 17.66B | 21.08B |
| Minority Interest | 33.00M | 32.00M | 35.00M | 31.00M | 89.00M | 140.00M |
| Shareholders' Equity | 14.01B | 14.19B | 13.87B | 14.64B | 17.74B | 21.22B |
| Total Liabilities & Equity | 25.15B | 25.54B | 28.72B | 30.98B | 35.52B | 39.66B |
| Total Debt | 6.28B | 6.65B | 9.64B | 10.82B | 11.74B | 12.20B |
| Net Cash (Debt) | -5.71B | -6.06B | -9.17B | -10.12B | -11.26B | -11.49B |
| Net Cash Per Share | -22.30 | -23.68 | -35.81 | -39.69 | -44.16 | -47.28 |
| Filing Date Shares Outstanding | 255.15M | 255.48M | 255.71M | 255.31M | 255.06M | 254.68M |
| Total Common Shares Outstanding | 255.30M | 255.70M | 255.70M | 255.29M | 254.97M | 254.57M |
| Working Capital | 4.68B | 1.66B | 3.62B | 2.54B | 3.70B | 3.35B |
| Book Value Per Share | 54.74 | 55.35 | 54.10 | 57.23 | 69.24 | 82.81 |
| Tangible Book Value | 2.10B | -158.00M | -1.69B | -4.38B | -4.80B | -5.84B |
| Tangible Book Value Per Share | 8.22 | -0.62 | -6.59 | -17.16 | -18.83 | -22.93 |
| Land | 61.00M | 135.00M | 137.00M | 195.00M | 199.00M | 223.00M |
| Buildings | 1.38B | 1.80B | 1.70B | 1.82B | 1.70B | 1.76B |
| Machinery | 2.59B | 3.76B | 3.47B | 3.75B | 3.34B | 3.44B |
| Construction In Progress | 263.00M | 504.00M | 350.00M | 400.00M | 649.00M | 461.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 277.00M | -361.00M | 263.00M | -2.59B | -1.87B | 270.00M |
| Depreciation & Amortization | 980.00M | 962.00M | 1.01B | 1.14B | 1.18B | 1.16B |
| Loss (Gain) From Sale of Assets | 141.00M | 225.00M | -40.00M | 20.00M | -14.00M | -14.00M |
| Asset Writedown & Restructuring Costs | 1.12B | 1.15B | 64.00M | 2.62B | 2.37B | |
| Stock-Based Compensation | 88.00M | 88.00M | 77.00M | 65.00M | 49.00M | 54.00M |
| Other Operating Activities | -157.00M | -785.00M | -348.00M | -331.00M | -266.00M | 104.00M |
| Change in Accounts Receivable | -150.00M | -68.00M | -217.00M | 51.00M | -117.00M | -169.00M |
| Change in Inventory | 38.00M | -41.00M | -34.00M | 605.00M | -893.00M | -363.00M |
| Change in Accounts Payable | 154.00M | -57.00M | 40.00M | -39.00M | -57.00M | 419.00M |
| Change in Other Net Operating Assets | -185.00M | -266.00M | 250.00M | -90.00M | 17.00M | -20.00M |
| Operating Cash Flow | 1.16B | 850.00M | 1.07B | 1.46B | 397.00M | 1.44B |
| Capital Expenditures | -619.00M | -594.00M | -463.00M | -503.00M | -504.00M | -393.00M |
| Sale of Property, Plant & Equipment | 21.00M | 21.00M | 21.00M | 27.00M | 8.00M | 18.00M |
| Cash Acquisitions | -99.00M | 246.00M | ||||
| Divestitures | 225.00M | 2.74B | 875.00M | 1.05B | 1.17B | 115.00M |
| Sale (Purchase) of Intangibles | -4.00M | -2.00M | -5.00M | -2.00M | -4.00M | |
| Investment in Securities | -4.00M | |||||
| Other Investing Activities | -28.00M | 105.00M | -102.00M | -16.00M | 173.00M | |
| Investing Cash Flow | -405.00M | 2.27B | 326.00M | 558.00M | 745.00M | -18.00M |
| Short-Term Debt Issued | 314.00M | 273.00M | 324.00M | |||
| Long-Term Debt Issued | 104.00M | 3.00M | ||||
| Total Debt Issued | 314.00M | 314.00M | 377.00M | 327.00M | ||
| Short-Term Debt Repaid | -187.00M | -421.00M | ||||
| Long-Term Debt Repaid | -2.91B | -1.03B | -754.00M | -300.00M | -933.00M | |
| Total Debt Repaid | -764.00M | -2.91B | -1.03B | -941.00M | -721.00M | -933.00M |
| Net Debt Issued (Repaid) | -450.00M | -2.60B | -1.03B | -941.00M | -344.00M | -606.00M |
| Repurchase of Common Stock | -129.00M | -62.00M | -16.00M | -13.00M | -21.00M | -21.00M |
| Common Dividends Paid | -409.00M | -409.00M | -514.00M | -826.00M | -810.00M | -667.00M |
| Other Financing Activities | -14.00M | -21.00M | -46.00M | -71.00M | -54.00M | -10.00M |
| Financing Cash Flow | -1.00B | -3.09B | -1.61B | -1.85B | -1.23B | -1.30B |
| Foreign Exchange Rate Adjustments | -1.00M | 91.00M | -54.00M | 21.00M | -77.00M | -59.00M |
| Net Cash Flow | -247.00M | 119.00M | -264.00M | 183.00M | -164.00M | 56.00M |
| Free Cash Flow | 542.00M | 256.00M | 607.00M | 952.00M | -107.00M | 1.04B |
| Free Cash Flow Margin | 5.03% | 2.35% | 5.29% | 8.29% | -0.86% | 8.96% |
| Free Cash Flow Per Share | 2.12 | 1.00 | 2.37 | 3.73 | -0.42 | 4.30 |
| Levered Free Cash Flow | -1.72B | 3.09B | -955.75M | 1.95B | 660.88M | -1.15B |
| Unlevered Free Cash Flow | -1.60B | 3.24B | -765.12M | 2.18B | 870.88M | -972.12M |
| Cash Interest Paid | 179.00M | 229.00M | 308.00M | 370.00M | 310.00M | 310.00M |
| Cash Income Tax Paid | 365.00M | 329.00M | 370.00M | 578.00M | 329.00M | 289.00M |
| Change in Working Capital | -143.00M | -432.00M | 39.00M | 527.00M | -1.05B | -133.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 24.14B | 17.26B | 21.62B | 20.67B | 26.73B | 38.35B |
| Enterprise Value | 29.85B | 23.36B | 30.88B | 31.17B | 37.72B | 50.15B |
| Last Close Price | 94.63 | 66.33 | 81.32 | 76.52 | 95.03 | 132.62 |
| PE Ratio | 87.46 | 82.20 | 143.09 | |||
| Forward PE | 27.35 | 15.58 | 18.61 | 21.11 | 19.38 | 25.93 |
| PS Ratio | 2.24 | 1.58 | 1.88 | 1.80 | 2.15 | 3.29 |
| PB Ratio | 1.73 | 1.22 | 1.56 | 1.41 | 1.51 | 1.81 |
| P/FCF Ratio | 44.55 | 67.42 | 35.61 | 21.71 | 36.73 | |
| P/OCF Ratio | 20.80 | 20.30 | 20.20 | 14.21 | 67.33 | 26.69 |
| PEG Ratio | 4.26 | 2.68 | 2.50 | 3.89 | 5.08 | 7.05 |
| EV/Sales Ratio | 2.77 | 2.15 | 2.69 | 2.71 | 3.03 | 4.30 |
| EV/EBITDA Ratio | 15.62 | 12.57 | 17.77 | 17.83 | 16.79 | 27.63 |
| EV/EBIT Ratio | 32.07 | 26.07 | 42.71 | 51.44 | 35.35 | 76.10 |
| EV/FCF Ratio | 55.08 | 91.25 | 50.87 | 32.74 | 48.03 | |
| Debt / Equity Ratio | 0.45 | 0.47 | 0.69 | 0.74 | 0.66 | 0.57 |
| Debt / EBITDA Ratio | 2.98 | 3.25 | 5.01 | 5.58 | 4.83 | 6.15 |
| Debt / FCF Ratio | 11.59 | 25.98 | 15.88 | 11.37 | 11.69 | |
| Net Debt / Equity Ratio | 0.41 | 0.43 | 0.66 | 0.69 | 0.64 | 0.54 |
| Net Debt / EBITDA Ratio | 2.99 | 3.26 | 5.28 | 5.79 | 5.01 | 6.33 |
| Net Debt / FCF Ratio | 10.54 | 23.68 | 15.10 | 10.63 | -105.25 | 11.00 |
| Asset Turnover | 0.42 | 0.40 | 0.39 | 0.34 | 0.33 | 0.44 |
| Inventory Turnover | 3.37 | 3.01 | 3.01 | 2.63 | 2.79 | 4.20 |
| Quick Ratio | 0.49 | 0.66 | 0.51 | 0.70 | 0.67 | 0.81 |
| Current Ratio | 2.06 | 1.42 | 1.83 | 1.68 | 1.99 | 1.92 |
| Return on Equity (ROE) | -5.55% | -2.56% | 1.87% | -15.98% | -9.57% | 2.02% |
| Return on Assets (ROA) | 2.27% | 2.06% | 1.51% | 1.14% | 1.77% | 1.55% |
| Return on Invested Capital (ROIC) | 4.68% | 4.14% | 2.62% | 2.25% | 3.46% | 2.40% |
| Return on Capital Employed (ROCE) | 4.50% | 4.10% | 3.00% | 2.20% | 3.40% | 1.80% |
| Earnings Yield | 1.14% | -2.09% | 1.22% | -12.53% | -7.00% | 0.70% |
| FCF Yield | 2.24% | 1.48% | 2.81% | 4.61% | -0.40% | 2.72% |
| Dividend Yield | 1.69% | 2.37% | 1.89% | 4.00% | 3.05% | 2.07% |
| Payout Ratio | 147.87% | 195.44% | 247.04% | |||
| Buyback Yield / Dilution | 0.29% | -0.39% | -4.94% | -113.16% | ||
| Total Shareholder Return | 1.98% | 2.37% | 1.50% | 4.00% | -1.89% | -111.09% |