NYSE : INGR
Ingredion Incorporated — Financial statements
Consumer Staples · Packaged Foods · United States
Last price 95.59 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 6.03B
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Financial statements
Ingredion Incorporated (INGR) reported revenue of 7.21B 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 | 7.21B | 7.22B | 7.43B | 8.16B | 7.95B | 6.89B |
| Cost of Revenue | 5.50B | 5.39B | 5.64B | 6.41B | 6.45B | 5.56B |
| Gross Profit | 1.71B | 1.83B | 1.79B | 1.75B | 1.49B | 1.33B |
| Selling, General & Admin | 747.00M | 741.00M | 713.00M | 726.00M | 658.00M | 626.00M |
| Research & Development | 71.00M | 71.00M | 67.00M | 63.00M | 52.00M | 43.00M |
| Other Operating Expenses | -36.00M | -24.00M | -1.00M | -8.00M | 13.00M | -19.00M |
| Operating Expenses | 782.00M | 788.00M | 779.00M | 781.00M | 723.00M | 650.00M |
| Operating Income | 930.00M | 1.04B | 1.01B | 968.00M | 771.00M | 681.00M |
| Interest Expense | -16.00M | -37.00M | -39.00M | -114.00M | -99.00M | -74.00M |
| Other Non Operating Income (Expenses) | -23.00M | -6.00M | -5.00M | -4.00M | 13.00M | |
| EBT Excluding Unusual Items | 891.00M | 997.00M | 968.00M | 850.00M | 672.00M | 620.00M |
| Merger & Restructuring Charges | -109.00M | -23.00M | -127.00M | -1.00M | -4.00M | -47.00M |
| Gain (Loss) on Sale of Investments | 2.00M | -10.00M | ||||
| Gain (Loss) on Sale of Assets | 44.00M | 90.00M | ||||
| Asset Writedown | -11.00M | -340.00M | ||||
| Legal Settlements | 15.00M | |||||
| Pretax Income | 817.00M | 974.00M | 931.00M | 839.00M | 668.00M | 248.00M |
| Income Tax Expense | 218.00M | 238.00M | 277.00M | 188.00M | 166.00M | 123.00M |
| Earnings From Continuing Operations | 599.00M | 736.00M | 654.00M | 651.00M | 502.00M | 125.00M |
| Minority Interest in Earnings | -7.00M | -7.00M | -7.00M | -8.00M | -10.00M | -8.00M |
| Net Income | 592.00M | 729.00M | 647.00M | 643.00M | 492.00M | 117.00M |
| Net Income to Common | 592.00M | 729.00M | 647.00M | 643.00M | 492.00M | 117.00M |
| Shares Outstanding (Basic) | 63.55M | 64.20M | 65.50M | 66.00M | 66.20M | 67.10M |
| Shares Outstanding (Diluted) | 64.35M | 65.20M | 66.60M | 67.00M | 67.00M | 67.80M |
| EPS (Basic) | 9.32 | 11.36 | 9.88 | 9.74 | 7.43 | 1.74 |
| EPS (Diluted) | 9.20 | 11.18 | 9.71 | 9.60 | 7.34 | 1.73 |
| Free Cash Flow | 355.00M | 511.00M | 1.14B | 743.00M | -148.00M | 92.00M |
| Free Cash Flow Per Share | 5.52 | 7.84 | 17.13 | 11.09 | -2.21 | 1.36 |
| Dividend Per Share | 3.28 | 3.24 | 3.16 | 2.98 | 2.72 | 2.58 |
| Gross Margin | 23.73% | 25.32% | 24.10% | 21.43% | 18.80% | 19.31% |
| Operating Margin | 12.89% | 14.41% | 13.62% | 11.86% | 9.70% | 9.88% |
| Profit Margin | 8.21% | 10.10% | 8.71% | 7.88% | 6.19% | 1.70% |
| Free Cash Flow Margin | 4.92% | 7.08% | 15.36% | 9.11% | -1.86% | 1.33% |
| EBITDA | 1.15B | 1.26B | 1.23B | 1.19B | 986.00M | 901.00M |
| EBITDA Margin | 15.99% | 17.48% | 16.50% | 14.55% | 12.41% | 13.07% |
| D&A For EBITDA | 224.00M | 222.00M | 214.00M | 219.00M | 215.00M | 220.00M |
| EBIT | 930.00M | 1.04B | 1.01B | 968.00M | 771.00M | 681.00M |
| EBIT Margin | 12.89% | 14.41% | 13.62% | 11.86% | 9.70% | 9.88% |
| Effective Tax Rate | 26.68% | 24.44% | 29.75% | 22.41% | 24.85% | 49.60% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 948.00M | 1.03B | 997.00M | 401.00M | 236.00M | 328.00M |
| Short-Term Investments | 4.00M | 3.00M | 11.00M | 8.00M | 3.00M | 4.00M |
| Cash & Short-Term Investments | 952.00M | 1.03B | 1.01B | 409.00M | 239.00M | 332.00M |
| Accounts Receivable | 1.21B | 1.02B | 926.00M | 1.12B | 1.18B | 937.00M |
| Other Receivables | 172.00M | 164.00M | 167.00M | 154.00M | 175.00M | 132.00M |
| Receivables | 1.39B | 1.19B | 1.09B | 1.28B | 1.36B | 1.07B |
| Inventory | 1.11B | 1.23B | 1.19B | 1.45B | 1.60B | 1.17B |
| Prepaid Expenses | 76.00M | 60.00M | 67.00M | 50.00M | 62.00M | 63.00M |
| Other Current Assets | 211.00M | 53.00M | 61.00M | |||
| Total Current Assets | 3.52B | 3.50B | 3.35B | 3.40B | 3.31B | 2.70B |
| Property, Plant & Equipment | 2.52B | 2.70B | 2.26B | 2.37B | 2.41B | 2.42B |
| Goodwill | 917.00M | 922.00M | 906.00M | 918.00M | 900.00M | 914.00M |
| Other Intangible Assets | 337.00M | 347.00M | 358.00M | 385.00M | 401.00M | 434.00M |
| Other Long-Term Assets | 772.00M | 420.00M | 561.00M | 570.00M | 544.00M | 531.00M |
| Total Assets | 8.07B | 7.90B | 7.44B | 7.64B | 7.56B | 7.00B |
| Accounts Payable | 651.00M | 693.00M | 604.00M | 778.00M | 873.00M | 774.00M |
| Accrued Expenses | 567.00M | 123.00M | 121.00M | 291.00M | 371.00M | 339.00M |
| Short-Term Debt | 41.00M | 48.00M | 44.00M | 448.00M | 543.00M | 308.00M |
| Current Portion of Leases | 63.00M | 59.00M | 56.00M | 48.00M | 47.00M | |
| Current Income Taxes Payable | 67.00M | 156.00M | 97.00M | |||
| Other Current Liabilities | 322.00M | 297.00M | 102.00M | 47.00M | 44.00M | |
| Total Current Liabilities | 1.26B | 1.32B | 1.28B | 1.77B | 1.88B | 1.51B |
| Long-Term Debt | 1.74B | 1.74B | 1.79B | 1.74B | 1.94B | 1.74B |
| Long-Term Leases | 118.00M | 145.00M | 157.00M | 146.00M | 154.00M | |
| Pension & Post-Retirement Benefits | 113.00M | 96.00M | 90.00M | 101.00M | 123.00M | |
| Long-Term Deferred Tax Liabilities | 128.00M | 136.00M | 116.00M | 145.00M | 165.00M | |
| Other Long-Term Liabilities | 545.00M | 178.00M | 169.00M | 172.00M | 133.00M | 118.00M |
| Total Liabilities | 3.55B | 3.60B | 3.61B | 4.05B | 4.35B | 3.81B |
| Common Stock | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M |
| Additional Paid-In Capital | 1.16B | 1.16B | 1.15B | 1.15B | 1.13B | 1.16B |
| Retained Earnings | 5.76B | 5.61B | 5.09B | 4.65B | 4.21B | 3.90B |
| Treasury Stock | -1.55B | -1.55B | -1.35B | -1.21B | -1.15B | -1.06B |
| Comprehensive Income & Other | -848.00M | -937.00M | -1.09B | -1.06B | -1.05B | -897.00M |
| Total Common Equity | 4.52B | 4.27B | 3.80B | 3.54B | 3.15B | 3.10B |
| Minority Interest | 28.00M | 26.00M | 57.00M | 67.00M | 89.00M | |
| Shareholders' Equity | 4.52B | 4.30B | 3.83B | 3.60B | 3.21B | 3.19B |
| Total Liabilities & Equity | 8.07B | 7.90B | 7.44B | 7.64B | 7.56B | 7.00B |
| Total Debt | 1.78B | 1.97B | 2.04B | 2.40B | 2.68B | 2.25B |
| Net Cash (Debt) | -831.00M | -938.00M | -1.03B | -1.99B | -2.44B | -1.92B |
| Net Cash Per Share | -12.91 | -14.39 | -15.42 | -29.73 | -36.39 | -28.24 |
| Filing Date Shares Outstanding | 63.06M | 62.95M | 64.19M | 65.56M | 65.95M | 66.71M |
| Total Common Shares Outstanding | 63.10M | 62.97M | 64.49M | 65.24M | 65.69M | 66.66M |
| Working Capital | 2.26B | 2.19B | 2.07B | 1.63B | 1.43B | 1.19B |
| Book Value Per Share | 71.70 | 67.87 | 58.98 | 54.23 | 47.90 | 46.51 |
| Tangible Book Value | 3.27B | 3.00B | 2.54B | 2.23B | 1.85B | 1.75B |
| Tangible Book Value Per Share | 51.82 | 47.72 | 39.38 | 34.26 | 28.10 | 26.28 |
| Land | 180.00M | 173.00M | 178.00M | 199.00M | 206.00M | |
| Buildings | 877.00M | 824.00M | 853.00M | 854.00M | 812.00M | |
| Machinery | 5.20B | 4.74B | 4.77B | 4.68B | 4.64B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 592.00M | 729.00M | 647.00M | 643.00M | 492.00M | 117.00M |
| Depreciation & Amortization | 224.00M | 222.00M | 214.00M | 219.00M | 215.00M | 220.00M |
| Loss (Gain) From Sale of Assets | -44.00M | -90.00M | ||||
| Asset Writedown & Restructuring Costs | 41.00M | 10.00M | 109.00M | 340.00M | ||
| Loss (Gain) From Sale of Investments | -4.00M | 10.00M | ||||
| Other Operating Activities | 69.00M | 56.00M | 139.00M | 108.00M | 109.00M | -5.00M |
| Change in Accounts Receivable | -59.00M | -51.00M | 148.00M | 77.00M | -310.00M | -162.00M |
| Change in Inventory | 1.00M | 3.00M | 228.00M | 69.00M | -468.00M | -312.00M |
| Change in Accounts Payable | -7.00M | -27.00M | 20.00M | -79.00M | 158.00M | 226.00M |
| Change in Other Net Operating Assets | -8.00M | 2.00M | 21.00M | 10.00M | -44.00M | -32.00M |
| Operating Cash Flow | 805.00M | 944.00M | 1.44B | 1.06B | 152.00M | 392.00M |
| Capital Expenditures | -450.00M | -433.00M | -295.00M | -314.00M | -300.00M | -300.00M |
| Sale of Property, Plant & Equipment | 7.00M | 18.00M | ||||
| Cash Acquisitions | -29.00M | -40.00M | ||||
| Divestitures | 139.00M | 12.00M | 255.00M | |||
| Investment in Securities | -27.00M | -20.00M | -4.00M | -9.00M | ||
| Other Investing Activities | -5.00M | -3.00M | -3.00M | -6.00M | 2.00M | -13.00M |
| Investing Cash Flow | -343.00M | -444.00M | -47.00M | -329.00M | -320.00M | -335.00M |
| Short-Term Debt Issued | 140.00M | 250.00M | ||||
| Long-Term Debt Issued | 405.00M | 773.00M | 720.00M | 825.00M | 1.30B | |
| Total Debt Issued | 440.00M | 405.00M | 773.00M | 720.00M | 965.00M | 1.55B |
| Short-Term Debt Repaid | -327.00M | -63.00M | ||||
| Long-Term Debt Repaid | -449.00M | -791.00M | -949.00M | -532.00M | -1.69B | |
| Total Debt Repaid | -403.00M | -449.00M | -1.12B | -1.01B | -532.00M | -1.69B |
| Net Debt Issued (Repaid) | 37.00M | -44.00M | -345.00M | -292.00M | 433.00M | -140.00M |
| Issuance of Common Stock | 46.00M | 20.00M | 9.00M | 19.00M | ||
| Repurchase of Common Stock | -183.00M | -224.00M | -216.00M | -101.00M | -112.00M | -68.00M |
| Common Dividends Paid | -210.00M | -211.00M | -210.00M | -194.00M | -181.00M | -184.00M |
| Other Financing Activities | -20.00M | -12.00M | -40.00M | -2.00M | -46.00M | |
| Financing Cash Flow | -376.00M | -491.00M | -765.00M | -569.00M | 103.00M | -373.00M |
| Foreign Exchange Rate Adjustments | 1.00M | 24.00M | -28.00M | 6.00M | -27.00M | -21.00M |
| Net Cash Flow | 87.00M | 33.00M | 596.00M | 165.00M | -92.00M | -337.00M |
| Free Cash Flow | 355.00M | 511.00M | 1.14B | 743.00M | -148.00M | 92.00M |
| Free Cash Flow Margin | 4.92% | 7.08% | 15.36% | 9.11% | -1.86% | 1.33% |
| Free Cash Flow Per Share | 5.52 | 7.84 | 17.13 | 11.09 | -2.21 | 1.36 |
| Levered Free Cash Flow | 457.25M | 357.88M | 1.12B | 528.75M | -207.00M | 122.38M |
| Unlevered Free Cash Flow | 467.25M | 381.00M | 1.14B | 600.00M | -145.12M | 168.62M |
| Cash Interest Paid | 37.00M | 37.00M | 48.00M | 96.00M | 82.00M | 72.00M |
| Cash Income Tax Paid | 389.00M | 389.00M | 169.00M | 157.00M | 187.00M | 168.00M |
| Change in Working Capital | -73.00M | -73.00M | 417.00M | 77.00M | -664.00M | -280.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 6.18B | 7.00B | 8.96B | 7.08B | 6.42B | 6.43B |
| Enterprise Value | 7.01B | 7.91B | 9.95B | 9.19B | 8.64B | 8.42B |
| Last Close Price | 96.97 | 106.77 | 129.99 | 100.60 | 88.18 | 84.41 |
| PE Ratio | 10.65 | 9.61 | 13.85 | 11.00 | 13.05 | 54.96 |
| Forward PE | 8.97 | 9.73 | 12.47 | 11.63 | 13.01 | 14.02 |
| PS Ratio | 0.85 | 0.97 | 1.21 | 0.87 | 0.81 | 0.93 |
| PB Ratio | 1.35 | 1.63 | 2.34 | 1.97 | 2.00 | 2.02 |
| P/TBV Ratio | 1.87 | 2.33 | 3.53 | 3.17 | 3.48 | 3.67 |
| P/FCF Ratio | 17.23 | 13.71 | 7.86 | 9.52 | 69.89 | |
| P/OCF Ratio | 7.60 | 7.42 | 6.24 | 6.69 | 42.24 | 16.40 |
| PEG Ratio | 0.89 | 1.13 | 1.06 | 1.33 | 1.33 | |
| EV/Sales Ratio | 0.96 | 1.10 | 1.34 | 1.13 | 1.09 | 1.22 |
| EV/EBITDA Ratio | 6.02 | 6.27 | 8.11 | 7.75 | 8.76 | 9.35 |
| EV/EBIT Ratio | 7.47 | 7.61 | 9.83 | 9.50 | 11.21 | 12.37 |
| EV/FCF Ratio | 19.57 | 15.48 | 8.72 | 12.38 | 91.57 | |
| Debt / Equity Ratio | 0.39 | 0.46 | 0.53 | 0.67 | 0.83 | 0.70 |
| Debt / EBITDA Ratio | 1.43 | 1.45 | 1.55 | 1.88 | 2.49 | 2.27 |
| Debt / FCF Ratio | 5.02 | 3.86 | 1.78 | 3.23 | 24.42 | |
| Net Debt / Equity Ratio | 0.18 | 0.22 | 0.27 | 0.55 | 0.76 | 0.60 |
| Net Debt / EBITDA Ratio | 0.72 | 0.74 | 0.84 | 1.68 | 2.47 | 2.12 |
| Net Debt / FCF Ratio | 2.34 | 1.84 | 0.90 | 2.68 | -16.47 | 20.82 |
| Asset Turnover | 0.91 | 0.94 | 0.98 | 1.07 | 1.09 | 0.99 |
| Inventory Turnover | 4.72 | 4.47 | 4.28 | 4.21 | 4.66 | 5.33 |
| Quick Ratio | 1.86 | 1.69 | 1.64 | 0.95 | 0.85 | 0.93 |
| Current Ratio | 2.80 | 2.66 | 2.62 | 1.92 | 1.76 | 1.78 |
| Return on Equity (ROE) | 13.69% | 18.10% | 17.62% | 19.12% | 15.68% | 4.01% |
| Return on Assets (ROA) | 7.33% | 8.47% | 8.38% | 7.96% | 6.62% | 6.14% |
| Return on Invested Capital (ROIC) | 12.78% | 15.57% | 13.61% | 13.37% | 10.77% | 6.97% |
| Return on Capital Employed (ROCE) | 13.70% | 15.80% | 16.40% | 16.50% | 13.60% | 12.40% |
| Earnings Yield | 9.39% | 10.41% | 7.22% | 9.09% | 7.66% | 1.82% |
| FCF Yield | 5.81% | 7.29% | 12.73% | 10.50% | -2.31% | 1.43% |
| Dividend Yield | 3.40% | 2.91% | 2.27% | 2.75% | 2.78% | 2.67% |
| Payout Ratio | 36.07% | 28.94% | 32.46% | 30.17% | 36.79% | 157.27% |
| Buyback Yield / Dilution | 2.57% | 2.10% | 0.60% | 0.30% | 1.18% | -0.30% |
| Total Shareholder Return | 6.00% | 5.01% | 2.87% | 3.05% | 3.96% | 2.38% |