INTERNATIONAL FLAVORS & FRAGRANCES INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data INTERNATIONAL FLAVORS & FRAGRANCES INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,116	3,399	3,978	5,140	5,084	11,656	12,440	11,479	11,484	10,890
Cost of revenue	1,721	1,926	2,295	3,027	2,998	7,921	8,289	7,798	7,360	6,952
Gross profit	1,396	1,472	1,683	2,113	2,086	3,735	4,151	3,681	4,124	3,938
Research and development	259	295	312	346	357	629	603	636	671	694
Selling, general and administrative	573	570	707	876	949	1,749	1,768	1,787	1,995	1,834
Operating income	553	553	584	665	566	585	-1,326	-2,110	766	-382
Interest expense	53	65.4	133	138	132	289	336	380	305	229
Interest income						8	15	5	15	19
Other non-operating income	23.8	49.8	35.2	30	7	58	26	-5	-182	-65
Pre-tax income	524	537	448	557	441	354	-1,625	-2,518	308	-412
Income tax	119	241	108	97	74	75	239	69	41	-53
Net income to minority interests	0	0	2.48	4	4	9	7	4	4	2
Net income	405	296	340	456	363	270	-1,871	-2,591	263	-361
EBITDA	655	671	758	988	891	1,741	-147	-968	1,781	580
EPS, basic	5.07	3.73	3.81	4.05	3.25	1.11	-7.32	-10.14	1.04	-1.41
EPS, diluted	5.05	3.72	3.79	4.00	3.21	1.10	-7.32	-10.14	1.04	-1.41
Shares, basic (weighted)	79.6	79.1	87.6	112	112	243	255	255	256	256
Shares, diluted (weighted)	80	79.4	88.1	113	114	243	255	255	256	256
Dividend per share	2.40	2.66	2.84	2.96	3.04	3.12	3.20	3.24	1.60	1.60

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	324	368	635	607	650	711	483	703	469	590
Receivables	551	664	63.5	876	929	1,906	1,818	1,726	1,624	1,294
Inventory	592	649	1,079	1,123	1,132	2,516	3,151	2,477	2,133	1,507
Other current assets	142	215	277	319	342	728	770	875	686	742
Total current assets	1,609	1,897	2,942	2,943	3,060	6,987	7,432	6,293	7,968	5,594
Property, plant and equipment	776	881	1,241	1,387	1,458	4,368	4,203	4,240	3,739	2,685
Lease right-of-use assets			0	288	299	767	743	689	589	515
Goodwill	1,000	1,156	5,378	5,497	5,593	16,432	13,373	10,635	9,075	8,226
Intangible assets	366	416	3,039	2,852	2,727	10,506	9,082	8,357	6,445	3,964
Other non-current assets	128	250	289	608	418	616	689	764	907	954
Total assets	4,017	4,599	12,889	13,287	13,555	39,658	35,522	30,978	28,723	25,539
Accounts payable	275	338	471	510	556	1,532	1,418	1,378	1,283	933
Accrued liabilities	64.4	88.4	121	103	133	335	267	265	420	259
Deferred revenue			1.01	11.1	4.94
Short-term debt	259	6.97	48.6	385	634	308	410	885	1,413	1,254
Total current liabilities	898	769	1,128	1,552	1,904	3,633	3,728	3,758	4,352	3,933
Long-term debt	1,067	1,632	4,504	3,997	3,779	10,768	10,373	9,186	7,564	4,738
Lease liabilities				253	265	670	672	642	550	533
Other non-current liabilities	137	191	248	502	268	462	491	560	627	573
Total liabilities	2,386	2,910	6,846	7,058	7,233	18,541	17,875	16,398	14,854	11,353
Total debt	1,325	1,639	4,595	4,417	4,444	10,971	10,580	9,980	8,891	5,637
Paid-in capital	152	163	3,794	3,823	3,853	19,826	19,841	19,874	19,917	19,918
Retained earnings	3,819	3,871	3,956	4,118	4,156	3,641	955	-2,439	-2,647	-3,417
Treasury stock	-1,679	-1,726	-1,031	-1,023	-1,017	-997	-978	-963	-944	-952
Other comprehensive income	-680	-637	-702	-717	-698	-1,423	-2,198	-1,896	-2,527	-1,430
Shareholders' equity	1,626	1,684	6,033	6,217	6,310	21,082	17,655	14,611	13,834	14,154
Minority interests	4.89	5.09	10.4	12.2	12	35	30	31	35	32
Total equity	1,631	1,689	6,043	6,229	6,322	21,117	17,647	14,580	13,869	14,186
Total liabilities and equity	4,017	4,599	12,889	13,287	13,555	39,658	35,522	30,978	28,723	25,539
Shares outstanding	79.2	78.9	107	107	107	255	255	255	256	256

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	405	296	340	460	367	279	-1,864	-2,587	267	-359
Depreciation and amortization	102	118	174	323	325	1,156	1,179	1,142	1,015	962
Stock-based compensation	24.6	26.6	29.4	34	36	54	49	65	77	88
Deferred income tax	14.4	58.9	19.4	-59	-68	-236	-237	-371	-323	-270
Change in receivables	-21.5	-68.9	-50	60	-61	-169	-117	51	-217	-68
Change in inventory	15.5	-18.9	-118	-62	18	-363	-893	605	-34	-41
Change in payables	-7.64	29.1	55.1	55	28	419	-57	-39	40	-57
Cash from operations	550	391	438	699	714	1,437	397	1,455	1,070	850
Capital expenditures	-126	-129	-170	-236	-192	-393	-504	-503	-463	-594
Acquisitions	-237	-192	-4,857	-49	0	0	-110	0	0
Cash from investing	-355	-300	-5,013	-226	-187	-18	745	558	326	2,269
Debt issued	556	498	3,257	0	200	3	0	0
Debt repaid	-125	-250	-377	-155	-347	-828	-300	-655	-1,030	-2,913
Share buybacks	-127	-58.1	-15.5	0	0			0	0	-38
Dividends paid	-185	-206	-230	-314	-323	-667	-810	-826	-514	-409
Cash from financing	-34.4	-42.6	4,871	-505	-512	-1,304	-1,229	-1,851	-1,606	-3,091
Exchange rate effect	-18.2	-4.21	-14.6	7	21	-59	-77	21	-54	91
Net change in cash	142	44.1	280	-25	36	56	-164	183	-264	119
Free cash flow	424	262	267	463	522	1,044	-107	952	607	256
Interest paid	50.6	55.4	118	134	128	310	310	370	308	229
Income taxes paid	108	107	116	126	133	289	329	578	370	329

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $85.69 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	36.5%	Gross profit / revenue.
Operating margin	7.5%	Operating income / revenue.
EBITDA margin	13.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.2%	Pre-tax income / revenue.
Net margin	2.6%	Net income / revenue.
FCF margin	5.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.7%	Cash from operations / revenue.
Effective tax rate	21.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	2.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.1%	Net income / average total assets.
Return on invested capital (ROIC)	3.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	6.3%	Research and development expense / revenue.
SG&A / revenue	16.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.7%	Capital expenditures / revenue.
D&A / revenue	6.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-5.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-4.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-4.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-149.9%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-67.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	-8.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-237.3%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-235.6%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-20.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	28.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	3.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-57.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-13.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-20.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-12.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	2.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-7.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	17.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-11.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-10.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	13.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	17.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.06x	Current assets / current liabilities.
Quick ratio	0.45x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.13x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.41x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	22.7%	Total debt / total assets.
Liabilities / assets	44.3%	Total liabilities / total assets.
Net debt	$5.13B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.50x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$4.68B	Current assets - current liabilities.
Goodwill and intangibles / assets	47.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.10B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.43x	Revenue / average total assets.
Fixed asset turnover	4.06x	Revenue / average property, plant and equipment.
Inventory turnover	4.14x	Cost of revenue / average inventory.
Days inventory	88 days	365 x average inventory / cost of revenue.
Receivables turnover	7.60x	Revenue / average receivables.
Days sales outstanding	48 days	365 x average receivables / revenue.
Days payables	62 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	74 days	Days inventory + days sales outstanding - days payables.
FCF conversion	194.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	53.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.08	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$42.11	Revenue / diluted weighted shares.
FCF per share	$2.10	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.52	Cash from operations / diluted weighted shares.
Book value per share	$54.74	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$8.22	Tangible book value / shares outstanding.
Cash per share	$2.23	(Cash + short-term investments) / shares outstanding.
Payout ratio	147.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	75.7%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$21.86B	Share price x shares outstanding.
Enterprise value	$26.99B	Market cap + total debt - cash - short-term investments.
P/E	78.9x	Market cap / net income. Only when net income is positive.
P/S	2.02x	Market cap / revenue.
P/B	1.56x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	10.4x	Market cap / tangible book value, when positive.
P/FCF	40.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	18.8x	Market cap / cash from operations, when positive.
EV/Sales	2.49x	Enterprise value / revenue.
EV/EBIT	33.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	18.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	50.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.5%	Free cash flow / market cap.
Earnings yield	1.3%	Net income / market cap (the inverse of P/E).
Dividend yield	1.9%	Dividends paid over the period / market cap.
Shareholder yield	1.9%	(Dividends paid + share buybacks) / market cap.

What was INTERNATIONAL FLAVORS & FRAGRANCES INC's revenue in fiscal 2025?

INTERNATIONAL FLAVORS & FRAGRANCES INC reported revenue of $10.89B for fiscal 2025, 5.2% lower than the year before.

Was INTERNATIONAL FLAVORS & FRAGRANCES INC profitable in fiscal 2025?

No. It reported a net loss of $361.0M.

How much free cash flow did INTERNATIONAL FLAVORS & FRAGRANCES INC generate in fiscal 2025?

Cash from operations of $850.0M minus capital expenditures of $594.0M left free cash flow of $256.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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