Ingredion Inc financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Ingredion 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	5,704	6,244	6,289	6,209	5,987	6,894	7,946	8,160	7,430	7,219
Cost of revenue	4,303	4,772	4,921	4,897	4,715	5,563	6,452	6,411	5,639	5,391
Gross profit	1,401	1,472	1,368	1,312	1,272	1,331	1,494	1,749	1,791	1,828
Research and development				44	43	43	52	63	67	71
Selling, general and administrative	579
Operating expenses	594
Operating income	806	836	703	664	582	310	762	957	883	1,016
Other non-operating income		6	4	-1	5	12	5	-4	-3	-5
Pre-tax income	742	769	621	582	506	248	668	839	931	974
Income tax	246	237	167	158	152	123	166	188	277	238
Net income to minority interests	11	13	11	11	6	8	10	8	7	7
Net income	485	519	443	413	348	117	492	643	647	729
EBITDA	1,002	1,045	950	884	795	530	977	1,176	1,097	1,238
EPS, basic	6.70	7.21	6.25	6.17	5.18	1.74	7.43	9.74	9.88	11.36
EPS, diluted	6.55	7.06	6.17	6.13	5.15	1.73	7.34	9.60	9.71	11.18
Shares, basic (weighted)	72.3	72	70.9	66.9	67.2	67.1	66.2	66	65.5	64.2
Shares, diluted (weighted)	74.1	73.5	71.8	67.4	67.6	67.8	67	67	66.6	65.2

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	512	595	327	264	665	328	236	401	997	1,030
Receivables	923	961	951	977	1,011	1,130	1,411	1,279	1,093	1,185
Inventory	789	823	824	861	917	1,172	1,597	1,450	1,187	1,227
Other current assets	24	27	29	54	54	63	62	261	67	60
Total current assets	2,252	2,415	2,138	2,160	2,647	2,697	3,309	3,399	3,355	3,505
Property, plant and equipment	2,116	2,217	2,198	2,306	2,455	2,423	2,407	2,370	2,264	2,526
Lease right-of-use assets				151	173	193	187	208	199	177
Goodwill	784	803	791	801	902	914	900	918	906	922
Intangible assets	502	493	460	437	444	434	401	385	358	347
Other non-current assets	121	143	131	172	410	531	544	570	561	597
Total assets	5,782	6,080	5,728	6,040	6,858	6,999	7,561	7,642	7,444	7,897
Accounts payable	440	493	452	504	599	774	873	778	604	693
Accrued liabilities	432	344	325	381	421	430	466	121	121	123
Short-term debt	106	120	169	82	438	308	543	448	44	48
Total current liabilities	978	957	946	967	1,458	1,512	1,882	1,772	1,281	1,316
Long-term debt	1,850	1,744	1,931	1,766	1,748	1,738	1,940	1,740	1,787	1,742
Lease liabilities				120	136	154	146	157	145	118
Other non-current liabilities	49	106	217	220	88	82	85	117	109	114
Total liabilities	3,187	3,163	3,320	3,268	3,786	3,774	4,299	3,992	3,554	3,531
Total debt	1,956	1,744	1,931	1,766	1,748	1,738	1,940	1,740	1,787	1,742
Paid-in capital	1,149	1,138	1,096	1,137	1,150	1,158	1,132	1,146	1,152	1,155
Retained earnings	2,899	3,259	3,536	3,780	3,957	3,899	4,210	4,654	5,092	5,610
Treasury stock	-413	-494	-1,091	-1,040	-1,024	-1,061	-1,148	-1,207	-1,355	-1,555
Other comprehensive income	-1,071	-1,013	-1,154	-1,158	-1,133	-897	-1,048	-1,056	-1,086	-937
Shareholders' equity	2,565	2,891	2,388	2,720	2,951	3,100	3,147	3,538	3,804	4,274
Minority interests	30	26	20	21
Total equity	2,595	2,917	2,408	2,741	2,972	3,118	3,163	3,552	3,823	4,295
Total liabilities and equity	5,782	6,080	5,728	6,040	6,858	6,999	7,561	7,642	7,444	7,897
Shares outstanding	72.4	72	66.5	66.8	67	66.7	65.7	65.2	64.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	496	532	454	424	354	125	502	651	654	736
Depreciation and amortization	196	209	247	220	213	220	215	219	214	222
Stock-based compensation	28	26	21	18	23	23	29	33	37	40
Deferred income tax	-5	67	-23	3	-7	-61	-3	-6	-15	6
Change in inventory	-19	-34	-50	-43	-14	-312	-468	69	228	3
Change in payables	127	-49	-3	51	124	226	158	-79	20	-27
Cash from operations	771	769	703	680	829	392	152	1,057	1,436	944
Capital expenditures	-284	-314	-350	-328	-340	-300	-300	-314	-295	-433
Acquisitions	-407	-17		-42	-236	-40	-29	0	0
Cash from investing	-689	-326	-361	-374	-571	-335	-320	-329	-47	-444
Stock issued	29	20	10	6	6	21	11	28	58	5
Share buybacks	-8	-123
Dividends paid	-141	-165	-182	-174	-178	-184	-181	-194	-210	-211
Cash from financing		-375	-589	-364	143	-373	103	-569	-765	-491
Exchange rate effect	-4	15	-21	-5	0	-21	-27	6	-28	24
Net change in cash	78	83	-268	-63	401	-337	-92	165	596	33
Free cash flow	487	455	353	352	489	92	-148	743	1,141	511
Interest paid	59	77	73	80	78	72	82	96	48	37
Income taxes paid	254	289	231	145	120	168	187	157	169	389

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 $96.72 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	23.7%	Gross profit / revenue.
Operating margin	11.9%	Operating income / revenue.
EBITDA margin	15.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	11.3%	Pre-tax income / revenue.
Net margin	8.2%	Net income / revenue.
FCF margin	4.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.2%	Cash from operations / revenue.
Effective tax rate	26.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.3%	Net income / average total assets.
Return on invested capital (ROIC)	11.9%	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%.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.2%	Capital expenditures / revenue.
D&A / revenue	3.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-3.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	2.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	7.0%	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	7.5%	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	15.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	10.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	11.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	12.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	8.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	9.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	12.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	14.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	15.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	15.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	15.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	16.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-34.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	83.8%	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	2.6%	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	-55.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	0.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	12.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	10.7%	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	7.7%	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	6.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.5%	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	2.9%	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	-2.1%	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	-0.9%	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	-0.7%	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	2.80x	Current assets / current liabilities.
Quick ratio	1.85x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.75x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.39x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	21.6%	Total debt / total assets.
Liabilities / assets	43.3%	Total liabilities / total assets.
Net debt	$794.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.73x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$2.26B	Current assets - current liabilities.
Goodwill and intangibles / assets	15.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$3.27B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.89x	Revenue / average total assets.
Fixed asset turnover	2.86x	Revenue / average property, plant and equipment.
Inventory turnover	4.96x	Cost of revenue / average inventory.
Days inventory	74 days	365 x average inventory / cost of revenue.
Receivables turnover	5.21x	Revenue / average receivables.
Days sales outstanding	70 days	365 x average receivables / revenue.
Days payables	43 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	100 days	Days inventory + days sales outstanding - days payables.
FCF conversion	60.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	55.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$9.17	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	$112.91	Revenue / diluted weighted shares.
FCF per share	$5.56	Free cash flow / diluted weighted shares.
Operating cash flow per share	$12.60	Cash from operations / diluted weighted shares.
Book value per share	$70.80	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$51.17	Tangible book value / shares outstanding.
Cash per share	$14.84	(Cash + short-term investments) / shares outstanding.
Payout ratio	35.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	59.2%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$6.10B	Share price x shares outstanding.
Enterprise value	$6.89B	Market cap + total debt - cash - short-term investments.
P/E	10.3x	Market cap / net income. Only when net income is positive.
P/S	0.85x	Market cap / revenue.
P/B	1.35x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.87x	Market cap / tangible book value, when positive.
P/FCF	17.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.58x	Market cap / cash from operations, when positive.
EV/Sales	0.96x	Enterprise value / revenue.
EV/EBIT	8.02x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.36x	Enterprise value / EBITDA, when both are positive.
EV/FCF	19.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.8%	Free cash flow / market cap.
Earnings yield	9.7%	Net income / market cap (the inverse of P/E).
Dividend yield	3.4%	Dividends paid over the period / market cap.
Shareholder yield	3.4%	(Dividends paid + share buybacks) / market cap.
PEG	0.68x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Ingredion Inc's revenue in fiscal 2025?

Ingredion Inc reported revenue of $7.22B for fiscal 2025, 2.8% lower than the year before.

Was Ingredion Inc profitable in fiscal 2025?

Yes. Net income was $729.0M, a net margin of 10.1%.

How much free cash flow did Ingredion Inc generate in fiscal 2025?

Cash from operations of $944.0M minus capital expenditures of $433.0M left free cash flow of $511.0M.

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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