IFF

MKT CAP:$18B

International Flavors & Fragrances Inc.

Market Cap

$18B

Basic Materials·Chemicals - Specialty·🇺🇸 United States·NYSE

Materials·Chemicals·🇺🇸·NYSE

Stock Price

$75.88+$7.85 (+11.54%)

Apr 17, 2026

Company Details

International Flavors & Fragrances Inc., together with its subsidiaries, manufactures and sells cosmetic active and natural health ingredients for use in various consumer products in Europe, Africa, the Middle East, Greater Asia, North Amer...

CEO

Jon Erik Fyrwald

IPO Date

Dec 17, 1974

Website

www.iff.com

Key Metrics TTM

Revenue

$10.9B

-3.2% YoY

Net Income

-$348M

EPS (Diluted)

-$1.37

Free Cash Flow

$256M

Revenue / Share

$42.37

Gross Margin

34.9%

Operating Margin

-2.9%

Net Margin

-3.2%

FCF Margin

2.4%

P/S

1.7x

P/E

—

Earnings Reports

Q1 2026

May 5, 2026

PENDING

Q4 2025

Feb 27, 2026

$2.6B-6.6%EPS $0.07

Q3 2025

Nov 4, 2025

$2.7BEPS $0.16

Q2 2025

Aug 5, 2025

$2.8BEPS $2.38

Q1 2025

May 6, 2025

$2.8BEPS -$3.98

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 17	$843M	$373M	$152M
Q3 17	$873M	$380M	$149M
Q4 17	$855M	$358M	$127M
Q1 18	$931M	$406M	$175M
Q2 18	$920M	$399M	$155M
Q3 18	$908M	$401M	$159M
Q2 20	$1.2B	$482M	$120M
Q3 22	$3.1B	$1.0B	-$2.0B
Q4 22	$2.8B	$869M	$105M
Q2 23	$2.9B	$933M	$145M
Q4 23	$2.7B	$860M	-$2.5B
Q4 24	$2.8B	$980M	$127M
Q1 25	$2.8B	$1.0B	-$903M
Q2 25	$2.8B	$1.0B	$198M
Q3 25	$2.7B	$983M	$226M
Q4 25	$2.6B	$756M	$165M

Valuation

Quarter	P/S	P/E
Q2 17	5.6x	45.9x
Q3 17	5.5x	43.6x
Q4 17	5.3x	61.3x
Q1 18	5.2x	58.6x
Q2 18	5.1x	60.7x
Q3 18	5.0x	63.8x
Q2 20	4.6x	44.1x
Q3 22	3.0x	—
Q4 22	2.3x	—
Q2 23	1.8x	—
Q4 23	1.6x	—
Q4 24	1.6x	—
Q1 25	1.6x	—
Q2 25	1.6x	—
Q3 25	1.6x	—
Q4 25	1.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 17	$39M	$20M
Q3 17	$142M	$110M
Q4 17	$191M	$140M
Q1 18	-$11M	-$45M
Q2 18	$67M	$32M
Q3 18	$147M	$112M
Q2 20	$191M	$160M
Q3 22	$240M	$132M
Q4 22	$208M	$48M
Q2 23	$248M	$133M
Q4 23	$644M	$531M
Q4 24	$368M	$208M
Q1 25	$127M	-$52M
Q2 25	$241M	$146M
Q3 25	$164M	$30M
Q4 25	$318M	$132M

Capital Expenditures

Quarter	CapEx
Q2 17	$19M
Q3 17	$31M
Q4 17	$52M
Q1 18	$33M
Q2 18	$34M
Q3 18	$35M
Q2 20	$31M
Q3 22	$108M
Q4 22	$160M
Q2 23	$115M
Q4 23	$113M
Q4 24	$160M
Q1 25	$179M
Q2 25	$95M
Q3 25	$134M
Q4 25	$186M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 17	+6.2%	+9.9%
Q3 17	+12.3%	+10.9%
Q4 17	+12.1%	+11.7%
Q1 18	+12.4%	+8.3%
Q2 18	+9.2%	+10.8%
Q3 18	+4.0%	+3.4%
Q2 20	+40.3%	+48.3%
Q3 22	+229.0%	+567.7%
Q4 22	+209.1%	+257.8%
Q2 23	+222.7%	+272.1%
Q4 23	+125.4%	+385.5%
Q4 24	-9.5%	-47.6%
Q1 25	-0.0%	+36.8%
Q2 25	-5.6%	-7.8%
Q3 25	-0.3%	-52.9%
Q4 25	-6.6%	-8.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 17	$7M	0.8%
Q3 17	$7M	0.8%
Q4 17	$6M	0.8%
Q1 18	$8M	0.8%
Q2 18	$8M	0.8%
Q3 18	$7M	0.8%
Q2 20	$10M	0.9%
Q3 22	$12M	0.4%
Q4 22	$0	0.0%
Q2 23	$20M	0.7%
Q4 23	$15M	0.6%
Q4 24	$18M	0.6%
Q1 25	$19M	0.7%
Q2 25	$32M	1.2%
Q3 25	$18M	0.7%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q2 17	$73M	—	$139M
Q3 17	$74M	—	$146M
Q4 17	$75M	—	$140M
Q1 18	$78M	—	$143M
Q2 18	$75M	—	$157M
Q3 18	$75M	—	$158M
Q2 20	$81M	—	$230M
Q3 22	$145M	—	$413M
Q4 22	$143M	—	$440M
Q2 23	$161M	—	$445M
Q4 23	$157M	—	$444M
Q4 24	$170M	—	$517M
Q1 25	$164M	—	$461M
Q2 25	$182M	—	$483M
Q3 25	$174M	$421M	—
Q4 25	$174M	—	$417M

Revenue Segments

Quarter	Flavors	Fragrances	Health & Biosciences	Nourish	Pharma Solutions	Scent	Food Ingredients	Taste
Q2 17	$414M	$429M	—	—	—	—	—	—
Q3 17	$410M	$463M	—	—	—	—	—	—
Q4 17	$402M	$453M	—	—	—	—	—	—
Q1 18	$449M	$482M	—	—	—	—	—	—
Q2 18	$451M	$469M	—	—	—	—	—	—
Q3 18	$436M	$471M	—	—	—	—	—	—
Q2 20	$748M	$450M	—	—	—	—	—	—
Q3 22	—	—	$512M	$1.7B	$257M	$591M	—	—
Q4 22	—	—	$501M	$1.6B	$221M	$545M	—	—
Q2 23	—	—	$522M	$1.6B	$251M	$592M	—	—
Q4 23	—	—	$528M	$1.4B	$203M	$578M	—	—
Q4 24	—	—	$453M	$1.4B	$228M	$579M	—	—
Q1 25	—	—	$540M	—	$266M	$614M	$796M	$627M
Q2 25	—	—	$577M	—	$103M	$603M	$850M	$631M
Q4 25	—	—	$589M	—	—	$610M	$802M	$588M

Revenue by Geography

Quarter	Outside USA	United States	Asia	Emea	Latin America	North America
Q2 17	$599M	$244M	—	—	—	—
Q3 17	$622M	$251M	—	—	—	—
Q1 18	—	—	$244M	$309M	$137M	$241M
Q2 18	—	—	$242M	$293M	$136M	$249M
Q3 18	—	—	$237M	$286M	$136M	$249M
Q2 20	—	—	$275M	$463M	$160M	$301M
Q3 22	—	—	$701M	$1.0B	$393M	$939M
Q4 22	—	—	$676M	$961M	$360M	$847M
Q2 23	—	—	$673M	$970M	$376M	$910M
Q4 23	—	—	$646M	$876M	$372M	$809M
Q4 24	—	—	$674M	$927M	$358M	$812M
Q1 25	—	—	$670M	$952M	$353M	$868M
Q2 25	—	—	$647M	$953M	$361M	$803M
Q3 25	—	—	$617M	$933M	$365M	$779M
Q4 25	—	—	$612M	$889M	$343M	$745M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$657M	$0	$657M
Q2 22	$569M	$0	$569M
Q3 22	$538M	$0	$538M
Q4 22	$483M	$0	$483M
Q1 23	$590M	$0	$590M
Q2 23	$638M	$0	$638M
Q3 23	$629M	$0	$629M
Q4 23	$703M	$0	$703M
Q1 24	$732M	$0	$732M
Q2 24	$671M	$0	$671M
Q3 24	$567M	$0	$567M
Q4 24	$469M	$0	$469M
Q1 25	$613M	$0	$613M
Q2 25	$816M	$0	$816M
Q3 25	$621M	$0	$621M
Q4 25	$590M	$0	$590M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 17	79M	-0.1%	-0.9%
Q3 17	79M	+0.1%	-0.7%
Q4 17	79M	-0.4%	-0.8%
Q1 18	79M	+0.4%	-0.0%
Q2 18	79M	-0.1%	-0.0%
Q3 18	82M	+3.0%	+2.9%
Q2 20	114M	+39.6%	+44.2%
Q3 22	255M	+123.7%	+221.2%
Q4 22	255M	0.0%	+221.6%
Q2 23	255M	0.0%	+212.3%
Q4 23	255M	0.0%	+123.7%
Q4 24	256M	+0.4%	+0.4%
Q1 25	256M	0.0%	+0.4%
Q2 25	257M	+0.4%	+0.8%
Q3 25	257M	0.0%	+0.8%
Q4 25	257M	0.0%	+0.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 17	$122.2K	7K
Q3 17	$126.5K	7K
Q4 17	$117.1K	7K
Q1 18	$127.5K	7K
Q2 18	$126.0K	7K
Q3 18	$124.3K	7K
Q2 20	$88.2K	14K
Q3 22	$127.6K	24K
Q4 22	$115.6K	25K
Q2 23	$119.1K	25K
Q4 23	$125.7K	22K
Q4 24	$123.7K	22K
Q1 25	$126.9K	22K
Q2 25	$123.4K	22K
Q3 25	$120.3K	22K
Q4 25	$120.4K	22K

Revenue / Employee