INGR

MKT CAP:$7B

Ingredion Incorporated

Market Cap

$7B

Consumer Defensive·Packaged Foods·🇺🇸 United States·NYSE

Consumer Def.·Packaged Foods·🇺🇸·NYSE

Stock Price

$112.62+$2.83 (+2.58%)

Apr 22, 2026

Company Details

Ingredion Incorporated, together with its subsidiaries, produces and sells starches and sweeteners for various industries. It operates through four segments: North America; South America; Asia-Pacific; and Europe, Middle East and Africa. Th...

CEO

James Zallie

IPO Date

Dec 11, 1997

Website

www.ingredion.com

Key Metrics TTM

Revenue

$7.3B

-8.8% YoY

Net Income

$596M

EPS (Diluted)

$9.04

Free Cash Flow

$1.3B

Revenue / Share

$113.43

Gross Margin

24.7%

Operating Margin

12.2%

Net Margin

8.2%

FCF Margin

17.3%

P/S

1.0x

P/E

11.8x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 17, 2026

$7.2B-2.8%EPS $11.18

Q4 2025

Feb 17, 2026

$1.8B-2.4%EPS $2.56

FY 2024

Feb 20, 2025

$7.4B-8.9%EPS $9.71

Q4 2024

Feb 20, 2025

$1.8B-6.3%EPS $1.43

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$1.6B	$352M	$163M
Q1 21	$1.6B	$351M	-$170M
Q2 21	$1.8B	$367M	$222M
Q3 21	$1.8B	$323M	$172M
Q4 21	$1.8B	$290M	$86M
Q1 22	$1.9B	$379M	$210M
Q3 22	$2.0B	$374M	$182M
Q4 22	$2.0B	$351M	$157M
Q1 23	$2.1B	$487M	$291M
Q2 23	$2.1B	$441M	$251M
Q4 23	$1.9B	$400M	$202M
Q1 24	$1.9B	$417M	$213M
Q2 24	$1.9B	$446M	$240M
Q3 24	$1.9B	$479M	$268M
Q4 24	$1.8B	$449M	$162M
Q4 25	$1.8B	$430M	$219M

Valuation

Quarter	P/S	P/E
Q4 20	1.2x	20.3x
Q1 21	1.2x	261.1x
Q2 21	1.1x	50.7x
Q3 21	1.0x	42.7x
Q4 21	1.0x	60.2x
Q1 22	1.0x	14.3x
Q3 22	0.9x	16.7x
Q4 22	0.9x	16.9x
Q1 23	0.9x	13.0x
Q2 23	0.9x	12.3x
Q4 23	0.9x	11.8x
Q1 24	0.9x	10.1x
Q2 24	0.9x	10.7x
Q3 24	0.9x	10.3x
Q4 24	0.9x	10.9x
Q4 25	1.0x	11.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	$267M	$177M
Q1 21	$22M	-$43M
Q2 21	$107M	$55M
Q3 21	$130M	$44M
Q4 21	$133M	$36M
Q1 22	-$52M	-$137M
Q3 22	$84M	$25M
Q4 22	$72M	-$25M
Q1 23	-$51M	-$127M
Q2 23	$330M	$252M
Q4 23	$410M	$327M
Q1 24	$209M	$144M
Q2 24	$312M	$257M
Q3 24	$479M	$429M
Q4 24	$436M	$305M
Q4 25	$405M	$270M

Capital Expenditures

Quarter	CapEx
Q4 20	$90M
Q1 21	$65M
Q2 21	$52M
Q3 21	$86M
Q4 21	$97M
Q1 22	$85M
Q3 22	$59M
Q4 22	$97M
Q1 23	$76M
Q2 23	$78M
Q4 23	$83M
Q1 24	$65M
Q2 24	$55M
Q3 24	$50M
Q4 24	$131M
Q4 25	$135M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	+2.8%	+3.7%
Q1 21	+4.6%	+28.3%
Q2 21	+30.6%	+24.6%
Q3 21	+17.4%	+17.9%
Q4 21	+10.2%	+16.7%
Q1 22	+17.2%	-5.7%
Q3 22	+14.8%	+19.5%
Q4 22	+12.7%	+15.0%
Q1 23	+21.8%	+10.6%
Q2 23	+9.4%	+8.1%
Q4 23	-5.0%	-6.6%
Q1 24	-5.3%	-8.8%
Q2 24	-12.1%	-11.3%
Q3 24	-9.6%	-11.9%
Q4 24	-6.3%	-4.7%
Q4 25	-6.6%	-7.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 20	$5M	0.3%
Q1 21	$5M	0.3%
Q2 21	$6M	0.3%
Q3 21	$4M	0.2%
Q4 21	$8M	0.5%
Q1 22	$7M	0.4%
Q3 22	$7M	0.3%
Q4 22	$7M	0.4%
Q1 23	$9M	0.4%
Q2 23	$5M	0.2%
Q4 23	$10M	0.5%
Q1 24	$13M	0.7%
Q2 24	$9M	0.5%
Q3 24	$8M	0.4%
Q4 24	$7M	0.4%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q4 25	$211M

Revenue by Geography

Quarter	Asia Pacific Segment	E M E A Segment	North America Segment	South America Segment	EMEA Segment
Q4 20	$230M	$164M	$923M	$276M	—
Q1 21	$235M	$161M	$945M	$273M	—
Q2 21	$248M	$178M	$1.1B	$268M	—
Q3 21	$245M	—	$1.1B	$260M	$175M
Q4 21	$269M	—	$1.0B	$256M	$189M
Q1 22	$272M	—	$1.2B	$252M	$194M
Q3 22	$278M	—	$1.3B	$293M	$190M
Q4 22	$282M	—	$1.2B	$289M	$202M
Q2 23	$267M	—	$1.3B	$257M	$203M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$324M	$5M	$329M
Q2 22	$318M	$4M	$322M
Q3 22	$294M	$4M	$298M
Q4 22	$236M	$3M	$239M
Q1 23	$216M	$5M	$221M
Q2 23	$257M	$6M	$263M
Q3 23	$335M	$6M	$341M
Q4 23	$401M	$8M	$409M
Q1 24	$438M	$7M	$445M
Q2 24	$505M	$5M	$510M
Q3 24	$877M	$7M	$884M
Q4 24	$997M	$11M	$1.0B
Q1 25	$837M	$9M	$846M
Q2 25	$861M	$7M	$868M
Q3 25	$915M	$6M	$921M
Q4 25	$1.0B	$3M	$1.0B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	68M	0.0%	+0.1%
Q1 21	67M	-0.4%	-0.7%
Q2 21	68M	+0.9%	+0.4%
Q3 21	68M	-0.4%	0.0%
Q4 21	68M	0.0%	0.0%
Q1 22	68M	0.0%	+0.4%
Q3 22	67M	-1.5%	-1.9%
Q4 22	67M	+0.2%	-1.3%
Q1 23	67M	+0.6%	-0.7%
Q2 23	67M	+0.3%	-0.4%
Q4 23	66M	-1.3%	-0.3%
Q1 24	67M	+0.6%	+0.1%
Q2 24	67M	0.0%	-0.4%
Q3 24	67M	-0.4%	-1.2%
Q4 24	67M	0.0%	+0.2%
Q4 25	64M	-3.2%	-3.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 20	$132.8K	12K
Q1 21	$134.5K	12K
Q2 21	$146.8K	12K
Q3 21	$146.9K	12K
Q4 21	$146.3K	12K
Q1 22	$157.7K	12K
Q3 22	$168.6K	12K
Q4 22	$169.8K	12K
Q1 23	$182.6K	12K
Q2 23	$176.8K	12K
Q4 23	$165.6K	12K
Q1 24	$162.2K	12K
Q2 24	$161.9K	12K
Q3 24	$161.2K	12K
Q4 24	$160.7K	11K
Q4 25	$156.9K	11K

Revenue / Employee