Quarterly performance:
Net sales in the fourth quarter ended Dec. 31, 2025, were approximately $1.757 billion, down about 2% from the year-ago quarter and down 4% on an FX-adjusted basis. Reported operating income rose to $220 million, up 36% from the prior year’s quarter, while adjusted operating income declined about 8%. Adjusted diluted EPS for Q4 was roughly $2.53, slightly below the prior year’s $2.63.
Sales declines in the quarter were driven by lower volumes and price mix in the Food & Industrial Ingredients (F&II)–U.S./Canada segment, which saw net sales down about 9% and operating income down about 32% year-on-year. In contrast, the Texture & Healthful Solutions (T&HS) segment posted modest sales volume increases, while the F&II–LATAM segment delivered a small increase in operating income.
Full-year 2025 results:
Net sales of around $7.219 billion, down about 3% from $7.43 billion in 2024, weighed by volume declines across its major segments and lower price mix.
Adjusted operating income of roughly $1.028 billion, up modestly year-over-year, and reported operating income of about $1.016 billion, up about 15%.
Full-year adjusted EPS of about $11.13, up from $10.65 in 2024, and reported EPS of about $11.18, compared with $9.71 last year.
Cash from operations for 2025 was $944 million, down from $1.436 billion in the prior year, as working capital investments increased. The company returned $435 million to shareholders, including $224 million in share repurchases.
Ingredion also declared a quarterly dividend of $0.82 per share to be paid in early 2026, underscoring ongoing capital return priorities.
Guidance and outlook:
For fiscal 2026, the company expects reported and adjusted EPS in a range of $11.00 to $11.80 and anticipates net sales growth in the low- to mid-single digits, reflecting anticipated volume gains partially offset by price mix.
Broader market context:
Ingredion operates outside the SaaS/software sector, but its stock performance has been influenced by macro pressures that have weighed on broader U.S. equities. Growth and technology-oriented names have faced volatility amid interest rate uncertainty and mixed economic data, while consumer staples and industrial firms have shown relative stability. Investors continue to monitor inflation trends, consumption patterns and cost pressures linked to raw materials and logistics, which can affect sentiment across sectors.
52-week context and trend:
INGR’s 52-week range of about $102 to $142 reflects a nearly 30% span from low to high, with the share price closer to the lower end of that range following the latest earnings and muted volume turnover in recent sessions. The stock has traded weaker relative to its high set earlier in the year, aligning with the company’s modest top-line contraction and broader risk-off trends in equities.
