International Flavors & Fragrances (IFF) financial statements
International Flavors & Fragrances reported revenue of $10.9B in fiscal 2025, up 14.9% a year over 9 years.
Net income was -$361M and the operating margin -3.5%, against 17.7% in 2016.
Free cash flow was $256M, and the company returned $409M in dividends and $38M in net buybacks.
The diluted share count rose 220% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from International Flavors & Fragrances's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.1B | $3.4B | $4.0B | $5.1B | $5.1B | $11.7B | $12.4B | $11.5B | $11.5B | $10.9B |
| Cost of revenue | $1.7B | $1.9B | $2.3B | $3.0B | $3.0B | $7.9B | $8.3B | $7.8B | $7.4B | $7.0B |
| Gross profit | $1.4B | $1.5B | $1.7B | $2.1B | $2.1B | $3.7B | $4.2B | $3.7B | $4.1B | $3.9B |
| Research and development | $259M | $295M | $312M | $346M | $357M | $629M | $603M | $636M | $671M | $694M |
| Selling, general and admin | $573M | $570M | $707M | $876M | $949M | $1.7B | $1.8B | $1.8B | $2.0B | $1.8B |
| Operating income | $553M | $553M | $584M | $665M | $566M | $585M | -$1.3B | -$2.1B | $766M | -$382M |
| Interest expense | $53M | $65M | $133M | $138M | $132M | $289M | $336M | $380M | $305M | $229M |
| Pre-tax income | $524M | $537M | $448M | $557M | $441M | $354M | -$1.6B | -$2.5B | $308M | -$412M |
| Income tax | $119M | $241M | $108M | $97M | $74M | $75M | $239M | $69M | $41M | -$53M |
| Net income | $405M | $296M | $340M | $456M | $363M | $270M | -$1.9B | -$2.6B | $263M | -$361M |
| EPS (diluted) | $5.05 | $3.72 | $3.79 | $4.00 | $3.21 | $1.10 | -$7.32 | -$10.14 | $1.04 | -$1.41 |
| Diluted shares | 80M | 79M | 88M | 113M | 114M | 243M | 255M | 255M | 256M | 256M |
| Gross margin | 44.8% | 43.3% | 42.3% | 41.1% | 41.0% | 32.0% | 33.4% | 32.1% | 35.9% | 36.2% |
| Operating margin | 17.7% | 16.3% | 14.7% | 12.9% | 11.1% | 5.0% | -10.7% | -18.4% | 6.7% | -3.5% |
| Net margin | 13.0% | 8.7% | 8.5% | 8.9% | 7.1% | 2.3% | -15.0% | -22.6% | 2.3% | -3.3% |
Balance sheet
Fiscal years, from International Flavors & Fragrances's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $324M | $368M | $635M | $607M | $650M | $711M | $483M | $703M | $469M | $590M |
| Receivables | $551M | $664M | $938M | $876M | $929M | $1.9B | $1.8B | $1.7B | $1.6B | $1.3B |
| Inventory | $592M | $649M | $1.1B | $1.1B | $1.1B | $2.5B | $3.2B | $2.5B | $2.1B | $1.5B |
| Total current assets | $1.6B | $1.9B | $2.9B | $2.9B | $3.1B | $7.0B | $7.4B | $6.3B | $8.0B | $5.6B |
| Property, plant and equipment | $776M | $881M | $1.2B | $1.4B | $1.5B | $4.4B | $4.2B | $4.2B | $3.7B | $2.7B |
| Goodwill | $1.0B | $1.2B | $5.4B | $5.5B | $5.6B | $16.4B | $13.4B | $10.6B | $9.1B | $8.2B |
| Total assets | $4.0B | $4.6B | $12.9B | $13.3B | $13.6B | $39.7B | $35.5B | $31.0B | $28.7B | $25.5B |
| Total current liabilities | $898M | $769M | $1.1B | $1.6B | $1.9B | $3.6B | $3.7B | $3.8B | $4.4B | $3.9B |
| Long-term debt | $1.1B | $1.6B | $4.5B | $4.0B | $3.8B | $10.8B | $10.4B | $9.2B | $7.6B | $4.7B |
| Total liabilities | $2.4B | $2.9B | $6.8B | $7.1B | $7.2B | $18.5B | $17.9B | $16.4B | $14.9B | $11.4B |
| Shareholders' equity | $1.6B | $1.7B | $6.0B | $6.2B | $6.3B | $21.1B | $17.7B | $14.6B | $13.8B | $14.2B |
| Net debt | $1.0B | $1.3B | $3.9B | $3.8B | $3.8B | $10.4B | $10.3B | $9.4B | $8.5B | $5.4B |
Cash flow
Fiscal years, from International Flavors & Fragrances's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $550M | $391M | $438M | $699M | $714M | $1.4B | $397M | $1.5B | $1.1B | $850M |
| Capital spending | $126M | $129M | $170M | $236M | $192M | $393M | $504M | $503M | $463M | $594M |
| Free cash flow | $424M | $262M | $267M | $463M | $522M | $1.0B | -$107M | $952M | $607M | $256M |
| Stock-based compensation | $25M | $27M | $29M | $34M | $36M | $54M | $49M | $65M | $77M | $88M |
| Dividends paid | $185M | $206M | $230M | $314M | $323M | $667M | $810M | $826M | $514M | $409M |
| Share buybacks (net) | -$127M | -$58M | -$15M | $0 | $0 | — | — | $0 | $0 | -$38M |
| Net borrowing | $299M | $244M | $2.9B | -$156M | -$147M | -$930M | -$196M | -$754M | -$1.0B | -$2.9B |
| Free cash flow margin | 13.6% | 7.7% | 6.7% | 9.0% | 10.3% | 9.0% | -0.9% | 8.3% | 5.3% | 2.4% |
| Dividends per share | $2.31 | $2.60 | $2.61 | $2.78 | $2.83 | $2.74 | $3.18 | $3.24 | $2.01 | $1.60 |
Questions
What was International Flavors & Fragrances's revenue in 2025?
$10.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does International Flavors & Fragrances generate?
$256M in fiscal 2025 (operating cash flow minus capital spending).
From International Flavors & Fragrances's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.