Ingredion (INGR) financial statements
Ingredion reported revenue of $7.2B in fiscal 2025, up 2.7% a year over 9 years.
Net income was $729M and the operating margin 14.1%, against 14.1% in 2016.
Free cash flow was $511M, and the company returned $211M in dividends.
The diluted share count fell 12% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Ingredion's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.7B | $6.2B | $6.3B | $6.2B | $6.0B | $6.9B | $7.9B | $8.2B | $7.4B | $7.2B |
| Cost of revenue | $4.3B | $4.8B | $4.9B | $4.9B | $4.7B | $5.6B | $6.5B | $6.4B | $5.6B | $5.4B |
| Gross profit | $1.4B | $1.5B | $1.4B | $1.3B | $1.3B | $1.3B | $1.5B | $1.7B | $1.8B | $1.8B |
| Research and development | — | — | — | $44M | $43M | $43M | $52M | $63M | $67M | $71M |
| Selling, general and admin | $579M | — | — | — | — | — | — | — | — | — |
| Operating income | $806M | $836M | $703M | $664M | $582M | $310M | $762M | $957M | $883M | $1.0B |
| Pre-tax income | $742M | $769M | $621M | $582M | $506M | $248M | $668M | $839M | $931M | $974M |
| Income tax | $246M | $237M | $167M | $158M | $152M | $123M | $166M | $188M | $277M | $238M |
| Net income | $485M | $519M | $443M | $413M | $348M | $117M | $492M | $643M | $647M | $729M |
| EPS (diluted) | $6.55 | $7.06 | $6.17 | $6.13 | $5.15 | $1.73 | $7.34 | $9.60 | $9.71 | $11.18 |
| Diluted shares | 74M | 74M | 72M | 67M | 68M | 68M | 67M | 67M | 67M | 65M |
| Gross margin | 24.6% | 23.6% | 21.8% | 21.1% | 21.2% | 19.3% | 18.8% | 21.4% | 24.1% | 25.3% |
| Operating margin | 14.1% | 13.4% | 11.2% | 10.7% | 9.7% | 4.5% | 9.6% | 11.7% | 11.9% | 14.1% |
| Net margin | 8.5% | 8.3% | 7.0% | 6.7% | 5.8% | 1.7% | 6.2% | 7.9% | 8.7% | 10.1% |
Balance sheet
Fiscal years, from Ingredion's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $512M | $595M | $327M | $264M | $665M | $328M | $236M | $401M | $997M | $1.0B |
| Receivables | $923M | $961M | $951M | $977M | $1.0B | $1.1B | $1.4B | $1.3B | $1.1B | $1.2B |
| Inventory | $789M | $823M | $824M | $861M | $917M | $1.2B | $1.6B | $1.4B | $1.2B | $1.2B |
| Total current assets | $2.3B | $2.4B | $2.1B | $2.2B | $2.6B | $2.7B | $3.3B | $3.4B | $3.4B | $3.5B |
| Property, plant and equipment | $2.1B | $2.2B | $2.2B | $2.3B | $2.5B | $2.4B | $2.4B | $2.4B | $2.3B | $2.5B |
| Goodwill | $784M | $803M | $791M | $801M | $902M | $914M | $900M | $918M | $906M | $922M |
| Total assets | $5.8B | $6.1B | $5.7B | $6.0B | $6.9B | $7.0B | $7.6B | $7.6B | $7.4B | $7.9B |
| Total current liabilities | $978M | $957M | $946M | $967M | $1.5B | $1.5B | $1.9B | $1.8B | $1.3B | $1.3B |
| Long-term debt | $1.9B | $1.7B | $1.9B | $1.8B | $1.7B | $1.7B | $1.9B | $1.7B | $1.8B | $1.7B |
| Total liabilities | $3.2B | $3.2B | $3.3B | $3.3B | $3.8B | $3.8B | $4.3B | $4.0B | $3.6B | $3.5B |
| Shareholders' equity | $2.6B | $2.9B | $2.4B | $2.7B | $3.0B | $3.1B | $3.1B | $3.5B | $3.8B | $4.3B |
| Net debt | $1.4B | $1.1B | $1.6B | $1.6B | $1.5B | $1.7B | $2.2B | $1.8B | $834M | $760M |
Cash flow
Fiscal years, from Ingredion's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $771M | $769M | $703M | $680M | $829M | $392M | $152M | $1.1B | $1.4B | $944M |
| Capital spending | $284M | $314M | $350M | $328M | $340M | $300M | $300M | $314M | $295M | $433M |
| Free cash flow | $487M | $455M | $353M | $352M | $489M | $92M | -$148M | $743M | $1.1B | $511M |
| Stock-based compensation | $28M | $26M | $21M | $18M | $23M | $23M | $29M | $33M | $37M | $40M |
| Dividends paid | $141M | $165M | $182M | $174M | $178M | $184M | $181M | $194M | $210M | $211M |
| Share buybacks (net) | -$8M | -$123M | — | — | — | — | — | — | — | — |
| Net borrowing | — | — | — | — | $0 | $250M | $140M | -$63M | -$327M | $0 |
| Free cash flow margin | 8.5% | 7.3% | 5.6% | 5.7% | 8.2% | 1.3% | -1.9% | 9.1% | 15.4% | 7.1% |
| Dividends per share | $1.90 | $2.24 | $2.53 | $2.58 | $2.63 | $2.71 | $2.70 | $2.90 | $3.15 | $3.24 |
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Open INGR in InvestinglyQuestions
What was Ingredion's revenue in 2025?
$7.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Ingredion generate?
$511M in fiscal 2025 (operating cash flow minus capital spending).
From Ingredion's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.