International Flavors & Fragrances
IFF · NYSEIndustrial Organic Chemicals · Fiscal year ends Dec 31
International Flavors & Fragrances reported revenue of $10.9B in the fiscal year ended Dec 2025, down 5.2% from the year before. Operating income was −$382M, an operating margin of −3.5%, and net income was −$359M. Operating cash flow of $850M less capital expenditure of $594M left free cash flow of $256M. Net debt was $5.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $11.7B | $12.4B | $11.5B | $11.5B | $10.9B |
| Cost of revenue | $7.9B | $8.3B | $7.8B | $7.4B | $7B |
| Gross profit | $3.7B | $4.2B | $3.7B | $4.1B | $3.9B |
| Research & development | $629M | $603M | $636M | $671M | $694M |
| Selling, general & admin | $1.7B | $1.8B | $1.8B | $2B | $1.8B |
| Operating income | $585M | −$1.3B | −$2.1B | $766M | −$382M |
| Interest expense | $289M | $336M | $380M | $305M | $229M |
| Pre-tax income | $354M | −$1.6B | −$2.5B | $308M | −$412M |
| Income tax | $75M | $239M | $69M | $41M | −$53M |
| Net income | $279M | −$1.9B | −$2.6B | $267M | −$359M |
| Diluted EPS | 1.10 | −7.32 | −10.14 | 1.04 | −1.41 |
| Diluted shares | 243M | 255M | 255M | 256M | 256M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $711M | $483M | $703M | $469M | $590M |
| Receivables | $1.9B | $1.8B | $1.7B | $1.6B | $1.3B |
| Inventory | $2.5B | $3.2B | $2.5B | $2.1B | $1.5B |
| Current assets | $7B | $7.4B | $6.3B | $8B | $5.6B |
| Net PP&E | $4.4B | $4.2B | $4.2B | $3.7B | $2.7B |
| Goodwill | $16.4B | $13.4B | $10.6B | $9.1B | $8.2B |
| Total assets | $39.7B | $35.5B | $31B | $28.7B | $25.5B |
| Payables | $1.5B | $1.4B | $1.4B | $1.3B | $933M |
| Current liabilities | $3.6B | $3.7B | $3.8B | $4.4B | $3.9B |
| Short-term debt | $632M | $597M | $885M | $1.4B | $1.3B |
| Long-term debt | $10.8B | $10.4B | $9.2B | $7.6B | $4.7B |
| Shareholders' equity | $21.1B | $17.7B | $14.6B | $13.8B | $14.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.4B | $397M | $1.5B | $1.1B | $850M |
| Capital expenditure | $393M | $504M | $503M | $463M | $594M |
| Free cash flow | $1B | −$107M | $952M | $607M | $256M |
| Depreciation & amortisation | $1.2B | $1.2B | $1.1B | $1B | $962M |
| Stock-based compensation | $54M | $49M | $65M | $77M | $88M |
| Acquisitions | $0 | $110M | $0 | $0 | – |
| Share buybacks | – | – | $0 | $0 | $38M |
| Dividends paid | $667M | $810M | $826M | $514M | $409M |
| Dividend per share | 3.12 | 3.20 | 3.24 | 1.60 | 1.60 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 6.7% | −7.7% | 0.0% | −5.2% |
| Operating income growth (YoY) | – | −326.7% | – | – | −149.9% |
| EPS growth (YoY) | – | −765.5% | – | – | −235.6% |
| Gross margin | 32.0% | 33.4% | 32.1% | 35.9% | 36.2% |
| Operating margin | 5.0% | −10.7% | −18.4% | 6.7% | −3.5% |
| Net margin | 2.4% | −15.0% | −22.5% | 2.3% | −3.3% |
| Return on equityBlank when equity is negative | 1.3% | −10.6% | −17.7% | 1.9% | −2.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 1.6% | −4.2% | −7.8% | 3.1% | −1.8% |
| Free cash flow margin | 9.0% | −0.9% | 8.3% | 5.3% | 2.4% |
| Cash conversion (CFO ÷ net income) | 5.15x | −0.21x | −0.56x | 4.01x | −2.37x |
| Receivable days | 60 | 53 | 55 | 52 | 43 |
| Inventory days | 116 | 139 | 116 | 106 | 79 |
| Payable days | 71 | 62 | 64 | 64 | 49 |
| Interest cover | 2.02x | −3.95x | −5.55x | 2.51x | −1.67x |
| Debt ÷ equity | 0.54x | 0.62x | 0.69x | 0.65x | 0.42x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $10.7B | $10.5B | $9.4B | $8.5B | $5.4B |
| Current ratio | 1.92x | 1.99x | 1.67x | 1.83x | 1.42x |
Recent filings
More in Industrial Organic Chemicals
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.