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Packaged foods · Consumer Defensive · Fiscal year ends Dec 31
Ingredion reported revenue of $7.2B in the fiscal year ended Dec 2025, down 2.8% from the year before. Operating income was $1B, an operating margin of 14.1%, and net income was $729M. Operating cash flow of $944M less capital expenditure of $433M left free cash flow of $511M. Net debt was $760M.
Ranks among the 21 packaged foods companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 6,894 | 7,946 | 8,160 | 7,430 | 7,219 |
| Cost of revenue | 5,563 | 6,452 | 6,411 | 5,639 | 5,391 |
| Gross profit | 1,331 | 1,494 | 1,749 | 1,791 | 1,828 |
| Research & development | 43.0 | 52.0 | 63.0 | 67.0 | 71.0 |
| Operating income | 310 | 762 | 957 | 883 | 1,016 |
| Pre-tax income | 248 | 668 | 839 | 931 | 974 |
| Income tax | 123 | 166 | 188 | 277 | 238 |
| Net income | 117 | 492 | 643 | 647 | 729 |
| Diluted EPS | 1.73 | 7.34 | 9.60 | 9.71 | 11.18 |
| Diluted shares | 67.8 | 67.0 | 67.0 | 66.6 | 65.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 328 | 236 | 401 | 997 | 1,030 |
| Receivables | 1,130 | 1,411 | 1,279 | 1,093 | 1,185 |
| Inventory | 1,172 | 1,597 | 1,450 | 1,187 | 1,227 |
| Current assets | 2,697 | 3,309 | 3,399 | 3,355 | 3,505 |
| Net PP&E | 2,423 | 2,407 | 2,370 | 2,264 | 2,526 |
| Goodwill | 914 | 900 | 918 | 906 | 922 |
| Total assets | 6,999 | 7,561 | 7,642 | 7,444 | 7,897 |
| Payables | 774 | 873 | 778 | 604 | 693 |
| Current liabilities | 1,512 | 1,882 | 1,772 | 1,281 | 1,316 |
| Short-term debt | 308 | 543 | 448 | 44.0 | 48.0 |
| Long-term debt | 1,738 | 1,940 | 1,740 | 1,787 | 1,742 |
| Total liabilities | 3,774 | 4,299 | 3,992 | 3,554 | 3,531 |
| Shareholders' equity | 3,100 | 3,147 | 3,538 | 3,804 | 4,274 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 392 | 152 | 1,057 | 1,436 | 944 |
| Capital expenditure | 300 | 300 | 314 | 295 | 433 |
| Free cash flow | 92.0 | −148 | 743 | 1,141 | 511 |
| Depreciation & amortisation | 220 | 215 | 219 | 214 | 222 |
| Stock-based compensation | 23.0 | 29.0 | 33.0 | 37.0 | 40.0 |
| Acquisitions | 40.0 | 29.0 | 0.0 | 0.0 | – |
| Dividends paid | 184 | 181 | 194 | 210 | 211 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 15.3% | 2.7% | −8.9% | −2.8% |
| Operating income growth (YoY) | – | 145.8% | 25.6% | −7.7% | 15.1% |
| EPS growth (YoY) | – | 324.3% | 30.8% | 1.1% | 15.1% |
| Gross margin | 19.3% | 18.8% | 21.4% | 24.1% | 25.3% |
| Operating margin | 4.5% | 9.6% | 11.7% | 11.9% | 14.1% |
| Net margin | 1.7% | 6.2% | 7.9% | 8.7% | 10.1% |
| Return on equityBlank when equity is negative | 3.8% | 15.6% | 18.2% | 17.0% | 17.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.6% | 13.4% | 16.3% | 14.3% | 15.4% |
| Free cash flow margin | 1.3% | −1.9% | 9.1% | 15.4% | 7.1% |
| Cash conversion (CFO ÷ net income) | 3.35x | 0.31x | 1.64x | 2.22x | 1.29x |
| Receivable days | 60 | 65 | 57 | 54 | 60 |
| Inventory days | 77 | 90 | 83 | 77 | 83 |
| Payable days | 51 | 49 | 44 | 39 | 47 |
| Debt ÷ equity | 0.66x | 0.79x | 0.62x | 0.48x | 0.42x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,718 | 2,247 | 1,787 | 834 | 760 |
| Current ratio | 1.78x | 1.76x | 1.92x | 2.62x | 2.66x |
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.