Ingredion Incorporated Reports Third Quarter 2025 Results

• Third quarter 2025 reported and adjusted* operating income decreased 7% and 10% compared to the third quarter 2024
• Third quarter 2025 reported and adjusted EPS were $2.61 and $2.75, compared with $2.83 and $3.05 in the third quarter 2024
• Adjusting full-year guidance for reported EPS to be in the range of $11.11 to $11.31 and adjusted EPS to be in the range of $11.10 to $11.30

WESTCHESTER, Ill., Nov. 04, 2025 (GLOBE NEWSWIRE) -- Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to the food and beverage manufacturing industry, today reported its 2025 third quarter results.

“The benefits of Ingredion’s diversified business portfolio were evident in the quarter as our Texture & Healthful Solutions segment delivered another strong quarter of sales volume and operating income growth while our F&II businesses were impacted by lower volume demand and operational challenges at our largest facility in the U.S.,” stated Jim Zallie, president and CEO of Ingredion.

“Texture & Healthful Solutions delivered a solid performance with 4% sales volume growth, led by double digit sales increases for clean label ingredient solutions in U.S./Canada and Asia-Pacific. Our solutions portfolio, comprised of customized formulations and differentiated products, outpaced the segment’s net sales growth. New specialty solutions capacity investments to be completed in the next few quarters will further position us to meet growing customer reformulation requirements.”

“Our Food & Industrial Ingredients—U.S./CAN segment operating income dipped 18%, primarily due to ongoing production challenges at our Chicago plant following the fire we experienced in late June, as well as reduced consumer beverage and food demand in response to rising retail prices. Our F&II—LATAM segment operating income decreased 11% versus last year, driven by our brewing customer and product mix management and weaker overall brewing industry demand. Furthermore, consumer demand softened throughout LATAM in the quarter as higher inflation, interest rates, and uncertainty impacted GDP growth.”

“Our strategic pillars continue to guide our focus on delivering profitable growth, accelerating innovation, and driving operating excellence against a changing and uncertain macroeconomic climate. We will continue to deploy capital toward organic growth opportunities and M&A that expand and strengthen our Texture & Healthful Solutions portfolio. We also remain committed to returning capital to shareholders through dividends and share repurchases.”

* Reported results are in accordance with U.S. generally accepted accounting principles (“GAAP”). Adjusted financial measures are non-GAAP financial measures. See “II. Non-GAAP Information” in the Supplemental Financial Information that follows the Condensed Consolidated Financial Statements for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures.

Diluted Earnings Per Share (EPS)

 

	3Q24			3Q25
Reported Diluted EPS	$2.83			$2.61
Impairment charges		0.08			—
Restructuring and resegmentation costs		0.08			0.05
Net gain on sale of business		(0.21)			—
Tax items and other matters		0.27			0.09
Adjusted Diluted EPS**	$3.05			$2.75

Estimated factors affecting changes in Reported and Adjusted EPS

 

	3Q25
Total items affecting adjusted diluted EPS**	(0.30)
Total operating items	(0.31)
Margin	(0.22)
Volume	(0.12)
Foreign exchange	0.03
Other income	—
Total non-operating items	0.01
Financing costs	(0.06)
Non-controlling interests	—
Tax rate	0.02
Shares outstanding	0.05

** Totals may not sum or recalculate due to rounding

Business Review

Total Ingredion
Net Sales

 

$ in millions	2024	FX Impact	Volume	S. Korea Volume*	Price Mix	2025	Change	Change excl. FX
Third Quarter	1,870	15	(39)	—	(30)	1,816	(3%)	(4%)
Year-to-Date	5,630	(28)	(11)	(24)	(105)	5,462	(3%)	(2%)

* Represents loss of volume due to the sale of our South Korea business

• Third quarter net sales decreased 3% from the same quarter last year. The decrease was driven by lower volume from each of the F&II segments and price mix, primarily from lower raw material costs, partially offset by T&HS volume increases.

Reported Operating Income

 

$ in millions	2024	FX Impact	Business Drivers	Restructuring/ Impairment	Other	2025	Change	Change excl. FX
Third Quarter	268	3	(31)	11	(2)	249	(7%)	(8%)
Year-to-Date	721	(1)	33	25	18	796	10%	11%

Adjusted Operating Income

 

$ in millions	2024	FX Impact	Business Drivers	2025	Change	Change excl. FX
Third Quarter	282	3	(31)	254	(10%)	(11%)
Year-to-Date	768	(1)	33	800	4%	4%

Operating Income

• Third quarter reported and adjusted operating income were $249 million and $254 million. The difference in reported versus adjusted operating income was primarily attributable to restructuring costs from our Cost2Compete initiatives. Excluding foreign exchange impacts, reported operating income was down 8% and adjusted operating income was down 11% from a year ago.

Texture & Healthful Solutions
Net Sales

 

$ in millions	2024	FX Impact	Volume	Price Mix	2025	Change	Change excl. FX
Third Quarter	600	12	21	(28)	605	1%	(1%)
Year-to-Date	1,785	24	81	(84)	1,806	1%	—

Segment Operating Income

 

$ in millions	2024	FX Impact	Business Drivers	2025	Change	Change excl. FX
Third Quarter	96	2	7	105	9%	7%
Year-to-Date	256	5	54	315	23%	21%

• Third quarter operating income for Texture & Healthful Solutions was $105 million, an increase of $9 million from a year ago, driven by lower raw material costs and favorable volume impacts, partially offset by unfavorable price mix. Excluding foreign exchange impacts, segment operating income was up 7%.
   

Food & Industrial Ingredients—LATAM
Net Sales

 

$ in millions	2024	FX Impact	Volume	Price Mix	2025	Change	Change excl. FX
Third Quarter	620	5	(44)	4	585	(6%)	(7%)
Year-to-Date	1,866	(39)	(80)	7	1,754	(6%)	(4%)

Segment Operating Income

 

$ in millions	2024	FX Impact	Business Drivers	Argentina JV	2025	Change	Change excl. FX
Third Quarter	131	1	(13)	(3)	116	(11%)	(12%)
Year-to-Date	362	(4)	6	6	370	2%	3%

• Third quarter operating income for Food & Industrial Ingredients—LATAM was $116 million, a decrease of $15 million from a year ago, driven primarily by lower brewing industry volumes, customer and product mix management and softer consumer demand. Excluding foreign exchange impacts, segment operating income was down 12%.

Food & Industrial Ingredients—U.S./Canada
Net Sales

 

$ in millions	2024	FX Impact	Volume	Price Mix	2025	Change	Change excl. FX
Third Quarter	548	(1)	(30)	(10)	507	(7%)	(7%)
Year-to-Date	1,644	(9)	(50)	(35)	1,550	(6%)	(5%)

Segment Operating Income

 

$ in millions	2024	FX Impact	Business Drivers	2025	Change	Change excl. FX
Third Quarter	99	—	(18)	81	(18%)	(18%)
Year-to-Date	291	(3)	(29)	259	(11%)	(10%)

• Third quarter operating income for Food & Industrial Ingredients—U.S./Canada was $81 million, a decrease of $18 million from a year ago. The decrease resulted primarily from continued production challenges at one of our large manufacturing facilities and lower-than-expected beverage and food volume demand.

All Other**
Net Sales

 

$ in millions	2024	FX Impact	Volume	S. Korea Volume*	Price Mix	2025	Change	Change excl. FX
Third Quarter	102	(1)	14	—	4	119	17%	18%
Year-to-Date	335	(4)	38	(24)	7	352	5%	6%

* Represents loss of volume due to the sale of our South Korea business

Segment Operating Loss

 

$ in millions	2024	FX Impact	Business Drivers	2025	Change	Change excl. FX
Third Quarter	(4)	—	—	(4)	NM	NM
Year-to-Date	(18)	1	12	(5)	NM	NM

• Third quarter operating loss for All Other was flat from the prior year, reflecting improvements in the plant-based protein business offset by lower profits from the Pakistan business.

** All Other consists of the businesses of multiple operating segments that are not individually or collectively classified as reportable segments. Net sales from All Other are generated primarily by sweetener and starch sales by our Pakistan business, sales of stevia and other ingredients from our PureCircle and Sugar Reduction businesses, and pea protein ingredients from our Protein Fortification business.

To view full press release, please visit: https://www.globenewswire.com/news-release/2025/11/04/3180063/0/en/Ingredion-Incorporated-Reports-Third-Quarter-2025-Results.html