Ingredion Inc
Q2 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.24%.
Did INGR Beat Earnings? Q2 2026 Results
Ingredion Inc. posted a solid beat on both top and bottom lines in the second quarter of 2026, though the results masked a sharply divided operational picture beneath the surface. The specialty ingredients maker reported adjusted diluted EPS of $2.82, ahead of the $2.72 Wall Street consensus by 3.62%, while revenue of $1.85 billion edged past estimates by 0.88% and grew 0.9% year over year, a modest but steady advance. The most consequential factor shaping the quarter was the Argo plant thermal event earlier in the year, which hammered the U.S./Canada segment, sending its net sales down 7% to $488.00 million and operating income plunging 33% to $58.00 million. Offsetting that drag, the Texture and Healthful Solutions segment delivered its ninth consecutive quarter of volume growth, with net sales rising 5% to $627.00 million. Strategically, shareholder approval of Ingredion's 595 pence all-cash offer for Tate and Lyle, projected to generate roughly $130 million in run-rate net cost synergies by 2030, remained the dominant narrative. Looking ahead, management reaffirmed full-year adjusted EPS guidance of $10.30 to $10.90.
- T&HS ninth consecutive quarter of broad-based net sales volume growth driven by clean-label ingredient demand
- Argo plant reliability improved with production normalizing by end of quarter
- F&II–LATAM impacted by Mexico transactional currency headwinds and softer demand
- F&II–U.S./CAN declined due to lower Argo production, softer volumes and unfavorable price mix
- Net financing costs increased significantly due to $47 million mark-to-market FX hedging loss on GBP exposure for Tate & Lyle acquisition
- Favorable foreign exchange translation impact of $36 million on total net sales
- Corporate costs decreased 18% year-over-year
“Ingredion delivered a solid second quarter, with Texture & Healthful Solutions continuing its quarterly net sales volume growth and Food & Industrial Ingredients—U.S./CAN operating results sequentially improving during the quarter. Additionally, we completed the sale of our majority stake in the Pakistan business, and we are pleased to report that Tate & Lyle's shareholders approved our recommended all-cash offer on July 28, marking an important step toward completing the transaction.”
Ingredion CEO, on the earnings call
Forward Guidance & Outlook
Ingredion reaffirmed its amended full-year 2026 guidance: reported EPS of $9.15 to $9.75 and adjusted EPS of $10.30 to $10.90, now reflecting the sale of a majority stake in the Pakistan business. Full-year net sales are expected flat to up low single-digits. Reported operating income is expected down low double-digits, with adjusted operating income down mid-single-digits. Segment outlook: T&HS operating income up mid-to-high single-digits; F&II–LATAM operating income down low single-digits; F&II–U.S./CAN operating income down 20-25% (reflecting Argo headwinds); All Other operating loss of approximately $(15) million. Cash from operations is expected at $700 million to $800 million, with capital expenditures of approximately $450 to $490 million. Reported effective tax rate of 27.4% to 28.9%; adjusted effective tax rate of 26.0% to 27.5%. For Q3 2026, net sales are expected up low single-digits, with reported and adjusted operating income both down mid-single-digits. Guidance reflects tariff levels in effect as of end of July 2026 and excludes acquisition-related integration/restructuring costs and potential impairment costs.
INGR YoY Financials
INGR Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.