Q2 26 EPS
$2.82
BEAT +3.62%
Est. $2.72
Q2 26 Revenue
$1.85B
BEAT +0.88%
Est. $1.83B
vs S&P Since Q2 26
+3.0%
BEATING MARKET
INGR +3.2% vs S&P +0.2%
Market Reaction
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… Read more 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.
Key Takeaways
- • 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
INGR 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
Q2 2026 vs Q2 2025, source: SEC Filings
INGR Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Jim Zallie, Q2 2026 Earnings Press Release
INGR Earnings Trends
INGR vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
INGR EPS Trend
Earnings per share: estimate vs actual
INGR Revenue Trend
Quarterly revenue: estimate vs actual
INGR Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $2.72 | $2.82 | +3.62% | $1.85B | +0.88% |
| Q1 26 MISS | $2.47 | $2.34 | -5.32% | $1.79B | +0.22% |
| Q4 25 MISS FY | $2.61 | $2.53 | -3.07% | $1.76B | -1.57% |
| FY Full Year | — | $11.13 | — | $7.22B | — |
| Q3 25 MISS | $2.89 | $2.75 | -4.76% | $1.82B | -3.95% |
| Q2 25 BEAT | $2.79 | $2.87 | +2.99% | $1.83B | -3.01% |