Ingredion Inc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.55%.
Did INGR Beat Earnings? Q3 2025 Results
Ingredion delivered a disappointing third quarter, missing on both the top and bottom lines as operational headwinds and softening demand weighed on results. The ingredient solutions company posted adjusted diluted EPS of $2.75, falling short of the $2.89 consensus estimate by 4.76%, while net sales slid 2.9% year-over-year to $1.82 billion, roughly $70 million below what analysts had expected. The most material drag came from the company's Food and Industrial Ingredients segments, where a fire at Ingredion's Chicago plant in late June continued to disrupt production and compress margins in the U.S./Canada business, while softer consumer demand tied to inflation and macroeconomic pressure hurt Latin American volumes. The miss prompted analysts to revise both revenue and earnings estimates lower, and shares fell sharply in pre-market trading following the release. Brighter performance in the Texture and Healthful Solutions segment, which grew operating income 9% to $105 million, offered a partial offset, and management updated full-year 2025 adjusted EPS guidance to a range of $11.10 to $11.30, with operating income expected to grow at a low-to-mid single-digit pace.
- T&HS delivered 4% sales volume growth with double-digit clean label ingredient sales increases in U.S./Canada and Asia-Pacific
- Lower raw material costs drove favorable margin impacts in T&HS but unfavorable price mix on pass-through
- Chicago plant fire in late June continued to cause production challenges in F&II–U.S./CAN
- Reduced consumer beverage and food demand in U.S. due to rising retail prices
- Weaker brewing industry demand and softer consumer demand across LATAM driven by higher inflation, interest rates, and macroeconomic uncertainty
- Cost2Compete restructuring initiatives ongoing
“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.”
Ingredion CEO, on the earnings call
Forward Guidance & Outlook
Ingredion updated its full-year 2025 guidance: reported EPS expected in the range of $11.11 to $11.31 and adjusted EPS of $11.10 to $11.30. Full-year net sales are expected flat to down low single-digits, reflecting T&HS volume growth offset by lower price mix from raw material cost pass-throughs and foreign exchange impacts. Reported and adjusted operating income are both expected up low-to-mid single-digits. By segment: T&HS operating income now expected up high double-digits; F&II–LATAM expected flat to up low single-digits; F&II–U.S./CAN expected down low double-digits; All Other expected to approach breakeven. Corporate costs expected up high single-digits driven by IT investments. Cash from operations expected at $800–$900 million; capital expenditures approximately $400–$425 million. Reported effective tax rate expected 25.5%–26.5%; adjusted effective tax rate 26.0%–27.0%. Guidance reflects tariff levels in effect as of end of October 2025 and excludes acquisition-related integration, restructuring, and potential impairment costs.
INGR YoY Financials
INGR Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.