Ingredion Inc
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.90%.
Did INGR Beat Earnings? Q1 2026 Results
Ingredion delivered a disappointing first quarter of 2026, with earnings missing expectations as operational troubles weighed heavily on results. Adjusted diluted EPS came in at $2.34, falling 5.32% short of the $2.47 consensus estimate and down sharply from $2.97 a year ago, while revenue of $1.79 billion was essentially in line with forecasts despite slipping 1.2% year over year. The primary culprit was a longer-than-expected recovery from production challenges at the company's Argo manufacturing facility, which drove a 63% year-over-year collapse in U.S./CAN segment operating income to $34.00 million and pushed total adjusted operating income down 22% to $212.00 million. The Texture and Healthful Solutions segment offered some relief, posting its eighth consecutive quarter of broad-based volume growth with revenue rising 2% to $617.00 million. With the Argo disruption still casting a shadow, Ingredion lowered its full-year 2026 adjusted EPS guidance to a range of $10.45 to $11.15, and the stock recently touched a 52-week low near $99.97, reflecting investor concern over the company's near-term trajectory.
- Operational challenges at Argo facility drove significant decline in F&II–U.S./CAN segment operating income
- Texture & Healthful Solutions delivered eighth consecutive quarter of volume growth driven by clean label ingredient demand
- Mexican peso transactional currency headwinds weighed on F&II–LATAM operating income
- Lower volumes and less favorable mix in F&II–U.S./CAN reduced total company net sales
- Favorable foreign exchange translation partially offset net sales declines
- Improved plant-based protein business performance in All Other segment
“While we expected a challenging first quarter after last year's strong first quarter, results were weaker than anticipated in Food & Industrial Ingredients–U.S./CAN due to operational challenges at our Argo facility. At the same time, performance in our Texture & Healthful Solutions and Food & Industrial Ingredients–LATAM segments were in line with our expectations despite an increasingly uncertain macroeconomic environment.”
Ingredion CEO, on the earnings call
Forward Guidance & Outlook
Ingredion lowered its full-year 2026 guidance. Reported EPS is now expected in the range of $9.60 to $10.30, and adjusted EPS in the range of $10.45 to $11.15. Full-year net sales are expected flat to up low single-digits, with adjusted operating income flat to down low single-digits. By segment: T&HS operating income is expected up low single-digits; F&II–LATAM operating income is expected down low single-digits due to Mexican peso strength; F&II–U.S./CAN operating income is expected down low double-digits due to Argo headwinds; All Other operating income expected to improve $5–$10 million. Cash from operations is expected at $725–$825 million with capex of $400–$440 million. For Q2 2026, net sales are expected flat to up low single-digits, with adjusted operating income down high single-digits year-over-year. Guidance reflects tariff levels in effect as of end-April 2026.
INGR YoY Financials
INGR Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.