Revenue growth remains in a contractionary phase, evidenced by a 3.6% year-over-year decline in 2026Q1, while operating margins remain constrained at 10.0% despite a 37.1% gross margin.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 10.79B | 10.89B | 11.48B | 11.48B | 12.44B | 11.66B | 5.08B | 5.14B | 3.98B | 3.4B | 3.12B | 3.02B | 3.09B | 2.95B | 2.82B | 2.79B | 2.62B | 2.33B | 2.39B | 2.28B | 2.1B | 1.99B | 2.03B | 1.9B | 1.81B | 1.84B | 1.46B | 1.44B | 1.41B | 1.43B | 1.44B |
| Revenue Growth % | -5.6% | -5.17% | 0.04% | -7.73% | 6.73% | 129.27% | -1.09% | 29.23% | 17.03% | 9.06% | 3.08% | -2.12% | 4.59% | 4.66% | 1.2% | 6.3% | 12.76% | -2.65% | 4.95% | 8.65% | 5.12% | -1.98% | 6.95% | 5.1% | -1.87% | 26.04% | 1.62% | 2.28% | -1.36% | -0.65% | -0.24% |
| Cost of Goods Sold | 7B | 7.52B | 7.36B | 7.8B | 8.29B | 7.92B | 3B | 3.03B | 2.29B | 1.93B | 1.72B | 1.67B | 1.73B | 1.67B | 1.65B | 1.68B | 1.53B | 1.39B | 1.42B | 1.32B | 1.21B | 1.17B | 1.16B | 1.09B | 1.04B | 1.06B | 762.31M | 735.4M | 714.5M | 722.9M | 731M |
| COGS % of Revenue | - | 69.05% | 64.09% | 67.93% | 66.63% | 67.96% | 58.97% | 58.89% | 57.69% | 56.68% | 55.22% | 55.29% | 55.9% | 56.51% | 58.34% | 60.38% | 58.34% | 59.84% | 59.36% | 58.17% | 57.81% | 58.64% | 57.05% | 57.45% | 57.25% | 57.68% | 52.11% | 51.09% | 50.77% | 50.67% | 50.9% |
| Gross Profit | 3.79B | 3.37B | 4.12B | 3.68B | 4.15B | 3.73B | 2.09B | 2.11B | 1.68B | 1.47B | 1.4B | 1.35B | 1.36B | 1.28B | 1.18B | 1.1B | 1.09B | 934.25M | 970.93M | 952.21M | 884.13M | 824.4M | 873.42M | 809.06M | 773.41M | 780.33M | 700.49M | 704.1M | 692.85M | 703.9M | 705.1M |
| Gross Margin % | 35.1% | 30.95% | 35.91% | 32.07% | 33.37% | 32.04% | 41.03% | 41.11% | 42.31% | 43.32% | 44.78% | 44.71% | 44.1% | 43.49% | 41.66% | 39.62% | 41.66% | 40.16% | 40.64% | 41.83% | 42.19% | 41.36% | 42.95% | 42.55% | 42.75% | 42.32% | 47.89% | 48.91% | 49.23% | 49.33% | 49.1% |
| Gross Profit Growth % | - | -18.28% | 12.03% | -11.32% | 11.14% | 79.05% | -1.28% | 25.57% | 14.28% | 5.51% | 3.25% | -0.77% | 6.07% | 9.24% | 6.42% | 1.1% | 16.95% | -3.78% | 1.97% | 7.7% | 7.25% | -5.61% | 7.95% | 4.61% | -0.89% | 11.4% | -0.51% | 1.62% | -1.57% | -0.17% | -3.83% |
| Operating Expenses | 2.92B | 2.37B | 3.36B | 5.79B | 5.48B | 3.15B | 1.52B | 1.45B | 1.1B | 919.83M | 842.61M | 763.25M | 769.83M | 767.87M | 688.92M | 1.1B | 676.24M | 593.96M | 615.8M | 587.19M | 555.14M | 557.52M | 563.14M | 523.29M | 461.81M | 494.67M | 440.67M | 422.8M | 386.1M | 371.8M | 364.8M |
| OpEx % of Revenue | - | 21.76% | 29.24% | 50.45% | 44.03% | 27.02% | 29.9% | 28.17% | 27.63% | 27.06% | 27.04% | 25.25% | 24.93% | 26% | 24.42% | 39.62% | 25.78% | 25.53% | 25.77% | 25.79% | 26.49% | 27.97% | 27.69% | 27.52% | 25.53% | 26.83% | 30.13% | 29.37% | 27.43% | 26.06% | 25.4% |
| Selling, General & Admin | 1.75B | 1.68B | 2B | 1.79B | 1.77B | 1.75B | 949M | 876M | 707.46M | 570.14M | 572.52M | 494.52M | 507.56M | 505.88M | 453.54M | 443.97M | 447.39M | 390.88M | 400.72M | 375.29M | 351.92M | 339.32M | 341.31M | 308.95M | 305.16M | 313.33M | 258.65M | 262.6M | 238.7M | 227.1M | 317M |
| SG&A % of Revenue | - | 15.39% | 17.37% | 15.57% | 14.21% | 15.01% | 18.67% | 17.04% | 17.79% | 16.78% | 18.37% | 16.36% | 16.43% | 17.13% | 16.07% | 15.92% | 17.06% | 16.8% | 16.77% | 16.48% | 16.8% | 17.02% | 16.78% | 16.25% | 16.87% | 16.99% | 17.68% | 18.24% | 16.96% | 15.92% | 22.07% |
| Research & Development | 696M | 694M | 671M | 636M | 603M | 629M | 357M | 346M | 311.58M | 295.47M | 258.86M | 246.1M | 253.64M | 259.84M | 233.71M | 219.78M | 218.77M | 184.77M | 196.86M | 199.02M | 185.69M | 179.81M | 175.17M | 159.29M | 144.03M | 135.25M | 112.67M | 103.8M | 98.4M | 94.4M | 0 |
| R&D % of Revenue | - | 6.37% | 5.84% | 5.54% | 4.85% | 5.4% | 7.02% | 6.73% | 7.83% | 8.69% | 8.31% | 8.14% | 8.21% | 8.8% | 8.28% | 7.88% | 8.34% | 7.94% | 8.24% | 8.74% | 8.86% | 9.02% | 8.61% | 8.38% | 7.96% | 7.34% | 7.7% | 7.21% | 6.99% | 6.62% | - |
| Other Operating Expenses | 3M | 0 | 692M | 3.37B | 3.11B | 772M | 214M | 226M | 79.78M | 54.22M | 11.23M | 22.63M | 8.63M | 2.15M | 1.67M | 440.9M | 10.08M | 18.3M | 18.21M | 12.88M | 17.52M | 38.39M | 46.66M | 55.05M | 12.63M | 46.09M | 69.34M | 56.4M | 49M | 50.3M | 47.8M |
| Operating Income | 862M | 1B | 766M | -2.11B | -1.33B | 585M | 566M | 665M | 583.88M | 552.63M | 552.96M | 588.35M | 592.32M | 516.34M | 486.62M | 440.9M | 416.36M | 340.29M | 355.13M | 365.03M | 328.99M | 266.88M | 310.28M | 285.77M | 311.6M | 285.66M | 259.82M | 281.3M | 306.75M | 332.1M | 340.3M |
| Operating Margin % | 7.99% | 9.18% | 6.67% | -18.38% | -10.66% | 5.02% | 11.13% | 12.94% | 14.68% | 16.26% | 17.74% | 19.46% | 19.18% | 17.49% | 17.25% | 15.81% | 15.87% | 14.63% | 14.86% | 16.03% | 15.7% | 13.39% | 15.26% | 15.03% | 17.22% | 15.49% | 17.76% | 19.54% | 21.8% | 23.28% | 23.7% |
| Operating Income Growth % | - | 30.55% | 136.3% | -59.13% | -326.67% | 3.36% | -14.89% | 13.89% | 5.66% | -0.06% | -6.02% | -0.67% | 14.72% | 6.11% | 10.37% | 5.89% | 22.36% | -4.18% | -2.71% | 10.95% | 23.28% | -13.99% | 8.58% | -8.29% | 9.08% | 9.95% | -7.64% | -8.3% | -7.63% | -2.41% | -11.38% |
| EBITDA | 1.73B | 1.96B | 1.78B | -968M | -147M | 1.74B | 891M | 988M | 757.67M | 670.6M | 655.42M | 677.94M | 681.67M | 599.57M | 563.28M | 516.23M | 495.6M | 418.81M | 431.12M | 447.81M | 418.73M | 358.8M | 401.27M | 372.5M | 396.06M | 409.15M | 329.16M | 337.7M | 355.75M | 382.4M | 388.1M |
| EBITDA Margin % | 16.07% | 18.02% | 15.51% | -8.43% | -1.18% | 14.94% | 17.53% | 19.22% | 19.05% | 19.73% | 21.03% | 22.42% | 22.07% | 20.3% | 19.96% | 18.52% | 18.9% | 18% | 18.04% | 19.67% | 19.98% | 18% | 19.73% | 19.59% | 21.89% | 22.19% | 22.5% | 23.46% | 25.28% | 26.8% | 27.02% |
| EBITDA Growth % | 172.21% | 10.16% | 283.99% | -558.5% | -108.44% | 95.4% | -9.82% | 30.4% | 12.98% | 2.31% | -3.32% | -0.55% | 13.69% | 6.44% | 9.12% | 4.16% | 18.34% | -2.85% | -3.73% | 6.95% | 16.7% | -10.58% | 7.73% | -5.95% | -3.2% | 24.3% | -2.53% | -5.07% | -6.97% | -1.47% | -8.62% |
| D&A (Non-Cash Add-back) | 872M | 962M | 1.01B | 1.14B | 1.18B | 1.16B | 325M | 323M | 173.79M | 117.97M | 102.47M | 89.6M | 89.35M | 83.23M | 76.67M | 75.33M | 79.24M | 78.53M | 75.99M | 82.79M | 89.73M | 91.93M | 91M | 86.72M | 84.46M | 123.49M | 69.34M | 56.4M | 49M | 50.3M | 47.8M |
| EBIT | 1.06B | -183M | 583M | -2.14B | -1.29B | 643M | 573M | 695M | 580.32M | 602.41M | 576.71M | 585.16M | 595.13M | 531.98M | 485.17M | 418.19M | 408.3M | 338.37M | 357.93M | 370.22M | 331.67M | 290.19M | 342.11M | 328.19M | 311.6M | 285.66M | 259.82M | 281.3M | 306.75M | 332.1M | 340.3M |
| Net Interest Income | -202M | -229M | -305M | -380M | -336M | -289M | -132M | -138M | -132.56M | -65.36M | -52.99M | -46.06M | -46.07M | -46.77M | -41.75M | -44.64M | -48.71M | -61.82M | -74.01M | -41.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 202M | 229M | 305M | 380M | 336M | 289M | 132M | 138M | 132.56M | 65.36M | 52.99M | 46.06M | 46.07M | 46.77M | 41.75M | 44.64M | 48.71M | 61.82M | 74.01M | 41.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -41M | -1.41B | -488M | -408M | -299M | -231M | -125M | -108M | -136.13M | -15.59M | -29.24M | -49.25M | -43.26M | -31.13M | -43.2M | -67.36M | -56.77M | -63.74M | -71.21M | -36.34M | -15.71M | -20.69M | -29.28M | -33.91M | -45.18M | -97.88M | -75.69M | -37.8M | 4.35M | 8.1M | -41.2M |
| Pretax Income | 821M | -412M | 278M | -2.52B | -1.63B | 354M | 441M | 557M | 447.76M | 537.04M | 523.72M | 539.1M | 549.06M | 485.21M | 443.42M | 373.55M | 359.59M | 276.55M | 283.92M | 328.68M | 313.28M | 246.19M | 281M | 251.86M | 266.42M | 187.78M | 184.13M | 243.5M | 311.1M | 340.2M | 299.1M |
| Pretax Margin % | 7.61% | -3.78% | 2.42% | -21.94% | -13.06% | 3.04% | 8.67% | 10.84% | 11.26% | 15.8% | 16.81% | 17.83% | 17.78% | 16.43% | 15.72% | 13.4% | 13.71% | 11.89% | 11.88% | 14.44% | 14.95% | 12.35% | 13.82% | 13.25% | 14.73% | 10.18% | 12.59% | 16.92% | 22.11% | 23.84% | 20.83% |
| Income Tax | -20M | -40M | 31M | 45M | 239M | 75M | 74M | 97M | 107.98M | 241.38M | 118.69M | 119.85M | 134.52M | 131.67M | 189.28M | 106.68M | 96.04M | 81.02M | 54.29M | 81.56M | 86.78M | 53.12M | 84.93M | 79.26M | 90.47M | 71.78M | 61.12M | 81.5M | 107.3M | 122M | 109.2M |
| Effective Tax Rate % | -2.44% | 9.71% | 11.15% | -1.79% | -14.71% | 21.19% | 16.78% | 17.41% | 24.11% | 44.95% | 22.66% | 22.23% | 24.5% | 27.14% | 42.69% | 28.56% | 26.71% | 29.3% | 19.12% | 24.81% | 27.7% | 21.58% | 30.22% | 31.47% | 33.96% | 38.22% | 33.2% | 33.47% | 34.49% | 35.86% | 36.51% |
| Net Income | 839M | -374M | 243M | -2.56B | -1.87B | 268M | 365M | 454M | 334.45M | 295.67M | 405.03M | 419.25M | 414.54M | 353.54M | 254.13M | 266.87M | 263.56M | 195.53M | 229.63M | 247.13M | 226.5M | 193.07M | 196.07M | 172.6M | 175.94M | 116M | 123M | 162M | 203.8M | 218.2M | 189.9M |
| Net Margin % | 7.78% | -3.43% | 2.12% | -22.35% | -15.02% | 2.3% | 7.18% | 8.83% | 8.41% | 8.7% | 13% | 13.87% | 13.42% | 11.97% | 9.01% | 9.57% | 10.05% | 8.41% | 9.61% | 10.85% | 10.81% | 9.69% | 9.64% | 9.08% | 9.72% | 6.29% | 8.41% | 11.25% | 14.48% | 15.29% | 13.22% |
| Net Income Growth % | 200.48% | -253.91% | 109.47% | -37.31% | -797.01% | -26.58% | -19.6% | 35.74% | 13.12% | -27% | -3.39% | 1.13% | 17.25% | 39.12% | -4.77% | 1.26% | 34.79% | -14.85% | -7.08% | 9.11% | 17.32% | -1.53% | 13.6% | -1.9% | 51.67% | -5.69% | -24.07% | -20.51% | -6.6% | 14.9% | -23.67% |
| Net Income (Continuing) | 841M | -372M | 247M | -2.56B | -1.86B | 279M | 367M | 460M | 339.78M | 295.67M | 405.03M | 419.25M | 414.54M | 353.54M | 254.13M | 266.87M | 263.56M | 195.53M | 229.63M | 247.13M | 226.5M | 193.07M | 196.07M | 172.6M | 175.94M | 116M | 123M | 162M | 203.8M | 218.2M | 189.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 33M | 32M | 35M | 31M | 89M | 140M | 109.43M | 111.29M | 92.23M | 5.09M | 4.89M | 4.67M | 4.13M | 3.98M | 3.75M | 3M | 3.73M | 2.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.26 | -1.46 | 0.95 | -10.06 | -7.20 | 1.10 | 3.20 | 4.00 | 3.83 | 3.72 | 5.05 | 5.16 | 5.06 | 4.29 | 3.09 | 3.26 | 3.26 | 2.46 | 2.86 | 2.82 | 2.48 | 2.04 | 2.05 | 1.83 | 1.84 | 1.20 | 1.22 | 1.53 | 1.90 | 1.99 | 1.70 |
| EPS Growth % | 200% | -253.68% | 109.44% | -39.72% | -754.55% | -65.63% | -20% | 4.44% | 2.96% | -26.34% | -2.13% | 1.98% | 17.95% | 38.83% | -5.21% | 0% | 32.52% | -13.99% | 1.42% | 13.71% | 21.57% | -0.49% | 12.02% | -0.54% | 53.33% | -1.64% | -20.26% | -19.47% | -4.52% | 17.06% | -24.11% |
| EPS (Basic) | - | -1.46 | 0.95 | -10.06 | -7.20 | 1.10 | 3.25 | 4.04 | 3.85 | 3.73 | 5.07 | 5.19 | 5.09 | 4.32 | 3.11 | 3.30 | 3.29 | 2.48 | 2.89 | 2.86 | 2.50 | 2.06 | 2.08 | 1.84 | 1.86 | 1.21 | 1.22 | 1.53 | 1.90 | 2.00 | 1.71 |
| Diluted Shares Outstanding | 257M | 256M | 256M | 255M | 255M | 243M | 113.63M | 113.31M | 88.12M | 79.37M | 79.98M | 80.89M | 81.49M | 81.93M | 81.83M | 81.47M | 80.44M | 79.09M | 79.72M | 87.63M | 91.33M | 94.64M | 95.64M | 94.32M | 95.62M | 96.67M | 100.82M | 105.88M | 107.26M | 109.65M | 111.71M |
| Basic Shares Outstanding | 256M | 256M | 256M | 255M | 255M | 243M | 112.16M | 111.97M | 87.55M | 79.07M | 79.65M | 80.45M | 80.94M | 81.32M | 81.11M | 80.46M | 79.5M | 78.4M | 79.03M | 86.54M | 90.6M | 93.72M | 94.26M | 93.8M | 94.59M | 95.87M | 100.82M | 105.88M | 107.26M | 109.1M | 111.05M |
| Dividend Payout Ratio | - | - | 211.52% | - | - | 248.88% | 88.38% | 69.06% | 68.83% | 69.71% | 45.65% | 37.89% | 32.14% | 24.71% | 51.53% | 33.82% | 30.8% | 40.32% | 32.6% | 31% | 29.75% | 35.11% | 32.24% | 33.71% | 32.3% | 49.67% | 126.42% | 99.51% | 78.31% | 72.27% | 79.46% |
Persistent revenue contraction
As reported in recent financial statements, IFF has experienced a sustained period of top-line pressure, with revenue declining by 3.6% year-over-year in 2026Q1, marking a continuation of the negative growth trajectory that has plagued the company for several consecutive quarters across its core segments.
The consistent revenue decline suggests that the company is struggling to offset volume losses with pricing actions, potentially indicating a loss of market share or broader destocking within the CPG supply chain. Investors should monitor whether this trend reflects a structural shift in demand for the company's sensory ingredients or merely a temporary cyclical adjustment.
Based on IFF's reported figures, gross margins have fluctuated significantly, reaching 37.1% in 2026Q1 but dipping as low as 29.2% in 2025Q4, which highlights the company's ongoing difficulty in managing raw material cost volatility and maintaining pricing power against global competitors like Givaudan.
The inconsistency in gross margin performance suggests that the company's high variable cost structure remains highly sensitive to input price shocks. This volatility complicates the path to sustainable profitability and may indicate that the company lacks the necessary pricing power to fully pass through inflationary pressures to its consumer-facing clients.
According to recent SEC filings, IFF's operating income has failed to scale consistently with gross profit, as evidenced by the 2026Q1 operating margin of 10.0% despite a gross margin of 37.1%, suggesting that high SG&A and integration-related costs continue to weigh heavily on core profitability.
The inability to drive meaningful operating leverage implies that the company's cost base remains bloated, likely due to the lingering integration requirements from past acquisitions. Without a significant reduction in overhead, the company may struggle to convert its gross profit into meaningful bottom-line growth even if revenue trends stabilize.
While the market may focus on the negative net income figures seen in 2025Q1 and 2023Q4, a deeper analysis of the income statement suggests that these results are heavily distorted by non-recurring charges and asset impairments rather than a fundamental collapse in the company's core sensory business.
Short-sellers might point to the erratic net income as evidence of a failing business model, but this view may ignore the potential for margin expansion once the current restructuring phase concludes. Investors should remain cautious, however, as the reliance on divestitures to manage the balance sheet may mask deeper organic growth challenges that are not yet fully visible.
Quick answers to the most common questions about buying IFF stock.
For fiscal year 2025, International Flavors & Fragrances Inc. (IFF) reported total revenue of $10.89B. This represents a 658.3% increase compared to $1.44B in 1996.
International Flavors & Fragrances Inc. (IFF) reported a net loss of $374.0M for the fiscal year ending 2025.
International Flavors & Fragrances Inc. (IFF) reported an operating income of $1.00B, resulting in an operating profit margin of 9.2%. This margin reflects the operational efficiency of the business before interest and taxes.
International Flavors & Fragrances Inc. (IFF) generated $3.37B in gross profit for the year, representing a gross profit margin of 30.9%. This demonstrates the company's core pricing power and production efficiency.