Operating margins have retreated from 15.2% in 2025Q1 to 11.2% in 2026Q1, reflecting the company's struggle to achieve operating leverage amidst persistent revenue declines.
| 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 |
|---|
| Sales/Revenue | 7.2B | 7.22B | 7.43B | 8.16B | 7.95B | 6.89B | 5.99B | 6.21B | 6.29B | 6.18B | 6.02B | 5.96B | 6B | 6.65B | 6.87B | 6.22B | 4.37B | 3.67B | 3.94B | 3.39B | 2.62B | 2.36B | 2.28B | 2.1B | 1.87B | 1.89B | 1.86B | 1.74B | 1.45B | 1.42B |
| Revenue Growth % | -2.21% | -2.84% | -8.95% | 2.69% | 15.26% | 15.15% | -3.58% | -1.27% | 1.76% | 2.63% | 1.06% | -0.66% | -9.84% | -3.13% | 10.43% | 42.43% | 18.92% | -6.89% | 16.3% | 29.38% | 11.06% | 3.37% | 8.61% | 12.35% | -0.85% | 1.18% | 7.49% | 19.82% | 2.12% | - |
| Cost of Goods Sold | 5.43B | 5.39B | 5.64B | 6.41B | 6.45B | 5.56B | 4.71B | 4.9B | 4.92B | 4.77B | 4.68B | 4.72B | 4.88B | 5.52B | 5.63B | 5.42B | 3.91B | 3.15B | 3.24B | 2.81B | 2.21B | 2.03B | 1.93B | 1.78B | 1.6B | 1.59B | 1.56B | 1.45B | 1.18B | 1.18B |
| COGS % of Revenue | - | 74.68% | 75.89% | 78.57% | 81.2% | 80.69% | 78.75% | 78.87% | 78.25% | 77.22% | 77.74% | 79.15% | 81.41% | 83% | 81.97% | 87.11% | 89.5% | 85.84% | 82.13% | 82.72% | 84.13% | 85.93% | 84.49% | 84.59% | 85.73% | 84.15% | 83.59% | 83.57% | 81.63% | 83% |
| Gross Profit | 1.76B | 1.83B | 1.79B | 1.75B | 1.49B | 1.33B | 1.27B | 1.31B | 1.37B | 1.47B | 1.4B | 1.24B | 1.11B | 1.13B | 1.24B | 1.13B | 724M | 520M | 705M | 586M | 416M | 332M | 354M | 324M | 267M | 299M | 306M | 285M | 266M | 241M |
| Gross Margin % | 24.49% | 25.32% | 24.1% | 21.43% | 18.8% | 19.31% | 21.25% | 21.13% | 21.75% | 23.82% | 23.27% | 20.84% | 18.59% | 17% | 18.03% | 18.1% | 16.58% | 14.16% | 17.88% | 17.28% | 15.87% | 14.07% | 15.51% | 15.41% | 14.27% | 15.85% | 16.41% | 16.43% | 18.37% | 17% |
| Gross Profit Growth % | - | 2.07% | 2.4% | 17.07% | 12.25% | 4.64% | -3.05% | -4.09% | -7.07% | 5.07% | 12.8% | 11.39% | -1.41% | -8.64% | 9.95% | 55.52% | 39.23% | -26.24% | 20.31% | 40.87% | 25.3% | -6.21% | 9.26% | 21.35% | -10.7% | -2.29% | 7.37% | 7.14% | 10.37% | - |
| Operating Expenses | 819M | 791M | 908M | 792M | 732M | 1.02B | 690M | 648M | 665M | 636M | 595M | 582M | 534M | 518M | 570M | 455M | 385M | 367M | 271M | 239M | 192M | 149M | 175M | 150M | 114M | 133M | 150M | 128M | 196M | 193M |
| OpEx % of Revenue | - | 10.96% | 12.22% | 9.71% | 9.21% | 14.81% | 11.53% | 10.44% | 10.57% | 10.29% | 9.88% | 9.77% | 8.9% | 7.79% | 8.3% | 7.32% | 8.82% | 9.99% | 6.87% | 7.05% | 7.33% | 6.31% | 7.67% | 7.14% | 6.09% | 7.05% | 8.04% | 7.38% | 13.54% | 13.61% |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 579M | 555M | 525M | 534M | 556M | 543M | 370M | 247M | 275M | 249M | 202M | 158M | 158M | 149M | 134M | 148M | 135M | 134M | 101M | 90M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | 9.62% | 9.31% | 8.75% | 8.03% | 8.1% | 8.73% | 8.47% | 6.73% | 6.97% | 7.34% | 7.71% | 6.69% | 6.92% | 7.09% | 7.16% | 7.84% | 7.24% | 7.72% | 6.98% | 6.35% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 791M | 908M | 792M | 732M | 1.02B | 690M | 648M | 665M | 636M | 16M | 27M | 9M | -16M | 14M | -88M | 15M | 120M | -4M | -10M | -10M | -9M | 17M | 1M | -20M | -15M | 15M | -6M | 95M | 103M |
| Operating Income | 944M | 1.04B | 883M | 957M | 762M | 310M | 582M | 664M | 703M | 836M | 806M | 660M | 581M | 613M | 668M | 671M | 339M | 153M | 434M | 347M | 224M | 183M | 179M | 174M | 153M | 166M | 156M | 157M | 70M | 48M |
| Operating Margin % | 13.11% | 14.36% | 11.88% | 11.73% | 9.59% | 4.5% | 9.72% | 10.69% | 11.18% | 13.53% | 13.39% | 11.08% | 9.69% | 9.21% | 9.73% | 10.79% | 7.76% | 4.17% | 11.01% | 10.23% | 8.55% | 7.75% | 7.84% | 8.28% | 8.18% | 8.8% | 8.36% | 9.05% | 4.83% | 3.38% |
| Operating Income Growth % | - | 17.44% | -7.73% | 25.59% | 145.81% | -46.74% | -12.35% | -5.55% | -15.91% | 3.72% | 22.12% | 13.6% | -5.22% | -8.23% | -0.45% | 97.94% | 121.57% | -64.75% | 25.07% | 54.91% | 22.4% | 2.23% | 2.87% | 13.73% | -7.83% | 6.41% | -0.64% | 124.29% | 45.83% | - |
| EBITDA | 1.17B | 1.26B | 1.1B | 1.18B | 977M | 530M | 795M | 884M | 950M | 1.04B | 1B | 854M | 776M | 807M | 879M | 882M | 494M | 283M | 562M | 472M | 338M | 289M | 281M | 275M | 256M | 293M | 291M | 279M | 165M | 151M |
| EBITDA Margin % | 16.2% | 17.44% | 14.76% | 14.41% | 12.3% | 7.69% | 13.28% | 14.24% | 15.11% | 16.91% | 16.64% | 14.33% | 12.94% | 12.13% | 12.8% | 14.18% | 11.31% | 7.71% | 14.25% | 13.92% | 12.9% | 12.25% | 12.31% | 13.08% | 13.68% | 15.53% | 15.6% | 16.08% | 11.39% | 10.65% |
| EBITDA Growth % | 0.34% | 14.77% | -6.72% | 20.37% | 84.34% | -33.33% | -10.07% | -6.95% | -9.09% | 4.29% | 17.33% | 10.05% | -3.84% | -8.19% | -0.34% | 78.54% | 74.56% | -49.64% | 19.07% | 39.65% | 16.96% | 2.85% | 2.18% | 7.42% | -12.63% | 0.69% | 4.3% | 69.09% | 9.27% | - |
| D&A (Non-Cash Add-back) | 222M | 222M | 214M | 219M | 215M | 220M | 213M | 220M | 247M | 209M | 196M | 194M | 195M | 194M | 211M | 211M | 155M | 130M | 128M | 125M | 114M | 106M | 102M | 101M | 103M | 127M | 135M | 122M | 95M | 103M |
| EBIT | 941M | 1.01B | 970M | 953M | 767M | 322M | 587M | 663M | 702M | 848M | 815M | 668M | 593M | 621M | 678M | 674M | 343M | 148M | 448M | 355M | 224M | 183M | 179M | 174M | 153M | 166M | 156M | 157M | 70M | 48M |
| Net Interest Income | -37M | -37M | -39M | -114M | -99M | -74M | -81M | -81M | -72M | -68M | -63M | -55M | -60M | -63M | -67M | -76M | -62M | -32M | -38M | -38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7M | 9M | 11M | 10M | 14M | 13M | 11M | 10M | 5M | 6M | 1M | 5M | 9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 37M | 37M | 39M | 114M | 99M | 74M | 81M | 88M | 81M | 79M | 73M | 69M | 73M | 74M | 77M | 77.4M | 64M | 37.6M | 43M | 47M | 31M | 28M | 59M | 50M | 28M | 73M | 87M | 28M | 2M | 139M |
| Other Income/Expense | -43M | -63M | 48M | -118M | -94M | -62M | -76M | -82M | -82M | -67M | -64M | -61M | -61M | -66M | -67M | -78M | -64M | -38M | -29M | -42M | -27M | -35M | -34M | -39M | -48M | -64M | -54M | -30M | -2M | -139M |
| Pretax Income | 901M | 974M | 931M | 839M | 668M | 248M | 506M | 582M | 621M | 769M | 741.8M | 598.6M | 520.1M | 546.8M | 600.6M | 593.4M | 275.5M | 115.2M | 404.8M | 305M | 197M | 148M | 145M | 135M | 105M | 102M | 84M | 122M | 68M | -91M |
| Pretax Margin % | 12.52% | 13.49% | 12.53% | 10.28% | 8.41% | 3.6% | 8.45% | 9.37% | 9.87% | 12.44% | 12.32% | 10.05% | 8.67% | 8.22% | 8.74% | 9.54% | 6.31% | 3.14% | 10.26% | 8.99% | 7.52% | 6.27% | 6.35% | 6.42% | 5.61% | 5.41% | 4.5% | 7.03% | 4.7% | -6.42% |
| Income Tax | 220M | 238M | 277M | 188M | 166M | 123M | 152M | 158M | 167M | 237M | 245.7M | 186.9M | 156.8M | 144M | 167.3M | 170.6M | 99.4M | 68.5M | 129.6M | 102M | 69M | 56M | 43M | 49M | 42M | 36M | 36M | 45M | 25M | -19M |
| Effective Tax Rate % | 24.42% | 24.44% | 29.75% | 22.41% | 24.85% | 49.6% | 30.04% | 27.15% | 26.89% | 30.82% | 33.12% | 31.22% | 30.15% | 26.34% | 27.86% | 28.75% | 36.08% | 59.46% | 32.02% | 33.44% | 35.03% | 37.84% | 29.66% | 36.3% | 40% | 35.29% | 42.86% | 36.89% | 36.76% | 20.88% |
| Net Income | 674M | 729M | 647M | 643M | 492M | 117M | 348M | 413M | 443M | 519M | 484.9M | 402.2M | 354.9M | 395.7M | 427.5M | 415.7M | 169.2M | 41.1M | 267.2M | 198M | 124M | 90M | 94M | 76M | 63M | 57M | 48M | 77M | 43M | -75M |
| Net Margin % | 9.36% | 10.1% | 8.71% | 7.88% | 6.19% | 1.7% | 5.81% | 6.65% | 7.04% | 8.4% | 8.05% | 6.75% | 5.92% | 5.95% | 6.22% | 6.68% | 3.87% | 1.12% | 6.78% | 5.84% | 4.73% | 3.81% | 4.12% | 3.62% | 3.37% | 3.02% | 2.57% | 4.44% | 2.97% | -5.29% |
| Net Income Growth % | 7.32% | 12.67% | 0.62% | 30.69% | 320.51% | -66.38% | -15.74% | -6.77% | -14.64% | 7.03% | 20.56% | 13.33% | -10.31% | -7.44% | 2.84% | 145.69% | 311.68% | -84.62% | 34.95% | 59.68% | 37.78% | -4.26% | 23.68% | 20.63% | 10.53% | 18.75% | -37.66% | 79.07% | 157.33% | - |
| Net Income (Continuing) | 681M | 736M | 654M | 651M | 502M | 125M | 354M | 424M | 454M | 532M | 496M | 412M | 363M | 403M | 434M | 423M | 176M | 47M | 275M | 203M | 128M | 93M | 102M | 76M | 63M | 57M | 48M | 74M | 43M | -72M |
| 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 |
| Minority Interest | 22M | 28M | 26M | 57M | 67M | 89M | 91M | 21M | 20M | 26M | 30M | 36M | 30M | 25M | 22M | 29M | 26M | 23M | 22M | 21M | 19M | 17M | 18M | 78M | 93M | 147M | 208M | 199M | 91M | 6M |
| EPS (Diluted) | 10.47 | 11.18 | 9.71 | 9.60 | 7.34 | 1.73 | 5.15 | 6.13 | 6.17 | 7.06 | 6.55 | 5.51 | 4.74 | 5.05 | 5.47 | 5.32 | 2.20 | 0.54 | 3.52 | 2.59 | 1.63 | 1.19 | 1.25 | 1.06 | 0.89 | 0.80 | 0.68 | 0.99 | 0.60 | -1.05 |
| EPS Growth % | 9.49% | 15.14% | 1.15% | 30.79% | 324.28% | -66.41% | -15.99% | -0.65% | -12.61% | 7.79% | 18.87% | 16.24% | -6.14% | -7.68% | 2.82% | 141.82% | 307.41% | -84.66% | 35.91% | 58.9% | 36.97% | -4.8% | 17.92% | 19.1% | 11.25% | 17.65% | -31.31% | 65% | 157.14% | - |
| EPS (Basic) | - | 11.36 | 9.88 | 9.74 | 7.43 | 1.74 | 5.18 | 6.17 | 6.25 | 7.21 | 6.70 | 5.62 | 4.82 | 5.14 | 5.59 | 5.44 | 2.24 | 0.55 | 3.59 | 2.65 | 1.67 | 1.20 | 1.28 | 1.06 | 0.89 | 0.80 | 0.68 | 0.99 | 0.60 | -1.05 |
| Diluted Shares Outstanding | 64.4M | 65.2M | 66.6M | 67M | 67M | 67.8M | 67.6M | 67.4M | 71.8M | 73.5M | 74.1M | 73M | 74.9M | 78.3M | 78.2M | 78.2M | 76.8M | 75.5M | 75.9M | 76.5M | 75.8M | 75.6M | 74.7M | 72.4M | 71.4M | 71M | 70.6M | 74.8M | 72.2M | 71.43M |
| Basic Shares Outstanding | 63.6M | 64.2M | 65.5M | 66M | 66.2M | 67.1M | 67.2M | 66.9M | 70.9M | 72M | 72.3M | 71.6M | 73.6M | 77M | 76.5M | 76.4M | 75.6M | 74.9M | 74.5M | 74.7M | 74.1M | 74.7M | 73.4M | 72M | 71.2M | 70.6M | 70.6M | 74.6M | 72M | 71.43M |
| Dividend Payout Ratio | - | 28.94% | 32.46% | 30.17% | 36.79% | 157.27% | 48.85% | 42.13% | 41.08% | 31.79% | 29.08% | 31.33% | 36.07% | 28.3% | 16.14% | 12.03% | 26.6% | 102.19% | 14.22% | 14.65% | 20.97% | 24.44% | 24.47% | 26.32% | 30.16% | 40.35% | 29.17% | 16.88% | 6.98% | - |
Commodity price volatility exposure
According to the provided financial data, Ingredion has experienced a consistent decline in quarterly revenue, with year-over-year growth rates remaining negative throughout the last ten quarters, culminating in a 1.2% contraction in 2026Q1 as the company struggles to offset volume headwinds with pricing adjustments.
The persistent negative revenue growth suggests that the company's transition toward specialty ingredients has yet to reach a scale capable of offsetting the structural decline in core sweetener volumes. Investors should monitor whether this trend reflects a deliberate shedding of low-margin commodity business or a broader loss of market share in an increasingly competitive food ingredient landscape.
Based on reported income statements, gross margins have fluctuated between 20.8% and 26.0% over the past ten quarters, indicating that Ingredion's profitability remains highly sensitive to the underlying corn-to-starch spread and the company's ability to pass through volatile raw material costs to its CPG customer base.
The compression of gross margins to 22.4% in 2026Q1 from a peak of 26.0% in 2025Q2 highlights the inherent difficulty in maintaining pricing power during periods of input cost volatility. This variability suggests that while the specialty portfolio is intended to provide a buffer, the company's bottom line remains tethered to the cyclicality of agricultural commodity markets.
As reported in recent filings, operating margins have retreated from a high of 15.2% in 2025Q1 to 11.2% in 2026Q1, suggesting that the company is currently unable to achieve meaningful operating leverage as fixed costs remain high relative to the declining revenue base.
The inability to scale operating income faster than gross profit implies that the company's global wet-milling infrastructure requires high utilization rates to remain efficient. If revenue continues to contract, the fixed nature of these manufacturing assets may lead to further margin erosion, warranting close scrutiny of future capacity utilization metrics.
While management emphasizes a shift toward value-added specialty ingredients, the financial data reveals that net income volatility remains significant, with EPS dropping 26% in 2026Q1, which may suggest that the specialty transition is not yet providing the defensive earnings stability that investors have been promised.
Short-term earnings fluctuations appear to be driven by factors beyond the specialty portfolio's control, such as co-product credit values and energy costs. This raises the possibility that the market may be overestimating the degree to which Ingredion has successfully decoupled its financial performance from the broader, more volatile agricultural commodity cycle.
Quick answers to the most common questions about buying INGR stock.
For fiscal year 2025, Ingredion Incorporated (INGR) reported total revenue of $7.22B. This represents a 409.1% increase compared to $1.42B in 1997.
Ingredion Incorporated (INGR) is profitable, generating $729.0M in net income for the fiscal year ending 2025 with a net profit margin of 10.1%.
Ingredion Incorporated (INGR) reported an operating income of $1.04B, resulting in an operating profit margin of 14.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Ingredion Incorporated (INGR) generated $1.83B in gross profit for the year, representing a gross profit margin of 25.3%. This demonstrates the company's core pricing power and production efficiency.