- Second quarter 2026 reported and adjusted* operating income decreased 31% and 5% compared to the second quarter 2025
- Second quarter 2026 reported and adjusted EPS were $1.78 and $2.82, compared with $2.99 and $2.87 in the second quarter 2025
- Reaffirming amended full-year guidance, which now reflects the sale of a majority stake in the Pakistan business, for reported EPS to be in the range of $9.15 to $9.75 and adjusted EPS to be in the range of $10.30 to $10.90
- Ingredion’s 595 pence all-cash offer to acquire Tate & Lyle accepted by their shareholders
WESTCHESTER, Ill., Aug. 04, 2026 (GLOBE NEWSWIRE) — Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to the food and beverage manufacturing industry, today reported its second quarter 2026 results.
“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,” said Jim Zallie, chairman, president and CEO of Ingredion. “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.”
“Texture & Healthful Solutions delivered its ninth consecutive quarter of broad-based net sales volume growth, driven by continued strong customer demand for our solutions offerings, including clean-label ingredients, demonstrating the durability and margin enhancement of our solutions-selling model.”
“Food & Industrial Ingredients-LATAM continued to deliver in line with expectations, which was a result of focused execution across the region, the resilience of our diversified businesses, and the advancement of network optimization opportunities, which included the announced closure of our Cabo, Brazil facility. We also successfully navigated foreign exchange headwinds and macroeconomic pressures.”
“In Food & Industrial Ingredients-U.S./CAN, reliability at our Argo plant improved, with sequentially better production rates and yields achieved throughout the quarter. We are pleased to say that the plant is operating at normal production rates across all major operating units.”
“Looking ahead, we are focused on continued operational execution across our Food & Industrial Ingredients businesses and accelerating the growth of our Texture & Healthful Solutions portfolio. We have also commenced the integration planning work for the pending acquisition of Tate & Lyle, which, when completed, will establish Ingredion as a more comprehensive global leader in ingredient solutions with the innovation expertise and geographic reach that will help create the future of food.”
* Reported results are in accordance with U.S. generally accepted accounting principles (“GAAP”). Adjusted financial measures are non-GAAP financial measures. See “II. Non-GAAP Information” in the Supplemental Financial Information that follows the Condensed Consolidated Financial Statements for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures.
Diluted Earnings Per Share (EPS)
| 2Q25 | 2Q26 | |||||
| Reported Diluted EPS | $ | 2.99 | $ | 1.78 | ||
| Acquisition/integration costs | – | 0.64 | ||||
| Impairment charges | (0.02 | ) | 0.34 | |||
| Restructuring costs | 0.03 | 0.14 | ||||
| Net (gain) on sale of business | – | (0.27 | ) | |||
| Tax items and other matters | (0.13 | ) | 0.19 | |||
| Adjusted Diluted EPS** | $ | 2.87 | $ | 2.82 | ||
Factors affecting changes in Reported and Adjusted EPS
| 2Q26 | ||
| Total items affecting adjusted diluted EPS** | (0.05 | ) |
| Total operating items | (0.17 | ) |
| Margin | (0.34 | ) |
| Volume | 0.03 | |
| Foreign exchange | 0.05 | |
| Other income | 0.09 | |
| Total non-operating items | 0.12 | |
| Financing costs | 0.05 | |
| Non-controlling interests | – | |
| Tax rate | – | |
| Shares outstanding | 0.07 | |
| Other non-operating income | – | |
** Totals may not sum or recalculate due to rounding
Business Review
Total Ingredion
Net Sales
| $ in millions | 2025 | FX Impact | Volume | Price Mix | 2026 | Change | Change excl. FX | ||||
| Second Quarter | 1,833 | 36 | 20 | (39 | ) | 1,850 | 1 | % | (1 | %) | |
| Year-to-Date | 3,646 | 69 | (12 | ) | (61 | ) | 3,642 | – | % | (2 | %) |
- Second quarter net sales increased 1%. The increase was primarily driven by higher net sales volume in T&HS and favorable foreign exchange in F&II-LATAM, partially offset by less favorable overall price mix and lower net sales volume in F&II-U.S./CAN.
Reported Operating Income
| $ in millions | 2025 | FX Impact | Business Drivers | Restructuring/Impairment | Other | 2026 | Change | Change excl. FX | |||||
| Second Quarter | 271 | 5 | (20 | ) | (42 | ) | (26 | ) | 188 | (31 | %) | (32 | %) |
| Year-to-Date | 547 | 11 | (87 | ) | (46 | ) | (34 | ) | 391 | (29 | %) | (31 | %) |
Adjusted Operating Income
| $ in millions | 2025 | FX Impact | Business Drivers | 2026 | Change | Change excl. FX | |||
| Second Quarter | 273 | 5 | (20 | ) | 258 | (5 | %) | (7 | %) |
| Year-to-Date | 546 | 11 | (87 | ) | 470 | (14 | %) | (16 | %) |
- Second quarter reported and adjusted operating income were $188 million and $258 million, respectively. The difference between reported and adjusted operating income was primarily attributable to impairment charges and costs from the closure of our Cabo, Brazil facility, as well as costs attributable to the previously announced thermal event at our Argo plant. Excluding foreign exchange translation impacts, reported operating income was down 32% and adjusted operating income was down 7% from a year ago.
Texture & Healthful Solutions
Net Sales
| $ in millions | 2025 | FX Impact | Volume | Price Mix | 2026 | Change | Change excl. FX | |||
| Second Quarter | 599 | 5 | 44 | (21 | ) | 627 | 5 | % | 4 | % |
| Year-to-Date | 1,201 | 18 | 57 | (32 | ) | 1,244 | 4 | % | 2 | % |
Segment Operating Income
| $ in millions | 2025 | FX Impact | Business Drivers | 2026 | Change | Change excl. FX | ||
| Second Quarter | 111 | 1 | 5 | 117 | 5 | % | 5 | % |
| Year-to-Date | 210 | 4 | 3 | 217 | 3 | % | 1 | % |
- Second quarter operating income for Texture & Healthful Solutions was $117 million, up $6 million from a year ago, driven by sales volume growth, partially offset by unfavorable price mix and higher tapioca costs. Excluding foreign exchange translation impacts, segment operating income was up 5%.
Food & Industrial Ingredients-LATAM
Net Sales
| $ in millions | 2025 | FX Impact | Volume | Price Mix | 2026 | Change | Change excl. FX | ||||
| Second Quarter | 596 | 30 | (5 | ) | (10 | ) | 611 | 3 | % | (3 | %) |
| Year-to-Date | 1,169 | 48 | (12 | ) | (15 | ) | 1,190 | 2 | % | (2 | %) |
Segment Operating Income
| $ in millions | 2025 | FX Impact | Business Drivers | Argentina JV | 2026 | Change | Change excl. FX | |||
| Second Quarter | 127 | 4 | (17 | ) | 4 | 118 | (7 | %) | (10 | %) |
| Year-to-Date | 254 | 6 | (31 | ) | 4 | 233 | (8 | %) | (11 | %) |
- Second quarter operating income for Food & Industrial Ingredients-LATAM was $118 million, a $9 million decrease from a year ago, driven primarily by Mexico’s transactional currency impacts and a more challenging demand environment. Excluding foreign exchange translational impacts, segment operating income was down 10%.
Food & Industrial Ingredients-U.S./CAN
Net Sales
| $ in millions | 2025 | FX Impact | Volume | Price Mix | 2026 | Change | Change excl. FX | ||||
| Second Quarter | 523 | – | (22 | ) | (13 | ) | 488 | (7 | %) | (7 | %) |
| Year-to-Date | 1,043 | 2 | (60 | ) | (22 | ) | 963 | (8 | %) | (8 | %) |
Segment Operating Income
| $ in millions | 2025 | FX Impact | Business Drivers | 2026 | Change | Change excl. FX | |||
| Second Quarter | 86 | – | (28 | ) | 58 | (33 | %) | (33 | %) |
| Year-to-Date | 178 | 1 | (87 | ) | 92 | (48 | %) | (49 | %) |
- Second quarter operating income for Food & Industrial Ingredients-U.S./CAN was $58 million, a $28 million decrease from the prior year. The decline resulted from lower production at our Argo facility, which had normalized by the end of the quarter, as well as softer volumes and price mix. Excluding foreign exchange translation impacts, operating income was down 33%.
All Other*
Net Sales
| $ in millions | 2025 | FX Impact | Volume | Price Mix | 2026 | Change | Change excl. FX | ||
| Second Quarter | 115 | 1 | 3 | 5 | 124 | 8 | % | 7 | % |
| Year-to-Date | 233 | 1 | 3 | 8 | 245 | 5 | % | 5 | % |
All Other Operating Income (Loss)
| $ in millions | 2025 | FX Impact | Business Drivers | 2026 | Change | Change excl. FX | |
| Second Quarter | (1 | ) | – | 7 | 6 | NM | NM |
| Year-to-Date | (1 | ) | – | 10 | 9 | NM | NM |
- Second quarter operating income (loss) for All Other increased $7 million from the prior year, reflecting continued improvements in the Protein Fortification business.
* All Other consists of the businesses of multiple operating segments that are not individually or collectively classified as reportable segments. Net sales from All Other are generated primarily by sweetener and starch sales from the Pakistan business, sales of stevia and other ingredients from our PureCircle and other sugar reduction businesses, and pea protein ingredients from our Protein Fortification business.
Other Financial Items
- At June 30, 2026, total debt was $1.8 billion, and cash, including short-term investments, was $952 million, versus $1.8 billion and $1.0 billion, at December 31, 2025.
- Net financing costs were $55 million in Q2 2026, compared to $12 million in Q2 2025, primarily due to a $47 million mark-to-market foreign exchange loss on derivatives used to hedge British pound sterling exposure related to the pending Tate & Lyle acquisition.
- The reported and adjusted effective tax rates for the second quarter were 33.7% and 27.2%, compared to 23.6% and 27.2%, for the year-ago period. The increase in the reported effective tax rate was primarily attributable to the gain on the sale of a majority stake in the Pakistan business and the change in value of the Mexican peso relative to the U.S. dollar. These impacts were partially offset by the utilization of previously unbenefited capital losses.
- Net capital expenditures totaled $210 million through June 30, 2026.
Dividends and Share Repurchases
In the second quarter, the Company paid $52 million in dividends to shareholders. On May 20, 2026, the Company declared a quarterly dividend of $0.82 per share, which was paid on July 21, 2026. Year-to-date, the Company has repurchased $14 million of common stock and remains committed to its $100 million full-year target.
Full-Year 2026 Outlook
Ingredion reaffirms its 2026 full year outlook after reflecting the impact of the sale of a majority stake in the Pakistan business on the second half of the year. The Company expects its full-year 2026 reported EPS to be in the range of $9.15 to $9.75, and its adjusted EPS to be in the range of $10.30 to $10.90.
The Company still expects full-year 2026 net sales to be flat to up low single digits, reflecting volume growth and favorable foreign exchange, partially offset by lower price mix as well as the impact of the previously mentioned sale of its majority stake in the Pakistan business.
Reported operating income is expected to be down low double digits, with adjusted operating income now expected to be down mid-single-digits for full-year 2026, which reflects the second half impact from the sale of a majority stake in the Pakistan business.
The 2026 full-year outlook further assumes the following: Texture & Healthful Solutions operating income is now expected to be up mid-to-high single-digits, driven by sales volume growth, partially offset by expected higher input cost inflation; Food & Industrial Ingredients-LATAM operating income is still anticipated to be down low single-digits, reflecting the continued strength of the Mexican peso; Food & Industrial Ingredients-U.S./CAN operating income is now expected to be down 20-25%, driven by the operational headwinds Argo incurred in the first half of 2026; and All Other’s operating loss is now anticipated to be approximately $(15) million, which reflects the removal of the second half earnings contribution of the Pakistan business.
Corporate costs for full-year 2026 are now expected to be down mid-single-digits.
For full-year 2026, the Company expects a reported effective tax rate of 27.4% to 28.9% and still expects an adjusted effective tax rate of 26.0% to 27.5%.
Cash from operations for the full year 2026 is now expected to be in the range of $700 million to $800 million. Capital expenditures for the full year are now expected to be approximately $450 to $490 million.
This guidance reflects tariff levels in effect as of the end of July 2026. In addition, this guidance excludes acquisition-related integration and restructuring costs, as well as any potential impairment costs.
Third Quarter 2026 Outlook
For the third quarter of 2026, compared to the same quarter last year, the Company expects net sales to be up low single-digits. Reported and adjusted operating income are both expected to be down mid-single-digits, which again reflects the impact of the sale of our majority stake in the Pakistan business.
Conference Call and Webcast Details
Ingredion will host a conference call on Tuesday, August 4, 2026, at 8 a.m. CT/9 a.m. ET, hosted by Jim Zallie, chairman, president and chief executive officer and Jason Payant, vice president and interim chief financial officer. The call will be webcast in real time and can be accessed at https://ir.ingredionincorporated.com/events-and-presentations. A presentation containing additional financial and operating information will be available on the Company’s website above and can be
