Ingredion Incorporated

Ingredion turns corn and other plant materials, such as tapioca, potatoes and peas, into ingredients for other companies' products. Its main lines are starches, which thicken and add texture to foods and strengthen paper and cardboard, and sweeteners such as glucose syrups, dextrose and high fructose corn syrup. Starches made up 50% of 2025 net sales and sweeteners 34%. By-products become corn oil and animal feed. Customers span more than 60 industries. Food makers accounted for about 58% of 2025 sales, and no single customer reached 10% of sales.

Three segments produced most of the $7.2 billion in FY2025 revenue. Texture & Healthful Solutions (33.6%) makes specialty starches and "clean-label" texturizers (ingredients with simple, familiar names on the label), which earn higher prices. Food & Industrial Ingredients–Latin America (33.1%) and Food & Industrial Ingredients–U.S./Canada (29.4%) make more basic starches and sweeteners for local customers, including Latin American brewers. The U.S. brought in about 39% of revenue and Mexico about 19%.

Profits depend partly on who bears the cost of corn. Under "fee-based" contracts, prices adjust with raw material costs, which shifts that risk to customers. Under fixed-price contracts, common in Mexico, Ingredion carries it. The business is capital-intensive, meaning it needs costly plants. As of December 31, 2025, it used 41 active manufacturing facilities and joint venture partnerships.

• In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.85B, up 0.9% from a year earlier, and net income was $114.0M (-41.8%).
• For fiscal 2025, revenue was $7.22B (-2.8% year over year; +3.8% a year from FY2020 to FY2025) with a 10.1% net margin.

• Over FY2021–FY2025: $0.00 in buybacks and $980.0M in dividends.
• Regular dividend per share increased 3 years in a row.
• Regular dividends per share grew +4.2% a year over 5 years (FY2020–FY2025).
• Dividends took 28.9% of earnings and 41.3% of free cash flow in the latest fiscal year.
• Shares outstanding changed -5.2% from Oct 31, 2021 to Aug 5, 2026.

Rank among 1514 US companies

Market value at each year end

Ingredion Incorporated’s market value went from $9.05B at the end of 2016 to $5.94B on Oct 28, 2026, down 34%; since the end of 2025 it is down 15%.

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 1 sales ($170K).

Large shareholders (13G filings)

ETFs with the most weight in INGR

1. Healthier eating and weight-loss drugs. Some consumers avoid added sugars, high fructose corn syrup and highly processed foods, and that has already hurt demand for some products. Weight-loss drugs that curb appetite could also cut how much food and drink people consume.
2. Corn price swings squeezing margins. Corn is Ingredion's main raw material. When corn prices jump, the company may not be able to raise its own prices fast enough. Fixed-price contracts, used for much of its Mexico volume, leave it carrying that cost.
3. Trade barriers on cross-border corn supplies. Most of its Mexico and Colombia plants use corn imported from the U.S. Tariffs, duties or border disruptions on those shipments could raise costs in Mexico, its largest market outside the U.S.
4. Currency and political swings in Latin America. The Latin America segment brings in about a third of revenue. Weaker local currencies, inflation or political shifts can cut reported profits, and its Argentina joint venture is exposed to swings in the peso.
5. Large rivals and sugar alternatives. Ingredion competes with ADM, Cargill, Tate & Lyle, Roquette and Primient. In the U.S. and Canada, competition turns largely on price, quality and function, and its sweeteners also compete with cane and beet sugar.
6. Plant breakdowns and product safety problems. Ingredion runs capital-intensive plants that turn grain and other crops into ingredients. Outages, maintenance projects that run late or over budget, or a product safety failure could cut output, bring legal claims and harm its reputation.

• Aug 20, 2026 Executive or board change
• Aug 4, 2026 Quarterly results released
• Jul 28, 2026 Investor presentation or announcement
• Jul 6, 2026 Investor presentation or announcement
• Jun 30, 2026 Other company announcement
• Jun 25, 2026 Major agreement signed; New debt or financial obligation
• Jun 11, 2026 Executive or board change
• Jun 9, 2026 Major agreement signed; New debt or financial obligation; Investor presentation or announcement
• May 21, 2026 Shareholder vote results
• May 14, 2026 Investor presentation or announcement

Dividends per share rose from $2.63 in FY2020 to $3.24 in FY2025, about 4.2% a year. They increased in FY2023, FY2024 and FY2025 after a slight dip in FY2022. In FY2025, dividends used about 29% of earnings and 41% of free cash flow (cash left after running and investing in the business). The dividend yield, or yearly dividends as a share of the stock price, was 3.49% as of October 28, 2026. Dividends paid totaled $980 million over FY2021–FY2025, and the share count fell about 5.2% from October 2021 to August 2026. One drawback: net income fell 41.8% year over year in the quarter ended June 30, 2026.

In the 2008 financial crisis the shares fell 64.2% and did not recover until January 2011. In the 2020 COVID crash they fell 36% and recovered by February 2021. In the 2022 bear market they fell 20.6% but recovered within about two months. Single stocks carry more risk than diversified funds.