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Ingredion
INGR
#2441
Rank
$7.52 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$117.31
Share price
-0.67%
Change (1 day)
-11.89%
Change (1 year)
๐Ÿด Food
Categories
  1. Ingredion
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q2

Ingredion - 10-Q quarterly report FY2025 Q2


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2025
or
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from     to
Commission file number 1-13397
Ingredion_Logo_SM_rgbHEX.gif
INGREDION INCORPORATED
(Exact name of registrant as specified in its charter)
Delaware22-3514823
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
5 Westbrook Corporate Center, Westchester, Illinois
60154
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code (708) 551-2600
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per share
INGR
New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filer
o
Non-accelerated filer
o
Smaller reporting company
o
Emerging growth company
o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.
Class
Outstanding at August 7, 2025
Common Stock, $0.01 par value
64,180,890 shares


INGREDION INCORPORATED
FORM 10-Q
TABLE OF CONTENTS
Page No.
3
3
4
5
6
7
8
23
29
29
30
30
30
31
32
Table of Contents

PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

Ingredion Incorporated
Condensed Consolidated Statements of Income
(Unaudited)
(dollars and shares in millions, except per share data)
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Net sales$1,833 $1,878 $3,646 $3,760 
Cost of sales1,356 1,432 2,703 2,897 
Gross profit477 446 943 863 
Operating expenses208 191 401 380 
Other operating (income) expense, net(5)(8)(15)4 
Restructuring/impairment charges3 23 10 26 
Operating income271 240 547 453 
Financing costs12 10 21 29 
Net gain on sale of business— — — (82)
Income before income taxes 259 230 526 506 
Provision for income taxes61 80 129 138 
Net income198 150 397 368 
Less: Net income attributable to non-controlling interests2 2 4 4 
Net income attributable to Ingredion$196 $148 $393 $364 
Earnings per common share attributable to Ingredion common shareholders:
Weighted average common shares outstanding:
Basic64.565.764.565.7
Diluted65.666.865.666.7
Earnings per common share of Ingredion:
Basic$3.04 $2.25 $6.09 $5.54 
Diluted$2.99 $2.22 $5.99 $5.46 
See the Notes to the Condensed Consolidated Financial Statements.
Table of Contents

Ingredion Incorporated
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
(dollars in millions)
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Net income$198 $150 $397 $368 
Other comprehensive income:
(Losses) gains on cash flow hedges, net of income tax effect of $4, $8, $— and $18
(9)(20)4 (51)
(Gains) losses on cash flow hedges reclassified to earnings, net of income tax effect of $2, $8, $2 and $17
(7)23 (9)47 
Gains on pension and other postretirement obligations, net of income tax effect of $—
— 1 — 2 
Currency translation adjustment88 (60)138 (60)
Comprehensive income270 94 530 306 
Less: Comprehensive income attributable to non-controlling interests 1 2 4 3 
Comprehensive income attributable to Ingredion$269 $92 $526 $303 
See the Notes to the Condensed Consolidated Financial Statements.
Table of Contents

Ingredion Incorporated
Condensed Consolidated Balance Sheets
(dollars and shares in millions, except per share amounts)
June 30,
2025		December 31,
2024
(Unaudited)
Assets
Current assets:
Cash and cash equivalents$861 $997 
Short-term investments7 11 
Accounts receivable, net1,359 1,093 
Inventories1,223 1,187 
Prepaid expenses and assets held for sale67 67 
Total current assets3,517 3,355 
   Property, plant and equipment, net of accumulated depreciation of $3,619 and $3,476
2,361 2,264 
   Intangible assets, net of accumulated amortization of $340 and $324
1,280 1,264 
Other non-current assets623 561 
Total assets$7,781 $7,444 
Liabilities and stockholders’ equity
Current liabilities:
Short-term borrowings $46 $44 
Accounts payable666 604 
Accrued liabilities and liabilities held for sale552 633 
Total current liabilities1,264 1,281 
Long-term debt1,741 1,787 
Other non-current liabilities500 486 
Total liabilities3,505 3,554 
Share-based payments subject to redemption51 60 
Redeemable non-controlling interests7 7 
Ingredion stockholders’ equity:
Preferred stock — authorized 25.0 shares — $0.01 par value, none issued
— — 
Common stock — authorized 200.0 shares — $0.01 par value, 77.8 shares issued at June 30, 2025 and December 31, 2024
1 1 
Additional paid-in capital1,160 1,152 
Less: Treasury stock (common stock: 13.5 and 13.3 shares at June 30, 2025 and December 31, 2024) at cost
(1,391)(1,355)
Accumulated other comprehensive loss(953)(1,086)
Retained earnings5,380 5,092 
Total Ingredion stockholders’ equity4,197 3,804 
Non-redeemable non-controlling interests21 19 
Total stockholders’ equity4,218 3,823 
Total liabilities and stockholders’ equity$7,781 $7,444 
See the Notes to the Condensed Consolidated Financial Statements.
Table of Contents

Ingredion Incorporated
Condensed Consolidated Statements of Equity and Redeemable Equity
(Unaudited)
(dollars in millions)
Total EquityShare-based
Payments
Subject to
Redemption		Redeemable
Non-
Controlling
Interests
Preferred
Stock		Common
Stock		Additional
Paid-In
Capital		Treasury
Stock		Accumulated Other
Comprehensive
Loss		Retained
Earnings		Non-
Redeemable
Non-
Controlling
Interests
Balance as of December 31, 2024$— $1 $1,152 $(1,355)$(1,086)$5,092 $19 $60 $7 
Net income attributable to Ingredion— — — — — 393 — — — 
Net income attributable to non-controlling interests— — — — — — 4 — — 
Dividends declared— — — — — (105)(2)— — 
Repurchases of common stock, net— — — (55)— — — — — 
Share-based compensation, net of issuance— — 8 19 — — — (9)— 
Other comprehensive income— — — — 133 — — — — 
Balance as of June 30, 2025$— $1 $1,160 $(1,391)$(953)$5,380 $21 $51 $7 
Total EquityShare-based
Payments
Subject to
Redemption		Redeemable
Non-
Controlling
Interests
Preferred
Stock		Common
Stock		Additional
Paid-In
Capital		Treasury
Stock		Accumulated Other
Comprehensive
Loss		Retained
Earnings		Non-
Redeemable
Non-
Controlling
Interests
Balance as of December 31, 2023$— $1 $1,146 $(1,207)$(1,056)$4,654 $14 $55 $43 
Net income attributable to Ingredion— — — — — 364 — — — 
Net income (loss) attributable to non-controlling interests— — — — — — 5 — (1)
Dividends declared— — — — — (104)(2)— — 
Repurchases of common stock, net— — — (66)— — — — — 
Share-based compensation, net of issuance— — 1 40 — — — (5)— 
Fair market value adjustment to non-controlling interests— — (6)— — — — — 6 
Purchases of non-controlling interests— — — — — — — — (40)
Other comprehensive (loss)— — — — (62)— — — (1)
Balance as of June 30, 2024$— $1 $1,141 $(1,233)$(1,118)$4,914 $17 $50 $7 
See the Notes to the Condensed Consolidated Financial Statements.
Table of Contents

Ingredion Incorporated
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(dollars in millions)
Six Months Ended June 30,
20252024
Cash from operating activities
Net income$397 $368 
Non-cash charges to net income:
Depreciation and amortization108 107 
Mechanical stores expense32 29 
Net gain on sale of business— (82)
Impairment charges6 18 
Other non-cash charges22 36 
Changes in working capital:
Accounts receivable and prepaid expenses(216)1 
Inventories3 188 
Accounts payable and accrued liabilities(28)(124)
Margin accounts(9)(13)
Other (53)(7)
Cash provided by operating activities262 521 
Cash from investing activities
Capital expenditures and mechanical stores purchases, net(193)(120)
Proceeds from sale of business— 247 
Investments in unconsolidated affiliates(19)(4)
Other(3)2 
Cash (used for) provided by investing activities(215)125 
Cash from financing activities
Proceeds from borrowings231 303 
Payments on debt(277)(303)
Commercial paper repayments, net— (327)
Repurchases of common stock, net(55)(66)
Common stock activity for share-based compensation, net(9)11 
Purchases of non-controlling interests— (40)
Dividends paid, including to non-controlling interests(106)(104)
Other12 — 
Cash used for financing activities(204)(526)
Effects of foreign exchange rate changes on cash and cash equivalents21 (16)
(Decrease) increase in cash and cash equivalents(136)104 
Cash and cash equivalents, beginning of period997 401 
Cash and cash equivalents, end of period$861 $505 
See the Notes to the Condensed Consolidated Financial Statements.
Ingredion Incorporated
Notes to the Condensed Consolidated Financial Statements
(dollars in millions, except per share data, unless otherwise noted)

 1. Basis of Presentation and New Accounting Standards
Unless the context otherwise requires, all references herein to the “Company,” “Ingredion,” “we,” “us,” and “our” shall mean Ingredion Incorporated and its consolidated subsidiaries. These statements should be read in conjunction with the consolidated financial statements and the related notes to those statements contained in Ingredion’s Annual Report on Form 10-K for the year ended December 31, 2024. The significant accounting policies and estimates used in preparing these Condensed Consolidated Financial Statements were applied on the same basis and consistent with those reflected in Ingredion’s Annual Report on Form 10-K for the year ended December 31, 2024.
The unaudited Condensed Consolidated Financial Statements as of June 30, 2025, for the second quarter of 2025 and 2024, and for the six months ended June 30, 2025 and 2024 (“year-to-date” for the respective year), included herein were prepared by us on the same basis as our audited Consolidated Financial Statements for the year ended December 31, 2024 and reflect all adjustments (consisting solely of normal recurring items unless otherwise noted) that are, in our opinion, necessary for the fair presentation of the Condensed Consolidated Statements of Income, Condensed Consolidated Statements of Comprehensive Income, Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Equity and Redeemable Equity, and Condensed Consolidated Statements of Cash Flows. The results for the interim period are not necessarily indicative of the results expected for the full year or any other future period.
New Accounting Standards
In August 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60). This ASU requires that a joint venture apply a new basis of accounting upon formation. By applying a new basis of accounting, a joint venture, upon formation, will recognize and initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). This ASU is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. A joint venture that was formed before January 1, 2025 may elect to apply the amendments retrospectively. We adopted this ASU at the beginning of our 2025 fiscal year on a prospective basis and applies to the Agrana joint venture, more fully discussed in Note 3. The impact of this ASU on our Agrana joint venture is still being evaluated and is not expected to be material.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires public business entities on an annual basis to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Additionally, this ASU requires information pertaining to taxes paid (net of refunds received) to be disaggregated by federal, state, and foreign taxes with further disaggregation for specific jurisdictions to the extent the related amounts exceed a quantitative threshold. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently assessing the impact of this ASU on our Condensed Consolidated Financial Statements.
In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40). This ASU requires enhanced disclosures about a public business entity’s expenses and provide more detailed information about the types of expenses included in certain notes to the Condensed Consolidated Financial Statements. This ASU is effective for annual periods beginning after December 15, 2026, with early adoption permitted. We are currently assessing the impact of this ASU on our Condensed Consolidated Financial Statements.

 2. Divestitures
South Korea Business Divestiture
On February 1, 2024, we completed the sale of our South Korea business, which we reported in All Other, for a total consideration of 384 billion South Korean won, or approximately $294 million. As a result, we recognized a pre-tax net gain of $82 million during the first quarter of 2024 within Net gain on sale of business in the Condensed Consolidated Statements of Income. We received 330 billion South Korean won, or $247 million net of certain transaction costs, when
Ingredion Incorporated
Notes to the Condensed Consolidated Financial Statements
(dollars in millions, except per share data, unless otherwise noted)
the transaction closed, and 18 billion South Korean won, or approximately $12 million, in the first quarter of 2025. We will receive the remaining consideration in equal annual payments through February 2027, which are recorded in Accounts receivable, net and Other non-current assets

 3. Investments
Investments were as follows:
As of
June 30, 2025		As of
December 31, 2024
Equity method investments$125 $95 
Equity investments26 31 
Marketable securities6 5 
Total investments$157 $131 
Our equity method investments, which require us to use the equity method of accounting, include our 49% joint venture equity ownership in Ingrear Holding S.A. (“Argentina joint venture”). In June 2025, we entered into a joint venture agreement with Agrana Stärke GmbH (“Agrana”). The joint venture agreement (“Agrana joint venture”) provided us with 49% equity interest in the joint venture for the development of starch production in Romania. In exchange for our stake in the Agrana joint venture, we paid $19 million, subject to customary adjustments as a condition to closing. We recorded our investment in the Agrana joint venture under the equity method of accounting and and will recognize our share of net income from this joint venture one month in arrears in the Texture & Healthful Solutions segment. Equity earnings from our equity method investments are recorded in other operating (income) expense, net in the Condensed Consolidated Statements of Income.
Our investments classified as equity investments do not have readily determinable fair values.
During year-to-date 2025, we recorded other-than-temporary impairment charges of $4 million on certain equity investments. During year-to-date 2024, we recorded an other-than-temporary impairment charge of $18 million on an equity method investment. These charges are recorded in the Restructuring/impairment charges in our Condensed Consolidated Statements of Income.
 4. Derivative Instruments and Hedging Activities
Commodity price hedging: We had outstanding futures and option contracts that hedged the forecasted purchase of approximately 64 million and 105 million bushels of corn as of June 30, 2025 and December 31, 2024. We also had outstanding swap contracts that hedged the forecasted purchase of approximately 27 million and 24 million mmbtus of natural gas as of June 30, 2025 and December 31, 2024.
Foreign currency hedging: We hedge certain assets using foreign currency derivatives not designated as hedging instruments, which had a notional value of $402 million and $408 million as of June 30, 2025 and December 31, 2024. We also hedge certain liabilities using foreign currency derivatives not designated as hedging instruments, which had a notional value of $158 million and $113 million as of June 30, 2025 and December 31, 2024.
We hedge certain assets using foreign currency cash flow hedging instruments, which had a notional value of $426 million and $447 million as of June 30, 2025 and December 31, 2024. We also hedge certain liability positions and forecasted expenditures using foreign currency cash flow hedging instruments, which had a notional value of $440 million and $448 million as of June 30, 2025 and December 31, 2024.
Ingredion Incorporated
Notes to the Condensed Consolidated Financial Statements
(dollars in millions, except per share data, unless otherwise noted)
The derivative instruments designated as cash flow hedges included in accumulated other comprehensive loss (“AOCL”) were as follows:
(Losses) Gains included in AOCL as of
June 30,
2025		December 31,
2024
Commodity contracts, net of income tax effect of $3 and $—
$(10)$(1)
Foreign currency contracts, net of income tax effect of $5 and $4
11 7 
Interest rate contracts, net of income tax effect of $1
(2)(2)
Total$(1)$4 
As of June 30, 2025, AOCL included an insignificant amount of net gains (net of income taxes of an insignificant amount) on commodities-related derivative instruments, T-Locks and foreign currency hedges designated as cash flow hedges that are expected to be reclassified into earnings during the next twelve months.
The fair value and balance sheet location of our derivative instruments, presented gross in the Condensed Consolidated Balance Sheets, were as follows:
Fair Value of Hedging Instruments as of June 30, 2025
Designated Hedging InstrumentsNon-Designated Hedging Instruments
Balance Sheet LocationCommodity ContractsForeign Currency ContractsTotalCommodity ContractsForeign Currency ContractsTotal
Accounts receivable, net$5 $23 $28 $— $5 $5 
Other non-current assets1 1 2 — 1 1 
Assets6 24 30 — 6 6 
Accounts payable17 10 27 1 13 14 
Other non-current liabilities— — — — — — 
Liabilities17 10 27 1 13 14 
Net Assets/(Liabilities)$(11)$14 $3 $(1)$(7)$(8)
Fair Value of Hedging Instruments as of December 31, 2024
Designated Hedging InstrumentsNon-Designated Hedging Instruments
Balance Sheet LocationCommodity ContractsForeign Currency ContractsTotalCommodity ContractsForeign Currency ContractsTotal
Accounts receivable, net$18 $15 $33 $1 $11 $12 
Other non-current assets1 4 5 — 2 2 
Assets19 19 38 1 13 14 
Accounts payable8 8 16 1 2 3 
Other non-current liabilities— 2 2 — — — 
Liabilities8 10 18 1 2 3 
Net Assets/(Liabilities)$11 $9 $20 $— $11 $11 
Ingredion Incorporated
Notes to the Condensed Consolidated Financial Statements
(dollars in millions, except per share data, unless otherwise noted)
Additional information relating to our derivative instruments in cash flow hedging relationships were as follows:
(Losses) Gains
Recognized in OCL on Derivatives		Gains (Losses)
Reclassified from AOCL into Income
Derivatives in Cash Flow Hedging RelationshipsThree Months Ended June 30,Income Statement
Location		Three Months Ended June 30,
2025202420252024
Commodity contracts$(24)$(29)Cost of sales$4 $(32)
Foreign currency contracts11 1 Net sales/Cost of sales5 1 
Total$(13)$(28)$9 $(31)
(Losses) Gains
Recognized in OCL on Derivatives		Gains (Losses)
Reclassified from AOCL into Income
Derivatives in Cash Flow Hedging RelationshipsSix Months Ended June 30,Income Statement
Location		Six Months Ended June 30,
2025202420252024
Commodity contracts$(11)$(71)Cost of sales$1 $(65)
Foreign currency contracts15 2 Net sales/Cost of sales10 1 
Total$4 $(69)$11 $(64)
 5. Fair Value Measurements
We measure certain assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, we use various valuation approaches. The hierarchy of those valuation approaches is in three levels based on the reliability of inputs. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Below is a summary of the hierarchy levels:
•Level 1 inputs consist of quoted prices (unadjusted) in active markets for identical assets or liabilities.
•Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 2 inputs are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability or can be derived principally from or corroborated by observable market data.
•Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.
Assets and liabilities measured at fair value on a recurring basis were as follows:
As of June 30, 2025As of December 31, 2024
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Marketable securities$6 $— $— $6 $5 $— $— $5 
Derivative assets31 5 — 36 48 4 — 52 
Derivative liabilities38 3 — 41 17 4 — 21 
Long-term debt— 1,614 — 1,614 — 1,633 — 1,633 
The carrying values of cash equivalents, short-term investments, accounts receivable, short-term borrowings and accounts payable approximate fair values. Commodity futures, options and swap contracts are recognized at fair value. Foreign currency forwards, options and swap contracts are also recognized at fair value. The fair value of our Long-term debt is estimated based on quotations of major securities dealers who are market makers in the securities.
Ingredion Incorporated
Notes to the Condensed Consolidated Financial Statements
(dollars in millions, except per share data, unless otherwise noted)
 6. Financing Arrangements
Debt carrying amounts, net of related discounts, premiums and debt issuance costs, were as follows:
As of
June 30, 2025		As of
December 31, 2024
2.900% senior notes due June 1, 2030
$597 $597 
3.200% senior notes due October 1, 2026
499 499 
3.900% senior notes due June 1, 2050
391 391 
6.625% senior notes due April 15, 2037
253 253 
Revolving credit agreement— — 
Other long-term borrowings1 47 
Total long-term debt1,741 1,787 
Commercial paper— — 
Other short-term borrowings46 44 
Total short-term borrowings46 44 
Total debt$1,787 $1,831 
We maintain a commercial paper program under which we may issue senior unsecured notes of short-term maturities up to a maximum aggregate principal amount of $1.0 billion outstanding at any time. The notes may be sold from time to time on customary terms in the U.S. commercial paper market, and we may use the note proceeds for general corporate purposes. As of June 30, 2025 and December 31, 2024, there was no commercial paper outstanding. During year-to-date 2025, there was no activity related to commercial paper. During year-to-date 2024, the average amount of commercial paper outstanding was $63 million with an average interest rate of 5.51 percent and a weighted average maturity of eight days. The amount of commercial paper outstanding under this program for the remainder of 2025 may fluctuate.
Other short-term borrowings as of June 30, 2025 and December 31, 2024 primarily include amounts outstanding under various unsecured local country operating lines of credit.
 7. Pension and Other Postretirement Benefits
Components of net periodic cost consist of the following for the periods presented:
Three Months Ended June 30,Six Months Ended June 30,
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
20252024202520242025202420252024
Service cost$— $1 $— $— $1 $2 $1 $1 
Interest cost4 4 2 3 7 7 4 5 
Expected return on plan assets(4)(5)(2)(2)(8)(9)(4)(4)
Net periodic cost (i)
$— $— $— $1 $— $— $1 $2 
_______________________________________
(i)The service cost component of net periodic cost is presented within either Cost of sales or Operating expenses on the Condensed Consolidated Statements of Income. The interest cost, expected return on plan assets, amortization of prior service costs and amortization of actuarial losses are presented within Other non-operating expense on the Condensed Consolidated Statements of Income.
We anticipate that we will make cash contributions of $1 million and $2 million to the U.S. and non-U.S. pension plans in 2025. For year-to-date 2025, we made an insignificant cash contribution to the U.S. pension plans and $1 million to the non-U.S. pension plans.
For year-to-date 2025 and 2024, the net periodic benefit cost for the postretirement plans consisted of $2 million and $1 million of interest costs. During the second quarter of 2025, the net periodic benefit cost for the postretirement plans consisted of $1 million of interest cost.
Ingredion Incorporated
Notes to the Condensed Consolidated Financial Statements
(dollars in millions, except per share data, unless otherwise noted)
 8. Equity
Treasury Stock: On September 26, 2022, the Board of Directors approved a stock repurchase program authorizing us to purchase up to 6.0 million shares of our outstanding common stock until December 31, 2025. We may repurchase shares from time to time in the open market, in privately negotiated transactions, or otherwise, at prices we deem appropriate. We are not obligated to repurchase any shares under the authorization, and the repurchase program may be suspended, discontinued, or modified at any time, for any reason and without notice. The parameters of our stock repurchase program are not established solely with reference to the dilutive impact of shares issued under our stock incentive plan. However, we expect that, over time, share repurchases will offset the dilutive impact of shares issued under the plan.
For year-to-date 2025, we repurchased 409 thousand outstanding shares of common stock in open market transactions at a net cost of $55 million. During the second quarter 2025, there were no repurchases of outstanding shares of common stock in open market transactions. During the second quarter and year-to-date 2024, we repurchased 572 thousand and 577 thousand outstanding shares of common stock in open market transactions at a net cost of $65 million and $66 million. As of June 30, 2025, we had 2.9 million shares available for repurchase under the stock repurchase program.
Share-based Payments: Share-based compensation expense was as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Stock options:
Pre-tax compensation expense$2 $1 $3 $3 
Income tax benefit— — — — 
Stock option expense, net of income taxes2 1 3 3 
Restricted stock units (“RSUs”):
Pre-tax compensation expense5 4 12 11 
Income tax benefit(1)— (2)(1)
RSUs, net of income taxes4 4 10 10 
Performance shares and other share-based awards:
Pre-tax compensation expense4 4 9 8 
Income tax benefit— — — — 
Performance shares and other share-based compensation expense, net of income taxes4 4 9 8 
Total share-based compensation:
Pre-tax compensation expense11 9 24 22 
Income tax benefit(1)— (2)(1)
Total share-based compensation expense, net of income taxes$10 $9 $22 $21 
Stock Options: Under our stock incentive plan, stock options are granted at exercise prices that equal the market value of the underlying common stock on the date of grant. The options have a 10-year term and are exercisable upon vesting, which occurs over a 3-year period at the anniversary dates of the date of grant. We generally recognize compensation expense on a straight-line basis for all awards over the employee’s vesting period. We estimate a forfeiture rate at the time of grant and update the estimate throughout the vesting period of the stock options within the amount of compensation costs recognized in each period.
Ingredion Incorporated
Notes to the Condensed Consolidated Financial Statements
(dollars in millions, except per share data, unless otherwise noted)
We granted non-qualified options to purchase 158 thousand shares and 178 thousand shares for year-to-date 2025 and 2024. We estimated the fair value of each option grant by using the Black-Scholes option-pricing model with the following assumptions:
Six Months Ended June 30,
20252024
Expected life (in years)5.55.5
Risk-free interest rate4.1%4.2%
Expected volatility28.2%28.1%
Expected dividend yield2.5%2.9%
The expected life of options represents the weighted average period that we expect options granted to be outstanding giving consideration to vesting schedules and our historical exercise patterns. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the grant date for the period corresponding to the expected life of the options. Expected volatility is based on historical volatilities of our common stock, and dividend yields are based on our dividend yield at the date of issuance.
Stock option activity for year-to-date 2025 was as follows:
Number of Options
(in thousands)		Weighted Average Exercise Price per ShareAverage Remaining Contractual Term (in years)Aggregate Intrinsic Value
(in millions)
Outstanding as of December 31, 20241,453$100.04 5.6$55 
Granted158130.57 
Exercised(38)98.46 
Cancelled(6)114.59 
Outstanding as of June 30, 20251,567$103.10 5.6$51 
Exercisable as of June 30, 20251,250$99.39 4.7$46 
For year-to-date 2025, cash received from the exercise of stock options was $4 million. As of June 30, 2025, the unrecognized compensation cost related to non-vested stock options totaled $4 million, which we expect to amortize over the weighted-average period of approximately 1.5 years.
Additional information pertaining to stock option activity was as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Weighted average grant date fair value of stock options granted (per share)$— $— $33.53 $26.33 
Total intrinsic value of stock options exercised1 4 2 9 
Restricted Stock Units: We have granted restricted stock units (“RSUs”) to certain key employees. The RSUs are primarily subject to cliff vesting, generally after 3 years, provided the employee remains in our service. The fair value of the RSUs is determined based upon the number of shares granted and the quoted market price of our common stock at the grant date.
Ingredion Incorporated
Notes to the Condensed Consolidated Financial Statements
(dollars in millions, except per share data, unless otherwise noted)
RSU activity for 2025 was as follows:
Number of
Restricted
Shares
(in thousands)		Weighted
Average
Fair Value
per Share
Non-vested as of December 31, 2024538$99.58 
Granted168130.59 
Vested(164)89.03 
Cancelled(25)110.42 
Non-vested as of June 30, 2025517$112.20 
As of June 30, 2025, the total remaining unrecognized compensation cost related to RSUs was $26 million, which will be amortized on a weighted-average basis over approximately 1.9 years.
Performance Shares: We have a long-term incentive plan for senior management in the form of performance shares. The vesting of the performance shares is generally based on two performance metrics. Fifty percent of the performance shares awarded vest based on our total shareholder return as compared to the total shareholder return of our peer group, and the remaining fifty percent vest based on the calculation of our three-year average Adjusted Return on Invested Capital (“Adjusted ROIC”) against an established ROIC target.
For the 2025 performance shares awarded based on our total shareholder return, the number of shares that ultimately vest can range from zero to 200 percent of the grant depending on our total shareholder return as compared to the total shareholder return of our peer group. The share award vesting will be calculated at the end of the three-year period and is subject to approval by management and the People, Culture and Compensation Committee (“Compensation Committee”) of the Board of Directors. Compensation expense is based on the fair value of the performance shares at the grant date, established using a Monte Carlo simulation model. We amortize the total compensation expense for these awards over a three-year graded vesting schedule.
For the 2025 performance shares awarded based on Adjusted ROIC, the number of shares that ultimately vest can range from zero to 200 percent of the grant depending on our Adjusted ROIC performance against the target. The share award vesting will be calculated at the end of the three-year period and is subject to approval by management and the Compensation Committee. We base compensation expense on the market price of our common stock on the grant date and the final number of shares that ultimately vest. We estimate the potential share vesting at least annually to adjust the compensation expense for these awards over the vesting period to reflect our estimated Adjusted ROIC performance against the target. We amortize the total compensation expense for these awards over a three-year graded vesting schedule.
For year-to-date 2025, we awarded 82 thousand performance shares at a weighted average fair value of $145.73 per share. As of June 30, 2025, the unrecognized compensation cost related to these awards was $16 million, which we will amortize over the remaining service period of 2.2 years. The 2022 performance share awards that vested in February 2025 achieved a 200 percent payout of the granted performance shares. As of June 30, 2025, we estimate the 2023 performance share awards will pay out at 200 percent. For year-to-date 2025, four thousand shares were cancelled.
Ingredion Incorporated
Notes to the Condensed Consolidated Financial Statements
(dollars in millions, except per share data, unless otherwise noted)
Accumulated Other Comprehensive Loss: A summary of accumulated other comprehensive loss for year-to-date 2025 and 2024 was as follows:
Cumulative Translation AdjustmentHedging ActivitiesPension and Postretirement AdjustmentAOCL
Balance as of December 31, 2024$(1,061)$4 $(29)$(1,086)
Other comprehensive income before reclassification adjustments 138 4 — 142 
(Income) reclassified from AOCL— (11)— (11)
Tax effect— 2 — 2 
Net other comprehensive income (loss)138 (5)— 133 
Balance as of June 30, 2025$(923)$(1)$(29)$(953)
Cumulative Translation AdjustmentHedging ActivitiesPension and Postretirement AdjustmentAOCL
Balance as of December 31, 2023$(961)$(48)$(47)$(1,056)
Other comprehensive (loss) income before reclassification adjustments (60)(69)2 (127)
Loss reclassified from AOCL— 64 — 64 
Tax effect— 1 — 1 
Net other comprehensive (loss) income(60)(4)2 (62)
Balance as of June 30, 2024$(1,021)$(52)$(45)$(1,118)


Ingredion Incorporated
Notes to the Condensed Consolidated Financial Statements
(dollars in millions, except per share data, unless otherwise noted)
Supplemental Information: The following Condensed Consolidated Statements of Equity and Redeemable Equity present information about the dividends per share for common stock for the periods indicated:
Total EquityShare-based
Payments
Subject to
Redemption		Redeemable
Non-
Controlling
Interests
Preferred
Stock		Common
Stock		Additional
Paid-In
Capital		Treasury
Stock		Accumulated Other
Comprehensive
Loss		Retained
Earnings		Non-
Redeemable
Non-
Controlling
Interests
Balance as of December 31, 2024$— $1 $1,152 $(1,355)$(1,086)$5,092 $19 $60 $7 
Net income attributable to Ingredion— — — — — 197 — — — 
Net income attributable to non-controlling interests— — — — — — 2 — — 
Dividends declared, common stock ($0.80/share)
— — — — — (53)— — — 
Repurchases of common stock, net— — — (55)— — — — — 
Share-based compensation, net of issuance— — 6 17 — — — (18)— 
Other comprehensive income— — — — 61 — — — 1 
Balance as of March 31, 2025$— $1 $1,158 $(1,393)$(1,025)$5,236 $21 $42 $8 
Net income attributable to Ingredion— — — — — 196 — — — 
Net income attributable to non-controlling interests— — — — — — 2 — — 
Dividends declared, common stock ($0.80/share)
— — — — — (52)— — — 
Dividends declared, non-controlling interests— — — — — — (2)— — 
Share-based compensation, net of issuance— — 2 2 — — — 9 — 
Other comprehensive income (loss)— — — — 72 — — — (1)
Balance as of June 30, 2025$— $1 $1,160 $(1,391)$(953)$5,380 $21 $51 $7 
Ingredion Incorporated
Notes to the Condensed Consolidated Financial Statements
(dollars in millions, except per share data, unless otherwise noted)
Total EquityShare-based
Payments
Subject to
Redemption		Redeemable
Non-
Controlling
Interests
Preferred
Stock		Common
Stock		Additional
Paid-In
Capital		Treasury
Stock		Accumulated Other
Comprehensive
Loss		Retained
Earnings		Non-
Redeemable
Non-
Controlling
Interests
Balance as of December 31, 2023$— $1 $1,146 $(1,207)$(1,056)$4,654 $14 $55 $43 
Net income attributable to Ingredion— — — — — 216 — — — 
Net income attributable to non-controlling interests— — — — — — 2 — — 
Dividends declared, common stock ($0.78/share)
— — — — — (52)— — — 
Repurchases of common stock, net— — — (1)— — — — — 
Share-based compensation, net of issuance— — — 29 — — — (12)— 
Other comprehensive (loss)— — — — (6)— — — (1)
Balance as of March 31, 2024$— $1 $1,146 $(1,179)$(1,062)$4,818 $16 $43 $42 
Net income attributable to Ingredion— — — — — 148 — — — 
Net income (loss) attributable to non-controlling interests— — — — — — 3 — (1)
Dividends declared, common stock ($0.78/share)
— — — — — (52)— — — 
Dividends declared, non-controlling interests— — — — — — (2)— — 
Repurchases of common stock, net— — — (65)— — — — — 
Share-based compensation, net of issuance— — 1 11 — — — 7 — 
Fair market value adjustment to non-controlling interests— — (6)— — — — — 6 
Purchases of non-controlling interests— — — — — — — — (40)
Other comprehensive (loss)— — — — (56)— — — — 
Balance as of June 30, 2024$— $1 $1,141 $(1,233)$(1,118)$4,914 $17 $50 $7 
Ingredion Incorporated
Notes to the Condensed Consolidated Financial Statements
(dollars in millions, except per share data, unless otherwise noted)
Supplemental Information: The following table presents information about the computation of basic and diluted earnings per common share (“EPS”):
Three Months Ended June 30, 2025Three Months Ended June 30, 2024
Net Income
Attributable
to Ingredion		Weighted
Average
Shares		Per
Share
Amount		Net Income
Attributable
to Ingredion		Weighted
Average
Shares		Per
Share
Amount
Basic EPS$196 64.5$3.04 $148 65.7$2.25 
Effect of Dilutive Securities (i)
1.11.1
Diluted EPS$196 65.6$2.99 $148 66.8$2.22 
Six Months Ended June 30, 2025Six Months Ended June 30, 2024
Net Income
Attributable
to Ingredion		Weighted
Average
Shares		Per
Share
Amount		Net Income
Attributable
to Ingredion		Weighted
Average
Shares		Per
Share
Amount
Basic EPS$393 64.5$6.09 $364 65.7$5.54 
Effect of Dilutive Securities (i)
1.11.0
Diluted EPS$393 65.6$5.99 $364 66.7$5.46 
_________________
(i)Incremental shares from assumed exercise of dilutive stock options, vesting of dilutive stock options, and vesting of dilutive RSUs and other awards.
For the second quarter and year-to-date 2025, approximately 0.2 million share-based awards of common stock were excluded from the calculation of the weighted average number of shares outstanding for diluted EPS because their effects were anti-dilutive. For the second quarter and year-to-date 2024, approximately 0.5 million share-based awards of common stock were excluded from the calculation of the weighted average number of shares outstanding for diluted EPS because their effects were anti-dilutive.
 9. Segment Information
We are principally engaged in the production and sale of starches and sweeteners for a wide range of industries. Our T&HS segment has a global focus and primarily manufactures texturizing food ingredients. Our F&II - LATAM segment has a local focus and primarily manufactures food, ingredient, and industrial products, which we process from raw materials that we primarily source within South America and Mexico. Our F&II - U.S./Canada segment has a local focus and primarily manufactures food, ingredient, and industrial products, which we process from raw materials sourced within the U.S. and Canada. 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 by our Pakistan business, sales of stevia and other ingredients from our PureCircle and Sugar Reduction businesses, and pea protein ingredients from our Protein Fortification business. We divested our South Korea business on February 1, 2024 and its results are included in our condensed consolidated financial results through the date of sale, which affects the comparability of results between years within All Other. Net sales by product are not presented because such presentation is not practicable.
Adjusted operating income presented by segment includes an arms-length profit margin for sales of manufactured products sold to other segments. We include specified and certain corporate costs into our reportable segments and All Other because the Chief Operating Decision Maker (“CODM”) evaluates each segment’s performance inclusive of these costs.
Net sales to affiliated and unaffiliated customers by reportable segment and All Other was as follows:
Ingredion Incorporated
Notes to the Condensed Consolidated Financial Statements
(dollars in millions, except per share data, unless otherwise noted)
Three Months Ended June 30, 2025
T&HSF&II - LATAMF&II - U.S./CanadaAll OtherCorporateTotal
Segment net sales$608 $610 $550 $119 $— 
Inter-segment net sales(9)(14)(27)(4)— 
Net sales to unaffiliated customers$599 $596 $523 $115 $— $1,833 
Segment cost of sales$407 $434 $417 $98 $— 
Other operating expenses81 35 20 18 50 
Adjusted operating income (loss)$111 $127 $86 $(1)$(50)$273 
Unallocated costs (i)
(2)
Operating income$271 
Three Months Ended June 30, 2024
T&HSF&II - LATAMF&II - U.S./CanadaAll OtherCorporateTotal
Segment net sales$604 $640 $580 $109 $— 
Inter-segment net sales(16)(10)(25)(4)— 
Net sales to unaffiliated customers$588 $630 $555 $105 $— $1,878 
Segment cost of sales$428 $471 $428 $97 $— 
Other operating expenses74 29 22 18 41 
Adjusted operating income (loss)$86 $130 $105 $(10)$(41)$270 
Unallocated costs (i)
(30)
Operating income$240 
Six Months Ended June 30, 2025
T&HSF&II - LATAMF&II - U.S./CanadaAll OtherCorporateTotal
Segment net sales$1,219 $1,196 $1,103 $240 $— 
Inter-segment net sales(18)(27)(60)(7)— 
Net sales to unaffiliated customers$1,201 $1,169 $1,043 $233 $— $3,646 
Segment cost of sales$833 $854 $822 $199 $— 
Other operating expenses158 61 43 35 95 
Adjusted operating income (loss)$210 $254 $178 $(1)$(95)$546 
Unallocated income (i)
1 
Operating income$547 
Six Months Ended June 30, 2024
T&HSF&II - LATAMF&II - U.S./CanadaAll OtherCorporateTotal
Segment net sales$1,216 $1,266 $1,147 $240 $— 
Inter-segment net sales(31)(20)(51)(7)— 
Net sales to unaffiliated customers$1,185 $1,246 $1,096 $233 $— $3,760 
Segment cost of sales$878 $939 $862 $210 $— 
Other operating expenses147 76 42 37 83 
Adjusted operating income (loss)$160 $231 $192 $(14)$(83)$486 
Unallocated costs (i)
(33)
Operating income$453 
Ingredion Incorporated
Notes to the Condensed Consolidated Financial Statements
(dollars in millions, except per share data, unless otherwise noted)
Three Months Ended June 30,Six Months Ended June 30,
(i) Unallocated (costs) income:
2025202420252024
Restructuring and resegmentation costs(3)(3)(4)(6)
Impairment charges— (18)(6)(18)
Other matters1 (9)11 (9)
Total unallocated (costs) income$(2)$(30)$1 $(33)
The CODM evaluates performance, makes strategic decisions, and allocates resources based on Property, plant and equipment, net for internal and external reporting purposes. Property, plant and equipment, net by reportable segment and All Other was as follows:
As of
June 30, 2025		As of
December 31, 2024
Texture & Healthful Solutions$921 $884 
Food & Industrial Ingredients - LATAM550 508 
Food & Industrial Ingredients - U.S./Canada574 556 
All Other (i)
316 316 
Total property, plant and equipment, net$2,361 $2,264 
_____________________
(i)For purposes of presentation, All Other includes Corporate assets.
 10. Commitments and Contingencies
In December 2022, we filed an action in Brazil to recover previously taxable local government tax incentives. As of June 30, 2025 and December 31, 2024, remaining tax incentives were $32 million and $39 million, which decrease when we utilize the tax credits to pay income tax. As of June 30, 2025, we classified $27 million of the remaining tax incentives as Accounts receivable, net since we expect to use them within one year, and $5 million of such tax incentives as Other non-current assets in the Condensed Consolidated Balance Sheets.
 11. Supplementary Information
Accounts receivable, net
Accounts receivable, net was as follows:
As of
June 30, 2025		As of
December 31, 2024
Accounts receivable - trade$1,180 $939 
Accounts receivable - other191 167 
Allowance for credit losses(12)(13)
Total accounts receivable, net$1,359 $1,093 
There were no significant contract assets or contract liabilities associated with our customers as of June 30, 2025 or December 31, 2024. Liabilities for volume discounts and incentives were also not significant as of June 30, 2025 or December 31, 2024.
Ingredion Incorporated
Notes to the Condensed Consolidated Financial Statements
(dollars in millions, except per share data, unless otherwise noted)
Inventories
Inventories were as follows:
As of
June 30, 2025		As of
December 31, 2024
Finished and in process$780 $762 
Raw materials361 346 
Manufacturing supplies82 79 
Total inventories$1,223 $1,187 
Supply Chain Finance Programs
Under supply chain finance programs administered by third-party banks, our suppliers have the opportunity to sell receivables due from us to participating financing institutions and receive earlier payment at a discount. Our responsibility is limited to making payment on the terms originally negotiated with our supplier, regardless of whether such supplier sells its receivable to a financial institution. The payment terms we negotiate with a supplier are independent of whether such supplier participates in a supply chain finance program, and participation in any such program by a supplier has no effect on our income or cash flows.
As of June 30, 2025 and December 31, 2024, participating financial institutions held $143 million and $135 million of our liabilities recorded in Accounts payable and Accrued liabilities and liabilities held for sale in our Condensed Consolidated Balance Sheets. As of June 30, 2025, supply chain finance programs existed for operations in the U.S., Brazil, Mexico, certain PureCircle entities, Colombia, Peru, Thailand and China.
The rollforward of our outstanding obligations confirmed as valid under our supply chain finance programs were as follows:
As of
June 30, 2025
Outstanding as of December 31, 2024$135 
Invoices added during the year251 
Invoices paid during the year(257)
Cumulative translation adjustment14 
Outstanding as of June 30, 2025$143 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Unless otherwise indicated or the context otherwise requires, as used in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” the terms “the Company,” “Ingredion,” “we,” “us,” and “our” and similar terms refer to Ingredion Incorporated and its consolidated subsidiaries. This discussion should be read in conjunction with the unaudited interim Condensed Consolidated Financial Statements and related notes included elsewhere in this report and with the audited Condensed Consolidated Financial Statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. This discussion contains forward-looking statements that are subject to numerous risks and uncertainties. Actual results may differ materially from those contained or implied in any forward-looking statements. See “Forward-Looking Statements” at the end of this discussion.
Overview
We are a leading global ingredients solutions provider that transforms grains, fruits, vegetables and other plant-based materials into value-added ingredient solutions for the food, beverage, animal nutrition, brewing and industrial markets. Our innovative ingredient solutions help customers stay on trend with simple ingredients and other in-demand ingredients. We are organized into three reportable segments that consist of Texture & Healthful Solutions (“T&HS”), Food & Industrial Ingredients (“F&II”) - Latin America (“LATAM”), and F&II - U.S./Canada, as well as All Other.
Net income attributable to Ingredion for year-to-date 2025 increased to $393 million from $364 million for year-to-date 2024. Excluding the $82 million pre-tax gain from the sale of our South Korea business in February 2024, the net income increase was primarily due to a 21 percent increase in operating income to $547 million for year-to-date 2025 from $453 million for year-to-date 2024, which was driven by corn and input costs declining faster than the decrease in net sales. Net sales decreased 3 percent to $3,646 million for year-to-date 2025 compared to $3,760 million for year-to-date 2024. Excluding the impact of lost sales volume from the sale of our South Korea business in February 2024, net sales decreased 2 percent from year-to-date 2025 compared to the same year-to-date period of 2024.
We continue to monitor changing tariff requirements and reciprocal actions, as well as indirect effects in the economic environment, which may adversely affect our operations, although these factors have had an immaterial impact on our results for year-to-date 2025. Most of our products are made locally and sold locally. We sell the vast majority of our products to customers in the U.S., Mexico and Canada, where trade is governed by the United States-Mexico-Canada Agreement. Our operations in the U.S. source corn produced in the U.S., and our subsidiaries outside the U.S. utilize both supplies of corn from their local regions, as well as corn imported from other geographic areas. Our tariff response hub continually assesses ongoing tariff actions so that we work effectively with customers to navigate supply chain complexity in a cost effective and less disruptive manner.
On July 4, 2025, the U.S. enacted the One Big Beautiful Bill Act (“OBBBA”), which introduced a broad range of tax reforms. Key provisions of the law that are relevant to our business include the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to international tax rules, and the reinstatement of favorable tax treatment for specific business activities. We are currently evaluating the impact of the OBBBA on our consolidated financial statements.
Results of Operations
We have significant operations globally. Fluctuations in foreign currency exchange rates affect the U.S. dollar amounts of our foreign subsidiaries’ net sales and expenses. For most of our foreign subsidiaries, the local foreign currency is the functional currency. Accordingly, net sales and expenses denominated in the functional currencies of these subsidiaries are translated into U.S. dollars at the applicable average exchange rates for the period.
Second Quarter of 2025
With Comparatives to Second Quarter of 2024
Net sales. Net sales decreased 2 percent to $1,833 million for the second quarter of 2025 compared to $1,878 million for the second quarter of 2024. The decrease was due primarily to price mix, primarily from lower raw material costs, and lower volume in each of the F&II segments, partially offset by T&HS volume increases.

Cost of sales. Cost of sales decreased 5 percent to $1,356 million for the second quarter of 2025 compared to $1,432 million for the second quarter of 2024. The decrease was due primarily to lower raw material and input costs and lower volumes. As a result, gross profit margin increased to 26 percent for the second quarter of 2025 from 24 percent for the second quarter of 2024.
Operating expenses. Operating expenses increased 9 percent to $208 million for the second quarter of 2025 compared to $191 million for the second quarter of 2024. Operating expenses as a percentage of net sales were 11 percent for the second quarter of 2025 and 10 percent for the second quarter of 2024. The increase is primarily related to increased employee costs.
Other operating income. Other operating income was $5 million for the second quarter of 2025 compared to $8 million for the second quarter of 2024. The change was primarily due to a reduction in our share of operating income from the Argentina joint venture, partly offset by favorable indirect taxes in Brazil.
Restructuring/impairment charges. Restructuring/impairment charges were $3 million for the second quarter of 2025 primarily related to decommissioning costs for previously announced facility closures, compared to $23 million for the second quarter of 2024, which were primarily for impairment charges related to certain equity investments.
Financing costs. Financing costs increased 20 percent to $12 million for the second quarter of 2025 compared to $10 million for the second quarter of 2024. The increase was primarily due to foreign exchange losses in the second quarter of 2025 compared to foreign exchange gains in the second quarter of 2024, partially offset by lower net interest expense.
Provision for income taxes. Our effective income tax rate for the second quarter of 2025 and 2024 was 23.6 percent and 34.8 percent. The decrease in the effective tax rate was primarily driven by the change in value of the Mexican peso against the U.S. dollar and the tax impact from an impairment of an equity method investment during the second quarter of 2024.
Net income attributable to Ingredion. Net income attributable to Ingredion for the second quarter of 2025 increased to $196 million from $148 million for the second quarter of 2024.
Segment Results
Texture & Healthful Solutions
Net sales. T&HS net sales increased to $599 million for the second quarter of 2025 compared to $588 million for the second quarter of 2024. Net sales increased primarily due to higher volumes and favorable foreign exchange impacts, partially offset by unfavorable price mix.
Adjusted operating income. T&HS adjusted operating income increased 29 percent to $111 million for the second quarter of 2025 compared to $86 million for the second quarter of 2024. The increase was primarily due to lower raw material and input costs, as well as higher volumes, partially offset by unfavorable price mix.
Food & Industrial Ingredients - LATAM
Net sales. F&II - LATAM net sales decreased 5 percent to $596 million for the second quarter of 2025 compared to $630 million for the second quarter of 2024. Net sales decreased primarily due to lower volumes and unfavorable foreign exchange impacts, partially offset by favorable price mix.
Adjusted operating income. F&II - LATAM adjusted operating income decreased 2 percent to $127 million for the second quarter of 2025 compared to $130 million for the second quarter of 2024. The quarter results were negatively impacted by the floating exchange rate for the Argentine peso and the corresponding impact on the Argentina joint venture results. Apart from the joint venture results, segment adjusted operating income increased primarily due to favorable raw material costs that were partially offset by lower volumes.
Food & Industrial Ingredients - U.S./Canada
Net sales. F&II - U.S./Canada net sales decreased 6 percent to $523 million for the second quarter of 2025 from $555 million for the second quarter of 2024. Net sales decreased primarily due to lower volumes.

Adjusted operating income. F&II - U.S./Canada adjusted operating income decreased 18 percent to $86 million for the second quarter of 2025 from $105 million for the second quarter of 2024. The decrease resulted primarily from downtime associated with a mechanical fire and reduced industrial demand, though these impacts were partially mitigated by lower raw material costs.
All Other
Net sales. All Other net sales increased 10 percent to $115 million for the second quarter of 2025 from $105 million for the second quarter of 2024. The increase was primarily due to net sales increases in the plant-based protein business.
Adjusted operating loss. All Other adjusted operating loss was $1 million for the second quarter of 2025 compared to $10 million for the second quarter of 2024. The decrease was primarily due to improvements in the plant-based protein business.
Year-to-Date 2025
With Comparatives to Year-to-Date 2024
Net sales. Net sales decreased 3 percent to $3,646 million for year-to-date 2025 compared to $3,760 million for year-to-date 2024. Excluding the impact of lost sales volume from the sale of our South Korea business in February 2024, net sales decreased 2 percent from 2025 compared to 2024. The decrease was primarily due to reduced price mix from lower raw material costs and unfavorable foreign exchange impacts, as well as lost sales volume from the 2024 sale of our South Korea business.
Cost of sales. Cost of sales decreased 7 percent to $2,703 million for year-to-date 2025 compared to $2,897 million for year-to-date 2024. The decrease was primarily due to lower raw material and input costs, which decreased at a faster rate than sales, leading to an increase in gross profit margin to 26 percent for year-to-date 2025 compared to 23 percent for year-to-date 2024.
Operating expenses. Operating expenses increased to $401 million for year-to-date 2025 compared to $380 million for year-to-date 2024. Operating expenses as a percentage of net sales were 11 percent for year-to-date 2025 and 10 percent for year-to-date 2024. The increase is primarily related to increased employee costs.
Other operating (income) expense. Other operating income was $15 million for year-to-date 2025 compared to Other operating expense of $4 million for year-to-date 2024, primarily due to higher income from our Argentina joint venture and indirect taxes in Brazil.
Restructuring and impairment charges. Restructuring and impairment charges were $10 million for year-to-date 2025 primarily related to impairment charges for certain equity investments and decommissioning costs for previously announced plant closures. Restructuring and impairment charges were $26 million for year-to-date 2024 primarily for impairment charges related to certain equity investments and restructuring charges for our resegmentation that was effective January 1, 2024.
Financing costs. Financing costs decreased 28 percent to $21 million for year-to-date 2025 compared to $29 million for year-to-date 2024. The decrease was primarily due to lower interest expense from lower average outstanding debt balances during year-to-date 2025 compared to year-to-date 2024, partially offset by the impacts from foreign exchange losses in 2025 and foreign exchange gains in 2024.
Provision for income taxes. Our effective income tax rate for year-to-date 2025 decreased to 24.5 percent from 27.3 percent for year-to-date 2024. The decrease in the effective tax rate was primarily driven by the change in value of the Mexican peso against the U.S. dollar and the tax impact from the impairment of an equity method investment during the second quarter of 2024. These impacts were partially offset by the favorable tax treatment on the sale of our South Korea business in 2024.
Net income attributable to Ingredion. Net income attributable to Ingredion for year-to-date 2025 increased to $393 million from $364 million for year-to-date 2024. Excluding the impact of the $82 million gain on the sale of our South Korea business in 2024 and lower income taxes and lower financing costs in 2025, the increase was primarily due to the increase in operating income.

Segment Results
Texture & Healthful Solutions
Net sales. T&HS net sales increased 1 percent to $1,201 million for year-to-date 2025 from $1,185 million for year-to-date 2024. The increase was primarily due to higher volumes, partially offset by unfavorable price mix.
Adjusted operating income. T&HS adjusted operating income increased 31 percent to $210 million for year-to-date 2025 from $160 million for year-to-date 2024. The increase was primarily due to lower raw material and other input costs, partially offset by unfavorable price mix.
Food & Industrial Ingredients - LATAM
Net sales. F&II - LATAM net sales decreased 6 percent to $1,169 million for year-to-date 2025 from $1,246 million for year-to-date 2024. The decrease was primarily due to unfavorable foreign exchange impacts and lower volumes, partially offset by favorable price mix.
Adjusted operating income. F&II - LATAM adjusted operating income increased 10 percent to $254 million for year-to-date 2025 from $231 million for year-to-date 2024. The Argentina joint venture financial results in the first half of 2025 improved from the first half of 2024 primarily as a result of the Argentine peso devaluation that we recorded in the first quarter of 2024. Apart from the joint venture results, the adjusted operating income increase was primarily due to improved price mix, partially offset by lower volumes.
Food & Industrial Ingredients - U.S./Canada
Net sales. F&II - U.S./Canada net sales decreased 5 percent to $1,043 million for year-to-date 2025 from $1,096 million for year-to-date 2024. The decrease was primarily due to unfavorable price mix and lower volumes.
Adjusted operating income. F&II - U.S./Canada adjusted operating income decreased 7 percent to $178 million for year-to-date 2025 from $192 million for year-to-date 2024. The decrease resulted primarily from downtime associated with a mechanical fire at a manufacturing facility and reduced industrial demand, partially mitigated by lower raw material costs.
All Other
Net sales. All Other net sales were flat at $233 million for both year-to-date 2025 and 2024. Net sales increased due to increased volumes, offset the impact of lost sales volumes from our South Korea business that we sold in February 2024.
Adjusted operating loss. All Other adjusted operating loss decreased to $1 million for year-to-date 2025 compared to $14 million for year-to-date 2024. The decrease was primarily due to improvements in the plant-based protein business.
Liquidity and Cash
As of June 30, 2025, we had total available liquidity of $3.7 billion. Domestic liquidity of $1.4 billion consisted of $447 million in cash and cash equivalents and $1.0 billion available through our commercial paper program. The commercial paper program is backed by $1.0 billion of borrowing availability under a five-year revolving credit agreement.
As of June 30, 2025, we had international liquidity of $2.3 billion, consisting of $414 million of cash and cash equivalents and $7 million of short-term investments held by our operations outside the U.S., as well as $1.9 billion of unused operating lines of credit in foreign countries where we operate. As the parent company, we guarantee certain obligations of our consolidated subsidiaries, which totaled $38 million as of June 30, 2025. We believe that our consolidated subsidiaries will be able to meet their financial obligations as they become due.
As of June 30, 2025, we had total debt outstanding of $1.8 billion. Of our outstanding debt, $1.7 billion consists of senior notes that do not require repayment until 2026 through 2050. The weighted average interest rate on our total indebtedness was approximately 3.9 percent for the second quarter of 2025 and approximately 4.2 percent for the second quarter of 2024.
The principal source of our liquidity is our internally generated cash flow, which we supplement as necessary with our ability to borrow under our credit facilities and commercial paper program and to raise funds in the capital markets. We

currently expect that our available cash balances, future cash flow from operations, access to debt markets and borrowing capacity under our revolving credit facility and commercial paper program will provide us with sufficient liquidity to fund our anticipated capital expenditures, dividends and other operating, investing and financing activities for at least the next twelve months and for the foreseeable future thereafter. Our future cash flow needs will depend on many factors, including our rate of revenue growth, cost of raw materials, changing working capital requirements, the timing and extent of our expansion into new markets, the timing of introductions of new products, potential acquisitions of complementary businesses and technologies, continuing market acceptance of our new products and general economic and market conditions. We may need to raise additional capital or incur indebtedness to fund our needs for less predictable strategic initiatives, such as acquisitions.
Net Cash Flows
Our cash provided by operating activities was $262 million for year-to-date 2025 compared to cash provided by operating activities of $521 million for year-to-date 2024. The decrease was primarily attributable to a $250 million change in working capital resulting from increased trade accounts receivables due to reduced utilization of customer financing programs and higher volumes.
We used $193 million of cash for capital expenditures and mechanical stores purchases to update, expand and improve our facilities year-to-date 2025 compared to $120 million we applied year-to-date 2024 for the same purposes. Capital investment commitments for the full year of 2025 are anticipated to be between $400 million and $425 million. In addition, we received $247 million in proceeds for the sale of our South Korea business year-to-date 2024, in contrast to investing $19 million in the Agrana joint venture year-to-date 2025.
We used $204 million of cash for financing activities year-to-date 2025 compared to cash used for financing activities of $526 million year-to-date 2024. The difference was primarily reflected the absence of commercial paper borrowings year-to-date 2025 compared to $327 million net repayments of commercial paper year-to-date 2024.
We declare and pay cash dividends to our common stockholders of record on a quarterly basis. Dividends paid, including those to non-controlling interests, was $106 million year-to-date 2025 compared to $104 million year-to-date 2024. The increase in dividend payments was due to an increase in our quarterly dividend to $0.80 per share in 2025 from $0.78 per share in 2024.
For year-to-date 2025, we repurchased 409 thousand outstanding shares of common stock in open market transactions at a net cost of $55 million. For year-to-date 2024, we repurchased 577 thousand outstanding shares of common stock at a net cost of $66 million.
We have not provided foreign withholding taxes, state income taxes and federal and state taxes on foreign currency gains and losses on accumulated undistributed earnings of certain foreign subsidiaries because these earnings are considered to be permanently reinvested. It is not practicable to determine the amount of the unrecognized deferred tax liability related to the undistributed earnings. We do not anticipate the need to repatriate funds to the U.S. to satisfy domestic liquidity needs arising in the ordinary course of business, including liquidity needs associated with our domestic debt service requirements.
Critical Accounting Policies and Estimates
Our critical accounting policies and estimates are described in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024. There have been no changes to our critical accounting policies and estimates during year-to-date 2025.
New Accounting Pronouncements
The information called for by this section is incorporated herein by reference to Note 1 to the Condensed Consolidated Financial Statements included in this report.
Forward-Looking Statements
This Form 10-Q contains or may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”).

Ingredion Incorporated intends these forward-looking statements to be covered by the safe harbor provisions for such statements.
Forward-looking statements include, among others, any statements regarding our prospects, future operations, or future financial condition, earnings, net sales, tax rates, capital expenditures, cash flows, expenses or other financial items, including management’s plans or strategies and objectives for any of the foregoing and any assumptions, expectations or beliefs underlying any of the foregoing.
These statements can sometimes be identified by the use of forward-looking words such as “may,” “will,” “should,” “anticipate,” “assume,” “believe,” “plan,” “project,” “estimate,” “expect,” “intend,” “continue,” “pro forma,” “forecast,” “outlook,” “opportunities,” “potential,” or other similar expressions or the negative thereof. All statements other than statements of historical facts therein are “forward-looking statements.”
These statements are based on current circumstances or expectations, but are subject to certain inherent risks and uncertainties, many of which are difficult to predict and beyond our control. Although we believe our expectations reflected in these forward-looking statements are based on reasonable assumptions, investors are cautioned that no assurance can be given that our expectations will prove correct.
Actual results and developments may differ materially from the expectations expressed in or implied by these statements, based on various risks and uncertainties, including changes in consumer practices, preferences, demand and perceptions that may lessen demand for the products we make; geopolitical conflicts and actions arising from them, including the impacts on the availability and prices of raw materials and energy supplies, supply chain interruptions, and volatility in foreign exchange and interest rates; the effects of global economic conditions and the general political, economic, business, and market conditions that affect customers and consumers in the various geographic regions and countries in which we buy our raw materials or manufacture or sell our products, and the impact these factors may have on our sales volumes, the pricing of our products and our ability to collect our receivables from customers; our reliance on purchases of our products by major industries which we serve and from which we derive a significant portion of our sales, including, without limitation, the food, beverage, animal nutrition and brewing industries; the risks associated with pandemics; our ability to develop or acquire new products and services at rates or of qualities sufficient to gain market acceptance; increased competitive and/or customer pressure in the corn-refining industry and related industries, including with respect to the markets and prices for our primary products and our co-products, particularly corn oil, and the ability to pass through price increases in our key inputs; price fluctuations, supply chain disruptions, tariffs, duties and shortages affecting inputs to our procurement, production processes and delivery channels, including raw materials, energy costs and availability and cost of freight and logistics; our ability to contain costs, achieve budgets and realize expected synergies, including our ability to complete planned maintenance and investment projects on time and on budget as well as to effectively manage freight and shipping costs and hedging activities; operating difficulties at our manufacturing facilities and liabilities relating to product safety and quality; the effects of climate change and legal, regulatory, and market measures to address climate change; our ability to successfully identify and complete acquisitions, divestitures, or strategic alliances on favorable terms, as well as to successfully conduct due diligence, integrate acquired businesses or implement and maintain strategic alliances and achieve anticipated synergies with respect to such transactions; economic, political and other risks inherent in conducting operations in foreign countries and in foreign currencies; the failure to maintain satisfactory labor relations; our ability to attract, develop, motivate, and maintain good relationships with our workforce; the impact of legal and regulatory proceedings, lawsuits, claims and investigations; the impact of any impairment charges on our goodwill or long-lived assets; the impact on our business of political events, trade and international disputes, war, threats or acts of terrorism, and natural disasters; changes in government policy, law, or regulation and costs of legal compliance, including compliance with environmental regulation or the occurrence of other significant events beyond our control; changes in our tax rates or exposure to additional income tax liability; risks affecting our ability to raise funds at reasonable rates and other factors affecting our access to sufficient funds for future growth and expansion; increases in interest rates that could increase our borrowing costs; interruptions, security incidents, or failures with respect to information technology systems, processes, and sites; risks affecting the continuation of our dividend policy; and our ability to maintain effective internal control over financial reporting.
Our forward-looking statements speak only as of the date on which they are made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement as a result of new information or future events or developments or otherwise. If we do update or correct one or more of these statements, investors and others should not conclude that we will make additional updates or corrections. For a further description of these and other risks, see “Risk Factors” and other information included in our Annual Report on Form 10-K for the year

ended December 31, 2024 and in our subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
See the discussion set forth in Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk in our Annual Report on Form 10-K for the year ended December 31, 2024 for a discussion of the manner in which we address risks with respect to interest rates, raw material and energy costs and foreign currencies. There have been no material changes in the information provided with respect to those risks during year-to-date 2025.
ITEM 4. CONTROLS AND PROCEDURES
Our management, including our Chief Executive Officer and our Chief Financial Officer, performed an evaluation of the effectiveness of our disclosure controls and procedures as of June 30, 2025. Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that, as of June 30, 2025, our disclosure controls and procedures (a) are effective in providing reasonable assurance that all information required to be disclosed in the reports that we file or submit under the Exchange Act has been recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and (b) are designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
There have been no changes in our internal control over financial reporting during the quarter ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
As of the date of this report, there have been no material developments in the environmental proceedings related to our Bedford Park, Illinois manufacturing facility discussed in Part I, Item 3. Legal Proceedings in our Annual Report on Form 10-K for the year ended December 31, 2024.
In addition to the forgoing matter, we are currently subject to claims and suits arising in the ordinary course of business, including those relating to labor matters, certain environmental proceedings, and commercial claims. We also routinely receive inquiries from regulators and other government authorities relating to various aspects of our business, including with respect to compliance with laws and regulations relating to the environment, and at any given time, we have matters at various stages of resolution with the applicable governmental authorities. The outcomes of these matters are not within our complete control and may not be known for prolonged periods of time. We do not believe that the results of currently known legal proceedings and inquires will be material to us. There can be no assurance, however, that such claims, suits, or investigations or those arising in the future, whether taken individually or in the aggregate, will not have a material adverse effect on our financial condition or results of operations.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Purchases of common stock
The following table presents information regarding our repurchase of shares of our common stock during the second quarter of 2025:
(shares in thousands)Total
Number
of Shares
Purchased		Average
Price
Paid
per Share		Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs		Maximum Number
(or Approximate
Dollar Value) of
Shares That May Yet
be Purchased Under
the 2022 Stock Repurchase Program
April 1 – April 30, 2025—— —2,938
May 1 – May 31, 2025—— —2,938
June 1 – June 30, 2025—— —2,938
Total—— —
On September 26, 2022, the Board of Directors approved a stock repurchase program permitting us to purchase up to 6.0 million shares of our outstanding common stock until December 31, 2025. As of June 30, 2025, we had 2.9 million shares available for repurchase under the stock repurchase program.
ITEM 5. OTHER INFORMATION
On May 7, 2025, James P. Zallie, President and Chief Executive Officer, entered into a written plan for the sale of up to 195,155 shares of our common stock (before adjustment for dividends and tax withholding) that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The plan commenced on August 6, 2025, and will expire on December 31, 2027, or any earlier date on which all of the shares have been sold.
On May 7, 2025, Larry Fernandes, Senior Vice President, Chief Commercial and Sustainability Officer, entered into a written plan for the sale of up to 13,161 shares of our common stock (before adjustment for dividends and tax withholding) that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The plan commenced on August 6, 2025, and will expire on May 7, 2026, or any earlier date on which all of the shares have been sold.


ITEM 6. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
a) Exhibits
We hereby file or furnish the exhibits listed below:
Exhibit No.Description
31.1†
31.2†
32.1††
32.2††
101.INS†XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
101.SCH†Inline XBRL Taxonomy Extension Schema Document.
101.CAL†Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF†Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB†Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE†Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104†Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document, which is contained in Exhibit 101).
_____________________
†
Filed with this report.
††
Furnished with this report.

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
INGREDION INCORPORATED
Date: August 11, 2025
By:/s/ James D. Gray
James D. Gray
Executive Vice President and Chief Financial Officer
Date: August 11, 2025
By:/s/ Davida M. Gable
Davida M. Gable
Vice President, Corporate Controller, Finance and Environmental, Social and Governance

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