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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Ingredion
Ingredion (INGR) investor relations material
Ingredion Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Q3 net sales were $1.792B, down 1% YoY (up 2% excluding Pakistan); adjusted operating income fell 19% to $206M amid cost pressure and softer demand.
Delayed Argo earnings recovery and weaker U.S./Canada demand drove a revised FY26 outlook; T&HS continued volume growth for a 10th consecutive quarter.
Tate & Lyle regulatory reviews and integration planning continued, with closing targeted for H2 2027.
Financial highlights
Q3 reported operating income was $201M, down 19%; adjusted operating income was $206M, down 19%. Gross profit was $399M, down 12%, and gross margin was 22.3%, down 280 bps.
Q3 net income attributable to Ingredion was $142M, down 17%; reported diluted EPS was $2.23 vs. $2.61 and adjusted diluted EPS was $2.28 vs. $2.75.
Excluding Pakistan, Q3 sales rose 2%; volume added $21M and price mix reduced sales by $6M.
YTD net sales were $5.434B, down 1%; adjusted operating income was $676M, down 16%, and adjusted diluted EPS was $7.45 vs. $8.60.
YTD operating cash flow was $389M vs. $539M; capital expenditures and mechanical stores purchases were $313M.
Outlook and guidance
FY26 net sales are expected flat; adjusted operating income down mid-teens; reported diluted EPS $8.04–$8.49 and adjusted diluted EPS $9.25–$9.70.
FY26 cash from operations is expected at $650M–$750M and capital expenditures at $450M–$490M; adjusted ETR is 26.5%–27.5%.
Guidance reflects tariff levels in effect at October-end and excludes acquisition integration and restructuring costs and potential impairment costs.
FY26 segment outlook: T&HS operating income flat to up low single digits; LATAM down mid- to high-single digits; U.S./Canada down 35%–40%; All Other operating loss ~$(15)M.
FY26 share repurchases target $100M; expected diluted shares are 63.5M–64.0M.
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Latest events from Ingredion
- Record FY earnings and margin expansion despite volume weakness; 2024 guidance includes divestiture effects.INGR
Q4 2023 - Tate & Lyle deal targets a larger specialties platform and >15% post-close EPS accretion.INGRBarclays 19th Annual Global Consumer Conference
- Q2 2026 net sales rose 1%, with strong T&HS growth and progress on the Tate & Lyle acquisition.INGRQ2 2026
- $5B (£3.7B) acquisition forms a global ingredient leader, targeting $130M in synergies by 2030.INGRM&A announcement
- Targets 2%-4% net sales and 7%-9% adjusted EPS CAGR with innovation and disciplined growth.INGRInvestor Day 2025
- Operating and net income rose with margin gains, offsetting sales declines; outlook raised.INGRQ2 2025
- Record Q3 profit and margin gains drive raised outlook and strong cash flow.INGRQ3 2024
- Q2 adjusted EPS up 24% and full-year outlook raised, despite lower net sales.INGRQ2 2024
- Record profit growth and margin expansion in 2024 set the stage for further gains in 2025.INGRQ4 2024
Next Ingredion earnings date
Stephens Annual Investment Conference17 Nov, 2026
Ingredion
Next Ingredion earnings date
Stephens Annual Investment Conference17 Nov, 2026
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Frequently asked questions
Ingredient Experts
Ingredion, Inc. is an American company with global operations that specializes in the production and sale of various types of ingredients. The company’s product range includes sweeteners, starches, plant-based protein, and nutritional ingredients, which are used across various sectors such as food, beverage, brewing, and industrial applications. The company is headquartered in Westchester, Illinois, and its shares are listed on the NYSE.
Corn and More
What we today know as Ingredion can trace its roots back to the establishment of the Corn Products Refining Company, formed from a merger of several corn refining companies. Initially, the company focused on producing corn syrup and other corn-derived products. Over the decades, the company expanded its operations and product offerings, including various food ingredients and industrial products.
The early 2000s marked a significant phase of global expansion for the company. It made several strategic acquisitions around the world, including operations in South America, Asia, and Europe. This period was characterized by diversification into a broader array of ingredients beyond corn-based products. The company got its current name in 2012.
Turning Raw Product Into Ingredients
Ingredion Incorporated is a global ingredient solutions company specializing in transforming a diverse array of agricultural products into ingredients for various industries. They process corn, tapioca, potatoes, and grains, among other raw materials, into a range of products used in food, beverage, brewing, and pharmaceutical applications. Their portfolio also includes plant-based stevia, utilized as a sweetener, and various gums, which act as thickeners and stabilizers. Some companies with similar offerings are Bunge Limited, Archer Daniels Midland, and Kerry Group.
The Customers
The company serves a wide range of customers across multiple industries, primarily focusing on food and beverage, brewing, and pharmaceutical sectors. In the food and beverage industry, their ingredients are used in the production of things like snacks, beverages, confectioneries, and dairy alternatives. Brewers utilize its products for fermentation and flavor enhancement, and the pharmaceutical industry uses its products in the formulation of tablets and medicinal syrups.