Ingredion (INGR) Q3 2026 earnings summary

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.