INGRMEDIUM SIGNALOPERATIONAL10-K

Ingredion substantially increased capital expenditures while operating cash flow declined meaningfully, suggesting significant investment in capacity expansion amid mixed operational performance.

The company is in a capital-intensive investment phase, with capex rising 44% to $433M, which may indicate strategic expansion or modernization efforts. However, the decline in operating cash flow alongside this investment raises questions about near-term cash generation efficiency and the timing of returns on these investments.

Comparing 2026-02-17 vs 2025-02-20View on EDGAR →
FINANCIAL ANALYSIS

Ingredion's financial profile reflects a company investing heavily for future growth, with capital expenditures rising substantially to $433M while operating cash flow declined to $944M. Profitability metrics showed solid improvement, with operating income reaching $1.0B and net income growing to $729M, supported by a strengthened balance sheet with stockholders' equity increasing to $4.3B. The divergence between improved earnings and weaker cash flow generation suggests timing differences or working capital impacts during this investment cycle.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+43.9%
$301.0M→$433.0M

Capital expenditure jumped 43.9% — major investment cycle underway; assess returns on deployment.

Operating Cash Flow
Cash Flow
-34.3%
$1.4B→$944.0M

Operating cash flow fell 34.3% — earnings quality concerns; investigate working capital changes and non-cash items.

Operating Income
P&L
+15.1%
$883.0M→$1.0B

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Net Income
P&L
+12.7%
$647.0M→$729.0M

Net income grew 12.7% — bottom-line growth signals improving overall business health.

Stockholders Equity
Balance Sheet
+12.4%
$3.8B→$4.3B

Equity base grew 12.4% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-17
PRIOR — 2025-02-20
ADDED
For a further description of these and other risks and uncertainties, see Item 1A.
Ingredion derives most of our products by processing corn and other starch-based materials, such as tapioca, potato, peas and rice.
Starches are an important component in a wide range of processed foods and non-food applications.
Food companies use starches for adhesion, clouding, dusting, expansion, fat replacement, freshness, gelling, glazing, mouthfeel, stabilization and texture.
Our starch products represented 50 percent, 49 percent and 47 percent of our net sales in 2025, 2024 and 2023.
Our sweetener products represented 34 percent, 35 percent and 34 percent of our net sales in 2025, 2024 and 2023.
Fluctuations in prices of these competing products may affect prices of and profits derived from our products.
In addition, operating segments that are not individually or collectively reportable segments are grouped and identified as All Other.
Food Industrial Ingredients LATAM F II LATAM consists of nine manufacturing facilities in Mexico and South America that convert primarily corn, but also some tapioca and sugar, into starches, sweeteners and co-products for the local needs of food and industrial markets in Latin America.
F II U.S./Canada s customer sales contracts are typically one year in length or shorter, although one-third of sales are multi-year, fee-based contracts.
REMOVED
For a further description of these and other risks, see Item 1A.
We aspire to be recognized as the go-to provider for texture and healthful solutions that make healthy taste better.
Ingredion derives most of our products by processing corn and other starch-based materials, such as tapioca, potato and rice.
Starches are an important component in a wide range of processed foods, where food companies use them for adhesion, clouding, dusting, expansion, fat replacement, freshness, gelling, glazing, mouthfeel, stabilization and texture.
Our starch products represented approximately 49 percent, 47 percent and 46 percent of our net sales for 2024, 2023 and 2022.
Our sweetener products represented approximately 35 percent, 34 percent and 33 percent of our net sales for 2024, 2023 and 2022.
In addition, we group operating segments that are not individually or collectively classified as a reportable segment as All Other.
The approximate portion of total net sales by industry for each of our reportable segments and All Other in 2024 was as follows: Industries Served Total Ingredion T HS F II - LATAM F II - U.S./Canada All Other Food 56 % 81 % 46 % 41 % 55 % Beverage 10 4 10 16 10 Brewing 7 1 18 4 1 Food and Beverage Ingredients 73 86 74 61 66 Animal Nutrition 8 2 13 8 12 Other 19 12 13 31 22 Total Net Sales 100 % 100 % 100 % 100 % 100 % No customer or group of related customers accounted for 10 percent or more of our net sales in 2024, 2023 or 2022.
Longer term customer contracts may have terms of one year or multiple years, such as those with the beverage industry.
Firm-based pricing reflects fixed prices for our products, which transfers risk to us for underlying input costs over the contract period.
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