Ingredion Incorporated (INGR) Earnings
Ingredion Incorporated is expected to report next earnings on August 7, 2026 (in NaN days), with a consensus EPS estimate of $2.78. INGR has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise -0.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $2.44 | $2.34 | -4.1% | $1.8B | +0.2% |
| Feb 3, 2026 | $2.59 | $2.53 | -2.3% | $1.8B | -2.0% |
| Nov 4, 2025 | $2.73 | $2.75 | +0.7% | $1.8B | -0.6% |
| Aug 1, 2025 | $2.78 | $2.87 | +3.2% | $1.8B | -3.8% |
| Feb 4, 2025 | $2.54 | $2.63 | +3.5% | $1.8B | -3.2% |
| May 3, 2023 | $2.01 | $2.80 | +39.3% | $2.1B | -8.4% |
| Feb 8, 2023 | $1.45 | $1.65 | +13.8% | $2.0B | -2.4% |
| Nov 3, 2022 | $1.62 | $1.73 | +6.8% | $2.0B | -0.2% |
| May 5, 2022 | $1.81 | $1.95 | +7.7% | $1.9B | +7.1% |
| Feb 3, 2022 | $1.29 | $1.09 | -15.5% | $1.8B | +0.4% |
| Nov 2, 2021 | $1.45 | $1.67 | +15.2% | $1.8B | +3.0% |
| May 4, 2021 | $1.62 | $1.85 | +14.2% | $1.6B | +1.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 5, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Food and Industrial Ingredients U.S.-Canada had weaker results due to operational challenges at Argo facility. • Texture and healthful solutions segment had 8th straight quarter of volume growth, up 2%, led by clean label and texture solutions in EMEA and Asia-PAC. • In Food and Industrial Ingredients LATAM, overall volumes slightly down but saw modest recovery in Brazil. Announced plans to cease operations at Cabo manufacturing facility in Brazil by end of Q2. • In Food and Industrial Ingredients U.S.-Canada, net sales volumes declined 7% due to Argo issues and softer demand. Took actions to remedy refinery process failures, downstream production returned to normal by end of Q1 but had thermal event in Argo's corn germ processing operations on April 10th. • Solution sales continue to outpace segment growth, clean label a major driver, functional native starches grew strongly. • Monitoring energy prices, logistics costs, packaging inflation, gasoline prices, and foreign exchange fluctuations.
Guidance
• Full-year 2026 net sales anticipated flat to up low single digits, adjusted operating income flat to down low single digits. • 2026 financing cost estimate $35 million to $45 million. Reported and adjusted effective tax rate 26% to 27.5%. Full-year adjusted earnings per share $10.45 to $11.15. • Texture and healthful solutions operating income expected up low single digits. Food and Industrial Ingredients LATAM net sales flat to down low single digits, operating income down low single digits. Food and Industrial Ingredients U.S.-Canada net sales down low single digits, operating income down low double digits. • Q2 2026 expected net sales flat to up low single digits, adjusted operating income down high single digits.
Segment performance
Texture and healthful solutions net sales were up 2% in Q1, operating income up 1%. Food and Industrial Ingredients LATAM net sales up 1% in the quarter, but operating income decreased by 9% to $115 million. Food and Industrial Ingredients U.S.-Canada net sales declined 9% in Q1.
Risks & headwinds
• Operational challenges at Argo facility negatively impacted Food and Industrial Ingredients U.S.-Canada results. • Higher energy prices impacting input costs, logistics, packaging inflation, and potential impact on consumer demand. • Mexican peso strength presenting foreign exchange headwind for Food and Industrial Ingredients LATAM segment. • Isolated thermal event in Argo's corn germ processing operations in April 2026.
Analyst Q&A
Q: Once Argo normalizes, do you still view the food and industrial ingredients U.S.-Canada business as capable of getting back to the mid- to high-teens operating margin profile?
A: Yes, still committed to getting back to mid-teens operating income margins. Issues at Argo are predominant driver of margin decline. Encouraged by grind and refinery operations finishing Q1, repairs underway for germ processing unit, aspiration for 2027.
Q: With updated cash flow from operations guidance and CapEx guidance remaining the same, how should we think about capital allocation through the rest of the year?
A: Plan to build on Q1's share repurchases to meet full year targeted commitment, capex in Q1 consistent with full year projections, continue as planned for capital allocation priorities.
Q: Drilling into texture and health a bit more, assuming FX becomes less of a tailwind, how do you expect organic growth to pick up?
A: Confident due to solutions growth, focus on solution-selling approach, regulatory changes, health and wellness trends, proactively decoded private label ecosystem, increasing pipeline of project briefs driving deeper engagement and faster delivery of solutions.
Q: On pricing in texture and health, how does escalation in cost square with pricing?
A: Margin compression in Q1 related to tapioca costs in Asia Pacific, time lag to pass through costs, typically takes quarter to quarter and a half, solutions growth is margin accretive.
Q: In tough macro environment, what are you seeing in terms of elasticity on products and impact of passing through costs?
A: Actively monitoring and managing impacts, believe will be able to pass through most costs, but indirect impacts on consumer demand from customers passing through costs is harder to predict.
Q: Thoughts on M&A pipeline given strong balance sheet and valuations?
A: Have robust M&A pipeline, priority on enhancing texture solutions and healthful solutions, remain disciplined in relation to value, executability, and synergies of targets.
Q: Mismatch in LATAM volume performance vs. some local companies?
A: Expect LATAM volumes down slightly lapping strong 2025, brewery volumes lower due to conservative customer ordering ahead of World Cup, Mexican economy soft, impact of Mexican peso. Price mix related to mix issue.
Q: Background on Cabo plant shutdown and impact on margins?
A: Ceased operations at Cabo plant as part of operational footprint adjustment in Brazil to strengthen efficiency, etc. Shutdown included in updated outlook.
Q: Guidance confidence and Argo issues?
A: Argo issues had significant impact in Q1, issues behind us now, refinery production at normalized rates, outlook assumes sustain production and yield levels, thermal event in corn germ processing unit expected resolved in Q2, impact excluded from adjusted results.
Q: Impact of issues on co-product opportunities in F&I North America?
A: Co-products important, hedging forward on corn and coproducts, some follow-on coproduct headwinds expected as corn germ processing returns.
Q: Optionality regarding growth investments given issues?
A: Ring-fenced investments in innovation operating model, balancing growth capital and reliability capital, assessing needs and getting balance right.