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INGR NYSE Russell 1000 Earnings call

Ingredion (INGR) · Q2 2026 results and valuation

Share price: $92.83 · 2026-11-11

Results Q2 2026 vs Q1 2026 · previous quarter · published 4 Aug 2026 and 5 May 2026

Net income down 19.7% on the previous quarter. Management sounded restrained, in its script and in answers to analysts.

Only a basic analysis is available for this company at the moment.

1 · Numbers

−19.7%

Net income vs Q1 2026

Outlook given

Net income 114.0M vs 142.0M

Revenue +3.2%

Against the same quarter last year (Q2 2025) it is −41.8%, so it is not just seasonal.

2 · How management spoke

Restrained

Less upbeat than 69% of company calls

Answers to analysts: restrained, in line with the script.

Similar to last call.

3 · What stood out

Figure

Ingredion delivered a second quarter performance in line with expectations driven by momentum in Texture & Healthful.

Valuation

Is Ingredion undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At −3.1% growth a year (3-year revenue growth), the model's fair value is $54.05 a share — the stock trades 72% above it. Today's price assumes 2.7% growth a year.

Current price

$92.83

close of 2026-11-11

Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.

+2.7% for 10 yrs

Fair value / share

$54.05

Buy below

$40.54

Price vs fair value

Overvalued 72%

Price vs buy-below price

Overvalued 129%

Official channels

The company's own website and social media accounts.

Read between the lines

  1. Key theme

    Net sales volume rose for the ninth straight quarter, supported by momentum in Texture and Healthful Solutions and robust customer innovation and reformulation despite a mixed consumer environment.

    Source quote
    “Quarter 2 marked the ninth consecutive quarter of net sales volume growth We are pleased with the momentum that we continue to see in Texture & Healthful Solutions. While the consumer environment remains mixed, we are seeing robust customer innovation activity with reformulation across health and wellness, protein and fiber fortification...”
  2. Guidance

    Ingredion expects full year adjusted earnings per share to be in the range of $10.30 to $10.90, in line with previous guidance after reflecting the sale of its majority…

  3. Guidance

    Cash from operations guidance for 2026 is now $700 million to $800 million because of the sale.

    Source quote
    “We anticipate that our 2026 cash from operations will now be in the range of $700 million to $800 million, with the decrease again stemming from the sale...”
  4. Fading

    I mean 1 of the things Ingredion is obviously fortunate to have is Yes.

    Source quote
    “I mean 1 of the things we're obviously fortunate to have is Yes. I think it's important to note that we have a track record for remaining disciplined in pursuit of M&A prospects.”

Tone

How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.

Prepared remarks Restrained (was cautious)
Answers to analysts Restrained (was restrained)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone
“First, under profitable growth, our announced pending acquisition of Tate & Lyle achieved an important milestone last week with the approval by Tate & Lyle shareholders of the deal.”
“Strong net sales volume performance, solutions-led growth and market share gains helped deliver the second highest quarterly operating income in the segment's history.”
“Following the combination, more than half of our revenue will come from Texture & Healthful Solutions, the fastest growth segment of our business portfolio, where customer and consumer demand remains...”

Full figures

USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)

Metric Q2 2026period end 2026-06-30 Q1 2026period end 2026-03-31 Change Q2 2025 YoY
Revenue 1.85B 1.79B +3.2% 1.83B +0.9%
Gross profit 426.0M 401.0M +6.2% 477.0M −10.7%
Operating income 188.0M 203.0M −7.4% 271.0M −30.6%
Net income 114.0M 142.0M −19.7% 196.0M −41.8%
EPS 1.78 2.22 −19.8% 2.99 −40.5%
P/E today 10.5 10.3 10.8 −0.5 13.2 −2.9

Topics

Most discussed now

  • At the same time, performance across the rest of the portfolio was strong as Ingredion delivered the second highest quarterly...
  • The branded manufacturers have fought back to gain share, and they are also heavily trying to innovate right now to...
  • Ingredion's advancements in coatings, adhesives and barrier solutions for sustainable food packaging continue to gain traction with active…
  • Moving to the next slide, Ingredion highlights net sales drivers by segment for the second quarter.
  • Food & Industrial Ingredients LATAM net sales were up 3%, driven by favorable foreign exchange, partially offset by lower volumes...

Faded since Q1 2026

  • Fading Strong balance sheet and strong cash flows
  • Dropped This issue unfortunately persisted through the quarter and was the single biggest unexpected negative impact to results.
  • Fading Ingredion saw a modest recovery in Brazil, supported by improved customer demand and early benefits from its polyols network optimization...
  • Fading Ingredion's Texture and Healthful Solutions segment delivered a solid quarter with broad-based volume growth reflecting increased adoption…

Latest announcements

Official filings, newest first.

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