Ingredion Reports Decrease in Net Sales and Increase in Net Income for Q3 2025

Ingredion Incorporated reported its financial results for the third quarter and nine months ended September 30, 2025, revealing a decrease in net sales and net income compared to the previous fiscal period. For the nine months of 2025, net sales totaled $5.462 billion, down 3% from $5.630 billion in the same period of 2024. The company attributed this decline primarily to a lower price mix resulting from decreased raw material input costs. Net income attributable to Ingredion increased slightly to $564 million from $552 million year-over-year, reflecting improved operating income despite the sales decline.

Operating income for the nine-month period rose 10% to $796 million, up from $721 million in 2024, driven by a 4% increase in gross profit to $1.398 billion, aided by lower corn and input costs. However, operating expenses also increased by 4% to $604 million, primarily due to higher employee costs. The company reported a gross profit margin improvement to 26% for the nine months of 2025, compared to 24% in the prior year, despite the overall decrease in sales.

In terms of strategic developments, Ingredion announced the divestiture of its South Korea business, completed in February 2024, which contributed a pre-tax gain of $90 million in the previous fiscal year. The company is also in the process of selling a 51% stake in its Pakistan business to Nishat Group, with the transaction pending regulatory approvals. Additionally, Ingredion has made investments in joint ventures, including a 49% stake in Agrana joint venture for starch production in Romania, which reflects its ongoing commitment to expand its operational footprint.

Operationally, Ingredion's Texture & Healthful Solutions segment saw a slight increase in net sales to $1.806 billion for the year-to-date 2025, while the Food & Industrial Ingredients segments in Latin America and the U.S./Canada experienced declines in sales due to lower volumes and unfavorable price mix. The company reported a total employee headcount of approximately 11,000 as of September 30, 2025, reflecting its ongoing operational scale.

Looking ahead, Ingredion anticipates continued challenges from fluctuating market conditions and tariff requirements, although these factors have not significantly impacted results thus far. The company expects to maintain sufficient liquidity, with total available liquidity of $3.8 billion as of September 30, 2025, to support its operational and strategic initiatives. The outlook remains cautious, with management emphasizing the need to navigate supply chain complexities and potential economic disruptions effectively.