Ingredion reported full-year 2025 adjusted EPS of $11.13, up from $10.65 a year earlier, driven by improved volume in its Texture & Healthful Solutions segment and lower raw material costs across the portfolio. Reported EPS climbed to $11.18 versus $9.71 in 2024. Operating cash flow reached $944 million, enabling the company to return $435 million to shareholders, including $224 million in share repurchases, while maintaining net debt below 1.0× trailing EBITDA and preserving a pristine investment-grade credit rating.

For full-year 2026, management is forecasting reported and adjusted EPS in the range of $11.00 to $11.80, reflecting low-to-mid single-digit net sales growth and modest improvement in operating income. The guidance assumes continued pressure in certain end markets, particularly U.S./Canada sweeteners, and does not contemplate any material recovery from recent production setbacks. Capital expenditure is expected to be in line with depreciation, underscoring a focus on disciplined capital allocation and margin protection.

Texture & Healthful Solutions delivered 4% sales volume growth in 2025, led by strong demand for clean-label and plant-based solutions, while LATAM operations recorded full-year operating income growth driven by favorable raw material and currency impacts. Conversely, the U.S./Canada Food & Industrial Ingredients business saw operating income decline more than 15%, as manufacturing challenges and weaker beverage volumes pressured results. Initiatives to modernize specialty starch capacity in Indianapolis came online in Q4, but production disruptions at another large plant held back segment performance.

Ingredion is advancing its Cost 2 Compete program, targeting $100 million in annualized structural savings by 2027 through procurement optimization, network rationalization and simplified processes. Meanwhile, R&D investment is focused on expanding the clean-label ingredient pipeline and scaling up plant-based protein offerings. Management expects these efforts to underpin incremental margin expansion beyond the projected 2026 operating income improvement, positioning the company for sustainable earnings growth over a 5-10 year horizon.