INGR · Ingredion Inc
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AI Brief
Q2 FY26 earnings call · Aug 4, 2026TL;DR. Ingredion's Q2 net sales rose 1% to $1.85B while adjusted operating income fell 5% to $258M; the company reaffirmed full-year 2026 adjusted EPS guidance of $10.30-$10.90 (after amending for the Pakistan sale) and announced that Tate & Lyle shareholders approved the acquisition.
- + Tate & Lyle shareholders approved the all-cash acquisition, a key milestone toward closing the transformational deal.
- + Texture & Healthful Solutions delivered its ninth consecutive quarter of net sales volume growth, up 7%, with second-highest segment operating income ever.
- + Argo plant reliability improved sequentially and was operating at normal production rates across all major operating units by end of June.
- + Full-year 2026 adjusted EPS guidance of $10.30 to $10.90 was reaffirmed after amending for the Pakistan sale.
- + Pending Tate & Lyle deal expected to add $2.7B of revenue, deliver $130M of run-rate synergies by 2030, and provide greater than 15% adjusted EPS accretion in the first full year post-close.
- − Q2 adjusted operating income fell 5% and adjusted EPS declined $0.05 year-over-year, driven by Argo issues and Mexico headwinds.
- − Full-year 2026 adjusted operating income is now expected to be down mid-single digits (previously down low single digits) due to the Pakistan sale amendment.
- − Tapioca costs surged more than 40% year-to-date due to weather-related supply impacts, creating near-term margin pressure.
- − Net financing costs jumped to $55M in Q2 from $12M a year ago, driven by a $47M mark-to-market FX loss on Tate & Lyle-related hedging.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Strong SellIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| All Other net sales | $124M | the second quarter of 2026 filing | — |
| All Other operating income | $6M | the second quarter of 2026 filing | — |
| F&II–LATAM net sales | $611M | the second quarter of 2026 filing | — |
| F&II–LATAM operating income | $118M | the second quarter of 2026 filing | — |
| F&II–U.S./Canada net sales | $488M | the second quarter of 2026 filing | — |
| F&II–U.S./Canada operating income | $58M | the second quarter of 2026 filing | — |
| T&HS net sales | $627M | the second quarter of 2026 filing | — |
| T&HS operating income | $117M | the second quarter of 2026 filing | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Packaged Foods — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
INGR
this stock
Ingredion Inc
|
$6.10B | -13.1% | -2.8% | 10.6 | 7.2% |
|
JBS
Jbs N.V.
|
$38.06B | -21.7% | — | — | 1.2% |
|
KHC
Kraft Heinz Co
|
$28.02B | -6.3% | -0.1% | — | 7.9% |
|
GIS
General Mills Inc
|
$17.99B | -30.8% | +4.1% | — | 8.4% |
|
SJM
J M SMUCKER Co
|
$12.93B | +21.6% | +3.7% | — | 4.4% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| INGR | -1.0% | -8.1% | -16.6% | -7.4% | -13.1% |
| SPY | -0.7% | +0.1% | +12.2% | -0.6% | +11.8% |
| vs SPY | -0.4% | -8.2% | -28.8% | -6.8% | -25.0% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.