Ingredion Inc
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 7, 2025
INGR$91.72-5.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-11.
0001046257-25-000066
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001628280-25-050593
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 79 previous paragraphs and 77 current paragraphs.
31 unchanged; 39 reworded; 7 added; 7 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
Net income attributable to Ingredion for year-to-date 2025 increased to $564 million from $552 million for year-to-date 2024, which included a $90 million pre-tax gain from the sale of our South Korea business in February 2024. Operating income increased 10 percent year over year to $796 million for year-to-date 2025 from $721 million for year-to-date 2024, which included higher gross profit and lower restructuring and impairment charges, partially offset by increased operating expenses. Gross profit increased 4 percent to $1,398 million for year-to-date 2025 from $1,342 million for year-to-date 2024, primarily from lower corn and input costs. Net sales decreased 3 percent to $5,462 million for year-to-date 2025 from $5,630 million for year-to-date 2024, primarily due to lower price mix from lower raw material input costs.
Current report
Third Quarter of 2025
Current report
With Comparatives to Third Quarter of 2024
Current report
Other operating (income) expense. Other operating expense was zero for the third quarter of 2025 compared to $1 million for the third quarter of 2024.
Current report
Adjusted operating income. F&II–LATAM adjusted operating income decreased 11 percent to $116 million for the third quarter of 2025 compared to $131 million for the third quarter of 2024. The decrease was primarily due to the lower brewing industry volumes, customer and product mix management, and softer consumer demand.
Current report
Net sales. Net sales decreased 3 percent to $5,462 million for year-to-date 2025 compared to $5,630 million for year-to-date 2024, primarily due to unfavorable price mix from lower raw material costs, unfavorable foreign exchange impacts, and lower volumes.
Current report
During the third quarter of 2025, we entered into a new revolving credit agreement to replace the previous revolving credit agreement, which was simultaneously terminated. The new revolving credit agreement provides for a five-year unsecured revolving credit facility in an aggregate principal amount of $1.0 billion outstanding at any time that matures on August 27, 2030. Loans under the revolving credit facility accrue interest at a per annum rate equal, at our option, to either a term rate based upon the secured overnight financing rate (“SOFR”) plus an applicable margin, or a base rate (generally determined according to the highest of the prime rate, the federal funds rate plus 0.50%, or the 1-month term SOFR rate plus 1.00%) plus an applicable margin.
Removed paragraphs (7)
Previous report
Net income attributable to Ingredion for year-to-date 2025 increased to $393 million from $364 million for year-to-date 2024. Excluding the $82 million pre-tax gain from the sale of our South Korea business in February 2024, the net income increase was primarily due to a 21 percent increase in operating income to $547 million for year-to-date 2025 from $453 million for year-to-date 2024, which was driven by corn and input costs declining faster than the decrease in net sales. Net sales decreased 3 percent to $3,646 million for year-to-date 2025 compared to $3,760 million for year-to-date 2024. Excluding the impact of lost sales volume from the sale of our South Korea business in February 2024, net sales decreased 2 percent from year-to-date 2025 compared to the same year-to-date period of 2024.
Previous report
Second Quarter of 2025
Previous report
With Comparatives to Second Quarter of 2024
Previous report
Other operating income. Other operating income was $5 million for the second quarter of 2025 compared to $8 million for the second quarter of 2024. The change was primarily due to a reduction in our share of operating income from the Argentina joint venture, partly offset by favorable indirect taxes in Brazil.
Previous report
Adjusted operating income. F&II - LATAM adjusted operating income decreased 2 percent to $127 million for the second quarter of 2025 compared to $130 million for the second quarter of 2024. The quarter results were negatively impacted by the floating exchange rate for the Argentine peso and the corresponding impact on the Argentina joint venture results. Apart from the joint venture results, segment adjusted operating income increased primarily due to favorable raw material costs that were partially offset by lower volumes.
Previous report
Net sales. Net sales decreased 3 percent to $3,646 million for year-to-date 2025 compared to $3,760 million for year-to-date 2024. Excluding the impact of lost sales volume from the sale of our South Korea business in February 2024, net sales decreased 2 percent from 2025 compared to 2024. The decrease was primarily due to reduced price mix from lower raw material costs and unfavorable foreign exchange impacts, as well as lost sales volume from the 2024 sale of our South Korea business.
Previous report
We have not provided foreign withholding taxes, state income taxes and federal and state taxes on foreign currency gains and losses on accumulated undistributed earnings of certain foreign subsidiaries because these earnings are considered to be permanently reinvested. It is not practicable to determine the amount of the unrecognized deferred tax liability related to the undistributed earnings. We do not anticipate the need to repatriate funds to the U.S. to satisfy domestic liquidity needs arising in the ordinary course of business, including liquidity needs associated with our domestic debt service requirements.
Reworded paragraphs (39)
Previous wording
We continue to monitor changing tariff requirements and reciprocal actions, as well as indirect effects in the economic environment, which may adversely affect our operations, although these factors have had an immaterial impact on our results for year-to-date 2025. Most of our products are made locally and sold locally. We sell the vast majority of our products to customers in the U.S., Mexico and Canada, where trade is governed by the United States-Mexico-Canada Agreement. Our operations in the U.S. source corn produced in the U.S., and our subsidiaries outside the U.S. utilize both supplies of corn from their local regions, as well as corn imported from other geographic areas. Our tariff response hub continually assesses ongoing tariff actions so that we work effectively with customers to navigate supply chain complexity in a cost effective and less disruptive manner.
Current wording
We continue to monitor changing tariff requirements and reciprocal actions, as well as indirect effects in the economic environment, which may adversely affect our operations, although these factors have had an immaterial impact on our results for year-to-date 2025. Most of our products are made locally and sold locally. We sell the vast majority of our products to customers in the U.S., Mexico and Canada, where trade is governed by the United States–Mexico–Canada Agreement. Our operations in the U.S. source corn produced in the U.S., and our subsidiaries outside the U.S. utilize supplies of corn from their local regions, as well as corn imported from other geographic areas, including the U.S. Our tariff response hub continually assesses ongoing tariff actions so that we work effectively with customers to navigate supply chain complexity in a cost effective and less disruptive manner.
Previous wording
On July 4, 2025, the U.S. enacted the One Big Beautiful Bill Act (“OBBBA”), which introduced a broad range of tax reforms. Key provisions of the law that are relevant to our business include the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to international tax rules, and the reinstatement of favorable tax treatment for specific business activities. We are currently evaluating the impact of the OBBBA on our consolidated financial statements.
Current wording
On July 4, 2025, the U.S. enacted the One Big Beautiful Bill Act (“OBBBA”), which introduced a broad range of tax reforms. The OBBBA did not have a material impact on our third quarter Condensed Consolidated Financial Statements.
Previous wording
Net sales. Net sales decreased 2 percent to $1,833 million for the second quarter of 2025 compared to $1,878 million for the second quarter of 2024. The decrease was due primarily to price mix, primarily from lower raw material costs, and lower volume in each of the F&II segments, partially offset by T&HS volume increases.
Current wording
Net sales. Net sales decreased 3 percent to $1,816 million for the third quarter of 2025 compared to $1,870 million for the third quarter of 2024. The decrease was driven by lower volume from each of the F&II segments and price mix, primarily from lower raw material costs, partially offset by T&HS volume increases.
Previous wording
Cost of sales. Cost of sales decreased 5 percent to $1,356 million for the second quarter of 2025 compared to $1,432 million for the second quarter of 2024. The decrease was due primarily to lower raw material and input costs and lower volumes. As a result, gross profit margin increased to 26 percent for the second quarter of 2025 from 24 percent for the second quarter of 2024.
Current wording
Cost of sales. Cost of sales decreased 2 percent to $1,361 million for the third quarter of 2025 compared to $1,391 million for the third quarter of 2024. The decrease was due primarily to lower volumes and lower raw material and input costs. Gross profit margin decreased to 25 percent for the third quarter of 2025 from 26 percent for the third quarter of 2024 due to lower fixed cost absorption from lower volumes.
Previous wording
Operating expenses. Operating expenses increased 9 percent to $208 million for the second quarter of 2025 compared to $191 million for the second quarter of 2024. Operating expenses as a percentage of net sales were 11 percent for the second quarter of 2025 and 10 percent for the second quarter of 2024. The increase is primarily related to increased employee costs.
Current wording
Operating expenses. Operating expenses increased 3 percent to $203 million for the third quarter of 2025 compared to $198 million for the third quarter of 2024. Operating expenses as a percentage of net sales were 11 percent for the third quarter of 2025 and 2024. The increase in operating expenses was primarily attributable to increased employee costs.
Previous wording
Restructuring/impairment charges. Restructuring/impairment charges were $3 million for the second quarter of 2025 primarily related to decommissioning costs for previously announced facility closures, compared to $23 million for the second quarter of 2024, which were primarily for impairment charges related to certain equity investments.
Current wording
Restructuring/impairment charges. Restructuring/impairment charges were $3 million for the third quarter of 2025 primarily related to restructuring costs, compared to $12 million for the third quarter of 2024, which was for an impairment charge related to property, plant and equipment associated with manufacturing operations in the United Kingdom.
Previous wording
Financing costs. Financing costs increased 20 percent to $12 million for the second quarter of 2025 compared to $10 million for the second quarter of 2024. The increase was primarily due to foreign exchange losses in the second quarter of 2025 compared to foreign exchange gains in the second quarter of 2024, partially offset by lower net interest expense.
Current wording
Financing costs. Financing costs increased to $7 million for the third quarter of 2025 compared to $1 million for the third quarter of 2024. The increase was primarily due to lower foreign exchange gains in the third quarter of 2025 compared to the third quarter of 2024.
Previous wording
Provision for income taxes. Our effective income tax rate for the second quarter of 2025 and 2024 was 23.6 percent and 34.8 percent. The decrease in the effective tax rate was primarily driven by the change in value of the Mexican peso against the U.S. dollar and the tax impact from an impairment of an equity method investment during the second quarter of 2024.
Current wording
Provision for income taxes. Our effective income tax rate for the third quarter of 2025 and 2024 was 28.6 percent and 30.8 percent. The decrease in the effective tax rate was primarily driven by an adverse ruling by tax authorities that generated a multi-year tax contingency during the third quarter of 2024 and the change in value of the Mexican peso against the U.S. dollar. These impacts were partially offset by the change in our permanent reinvestment status of a foreign affiliate during the third quarter of 2025 and the tax treatment related to the sale of our South Korea business in 2024.
Previous wording
Net income attributable to Ingredion. Net income attributable to Ingredion for the second quarter of 2025 increased to $196 million from $148 million for the second quarter of 2024.
Current wording
Net income attributable to Ingredion. Net income attributable to Ingredion for the third quarter of 2025 decreased to $171 million from $188 million for the third quarter of 2024. The decrease was primarily due to the decrease in operating income, partially offset by a lower effective tax rate.
Previous wording
Net sales. T&HS net sales increased to $599 million for the second quarter of 2025 compared to $588 million for the second quarter of 2024. Net sales increased primarily due to higher volumes and favorable foreign exchange impacts, partially offset by unfavorable price mix.
Current wording
Net sales. T&HS net sales increased to $605 million for the third quarter of 2025 compared to $600 million for the third quarter of 2024. The increase was primarily due to higher volumes and favorable foreign exchange impacts, partially offset by unfavorable price mix.
Previous wording
Adjusted operating income. T&HS adjusted operating income increased 29 percent to $111 million for the second quarter of 2025 compared to $86 million for the second quarter of 2024. The increase was primarily due to lower raw material and input costs, as well as higher volumes, partially offset by unfavorable price mix.
Current wording
Adjusted operating income. T&HS adjusted operating income increased 9 percent to $105 million for the third quarter of 2025 compared to $96 million for the third quarter of 2024. The increase was primarily due to lower raw material costs and favorable volume impacts, partially offset by unfavorable price mix.
Previous wording
Net sales. F&II - LATAM net sales decreased 5 percent to $596 million for the second quarter of 2025 compared to $630 million for the second quarter of 2024. Net sales decreased primarily due to lower volumes and unfavorable foreign exchange impacts, partially offset by favorable price mix.
Current wording
Net sales. F&II–LATAM net sales decreased 6 percent to $585 million for the third quarter of 2025 compared to $620 million for the third quarter of 2024. The decrease was primarily due to lower brewing industry volumes, customer and product mix management, and softer consumer demand.
Previous wording
Net sales. F&II - U.S./Canada net sales decreased 6 percent to $523 million for the second quarter of 2025 from $555 million for the second quarter of 2024. Net sales decreased primarily due to lower volumes.
Current wording
Net sales. F&II–U.S./Canada net sales decreased 7 percent to $507 million for the third quarter of 2025 from $548 million for the third quarter of 2024. The decrease was primarily due to lower volumes from the beverage and food industry and unfavorable price mix.
Previous wording
Adjusted operating income. F&II - U.S./Canada adjusted operating income decreased 18 percent to $86 million for the second quarter of 2025 from $105 million for the second quarter of 2024. The decrease resulted primarily from downtime associated with a mechanical fire and reduced industrial demand, though these impacts were partially mitigated by lower raw material costs.
Current wording
Adjusted operating income. F&II–U.S./Canada adjusted operating income decreased 18 percent to $81 million for the third quarter of 2025 from $99 million for the third quarter of 2024. The decrease resulted primarily from continued production challenges at one of our large manufacturing facilities and lower beverage and food industry volume demand.
Previous wording
Net sales. All Other net sales increased 10 percent to $115 million for the second quarter of 2025 from $105 million for the second quarter of 2024. The increase was primarily due to net sales increases in the plant-based protein business.
Current wording
Net sales. All Other net sales increased 17 percent to $119 million for the third quarter of 2025 from $102 million for the third quarter of 2024. The increase was primarily due to an increase from the Pakistan business.
Previous wording
Adjusted operating loss. All Other adjusted operating loss was $1 million for the second quarter of 2025 compared to $10 million for the second quarter of 2024. The decrease was primarily due to improvements in the plant-based protein business.
Current wording
Adjusted operating loss. All Other adjusted operating loss was $4 million for the third quarter of 2025 and 2024, reflecting improvements in the plant-based protein business, offset by lower profits from the Pakistan business.
Previous wording
Cost of sales. Cost of sales decreased 7 percent to $2,703 million for year-to-date 2025 compared to $2,897 million for year-to-date 2024. The decrease was primarily due to lower raw material and input costs, which decreased at a faster rate than sales, leading to an increase in gross profit margin to 26 percent for year-to-date 2025 compared to 23 percent for year-to-date 2024.
Current wording
Cost of sales. Cost of sales decreased 5 percent to $4,064 million for year-to-date 2025 compared to $4,288 million for year-to-date 2024. The decrease was primarily due to lower raw material and input costs, leading to an increase in gross profit margin to 26 percent for year-to-date 2025 compared to 24 percent for year-to-date 2024.
Previous wording
Operating expenses. Operating expenses increased to $401 million for year-to-date 2025 compared to $380 million for year-to-date 2024. Operating expenses as a percentage of net sales were 11 percent for year-to-date 2025 and 10 percent for year-to-date 2024. The increase is primarily related to increased employee costs.
Current wording
Operating expenses. Operating expenses increased 4 percent to $604 million for year-to-date 2025 compared to $578 million for year-to-date 2024. Operating expenses as a percentage of net sales were 11 percent for year-to-date 2025 and 10 percent for year-to-date 2024. The increase was primarily attributable to increased employee costs.
Previous wording
Other operating (income) expense. Other operating income was $15 million for year-to-date 2025 compared to Other operating expense of $4 million for year-to-date 2024, primarily due to higher income from our Argentina joint venture and indirect taxes in Brazil.
Current wording
Other operating (income) expense. Other operating income was $15 million for year-to-date 2025 compared to Other operating expense of $5 million for year-to-date 2024, primarily due to higher income from our Argentina joint venture and indirect tax benefits in Brazil.
Previous wording
Restructuring and impairment charges. Restructuring and impairment charges were $10 million for year-to-date 2025 primarily related to impairment charges for certain equity investments and decommissioning costs for previously announced plant closures. Restructuring and impairment charges were $26 million for year-to-date 2024 primarily for impairment charges related to certain equity investments and restructuring charges for our resegmentation that was effective January 1, 2024.
Current wording
Restructuring and impairment charges. Restructuring and impairment charges were $13 million for year-to-date 2025 primarily related to impairment charges for certain equity investments, decommissioning costs for previously announced plant closures and restructuring charges. Restructuring and impairment charges were $38 million for year-to-date 2024 primarily due to impairment charges related to certain equity investments and restructuring charges for our resegmentation that was effective January 1, 2024.
Previous wording
Financing costs. Financing costs decreased 28 percent to $21 million for year-to-date 2025 compared to $29 million for year-to-date 2024. The decrease was primarily due to lower interest expense from lower average outstanding debt balances during year-to-date 2025 compared to year-to-date 2024, partially offset by the impacts from foreign exchange losses in 2025 and foreign exchange gains in 2024.
Current wording
Financing costs. Financing costs decreased 7 percent to $28 million for year-to-date 2025 compared to $30 million for year-to-date 2024. The decrease was primarily due to lower interest expense on lower average outstanding debt balances during year-to-date 2025 compared to year-to-date 2024, partially offset by the impacts from foreign exchange losses in 2025 compared to foreign exchange gains in 2024.
Previous wording
Provision for income taxes. Our effective income tax rate for year-to-date 2025 decreased to 24.5 percent from 27.3 percent for year-to-date 2024. The decrease in the effective tax rate was primarily driven by the change in value of the Mexican peso against the U.S. dollar and the tax impact from the impairment of an equity method investment during the second quarter of 2024. These impacts were partially offset by the favorable tax treatment on the sale of our South Korea business in 2024.
Current wording
Provision for income taxes. Our effective income tax rate for year-to-date 2025 decreased to 25.8 percent from 28.5 percent for year-to-date 2024. The decrease in the effective tax rate was primarily driven by the change in value of the Mexican peso against the U.S. dollar, an adverse ruling by tax authorities that generated a multi-year tax contingency in 2024, and the impairment of an equity method investment during 2024. These impacts were partially offset by the tax treatment on the sale of our South Korea business during 2024 and the change in our permanent reinvestment status of a certain foreign affiliate during the third quarter of 2025.
Previous wording
Net income attributable to Ingredion. Net income attributable to Ingredion for year-to-date 2025 increased to $393 million from $364 million for year-to-date 2024. Excluding the impact of the $82 million gain on the sale of our South Korea business in 2024 and lower income taxes and lower financing costs in 2025, the increase was primarily due to the increase in operating income.
Current wording
Net income attributable to Ingredion. Net income attributable to Ingredion for year-to-date 2025 increased to $564 million from $552 million for year-to-date 2024. Excluding the impact of the $90 million gain on the sale of our South Korea business in 2024 and lower effective tax rate in 2025, the increase was primarily due to the increase in operating income.
Previous wording
Net sales. T&HS net sales increased 1 percent to $1,201 million for year-to-date 2025 from $1,185 million for year-to-date 2024. The increase was primarily due to higher volumes, partially offset by unfavorable price mix.
Current wording
Net sales. T&HS net sales increased 1 percent to $1,806 million for year-to-date 2025 from $1,785 million for year-to-date 2024. The increase was primarily due to higher volumes and favorable foreign exchange impacts, partially offset by unfavorable price mix.
Previous wording
Adjusted operating income. T&HS adjusted operating income increased 31 percent to $210 million for year-to-date 2025 from $160 million for year-to-date 2024. The increase was primarily due to lower raw material and other input costs, partially offset by unfavorable price mix.
Current wording
Adjusted operating income. T&HS adjusted operating income increased 23 percent to $315 million for year-to-date 2025 from $256 million for year-to-date 2024. The increase was primarily due to lower raw material and manufacturing costs, partially offset by unfavorable price mix.
Previous wording
Net sales. F&II - LATAM net sales decreased 6 percent to $1,169 million for year-to-date 2025 from $1,246 million for year-to-date 2024. The decrease was primarily due to unfavorable foreign exchange impacts and lower volumes, partially offset by favorable price mix.
Current wording
Net sales. F&II–LATAM net sales decreased 6 percent to $1,754 million for year-to-date 2025 from $1,866 million for year-to-date 2024. The decrease was primarily due to lower volumes and unfavorable foreign exchange impacts, partially offset by favorable price mix.
Previous wording
Adjusted operating income. F&II - LATAM adjusted operating income increased 10 percent to $254 million for year-to-date 2025 from $231 million for year-to-date 2024. The Argentina joint venture financial results in the first half of 2025 improved from the first half of 2024 primarily as a result of the Argentine peso devaluation that we recorded in the first quarter of 2024. Apart from the joint venture results, the adjusted operating income increase was primarily due to improved price mix, partially offset by lower volumes.
Current wording
Adjusted operating income. F&II–LATAM adjusted operating income increased 2 percent to $370 million for year-to-date 2025 from $362 million for year-to-date 2024. The Argentina joint venture financial results for year-to-date 2025 improved from year-to-date 2024 primarily as a result of the Argentine peso devaluation that occurred in the first quarter of 2024. Apart from the joint venture results, the adjusted operating income increase was primarily due to lower raw material costs.
Previous wording
Net sales. F&II - U.S./Canada net sales decreased 5 percent to $1,043 million for year-to-date 2025 from $1,096 million for year-to-date 2024. The decrease was primarily due to unfavorable price mix and lower volumes.
Current wording
Net sales. F&II–U.S./Canada net sales decreased 6 percent to $1,550 million for year-to-date 2025 from $1,644 million for year-to-date 2024. The decrease was primarily due to lower volumes and unfavorable price mix from softer beverage and food industry demand.
Previous wording
Adjusted operating income. F&II - U.S./Canada adjusted operating income decreased 7 percent to $178 million for year-to-date 2025 from $192 million for year-to-date 2024. The decrease resulted primarily from downtime associated with a mechanical fire at a manufacturing facility and reduced industrial demand, partially mitigated by lower raw material costs.
Current wording
Adjusted operating income. F&II–U.S./Canada adjusted operating income decreased 11 percent to $259 million for year-to-date 2025 from $291 million for year-to-date 2024. The decrease resulted primarily from lower volumes and continued production challenges at one of our large manufacturing facilities, partially offset by lower raw material costs.
Previous wording
Net sales. All Other net sales were flat at $233 million for both year-to-date 2025 and 2024. Net sales increased due to increased volumes, offset the impact of lost sales volumes from our South Korea business that we sold in February 2024.
Current wording
Net sales. All Other net sales increased 5 percent to $352 million for year-to-date 2025 from $335 million for year-to-date 2024. The increase was due to increased volumes, which offset the impact of lost sales volumes from our South Korea business that we sold in February 2024.
Previous wording
Adjusted operating loss. All Other adjusted operating loss decreased to $1 million for year-to-date 2025 compared to $14 million for year-to-date 2024. The decrease was primarily due to improvements in the plant-based protein business.
Current wording
Adjusted operating loss. All Other adjusted operating loss decreased to $5 million for year-to-date 2025 from $18 million for year-to-date 2024. The decrease was primarily due to improved performance in the plant-based protein business.
Previous wording
As of June 30, 2025, we had total available liquidity of $3.7 billion. Domestic liquidity of $1.4 billion consisted of $447 million in cash and cash equivalents and $1.0 billion available through our commercial paper program. The commercial paper program is backed by $1.0 billion of borrowing availability under a five-year revolving credit agreement.
Current wording
As of September 30, 2025, we had total available liquidity of $3.8 billion. Domestic liquidity of $1.4 billion consisted of $423 million in cash and cash equivalents and $1.0 billion available through our commercial paper program. The commercial paper program is backed by $1.0 billion of borrowing availability under a five-year revolving credit agreement.
Previous wording
As of June 30, 2025, we had international liquidity of $2.3 billion, consisting of $414 million of cash and cash equivalents and $7 million of short-term investments held by our operations outside the U.S., as well as $1.9 billion of unused operating lines of credit in foreign countries where we operate. As the parent company, we guarantee certain obligations of our consolidated subsidiaries, which totaled $38 million as of June 30, 2025. We believe that our consolidated subsidiaries will be able to meet their financial obligations as they become due.
Current wording
As of September 30, 2025, we had international liquidity of $2.4 billion, consisting of $492 million of cash and cash equivalents and $6 million of short-term investments held by our operations outside the U.S., as well as $1.9 billion of unused operating lines of credit in foreign countries where we operate. As the parent company, we guarantee certain obligations of our consolidated subsidiaries, which totaled $40 million as of September 30, 2025. We believe that our consolidated subsidiaries will be able to meet their financial obligations as they become due.
Previous wording
As of June 30, 2025, we had total debt outstanding of $1.8 billion. Of our outstanding debt, $1.7 billion consists of senior notes that do not require repayment until 2026 through 2050. The weighted average interest rate on our total indebtedness was approximately 3.9 percent for the second quarter of 2025 and approximately 4.2 percent for the second quarter of 2024.
Current wording
As of September 30, 2025, we had total debt outstanding of $1.8 billion. Of our outstanding debt, $1.7 billion consists of senior notes that do not require repayment until 2026 through 2050. The weighted average interest rate on our total indebtedness was approximately 4.0 percent for the third quarter of 2025 and 2024.
Previous wording
Our cash provided by operating activities was $262 million for year-to-date 2025 compared to cash provided by operating activities of $521 million for year-to-date 2024. The decrease was primarily attributable to a $250 million change in working capital resulting from increased trade accounts receivables due to reduced utilization of customer financing programs and higher volumes.
Current wording
Our cash provided by operating activities was $539 million for year-to-date 2025 compared to cash provided by operating activities of $1,000 million for year-to-date 2024. The decrease was primarily attributable to a $487 million change in working capital resulting from increased trade accounts receivables due to reduced utilization of customer financing programs, and increased inventories.
Previous wording
We used $193 million of cash for capital expenditures and mechanical stores purchases to update, expand and improve our facilities year-to-date 2025 compared to $120 million we applied year-to-date 2024 for the same purposes. Capital investment commitments for the full year of 2025 are anticipated to be between $400 million and $425 million. In addition, we received $247 million in proceeds for the sale of our South Korea business year-to-date 2024, in contrast to investing $19 million in the Agrana joint venture year-to-date 2025.
Current wording
We used $298 million of cash for capital expenditures and mechanical stores purchases to update, expand and improve our facilities year-to-date 2025 compared to $170 million of cash we applied year-to-date 2024 for the same purposes. Capital investment commitments for the full year of 2025 are anticipated to be between $400 million and $425 million. In addition, we received proceeds of $255 million in year-to-date 2024 and $12 million in year-to-date 2025 for the sale of our South Korea business, and we made $11 million of net investments in unconsolidated affiliates in year-to-date 2025.
Previous wording
We used $204 million of cash for financing activities year-to-date 2025 compared to cash used for financing activities of $526 million year-to-date 2024. The difference was primarily reflected the absence of commercial paper borrowings year-to-date 2025 compared to $327 million net repayments of commercial paper year-to-date 2024.
Current wording
We used $340 million of cash for financing activities year-to-date 2025 compared to cash used for financing activities of $601 million year-to-date 2024. The difference primarily reflected the absence of commercial paper borrowings year-to-date 2025 compared to $327 million of net repayments of commercial paper year-to-date 2024. In addition, for year-to-date 2025, we repurchased 1,036 outstanding shares of common stock in open market transactions at a net cost of $134 million, compared to year-to-date 2024 when we repurchased 762 thousand outstanding shares of common stock at a net cost of $87 million.
Previous wording
We declare and pay cash dividends to our common stockholders of record on a quarterly basis. Dividends paid, including those to non-controlling interests, was $106 million year-to-date 2025 compared to $104 million year-to-date 2024. The increase in dividend payments was due to an increase in our quarterly dividend to $0.80 per share in 2025 from $0.78 per share in 2024.
Current wording
We declare and pay cash dividends to our common stockholders of record on a quarterly basis. Dividends paid, including those to non-controlling interests, was $157 million year-to-date 2025 compared to $156 million year-to-date 2024. The increase in dividend payments reflected an increase in our quarterly dividend rate to $0.82 per share in 2025 from $0.80 per share in 2024.
Previous wording
This Form 10-Q contains or may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”).
Current wording
This Form 10-Q contains or may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”). Ingredion Incorporated intends these forward-looking statements to be covered by the safe harbor provisions for such statements.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
For year-to-date 2025, we repurchased 409 thousand outstanding shares of common stock in open market transactions at a net cost of $55 million. For year-to-date 2024, we repurchased 577 thousand outstanding shares of common stock at a net cost of $66 million.
Previous report — wording carried elsewhere
Ingredion Incorporated intends these forward-looking statements to be covered by the safe harbor provisions for such statements.