Ingevity Corp
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
NGVT$60.78-2.6%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| In millions | 2025 | 2024 | 2023 |
| Cash provided by (used in) operating activities: | |||
| Net income (loss) | $(167.1) | $(430.3) | $(5.4) |
| Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||
| Depreciation and amortization | 106.4 | 108.3 | 122.8 |
| Non cash operating lease costs | 14.7 | 19.1 | 18.6 |
| Deferred income taxes | (4.7) | (121.4) | (44.7) |
| Disposal/impairment of assets | 3.2 | 1.3 | 4.3 |
| Restructuring and other (income) charges, net | 55.7 | 186.2 | 170.2 |
| CTO resales | — | 52.7 | 22.0 |
| LIFO liquidation | (6.8) | (5.8) | (28.5) |
| Share-based compensation | 18.3 | 11.9 | 10.6 |
| (Gain) loss on strategic investment | 26.2 | 11.4 | (19.3) |
| Pension and other postretirement benefit costs | 1.2 | 1.5 | 1.6 |
| Goodwill impairment charge | 183.8 | 349.1 | — |
| Long lived assets impairment charge | 109.3 | — | — |
| Other non-cash items | 7.6 | 17.0 | 36.2 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, net | 12.2 | 38.2 | 42.7 |
| Inventories, net | 40.2 | 73.3 | 25.8 |
| Prepaid and other current assets | 1.3 | 7.7 | (28.6) |
| Planned major maintenance outage | (6.5) | (6.5) | (12.8) |
| Accounts payable | (2.6) | (63.4) | (14.6) |
| Accrued expenses | (14.1) | (1.0) | (7.7) |
| Accrued payroll and employee benefits | 6.9 | 8.0 | (33.5) |
| Income taxes | (1.2) | (13.8) | 6.4 |
| Operating leases | (19.5) | (21.7) | (22.5) |
| Restructuring and other spending | (46.1) | (59.3) | (44.0) |
| CTO resales | 6.2 | (46.1) | (10.6) |
| Changes in all other operating assets and liabilities, net | 6.6 | 12.2 | 16.1 |
| Net cash provided by (used in) operating activities | $331.2 | $128.6 | $205.1 |
| Cash provided by (used in) investing activities: | |||
| Capital expenditures | (57.7) | (77.6) | (109.8) |
| Proceeds from disposition of assets | 3.6 | — | |
| Sale (purchase) of strategic investments, net | (16.4) | (0.3) | 29.1 |
| Restricted investment | 13.0 | — | 7.0 |
| Other investing activities, net | — | (1.6) | (3.6) |
| Net cash provided by (used in) investing activities | $(57.5) | $(79.5) | $(77.3) |
Consolidated Statements of Cash Flows (continued)
| Years Ended December 31, | |||
|---|---|---|---|
| In millions | 2025 | 2024 | 2023 |
| Cash provided by (used in) financing activities: | |||
| Proceeds from revolving credit facility and other borrowings | 291.3 | 404.5 | 376.3 |
| Payments on revolving credit facility and other borrowings | (483.6) | (470.6) | (382.9) |
| Debt issuance costs | — | — | (0.4) |
| Financing lease obligations, net | (1.3) | (1.0) | (0.7) |
| Tax payments related to withholdings on vested equity awards | (3.7) | (3.1) | (4.8) |
| Proceeds and withholdings from share-based compensation plans, net | 1.4 | — | 4.7 |
| Repurchases of common stock under publicly announced plan | (56.3) | — | (92.1) |
| Net cash provided by (used in) financing activities | $(252.2) | $(70.2) | $(99.9) |
| Increase (decrease) in cash, cash equivalents, and restricted cash | 21.5 | (21.1) | 27.9 |
| Effect of exchange rate changes on cash | 4.5 | (4.2) | (0.3) |
| Change in cash, cash equivalents, and restricted cash | 26.0 | (25.3) | 27.6 |
| Cash, cash equivalents, and restricted cash at beginning of period | 86.6 | 111.9 | 84.3 |
| Cash, cash equivalents, and restricted cash at end of period (1) | $112.6 | $86.6 | $111.9 |
| _______________ | |||
| (1) Includes restricted cash of $34.5 million, $18.6 million, and $16.0 million and cash and cash equivalents of $78.1 million, $68.0 million, and $95.9 million for the years ended December 31, 2025, 2024, and 2023, respectively. Restricted cash is included within "Prepaid and other current assets" and "Restricted investment" within the consolidated balance sheets. | |||
| Supplemental cash flow information: | |||
| Cash paid for interest, net of capitalized interest | $70.4 | $85.4 | $82.7 |
| Cash paid for income taxes, net of refunds | 8.7 | 26.9 | 29.7 |
| Purchases of property, plant, and equipment in accounts payable | 1.7 | 2.4 | 2.8 |
| Leased assets obtained in exchange for new finance lease liabilities | — | — | 0.2 |
| Leased assets obtained in exchange for new operating lease liabilities | 1.8 | 6.0 | 29.1 |
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