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Equity | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Equity | Equity Treasury Stock: On November 3, 2025, the Board of Directors approved a stock repurchase program authorizing us to purchase up to 8.0 million shares of our outstanding common stock from November 4, 2025 until December 31, 2028. The Board of Directors simultaneously terminated a stock repurchase program that it had approved September 26, 2022 (the “previous repurchase program”), which had authorized us to purchase up to 6.0 million shares of our outstanding common stock until December 31, 2025. We may repurchase shares under the new stock repurchase program from time to time in the open market, in privately negotiated transactions, or otherwise, at prices we deem appropriate. We are not obligated to repurchase any shares under the authorization, and the repurchase program may be suspended, discontinued, or modified at any time, for any reason and without notice. The parameters of the repurchase program are not established solely with reference to the dilutive impact of shares issued under our stock incentive plan; but we expect that, over time, share repurchases will offset the dilutive impact of shares issued under the plan. During the third quarter and year-to-date 2025, we repurchased 627 thousand and 1,036 thousand outstanding shares of common stock in open market transactions at a net cost of $79 million and $134 million. During the third quarter and year-to-date 2024, we repurchased 185 thousand and 762 thousand outstanding shares of common stock in open market transactions at a net cost of $21 million and $87 million. As of September 30, 2025, we had 2.3 million shares available for repurchase under the previous repurchase program. As of the previous repurchase program’s termination date of November 3, 2025, we had 2.1 million shares available for repurchase. Share-based Payments: Share-based compensation expense was as follows:
|  |  |  |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  |  |  |  |  |  |  |  |  | 2025 |  | 2024 |  | 2025 |  | 2024
Stock options: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax compensation expense |  |  |  |  |  |  |  |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 5 |  |  | $ | 4 |
Income tax benefit |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |
Stock option expense, net of income taxes |  |  |  |  |  |  |  |  |  | 2 |  |  | 1 |  |  | 5 |  |  | 4 |
Restricted stock units (“RSUs”): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax compensation expense |  |  |  |  |  |  |  |  |  | 4 |  |  | 4 |  |  | 16 |  |  | 15 |
Income tax benefit |  |  |  |  |  |  |  |  |  | — |  |  | (1) |  |  | (2) |  |  | (2) |
RSUs, net of income taxes |  |  |  |  |  |  |  |  |  | 4 |  |  | 3 |  |  | 14 |  |  | 13 |
Performance shares and other share-based awards: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax compensation expense |  |  |  |  |  |  |  |  |  | 3 |  |  | 3 |  |  | 12 |  |  | 11 |
Income tax benefit |  |  |  |  |  |  |  |  |  | (1) |  |  | — |  |  | (1) |  |  | — |
Performance shares and other share-based compensation expense, net of income taxes |  |  |  |  |  |  |  |  |  | 2 |  |  | 3 |  |  | 11 |  |  | 11 |
Total share-based compensation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax compensation expense |  |  |  |  |  |  |  |  |  | 9 |  |  | 8 |  |  | 33 |  |  | 30 |
Income tax benefit |  |  |  |  |  |  |  |  |  | (1) |  |  | (1) |  |  | (3) |  |  | (2) |
Total share-based compensation expense, net of income taxes |  |  |  |  |  |  |  |  |  | $ | 8 |  |  | $ | 7 |  |  | $ | 30 |  |  | $ | 28 |
Stock Options: Under our stock incentive plan, stock options are granted at exercise prices that equal the market value of the underlying common stock on the date of grant. The options have a 10-year term and are exercisable upon vesting, which occurs over a 3-year period at the anniversary dates of the date of grant. We generally recognize compensation expense on a straight-line basis for all awards over the employee’s vesting period. We estimate a forfeiture rate at the time of grant and update the estimate throughout the vesting period of the stock options within the amount of compensation costs recognized in each period. We granted non-qualified options to purchase 158 thousand shares and 178 thousand shares for year-to-date 2025 and 2024. We estimated the fair value of each option grant by using the Black-Scholes option-pricing model with the following assumptions:
|  | Nine Months Ended September 30,
|  | 2025 |  | 2024
Expected life (in years) |  | 5.5 |  | 5.5
Risk-free interest rate |  | 4.1% |  | 4.2%
Expected volatility |  | 28.2% |  | 28.1%
Expected dividend yield |  | 2.5% |  | 2.9%
The expected life of options represents the weighted average period that we expect options granted to be outstanding in view of vesting schedules and our historical exercise patterns. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the grant date for the period corresponding to the expected life of the options. Expected volatility is based on historical volatilities of our common stock, and dividend yields are based on our dividend yield at the date of issuance. Stock option activity for year-to-date 2025 was as follows:
|  | Number of Options (in thousands) |  | Weighted Average Exercise Price per Share |  | Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2024 |  | 1,453 |  | $ | 100.04 |  |  | 5.6 |  | $ | 55 |
Granted |  | 158 |  | 130.57 |  |  |  |  |
Exercised |  | (269) |  | 91.26 |  |  |  |  |
Cancelled |  | (19) |  | 115.94 |  |  |  |  |
Outstanding as of September 30, 2025 |  | 1,323 |  | $ | 105.24 |  |  | 5.4 |  | $ | 25 |
Exercisable as of September 30, 2025 |  | 1,019 |  | $ | 101.50 |  |  | 4.4 |  | $ | 23 |
For year-to-date 2025, cash received from the exercise of stock options was $4 million. As of September 30, 2025, the unrecognized compensation cost related to non-vested stock options totaled $2 million, which we expect to amortize over the weighted-average period of approximately 1.9 years. Additional information pertaining to stock option activity was as follows:
|  |  |  |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  |  |  |  |  |  |  |  |  | 2025 |  | 2024 |  | 2025 |  | 2024
Weighted average grant date fair value of stock options granted (per share) |  |  |  |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 33.53 |  |  | $ | 26.33 |
Total intrinsic value of stock options exercised |  |  |  |  |  |  |  |  |  | 8 |  |  | 3 |  |  | 10 |  |  | 13 |
Restricted Stock Units: We have granted restricted stock units (“RSUs”) to certain key employees. The RSUs are primarily subject to cliff vesting, generally after 3 years, provided the employee remains in our service. The fair value of the RSUs is determined based upon the number of shares granted and the quoted market price of our common stock at the grant date. RSU activity for 2025 was as follows:
|  | Number of Restricted Shares (in thousands) |  | Weighted Average Fair Value per Share
Non-vested as of December 31, 2024 |  | 538 |  | $ | 99.58 |
Granted |  | 172 |  | 130.60 |
Vested |  | (167) |  | 89.20 |
Cancelled |  | (34) |  | 110.75 |
Non-vested as of September 30, 2025 |  | 509 |  | $ | 112.31 |
As of September 30, 2025, the total remaining unrecognized compensation cost related to RSUs was $20 million, which will be amortized on a weighted-average basis over approximately 1.8 years. Performance Shares: We have a long-term incentive plan for senior management in the form of performance shares. The vesting of the performance shares is generally based on two performance metrics. Fifty percent of the performance shares awarded vest based on our total shareholder return as compared to the total shareholder return of our peer group, and the remaining fifty percent vest based on the calculation of our three-year average Adjusted Return on Invested Capital (“Adjusted ROIC”) against an established Adjusted ROIC target. For the 2025 performance shares awarded based on our total shareholder return, the number of shares that ultimately vest can range from zero to 200 percent of the grant depending on our total shareholder return as compared to the total shareholder return of our peer group. The share award vesting will be calculated at the end of the three-year period and is subject to approval by management and the People, Culture and Compensation Committee (“Compensation Committee”) of the Board of Directors. Compensation expense is based on the fair value of the performance shares at the grant date, established using a Monte Carlo simulation model. We amortize the total compensation expense for these awards over a three-year graded vesting schedule. For the 2025 performance shares awarded based on Adjusted ROIC, the number of shares that ultimately vest can range from zero to 200 percent of the grant depending on our Adjusted ROIC performance against the target. The share award vesting will be calculated at the end of the three-year period and is subject to approval by management and the Compensation Committee. We base compensation expense on the market price of our common stock on the grant date and the final number of shares that ultimately vest. We estimate the potential share vesting at least annually to adjust the compensation expense for these awards over the vesting period to reflect our estimated Adjusted ROIC performance against the target. We amortize the total compensation expense for these awards over a three-year graded vesting schedule. For year-to-date 2025, we awarded 82 thousand performance shares at a weighted average fair value of $145.73 per share. As of September 30, 2025, the unrecognized compensation cost related to these awards was $12 million, which we will amortize over the remaining service period of 1.96 years. The 2022 performance share awards that vested in February 2025 achieved a 200 percent payout of the granted performance shares. As of September 30, 2025, we estimate the 2023 performance share awards will pay out at 198 percent. For year-to-date 2025, fourteen thousand shares were cancelled. Accumulated Other Comprehensive Loss: A summary of accumulated other comprehensive loss for year-to-date 2025 and 2024 was as follows:
|  | Cumulative Translation Adjustment |  | Hedging Activities |  | Pension and Postretirement Adjustment |  | AOCL
Balance as of December 31, 2024 |  | $ | (1,061) |  |  | $ | 4 |  |  | $ | (29) |  |  | $ | (1,086) |
Other comprehensive income (loss) before reclassification adjustments |  | 147 |  |  | (6) |  |  | — |  |  | 141 |
(Income) reclassified from AOCL |  | — |  |  | (10) |  |  | — |  |  | (10) |
Tax effect |  | — |  |  | 5 |  |  | — |  |  | 5 |
Net other comprehensive income (loss) |  | 147 |  |  | (11) |  |  | — |  |  | 136 |
Balance as of September 30, 2025 |  | $ | (914) |  |  | $ | (7) |  |  | $ | (29) |  |  | $ | (950) |
|  | Cumulative Translation Adjustment |  | Hedging Activities |  | Pension and Postretirement Adjustment |  | AOCL
Balance as of December 31, 2023 |  | $ | (961) |  |  | $ | (48) |  |  | $ | (47) |  |  | $ | (1,056) |
Other comprehensive income (loss) before reclassification adjustments |  | 32 |  |  | (62) |  |  | 1 |  |  | (29) |
Loss reclassified from AOCL |  | — |  |  | 92 |  |  | 1 |  |  | 93 |
Tax effect |  | — |  |  | (8) |  |  | — |  |  | (8) |
Net other comprehensive income |  | 32 |  |  | 22 |  |  | 2 |  |  | 56 |
Balance as of September 30, 2024 |  | $ | (929) |  |  | $ | (26) |  |  | $ | (45) |  |  | $ | (1,000) |
Supplemental Information: The following Condensed Consolidated Statements of Equity and Redeemable Equity present information about the dividends per share for common stock for the periods indicated:
|  | Total Equity |  | Share-based Payments Subject to Redemption |  | Redeemable Non- Controlling Interests
|  | Preferred Stock |  | Common Stock |  | Additional Paid-In Capital |  | Treasury Stock |  | Accumulated Other Comprehensive Loss |  | Retained Earnings |  | Non- Redeemable Non- Controlling Interests |  |
Balance as of December 31, 2024 |  | $ | — |  |  | $ | 1 |  |  | $ | 1,152 |  |  | $ | (1,355) |  |  | $ | (1,086) |  |  | $ | 5,092 |  |  | $ | 19 |  |  | $ | 60 |  |  | $ | 7 |
Net income attributable to Ingredion |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 197 |  |  | — |  |  | — |  |  | — |
Net income attributable to non-controlling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |
Dividends declared, common stock ($0.80/share) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (53) |  |  | — |  |  | — |  |  | — |
Repurchases of common stock, net |  | — |  |  | — |  |  | — |  |  | (55) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Share-based compensation, net of issuance |  | — |  |  | — |  |  | 6 |  |  | 17 |  |  | — |  |  | — |  |  | — |  |  | (18) |  |  | — |
Other comprehensive income |  | — |  |  | — |  |  | — |  |  | — |  |  | 61 |  |  | — |  |  | — |  |  | — |  |  | 1 |
Balance as of March 31, 2025 |  | $ | — |  |  | $ | 1 |  |  | $ | 1,158 |  |  | $ | (1,393) |  |  | $ | (1,025) |  |  | $ | 5,236 |  |  | $ | 21 |  |  | $ | 42 |  |  | $ | 8 |
Net income attributable to Ingredion |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 196 |  |  | — |  |  | — |  |  | — |
Net income attributable to non-controlling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |
Dividends declared, common stock ($0.80/share) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (52) |  |  | — |  |  | — |  |  | — |
Dividends declared, non-controlling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | — |
Share-based compensation, net of issuance |  | — |  |  | — |  |  | 2 |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 9 |  |  | — |
Other comprehensive income (loss) |  | — |  |  | — |  |  | — |  |  | — |  |  | 72 |  |  | — |  |  | — |  |  | — |  |  | (1) |
Balance as of June 30, 2025 |  | $ | — |  |  | $ | 1 |  |  | $ | 1,160 |  |  | $ | (1,391) |  |  | $ | (953) |  |  | $ | 5,380 |  |  | $ | 21 |  |  | $ | 51 |  |  | $ | 7 |
Net income attributable to Ingredion |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 171 |  |  | — |  |  | — |  |  | — |
Net income attributable to non-controlling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |
Dividends declared, common stock ($0.82/share) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (54) |  |  | — |  |  | — |  |  | — |
Dividends declared, non-controlling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |
Repurchases of common stock, net |  | — |  |  | — |  |  | — |  |  | (79) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Share-based compensation, net of issuance |  | — |  |  | — |  |  | (4) |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | — |
Other comprehensive income |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |
Balance as of September 30, 2025 |  | $ | — |  |  | $ | 1 |  |  | $ | 1,156 |  |  | $ | (1,466) |  |  | $ | (950) |  |  | $ | 5,497 |  |  | $ | 21 |  |  | $ | 58 |  |  | $ | 7 |
|  | Total Equity |  | Share-based Payments Subject to Redemption |  | Redeemable Non- Controlling Interests
|  | Preferred Stock |  | Common Stock |  | Additional Paid-In Capital |  | Treasury Stock |  | Accumulated Other Comprehensive Loss |  | Retained Earnings |  | Non- Redeemable Non- Controlling Interests |  |
Balance as of December 31, 2023 |  | $ | — |  |  | $ | 1 |  |  | $ | 1,146 |  |  | $ | (1,207) |  |  | $ | (1,056) |  |  | $ | 4,654 |  |  | $ | 14 |  |  | $ | 55 |  |  | $ | 43 |
Net income attributable to Ingredion |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 216 |  |  | — |  |  | — |  |  | — |
Net income attributable to non-controlling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |
Dividends declared, common stock ($0.78/share) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (52) |  |  | — |  |  | — |  |  | — |
Repurchases of common stock, net |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Share-based compensation, net of issuance |  | — |  |  | — |  |  | — |  |  | 29 |  |  | — |  |  | — |  |  | — |  |  | (12) |  |  | — |
Other comprehensive (loss) |  | — |  |  | — |  |  | — |  |  | — |  |  | (6) |  |  | — |  |  | — |  |  | — |  |  | (1) |
Balance as of March 31, 2024 |  | $ | — |  |  | $ | 1 |  |  | $ | 1,146 |  |  | $ | (1,179) |  |  | $ | (1,062) |  |  | $ | 4,818 |  |  | $ | 16 |  |  | $ | 43 |  |  | $ | 42 |
Net income attributable to Ingredion |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 148 |  |  | — |  |  | — |  |  | — |
Net income (loss) attributable to non-controlling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | (1) |
Dividends declared, common stock ($0.78/share) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (52) |  |  | — |  |  | — |  |  | — |
Dividends declared, non-controlling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | — |
Repurchases of common stock, net |  | — |  |  | — |  |  | — |  |  | (65) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Share-based compensation, net of issuance |  | — |  |  | — |  |  | 1 |  |  | 11 |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | — |
Fair market value adjustment to non-controlling interests |  | — |  |  | — |  |  | (6) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6 |
Purchases of non-controlling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (40) |
Other comprehensive (loss) |  | — |  |  | — |  |  | — |  |  | — |  |  | (56) |  |  | — |  |  | — |  |  | — |  |  | — |
Balance as of June 30, 2024 |  | $ | — |  |  | $ | 1 |  |  | $ | 1,141 |  |  | $ | (1,233) |  |  | $ | (1,118) |  |  | $ | 4,914 |  |  | $ | 17 |  |  | $ | 50 |  |  | $ | 7 |
Net income attributable to Ingredion |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 188 |  |  | — |  |  | — |  |  | — |
Net income attributable to non-controlling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | (1) |
Dividends declared, common stock ($0.80/share) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (53) |  |  | — |  |  | — |  |  | — |
Dividends declared, non-controlling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |
Repurchases of common stock, net |  | — |  |  | — |  |  | — |  |  | (21) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Share-based compensation, net of issuance |  | — |  |  | — |  |  | 4 |  |  | 9 |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | — |
Other comprehensive income |  | — |  |  | — |  |  | — |  |  | — |  |  | 118 |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Balance as of September 30, 2024 |  | $ | — |  |  | $ | 1 |  |  | $ | 1,145 |  |  | $ | (1,245) |  |  | $ | (1,000) |  |  | $ | 5,049 |  |  | $ | 19 |  |  | $ | 54 |  |  | $ | 7 |
Supplemental Information: The following table presents information about the computation of basic and diluted earnings per common share (“EPS”):
|  | Three Months Ended September 30, 2025 |  | Three Months Ended September 30, 2024
|  | Net Income Attributable to Ingredion |  | Weighted Average Shares |  | Per Share Amount |  | Net Income Attributable to Ingredion |  | Weighted Average Shares |  | Per Share Amount
Basic EPS |  | $ | 171 |  |  | 64.3 |  | $ | 2.66 |  |  | $ | 188 |  |  | 65.3 |  | $ | 2.88 |
Effect of Dilutive Securities (i) |  |  |  | 1.1 |  |  |  |  |  | 1.2 |  |
Diluted EPS |  | $ | 171 |  |  | 65.4 |  | $ | 2.61 |  |  | $ | 188 |  |  | 66.5 |  | $ | 2.83 |
|  | Nine Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2024
|  | Net Income Attributable to Ingredion |  | Weighted Average Shares |  | Per Share Amount |  | Net Income Attributable to Ingredion |  | Weighted Average Shares |  | Per Share Amount
Basic EPS |  | $ | 564 |  |  | 64.4 |  | $ | 8.76 |  |  | $ | 552 |  |  | 65.6 |  | $ | 8.41 |
Effect of Dilutive Securities (i) |  |  |  | 1.1 |  |  |  |  |  | 1.0 |  |
Diluted EPS |  | $ | 564 |  |  | 65.5 |  | $ | 8.61 |  |  | $ | 552 |  |  | 66.6 |  | $ | 8.29 |
_________________ (i)Incremental shares from assumed exercise of dilutive stock options, vesting of dilutive stock options, and vesting of dilutive RSUs and other awards. For the third quarter and year-to-date 2025, approximately 0.3 million and 0.2 million share-based awards of common stock were excluded from the calculation of the weighted average number of shares outstanding for diluted EPS because their effects were anti-dilutive. For the third quarter and year-to-date 2024, approximately 0.2 million and 0.5 million of share-based awards of common stock were excluded for the same reason.

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