International Flavors & Fragrances (IFF) Financials

$81.69 -0.14 (-0.17%)

As of 11:53 AM Eastern

Annual Income Statements for International Flavors & Fragrances

This table shows International Flavors & Fragrances' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	419	405	296	337	456	363	270	-1,871	-2,591	263	-361
Consolidated Net Income / (Loss)	419	405	296	340	460	367	279	-1,864	-2,587	267	-359
Net Income / (Loss) Continuing Operations	419	405	296	340	460	367	279	-1,864	-2,587	267	-359
Total Pre-Tax Income	539	524	537	448	557	441	354	-1,625	-2,518	308	-412
Total Operating Income	588	553	553	584	665	566	585	-1,326	-2,110	766	-382
Total Gross Profit	1,352	1,396	1,472	1,683	2,113	2,086	3,735	4,151	3,681	4,124	3,938
Total Revenue	3,023	3,116	3,399	3,978	5,140	5,084	11,656	12,440	11,479	11,484	10,890
Operating Revenue	3,023	3,116	3,399	3,978	5,140	5,084	11,656	12,440	11,479	11,484	10,890
Total Cost of Revenue	1,672	1,721	1,926	2,295	3,027	2,998	7,921	8,289	7,798	7,360	6,952
Operating Cost of Revenue	1,672	1,721	1,926	2,295	3,027	2,998	7,921	8,289	7,798	7,360	6,952
Total Operating Expenses	763	843	920	1,099	1,448	1,520	3,150	5,477	5,791	3,358	4,320
Selling, General & Admin Expense	495	573	570	707	876	949	1,749	1,768	1,787	1,995	1,834
Research & Development Expense	246	259	295	312	346	357	629	603	636	671	694
Amortization Expense	15	24	35	76	193	193	732	727	680	610	568
Impairment Charge	-	-	-	-	-	0.00	0.00	2,370	2,623	64	1,153
Restructuring Charge	7.59	-1.70	20	5.08	30	17	41	12	68	29	70
Other Special Charges / (Income)	0.00	-11	-0.18	-1.18	3.00	4.00	-1.00	-3.00	-3.00	-11	1.00
Total Other Income / (Expense), net	-49	-29	-16	-136	-108	-125	-231	-299	-408	-458	-30
Interest Expense	46	53	65	171	138	132	289	336	380	305	-259
Other Income / (Expense), net	-3.18	24	50	35	30	7.00	58	37	-28	-153	-289
Income Tax Expense	120	119	241	108	97	74	75	239	69	41	-53
Net Income / (Loss) Attributable to Noncontrolling Interest	-	0.00	0.00	2.48	4.00	4.00	9.00	7.00	4.00	4.00	2.00
Basic Earnings per Share	$5.19	$5.07	$3.73	$3.81	$4.05	$3.25	$1.11	($7.32)	($10.14)	$1.04	($1.41)
Weighted Average Basic Shares Outstanding	80.45M	79.65M	79.07M	87.55M	112M	112M	243M	255M	255M	256M	256M
Diluted Earnings per Share	$5.16	$5.05	$3.72	$3.79	$4.00	$3.21	$1.10	($7.32)	($10.14)	$1.04	($1.41)
Weighted Average Diluted Shares Outstanding	80.89M	79.98M	79.37M	88.12M	113M	114M	243M	255M	255M	256M	256M
Weighted Average Basic & Diluted Shares Outstanding	80.45M	79.90M	79.30M	106.63M	106.80M	248.73M	254.68M	255.06M	255.31M	255.71M	255.48M
Cash Dividends to Common per Share	$2.06	$2.40	$2.66	$2.84	$2.96	$3.04	$3.12	$3.20	$3.24	$1.60	$1.60

This table shows International Flavors & Fragrances' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-2,610	60	170	58	-328	-1,018	599	40	5.00	169	50
Consolidated Net Income / (Loss)	-2,609	61	172	59	-46	-1,017	599	41	5.00	170	51
Net Income / (Loss) Continuing Operations	-2,609	61	172	59	-328	-1,017	550	41	5.00	170	33
Total Pre-Tax Income	-2,641	115	183	95	-115	-994	438	56	-8.00	209	64
Total Operating Income	-2,536	199	191	249	127	-903	142	226	97	273	158
Total Gross Profit	860	1,024	1,068	1,052	980	1,035	824	983	890	1,018	853
Total Revenue	2,703	2,899	2,889	2,925	2,771	2,843	1,919	2,694	2,589	2,741	1,954
Operating Revenue	2,703	2,899	2,889	2,925	2,771	2,843	1,919	2,694	2,589	2,741	1,954
Total Cost of Revenue	1,843	1,875	1,821	1,873	1,791	1,808	1,095	1,711	1,699	1,723	1,101
Operating Cost of Revenue	1,843	1,875	1,821	1,873	1,791	1,808	1,095	1,711	1,699	1,723	1,101
Total Operating Expenses	3,396	825	877	803	853	1,938	682	757	793	745	695
Selling, General & Admin Expense	444	490	493	495	517	461	409	421	469	427	437
Research & Development Expense	157	166	173	162	170	164	170	174	174	166	170
Amortization Expense	167	168	153	146	143	143	82	146	134	146	82
Impairment Charge	-	0.00	64	0.00	-	1,153	0.00	0.00	-	0.00	0.00
Restructuring Charge	7.00	3.00	2.00	1.00	23	17	20	16	16	6.00	6.00
Other Special Charges / (Income)	-2.00	-2.00	-8.00	-1.00	-	-	1.00	0.00	-	-	0.00
Total Other Income / (Expense), net	-105	-84	-8.00	-154	-524	-91	296	-170	-105	-64	-94
Interest Expense	89	83	79	74	69	71	-427	48	49	44	46
Other Income / (Expense), net	-16	-1.00	71	-80	-455	-20	-131	-122	-56	-20	-48
Income Tax Expense	-32	54	11	36	-69	23	-112	15	-13	39	31
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	49	-	-	-	18
Net Income / (Loss) Attributable to Noncontrolling Interest	1.00	1.00	2.00	1.00	-	1.00	0.00	1.00	-	1.00	1.00
Basic Earnings per Share	($10.22)	$0.23	$0.67	$0.23	($0.18)	($3.98)	$2.34	$0.16	$0.02	$0.66	$0.20
Weighted Average Basic Shares Outstanding	255M	255M	255M	256M	256M	256M	256M	256M	256M	256M	255M
Diluted Earnings per Share	($10.22)	$0.23	$0.66	$0.23	($0.17)	($3.98)	$2.33	$0.16	$0.03	$0.66	$0.20
Weighted Average Diluted Shares Outstanding	255M	256M	256M	257M	256M	256M	257M	257M	256M	257M	257M
Weighted Average Basic & Diluted Shares Outstanding	255.31M	255.35M	255.66M	255.68M	255.71M	255.79M	256.29M	256.10M	255.48M	255.30M	255.15M

This table details how cash moves in and out of International Flavors & Fragrances' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-297	142	44	280	-25	36	56	-164	183	-264	119
Net Cash From Operating Activities	467	550	391	438	699	714	1,437	397	1,455	1,070	850
Net Cash From Continuing Operating Activities	467	550	391	438	699	714	1,437	397	1,455	1,070	850
Net Income / (Loss) Continuing Operations	419	405	296	340	460	367	279	-1,864	-2,587	267	-359
Consolidated Net Income / (Loss)	419	405	296	340	460	367	279	-1,864	-2,587	267	-359
Depreciation Expense	90	102	118	174	323	325	1,156	1,179	1,142	1,015	962
Non-Cash Adjustments To Reconcile Net Income	23	14	-42	55	36	40	40	2,386	2,752	-91	852
Changes in Operating Assets and Liabilities, net	-64	29	19	-131	-120	-18	-406	-1,304	148	-121	-605
Net Cash From Investing Activities	-577	-355	-300	-5,013	-226	-187	-18	745	558	326	2,269
Net Cash From Continuing Investing Activities	-577	-355	-300	-5,013	-226	-187	-18	745	558	326	2,269
Purchase of Property, Plant & Equipment	-101	-126	-129	-170	-236	-192	-393	-504	-503	-463	-594
Acquisitions	-493	-237	-192	-4,861	-55	0.00	-4.00	-112	0.00	-5.00	-6.00
Purchase of Investments	-	0.64	-	-2.64	0.00	-14	-	0.00	-16	-102	0.00
Sale of Property, Plant & Equipment	4.30	6.86	16	8.18	42	17	18	8.00	27	21	21
Divestitures	-	0.00	0.00	10	0.00	0.00	115	1,169	1,050	875	2,743
Sale and/or Maturity of Investments	12	-	1.43	0.00	26	0.00	0.00	173	0.00	0.00	105
Net Cash From Financing Activities	-165	-34	-43	4,871	-505	-512	-1,304	-1,229	-1,851	-1,606	-3,091
Net Cash From Continuing Financing Activities	-165	-34	-43	4,871	-505	-512	-1,304	-1,229	-1,851	-1,606	-3,091
Repayment of Debt	138	-262	-260	-411	-155	-350	-927	-624	-767	-1,040	-2,934
Repurchase of Common Equity	-122	-127	-58	-15	0.00	-22	0.00	-47	-39	0.00	-38
Payment of Dividends	-159	-185	-206	-230	-314	-323	-669	-810	-839	-514	-409
Issuance of Debt	0.00	556	498	3,257	-1.00	200	327	273	-187	0.00	314
Other Financing Activities, net	-23	-17	-17	2,271	-35	-17	-35	-21	-19	-52	-24
Other Net Changes in Cash	-	-	-	-	-	-	-59	-	21	-54	91
Cash Interest Paid	47	51	55	118	134	128	310	310	370	308	229
Cash Income Taxes Paid	103	108	107	116	126	133	289	329	578	370	329

This table details how cash moves in and out of International Flavors & Fragrances' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	73	36	-123	-133	-44	179	166	-195	-31	-28	7.00
Net Cash From Operating Activities	644	99	237	366	368	127	241	164	318	257	422
Net Cash From Continuing Operating Activities	644	99	173	366	432	127	241	164	318	257	422
Net Income / (Loss) Continuing Operations	-2,609	61	172	60	-46	-1,017	612	15	31	170	51
Consolidated Net Income / (Loss)	-2,609	61	172	60	-46	-1,017	612	15	31	170	51
Depreciation Expense	287	278	246	248	243	236	242	247	237	246	218
Non-Cash Adjustments To Reconcile Net Income	2,612	16	-69	67	-105	1,172	-374	51	3.00	23	36
Changes in Operating Assets and Liabilities, net	354	-256	-176	-9.00	340	-264	-239	-149	47	-182	117
Net Cash From Investing Activities	-64	-78	742	-78	-260	-157	2,698	-115	-157	23	-156
Net Cash From Continuing Investing Activities	-64	-78	742	-78	-260	-157	2,698	-115	-157	23	-156
Purchase of Property, Plant & Equipment	-113	-118	-82	-103	-160	-179	-95	-132	-188	-165	-136
Divestitures	44	37	811	28	-1.00	0.00	2,707	-	36	198	3.00
Sale and/or Maturity of Investments	-	0.00	-	-	-	22	90	19	-26	0.00	-19
Net Cash From Financing Activities	-558	40	-1,063	-421	-162	169	-2,823	-237	-200	-301	-264
Net Cash From Continuing Financing Activities	-564	40	-1,063	-421	-162	169	-2,823	-237	-200	-301	-264
Repayment of Debt	-298	-586	-268	-129	-58	-21	-2,407	-504	-2.00	-4.00	-268
Repurchase of Common Equity	-	-	-	-	-	0.00	-	-	-	-35	-36
Payment of Dividends	-220	-207	-102	-102	-103	-102	-102	-102	-103	-102	-102
Effect of Exchange Rate Changes	-	-	-	-	-	40	-	-	-	-7.00	5.00
Cash Interest Paid	109	61	97	58	92	37	93	45	54	28	52
Cash Income Taxes Paid	128	53	132	63	122	86	53	123	67	111	64

This table presents International Flavors & Fragrances' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	3,702	4,017	4,599	12,889	13,287	13,555	39,658	35,522	30,978	28,723	25,539
Total Current Assets	1,437	1,609	1,897	2,942	2,943	3,060	6,987	7,432	6,293	7,968	5,594
Cash & Equivalents	182	324	368	635	607	650	711	483	709	469	590
Accounts Receivable	538	551	664	938	876	929	1,906	1,818	1,726	1,624	1,294
Inventories, net	572	592	649	1,079	1,123	1,132	2,516	3,151	2,477	2,133	1,507
Other Current Assets	145	142	215	277	319	342	728	770	875	686	742
Other Current Nonoperating Assets	-	-	-	-	-	0.00	1,122	1,200	506	3,056	1,461
Plant, Property, & Equipment, net	733	776	881	1,241	1,387	1,458	4,368	4,203	4,240	3,739	2,685
Total Noncurrent Assets	1,532	1,632	1,822	8,706	8,958	9,037	28,303	23,887	20,445	17,016	17,260
Goodwill	941	1,000	1,156	5,378	5,498	5,593	16,414	13,373	10,635	9,075	8,226
Intangible Assets	306	366	416	3,039	2,852	2,727	10,506	9,082	8,357	6,445	3,964
Other Noncurrent Operating Assets	118	128	250	289	608	717	1,383	1,432	1,453	1,496	1,469
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	-	-	3,601
Total Liabilities & Shareholders' Equity	3,702	4,017	4,599	12,889	13,287	13,555	39,658	35,522	30,978	28,723	25,539
Total Liabilities	2,107	2,386	2,910	6,764	6,959	7,135	18,436	17,591	16,336	14,854	11,353
Total Current Liabilities	725	898	769	1,128	1,552	1,904	3,633	3,728	3,758	4,352	3,933
Short-Term Debt	132	259	6.97	49	385	634	632	410	885	1,413	1,254
Accounts Payable	286	275	338	471	510	556	1,532	1,418	1,378	1,283	933
Dividends Payable	45	51	54	78	80	82	201	206	207	102	102
Current Employee Benefit Liabilities	-	-	-	-	-	133	335	267	265	420	259
Other Current Liabilities	262	314	369	531	577	499	832	1,028	977	802	835
Other Current Nonoperating Liabilities	-	-	-	-	-	0.00	101	212	46	332	550
Total Noncurrent Liabilities	1,382	1,488	2,141	5,636	5,407	5,231	14,803	14,050	12,578	10,502	7,420
Long-Term Debt	935	1,067	1,632	4,504	3,997	3,779	10,768	10,373	9,186	7,564	4,738
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	51	656	641	593	2,518	2,283	1,937	1,594	840
Noncurrent Employee Benefit Liabilities	242	243	229	227	265	326	385	231	253	167	174
Other Noncurrent Operating Liabilities	161	137	191	248	502	533	1,132	1,163	1,202	1,177	1,051
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	-	617
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,595	1,631	1,689	6,043	6,230	6,322	21,117	17,685	14,642	13,869	14,186
Total Preferred & Common Equity	1,590	1,626	1,684	6,033	6,217	6,310	21,082	17,655	14,611	13,834	14,154
Total Common Equity	1,590	1,626	1,684	6,033	6,217	6,310	21,082	17,655	14,611	13,834	14,154
Common Stock	155	167	177	3,810	3,839	3,869	19,861	19,876	19,909	19,952	19,953
Retained Earnings	3,604	3,819	3,871	3,956	4,118	4,156	3,641	955	-2,439	-2,647	-3,417
Treasury Stock	-1,556	-1,679	-1,726	-1,031	-1,023	-1,017	-997	-978	-963	-944	-952
Accumulated Other Comprehensive Income / (Loss)	-613	-680	-637	-702	-717	-698	-1,423	-2,198	-1,896	-2,527	-1,430
Noncontrolling Interest	4.67	4.89	5.09	10	12	12	35	30	31	35	32

This table presents International Flavors & Fragrances' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	33,395	30,978	30,642	29,543	29,928	28,667	28,265	26,121	25,768	25,144	25,154
Total Current Assets	6,391	6,293	6,407	8,149	8,423	7,993	8,633	5,928	5,876	5,437	9,088
Cash & Equivalents	629	709	732	671	567	469	613	816	621	562	569
Accounts Receivable	1,831	1,726	1,977	1,775	1,772	1,624	1,742	1,801	1,869	1,830	1,424
Inventories, net	2,549	2,477	2,411	2,160	2,200	2,133	2,249	2,371	2,323	2,250	1,505
Other Current Assets	890	875	771	728	770	737	775	940	911	795	750
Other Current Nonoperating Assets	482	506	509	2,815	3,114	3,030	3,254	0.00	152	0.00	4,840
Plant, Property, & Equipment, net	4,126	4,240	4,145	3,763	3,772	3,739	3,771	3,905	3,868	3,997	2,666
Total Noncurrent Assets	22,878	20,445	20,090	17,631	17,733	16,935	15,861	16,288	16,024	15,710	13,400
Goodwill	13,031	10,635	10,538	9,282	9,349	9,080	8,030	8,283	8,264	8,220	8,145
Intangible Assets	8,381	8,357	8,116	6,881	6,770	6,445	6,383	6,430	6,183	5,867	3,732
Other Noncurrent Operating Assets	1,466	1,453	1,436	1,468	1,614	1,410	1,448	1,575	1,577	1,623	1,523
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	-	-	0.00
Total Liabilities & Shareholders' Equity	33,395	30,978	30,642	29,543	29,928	28,667	28,265	26,121	25,768	25,144	25,154
Total Liabilities	16,326	16,336	16,316	15,252	15,118	14,756	15,052	11,685	11,495	10,991	11,145
Total Current Liabilities	3,683	3,758	3,820	3,425	3,218	4,333	4,607	3,183	4,069	3,645	4,410
Short-Term Debt	1,142	885	1,148	783	468	1,413	1,689	500	1,308	1,078	964
Accounts Payable	1,112	1,378	1,346	1,272	1,211	1,283	1,325	1,348	1,284	1,371	1,064
Dividends Payable	207	207	102	102	102	102	102	102	102	102	102
Current Employee Benefit Liabilities	236	265	222	275	382	420	216	258	287	213	216
Other Current Liabilities	937	977	956	762	751	783	832	975	1,044	881	891
Other Current Nonoperating Liabilities	49	46	46	231	304	332	443	0.00	44	0.00	1,173
Total Noncurrent Liabilities	12,643	12,578	12,496	11,827	11,900	10,423	10,445	8,502	7,426	7,346	6,735
Long-Term Debt	9,159	9,186	9,150	8,596	8,631	7,564	7,601	5,684	4,741	4,739	4,735
Noncurrent Deferred & Payable Income Tax Liabilities	2,127	1,937	1,916	1,833	1,869	1,592	1,543	1,387	1,345	1,353	819
Noncurrent Employee Benefit Liabilities	228	253	252	206	182	167	174	180	181	182	169
Other Noncurrent Operating Liabilities	1,129	1,202	1,178	1,192	1,218	1,100	1,127	1,251	1,159	1,072	1,012
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	-	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	17,009	14,642	14,326	14,291	14,810	13,911	13,213	14,436	14,273	14,153	14,009
Total Preferred & Common Equity	16,978	14,611	14,291	14,254	14,775	13,876	13,177	14,404	14,241	14,120	13,976
Total Common Equity	16,978	14,611	14,291	14,254	14,775	13,876	13,177	14,404	14,241	14,120	13,976
Common Stock	19,900	19,909	19,924	19,929	19,937	19,952	19,967	19,951	19,964	19,967	19,964
Retained Earnings	378	-2,439	-2,481	-2,414	-2,457	-2,605	-3,725	-3,215	-3,345	-3,350	-3,402
Treasury Stock	-964	-963	-961	-946	-945	-944	-942	-917	-915	-986	-998
Accumulated Other Comprehensive Income / (Loss)	-2,336	-1,896	-2,191	-2,315	-1,760	-2,527	-2,123	-1,415	-1,463	-1,511	-1,588
Noncontrolling Interest	31	31	35	37	35	35	36	32	32	33	33

This table displays calculated financial ratios and metrics derived from International Flavors & Fragrances' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	256,096,379.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	256,096,379.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-1.41
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	458	428	304	443	549	471	461	-928	-1,477	681	-267
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-3.26%	-5.98%	2.97%	-1.33%
Earnings before Interest and Taxes (EBIT)	585	577	602	619	695	573	643	-1,289	-2,138	583	-671
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	675	679	720	793	1,018	898	2,167	-110	-996	1,598	291
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-40	273	-25	-6,612	490	380	-20,368	2,720	2,211	4,609	-97
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,569	2,723	3,052	10,107	10,167	10,258	31,087	27,439	23,751	19,823	19,585
Increase / (Decrease) in Invested Capital	498	154	329	7,055	60	91	20,829	-3,648	-3,688	-3,928	-170
Book Value per Share	$19.82	$20.48	$21.33	$56.58	$58.23	$59.01	$82.82	$69.25	$57.24	$54.27	$55.27
Tangible Book Value per Share	$4.27	$3.28	$1.42	($22.37)	($19.97)	($18.80)	($22.93)	($18.83)	($17.16)	($6.45)	($0.62)
Total Capital	2,706	2,996	3,366	10,678	10,711	10,833	32,622	28,527	24,713	22,888	20,180
Total Debt	1,111	1,365	1,676	4,553	4,382	4,413	11,400	10,783	10,071	8,977	5,994
Total Long-Term Debt	979	1,107	1,670	4,504	3,997	3,779	10,768	10,373	9,186	7,564	4,740
Net Debt	929	1,041	1,308	3,905	3,758	3,756	10,685	10,290	9,362	8,508	5,404
Capital Expenditures (CapEx)	97	120	113	162	194	175	375	496	476	442	573
Debt-free, Cash-free Net Working Capital (DFCFNWC)	662	645	767	1,214	1,151	1,133	3,271	3,621	2,711	4,604	2,325
Debt-free Net Working Capital (DFNWC)	844	969	1,135	1,862	1,775	1,790	3,986	4,114	3,420	5,073	2,915
Net Working Capital (NWC)	712	711	1,128	1,814	1,390	1,156	3,354	3,704	2,535	3,660	1,661
Net Nonoperating Expense (NNE)	38	23	8.58	103	89	104	182	936	1,086	434	92
Net Nonoperating Obligations (NNO)	974	1,092	1,363	3,982	3,838	3,838	9,865	9,695	9,109	5,912	5,399
Total Depreciation and Amortization (D&A)	90	102	118	174	323	325	1,524	1,179	1,142	1,015	962
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$5.19	$5.07	$3.73	$3.81	$4.05	$3.25	$1.11	($7.32)	($10.05)	$0.95	($1.41)
Adjusted Weighted Average Basic Shares Outstanding	79.87M	79.04M	79.07M	87.55M	111.97M	112.16M	243M	255M	255M	256M	256M
Adjusted Diluted Earnings per Share	$5.16	$5.05	$3.72	$3.79	$4.00	$3.21	$1.10	($7.32)	($10.05)	$0.95	($1.41)
Adjusted Weighted Average Diluted Shares Outstanding	79.87M	79.04M	79.37M	88.12M	113.31M	113.63M	243M	255M	255M	256M	256M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	79.87M	79.04M	78.93M	106.63M	106.80M	248.73M	254.68M	255.06M	255.31M	255.71M	255.48M
Normalized Net Operating Profit after Tax (NOPAT)	463	418	315	446	576	489	493	737	405	753	589
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from International Flavors & Fragrances' official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	256,096,379.00	255,477,487.00	255,303,473.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	256,096,379.00	255,477,487.00	255,303,473.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	0.02	0.66	0.20
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-4.96%	-4.23%	-1.37%	3.72%	2.52%	-1.93%	-4.33%	-7.90%	-	-3.59%	1.82%
EBITDA Growth	-694.49%	22.05%	80.37%	-5.44%	96.25%	-244.33%	-31.30%	-15.83%	-	172.63%	29.64%
EBIT Growth	-2,677.78%	73.68%	260.26%	13.42%	87.15%	-566.16%	-59.16%	-38.46%	-	127.41%	900.00%
NOPAT Growth	-2,515.24%	241.01%	129.27%	129.10%	105.01%	-698.83%	26.41%	7.00%	-	135.13%	-54.31%
Net Income Growth	-10,770.83%	862.50%	537.04%	122.22%	98.24%	-1,767.21%	255.81%	-30.51%	-	116.72%	-91.49%
EPS Growth	-9,190.91%	675.00%	500.00%	130.00%	98.34%	-1,830.43%	260.61%	-30.43%	-	116.58%	-91.42%
Operating Cash Flow Growth	209.62%	-22.05%	-4.44%	-12.86%	-42.86%	28.28%	1.69%	-52.46%	-	102.36%	75.10%
Free Cash Flow Firm Growth	-48.60%	27.54%	113.50%	513.47%	110.00%	-14.43%	-88.53%	-81.67%	-	-102.88%	459.16%
Invested Capital Growth	-13.44%	-15.24%	-25.78%	-22.15%	-16.54%	-18.46%	-2.98%	-4.55%	-	1.72%	-21.76%
Revenue Q/Q Growth	-4.15%	7.25%	-0.34%	1.25%	-5.27%	2.60%	-2.78%	-2.53%	-	5.87%	-28.71%
EBITDA Q/Q Growth	-613.61%	120.83%	65.97%	-47.22%	-120.38%	-708.24%	150.80%	0.57%	-	79.50%	-34.27%
EBIT Q/Q Growth	-1,812.75%	107.70%	174.75%	-68.93%	-294.08%	-181.40%	111.59%	-2.80%	-	517.07%	-56.52%
NOPAT Q/Q Growth	-2,686.09%	105.95%	70.07%	-12.40%	-43.47%	-811.02%	135.90%	-27.08%	-	227.04%	-63.31%
Net Income Q/Q Growth	-9,762.96%	102.34%	181.97%	-65.12%	-176.67%	-2,110.87%	160.18%	-93.30%	-	3,300.00%	-70.00%
EPS Q/Q Growth	-10,320.00%	102.25%	186.96%	-65.15%	-173.91%	-2,241.18%	159.80%	-93.28%	-	2,100.00%	-69.70%
Operating Cash Flow Q/Q Growth	53.33%	-84.63%	139.39%	54.43%	0.55%	-65.49%	89.76%	-31.95%	-	-19.18%	64.20%
Free Cash Flow Firm Q/Q Growth	94.66%	126.71%	68.49%	-17.49%	-33.37%	-7.62%	-77.42%	31.81%	-	-144.95%	4,226.95%
Invested Capital Q/Q Growth	-10.39%	-0.96%	-12.78%	0.57%	-3.93%	-3.24%	3.78%	-1.06%	-	-0.38%	-20.17%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	31.82%	35.32%	36.97%	35.97%	35.37%	36.41%	37.26%	36.49%	-	37.14%	43.65%
EBITDA Margin	-83.80%	16.42%	27.35%	14.26%	-3.07%	-24.16%	12.63%	13.03%	-	18.21%	16.79%
Operating Margin	-93.82%	6.86%	6.61%	8.51%	4.58%	-31.76%	7.16%	8.39%	-	9.96%	8.09%
EBIT Margin	-94.41%	6.83%	18.83%	5.78%	-11.84%	-32.47%	3.87%	3.86%	-	9.23%	5.63%
Profit (Net Income) Margin	-96.52%	2.10%	5.95%	2.05%	-1.66%	-35.77%	22.14%	1.52%	-	6.20%	2.61%
Tax Burden Percent	98.79%	53.04%	93.99%	63.16%	40.00%	102.31%	114.61%	73.21%	-	81.34%	79.69%
Interest Burden Percent	103.49%	58.08%	33.64%	56.21%	35.06%	107.69%	499.07%	53.85%	-	82.61%	58.18%
Effective Tax Rate	0.00%	46.96%	6.01%	36.84%	0.00%	0.00%	-14.61%	26.79%	-	18.66%	48.44%
Return on Invested Capital (ROIC)	-29.45%	1.61%	2.92%	2.60%	1.69%	-11.90%	4.59%	3.37%	-	4.52%	2.54%
ROIC Less NNEP Spread (ROIC-NNEP)	-38.32%	1.15%	2.83%	1.33%	-0.11%	-16.98%	11.18%	1.16%	-	3.60%	1.68%
Return on Net Nonoperating Assets (RNNOA)	-22.25%	0.68%	1.43%	0.64%	-0.06%	-9.35%	4.55%	0.45%	-	1.49%	0.41%
Return on Equity (ROE)	-51.71%	2.29%	4.34%	3.24%	1.64%	-21.25%	9.14%	3.82%	-	6.01%	2.96%
Cash Return on Invested Capital (CROIC)	8.64%	10.93%	23.79%	19.28%	21.15%	19.24%	1.88%	3.43%	-	2.60%	27.82%
Operating Return on Assets (OROA)	-32.59%	2.35%	6.66%	2.08%	-4.56%	-12.60%	1.57%	1.53%	-	3.73%	2.38%
Return on Assets (ROA)	-33.32%	0.72%	2.10%	0.74%	-0.64%	-13.88%	8.99%	0.61%	-	2.51%	1.10%
Return on Common Equity (ROCE)	-51.51%	2.28%	4.33%	3.23%	1.63%	-21.19%	9.12%	3.81%	-	5.99%	2.95%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-17.45%	-16.48%	-15.68%	0.00%	-6.31%	0.00%	0.00%	-	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-1,775	106	180	157	89	-632	227	165	68	222	81
NOPAT Margin	-65.68%	3.64%	6.21%	5.38%	3.21%	-22.23%	8.21%	6.14%	-	8.10%	4.17%
Net Nonoperating Expense Percent (NNEP)	8.87%	0.47%	0.09%	1.27%	1.80%	5.08%	-6.58%	2.21%	-	0.92%	0.87%
Return On Investment Capital (ROIC_SIMPLE)	-7.18%	-	-	-	0.39%	-2.81%	1.10%	0.81%	0.34%	1.11%	0.41%
Cost of Revenue to Revenue	68.18%	64.68%	63.03%	64.03%	64.63%	63.59%	62.74%	63.51%	-	62.86%	56.35%
SG&A Expenses to Revenue	16.43%	16.90%	17.06%	16.92%	18.66%	16.22%	17.47%	15.63%	-	15.58%	22.36%
R&D to Revenue	5.81%	5.73%	5.99%	5.54%	6.14%	5.77%	6.58%	6.46%	-	6.06%	8.70%
Operating Expenses to Revenue	125.64%	28.46%	30.36%	27.45%	30.78%	68.17%	30.10%	28.10%	-	27.18%	35.57%
Earnings before Interest and Taxes (EBIT)	-2,552	198	544	169	-328	-923	107	104	41	253	110
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-2,265	476	790	417	-85	-687	349	351	278	499	328
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.39	1.53	1.71	1.82	1.56	1.51	1.31	1.11	-	1.31	1.45
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	561.66	9.64
Price to Revenue (P/Rev)	1.77	1.93	2.15	2.35	1.88	1.74	1.66	1.42	-	1.72	1.87
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	88.96	0.00	0.00	0.00	-	22.44	73.01
Dividend Yield	4.07%	3.30%	2.54%	1.92%	1.89%	2.06%	2.18%	2.60%	-	2.21%	2.02%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	1.12%	0.00%	0.00%	0.00%	-	4.46%	1.37%
Enterprise Value to Invested Capital (EV/IC)	1.25	1.34	1.61	1.72	1.52	1.49	1.22	1.08	-	1.22	1.63
Enterprise Value to Revenue (EV/Rev)	2.59	2.77	2.92	3.10	2.63	2.50	2.14	1.92	-	2.21	2.35
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	18.87	65.65	87.73	101.10	-	16.13	16.36
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	51.73	0.00	0.00	0.00	-	47.17	42.03
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	44.32	0.00	0.00	0.00	-	28.66	42.03
Enterprise Value to Operating Cash Flow (EV/OCF)	20.64	22.29	23.61	26.30	28.19	26.01	21.97	23.05	-	24.31	21.87
Enterprise Value to Free Cash Flow (EV/FCFF)	13.43	11.23	5.77	7.79	6.54	6.95	63.60	30.66	-	47.44	5.14
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.69	0.72	0.66	0.61	0.65	0.70	0.43	0.42	-	0.41	0.41
Long-Term Debt to Equity	0.63	0.64	0.60	0.58	0.54	0.58	0.39	0.33	-	0.33	0.34
Financial Leverage	0.58	0.59	0.50	0.48	0.53	0.55	0.41	0.39	-	0.41	0.25
Leverage Ratio	2.05	2.05	2.00	1.99	2.09	2.14	1.94	1.92	-	1.95	1.80
Compound Leverage Factor	2.13	1.19	0.67	1.12	0.73	2.30	9.67	1.03	-	1.61	1.05
Debt to Total Capital	40.75%	41.82%	39.62%	38.06%	39.22%	41.28%	29.99%	29.77%	-	29.13%	28.92%
Short-Term Debt to Total Capital	3.58%	4.66%	3.31%	1.96%	6.17%	7.51%	2.42%	6.44%	-	5.40%	4.89%
Long-Term Debt to Total Capital	37.17%	37.16%	36.32%	36.10%	33.05%	33.78%	27.57%	23.33%	-	23.73%	24.03%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.13%	0.14%	0.16%	0.15%	0.15%	0.16%	0.16%	0.16%	-	0.17%	0.17%
Common Equity to Total Capital	59.12%	58.04%	60.22%	61.80%	60.63%	58.56%	69.85%	70.08%	-	70.71%	70.92%
Debt to EBITDA	-10.11	-11.32	-16.81	-15.63	5.62	21.36	22.41	28.80	-	3.94	3.67
Net Debt to EBITDA	-9.40	-10.50	-15.61	-14.66	5.32	19.95	19.45	25.85	-	3.56	3.31
Long-Term Debt to EBITDA	-9.22	-10.05	-15.41	-14.83	4.73	17.47	20.59	22.58	-	3.21	3.05
Debt to NOPAT	-6.82	-7.20	-6.71	-6.85	13.19	-39.50	-26.85	-24.55	-	7.00	9.43
Net Debt to NOPAT	-6.34	-6.69	-6.23	-6.43	12.50	-36.89	-23.31	-22.03	-	6.32	8.49
Long-Term Debt to NOPAT	-6.22	-6.40	-6.15	-6.50	11.11	-32.32	-24.68	-19.24	-	5.70	7.84
Altman Z-Score	0.83	1.18	1.48	1.56	1.27	1.07	1.37	1.17	-	1.37	1.57
Noncontrolling Interest Sharing Ratio	0.37%	0.39%	0.41%	0.40%	0.23%	0.26%	0.24%	0.23%	-	0.25%	0.23%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.67	1.68	2.38	2.62	1.84	1.87	1.86	1.44	-	1.49	2.06
Quick Ratio	0.65	0.71	0.71	0.73	0.48	0.51	0.82	0.61	-	0.66	0.45
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,913	4,337	7,307	6,028	4,017	3,711	838	1,104	238	-107	4,413
Operating Cash Flow to CapEx	596.30%	86.09%	343.48%	362.38%	234.39%	70.95%	253.68%	124.24%	-	155.76%	310.29%
Free Cash Flow to Firm to Interest Expense	21.49	52.25	92.49	81.46	58.22	52.27	0.00	23.01	-	-2.43	95.95
Operating Cash Flow to Interest Expense	7.24	1.19	3.00	4.95	5.33	1.79	0.00	3.42	-	5.84	9.17
Operating Cash Flow Less CapEx to Interest Expense	6.02	-0.19	2.13	3.58	3.06	-0.73	0.00	0.67	-	2.09	6.22
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.35	0.34	0.35	0.36	0.39	0.39	0.41	0.40	-	0.40	0.42
Accounts Receivable Turnover	6.48	5.86	6.18	6.34	6.86	6.15	6.32	6.08	-	6.04	6.71
Inventory Turnover	2.77	2.84	3.00	3.12	3.19	3.13	3.18	3.11	-	3.05	3.55
Fixed Asset Turnover	2.72	2.71	2.83	2.89	2.88	2.89	2.95	2.90	-	2.78	3.29
Accounts Payable Turnover	5.58	5.99	5.95	6.38	5.53	5.46	5.50	5.65	-	5.09	5.70
Days Sales Outstanding (DSO)	56.34	62.32	59.09	57.60	53.24	59.39	57.74	60.01	-	60.43	54.38
Days Inventory Outstanding (DIO)	131.71	128.47	121.50	116.93	114.31	116.61	114.75	117.18	-	119.57	102.92
Days Payable Outstanding (DPO)	65.44	60.99	61.34	57.20	65.98	66.84	66.35	64.64	-	71.65	64.05
Cash Conversion Cycle (CCC)	122.62	129.80	119.25	117.33	101.56	109.16	106.14	112.56	-	108.34	93.25
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	23,751	23,524	20,517	20,634	19,823	19,181	19,906	19,695	19,585	19,510	15,574
Invested Capital Turnover	0.45	0.44	0.47	0.48	0.53	0.54	0.56	0.55	-	0.56	0.61
Increase / (Decrease) in Invested Capital	-3,688	-4,231	-7,127	-5,871	-3,928	-4,343	-611	-939	-170	329	-4,332
Enterprise Value (EV)	29,705	31,454	33,057	35,393	30,161	28,559	24,213	21,232	-	23,823	25,388
Market Capitalization	20,312	21,860	24,312	26,826	21,618	19,846	18,813	15,772	-	18,535	20,225
Book Value per Share	$57.24	$56.04	$55.82	$57.79	$54.27	$51.53	$56.31	$55.57	$55.27	$55.27	$54.74
Tangible Book Value per Share	($17.16)	($17.11)	($7.48)	($5.26)	($6.45)	($4.83)	($1.21)	($0.80)	($0.62)	$0.13	$8.22
Total Capital	24,713	24,624	23,670	23,909	22,888	22,503	20,620	20,322	20,180	19,970	19,708
Total Debt	10,071	10,298	9,379	9,099	8,977	9,290	6,184	6,049	5,994	5,817	5,699
Total Long-Term Debt	9,186	9,150	8,596	8,631	7,564	7,601	5,684	4,741	4,740	4,739	4,735
Net Debt	9,362	9,559	8,708	8,532	8,508	8,677	5,368	5,428	5,404	5,255	5,130
Capital Expenditures (CapEx)	108	115	69	101	157	179	95	132	167	165	136
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2,711	2,996	4,836	5,106	4,604	5,102	2,429	2,494	2,325	2,308	5,073
Debt-free Net Working Capital (DFNWC)	3,420	3,735	5,507	5,673	5,073	5,715	3,245	3,115	2,915	2,870	5,642
Net Working Capital (NWC)	2,535	2,587	4,724	5,205	3,660	4,026	2,745	1,807	1,661	1,792	4,678
Net Nonoperating Expense (NNE)	834	45	7.52	97	135	385	-385	124	63	52	30
Net Nonoperating Obligations (NNO)	9,109	9,198	6,226	5,824	5,912	5,968	5,470	5,422	5,399	5,357	1,565
Total Depreciation and Amortization (D&A)	287	278	246	248	243	236	242	247	237	246	218
Debt-free, Cash-free Net Working Capital to Revenue	23.62%	26.39%	42.75%	44.73%	40.09%	44.64%	21.49%	22.53%	-	21.39%	46.87%
Debt-free Net Working Capital to Revenue	29.79%	32.90%	48.69%	49.69%	44.17%	50.01%	28.71%	28.13%	-	26.60%	52.13%
Net Working Capital to Revenue	22.08%	22.79%	41.76%	45.59%	31.87%	35.23%	24.29%	16.32%	-	16.61%	43.22%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($10.22)	$0.23	$0.67	$0.23	($0.18)	($3.98)	$2.39	$0.16	$0.02	$0.66	$0.20
Adjusted Weighted Average Basic Shares Outstanding	255M	255M	255M	256M	256M	256M	256M	256M	256M	256M	255M
Adjusted Diluted Earnings per Share	($10.22)	$0.23	$0.66	$0.23	($0.17)	($3.98)	$2.38	$0.16	$0.03	$0.66	$0.20
Adjusted Weighted Average Diluted Shares Outstanding	255M	256M	256M	257M	256M	256M	257M	257M	256M	257M	257M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	255.31M	255.35M	255.66M	255.68M	255.71M	255.79M	256.29M	256.10M	255.48M	255.30M	255.15M
Normalized Net Operating Profit after Tax (NOPAT)	-1,772	106	234	157	105	187	154	177	79	227	85
Normalized NOPAT Margin	-65.55%	3.66%	8.10%	5.38%	3.79%	6.57%	5.57%	6.58%	-	8.28%	4.33%
Pre Tax Income Margin	-97.71%	3.97%	6.33%	3.25%	-4.15%	-34.96%	19.32%	2.08%	-	7.63%	3.28%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-28.67	2.39	6.89	2.28	-4.75	-13.00	0.00	2.17	-	5.75	2.39
NOPAT to Interest Expense	-19.95	1.27	2.27	2.13	1.29	-8.90	0.00	3.45	-	5.05	1.77
EBIT Less CapEx to Interest Expense	-29.89	1.00	6.01	0.92	-7.03	-15.52	0.00	-0.58	-	2.00	-0.57
NOPAT Less CapEx to Interest Expense	-21.16	-0.11	1.40	0.76	-0.99	-11.42	0.00	0.70	-	1.30	-1.19
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-32.74%	-33.68%	-31.29%	-27.25%	208.10%	-49.22%	-104.60%	-100.00%	-	49.40%	146.07%
Augmented Payout Ratio	-34.26%	-33.68%	-31.29%	-27.25%	208.10%	-49.22%	-104.60%	-100.00%	-	58.21%	185.00%

Financials Breakdown Chart

Key Financial Trends

International Flavors & Fragrances (NYSE: IFF) showed a mixed but improving picture in Q1 2026. Revenue and operating income were down from the prior quarter, but the company remained profitable, generated positive operating cash flow, and kept liquidity at a manageable level. Over the last several years, the bigger story has been a turnaround from heavy losses and impairment charges in 2022-2023 to a much more stable earnings profile in 2025-2026.

Profitability improved materially versus the 2023 downturn. Q1 2026 net income was $170 million, compared with a loss of $1.0 billion in Q1 2025 and losses in several 2023 periods. That suggests the business has moved well past the worst of the impairment-related damage.
Operating cash flow remained positive. Q1 2026 operating cash flow was $257 million, which continues a pattern of positive cash generation even when earnings are uneven.
Revenue held relatively steady year over year. Q1 2026 revenue of $2.741 billion was slightly below Q1 2025, but not dramatically weaker, indicating the top line is still holding up.
Gross profit remained solid. Q1 2026 gross profit of $1.018 billion shows the company is still producing healthy margins despite a tough operating environment.
Liquidity appears adequate. At March 31, 2026, IFF had $562 million in cash and equivalents and $5.44 billion in current assets.
Leverage has come down from prior highs. Total debt in Q1 2026 was about $5.82 billion versus much higher balance-sheet stress in the 2022-2023 period, when debt burden and goodwill/intangible risk were more concerning.
Divestiture activity has supported cash generation in prior periods. Recent quarters included meaningful proceeds from divestitures, helping offset capital spending and debt service.
Q1 2026 earnings were lower than Q4 2025. Net income fell from $310 million in Q4 2025 to $170 million in Q1 2026, so the recovery is not linear.
Cash flow conversion was weaker than earnings. Operating cash flow was positive, but working capital changes were a drag in Q1 2026, reducing the benefit of strong depreciation add-backs.
Capital spending remains ongoing. Q1 2026 capex was $165 million, which is manageable but still a recurring cash use.
The balance sheet still carries large goodwill and intangible assets. Goodwill of $8.22 billion and intangibles of $5.867 billion leave the company exposed to future impairment risk if operating conditions weaken.
Operating income declined sequentially. Q1 2026 operating income was $273 million, down from $970 million in Q4 2025, largely because the prior quarter benefited from a much stronger quarter and different expense mix.
Financing cash flow was negative. Q1 2026 financing activities used $301 million, reflecting dividends, equity repurchases, and debt-related outflows.
Net cash declined in Q1 2026. Cash and equivalents fell by $28 million during the quarter, suggesting the business is not yet producing enough excess cash to cover all capital returns and debt service comfortably.
Interest expense remains a burden. Q1 2026 interest expense was $44 million, and prior periods showed even heavier financing pressure, so debt service is still an important constraint.
Historical results were distorted by major impairments. The company posted large losses and charges in 2023 and early 2024, which underscores that the turnaround is still relatively recent and not fully de-risked.

Bottom line: IFF now looks far healthier than it did during the 2022-2023 impairment period. The company is back to consistent profitability and positive operating cash flow, but investors should still watch debt levels, interest expense, and the balance between cash generation and capital returns. The main risk is that growth remains modest while the balance sheet still carries a large amount of intangible-related assets and debt.

08/18/26 10:21 AM ETAI Generated. May Contain Errors.

International Flavors & Fragrances Financials - Frequently Asked Questions

According to the most recent income statement we have on file, International Flavors & Fragrances' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

International Flavors & Fragrances' net income appears to be on an upward trend, with a most recent value of -$359 million in 2025, falling from $419.25 million in 2015. The previous period was $267 million in 2024. See where experts think International Flavors & Fragrances is headed by visiting International Flavors & Fragrances' forecast page.

International Flavors & Fragrances' total operating income in 2025 was -$382 million, based on the following breakdown:

Total Gross Profit: $3.94 billion
Total Operating Expenses: $4.32 billion

Over the last 10 years, International Flavors & Fragrances' total revenue changed from $3.02 billion in 2015 to $10.89 billion in 2025, a change of 260.2%.

International Flavors & Fragrances' total liabilities were at $11.35 billion at the end of 2025, a 23.6% decrease from 2024, and a 438.8% increase since 2015.

In the past 10 years, International Flavors & Fragrances' cash and equivalents has ranged from $181.99 million in 2015 to $711 million in 2021, and is currently $590 million as of their latest financial filing in 2025.

Over the last 10 years, International Flavors & Fragrances' book value per share changed from 19.82 in 2015 to 55.27 in 2025, a change of 178.9%.

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Financial statements for NYSE:IFF last updated on 8/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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International Flavors & Fragrances (IFF) Financials

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International Flavors & Fragrances (IFF) Financials

Annual Income Statements for International Flavors & Fragrances

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Quarterly Metrics And Ratios for International Flavors & Fragrances

Financials Breakdown Chart

Key Financial Trends

International Flavors & Fragrances Financials - Frequently Asked Questions

When does International Flavors & Fragrances' financial year end?

How has International Flavors & Fragrances' net income changed over the last 10 years?

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How has International Flavors & Fragrances' revenue changed over the last 10 years?

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