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International Flavors & FragrancesIFF

Legal name
International Flavors & Fragrances Inc.
Sector
Industrial
Industry
Industrial Organic Chemicals
Exchange
NYSE

Stock Price $IFF

Latest filings

You are here#17 of 25 in Materials by market cap

Filing record · 2016–202610-K1110-Q338-K151

IFF filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 151 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · May ’17May ’17
  2. Material agreement8-K · Jan ’20Jan ’20
  3. Leadership change8-K · Feb ’22Feb ’22
  4. Leadership change8-K · Oct ’25Oct ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $10.89B
YoY changeLargest recent move+129.3%in FY21Latest −5.2%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All IFF Financial Metrics61 metrics

Income Statement16

Balance Sheet26

Cash Flow14

Per Share5

02—Overview

International Flavors & Fragrances Financial Overview 2021–2025

Updated Nov 4, 2026

IFF has written off about $6.0 billiona of goodwill across FY2022, FY2023 and FY2025: $2.250 billion, $2.623 billion and $1.153 billion. That is a large share of the $16.414 billion carried at the end of FY2021, and it explains why the bottom line keeps flashing red. The core thesis: the business underneath is getting leaner and more profitable, while the 2021 Nutrition & Biosciences merger is being unwound through write-downs and divestitures.

The long-term arc shows it. Net sales slipped from $11.656 billion in FY2021 to $10.890 billionb in FY2025, but gross margin widened from 32.0% to 36.2%. Total debt fell from $11.400 billion to $5.994 billion over the same stretch. In FY2025, tender offers retired $2.0 billion of senior notes, and the Pharma Solutions sale brought in roughly $2.581 billion of gross cash.

The costs are real. FY2025 net sales fell 5%, even though comparable currency neutral sales rose 2%. Operating cash flow dropped to $850 millionc from $1.070 billion, and the company posted a net loss of $361 million, or $(1.41) per share. Segment Adjusted Operating EBITDA still reached $2.086 billion, a 19.2% margin.

At the close of FY2025, the shares traded at $67.39d, a market cap of $17.2 billion. With negative earnings per share that year, no meaningful P/E applies. The market was pricing the cash-generating core, not reported profit.

Recent Developments (Q1 and Q2 2026)

IFF's biggest move was the $3.832 billione sale of Food Ingredients to CVC Capital Partners, announced May 31, with a roughly 10% retained stake and closing expected by the end of Q2 2027. Food Ingredients and Soy Crush now sit in discontinued operations. Recast continuing Q1 2026 adjusted EBITDA is $433 million, not $568 million. Q2 2026 sales rose 2% to $1.954 billion, with comparable currency neutral growth of 6%. Adjusted EBITDA margin was 20.9%. Net income fell to $50 million from $599 million, which had included a $488 million debt gain. The tax rate hit 48.4%.

On August 4, the Board authorized a $2.5 billion buyback, including a $500 million accelerated repurchase. Guidance for continuing operations is $1.53 billion to $1.60 billion of adjusted EBITDA.

Bull case: the portfolio is simpler, leverage is 2.5x, and proceeds fund debt reduction of over $1 billion and buybacks. Bear case: the sale is dilutive to adjusted EPS in the first 12 months, and legal costs are lifting the tax rate. At $78.22 and a $20.0 billion market cap as of August 3, 2026, trailing EPS was $(1.41), so no P/E applies.

What to watch: Food Ingredients closing and regulatory approvals; execution of the $2.5 billion buyback alongside debt reduction

03—Filings

Recent SEC Filings

  1. 8-KInternational Flavors & Fragrances 8-K Report, Financial Results (Nov 3, 2026)
  2. 8-KInternational Flavors & Fragrances 8-K Report, Executive Changes (Nov 3, 2026)
  3. 8-KInternational Flavors & Fragrances 8-K Report, Regulation FD Disclosure (Aug 4, 2026)International Flavors & Fragrances Inc. (IFF) filed this Form 8-K under Item 7.01 (Regulation FD Disclosure) to furnish recast unaudited financial information that reflects its pending sale of the Food Ingredients business to funds advised by CVC Capital Partners. The sale was first announced on May 29, 2026. IFF will retain an approximately 10% minority equity interest in the business, and the sale is expected to close by the end of the second quarter of 2027, subject to information and/or consultation requirements, customary closing conditions and regulatory approvals where required. Together with the Soy Crush, Concentrates, and Lecithin (SCL) business sale, completed March 2, 2026, both disposal groups are presented as discontinued operations for all periods shown. The recast financials, furnished in Exhibit 99.1, show continuing-operations net sales of $7.63 billion for 2025 and $1.91 billion for the first quarter of 2026. Total Adjusted Operating EBITDA for 2025 is recast to $1.55 billion, compared with $2.09 billion as previously reported. For the first quarter of 2026, it is recast to $433 million, compared with $568 million as previously reported. Net income attributable to IFF shareholders was $(361) million for 2025 and $169 million for the first quarter of 2026. The 2025 figure includes a loss from discontinued operations of $(1.105) billion. The filing states that it does not restate previously filed financial statements. It should be read with IFF's 2025 Form 10-K and its 2025 and first-quarter 2026 Forms 10-Q. The recast segment data covers Taste, Scent, and Health & Biosciences, and reflects the removal of the disposal groups from segment results.
  4. 8-KInternational Flavors & Fragrances 8-K Report, Financial Results (Aug 4, 2026)On August 4, 2026, International Flavors & Fragrances Inc. (IFF) reported second quarter 2026 results on a continuing operations basis, which excludes the Food Ingredients and Soy Crush, Concentrates, and Lecithin (SCL) businesses, now reported as discontinued operations. Second quarter reported net sales were $1.95 billion, up 2% versus the prior-year period, and currency neutral comparable sales rose 6%. Income from continuing operations before taxes was $64 million and reported EPS was $0.13 per diluted share, while adjusted EPS excluding amortization was $0.82. Adjusted operating EBITDA margin was 20.9% for the quarter on a continuing basis, compared with 19.7% including discontinued operations. IFF agreed on May 29, 2026 to sell its Food Ingredients business to funds advised by CVC Capital Partners for net cash proceeds of approximately $3.8 billion, subject to adjustments. IFF will retain an approximately 10% minority equity interest, and closing is expected by the end of the second quarter of 2027. The company expects to eliminate about $100 million of stranded corporate costs, with roughly two-thirds removed within the first year after closing and substantially all within two years. IFF also introduced full-year 2026 guidance on a continuing operations basis, expecting sales of $7.4 billion to $7.6 billion and adjusted operating EBITDA of $1.53 billion to $1.60 billion. It plans to reduce debt by over $1 billion from the proceeds and authorized a share repurchase program of $2.5 billion, including a $500 million accelerated share repurchase in the second half of 2026 and the remaining $2.0 billion after the divestiture closes, with completion targeted by the end of 2027.
  5. 8-KInternational Flavors & Fragrances 8-K Report, Material Agreement (Jun 23, 2026)International Flavors & Fragrances Inc. entered into a Term Loan Credit Agreement on June 23, 2026 with Wells Fargo Bank, National Association, as administrative agent, providing a $1,000,000,000 senior unsecured delayed draw term loan facility. The facility allows a single U.S. dollar borrowing available through September 25, 2026, matures on December 31, 2027, and cannot be reborrowed. Proceeds, together with cash on hand, will be used to refinance the Company's €800 million aggregate principal amount of 1.800% Senior Notes due September 25, 2026. Borrowings bear interest at Term SOFR plus an applicable margin of 0.875% to 1.500% per annum, or at the Company's option a base rate plus 0.000% to 0.500%, based on its public debt ratings, with no commitment fee. The agreement requires mandatory prepayment of 100% of net cash proceeds from a material sale of the Food Ingredients business segment, which the Company has previously disclosed it agreed to sell for approximately $3.8 billion in net cash proceeds, with closing expected by the end of the second quarter of 2027. Commitments are automatically reduced by any such proceeds received before funding. Covenants, including a maximum net debt to consolidated EBITDA ratio of 3.75 to 1.00, are substantially consistent with the Company's existing $2,000,000,000 revolving credit facility. For investors, the filing shows the Company pre-arranging refinancing of its September 2026 euro notes and tying the new facility's repayment to the planned Food Ingredients divestiture. The filing also notes that certain lenders and their affiliates have provided and may continue to provide commercial banking, investment banking, and other advisory services for the Company for customary fees.
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04—See also

Related Companies

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