INGR · 10-K filed 17 Feb 2026 · year to 31 Dec 2025

Ingredion

34 named things its latest annual report says its results depend on, each in the company's own words. 13 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Food industry

concentrated in · approximately 58 percentnamed as a risk

Of our 2025 net sales, approximately 58 percent were generated by sales to the food industry, approximately 9 percent by sales to the beverage industry, approximately 7 percent by sales to the animal nutrition industry, and approximately 7 percent by sales to the brewing industry.Risk factors (Item 1A)

Beverage industry

earns from · approximately 9 percentnamed as a risk

Brewing industry (Latin America)

earns from · 17%

F&II–LATAM has a significant presence in the brewing industry in Latin America, which uses high maltose corn syrup and starches in its brewing products, unlike brewing enterprises in the U.S. and Canada.Business (Item 1)

Partners and platforms

Grupo Arcor

49 percent ownership

F&II–LATAM holds a 49 percent ownership in Ingrear Holding S.A. (the “Argentina joint venture”), a joint venture with Grupo Arcor, an Argentine multinational company.Business (Item 1)

Chicago Board of Trade

exposed to its price

Our pricing is determined through reference to the Chicago Board of Trade, a U.S. futures exchange, for corn we purchase from suppliers in the U.S., and through reference to B3 S.A., a Brazilian stock exchange and over-the-counter market, for corn we purchase from suppliers in Brazil.Market risk (Item 7A)

B3 S.A.

exposed to its price

Other companies

Nishat Group

51 percent ownership interestnamed as a risk

In September 2025, we entered into a definitive agreement to sell a 51 percent ownership interest in the Pakistan business, which we amended in December 2025 to grant Nishat Group an option to purchase additional shares for commensurate consideration per share.Risk factors (Item 1A)

Senior notes due October 1, 2026

$499 million principalnamed as a risk

We have senior notes with $499 million principal, net of discounts, which incur interest at 3.2 percent annually, that mature on October 1, 2026.Risk factors (Item 1A)

Competitors

Archer-Daniels-Midland Company (ADM)

competes with

T&HS faces competition globally from Archer-Daniels-Midland Company (“ADM”), Tate & Lyle, Cargill, and Roquette.Business (Item 1)

Also named by MPC

Cargill

competes with

F&II–U.S./Canada’s competitors include, among others, ADM, Cargill, and Primient.Business (Item 1)

Tate & Lyle

competes with

T&HS faces competition globally from Archer-Daniels-Midland Company (“ADM”), Tate & Lyle, Cargill, and Roquette.Business (Item 1)

Roquette

competes with

T&HS faces competition globally from Archer-Daniels-Midland Company (“ADM”), Tate & Lyle, Cargill, and Roquette.Business (Item 1)

Primient

competes with

F&II–U.S./Canada’s competitors include, among others, ADM, Cargill, and Primient.Business (Item 1)

ALMEX

competes with

F&II–LATAM faces competition from U.S. imports into Mexico and from local producers, including ALMEX, a Mexican joint venture between ADM and Primient.Business (Item 1)

Places

Pakistan

operates in · 51 percent ownership interestnamed as a risk

Country capital controls, such as those imposed in Pakistan and Argentina, may prevent the repatriation of dividends or payments due to us from our investments and subsidiaries or transfer of consideration payments for divestitures, such our pending agreement to sell an interest in our Pakistan business, in countries that impose such controls.Risk factors (Item 1A)

Cedar Rapids, Iowa

operates in · approximately 120 employeesnamed as a risk

The collective bargaining agreement that we have at our Cedar Rapids, Iowa facility, which experienced a strike from September 2022 to January 2023 involving approximately 103 employees, covers approximately 120 employees and expires on August 1, 2026.Risk factors (Item 1A)

Argentina

operates innamed as a risk

We elect hyperinflation accounting for our affiliate in Argentina, which has high cumulative inflation, determined its functional currency to be the U.S. dollar, and measure its income statement and balance sheet in U.S. dollars using both current and historical exchange rates.Market risk (Item 7A)

Also named by BALL, C, ECL, FISV, GMED, JNJ, KMB, MDLZ and 6 more

Thailand

operates innamed as a risk

Also, we utilize tapioca in the manufacturing of starch products, primarily in Thailand, as well as pulses, gum, rice, stevia and other raw materials around the world.Risk factors (Item 1A)

Also named by ADI, CB, CIEN, LITE, LZB, MCHP, NXT, TER and 3 more

Mexico

operates in

In Mexico, a significant portion of our volume is sold through annual, firm-priced contracts.Business (Item 1)

Also named by AAP, AME, AMRC, ANET, AOS, ARES, AYI, AZO and 83 more

United States corn imports (Mexico and Colombia operations)

depends on

Although most of our Mexico and Colombia operations use corn raw material inputs that they import from the U.S., our other South American operations procure their corn and other raw inputs from local producers in South America.Business (Item 1)

Hazards

Russia-Ukraine conflict

named as a risk

These developments, together with ongoing conflicts and tensions in other regions, including the ongoing conflict between Russia and Ukraine and the continuing situation in the Middle East, could disrupt international trade flows, energy and commodity markets, transportation networks, and financial markets.Risk factors (Item 1A)

Also named by ABT, ADM, ARWR, CAG, CDRE, DOW, EMN, FDX and 14 more

Drought

named as a risk

Our manufacturing operations also could be adversely affected by reduced water availability resulting from droughts or other interruptions from acute and chronic physical climate events due to climate change, including droughts, heat waves, freezing temperatures, changing precipitation patterns and heat stress.Risk factors (Item 1A)

Also named by AESI, AM, AWK, BF/B, BMI, CEG, EOG, ES and 8 more

Commodities and inputs

Natural gas

exposed to its price · approximately 26 million mmbtus of natural gasnamed as a risk

At December 31, 2025, we had outstanding futures and option contracts that hedged the forecasted purchase of approximately 84 million bushels of corn, as well as outstanding swap contracts that hedged the forecasted purchase of approximately 26 million mmbtus of natural gas.Market risk (Item 7A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Corn

exposed to its price · between 40 percent and 60 percent of our finished product costsnamed as a risk

Purchased corn and other raw material costs generally account for between 40 percent and 60 percent of our finished product costs.Risk factors (Item 1A)

Also named by ADM, BF/B, CAG, CALM, CL, DE, FLO, FPI and 10 more

Energy

exposed to its price · approximately 9 percent of our finished product costs in 2025named as a risk

Our business in the past has been adversely affected by fluctuations in our energy costs, which represented approximately 9 percent of our finished product costs in 2025 and could be negatively affected by such fluctuations in future periods.Risk factors (Item 1A)

Also named by DD, FCX, LBTYA, MLM, SSD

Potato starch feedstock (U.S. and Canada)

depends onnamed as a risk

The T&HS segment’s current potato starch requirements constitute a substantial portion of the total available supply of feedstock in the U.S. and Canada.Risk factors (Item 1A)

Tapioca

depends onnamed as a risk

Also, we utilize tapioca in the manufacturing of starch products, primarily in Thailand, as well as pulses, gum, rice, stevia and other raw materials around the world.Risk factors (Item 1A)

Specialty corn (waxy and high amylose)

depends onnamed as a risk

These specialty grains cost more due to their more limited availability and require planning cycles of up to three years to ensure we receive an adequate supply.Risk factors (Item 1A)

Cane and beet sugar

competes withnamed as a risk

In addition, government programs supporting sugar prices indirectly impact the price of corn sweeteners, especially high fructose corn syrup.Risk factors (Item 1A)

Regulators

U.S. Food and Drug Administration

subject to

We and many of our products are also subject to regulation by the U.S. Food and Drug Administration and other government agencies.Business (Item 1)

Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more

Laws and programs

EU Corporate Sustainability Reporting Directive

subject tonamed as a risk

We are or will be obligated to comply with new sustainability and climate-related reporting requirements under California climate-related reporting statutes, laws of member states of the European Union implementing the EU Corporate Sustainability Reporting Directive, and other laws and regulations that continue to evolve.Risk factors (Item 1A)

Also named by AMAT, AVY, CBRE, FFIV, GNRC, HLT, IEX, IP and 19 more

California climate-related reporting statutes

subject tonamed as a risk

Federal Food, Drug and Cosmetic Act

subject to

As a manufacturer and marketer of ingredients used in food and pharmaceutical industries, our products and operations are subject to federal, state, foreign and local statutes and regulations, including the Federal Food, Drug and Cosmetic Act and the Occupational Safety and Health Act.Business (Item 1)

Also named by MEDP, MKC

Technology

Weight loss medications

named as a risk

Similarly, the increasing availability, use and acceptance of weight loss medications, including the expanded use of medications designed for weight loss in people without diabetes, may reduce sales of food and beverage products that contain our ingredients, since the medications regulate appetite and may reduce the overall amount of food and beverages consumed.Risk factors (Item 1A)

Also named by MCD, RRGB