10-Q · August 4, 2026
IFF delivered healthy underlying Q2 continuing-operations momentum: revenue increased 2% reported and 6% on a comparable currency-neutral basis, with gross margin up 80 basis points to 43.7% and all three continuing…
Earnings analysis · 10-Q
IFF earnings analysis
Filed November 3, 2026 · Our reading of the company's report
The latest report
IFF reported third-quarter revenue of $1.942 billion and adjusted EPS of $0.83, beating consensus by 1.7% and 2.5%, respectively. Comparable currency-neutral adjusted operating EBITDA rose 6% to $403 million, while…
Read full summary
IFF reported third-quarter revenue of $1.942 billion and adjusted EPS of $0.83, beating consensus by 1.7% and 2.5%, respectively. Comparable currency-neutral adjusted operating EBITDA rose 6% to $403 million, while nine-month free cash flow reached $371 million. Management raised its full-year 2026 sales, adjusted EBITDA, and growth outlook, supporting a bullish trend despite substantial capital commitments and foreign-exchange sensitivity.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.83
What stood out
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Revenue exceeded consensus
Third-quarter revenue was $1.942 billion, exceeding the $1.910 billion consensus estimate by approximately $32 million, or 1.7%.
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Adjusted EPS beat estimates
Adjusted EPS excluding amortization was $0.83 versus the $0.81 consensus estimate, a $0.02 or 2.5% beat.
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Adjusted EBITDA grew 6%
Comparable currency-neutral adjusted operating EBITDA increased 6% to $403 million, indicating improved operating performance despite reported GAAP charges.
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Nine-month cash flow strengthened
Nine-month free cash flow increased to $371 million, supporting liquidity and the company’s capital-allocation plans.
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Share repurchase accelerated
The company received approximately 4.8 million shares under its accelerated share repurchase and recorded $500 million to treasury stock for shares, fees, and excise tax.
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Large repurchase capacity remains
The remaining share-repurchase authorization was $2.098 billion at September 30, 2026, with completion expected by the end of 2027 following the Food Ingredients divestiture.
What to watch
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Material foreign-exchange sensitivity
Cross-currency swaps were in a net liability position with an aggregate fair value of $166 million at September 30, 2026. A 10% change in the U.S. dollar against the euro could change the swaps’ estimated fair value by approximately $245 million.
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Significant capital-allocation commitment
The company recorded $500 million to treasury stock during the quarter for the accelerated share repurchase and plans to fund remaining repurchases with operating cash flow, short-term debt, and Food Ingredients divestiture proceeds.
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No material risk-factor changes
The 10-Q states that there were no material changes to the risk factors disclosed in the 2025 Form 10-K; the filing nevertheless identifies the $166 million cross-currency-swap liability and $245 million sensitivity as updated quantitative market-risk information.
Management's outlook
Management raised full-year 2026 sales guidance to $7.5-$7.6 billion from $7.4-$7.6 billion, adjusted operating EBITDA guidance to $1.55-$1.60 billion from $1.53-$1.60 billion, comparable currency-neutral sales growth to 3%-4% from 2%-4%, and adjusted operating EBITDA growth to 5%-8% from 4%-8%. No numeric EPS guidance was provided.
Earlier filings 4
10-Q · May 5, 2026
IFF reported Q1 2026 performance with net sales of $2.741 billion, down 4% from the previous year but up 3% in constant currency when adjusting for divestitures. EPS improved to $0.66, significantly better than the loss…
10-K · February 27, 2026
IFF reported full-year sales of $10.890 billion in 2025 while completing a portfolio reshaping: the company restructured Nourish into Taste and Food Ingredients effective January 1, 2025 and completed divestitures of…
10-Q · August 5, 2025
IFF's Q2 2025 results show strong performance, with revenue of $2.764 billion, beating expectations and up slightly from $2.889 billion in Q2 2024. Gross margin improved to 37.3% from 37.0% year-over-year, contributing…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.