Short answer
International Flavors & Fragrances (IFF) filed its fiscal 2024 10-K annual report with the SEC on Feb 28, 2025. It reported revenue of $11.5B (+0.0% year over year) and net income of $243M.
- Top risk flagged: Ongoing U.S. and European antitrust investigations and related class action lawsuits risk fines and operational restrictions impacting results and liquidity
FY2024 key financial metrics · XBRL
- Revenue
- $11.5B
- +0.0% YoY
- Net income
- $243M
- +109.5% YoY
- Operating margin
- 6.7%
- +25.1 pp YoY
- Gross margin
- 35.9%
- +3.8 pp YoY
- EPS (diluted)
- $0.95
- +109.5% YoY
- ROE
- 1.8%
- +19.3 pp YoY
- Operating cash flow
- $1.1B
- −25.6% YoY
Source: XBRL data from the International Flavors & Fragrances (IFF) FY2024 10-K on SEC EDGAR. USD.
International Flavors & Fragrances FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Creator and manufacturer of flavors, fragrances, health & biosciences, natural ingredients for consumer products across food, personal care, pharma
- New focus: Emphasized goodwill impairment testing for Nourish and Health & Biosciences segments with combined $7.615B goodwill balance
- Strategic shift: Recognized impairment charges fell sharply to $64M in 2024 from $2.623B in 2023, indicating improved asset valuation
- Quantitative highlight: Net income $247M in 2024 vs net loss $2.567B in 2023; goodwill balance decreased from $10.635B to $9.080B
- Noteworthy fact: Record $3.030B assets held for sale at year-end 2024 vs $506M in 2023, reflecting significant divestitures or restructurings
Management Discussion & Analysis
- Operating cash flow $1.070B (9.3% of sales) in 2024 vs $1.439B (12.5% of sales) in 2023, decline due to working capital increase
- Dividends paid $514M in 2024 vs $826M in 2023, dividend per share $1.60 vs $3.24; capital spending expected ~6% of sales in 2025
- Net debt $8.534B with net debt to credit adjusted EBITDA ratio 3.84x, below covenant limits; no borrowings under $2B Revolving Credit Facility at year-end
- Goodwill impairment charge $64M in 2024 on Pharma Solutions disposal group; expected additional $1.0B-$1.5B goodwill impairment Q1 2025 from Nourish segment restructuring
- Management outlook highlights inflationary cost pressures, supply chain challenges, commitment to debt reduction, maintaining dividends capped at $3.24 per share annually through 2025 covenant relief period
Risk Factors
- Ongoing U.S. and European antitrust investigations and related class action lawsuits risk fines and operational restrictions impacting results and liquidity
- Geopolitical tensions including Russia-Ukraine war and Israel-Hamas conflict disrupting raw material supply and operations in affected regions
- Reliance on limited suppliers for critical raw materials with no readily available alternatives, risking production delays and margin pressure
- Strategic divestitures ongoing with Pharma Solutions and nitrocellulose business sales expected to close Q2 2025, execution risk impacting financial condition
- Total debt $8.977B with leverage covenant relief through Dec 31, 2025 limiting share repurchases and dividends to $0.81/share per quarter
Generated from the filing text; verify against the original. How to read a 10-K
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