Short answer
International Flavors & Fragrances (IFF) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $10.9B (−5.2% year over year) and net income of −$361M.
- Top risk flagged: Antitrust investigations ongoing in multiple countries + class action lawsuits in U.S. and Canada; enforcement could bring significant fines and business restrictions
FY2025 key financial metrics · XBRL
- Revenue
- $10.9B
- −5.2% YoY
- Net income
- −$361M
- −248.6% YoY
- Operating margin
- -3.5%
- −10.2 pp YoY
- Gross margin
- 36.2%
- +0.3 pp YoY
- EPS (diluted)
- −$1.41
- −248.4% YoY
- ROE
- -2.6%
- −4.3 pp YoY
- Operating cash flow
- $850M
- −20.6% YoY
Source: XBRL data from the International Flavors & Fragrances (IFF) FY2025 10-K on SEC EDGAR. USD.
International Flavors & Fragrances FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core model: leading creator/manufacturer of flavors, food ingredients, biotechnology-derived ingredients (enzymes, cultures, probiotics), and scents; $10.89B FY2025 sales
- Structural change: former Nourish segment split into two new segments; Taste and Food Ingredients, effective January 1, 2025
- Portfolio divestiture: Pharma Solutions segment fully exited via two divestitures completed May 1 and May 9, 2025, narrowing focus to four core segments
- ~21,500 employees globally as of December 31, 2025, with ~3,000 dedicated to R&D; U.S. represents 28% of sales, no single country exceeds 10%
- EcoVadis Gold sustainability rating placing IFF in top 5% of assessed companies; CDP Climate A-list designation for tenth time since 2015
Management Discussion & Analysis
- Revenue $10.89B in 2025, down 5% reported vs $11.484B in 2024; comparable currency neutral basis up 2%, with ~$757M drag from divestitures
- Gross margin 36.2% vs 35.9% in 2024; operating margin swung to -3.5% vs 6.7% in 2024, driven by $1.153B Food Ingredients goodwill impairment
- Best segment: Health & Biosciences, EBITDA margin 26.7% vs 26.2%; worst: Food Ingredients, sales -3% and $1.153B goodwill impairment recorded
- Operating cash flow $850M (7.8% of sales) vs $1.07B in 2024; $2.0B Senior Notes repurchased; dividends $409M ($1.60/share); buybacks $38M; capex guided ~6% of sales in 2026
- Key risks: ongoing Food Ingredients division sale process, tariffs/trade disruptions, FX exposure, Health & Biosciences goodwill headroom thin at 9% above carrying value
Risk Factors
- Antitrust investigations ongoing in multiple countries + class action lawsuits in U.S. and Canada; enforcement could bring significant fines and business restrictions
- Total debt ~$5.994B as of Dec 31, 2025; dividend cut ~50% in Feb 2024 to accelerate deleveraging
- Goodwill impairment charge of $1.153B recorded in Food Ingredients segment following 2025 segment restructuring; $14.3B intangible assets/goodwill remain at risk
- Reliance on limited suppliers/regions for essential oils, botanical extracts, and petroleum-based chemicals; tariffs, U.S.-China tensions, and Russia-Ukraine war strain margins
- ~72% of 2025 net sales outside U.S.; currency volatility and OECD Pillar Two 15% minimum tax (applicable to IFF given scale) add cross-border tax and FX exposure
Generated from the filing text; verify against the original. How to read a 10-K
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