Short answer
Ingevity Corp (NGVT) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $1.2B (−17.0% year over year) and net income of −$167M.
- Top risk flagged: Regulatory risk: EU GDPR, CCPA, and China Cybersecurity Law impose complex data privacy compliance and significant fines for violations
FY2025 key financial metrics · XBRL
- Revenue
- $1.2B
- −17.0% YoY
- Net income
- −$167M
- +61.2% YoY
- Operating margin
- 35.9%
- +9.6 pp YoY
- Gross margin
- 39.5%
- +7.2 pp YoY
- EPS (diluted)
- −$4.61
- +61.1% YoY
- ROE
- -562.6%
- −342.2 pp YoY
- Operating cash flow
- $331M
- +157.5% YoY
Source: XBRL data from the Ingevity Corp (NGVT) FY2025 10-K on SEC EDGAR. USD.
Ingevity Corp FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Specialty chemicals and materials manufacturing, focusing on automotive carbon, pavement, and road marking technologies
- Legal expense accrual of $95.4M for patent infringement judgment against BASF, final appeal lost in Feb 2026, impacting financials and cash flow
- Emphasis on environmental regulation impacts, especially stricter gasoline vapor emission standards driving potential growth, tied to global air quality policies
- Operational risk from chemicals handling and climate change, with 70-75% of pavement and road marking revenue seasonal April-Sept
- Elevated inflation and economic uncertainties affecting pricing strategies and credit access, risks to capital availability and results of operations
Risk Factors
- Regulatory risk: EU GDPR, CCPA, and China Cybersecurity Law impose complex data privacy compliance and significant fines for violations
- Geopolitical risk: 43% sales outside US exposed to tariffs and retaliatory measures by China harming Performance Materials and Chemicals margins
- Operational risk: Dependency on third-party utilities at UK and VA plants risks costly disruptions and potential liabilities for wastewater noncompliance
- Competitive risk: Automotive activated carbon faces threats from sealed tank fuel systems used by OEMs to meet Tier 3/LEV III emissions regulations
- Financial risk: Ten largest customers accounted for 41% of sales in 2025, with no long-term purchase commitments creating revenue concentration vulnerability
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