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Ingredion cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$163M in Q3 2026 · $347M over twelve months

Operating cash flow$266M
Capital spending−$103M
Free cash flow+$163M
Cash / net income1.9×
Cash conversion cycle101 days

Analysis

In Q3 2026, Ingredion generated $266M of operating cash flow and spent $103M on capital projects, leaving free cash flow of $163M. That is $8.0M less than in Q3 2025 ($171M).

Over the twelve months to Sep 30, 2026, operating cash flow was $794M; the largest uses were capital spending ($447M), dividends ($212M), other financing ($165M); besides operations, cash came from asset & business sales ($174M), shares issued ($2.0M); the cash balance rose by $74.0M.

Operating cash flow was $266M against net income of $142M — 1.9× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$55.0M, inventory −$41.0M, payables +$28.0M.

Its cash conversion cycle was 101 days (receivables 70 + inventory 75 − payables 43).

Free cash flow

Ingredion: free cash flow by quarterIngredion: free cash flow by quarter$311MQ4 2024−$15.0MQ1 2025$84.0MQ2 2025$171MQ3 2025$271MQ4 2025−$77.0MQ1 2026−$10.0MQ2 2026$163MQ3 2026
Operating cash flow less capital spending.
Ingredion: operating cash flow against capital spendingIngredion: operating cash flow against capital spendingOperating cash flowCapital spending$436M$125MQ4 2024$77.0M$92.0MQ1 2025$185M$101MQ2 2025$277M$106MQ3 2025$405M$134MQ4 2025$33.0M$110MQ1 2026$90.0M$100MQ2 2026$266M$103MQ3 2026
Latest (Q3 2026): Operating cash flow $266M, Capital spending $103M.

Capital allocation, year by year

Ingredion: where the cash came from (up) and went (down), by fiscal yearIngredion: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $392MFY2021: Net borrowing $250MFY2021: Shares issued $21.0MFY2021: Asset sales $18.0MFY2021: Capital spending −$300MFY2021: Acquisitions −$40.0MFY2021: Dividends −$184M$681MFY2021FY2022: Operating cash flow $152MFY2022: Net borrowing $140MFY2022: Shares issued $11.0MFY2022: Asset sales $7.0MFY2022: Capital spending −$300MFY2022: Acquisitions −$29.0MFY2022: Dividends −$181M$310MFY2022FY2023: Operating cash flow $1.1BFY2023: Net borrowing −$63.0MFY2023: Shares issued $28.0MFY2023: Asset sales $2.0MFY2023: Capital spending −$314MFY2023: Dividends −$194M$1.1BFY2023FY2024: Operating cash flow $1.4BFY2024: Net borrowing −$327MFY2024: Shares issued $58.0MFY2024: Asset sales $261MFY2024: Capital spending −$295MFY2024: Dividends −$210M$1.8BFY2024FY2025: Operating cash flow $944MFY2025: Shares issued $5.0MFY2025: Asset sales $12.0MFY2025: Capital spending −$433MFY2025: Dividends −$211M$961MFY2025
Over these 5 years operating cash flow totalled $4.0B; the largest uses were capital spending ($1.6B) and dividends ($980M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$989M
Debt$1.8B
Net debt$786M

Ingredion funds itself: free cash flow was $347M over the last twelve months, and $989M of cash and investments stands against $1.8B of debt.

Where the cash came from and went

Ingredion: sources (+) and uses (−) of cash, Q3 2026Ingredion: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$266MCapital spending−$103MOther financing−$77.0MDividends−$53.0MCash drawn (+) / kept (−)−$41.0MOther investing$36.0MPartners−$27.0MExchange rates−$1.0M
Ingredion: sources (+) and uses (−) of cash, TTM to Q3 2026Ingredion: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$794MCapital spending−$447MDividends−$212MAsset & business sales$174MOther financing−$165MCash drawn (+) / kept (−)−$74.0MOther investing−$38.0MPartners−$34.0MShares issued$2.0M

From profit to cash

Ingredion: net income to operating cash flow, Q3 2026Ingredion: net income to operating cash flow, Q3 2026Net income$142MDepreciation & amortization$55.0MStock-based pay$7.0MImpairments$6.0MInventory−$41.0MPayables$28.0MOperating cash flow$266M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026707543101
Q2 2026677340100
Q1 2026647842100
Q4 2025658547104
Q3 2025688345106
Q2 2025668044102
Q1 202559794196
Q4 202458824199

Every quarter

QuarterOperating cash flowCapital spendingDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$266M−$103M−$53.0M—−$41.0M$163M
Q2 2026$90.0M−$100M−$53.0M—−$34.0M−$10.0M
Q1 2026$33.0M−$110M−$52.0M$1.0M$116M−$77.0M
Q4 2025$405M−$134M−$54.0M$1.0M−$115M$271M
Q3 2025$277M−$106M−$51.0M—−$54.0M$171M
Q2 2025$185M−$101M−$54.0M$2.0M−$24.0M$84.0M
Q1 2025$77.0M−$92.0M−$52.0M$2.0M$160M−$15.0M
Q4 2024$436M−$125M−$54.0M$25.0M−$120M$311M

Ingredion: income statement and cash flow

Ingredion, Q3 2026: revenue $1.8B (-1% year over year), operating margin 11.2%. The chart follows the revenue to costs, profit and cash.

Ingredion: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.