IFF earnings: guidance and what to watch
MyStockButler's October 2026 analysis: IFF’s next results are expected on November 3, 2026. Watch whether continuing businesses sustain growth and turn profit into cash as separation costs build.
What has IFF guided for 2026?
The weighted forecast points to $57.31 by October 2029, a 32% loss with dividends, and depends on growth, the Food Ingredients sale, cash conversion and cost removal. Management guides to continuing sales of $7.4–$7.6 billion and adjusted operating EBITDA of $1.53–$1.60 billion for 2026. It expects the sale to provide about $3.8 billion in net cash by Q2 2027, with debt reduction and the remaining $2.0 billion of repurchases dependent on closing.
| The period guided | Low | High | The date it was given | |
|---|---|---|---|---|
| Sales (US$ billions) | Year to Dec 2026 | 7.4 | 7.6 | Aug 4, 2026 |
| Adjusted operating EBITDA (US$ billions) | Year to Dec 2026 | 1.53 | 1.60 | Aug 4, 2026 |
| Comparable currency neutral sales growth | Year to Dec 2026 | 2.0% | 4.0% | Aug 4, 2026 |
| Capital spending, % of total company sales | Year to Dec 2026 | 6.0% | 6.0% | Aug 4, 2026 |
| Accelerated share repurchase (US$ millions) | Second half of 2026 | 500 | 500 | Aug 4, 2026 |
| Remaining share repurchase (US$ billions) | By end of 2027 | 2.0 | 2.0 | Aug 4, 2026 |
What this means. These figures are the company’s current forecasts for the future, not results it has already achieved.
Has IFF kept its past promises?
Confidence in the promises should be moderate. The record is mixed, with sales more dependable than profitability. The 2024–2025 outlooks were more achievable, and CEO Erik Fyrwald said IFF met its 2025 commitments. The main warning comes from 2023, when customers destocked, IFF cut production to clear inventory and factory costs were spread across fewer units. A real Locust Bean Kernel write-down added pressure, but did not explain the whole disappointment.
| What management forecast | Checked | Above | Within | Below |
|---|---|---|---|---|
| Sales | 5 years | 2 | 2 | 1 |
| Adjusted operating EBITDA | 4 years | 1 | 1 | 2 |
| Capex as % of sales | 4 years | 1 | 0 | 3 |
What has IFF’s revenue and profit done over the last eight quarters?
Continuing revenue and gross margin improved year over year, and operating income rose from $142 million to $158 million. The sequential comparison was weaker because first-quarter operating income had been $253 million. Seasonality, product mix, and irregular charges make either comparison incomplete on its own.
Net income fell from $550 million to $33 million, while diluted earnings per share fell from $2.14 to $0.13. The earlier quarter contained the debt-retirement gain and the large legal-entity tax benefit. Their disappearance made the earnings decline look far worse than the change in current trading.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,954 | 1,906 | 1,792 | 1,869 | 1,919 | 2,050 | ||
| Operating income | 158 | 253 | 102 | 191 | 142 | 178 | ||
| Net income | 33 | 154 | 29 | 99 | 550 | 67 | ||
| EPS, diluted | 0.13 | 0.60 | 0.11 | 0.39 | 2.14 | 0.26 | ||
| Cash from operations | 422 | 257 | 318 | 164 | 241 | 127 | 389 | 345 |
| = Free cash flow | 286 | 92 | 130 | 32 | 146 | -52 | 229 | 242 |
What this means. The profit rows exclude the discontinued business, but the cash flow rows still include it, so they do not measure exactly the same business.
What should I watch in IFF’s next results?
The immediate checkpoint is November 3, 2026, when IFF is scheduled to release third-quarter results. Investors should watch whether the continuing businesses sustain growth and turn profit into cash as separation costs build. Evidence that buybacks have begun would show execution, but it would also make the funding bridge more visible.