Revenue: As of FY2025, the actual value is USD 10.89 B, beating the estimate of USD 10.82 B.EPS: As of FY2025, the actual value is USD -1.41, missing the estimate of USD -1.138.EBIT: As of FY2025, the actual value is USD -153 M.<h4>Sales</h4><ul><li>Total Sales: International Flavors &amp; Fragrances Inc. reported total sales of $10,890 million in 2025, a -5% decrease from $11,484 million in 2024. On a comparable currency neutral basis, sales increased 2% in 2025 compared to 2024.</li><li>Segment Net Sales (2025 vs. 2024):<ul><li>Taste: $2,481 million in 2025, a 2% increase (reported) and 4% increase (comparable currency neutral) from $2,428 million in 2024.</li><li>Food Ingredients: $3,278 million in 2025, a -3% decrease (reported and comparable currency neutral) from $3,365 million in 2024.</li><li>Health &amp; Biosciences: $2,283 million in 2025, a 4% increase (reported) and 3% increase (comparable currency neutral) from $2,203 million in 2024.</li><li>Scent: $2,479 million in 2025, a 2% increase (reported) and 3% increase (comparable currency neutral) from $2,439 million in 2024.</li><li>Pharma Solutions: $369 million in 2025, a -65% decrease (reported) from $1,049 million in 2024. On a comparable currency neutral basis, sales increased 12% in 2025 compared to 2024.</li></ul></li></ul><h4>Gross Profit and Margin</h4><ul><li>Gross Profit: $3,938 million in 2025, a -5% decrease from $4,124 million in 2024.</li><li>Gross Margin: 36.2% of sales in 2025, an increase from 35.9% in 2024.</li></ul><h4>Operating Expenses</h4><ul><li>Research and Development (R&amp;D) Expenses: $694 million (6.4% of sales) in 2025, a 3% increase from $671 million (5.8% of sales) in 2024.</li><li>Selling and Administrative (S&amp;A) Expenses: $1,834 million (16.8% of sales) in 2025, an -8% decrease from $1,995 million (17.4% of sales) in 2024.</li><li>Restructuring and Other Charges: $70 million in 2025, a 141% increase from $29 million in 2024.</li><li>Amortization of Acquisition-Related Intangibles: $568 million in 2025, a -7% decrease from $610 million in 2024.</li><li>Impairment of Goodwill: $1,153 million in 2025, compared to $64 million in 2024.</li><li>Losses (Gains) on Sale of Assets: $1 million in 2025, compared to - $11 million in 2024.</li><li>Operating (Loss) Profit: - $382 million in 2025, a -150% decrease from $766 million in 2024.</li><li>Operating Margin: -3.5% in 2025, compared to 6.7% in 2024.</li></ul><h4>Other Income and Expense</h4><ul><li>Interest Expense: $229 million in 2025, a -25% decrease from $305 million in 2024.</li><li>Gain on Extinguishment of Debt: - $488 million in 2025.</li><li>Losses (Gains) on Business Disposals: $109 million in 2025, compared to - $346 million in 2024.</li><li>Loss on Assets Classified as Held for Sale: $115 million in 2025, compared to $317 million in 2024.</li><li>Other Expense, Net: $65 million in 2025, a -64% decrease from $182 million in 2024.</li><li>(Loss) Income Before Taxes: - $412 million in 2025, a -234% decrease from $308 million in 2024.</li><li>(Benefit) Provision for Income Taxes: - $53 million in 2025, compared to $41 million in 2024.</li><li>Net (Loss) Income Attributable to International Flavors &amp; Fragrances Inc. Shareholders: - $361 million in 2025, a -237% decrease from $263 million in 2024.</li></ul><h4>Adjusted Operating EBITDA by Segment</h4><ul><li>Total Adjusted Operating EBITDA: $2,086 million in 2025, a -5% decrease from $2,205 million in 2024. On a comparable currency neutral adjusted basis, total Adjusted Operating EBITDA increased 7%.</li><li>Segment Adjusted Operating EBITDA (2025 vs. 2024):<ul><li>Taste: $478 million (19.3% margin) in 2025, a 4% increase (reported) and 10% increase (comparable currency neutral) from $460 million (18.9% margin) in 2024.</li><li>Food Ingredients: $423 million (12.9% margin) in 2025, a 4% increase (reported) and 10% increase (comparable currency neutral) from $408 million (12.1% margin) in 2024.</li><li>Health &amp; Biosciences: $594 million (26.0% margin) in 2025, a 3% increase (reported) and 7% increase (comparable currency neutral) from $577 million (26.2% margin) in 2024.</li><li>Scent: $515 million (20.8% margin) in 2025, a -6% decrease (reported) and 2% increase (comparable currency neutral) from $545 million (22.3% margin) in 2024.</li><li>Pharma Solutions: $76 million (20.6% margin) in 2025, a -65% decrease (reported) and 16% increase (comparable currency neutral) from $215 million (20.5% margin) in 2024.</li></ul></li></ul><h4>Cash Flow</h4><ul><li>Cash Flows Provided By Operating Activities: $850 million (7.8% of sales) in 2025, compared to $1,070 million (9.3% of sales) in 2024, mainly due to increased working capital and a larger incentive compensation payout.</li><li>Cash Flows Provided By Investing Activities: $2,269 million in 2025, compared to $326 million in 2024, driven by higher net proceeds from business divestitures.</li><li>Cash Flows Used In Financing Activities: - $3,091 million in 2025, compared to - $1,606 million in 2024, primarily due to the purchase of $2.0 billion of outstanding Senior Notes and repayment of other debt.</li><li>Additions to Property, Plant and Equipment (Capital Spending): - $594 million in 2025, compared to - $463 million in 2024.</li></ul><h4>Debt and Share Repurchases</h4><ul><li>Total Debt: Approximately $5.994 billion as of December 31, 2025.</li><li>Net Debt to Credit Adjusted EBITDA Ratio: 2.59 to 1.0 as of December 31, 2025, which is below the relevant covenant level of 4.00x.</li><li>Treasury Share Repurchases: - $38 million in 2025 as part of a $500 million share repurchase program authorized in August 2025.</li></ul><h4>Outlook / Guidance</h4>International Flavors &amp; Fragrances Inc. expects capital spending in 2026 to be approximately 6% of sales. The company anticipates cash flows from operations, proceeds from planned business divestitures, and existing credit facilities will be sufficient for future investing and financing needs, including debt service. The Board of Directors may reduce, suspend, or discontinue dividend payments at any time, as demonstrated by a 50% reduction in the quarterly dividend in February 2024 to facilitate faster deleveraging and improve financial flexibility.

International Flavors & Fragrances | 10-K: FY2025 Revenue Beats Estimate at USD 10.89 B