Company file · IFF

International Flavors & Fragrances

Health and Biosciences was International Flavors & Fragrances' fastest-growing segment in FY2025, up 3.6%

Revenue fell 5.2% to $10.9B in FY2025, from $11.5B in FY2024. It posted a net loss of $359M. Food Ingredients was the largest segment, at 30% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 27, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Nov 3, 2026) · Data pulled Nov 11, 2026

Key facts

International Flavors & Fragrances (NYSE: IFF) reported revenue of $10.9B for fiscal 2025, the year ended Dec 31, 2025, down 5.2% from fiscal 2024. Net income was −$359M, compared with $267M. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $1.9B, up 3.9% from the same quarter a year earlier, and net income was −$55M. The largest piece by segment was Food Ingredients, at 30% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 27, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 3, 2026).

Revenue$10.9BFY2025 · −5.2% vs FY2024

Net income−$359MFY2025 · vs $267M in FY2024

Operating cash flow$850MFY2025 · −20.6% vs FY2024

Cash & equivalents$272Mat Sep 30, 2026 · −21.6% vs FY2025 end

Total debt$6.0BFY2025 end · −33.2% vs FY2024

Diluted shares256MFY2025 avg · +0.0% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 27, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 5, 2026 · 10-Q filed Aug 4, 2026 · 10-Q filed Nov 3, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Food Ingredients$3.3B30%−2.6%
Taste$2.5B23%+2.2%
Scent$2.5B23%+1.6%
Health and Biosciences$2.3B21%+3.6%
Pharma Solutions$369M3%−64.8%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Food Ingredients (30%), Taste (23%), Scent (23%) and Health and Biosciences (21%), as shares of total revenue. Total revenue was $10.9B.

By segment: three-year mixShare of the total each fiscal year

FY2023

32%20%21%18%9%

FY2024

29%21%21%19%9%

FY2025

30%23%23%21%

Food IngredientsTasteScentHealth and BiosciencesPharma Solutions

Source: 10-K FY2025

By region, FY2025

EMEA$3.7B34%−2.9%

North America$3.2B29%−7.1%

Asia$2.5B23%−6.8%

Latin America$1.4B13%−3.5%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$1.9B Q3 2026

$1.9B Q3 2025

3.9% increase

Net income

−$55M Q3 2026

$41M Q3 2025

n/m (change not meaningful)

A hatched bar is a loss, drawn by its size. The % change isn't shown when either quarter is a loss.

Source: International Flavors & Fragrances 10-Q for the quarter ended Sep 30, 2026, filed Nov 3, 2026

By segment

Scent

$689M Q3 2026

$652M Q3 2025

5.7% increase

Taste

$687M Q3 2026

$658M Q3 2025

4.4% increase

Source: International Flavors & Fragrances 10-Q for the quarter ended Sep 30, 2026, filed Nov 3, 2026

Cash & equivalents $272M at Sep 30, 2026, vs $347M at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $820M vs $532M a year earlier.

The bull case and the bear case

The bull case

Total debt fell 33.2% in FY2025 to $6.0B. 10-K, FY2025
Revenue in the quarter ended Sep 30, 2026 was $1.9B, up 3.9% on a year earlier. 10-Q, quarter ended Sep 30, 2026
Health and Biosciences revenue grew 3.6% in FY2025 to $2.3B. 10-K, FY2025

The bear case

Revenue fell 5.2% in FY2025 to $10.9B, from $11.5B a year earlier. 10-K, FY2025
It reported a net loss of $359M in FY2025. 10-K, FY2025
Operating cash flow fell 20.6% in FY2025 to $850M. 10-K, FY2025
Pharma Solutions revenue fell 64.8% in FY2025 to $369M. 10-K, FY2025

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

International Flavors & Fragrances is in the specialty chemicals industry, part of the materials sector. The SEC files it under Industrial Organic Chemicals.

International Flavors & Fragrances reports 5 segments: Food Ingredients, Taste, Scent, Health and Biosciences and Pharma Solutions.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the specialty chemicals industry. They are not a summary of International Flavors & Fragrances’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Commodity pricesPrices of the metals, chemicals or products it sells move revenue and margins.
Demand cyclesCustomers in construction, manufacturing and autos buy less in downturns.
Energy and input costsEnergy, raw material and freight costs can rise faster than prices.
Regulation and environmentEnvironmental and safety rules can raise costs or limit operations.
TradeTariffs and trade policy can shift demand and competition.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$11.5B	$11.5B	$10.9B
Net income	−$2.6B	$267M	−$359M
Operating cash flow	$1.5B	$1.1B	$850M
Cash & equivalents (year end)	$703M	$312M	$347M
Total debt (year end)	$10.1B	$9.0B	$6.0B
Diluted shares	255M	256M	256M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income including the share that belongs to minority owners of subsidiaries.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Short-term and long-term debt combined, at carrying value, as the company totals it.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Net income here includes the share that belongs to minority owners of subsidiaries, the figure the company's tagged data carries for the whole business.

Recent filings

Form	Filed	Period
10-Q	Nov 3, 2026	Sep 30, 2026
10-Q	Aug 4, 2026	Jun 30, 2026
10-Q	May 5, 2026	Mar 31, 2026
DEF 14A	Mar 18, 2026	Apr 29, 2026
10-K	Feb 27, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about International Flavors & Fragrances

How does International Flavors & Fragrances make money?

International Flavors & Fragrances's revenue was $10.9B in fiscal 2025. By segment in FY2025: Food Ingredients (30%), Taste (23%), Scent (23%) and Health and Biosciences (21%), as shares of total revenue. Total revenue was $10.9B. Source: 10-K for fiscal 2025, filed Feb 27, 2026.

What was International Flavors & Fragrances's revenue in fiscal 2025?

$10.9B of revenue for the fiscal year ended Dec 31, 2025, down 5.2% from $11.5B in fiscal 2024. Fiscal 2023 was $11.5B. Source: 10-K for fiscal 2025, filed Feb 27, 2026.

Is International Flavors & Fragrances profitable?

International Flavors & Fragrances reported net income of −$359M for fiscal 2025, compared with $267M from $267M in fiscal 2024. That is a loss under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was −$55M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 27, 2026.

What did International Flavors & Fragrances report in its latest quarterly filing?

Revenue was $1.9B in the quarter ended Sep 30, 2026, up 3.9% from $1.9B a year earlier. Net income was −$55M, compared with $41M from $41M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 3, 2026.

What are the main risks International Flavors & Fragrances faces?

International Flavors & Fragrances's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 27, 2026. Risks that are common among companies in the specialty chemicals industry include Commodity prices; demand cycles; energy and input costs; regulation and environment; trade. The first: Prices of the metals, chemicals or products it sells move revenue and margins. Source: 10-K, Item 1A Risk Factors.

Where do these International Flavors & Fragrances numbers come from?

From International Flavors & Fragrances's own SEC filings: the 10-K for fiscal 2025 (filed Feb 27, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Nov 3, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning International Flavors & Fragrances

Carl Icahn: 4,275,000 shares, reported value $338.7M at Jun 30, 2026 (same number of shares as in the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Millennium Management: 1,503,802 shares, reported value $119.1M at Jun 30, 2026 (+8,361.2% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Citadel Advisors: 110,109 shares, reported value $8.7M at Jun 30, 2026 (−90.0% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Bridgewater Associates: 5,090 shares, reported value $0.4M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in IFF: The editor holds no position in International Flavors & Fragrances (IFF). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell IFF from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 10, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold IFF, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
International Flavors & FragrancesIFF	FY2025	$10.9B	−5.2%	−$359M
EcolabECL	FY2025	$16.1B	+2.2%	$2.1B
Sherwin-WilliamsSHW	FY2025	$23.6B	+2.1%	$2.6B
PPG IndustriesPPG	FY2025	$15.9B	+0.2%	$1.6B
LyondellBasellLYB	FY2025	$30.2B	−9.7%	−$738M

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.