IFF Shares Slip After Q4 Results; FY2025 Sales Decline, EBITDA at $2.09 Billion

Stock Performance & Trading Context

International Flavors & Fragrances Inc. (NYSE: IFF) shares fell about 2% intraday following the earnings release, trading in the high-$70s range. The stock has moved within an estimated $62–$99 52-week range and remains under pressure over the past year. No analyst upgrades, downgrades, or price-target revisions were disclosed in the company’s press release.

Q4 2025 Results Snapshot

IFF reported fourth-quarter 2025 net sales of $2.589 billion, down 7% year over year. On a comparable currency-neutral basis, sales increased 1%. Income before taxes totaled $22 million, compared with a loss in the prior-year period. Adjusted operating EBITDA was $437 million, with adjusted EBITDA margin of 16.9%. Comparable currency-neutral adjusted EBITDA rose 7%, driven mainly by productivity gains. Reported EPS came in at $0.07, while adjusted EPS (ex-amortization) was $0.80 per diluted share.

Q4 Segment Highlights

• Taste: Sales $588 million; adjusted EBITDA $94 million; margin 16.0%.
• Health & Biosciences: Sales $589 million; EBITDA $155 million; margin 26.3%.
• Scent: Sales $610 million; EBITDA $106 million; margin 17.4%.
• Food Ingredients: Sales $802 million; EBITDA $82 million; margin 10.2%.

Full-Year 2025 Financial Performance

IFF reported full-year net sales of $10.890 billion, a 5% decline year over year. Comparable currency-neutral sales increased 2%. Loss before taxes was $412 million. Adjusted operating EBITDA totaled $2.086 billion, with EBITDA margin of 19.2%. Comparable currency-neutral adjusted EBITDA grew 7%. Reported EPS was $(1.46), while adjusted EPS (ex-amortization) reached $4.20 per diluted share.

Cash Flow & Balance Sheet

• Operating cash flow: $850 million
• Free cash flow: $256 million
• Year-end net debt to credit-adjusted EBITDA stood at 2.6x.
• IFF ended 2025 with $590 million in cash and equivalents and total assets of $25.537 billion.

Outlook & Strategic Actions

The company launched a sale process for its Food Ingredients segment as part of portfolio optimization.

For 2026, IFF expects:

• Sales: $10.5B–$10.8B
• Adjusted EBITDA: $2.05B–$2.15B