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International Flavors & Fragrances
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Updated Aug 5, 2026
IFF Q2 2026: Food Ingredients Divestiture to CVC at 10x EBITDA Resets Portfolio Around Higher-Margin Taste, Scent and H&B Core
IFF's Q2 2026 earnings call is defined by the announced divestiture of its Food Ingredients business to CVC Capital Partners at approximately $4.3 billion, or roughly 10x EV/EBITDA, a transaction that reshapes the company into a focused three-segment specialty ingredients platform. On a continuing operations basis, IFF delivered 6% revenue growth and 6% EBITDA growth in Q2, with all three retained segments — Taste, Scent and Health & Biosciences — posting volume-driven gains. The primary execution challenge ahead is absorbing approximately $100 million in stranded costs previously allocated to Food Ingredients, with management committing to eliminate two-thirds within 12 months of transaction close and the remainder in the second full year.
Tone: bullishRevenue
$10.9B
IFF 10-K · FY 2025
Employees
21,500
Revenue FY2024
$11.5B
Founded
1909
Profile
IFF 10-K Item 1 · Feb 27, 2026International Flavors & Fragrances (IFF) is a global manufacturer of flavors, fragrances, food ingredients, and biotechnology-derived specialty ingredients sold to consumer product manufacturers across food, beverage, home and personal care, and health and wellness markets. The company operates through four active segments — Taste, Food Ingredients, Health & Biosciences, and Scent — following the divestiture of its Pharma Solutions segment in May 2025. With approximately $10.9 billion in 2025 sales and roughly 170 manufacturing and creative facilities across 30 countries, IFF holds leadership positions across key ingredient categories including enzymes, cultures, probiotics, soy proteins, and fragrance compounds.
Read filing description ↓ Collapse description ↑
We are a leading creator and manufacturer of products for application in food, beverage, health & biosciences, and scent, as well as complementary adjacent products, including natural health ingredients, all of which are used in a wide variety of consumer and end-use products. Our products are sold principally to manufacturers of dairy, meat, beverages, snacks, savory, sweet, baked goods, grain processors and other foods, personal care products, soaps and detergents, cleaning products, perfumes, dietary supplements, food protection, infant, elderly and animal nutrition, functional food, bio-fuel, and oral care products. As a result, we hold global leadership positions in the Food & Beverage, Home & Personal Care and Health & Wellness markets, and across key Tastes, Textures, Scents, Nutrition, Enzymes, Cultures, Soy Proteins and Probiotics categories, among others. Sales in 2025 were $10.890 billion. Our business is geographically diverse, with sales in the U.S. representing approximately 28% of sales in 2025. No other country represented more than 10% of sales. In 2025, no customer accounted for 10% or more of sales. During the year ended December 31, 2025, our business consisted of five segments: Taste, Food Ingredients, Health & Biosciences, Scent and, until the completion of the divestitures of both the Pharma Solutions and Nitrocellulose disposal groups in May 2025, Pharma Solutions. Effective January 1, 2025, our former Nourish segment was restructured into two newly designated operating segments: Taste and Food Ingredients.
Primary products
- flavor compounds
- natural taste solutions
- value-added spices and seasoning ingredients
- plant-based specialty food ingredients
- specialty soy and pea protein
- emulsifiers and sweeteners
Business segments
End markets
Geographies
Named customers
In 2025, our 25 largest customers, a majority of which were multinational consumer products companies, collectively accounted for approximately 32% of our sales.
Named competitors
“We believe that our ability to create products with the sustainability-related attributes customers expect and compete successfully in the various sub-markets is based on, among other things: our in-depth understanding of our customers and consumers, vertical integration, innovation and technological advances from our research and development activities and, as applicable, our scientists, our ability to tailor products to customers' needs, and our ability to manufacture products on a global scale.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Sales in 2025 of $10.890 billion decreased 5% compared to sales of $11.484 billion in 2024, though on a comparable currency neutral basis sales increased 2%; the reported decline reflects approximately $757 million of revenue removed due to divestitures including Pharma Solutions and Nitrocellulose.
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