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Side-by-side financial comparison of Ingredion Inc (INGR) and McCormick & Company (MKC), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
McCormick & Company is the larger business by last-quarter revenue ($1.9B vs $1.8B, roughly 1.1× Ingredion Inc). McCormick & Company runs the higher net margin — 9.5% vs 12.2%, a 2.7% gap on every dollar of revenue. On growth, McCormick & Company posted the faster year-over-year revenue change (2.9% vs -2.4%). Over the past eight quarters, McCormick & Company's revenue compounded faster (7.5% CAGR vs -3.4%).
Ingredion Inc. is an American food and beverage ingredient provider based in Westchester, Illinois, producing mainly starches, non-GMO sweeteners, stevia, and pea protein. The company turns corn, tapioca, potatoes, plant-based stevia, grains, fruits, gums and other vegetables into ingredients for the food, beverage, brewing, and pharmaceutical industries and numerous industrial sectors. It has about 12,000 employees in 44 locations, and customers in excess of 120 countries.
McCormick & Company, Incorporated is an American food company that manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavoring products to retail outlets, food manufacturers, and food service businesses.
INGR vs MKC — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $1.8B | $1.9B |
| Net Profit | $167.0M | $226.6M |
| Gross Margin | 24.5% | 38.9% |
| Operating Margin | 12.5% | 16.8% |
| Net Margin | 9.5% | 12.2% |
| Revenue YoY | -2.4% | 2.9% |
| Net Profit YoY | 72.2% | 5.3% |
| EPS (diluted) | $2.58 | $0.84 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $1.8B | $1.9B | ||
| Q3 25 | $1.8B | $1.7B | ||
| Q2 25 | $1.8B | $1.7B | ||
| Q1 25 | $1.8B | $1.6B | ||
| Q4 24 | $1.8B | $1.8B | ||
| Q3 24 | $1.9B | $1.7B | ||
| Q2 24 | $1.9B | $1.6B | ||
| Q1 24 | $1.9B | $1.6B |
| Q4 25 | $167.0M | $226.6M | ||
| Q3 25 | $171.0M | $225.5M | ||
| Q2 25 | $196.0M | $175.0M | ||
| Q1 25 | $197.0M | $162.3M | ||
| Q4 24 | $97.0M | $215.2M | ||
| Q3 24 | $188.0M | $223.1M | ||
| Q2 24 | $148.0M | $184.2M | ||
| Q1 24 | $216.0M | $166.0M |
| Q4 25 | 24.5% | 38.9% | ||
| Q3 25 | 25.1% | 37.4% | ||
| Q2 25 | 26.0% | 37.5% | ||
| Q1 25 | 25.7% | 37.6% | ||
| Q4 24 | 24.9% | 40.2% | ||
| Q3 24 | 25.6% | 38.7% | ||
| Q2 24 | 23.7% | 37.7% | ||
| Q1 24 | 22.2% | 37.4% |
| Q4 25 | 12.5% | 16.8% | ||
| Q3 25 | 13.7% | 16.7% | ||
| Q2 25 | 14.8% | 14.8% | ||
| Q1 25 | 15.2% | 14.0% | ||
| Q4 24 | 9.0% | 17.0% | ||
| Q3 24 | 14.3% | 17.1% | ||
| Q2 24 | 12.8% | 14.2% | ||
| Q1 24 | 11.3% | 14.6% |
| Q4 25 | 9.5% | 12.2% | ||
| Q3 25 | 9.4% | 13.1% | ||
| Q2 25 | 10.7% | 10.5% | ||
| Q1 25 | 10.9% | 10.1% | ||
| Q4 24 | 5.4% | 12.0% | ||
| Q3 24 | 10.1% | 13.3% | ||
| Q2 24 | 7.9% | 11.2% | ||
| Q1 24 | 11.5% | 10.4% |
| Q4 25 | $2.58 | $0.84 | ||
| Q3 25 | $2.61 | $0.84 | ||
| Q2 25 | $2.99 | $0.65 | ||
| Q1 25 | $3.00 | $0.60 | ||
| Q4 24 | $1.43 | $0.79 | ||
| Q3 24 | $2.83 | $0.83 | ||
| Q2 24 | $2.22 | $0.68 | ||
| Q1 24 | $3.23 | $0.62 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.0B | $95.9M |
| Total DebtLower is stronger | — | $3.6B |
| Stockholders' EquityBook value | $4.3B | $5.7B |
| Total Assets | $7.9B | $13.2B |
| Debt / EquityLower = less leverage | — | 0.63× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $1.0B | $95.9M | ||
| Q3 25 | $915.0M | $94.9M | ||
| Q2 25 | $861.0M | $124.1M | ||
| Q1 25 | $837.0M | $102.8M | ||
| Q4 24 | $997.0M | $186.1M | ||
| Q3 24 | $877.0M | $200.8M | ||
| Q2 24 | $505.0M | $166.3M | ||
| Q1 24 | $438.0M | $178.0M |
| Q4 25 | — | $3.6B | ||
| Q3 25 | — | $3.9B | ||
| Q2 25 | — | $3.9B | ||
| Q1 25 | — | $3.9B | ||
| Q4 24 | — | $3.9B | ||
| Q3 24 | — | $3.4B | ||
| Q2 24 | — | $4.1B | ||
| Q1 24 | — | $4.1B |
| Q4 25 | $4.3B | $5.7B | ||
| Q3 25 | $4.2B | $5.8B | ||
| Q2 25 | $4.2B | $5.6B | ||
| Q1 25 | $4.0B | $5.4B | ||
| Q4 24 | $3.8B | $5.3B | ||
| Q3 24 | $4.0B | $5.4B | ||
| Q2 24 | $3.7B | $5.3B | ||
| Q1 24 | $3.7B | $5.2B |
| Q4 25 | $7.9B | $13.2B | ||
| Q3 25 | $7.8B | $13.2B | ||
| Q2 25 | $7.8B | $13.2B | ||
| Q1 25 | $7.5B | $12.9B | ||
| Q4 24 | $7.4B | $13.1B | ||
| Q3 24 | $7.5B | $13.2B | ||
| Q2 24 | $7.2B | $13.0B | ||
| Q1 24 | $7.3B | $12.9B |
| Q4 25 | — | 0.63× | ||
| Q3 25 | — | 0.67× | ||
| Q2 25 | — | 0.69× | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.63× | ||
| Q2 24 | — | 0.77× | ||
| Q1 24 | — | 0.79× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $405.0M | $542.0M |
| Free Cash FlowOCF − Capex | $270.0M | — |
| FCF MarginFCF / Revenue | 15.4% | — |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 7.7% | — |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 2.43× | 2.39× |
| TTM Free Cash FlowTrailing 4 quarters | $511.0M | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $405.0M | $542.0M | ||
| Q3 25 | $277.0M | $258.8M | ||
| Q2 25 | $185.0M | $45.9M | ||
| Q1 25 | $77.0M | $115.5M | ||
| Q4 24 | $436.0M | $458.7M | ||
| Q3 24 | $479.0M | $161.7M | ||
| Q2 24 | $312.0M | $163.1M | ||
| Q1 24 | $209.0M | $138.4M |
| Q4 25 | $270.0M | — | ||
| Q3 25 | $172.0M | $206.1M | ||
| Q2 25 | $84.0M | $-2.4M | ||
| Q1 25 | $-15.0M | $78.4M | ||
| Q4 24 | $311.0M | — | ||
| Q3 24 | $429.0M | $102.7M | ||
| Q2 24 | $257.0M | $94.8M | ||
| Q1 24 | $144.0M | $76.4M |
| Q4 25 | 15.4% | — | ||
| Q3 25 | 9.5% | 11.9% | ||
| Q2 25 | 4.6% | -0.1% | ||
| Q1 25 | -0.8% | 4.9% | ||
| Q4 24 | 17.3% | — | ||
| Q3 24 | 22.9% | 6.1% | ||
| Q2 24 | 13.7% | 5.8% | ||
| Q1 24 | 7.7% | 4.8% |
| Q4 25 | 7.7% | — | ||
| Q3 25 | 5.8% | 3.1% | ||
| Q2 25 | 5.5% | 2.9% | ||
| Q1 25 | 5.1% | 2.3% | ||
| Q4 24 | 6.9% | — | ||
| Q3 24 | 2.7% | 3.5% | ||
| Q2 24 | 2.9% | 4.2% | ||
| Q1 24 | 3.5% | 3.9% |
| Q4 25 | 2.43× | 2.39× | ||
| Q3 25 | 1.62× | 1.15× | ||
| Q2 25 | 0.94× | 0.26× | ||
| Q1 25 | 0.39× | 0.71× | ||
| Q4 24 | 4.49× | 2.13× | ||
| Q3 24 | 2.55× | 0.72× | ||
| Q2 24 | 2.11× | 0.89× | ||
| Q1 24 | 0.97× | 0.83× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
INGR
| Food And Industrial Ingredients LATAM Segment | $599.0M | 34% |
| Texture And Healthful Solutions Segment | $598.0M | 34% |
| Food And Industrial Ingredients U.S.Canada Segment | $486.0M | 28% |
| Other | $74.0M | 4% |
MKC
| Consumer | $1.1B | 61% |
| Flavor Solutions | $723.1M | 39% |
