Ingredion (INGR) FY2025 10-K Risk Factors: 7 New, 5 Dropped

What the changes say

Interest-rate and refinancing exposure is more specific, including $499 million of notes maturing October 1, 2026.
AI now appears as both an innovation opportunity and an operational, regulatory, cybersecurity, and litigation risk.
Geopolitical risk expands from named conflicts to broader sanctions, export controls, trade, supply-chain, energy, and currency disruption.
Food-industry exposure increased to 58% of 2025 net sales, while beverage and animal-nutrition exposure declined.

What changed since the prior 10-K

New

NewRisks Related to Our Business and Our Industry
Changes in consumer practices, preferences, price sensitivity, behaviors, demand and perceptions may reduce the demand for our products
Consumers may avoid Ingredion ingredients tied to added sugars, sweeteners, carbohydrates, highly processed foods, high-fructose corn syrup, or biotechnology.
NewRisks Related to Our Business and Our Industry
Geopolitical developments, tensions, threats or conflicts could harm our business by adversely affecting the availability and prices of raw materials and energy supplies; disrupting global markets, supply chains, and foreign exchange and interest rates, and causing changes in migration patterns
Geopolitical tensions could raise energy, freight, raw-material and logistics costs while causing sanctions, export controls, currency volatility, and weaker demand.
NewRisks Related to Our Business and Our Industry
Our ability to expand our business may suffer if we do not keep pace with technological developments and continue to offer innovative products, including more sustainable production methods
Falling behind competitors in product, process, service, or sustainable-production innovation—including through generative AI—could limit growth.
NewRisks Related to Our Business and Our Industry
Competitive pressures may adversely affect our market share, revenue and profitability
Corn-derived products face price and margin pressure from larger competitors, vertically integrated rivals, sugar and other raw materials, and government programs.
NewRisks Related to Our Business and Our Industry
An inability to contain costs, manage working capital, or achieve budgets, including completing planned maintenance and investment projects on time and on budget, could adversely affect our future profitability or cash flows
Poor cost control, working-capital management, or execution of maintenance and investment projects could reduce profitability and cash flow.
NewRisks Related to Artificial Intelligence, Our Data, and Our Information Technology Systems
Our increasing use of artificial intelligence and other advanced technologies, and our reliance on third‑party technology providers, could expose us to operational, legal, regulatory, cybersecurity, and reputational risks that may adversely affect our business
Unreliable AI outputs, evolving regulations, intellectual-property claims, third-party technology dependence, and cybersecurity failures could disrupt operations and damage reputation.
NewRisks Related to Artificial Intelligence, Our Data, and Our Information Technology Systems
These factors may adversely impact our operating results, financial condition, cash flows and prospects. We could also experience delays in reporting our financial results
Security weaknesses at third-party data providers or incomplete vendor assessments could expose confidential, proprietary, or personal information and delay financial reporting.

Dropped

DroppedRisks Related to Our Business and Our Industry
Changes in consumer practices, preferences, demand and perceptions, including with respect to products developed through biotechnology, may lessen the demand for our products, which could reduce our sales and profitability and harm our business
Covered consumer taste, health, dietary, biotechnology, and economic changes that could reduce demand, sales, and profitability.
DroppedRisks Related to Our Business and Our Industry
Geopolitical conflicts and actions arising from them may have an adverse effect on the availability and prices of raw materials and energy supplies, cause supply chain disruptions, or contribute to volatility in foreign exchange and interest rates
Covered Russia-Ukraine and Middle East conflicts, including their effects on raw materials, energy, supply chains, and currencies.
DroppedRisks Related to Our Business and Our Industry
The success of our business depends on the continuing innovation, research, development, formulation, maintenance and operation of our products and services, including more sustainable production
DroppedRisks Related to Our Business and Our Industry
It may be difficult to preserve operating margins and maintain market share in the highly competitive environment in which we operate
DroppedRisks Related to Our Business and Our Industry
An inability to contain costs and working capital could adversely affect our future profitability, cash flows and growth

Reworded

65% rewrittenRisks Related to Our Financing Activities
Increased interest rates could increase our borrowing costs
Adds tighter or uneven credit, capital-market volatility, liquidity constraints, refinancing risk, and the $499 million of 3.2% notes maturing October 1, 2026.
59% rewrittenRisks Related to Our Business and Our Industry
Our profitability could be negatively impacted if we fail to maintain satisfactory labor relations
Removes the prior strike’s stated lack of material impact and adds that the Cedar Rapids agreement covers approximately 120 employees through August 1, 2026.
50% rewrittenRisks Related to Our Business and Our Industry
The recognition of impairment charges on long-lived assets, goodwill or investments could adversely impact our future financial position and results of operations
Adds $1.269 billion of net intangible assets and goodwill, equal to approximately 16% of consolidated assets, and expressly includes investments.
Was: The recognition of impairment charges on goodwill or long-lived assets could adversely impact our future financial position and results of operations
47% rewrittenRisks Related to Our Business and Our Industry
We operate a multinational business subject to the economic, political and other risks inherent in conducting operations in foreign countries and with foreign currencies
Expands currency exposure to buying inputs and operating internationally, removes the specific strong-dollar reference, and adds political and economic risks.
45% rewrittenRisks Related to Artificial Intelligence, Our Data, and Our Information Technology Systems
Our information technology systems, processes and sites may suffer interruptions, security incidents, or failures that may affect our ability to conduct our business and cause significant damage to our reputation
The disclosed dependence on third-party information technology systems and business processes is substantively unchanged.
43% rewrittenRisks Related to Our Business and Our Industry
Our reliance on certain industries for a significant portion of our sales could have a material adverse effect on our business
Food-industry exposure rose from 56% to 58% of net sales, while beverage declined from 10% to 9% and animal nutrition from 8% to 7%.
36% rewrittenRisks Related to Our Business and Our Industry
Pandemics could have a material adverse effect on our business
Removes detailed coronavirus-era disruption examples and narrows the remaining discussion to future epidemics or pandemics affecting product and co-product demand and pricing.
35% rewrittenRisks Related to Our Regulatory Compliance
Global and regional economic policies and changes to existing laws and regulations may have an adverse impact on our business
The visible wording retains the same broad government, trade, war, disaster, tariff, labor, intellectual-property, and regulatory risks; no substantive change is shown.
34% rewrittenRisks Related to Our Business and Our Industry
Global climate change and legal, regulatory, or market measures to address climate change, may negatively affect our business, operating results, financial condition, cash flows, and prospects
33% rewrittenRisks Related to Our Business and Our Industry
Economic conditions may adversely impact demand for our products, reduce our access to credit, affect our investment returns and cause our customers and others with whom we do business to suffer financial hardship
Was: Economic conditions may adversely impact demand for our products, reduce access to credit, affect investment returns and cause our customers and others with whom we do business to suffer financial hardship, all of which could adversely impact our business, results of operations, financial condition and cash flows
29% rewrittenRisks Related to Our Regulatory Compliance
We are subject to income taxes in the U.S. and in foreign jurisdictions. Our effective tax rates could be adversely affected by changes in the mix of earnings by jurisdiction, changes in tax laws, tax rate changes in the valuation of deferred tax assets and liabilities and material adjustments from tax audits
29% rewrittenRisks Related to Our Business and Our Industry
Inputs to our procurement, production processes and delivery channels, such as raw material, energy, and freight and logistics, may experience price fluctuations, supply chain interruptions, tariffs, duties, and shortages that could adversely affect our results of operations

All 26 risk factors

Headings as the filing states them, in filing order.

Risks Related to Our Business and Our Industry

01Changes in consumer practices, preferences, price sensitivity, behaviors, demand and perceptions may reduce the demand for our productsNew
02Geopolitical developments, tensions, threats or conflicts could harm our business by adversely affecting the availability and prices of raw materials and energy supplies; disrupting global markets, supply chains, and foreign exchange and interest rates, and causing changes in migration patternsNew
03Economic conditions may adversely impact demand for our products, reduce our access to credit, affect our investment returns and cause our customers and others with whom we do business to suffer financial hardship33% rewritten
04In connection with our defined benefit pension plans, adverse changes in investment returns earned on pension assets and discount rates used to calculate pension and related liabilities or changes in required pension funding levels may have an unfavorable impact on future pension expenses and cash flows
05Our reliance on certain industries for a significant portion of our sales could have a material adverse effect on our business43% rewritten
06Operating difficulties at our manufacturing facilities and liabilities relating to product safety and quality could adversely affect our business and harm our reputation
07Our ability to expand our business may suffer if we do not keep pace with technological developments and continue to offer innovative products, including more sustainable production methodsNew
08Competitive pressures may adversely affect our market share, revenue and profitabilityNew
09Inputs to our procurement, production processes and delivery channels, such as raw material, energy, and freight and logistics, may experience price fluctuations, supply chain interruptions, tariffs, duties, and shortages that could adversely affect our results of operations29% rewritten
10An inability to contain costs, manage working capital, or achieve budgets, including completing planned maintenance and investment projects on time and on budget, could adversely affect our future profitability or cash flowsNew
11Global climate change and legal, regulatory, or market measures to address climate change, may negatively affect our business, operating results, financial condition, cash flows, and prospects34% rewritten
12We operate a multinational business subject to the economic, political and other risks inherent in conducting operations in foreign countries and with foreign currencies47% rewritten
13Our profitability could be negatively impacted if we fail to maintain satisfactory labor relations59% rewritten
14Our inability to attract, develop, retain, motivate and maintain good relationships with our workforce, including key personnel, could negatively impact our business and our profitability
15Our business and financial results may be adversely affected by legal and regulatory proceedings
16Pandemics could have a material adverse effect on our business36% rewritten
17The recognition of impairment charges on long-lived assets, goodwill or investments could adversely impact our future financial position and results of operations50% rewritten

Risks Related to Our Regulatory Compliance

18Global and regional economic policies and changes to existing laws and regulations may have an adverse impact on our business35% rewritten
19We are subject to income taxes in the U.S. and in foreign jurisdictions. Our effective tax rates could be adversely affected by changes in the mix of earnings by jurisdiction, changes in tax laws, tax rate changes in the valuation of deferred tax assets and liabilities and material adjustments from tax audits29% rewritten

Risks Related to Our Financing Activities

20Increased interest rates could increase our borrowing costs65% rewritten
21We may not have access to the funds required for future growth and expansion

Risks Related to Artificial Intelligence, Our Data, and Our Information Technology Systems

22Our increasing use of artificial intelligence and other advanced technologies, and our reliance on third‑party technology providers, could expose us to operational, legal, regulatory, cybersecurity, and reputational risks that may adversely affect our businessNew
23Our information technology systems, processes and sites may suffer interruptions, security incidents, or failures that may affect our ability to conduct our business and cause significant damage to our reputation45% rewritten
24These factors may adversely impact our operating results, financial condition, cash flows and prospects. We could also experience delays in reporting our financial resultsNew

Risks Related to Investment in Our Common Stock

25We may not continue to pay dividends, repurchase shares of our common stock, or to pay dividends or repurchase shares of our common stock at the same rate as paid in our most recent fiscal quarters
26Any failure by us to maintain effective control over financial reporting could result in loss of investor confidence and adversely impact our stock price

Other Ingredion 10-Ks

FY2024 10-K risk factors
24 risks
Raw-material, energy and logistics volatility threaten margins, production continuity and product availability.
Filed Feb 20, 2025

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.