Record Full-Year Operating Income and EPS Growth
Full year reported operating income of $1.016 billion and adjusted operating income of $1.028 billion; gross profit dollars increased 2% and full-year gross margin expanded to 25.3%. Adjusted diluted EPS increased ~4.5% year-over-year.
Texture & Healthful Solutions Momentum
Seventh straight quarter of volume growth (Q4 volume +4%); full-year net sales for the segment up 1% with operating income up 16% and operating income margin of 16.9% (↑ >200 bps). Solutions business > $1 billion in revenue (~40% of the segment) with gross margins ~30–35%. Protein fortification net sales grew >40% in 2025 while production doubled and ASPs improved.
LatAm Strong Profitability and Strategic Optimization
Food & Industrial Ingredients LatAm delivered record operating income of $493 million and an operating margin of 21.1% (↑ 140 basis points). Executed network optimization in Brazil, closed Alcantara, expanded polyol production at Mogi Guaçu and repurposed grind in Mexico toward higher-margin products.
Cost Savings and Operational Improvements
Delivered $59 million of Cost2Compete run-rate savings, exceeding the $50 million target. Completed Indianapolis starch modernization to reduce modified starch production costs and debottleneck capacity; Belcamp blending center expansion increases customized solutions revenue potential by $30 million/year.
Strong Cash Generation and Shareholder Returns
Full-year cash from operations of $944 million; CapEx net of disposals $433 million. Repurchased $224 million of shares (exceeding $100 million target), returned $211 million in dividends and increased dividend per share to $0.82 (11th consecutive annual increase).
Outlook Reflects Continued Volume Growth and Profitability
2026 guidance: net sales expected up low single digits to mid-single digits; reported and adjusted operating income expected up low single digits; adjusted EPS guidance $11.00–$11.80; 2026 cash from operations expected $820M–$940M and CapEx $400M–$440M.