Treasury Stock: On November 3, 2025, the Board of Directors approved a stock repurchase program authorizing us to purchase up to 8.0 million shares of our outstanding common stock until December 31, 2028. We are not obligated to repurchase any shares under the authorization, and the repurchase program may be suspended, discontinued or modified at any time, for any reason and without notice. The parameters of the repurchase program are not established solely with reference to the dilutive impact of shares issued under our stock incentive plan, but we expect that, over time, share repurchases will offset the dilutive impact of shares issued under the plan.

During the first quarter of 2026, we repurchased 120 thousand outstanding shares of common stock in open market transactions at a net cost of $14 million. During the first quarter of 2025, we repurchased 409 thousand outstanding shares of common stock in open market transactions at a net cost of $55 million.


	Three Months Ended March 31,
	2026		2025
Restricted stock units (“RSUs”):
Pre-tax compensation expense	6		7
Income tax benefit	(1)		(1)
RSUs, net of income taxes	5		6

Performance shares and other share-based awards:
Pre-tax compensation expense	4		5
Income tax benefit	(1)		—
Performance shares and other share-based compensation expense, net of income taxes	3		5

Stock options:
Pre-tax compensation expense	$	—	$	1
Income tax benefit	—		—
Stock option expense, net of income taxes	—		1

Total share-based compensation:
Pre-tax compensation expense	10		13
Income tax benefit	(2)		(1)
Total share-based compensation expense, net of income taxes	$	8	$	12

Restricted Stock Units: We have granted restricted stock units (“RSUs”) to certain key employees. The RSUs are primarily subject to either cliff vesting (generally after three years) or three-year graded vesting (vesting one-third each year), provided the employee remains in our service. The fair value of the RSUs is determined based upon the number of shares granted and the quoted market price of our common stock at the grant date.


	Number of Restricted Shares (in thousands)	Weighted Average Fair Value per Share
Non-vested as of December 31, 2025	510	$	112.44
Granted	209	115.93
Vested	(161)	98.84
Cancelled	(13)	117.89
Non-vested as of March 31, 2026	545	$	117.68

As of March 31, 2026, the total remaining unrecognized compensation cost related to RSUs was $33 million, which will be amortized on a weighted-average basis over approximately 2.0 years.

Performance Shares: We have a long-term incentive plan for senior management in the form of performance share awards. The vesting of the performance shares is generally based on two performance metrics. Fifty percent of the performance shares awarded vest based on our total shareholder return as compared to the total shareholder return of our performance peer group, and the remaining fifty percent vest based on the calculation of our three-year average Adjusted Return on Invested Capital (“Adjusted ROIC”) against an established Adjusted ROIC target.

For the 2026 performance shares awarded based on our total shareholder return, the number of shares that ultimately vest can range from zero to 200 percent of the grant depending on our total shareholder return as compared to the total shareholder return of our performance peer group. The share award vesting will be calculated at the end of the three-year period and is subject to approval by management and the People, Culture and Compensation Committee (“Compensation Committee”) of the Board of Directors. Compensation expense is based on the fair value of the performance shares at the grant date, established using a Monte Carlo simulation model. We amortize the total compensation expense for these awards over a three-year graded vesting schedule.

For the 2026 performance shares awarded based on Adjusted ROIC, the number of shares that ultimately vest can range from zero to 200 percent of the grant depending on our Adjusted ROIC performance against the target. The share award vesting will be calculated at the end of the three-year period and is subject to approval by management and the Compensation Committee. We base compensation expense on the market price of our common stock on the grant date and the final number of shares that ultimately vest. We estimate the potential share vesting at least annually to adjust the compensation expense for these awards over the vesting period to reflect our estimated Adjusted ROIC performance against the target. We amortize the total compensation expense for these awards over a three-year graded vesting schedule.

For the first quarter of 2026, we awarded 116 thousand performance shares at a weighted average fair value of $136.63 per share. As of March 31, 2026, the unrecognized compensation cost related to these awards was $25 million, which we will amortize over the remaining service period of 2.45 years. The 2023 performance share awards that vested in February 2026 achieved a 181 percent payout of the granted performance shares. As of March 31, 2026, we estimate the 2024 performance share awards will pay out at 187 percent.

Stock Options: Under our stock incentive plan, stock options are granted at exercise prices that equal the market value of the underlying common stock on the date of grant. The options have a 10-year term and are exercisable upon vesting, which occurs over a three-year period at the anniversary dates of the date of grant. We generally recognize compensation expense on a straight-line basis for all awards over the employee’s vesting period. We estimate a forfeiture rate at the time of grant and update the estimate throughout the vesting period of the stock options within the amount of compensation costs recognized in each period.

We granted 158 thousand shares of stock options to purchase for the first quarter 2025 and did not grant any stock options for the first quarter of 2026. We estimated the fair value of each option grant by using the Black-Scholes option-pricing model with the following assumptions for 2025:

The expected life of options represents the weighted average period that we expect options granted to be outstanding in view of vesting schedules and our historical exercise patterns. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the grant date for the period corresponding to the expected life of the options. Expected volatility is based on historical volatilities of our common stock, and dividend yields are based on our dividend yield at the date of issuance.


	Number of Options (in thousands)	Weighted Average Exercise Price per Share		Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2025	1,269	$	105.75	5.3	$	13
Granted	—	—
Exercised	(12)	99.75
Cancelled	(14)	99.75
Outstanding as of March 31, 2026	1,243	$	105.88	5.1	$	15
Exercisable as of March 31, 2026	1,106	$	103.48	4.6	$	15

For the first quarter of 2026, cash received from the exercise of stock options was $1 million. As of March 31, 2026, the unrecognized compensation cost related to non-vested stock options totaled $1 million, which we expect to amortize over the weighted-average period of approximately 1.6 years.


	Three Months Ended March 31,
	2026		2025
Weighted average grant date fair value of stock options granted (per share)	$	—	$	33.53
Total intrinsic value of stock options exercised	—		1


	Cumulative Translation Adjustment		Hedging Activities		Pension and Postretirement Adjustment		AOCL
Balance as of December 31, 2025	$	(899)	$	(5)	$	(33)	$	(937)
Other comprehensive income before reclassification adjustments	6		5		—		11
(Income) reclassified from AOCL	—		—		—		—
Tax effect	—		(1)		—		(1)
Net other comprehensive income	6		4		—		10
Balance as of March 31, 2026	$	(893)	$	(1)	$	(33)	$	(927)


	Cumulative Translation Adjustment		Hedging Activities		Pension and Postretirement Adjustment		AOCL
Balance as of December 31, 2024	$	(1,061)	$	4	$	(29)	$	(1,086)
Other comprehensive income before reclassification adjustments	50		17		—		67
(Income) reclassified from AOCL	—		(2)		—		(2)
Tax effect	—		(4)		—		(4)
Net other comprehensive income	50		11		—		61
Balance as of March 31, 2025	$	(1,011)	$	15	$	(29)	$	(1,025)


	Three Months Ended March 31, 2026					Three Months Ended March 31, 2025
	Net Income Attributable to Ingredion		Weighted Average Shares	Per Share Amount		Net Income Attributable to Ingredion		Weighted Average Shares	Per Share Amount
Basic EPS	$	142	63.2	$	2.25	$	197	64.5	$	3.05
Effect of Dilutive Securities (i)			0.8					1.1
Diluted EPS	$	142	64.0	$	2.22	$	197	65.6	$	3.00

_________________

For the first quarter of 2026 and 2025, approximately 0.5 million and 0.1 million share-based awards of common stock were excluded from the calculation of the weighted average number of shares outstanding for diluted EPS because their effects were anti-dilutive.