IFF makes the flavors and scents inside other companies' products. Its sales are shrinking — partly because it's selling off whole divisions on purpose.
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✦ The bottom line
IFF sold $10.9B of ingredients last year, down 5.2%. But this isn't just weakness — it sold off entire businesses, which shrinks sales by design.
↓ the brief below
✦ Teach me
Money coming in
Every dollar IFF collects selling flavors, fragrances, and ingredients. When a company sells off a whole division, its revenue drops — not because the business is failing, but because there's simply less company left.
Wall Street calls this
Revenue / net sales
Falling sales can mean trouble — or it can mean deliberate shrinking. You have to know which.
Net sales · fiscal year 2025
$10.9
B
Down from $11.5B a year earlier — −5.2%. The drop lines up with divisions it sold mid-year.
Source · 10-K · Consolidated Statement of Income (Loss) · FY2025 · Filed Feb 27, 2026
Net sales · last three fiscal years
$11.5B
$11.5B
$10.9B
FY2023
FY2024
FY2025
Two flat years, then a step down to $10.9B as the divestitures closed. The shrink is recent — and self-inflicted.
Source · 10-K · Consolidated Statement of Income (Loss), three-year comparison · FY2023–FY2025 · Filed Feb 27, 2026
From the 10-K · what they sold
...the completion of the divestitures of both the Pharma Solutions and Nitrocellulose disposal groups in May 2025...
↳ Translated: IFF sold off whole divisions. Less company = lower sales — that's the plan, not an accident.
Source · 10-K · Business — Segments · FY2025 · Filed Feb 27, 2026
Why sell pieces of yourself? To raise cash. IFF took on huge debt in a 2021 mega-merger — and selling divisions is how it's paying that down. Chapter 2 follows the money.
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Shrinking by design
Sales are down — but largely because IFF chose to sell divisions, not because customers walked away.