+117.5%
Operating income — year over year
$158.0M vs $-903.0M a year ago · quarter ended Jun 30, 2026 · from 10-Q XBRL filings.
Earnings thesis change · rubric v1.0
IFF INTERNATIONAL FLAVORS & FRAGRANCES INC
Fiscal Q3 FY2026 · reported 2026-08-04
SEC filings and exhibits only
Earnings filing (8-K) · Latest 10-Q filings
Last updated: Aug 25, 2026 at 4:35 AM UTC
Earnings filing (8-K) · Latest 10-Q filings
Last updated: Aug 25, 2026 at 4:35 AM UTC
ACCOUNTING RISK · CLEAR
No auditor changes, restatements, late filings, or listing notices in the last 12 months.
from SEC filings · 2026-10-09
Thesis change
Strengthened
Legacy analysis
Detailed dimension scores were not computed for pre-v1 analyses. Full six-dimension scoring resumes with filings processed by the current pipeline.
- Legacy analysis: scored by the pre-v1 pipeline; deep evidence has not been re-verified.
Reported facts
GAAP facts are reported by the company. Comparable figures are EarnIQ arithmetic using only quantified adjustments disclosed in the linked SEC exhibit.
Reported EPS and revenue have not yet been extracted from the filing.
Earnings quality
From 10-Q / 10-K XBRL filings. Sloan (1996) accruals: high accruals relative to assets have historically preceded earnings disappointments. Descriptive research, not a prediction.
Strong — cash is doing the heavy lifting
Earnings look cash-backed — accruals are 8.1% of assets, in the strongest quintile of large caps.
CY2024Q3Accruals / assets (TTM)CY2026Q2
Depreciation is disclosed annually by most filers, so quarterly values blend actuals with estimates — flagged on every reading. Method: TTM Sloan accruals ÷ average assets, scored 1–5 by quintile.
1. Three decisive changes
Largest quantified changes versus the company's own history.
+104.9%
Net income — year over year
$50.0M vs $-1.0B a year ago · quarter ended Jun 30, 2026 · from 10-Q XBRL filings.
-31.3%
Revenue — year over year
$2.0B vs $2.8B a year ago · quarter ended Jun 30, 2026 · from 10-Q XBRL filings.
2. Was it already expected?
Consensus classifications require timestamped pre-report snapshots and eight-quarter surprise history.
| Item | Actual | Expected | Gap | Class |
|---|---|---|---|---|
| Consensus comparison coming soon. | ||||
3. Management consistency
Only attributable, measurable and dated commitments are counted. Delivery record: Not available.
| Promise | Target | Outcome | Status | Evidence |
|---|---|---|---|---|
| No measurable, dated management promises have been verified for this record. | ||||
4. What matters next
One deciding measurable condition plus up to two supporting checkpoints.
No source-backed deciding threshold is available yet.
For continuing operations, full year 2026 sales are expected to be in the range of $7.4 billion to $7.6 billion with adjusted operating EBITDA between $1.53 billion and $1.60 billion.
5. Risks that changed
New or materially worsened items only; unchanged boilerplate is omitted.
No new or materially worsened risk has been source-verified.
From 10-K filings · EDGAR
34
new risk disclosures added
43
old ones removed
FY2025 10-K vs prior year, boilerplate filtered out — these are idiosyncratic changes, and tone is slightly more negative.
New risk disclosure #1
“• We are exposed to AI-related risks and opportunities that if we fail to properly manage, could result in material liabilities, or otherwise materially adversely affect our business, results of operations, and financial…”
New risk disclosure #2
“If we are not successful in managing our inventory balances, our results of operations and cash flows may be negatively affected. Relatedly, we also sell certain accounts receivable on a non-recourse basis to unrelated f…”
New risk disclosure #3
“• Consumer demand and preferences, as well as regulatory trends may impact demand for our products, which may have a negative effect on our operating results and future growth.…”
6. Evidence drawer
Source location, short anchor and visible arithmetic for every verified claim.
DC1 10-Q / 10-K XBRL filings (US-GAAP, via EDGAR)
Operating income · quarter ended 2026-06-30Operating income: +117.5% year over year
(158,000,000 − -903,000,000) ÷ 903,000,000 = +117.5% YoYDC2 10-Q / 10-K XBRL filings (US-GAAP, via EDGAR)
Net income · quarter ended 2026-06-30Net income: +104.9% year over year
(50,000,000 − -1,018,000,000) ÷ 1,018,000,000 = +104.9% YoYDC3 10-Q / 10-K XBRL filings (US-GAAP, via EDGAR)
Revenue · quarter ended 2026-06-30Revenue: -31.3% year over year
(1,954,000,000 − 2,843,000,000) ÷ 2,843,000,000 = -31.3% YoY