INNOSPEC INC. Segments Disclosure
Note 3. Segment Reporting and Geographical Area Data
The Company reports its financial performance based on three reportable segments, which are Performance Chemicals, Fuel Specialties and Oilfield Services.
Our Performance Chemicals segment provides innovative technology-based solutions for our customers’ processes or products in personal care, home care, agrochemical, construction, mining and other industrial markets.
Our Fuel Specialties segment develops, manufactures, blends, markets and supplies a range of specialty chemical products used as additives in diesel, jet, marine, fuel oil and other fuels.
Our Oilfield Services segment develops and markets chemical solutions for drilling, completion, production, DRA and oil and gas applications.
In 2025 and 2024, the net sales to any single customer did not exceed 10% of the group's net sales. In 2023, the Company had a significant customer in the Oilfield Services segment which accounted for $265.2 million and 13.6% of the group's net sales.
The Chief Operating Decision Maker (“CODM”) is the (the Principal Executive Officer). The CODM evaluates the performance of the Company’s segments and makes strategic decisions relating to the Company's allocation of resources, based on the segments' monthly gross profit and operating income.
The following table analyzes financial information by the Company’s reportable segments:
(in millions) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Net Sales: |
|
|
|
|
|
|
|
|
|
|||
Personal Care |
|
$ |
409.2 |
|
|
$ |
390.0 |
|
|
$ |
352.7 |
|
Home Care |
|
|
109.0 |
|
|
|
106.6 |
|
|
|
86.8 |
|
Other |
|
|
163.2 |
|
|
|
157.1 |
|
|
|
122.1 |
|
Performance Chemicals |
|
|
681.4 |
|
|
|
653.7 |
|
|
|
561.6 |
|
Refinery and Performance |
|
|
509.4 |
|
|
|
517.4 |
|
|
|
540.6 |
|
Other |
|
|
192.1 |
|
|
|
183.7 |
|
|
|
155.3 |
|
Fuel Specialties |
|
|
701.5 |
|
|
|
701.1 |
|
|
|
695.9 |
|
Oilfield Services |
|
|
395.1 |
|
|
|
490.6 |
|
|
|
691.3 |
|
Total net sales |
|
$ |
1,778.0 |
|
|
$ |
1,845.4 |
|
|
$ |
1,948.8 |
|
Gross profit: |
|
|
|
|
|
|
|
|
|
|||
Performance Chemicals |
|
|
122.0 |
|
|
|
148.4 |
|
|
|
105.6 |
|
Fuel Specialties |
|
|
252.2 |
|
|
|
239.9 |
|
|
|
215.1 |
|
Oilfield Services |
|
|
118.2 |
|
|
|
154.6 |
|
|
|
270.4 |
|
Total gross profit |
|
$ |
492.4 |
|
|
$ |
542.9 |
|
|
$ |
591.1 |
|
Operating income/(expense): |
|
|
|
|
|
|
|
|
|
|||
Performance Chemicals |
|
$ |
61.0 |
|
|
$ |
82.9 |
|
|
$ |
54.5 |
|
Fuel Specialties |
|
|
144.8 |
|
|
|
129.6 |
|
|
|
109.7 |
|
Oilfield Services |
|
|
23.3 |
|
|
|
38.8 |
|
|
|
78.6 |
|
Corporate costs |
|
|
(72.8 |
) |
|
|
(70.2 |
) |
|
|
(81.2 |
) |
Adjustment to fair value of contingent consideration |
|
|
15.9 |
|
|
|
(3.4 |
) |
|
|
— |
|
Restructuring charge |
|
|
(0.9 |
) |
|
|
— |
|
|
|
— |
|
Impairment of property, plant and equipment |
|
|
(22.9 |
) |
|
|
— |
|
|
|
— |
|
Impairment of intangible assets |
|
|
(19.1 |
) |
|
|
— |
|
|
|
— |
|
Profit on disposal of property, plant and equipment |
|
|
0.2 |
|
|
|
0.2 |
|
|
|
— |
|
Total operating income |
|
$ |
129.5 |
|
|
$ |
177.9 |
|
|
$ |
161.6 |
|
Identifiable assets at year-end: |
|
|
|
|
|
|
|
|
|
|||
Performance Chemicals |
|
$ |
602.0 |
|
|
$ |
598.3 |
|
|
|
|
|
Fuel Specialties |
|
|
625.5 |
|
|
|
553.8 |
|
|
|
|
|
Oilfield Services |
|
|
212.2 |
|
|
|
272.5 |
|
|
|
|
|
Corporate |
|
|
392.7 |
|
|
|
310.1 |
|
|
|
|
|
Total assets |
|
$ |
1,832.4 |
|
|
$ |
1,734.7 |
|
|
|
|
|
The identifiable assets analysis between the Company's reportable segments and Corporate has been updated in 2025, to align with changes made to the information provided to the CODM. The prior year comparatives have not been adjusted to conform to the current period presentation.
The difference between net sales and gross profit is defined as cost of goods sold. For further information see the relevant accounting policy within Note 2 of the Notes to the Financial Statements.
The difference between segmental gross profit and operating income/(expense) is split between selling, general and administrative expenses and research and development expenses. For further information see the relevant accounting policies within Note 2 of the Notes to the Financial Statements.
The following table analyzes cost of goods sold by the Company’s reportable segments:
(in millions) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Performance Chemicals |
|
$ |
559.4 |
|
|
$ |
505.3 |
|
|
$ |
456.0 |
|
Fuel Specialties |
|
|
449.3 |
|
|
|
461.2 |
|
|
|
480.8 |
|
Oilfield Services |
|
|
276.9 |
|
|
|
336.0 |
|
|
|
420.9 |
|
Total cost of goods sold |
|
$ |
1,285.6 |
|
|
$ |
1,302.5 |
|
|
$ |
1,357.7 |
|
The following table analyzes selling, general and administrative expenses and research and development expenses by the Company’s reportable segments:
(in millions) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Performance Chemicals |
|
$ |
61.0 |
|
|
$ |
65.5 |
|
|
$ |
51.1 |
|
Fuel Specialties |
|
|
107.4 |
|
|
|
110.3 |
|
|
|
105.4 |
|
Oilfield Services |
|
|
94.9 |
|
|
|
115.8 |
|
|
|
191.8 |
|
Corporate |
|
|
72.8 |
|
|
|
70.2 |
|
|
|
81.2 |
|
Total selling, general and administrative expenses and research and development expenses |
|
$ |
336.1 |
|
|
$ |
361.8 |
|
|
$ |
429.5 |
|
The Company includes within the Corporate line item the following costs:
The following tables analyze sales and other financial information by location:
(in millions) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Net sales by source: |
|
|
|
|
|
|
|
|
|
|||
United States |
|
$ |
951.7 |
|
|
$ |
1,039.7 |
|
|
$ |
1,227.2 |
|
United Kingdom |
|
|
793.2 |
|
|
|
823.4 |
|
|
|
857.7 |
|
Rest of World |
|
|
379.0 |
|
|
|
288.9 |
|
|
|
199.4 |
|
Sales between areas |
|
|
(345.9 |
) |
|
|
(306.6 |
) |
|
|
(335.5 |
) |
|
|
$ |
1,778.0 |
|
|
$ |
1,845.4 |
|
|
$ |
1,948.8 |
|
Income before income taxes: |
|
|
|
|
|
|
|
|
|
|||
United States |
|
$ |
25.9 |
|
|
$ |
90.2 |
|
|
$ |
95.2 |
|
United Kingdom |
|
|
67.3 |
|
|
|
(24.6 |
) |
|
|
59.1 |
|
Rest of World |
|
|
44.9 |
|
|
|
(24.4 |
) |
|
|
20.1 |
|
|
|
$ |
138.1 |
|
|
$ |
41.2 |
|
|
$ |
174.4 |
|
Long-lived assets at year-end: |
|
|
|
|
|
|
|
|
|
|||
United States |
|
$ |
132.6 |
|
|
$ |
156.2 |
|
|
|
|
|
United Kingdom |
|
|
121.3 |
|
|
|
88.0 |
|
|
|
|
|
Rest of World |
|
|
150.4 |
|
|
|
133.6 |
|
|
|
|
|
|
|
$ |
404.3 |
|
|
$ |
377.8 |
|
|
|
|
|
Identifiable assets at year-end: |
|
|
|
|
|
|
|
|
|
|||
United States |
|
$ |
555.9 |
|
|
$ |
593.6 |
|
|
|
|
|
United Kingdom |
|
|
579.1 |
|
|
|
488.2 |
|
|
|
|
|
Rest of World |
|
|
298.4 |
|
|
|
270.4 |
|
|
|
|
|
Goodwill |
|
|
399.0 |
|
|
|
382.5 |
|
|
|
|
|
|
|
$ |
1,832.4 |
|
|
$ |
1,734.7 |
|
|
|
|
|
Sales by geographical area are reported by source, being where the transactions originated. Intercompany sales are priced using an appropriate pricing methodology and are eliminated in the consolidated financial statements.
Long-lived assets are related to property, plant and equipment, other intangibles and operating leases.
Identifiable assets are those directly associated with the operations of the geographical area.
Goodwill has not been allocated by geographical location on the grounds that it would be impracticable to do so.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 14, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 16, 2022 | |
| 2020 | Feb 17, 2021 | |
| 2019 | Feb 19, 2020 | |
| 2018 | Feb 20, 2019 | |
| 2017 | Feb 15, 2018 | |
| 2016 | Feb 15, 2017 | |
| 2015 | Feb 17, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.