Water, Soybean Oil, and Less Than 2% of Micellar Casein (a Milk Derivative), Maltodextrin**, Dipotassium Phosphate, Monoand Diglycerides, Natural and Artificial Flavor, Carrageenan, Sucralose, Acesulfame Potassium (Non-nutritive Sweetener).
** adds a trivial amount of sugar.