Water, Soybean Oil, and Less than 2% of Maltodextrin**, Micellar Casein (a Milk Derivative), Mono- and Diglycerides, Dipotassium Phosphate, Sucralose, Carrageenan, Acesulfame Potassium (Non-Nutritive Sweetener), Natural Flavor. ** Adds a Trivial Amount of Sugar.