What does Archer-Daniels-Midland do?

ADM sources, stores, transports, trades and processes agricultural raw materials such as oilseeds, corn and wheat into products including vegetable oils, protein meals, sweeteners, starches, flour and ethanol, and sells nutrition ingredients for food, beverages, supplements, animal feed and pet food, according to its 10-K for 2025. It reports three segments: Ag Services and Oilseeds, Carbohydrate Solutions and Nutrition.

How much revenue did ADM make in 2025?

Revenues were $80,269 million in 2025, compared with $85,530 million in 2024 and $93,935 million in 2023, according to its 10-K. Net earnings attributable to controlling interests were $1,078 million in 2025, or $2.23 per diluted share, against $1,800 million, or $3.65, in 2024.

Which ADM segment is the largest?

Ag Services and Oilseeds, with 2025 revenues of $61,571 million and segment operating profit of $1,614 million. Carbohydrate Solutions had revenues of $10,737 million and operating profit of $1,211 million, and Nutrition revenues of $7,512 million and operating profit of $417 million (10-K).

What were ADM's latest quarterly results?

For the quarter ended June 30, 2026, its 10-Q (unaudited) reports revenues of $22,681 million and net earnings attributable to Archer-Daniels-Midland Company of $908 million, or $1.87 per diluted share, against $219 million, or $0.45, a year earlier. In its August 4, 2026 release ADM reported adjusted EPS, a non-GAAP measure, of $1.84 and Total Segment Operating Profit, also non-GAAP, of $1,450 million.

What is ADM's outlook for 2026?

In its August 4, 2026 earnings release ADM said it now expects 2026 adjusted EPS of approximately $5.15 to $5.60, up from its prior guidance range of $4.15 to $4.70. Adjusted EPS is a non-GAAP measure, and this is the company's own projection, not a reported result.

What was the SEC investigation into ADM about?

It concerned ADM's prior reporting of intersegment sales. On January 27, 2026 ADM said it had agreed to a $40 million payment to settle the SEC's investigation, without admitting or denying wrongdoing, and that the Department of Justice had closed its investigation with no further action. ADM said the transactions affected segment-level reporting only and had no effect on its consolidated balance sheet, earnings or cash flows for the restated periods (Form 8-K).

Does ADM pay a dividend?

Yes. Cash dividends paid were $2.04 per share in 2025, and cash dividends in the cash flow statement totaled $987 million that year (10-K). Dividends per common share were $0.52 for the quarter ended June 30, 2026 (10-Q).

Does ADM buy back its own shares?

The 10-K says no share repurchases were made in 2025; share repurchases, net of tax, were $2,327 million in 2024 and $2,673 million in 2023, according to its cash flow statement.

Juan R. Luciano is Chair of the Board of Directors, President and Chief Executive Officer, and Monish Patolawala is Chief Financial Officer; both certified ADM's 10-Q for the quarter ended June 30, 2026. Jeff Rowe, formerly CEO of Syngenta Group, became Executive Vice President and Chief Operating Officer, a newly created role, effective August 17, 2026 (press release of July 20, 2026).

What is ADM's stake in Wilmar?

ADM has a 22.5% equity interest in Wilmar International Limited, a Singapore publicly listed agribusiness group. Its share of Wilmar is reported within Ag Services and Oilseeds, where Wilmar contributed $290 million of segment operating profit in 2025 against $336 million in 2024 (10-K).

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Archer Daniels Midland $ADM

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$82.93

-0.71 (-0.85%)

As of Oct 15, 2026, 10:43 PM EDT

Price history

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Archer Daniels Midland (ADM) is trading down at $82.93 (-0.85%) on NYSE/NASDAQ, as of the latest quote. It is a S&P 500 constituent in the Consumer Staples sector.

Archer Daniels Midland revenue & net income history (FY2016–FY2025)

RevenueNet incomeNet margin (right axis, %)

Archer Daniels Midland annual financial statements
	FY2016Dec 2016	FY2017Dec 2017	FY2018Dec 2018	FY2019Dec 2019	FY2020Dec 2020	FY2021Dec 2021	FY2022Dec 2022	FY2023Dec 2023	FY2024Dec 2024	FY2025Dec 2025
Income statement
Revenue	$62.3B	$60.8B	$64.3B	$64.7B	$64.4B	$85.2B	$101.6B	$93.9B	$85.5B	$80.3B
Growth (year over year)	−7.9%	−2.4%	+5.8%	+0.5%	−0.5%	+32.5%	+19.1%	−7.5%	−8.9%	−6.2%
Gross profit	$3.62B	$3.52B	$4.18B	$4.15B	$4.45B	$5.99B	$7.57B	$7.51B	$5.78B	$5.03B
Gross margin	5.8%	5.8%	6.5%	6.4%	6.9%	7.0%	7.5%	8.0%	6.8%	6.3%
Net income	$1.28B	$1.59B	$1.81B	$1.38B	$1.77B	$2.71B	$4.34B	$3.48B	$1.80B	$1.08B
Net margin	2.1%	2.6%	2.8%	2.1%	2.8%	3.2%	4.3%	3.7%	2.1%	1.3%
EPS (diluted)	$2.16	$2.79	$3.19	$2.44	$3.15	$4.79	$7.71	$6.43	$3.65	$2.23
Balance sheet
Cash and equivalents	$619.0M	$804.0M	$2.00B	$852.0M	$666.0M	$943.0M	$1.04B	$1.37B	$611.0M	$1.01B
Total assets	$39.8B	$40.0B	$40.8B	$44.0B	$49.7B	$56.1B	$59.8B	$54.6B	$53.3B	$52.4B
Total liabilities	$22.6B	$21.6B	$21.8B	$24.8B	$29.7B	$33.6B	$35.5B	$30.5B	$31.1B	$29.6B
Long-term debt	$6.50B	$6.62B	$7.70B	$7.67B	$7.88B	$8.01B	$7.74B	$8.26B	$7.58B	$6.61B
Shareholders' equity	$17.2B	$18.3B	$19.0B	$19.2B	$20.0B	$22.5B	$24.3B	$24.1B	$22.2B	$22.7B
Cash flow
Operating cash flow	−$6.51B	−$5.97B	−$4.78B	−$5.45B	−$2.39B	$6.59B	$3.48B	$4.46B	$2.79B	$5.45B
Capital expenditure	$882.0M	$1.05B	$842.0M	$828.0M	$823.0M	$1.17B	$1.32B	$1.49B	$1.56B	$1.25B
Free cash flow	−$7.39B	−$7.01B	−$5.63B	−$6.28B	−$3.21B	$5.43B	$2.16B	$2.97B	$1.23B	$4.20B
Dividends paid	$701.0M	$730.0M	$758.0M	$789.0M	$809.0M	$834.0M	$899.0M	$977.0M	$985.0M	$987.0M
Share buybacks	$1.00B	$750.0M	$77.0M	$150.0M	$133.0M	$0	$1.45B	$2.67B	$2.33B	$0

RevenueNet incomeNet margin (right axis, %)

Archer Daniels Midland quarterly financial statements
	Q3 FY24Sep 2024	Q4 FY24^†Dec 2024	Q1 FY25Mar 2025	Q2 FY25Jun 2025	Q3 FY25Sep 2025	Q4 FY25^†Dec 2025	Q1 FY26Mar 2026	Q2 FY26Jun 2026
Income statement
Revenue	$19.9B	$21.5B	$20.2B	$21.2B	$20.4B	$18.6B	$20.5B	$22.7B
Growth (year over year)	−8.1%	−6.4%	−7.7%	−4.9%	+2.2%	−13.7%	+1.6%	+7.2%
Gross profit	$1.36B	$1.36B	$1.18B	$1.37B	$1.27B	$1.21B	$1.22B	$1.94B
Gross margin	6.8%	6.3%	5.8%	6.5%	6.2%	6.5%	6.0%	8.5%
Net income	$18.0M	$567.0M	$295.0M	$219.0M	$108.0M	$456.0M	$298.0M	$908.0M
Net margin	0.1%	2.6%	1.5%	1.0%	0.5%	2.5%	1.5%	4.0%
EPS (diluted)	$0.04	$1.21	$0.61	$0.45	$0.22	$0.95	$0.62	$1.87
Balance sheet
Cash and equivalents	$784.0M	$611.0M	$864.0M	$1.06B	$1.24B	$1.01B	$591.0M	$1.06B
Total assets	$52.2B	$53.3B	$53.4B	$52.0B	$51.9B	$52.4B	$55.6B	$53.5B
Total liabilities	$30.2B	$31.1B	$31.3B	$29.6B	$29.4B	$29.6B	$32.8B	$29.9B
Long-term debt	$7.58B	$7.58B	$7.60B	$7.61B	$6.61B	$6.61B	$6.46B	$6.45B
Shareholders' equity	$22.0B	$22.2B	$22.1B	$22.4B	$22.5B	$22.7B	$22.8B	$23.6B
Cash flow
Operating cash flow	$1.30B	$322.0M	−$342.0M	$4.30B	$1.81B	−$313.0M	$150.0M	$1.15B
Capital expenditure	$381.0M	$492.0M	$291.0M	$305.0M	$296.0M	$356.0M	$194.0M	$272.0M
Free cash flow	$919.0M	−$170.0M	−$633.0M	$3.99B	$1.51B	−$669.0M	−$44.0M	$877.0M
Dividends paid	$241.0M	$241.0M	$247.0M	$248.0M	$248.0M	$244.0M	$254.0M	$256.0M
Share buybacks	$0	$0	$0	$0	$0	$0	—	—

From Archer Daniels Midland's 10-K, 10-KT and 10-Q filings with the SEC; its fiscal year ends in December. Each period shows the latest figure the company has reported for it, including restatements. Net margin is our own calculation from those reported figures (net income ÷ revenue); it is left blank where revenue is zero or missing. † Quarter derived from the company's year-to-date or full-year totals. Filings on SEC EDGAR →

About Archer Daniels Midland

The Archer-Daniels-Midland Company, commonly known as ADM, is an American multinational food processing and commodities trading corporation founded in 1902 and headquartered in Chicago, Illinois.

Source: Wikipedia — Archer Daniels Midland

Headquarters: Chicago, Illinois From SEC filings, Oct 2026

Company profile

Archer-Daniels-Midland Company (ADM), a Delaware corporation with its principal executive offices at 77 West Wacker Drive in Chicago, calls itself in its annual report for fiscal 2025 (Form 10-K) an essential global agricultural supply chain manager and processor, and also a premier human and animal nutrition provider. Its operations are organized into three reportable segments, Ag Services and Oilseeds, Carbohydrate Solutions and Nutrition, with its remaining operations classified within Corporate or Other Business. It also holds a 22.5% equity interest in Wilmar International Limited, a Singapore publicly listed company. Its fiscal year ends December 31, it had 41,496 employees as of December 31, 2025, and its common stock trades on the New York Stock Exchange as ADM (10-K).

For 2025 the consolidated statements of earnings report revenues of $80,269 million, compared with $85,530 million in 2024, earnings before income taxes of $1,255 million and net earnings attributable to controlling interests of $1,078 million, or $2.23 per diluted share. The 10-K says results were primarily driven by lower pricing and execution margins, and lists the deferral of U.S. biofuel policy among the factors that compressed margins in Ag Services and Oilseeds; 2025 results also included $372 million of impairments driven by revaluation losses on investments in the alternative protein market. Adjusted diluted EPS, a non-GAAP measure, was $3.43 against $4.74 in 2024. Net cash provided by operating activities was $5,452 million. At December 31, 2025 total assets were $52,389 million and total shareholders' equity was $22,740 million, and no share repurchases were made during 2025 (10-K).

According to its 10-Q for the quarter ended June 30, 2026 (unaudited), revenues were $22,681 million for the second quarter and $43,171 million for the first six months, and net earnings attributable to Archer-Daniels-Midland Company were $908 million for the quarter, or $1.87 per diluted share, against $219 million, or $0.45, a year earlier. In its August 4, 2026 earnings release ADM reported adjusted EPS, a non-GAAP measure, of $1.84 for the quarter, cited the 2026 and 2027 renewable volume obligations under the U.S. Renewable Fuel Standard, finalized in March 2026, as a key driver of a constructive biofuels margin environment, and said it now expects 2026 adjusted EPS of approximately $5.15 to $5.60, up from a prior range of $4.15 to $4.70 (a company projection, non-GAAP). On August 10, 2026 it issued $500 million of 4.829% Notes due 2031 and $500 million of 5.269% Notes due 2036 (Form 8-K).

On January 27, 2026 ADM said it had resolved government investigations into its prior reporting of intersegment sales: it agreed to a $40 million payment to settle the SEC's investigation, without admitting or denying wrongdoing, and the Department of Justice closed its investigation with no further action. ADM said the transactions affected segment-level reporting only, after it had restated its 2023 Form 10-K and two 2024 quarterly reports in November 2024 (Form 8-K). Juan R. Luciano is Chair of the Board of Directors, President and Chief Executive Officer, and Monish Patolawala is Chief Financial Officer (10-Q, Exhibits 31.1 and 31.2); Jeff Rowe was appointed Executive Vice President and Chief Operating Officer, a newly created role, effective August 17, 2026 (press release of July 20, 2026).

Summary sources:¹²³⁴⁵⁶⁷⁸⁹¹⁰¹¹¹²

$80,269 million³

Revenues, 2025 (year ended December 31, 2025)

$5,033 million³

Gross profit, 2025

$1,255 million³

Earnings before income taxes, 2025

$1,078 million³

Net earnings attributable to controlling interests, 2025

$2.23³

Diluted earnings per common share, 2025

$3.43¹

Adjusted diluted EPS, 2025 (non-GAAP, as reported by ADM)

$5,452 million⁴

Net cash provided by operating activities, 2025

$1,248 million⁴

Capital expenditures, 2025

$2.04¹³

Cash dividends paid per share, 2025

$1,015 million⁵

Cash and cash equivalents, December 31, 2025

$52,389 million⁵

Total assets, December 31, 2025

$6,606 million⁵

Long-term debt, December 31, 2025

$22,740 million⁵

Total shareholders' equity, December 31, 2025

41,496¹

Employees, December 31, 2025

481,201,844²

Common shares outstanding, February 10, 2026 (10-K cover)

$22,681 million⁶

Revenues, quarter ended June 30, 2026 (unaudited)

$43,171 million⁶

Revenues, six months ended June 30, 2026 (unaudited)

$908 million⁶

Net earnings attributable to Archer-Daniels-Midland Company, quarter ended June 30, 2026 (unaudited)

$1.87⁶

Diluted earnings per common share, quarter ended June 30, 2026 (unaudited)

$1.84⁷

Adjusted EPS, quarter ended June 30, 2026 (non-GAAP, as reported by ADM)

$1,450 million⁷

Total Segment Operating Profit, quarter ended June 30, 2026 (non-GAAP, as reported by ADM)

$1,299 million¹⁴

Net cash provided by operating activities, six months ended June 30, 2026 (unaudited)

$0.52⁶

Dividends per common share, quarter ended June 30, 2026 (unaudited)

$53,527 million¹⁵

Total assets, June 30, 2026 (unaudited)

$6,451 million¹⁵

Long-term debt, June 30, 2026 (unaudited)

481,959,583¹⁶

Common shares outstanding, July 30, 2026 (10-Q cover)

approximately $5.15 to $5.60⁷

Full-year 2026 adjusted EPS guidance (company projection, non-GAAP, as of August 4, 2026)

Revenue by fiscal year, as reported in 10-K

Fiscal year	Revenue (as reported in 10-K)	Reported as	Filed
2021	$85,249 million¹⁷	Form 10-K for fiscal year 2021 (year ended December 31, 2021), revenues, in millions as filed	Feb 17, 2022
2022	$101,556 million¹⁸	Form 10-K for fiscal year 2022 (year ended December 31, 2022), revenues, in millions as filed	Feb 14, 2023
2023	$93,935 million¹⁹	Form 10-K for fiscal year 2023 (year ended December 31, 2023), revenues, in millions as filed	Mar 12, 2024
2024	$85,530 million²⁰	Form 10-K for fiscal year 2024 (year ended December 31, 2024), revenues, in millions as filed	Feb 20, 2025
2025	$80,269 million³	Form 10-K for fiscal year 2025 (year ended December 31, 2025), revenues, in millions as filed	Feb 17, 2026

Segments and products

Ag Services and Oilseeds: Origination, merchandising, transportation and storage of agricultural raw materials, and the crushing and processing of oilseeds such as soybeans and soft seeds (cottonseed, sunflower seed, canola, rapeseed and flaxseed) into vegetable oils and protein meals; it also includes peanuts and peanut-derived ingredients and cotton cellulose pulp (10-K, Item 1). Revenues as filed: $61,571 million in 2025, $66,516 million in 2024 and $73,426 million in 2023; segment operating profit $1,614 million, $2,447 million and $4,067 million (10-K, segment note).²¹
Carbohydrate Solutions: Corn and wheat wet and dry milling, producing products such as sweeteners, starches, syrups, glucose, dextrose, wheat flour, ethanol and animal feed ingredients (10-K, Item 1). Revenues as filed: $10,737 million in 2025, $11,234 million in 2024 and $12,874 million in 2023; segment operating profit $1,211 million, $1,376 million and $1,375 million (10-K, segment note).²¹
Nutrition: Serves food, beverage, nutritional supplement, animal feed and pet food markets with ingredients such as flavors and colors, plant-based proteins, emulsifiers, probiotics and enzymes, and with feed, premix, pet food and pet treats (10-K, Item 1). Revenues as filed: $7,512 million in 2025, $7,349 million in 2024 and $7,211 million in 2023; segment operating profit $417 million, $386 million and $427 million (10-K, segment note).²¹
Other Business: Not a reportable segment. It includes ADM Investor Services, a registered futures commission merchant, and Agrinational Insurance, which provides insurance coverage for certain property, casualty, marine, medical and other risks of the Company (10-K, Item 1). Revenues as filed: $449 million in 2025, $431 million in 2024 and $424 million in 2023; operating profit $298 million, $247 million and $375 million (10-K, segment note).²¹
Segment operating profit by business, 2025: As filed in the 10-K's MD&A, in millions, 2025 against 2024: Ag Services $636 against $715; Crushing $159 against $844; Refined Products and Other $529 against $552; Wilmar $290 against $336; Starches and Sweeteners $1,059 against $1,343; Vantage Corn Processors $152 against $33; Human Nutrition $319 against $327; Animal Nutrition $98 against $59 (10-K, Item 7).¹
Revenues by geography, 2023 to 2025: Revenues as filed, in millions: United States $31,175 in 2025, $33,550 in 2024 and $38,783 in 2023; Switzerland $17,793, $19,877 and $19,898; Cayman Islands $6,093, $5,603 and $7,646; Brazil $3,358, $3,353 and $3,361; Mexico $2,741, $3,209 and $3,185; United Kingdom $2,115, $2,186 and $2,219; Canada $1,767, $2,055 and $2,400; other foreign $15,227, $15,697 and $16,443 (10-K, segment note).²²
Segments in the second quarter of 2026: For the quarter ended June 30, 2026 (unaudited), revenues from external customers as filed were $17,916 million in Ag Services and Oilseeds, $2,757 million in Carbohydrate Solutions and $1,902 million in Nutrition, against $16,269 million, $2,792 million and $1,993 million a year earlier; segment operating profit was $867 million, $411 million and $172 million, against $379 million, $337 million and $114 million (10-Q, segment note).²³

Risks

Agricultural commodities, weather and supply: The 10-K says the availability and prices of the agricultural commodities and other raw materials ADM procures, transports, stores, processes and merchandises can be affected by factors beyond its control, such as weather, plantings, crop disease, government policies and demand, which can raise its costs and affect its results (10-K, Items 1 and 1A).¹
Government policy, biofuels and trade: ADM says regulations affecting the agricultural sector, including government mandates, tax credits and renewable fuel rules, can change plantings, trade flows and demand for its products, and that increases in tariffs and restrictive trade policies can limit market access. Its 10-K lists the deferral of U.S. biofuel policy among the causes of compressed margins in Ag Services and Oilseeds in 2025 (10-K, Items 1A and 7).¹
International conflicts and geopolitics: The 10-K says international conflicts, sanctions and geopolitical risks could disrupt global markets, its operations and trade flows, and that ADM is exposed to global and regional economic downturns (10-K, Item 1A).¹
Legal proceedings and past segment reporting: ADM says it is involved in a number of legal proceedings that may result in adverse outcomes. In January 2026 it agreed to a $40 million payment to settle the SEC's investigation into its prior reporting of intersegment sales, without admitting or denying wrongdoing, and the Department of Justice closed its investigation; it had restated its 2023 Form 10-K and two 2024 quarterly reports in November 2024 to correct historical segment reporting (10-K, Item 1A; Form 8-K).⁹
Information technology and cybersecurity: The 10-K says ADM's information and operational technology systems are subject to interruptions or failures, that upgrading them may be delayed, costly or not deliver the expected benefits, and that its systems, processes and sites are subject to cybersecurity and other incidents. In 2025 it recorded an impairment charge of $179 million related to previously capitalized software (10-K, Items 1A and 7).¹
Credit ratings: At December 31, 2025 ADM had lines of credit totaling $12.3 billion, of which $9.4 billion was unused, and the 10-K says the rating agencies maintained its credit ratings at investment grade levels with a negative outlook (10-K, Item 7).¹

Frequently asked questions

What does Archer-Daniels-Midland do?: ADM sources, stores, transports, trades and processes agricultural raw materials such as oilseeds, corn and wheat into products including vegetable oils, protein meals, sweeteners, starches, flour and ethanol, and sells nutrition ingredients for food, beverages, supplements, animal feed and pet food, according to its 10-K for 2025. It reports three segments: Ag Services and Oilseeds, Carbohydrate Solutions and Nutrition.
How much revenue did ADM make in 2025?: Revenues were $80,269 million in 2025, compared with $85,530 million in 2024 and $93,935 million in 2023, according to its 10-K. Net earnings attributable to controlling interests were $1,078 million in 2025, or $2.23 per diluted share, against $1,800 million, or $3.65, in 2024.
Which ADM segment is the largest?: Ag Services and Oilseeds, with 2025 revenues of $61,571 million and segment operating profit of $1,614 million. Carbohydrate Solutions had revenues of $10,737 million and operating profit of $1,211 million, and Nutrition revenues of $7,512 million and operating profit of $417 million (10-K).
What were ADM's latest quarterly results?: For the quarter ended June 30, 2026, its 10-Q (unaudited) reports revenues of $22,681 million and net earnings attributable to Archer-Daniels-Midland Company of $908 million, or $1.87 per diluted share, against $219 million, or $0.45, a year earlier. In its August 4, 2026 release ADM reported adjusted EPS, a non-GAAP measure, of $1.84 and Total Segment Operating Profit, also non-GAAP, of $1,450 million.
What is ADM's outlook for 2026?: In its August 4, 2026 earnings release ADM said it now expects 2026 adjusted EPS of approximately $5.15 to $5.60, up from its prior guidance range of $4.15 to $4.70. Adjusted EPS is a non-GAAP measure, and this is the company's own projection, not a reported result.
What was the SEC investigation into ADM about?: It concerned ADM's prior reporting of intersegment sales. On January 27, 2026 ADM said it had agreed to a $40 million payment to settle the SEC's investigation, without admitting or denying wrongdoing, and that the Department of Justice had closed its investigation with no further action. ADM said the transactions affected segment-level reporting only and had no effect on its consolidated balance sheet, earnings or cash flows for the restated periods (Form 8-K).
Does ADM pay a dividend?: Yes. Cash dividends paid were $2.04 per share in 2025, and cash dividends in the cash flow statement totaled $987 million that year (10-K). Dividends per common share were $0.52 for the quarter ended June 30, 2026 (10-Q).
Does ADM buy back its own shares?: The 10-K says no share repurchases were made in 2025; share repurchases, net of tax, were $2,327 million in 2024 and $2,673 million in 2023, according to its cash flow statement.
Who runs ADM?: Juan R. Luciano is Chair of the Board of Directors, President and Chief Executive Officer, and Monish Patolawala is Chief Financial Officer; both certified ADM's 10-Q for the quarter ended June 30, 2026. Jeff Rowe, formerly CEO of Syngenta Group, became Executive Vice President and Chief Operating Officer, a newly created role, effective August 17, 2026 (press release of July 20, 2026).
What is ADM's stake in Wilmar?: ADM has a 22.5% equity interest in Wilmar International Limited, a Singapore publicly listed agribusiness group. Its share of Wilmar is reported within Ag Services and Oilseeds, where Wilmar contributed $290 million of segment operating profit in 2025 against $336 million in 2024 (10-K).