ADM
Updated: 24/09/2026, 06:13:17
Archer-Daniels-Midland Company (ADM) stands as a major global enterprise in the agricultural sector, focused on the sourcing, transportation, storage, processing, and distribution of a wide array of agricultural commodities, finished goods, and essential ingredients. Its expansive operations span numerous countries, including pivotal markets such as the United States, Switzerland, the Cayman Islands, Brazil, Mexico, and the United Kingdom, alongside a broader international presence. ADM's business is strategically organized into three core divisions: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition. The company's foundational activities involve acquiring, storing, cleaning, and distributing various agricultural raw materials, including oilseeds, corn, wheat, milo, oats, and barley. Beyond raw material handling, ADM is actively engaged in the global import, export, and distribution of agricultural commodities and feed products, complemented by specialized structured trade finance services. The company's product portfolio is incredibly diverse, serving the food, animal feed, energy, and industrial sectors. Offerings include a comprehensive range of vegetable oils—from crude and partially refined versions (utilized in biodiesel production and industrial applications like chemicals and paints) to salad oils, margarine, and shortening—as well as protein meals. ADM also manufactures a broad selection of sweeteners (such as syrup, glucose, and dextrose), corn and wheat starches, wheat flour, various alcohols (including ethyl alcohol and ethanol), citric acids, corn gluten feed and meal, and distillers' grains. Additionally, it processes specific agricultural products like peanuts, peanut-derived ingredients, and cotton cellulose pulp. Furthermore, ADM develops and supplies an extensive suite of specialized ingredients and solutions for nutrition and health. This segment features natural flavors, sophisticated flavor systems, natural colors, proteins, emulsifiers, soluble fibers, polyols, hydrocolloids, and an advanced line of natural health and nutrition products, encompassing probiotics, prebiotics, enzymes, and botanical extracts. They also provide edible beans, formulated animal feeds, animal health and nutrition products, and offer contract and private label manufacturing for pet treats and foods. Beyond its core commodity and ingredient businesses, ADM functions as a futures commission merchant, delivering commodity brokerage services. It also manages cash margins and securities pledged to commodity exchange clearinghouses and allocates cash as security for certain insurance agreements. Established in 1902, the company's corporate headquarters are located in Chicago, Illinois.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$25.0B
FY 2025 · Reported
Net income
$1.1B
FY 2025 · Reported
Gross margin
-201.5%
FY 2025 · Calculated
Free cash flow
$4.2B
FY 2025 · Calculated
R&D intensity
1.0%
FY 2025 · Calculated
Share repurchases
$2.3B
FY 2024 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
ADM is an essential global agricultural supply chain manager and processor, providing food security; also a premier human and animal nutrition provider and key producer of biofuels
“The Company is an essential global agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities.”
Company overview
ADM is an essential global agricultural supply chain manager and processor, plus human/animal nutrition provider; three reportable segments
“The Company is an essential global agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities. ADM is also a premier human and animal nutrition provider”
Three reportable segments
Operations organized into three reportable segments: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition; remaining operations in Corporate or Other Business
“The Company’s operations are organized, managed, and classified into three reportable segments: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition.”
Reportable segments
Ag Services and Oilseeds; Carbohydrate Solutions; Nutrition
“ADM has three reportable segments: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition.”
Owned/leased transportation network
Comprehensive transportation capability: owns or leases trucks, trailers, railcars, river barges, towboats, and ocean-going vessels
“The Company owns or leases trucks, trailers, railroad tank and hopper cars, river barges, towboats, and ocean-going vessels used to transport the Company’s products”
Nutrition segment products
Nutrition ingredients for human food, beverages, supplements, livestock, aquaculture, and pets; includes contract and private label pet treats and foods
“The segment engages in the creation, manufacturing, sale, and distribution of a wide array of ingredients and solutions including plant-based proteins, flavors and colors derived from nature, flavor systems, emulsifiers, soluble fiber, polyols, hydrocolloids, probiotics, prebiotics, postbiotics, enzymes, botanical extracts”
Carbohydrate Solutions products
Corn and wheat wet and dry milling producing sweeteners, starches, ethanol, animal feed ingredients, citric acids; advancing carbon capture and sequestration
“The segment converts corn and wheat into products and ingredients used in food and beverage applications, including sweeteners, starches, syrups, glucose, wheat flour, and dextrose.”
Ag Services and Oilseeds products
Crushing and processing of soybeans and soft seeds; produces vegetable oils and protein meals sold to food, feed, energy, and industrial customers including renewable diesel manufacturers
“Crude and partially refined vegetable oils are sold to third parties, including renewable diesel manufacturers, or further processed into salad oils, margarine, shortening, biodiesel, glycols, and other food and industrial products.”
Concentration of revenues by product 2023-2025
Products >=10% of revenues: Soybeans 17%/19%/18%, Soybean Meal 11%/12%/13%, Corn 13%/12%/12% (2025/2024/2023)
“Soybeans17%19%18% Soybean Meal11%12%13% Corn13%12%12%”
Water and chemicals availability risk
Non-agricultural commodity raw materials such as water and certain chemicals; major lack of available water could materially hurt operating results
“Any major lack of available water for use in certain of the Company's processing operations could have a material adverse impact on operating results.”
Currency exposure of consolidated subsidiaries
Consolidated subsidiaries in 75 countries; revenues/expenses correlated to exchange rate changes primarily in Euro, British pound, Canadian dollar, and Brazilian real
“Changes in revenues are expected to be correlated to changes in expenses reported by the Company caused by fluctuations in the exchange rates of foreign currencies, primarily the Euro, British pound, Canadian dollar, and Brazilian real, as compared to the U.S. dollar.”
Brokerage and futures commission merchant operations
FCM/brokerage operations with $8,432M segregated cash and investments and $8,919M payables to brokerage customers at Dec 31, 2025
“These balances include deposits received from customers of the Company’s registered futures commission merchants and brokerage services”
Raw material sourcing not dependent on any single supplier
Raw materials procured from thousands of growers, elevators, and merchants; not dependent upon any particular grower, elevator, or merchant
“The Company is not dependent upon any particular grower, elevator, or merchant as a source for its raw materials.”
Skilled labor availability risk
Availability of skilled trade and production workers is a specific focus; staffing shortfalls could negatively impact operations
“The inability to properly staff manufacturing facilities with skilled trades and hourly labor due to a limited number of qualified resources could negatively impact operations.”
Equity stake in Wilmar International
22.5% equity interest in Wilmar International Limited, a Singapore publicly listed global agribusiness group
“The Company has a 22.5% equity interest in Wilmar International Limited ("Wilmar"), a Singapore publicly listed company.”
2025 market factors compressing Ag Services and Oilseeds margins
Compressed AS&O margins from higher global supplies, US biofuel policy deferral, trade policy uncertainty, low water levels, Russia-Ukraine logistics, and EUDR postponement
“increased global supplies of grains and oilseeds, higher projected ending stocks-to-use ratios, the deferral of U.S. biofuel policy, the evolving global trade landscape, and logistical and weather challenges resulted in compressed margins.”
Pandemic demand risk for biofuels and food-service ingredients
Demand for biofuels and ingredients going into food and beverages supporting food services channels could be materially impacted by a prolonged outbreak
“demand for certain products that ADM produces, particularly biofuels and ingredients that go into food and beverages that support the food services channels, could be materially impacted”
Recent portfolio actions 2025
Vandamme Hugaria acquisition, Tres Corações closure, PYCO and Planters cottonseed JVs, Alltech animal feed JV agreement
“The acquisition in January 2025 of Vandamme Hugaria Kft, a 700 metric ton/day non-genetically modified crush and extraction facility based in Hungary.”
Nutrition demand trends
Human Nutrition growth driven by Flavors in energy drinks/RTD beverages, dietary supplements expansion via postbiotics acceptance, and clean label trends
“the Human Nutrition subsegment continued to see growth trends in the Flavors market, as high value categories such as energy drinks and ready to drink beverages continued to perform strongly.”
2025 strategy priorities
Four priorities: execution/cost management, strategic simplification, targeted growth investment, disciplined capital deployment with dividends
“•Focus on execution and cost management •Strategic simplification •Targeted growth investment •Deploy capital with discipline”
Operational excellence and targeted cost reductions
Focused on operational excellence and driving targeted cost reductions, including increased operating leverage within the Nutrition segment and reduced third-party spend and SG&A
“increase operating leverage within the Nutrition segment, and reduce third party spend and selling, general, and administrative expenses”
Portfolio simplification via divestitures and joint ventures
From time to time seeks to divest assets or businesses or enter joint ventures to simplify and optimize its portfolio
“from time to time, the Company seeks to divest certain of its assets or businesses by selling them or entering into joint ventures”
Energy price and inflation sensitivity of operating costs
Processing plants powered principally by electricity, natural gas, and coal; transport partially dependent on rail, diesel, ocean freight and port operations; sensitive to energy prices and inflation
“The Company's processing plants are powered principally by electricity, natural gas, and coal.”
Accounts receivable securitization
AR securitization programs provide up to $3.0B funding; $2.1B utilized at Dec 31, 2025
“The Programs provide the Company with up to $3.0 billion in funding against accounts receivable transferred into the Programs”
Russia-Ukraine conflict and Black Sea export exposure
Black Sea region is a major exporter of wheat and corn; conflict causes volatility in volumes, prices, and margins of these commodities; sanctioned-partner trading risk
“The Black Sea region is a major exporter of wheat and corn to the world, and the disruption of supply may continue to cause volatility in volumes, prices, and margins of these commodities”
2026 capital and dividend plans
2026: capex ~$1.4B, dividends ~$1.0B, current debt maturities $1.0B, interest $527M, operating lease payments $357M, pension/other contributions $119M
“the Company expects capital expenditures of approximately $1.4 billion and dividend payments of $1.0 billion”
$179 million software impairment from digital strategy pivot
$179 million impairment of capitalized internal-use software in 2025 after pivoting digital strategy from large global implementations to regional projects
“during the year ended December 31, 2025, the Company recognized an impairment charge of $179 million related to previously capitalized internal-use software.”
Business disruption risk from single-plant dependence
Manufacturing/distribution across numerous markets exposes ADM to downtime and property damage; in some cases dependent on a single plant or facility in a region
“In some cases, the Company is dependent on a single plant or facility to manufacture or process certain products in a geographical region or otherwise.”
Cybersecurity attack exposure
Regularly experiences cyber-attacks, some (including email phishing attacks) have adversely impacted the Company, and expects to continue to be subject to such attacks
“The Company and these third parties regularly experience cyber-attacks and incidents, some of which (including email phishing attacks on email systems) have adversely impacted the Company”
ERP and legacy technology system upgrade risk
Upgrading technology platforms including certain ERP systems in phases over several years; refined digital strategy pivoting away from large global implementations to regional, agile projects
“ADM has recently refined its digital strategy and is pivoting away from large global implementations and directing resources to prioritize regional, more agile projects.”
Earnings decline trend
Earnings before income taxes declined from $4,294M (2023) to $2,255M (2024) to $1,255M (2025)
“Earnings Before Income Taxes1,255 2,255 4,294”
Artificial intelligence adoption and regulatory risk
Leveraging AI and advanced analytics across operations; faces technical, legal, and regulatory risks including shortage of skilled AI professionals and evolving AI regulations
“The Company continues to focus on leveraging digital technologies, including artificial intelligence (“AI”) and advanced analytics across its operations.”
Equity investments and joint ventures write-down/monetization risk
Has invested in or advanced funds to joint ventures and investments with limited control; may need to write down or may not realize expected benefits
“The Company has invested in or advanced funds to joint ventures and investments over which the Company has limited control as to governance and management activities”
Revenues depend on demand for products in food, beverages, feed, energy, and industrial applications.
“manufacturing products for use in food, beverages, feed, energy, and industrial applications”
Russia-Ukraine conflict exposes ADM's regional assets to damage/expropriation and disrupts Black Sea wheat and corn supply, driving volatility in volumes, prices, and margins.
“The Black Sea region is a major exporter of wheat and corn to the world, and the disruption of supply may continue to cause volatility in volumes, prices, and margins of these commodities and related products.”
Soybeans are the largest product revenue contributor (17% of 2025 revenues); South American soy presents deforestation risk and export recovery to China was a 2025 swing factor.
“Soybeans17%19%18%”
Water is a critical input to certain processing operations; major lack of availability would materially harm operating results.
“Any major lack of available water for use in certain of the Company's processing operations could have a material adverse impact on operating results.”
Corn is a principal raw material for Carbohydrate Solutions (13% of 2025 revenues); higher corn costs impacted EMEA Starches and Sweeteners in 2025.
“Europe, the Middle East, and Africa (EMEA) was impacted by higher corn costs and increased competition.”
Processing plants are powered principally by electricity, natural gas, and coal, making operating costs sensitive to energy price fluctuations.
“The Company's processing plants are powered principally by electricity, natural gas, and coal.”
Operating costs and selling prices of certain finished products are sensitive to inflationary pressures and logistic constraints.
“The Company's operating costs and the selling prices of certain finished products are sensitive to changes in energy prices, inflationary pressures, and certain logistic constraints.”
Multi-year ERP upgrades with legacy system instability create operational and security risks that have previously disrupted business operations.
“difficulties with implementing new technology systems, such as ERPs, delays in the Company's timeline for planned improvements, significant system failures or the Company's inability to successfully modify its technology systems”
Deferral of U.S. biofuel policy compressed Ag Services and Oilseeds margins in 2025; ADM is a key biofuels producer.
“the deferral of U.S. biofuel policy, the evolving global trade landscape, and logistical and weather challenges resulted in compressed margins.”
Pillar Two 15% global minimum tax and related mandatory disclosures could increase scrutiny and tax assessments; ultimate impact uncertain pending country adoption of safe harbors.
“The implementation of Pillar Two will result in additional mandatory disclosures, which will likely cause additional scrutiny of the Company's tax positions and potentially increased tax assessments.”
ADM holds a 22.5% equity interest in Wilmar and is a supplier of raw materials to it, linking equity income and trade flows.
“The Company is a supplier of raw materials to Wilmar, SoyVen, Olenex Sarl, Edible Oils Limited, and Stratas Foods LLC.”
Interest expense of $612M in 2025 ($706M 2024, $647M 2023); cash interest paid $629M in 2025; 2026 interest payments expected at $527M.
“Interest expense612 706 647”
ADM holds euro-denominated debt, repaying €650M of 1.000% notes in 2025.
“the Company repaid in full €650 million of 1.000% notes”
Crude and partially refined vegetable oils are sold to third parties including renewable diesel manufacturers; biofuel policy deferral hurt volumes and margins in 2025.
“Crude and partially refined vegetable oils are sold to third parties, including renewable diesel manufacturers”
Limited availability of qualified skilled trades and hourly labor could negatively impact manufacturing operations.
“The inability to properly staff manufacturing facilities with skilled trades and hourly labor due to a limited number of qualified resources could negatively impact operations.”
Segregation of customer cash required by regulatory and commodity exchange requirements and insurance arrangements for FCM/brokerage business.
“in accordance with regulatory requirements, commodity exchange requirements, and insurance arrangements”
FX translation adjustments drove $450M net-of-tax OCI in 2025 vs -$460M in 2024.
“Foreign currency translation adjustment340 (415)48”
Pandemic-driven lockdowns could materially reduce demand for biofuels and food-and-beverage ingredients supporting food services channels.
“particularly biofuels and ingredients that go into food and beverages that support the food services channels, could be materially impacted from a prolonged regional or global outbreak”
Postponement of EUDR implementation negatively impacted sales volumes and margins in Crushing and RPO subsegments.
“the postponement of the implementation of European Union Deforestation Regulation and the deferral of U.S. biofuel and trade policy evolution negatively impacted sales volumes and margins.”
Black Sea origination business was negatively impacted by farmer retention and logistical issues due to Russia-Ukraine conflict escalations.
“the Black Sea business was negatively impacted by farmer retention and logistical issues due to the Russia-Ukraine conflict escalations.”
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