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Archer-Daniels-MidlandADM

Legal name
Archer-Daniels-Midland Co.
Sector
Energy
Industry
Fats & Oils
Exchange
NYSE

Stock Price $ADM

Latest filings

You are here#17 of 26 in Consumer Staples by market cap

Filing record · 2016–202610-K1210-Q368-K102

ADM filed 12 annual reports (10-K), 36 quarterly reports (10-Q) and 102 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Nov ’19Nov ’19
  2. Leadership change8-K · Nov ’22Nov ’22
  3. FY2024 annual report10-K · Feb ’25Feb ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $80.27B
YoY changeLargest recent move+32.5%in FY21Latest −6.2%

1 older move runs past ±50% (largest +97.0%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All ADM Financial Metrics59 metrics

Income Statement13

Balance Sheet26

Cash Flow15

Per Share5

02—Overview

Archer-Daniels-Midland Financial Overview 2021–2025

Updated Nov 4, 2026

Archer-Daniels-Midland Company (ADM) suffered a brutal profitability shock in Q3 2024, when a massive $461 milliona impairment on its Wilmar investment dragged net earnings down to just $18 million—a staggering drop from the $821 million generated a year earlier. This sudden collapse exposes the core investment reality for the agricultural giant: ADM is battling severe margin compression, global crop oversupplies, and costly internal control failures that have aggressively eroded its pricing power.

The long-term financial trajectory highlights this fundamental unwinding, as annual revenue contracted from roughly $85.4 billion in FY2021 to $80.3 billionb by FY2025. This contraction was driven largely by deteriorating fundamentals in the Ag Services and Oilseeds division, which suffered a 34% operating profit decline—equivalent to $833 million—during FY2025 amid logistical hurdles and depressed commodity prices. Operational friction was further compounded by a material weakness over intersegment sales accounting, an issue that eventually culminated in a $40 million civil penalty in early 2026. Management has attempted to stabilize the bottom line by targeting over $500 million in cumulative cost savings and executing $2.3 billion in stock repurchases during the first half of 2024. Despite absorbing millions in restructuring costs, the company retained a formidable $10.4 billion in available liquidity. The market digested this fundamental deterioration by valuing the stock at $57.49 per share at the close of FY2025, reflecting a distinct repricing of the company's earnings power.

Recent Developments (Q2 and Q3 2026)

ADM reversed its recent margin compression in mid-2026, driven by favorable biofuel policies and strong crushing margins. Management raised its full-year 2026 adjusted EPS guidance to a range of $5.50 to $5.80c by Q3 2026. Operating performance improved drastically. The Ag Services and Oilseeds segment posted a 105% profit surge during the third quarter, while Carbohydrate Solutions jumped 40%. To sustain this momentum, ADM appointed former Syngenta executive Jeff Rowe as Chief Operating Officer in August 2026.

Bulls contend that Section 45Z incentives and finalized renewable volume obligations provide a durable floor for biofuel margins. Bears warn that this profitability relies heavily on volatile commodity pricing and net positive timing benefits that may not recur. Trading at 31.7x earnings as of November 3, 2026, the stock appears richly valued, pricing in high expectations for sustained segment outperformance.

What to watch: the strategic impact of the newly appointed COO; sustainability of North American biofuel margins into Q4 2026

03—Filings

Recent SEC Filings

  1. 8-KArcher-Daniels-Midland 8-K Report, Financial Results (Nov 3, 2026)Archer-Daniels-Midland Company (ADM) reported its third quarter 2026 financial results, showcasing significant year-over-year improvements across its segments. The company's adjusted Earnings Per Share (EPS) reached $1.77, a substantial increase from the prior year. Driven by robust execution and a favorable biofuels environment, ADM has raised its full-year 2026 adjusted EPS guidance to a range of $5.50 to $5.80. The Ag Services & Oilseeds segment was a primary driver of this growth, with a 105% increase in operating profit, largely due to strong North American biofuels margins influenced by favorable policy and higher energy prices. Carbohydrate Solutions also demonstrated solid performance with a 40% increase in operating profit, supported by healthy ethanol margins. While the Nutrition segment saw modest growth, overall company performance indicates strong operational momentum and effective strategy execution in a constructive market environment. ADM also managed to reduce its projected capital expenditures for the year, focusing on high-return investments.
  2. 8-KArcher-Daniels-Midland 8-K Report, Executive Changes (Aug 12, 2026)Archer-Daniels-Midland Co (ADM) announced on August 12, 2026, that Lei Z. Schlitz will be resigning from her position as a director on the Board, effective December 31, 2026. This decision stems from a voluntary material change in her principal employment. Ms. Schlitz's departure is amicable and is not attributed to any disagreements regarding the Company's operations, policies, or practices. The Board has expressed gratitude for her contributions and service.
  3. 8-KArcher-Daniels-Midland 8-K Report, Exhibit Filing (Aug 10, 2026)Archer-Daniels-Midland Company (ADM) has filed an 8-K report on August 10, 2026, primarily to disclose details regarding the issuance of new debt. The company successfully raised $1 billion through the sale of two series of notes: $500 million in 4.829% Notes due 2031 and $500 million in 5.269% Notes due 2036. This filing is in conjunction with a previously filed Registration Statement on Form S-3, indicating a public offering of these securities. The primary focus for investors in this filing is the company's capital structure management and its cost of debt. The issuance of these notes represents a significant capital raise, which could be used for various corporate purposes such as funding operations, strategic investments, acquisitions, or refinancing existing debt. The specific interest rates on the notes provide insight into ADM's current borrowing costs and market conditions at the time of issuance.
  4. 8-KArcher-Daniels-Midland 8-K Report, Financial Results (Aug 4, 2026)ADM reported strong second-quarter 2026 results, with GAAP EPS of $1.87 (versus $0.45 a year ago) and adjusted EPS of $1.84 (versus $0.93), on total segment operating profit of $1.45 billion, up 75% year over year. Growth was broad-based across all three segments. Ag Services & Oilseeds rose 129% to $867 million, driven by crushing margins and a RVO-supported biofuels environment, while Carbohydrate Solutions rose 22% to $411 million on higher ethanol margins and policy incentives. Nutrition rose 51% to $172 million, led by Flavors and Decatur East progress. Year-to-date, adjusted EPS was $2.56, up 57%. Roughly $100 million of the AS&O quarter benefited from net positive mark-to-market and timing effects, so part of the quarter's strength is not expected to repeat as operating earnings. Management raised 2026 adjusted EPS guidance to approximately $5.15 to $5.60, up from $4.15 to $4.70, citing the finalized 2026 and 2027 Renewable Volume Obligations, elevated energy prices, and continued Nutrition momentum. Capital expenditure guidance of $1.3 to $1.5 billion was reiterated. The guidance excludes GAAP EPS reconciliation because of uncertainty around impairments, restructuring, and other reconciling items. Cash flow was weaker than earnings: operating cash flow for the first half was $1.3 billion versus $4.0 billion a year earlier, driven by a $460 million working capital outflow, though the company still paid $510 million in dividends. The key investor considerations are the durability of biofuels-driven margins, which depend on policy and energy prices, the quality of earnings given mark-to-market benefits, and whether working capital normalizes. Equity earnings from Wilmar fell 22% in the quarter, and the company continues to flag macroeconomic, trade, and policy risks.
  5. 8-KArcher-Daniels-Midland 8-K Report, Executive Changes (Jul 23, 2026)ADM filed an 8-K reporting the appointment of Jeff Rowe as Executive Vice President and Chief Operating Officer, effective August 17, 2026, announced July 20, 2026. Rowe is currently CEO of Syngenta Group (since January 2024) and steps down from that role August 1, 2026. Per the press release, the COO role is newly created and oversees ADM's commercial businesses, global manufacturing, and R&D, reporting directly to Chair and CEO Juan Luciano. The filing contains no financial results, guidance, or other operating metrics, so the event is primarily a leadership and governance update. The compensation package is substantial and signals ADM's intent to secure Rowe quickly. It includes a $1.2 million base salary, a 175% target annual cash incentive (pro-rated for 2026), a $12.5 million annual target equity opportunity, and a 2026 equity grant with a $11.1 million grant-date value (60% PSUs, 40% RSUs). To offset forfeited awards from Syngenta, ADM is providing a one-time $2.2 million cash bonus payable January 2027 and $16.69 million in RSUs vesting 40% at five months and 60% at 17 months. Relocation benefits and standard executive benefits are also included. The make-whole awards total roughly $18.9 million, which is a near-term cost, though the sizing is typical for an external senior hire. For investors, the key questions are execution and strategic direction. Rowe brings a deep agricultural science and seed/crop protection background, which fits ADM's agricultural supply chain and nutrition businesses. Because the role consolidates commercial, manufacturing, and R&D oversight, it may signal an effort to tighten operational execution. The filing does not provide details on specific strategic changes, so the market impact will depend on how the role is defined and what results follow.
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04—See also

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