10-KPeriod: FY2025

Archer-Daniels-Midland Co Annual Report, Year Ended Dec 31, 2025

Filed February 17, 2026For Securities:ADM

Summary

Archer-Daniels-Midland Company (ADM) reported a challenging year for the fiscal year ending December 31, 2025. While revenues saw a decrease of $5.3 billion to $80.3 billion, driven by lower sales volumes and prices across segments, the company's focus remains on strategic priorities including operational excellence, cost management, and targeted growth investments. The Ag Services and Oilseeds segment experienced compressed margins due to increased global supplies, policy uncertainties, and logistical issues, leading to a significant decline in segment operating profit. The Carbohydrate Solutions segment also saw a decrease in operating profit, influenced by lower ethanol and starch margins and higher manufacturing costs. However, the Nutrition segment demonstrated resilience, with a modest increase in segment operating profit, driven by growth in the Flavors market and expansion opportunities in dietary supplements, despite facing challenges from tariffs and inflation. ADM is actively pursuing cost savings, targeting over $500 million in cumulative savings over the next three to five years through cost optimization and portfolio simplification. The company made several strategic portfolio actions in 2025, including acquisitions and the formation of joint ventures to enhance its market position. Despite a decrease in earnings before income taxes by 44% year-over-year, largely due to significant impairment charges and equity method investment impacts, ADM maintains a strong liquidity position with $10.4 billion in total available liquidity. The company reiterated its commitment to disciplined capital deployment, including dividends, and is investing in future growth areas such as enhanced nutrition, biotics, and biosolutions.

Financial Highlights

53 data points
Beta

Revenue

$80.27B

6.3% Gross Margin

Net Income

$1.08B

1.3% Net Margin

EPS (Diluted)

$2.23

Total Assets

$52.39B

Cash & Equivalents

$1.01B

Free Cash Flow

$4.20B

Financial Statements
Beta
Revenue$80.27B
Cost of Revenue$75.24B
Gross Profit$5.03B
R&D Expenses$246.00M
SG&A Expenses$3.61B
Interest Expense$612.00M
Net Income$1.08B
EPS (Basic)$2.23
EPS (Diluted)$2.23
Shares Outstanding (Basic)484.00M
Shares Outstanding (Diluted)484.00M

Key Highlights

  • 1Revenues decreased by $5.3 billion to $80.3 billion in 2025 due to lower volumes and prices.
  • 2Ag Services and Oilseeds segment operating profit declined by 34% ($833 million) due to compressed margins and logistical challenges.
  • 3Nutrition segment operating profit increased by 8% ($31 million), showing resilience, particularly in the Human Nutrition subsegment.
  • 4ADM announced targeted actions expected to deliver over $500 million in cumulative cost savings within 3-5 years.
  • 5The company recorded significant impairment charges totaling $372 million related to alternative protein investments and $179 million for capitalized software.
  • 6Despite a 44% decrease in earnings before income taxes, ADM maintained strong liquidity with $10.4 billion in available liquidity as of December 31, 2025.
  • 7Capital expenditures were $1.2 billion in 2025, with planned expenditures of approximately $1.4 billion for 2026.

Frequently Asked Questions

ADM's revenue decreased by $5.3 billion to $80.3 billion in 2025, primarily driven by a combination of lower sales volumes ($2.9 billion) and lower sales prices ($2.3 billion) across its key segments, particularly in Ag Services and Oilseeds, and Carbohydrate Solutions.

The Ag Services and Oilseeds segment saw a significant decrease in operating profit (34%) due to compressed margins and logistical issues. Carbohydrate Solutions segment operating profit decreased by 12%, influenced by lower margins and higher manufacturing costs. The Nutrition segment, however, showed growth, with an 8% increase in operating profit, driven by strong performance in the Human Nutrition subsegment.

ADM's strategy focuses on operational excellence and cost management, aiming for over $500 million in cumulative cost savings through initiatives like boosting plant efficiencies and optimizing operating leverage. They are also pursuing strategic simplification of their portfolio and investing in targeted growth areas such as plant modernization, advanced nutrition, and biosolutions.

As of December 31, 2025, ADM reported total available liquidity of $10.4 billion, comprising cash and cash equivalents and unused lines of credit. The company believes these resources are sufficient to meet its liquidity requirements for at least the next twelve months. Despite a decrease in earnings before income taxes, the company's balance sheet and access to credit markets remain strong.