Archer-Daniels-Midland Co

Earnings before income taxes decreased $809 million from $1.6 billion to $779 million. Results in the current year period were primarily driven by lower pricing and execution margins. In the current year period, the Company recorded asset impairment, exit, and restructuring costs of $237 million, $187 million of impairments pursuant the Company’s updated investment strategy for startup or development stage companies, $173 million related to impairment of previously capitalized internal-use software, and $163 million of Wilmar related penalty charges. In the prior year period, the Company recorded a $461 million impairment of its investment in Wilmar and $43 million of asset impairment charges in Nutrition.

Total segment operating profit (a non-GAAP measure) decreased $736 million from $3.2 billion to $2.4 billion, primarily driven by lower results in the Ag Services and Oilseeds segment and the Carbohydrate Solutions segment. Total segment operating profit (a non-GAAP measure) in the nine months ended September 30, 2025 excluded specified items of $416 million that were primarily comprised of portfolio optimization and impairment charges, as well as the penalty charge related to Wilmar. Total segment operating profit (a non-GAAP measure) in the nine months ended September 30, 2024 excluded asset impairment charges of $517 million.

Total segment operating profit (a non-GAAP measure) is reconciled to earnings before income taxes, the most directly comparable GAAP measure, in the "Non-GAAP Financial Measures" section below.

Processed volumes by product for the nine months ended September 30, 2025 and 2024 were as follows (in thousand metric tons).

The Company generally operates its production facilities, on an overall basis, at or near capacity, adjusting facilities individually, as needed, to react to the current margin environment and seasonal local supply and demand conditions. The increase in processed oilseeds volumes in the current year period was primarily related to improved North America crush volumes due to improved utilization after the restoration of operations at the Company’s Decatur, Illinois facility, in addition to higher volumes in South America due to increased plant reliability. The processed corn volumes were consistent year over year.

Revenues for the nine months ended September 30, 2025 and 2024 were as follows (in millions):

Revenues and cost of products sold in agricultural merchandising and processing businesses are significantly correlated to the underlying commodity prices and volumes. In periods of significant changes in market prices, the underlying performance of the Company is better evaluated by looking at margins since both revenues and cost of products sold, particularly in the Ag Services and Oilseeds segment, generally have a relatively equal impact from market price changes which generally result in an insignificant impact to gross profit.

Revenues decreased $2.3 billion to $61.7 billion, driven by lower sales prices ($2.4 billion), partially offset by higher sales volumes ($102 million). Lower sales prices of meal and soybeans were partially offset by higher sales prices of corn. Higher sales volumes of soybeans and oils were partially offset by lower sales volumes of sorghum and milo and wheat. Ag Services and Oilseeds revenues decreased 4% to $47.6 billion, driven by lower sales prices ($2.1 billion). Carbohydrate Solutions revenues decreased 5% to $8.1 billion, driven by lower sales prices ($342 million). Nutrition revenues increased 3% to $5.7 billion, driven by higher sales volumes ($103 million) and the benefit of a contract cancellation in Health and Wellness ($55 million).

Cost of products sold decreased $1.7 billion to $57.9 billion, primarily driven by lower average commodity costs. Manufacturing expenses increased $194 million to $5.8 billion driven by higher employee compensation costs and EMEA energy costs.

Gross profit decreased $600 million, or 14%, to $3.8 billion driven by a decrease in margins of $628 million for Ag Services and Oilseeds and $64 million for Carbohydrate Solutions, partially offset by an increase in margins of $83 million in Nutrition.

Selling, general, and administrative expenses decreased $47 million to $2.7 billion primarily driven by lower third party service costs, partially offset by higher employee compensation costs.

Asset impairment, exit, and restructuring costs decreased $111 million to $421 million. Charges in the current year period included $237 million of restructuring charges, primarily driven by $190 million and $34 million of charges within the Nutrition segment and the Ag Services and Oilseeds segment, respectively, and an impairment charge of $173 million, related to previously capitalized internal-use software, within Corporate. Charges in the prior year period included a $461 million impairment charge related to the Company’s investment in Wilmar within the Ag Services and Oilseeds segment, a $43 million impairment charge related to certain discontinued Animal Nutrition trademarks within the Nutrition segment, and $12 million of restructuring costs within Corporate.

Equity in earnings of unconsolidated affiliates decreased $261 million to $237 million driven by lower earnings from the Company’s investments in Wilmar, reflecting the $163 million penalty charge, and in Terminal de Grãos Ponta da Montanha S.A., Hungrana Ltd, and Almidones Mexicanos S.A. de C.V., partially offset by higher earnings from the Company’s investment in Olenex.

Interest and investment income decreased $211 million to $189 million, driven by revaluation losses, including impairment losses of $99 million and $88 million within Corporate and the Nutrition segment, respectively, in addition to lower interest income at ADM Investor Services due to lower interest rates. Prior year period results were driven by a revaluation loss related to an investment in alternative protein and precision fermentation and lower interest rates for ADM Investor Services, partially offset by higher interest income within Corporate driven by higher interest rates and balances within money-market accounts.

Interest expense decreased $57 million to $470 million driven by decreased expense within Corporate driven by lower financing costs and favorable settlements of international tax audits, and lower interest rates at ADM Investor Services.

Other income — net increased $48 million to $140 million driven by gains on sale of assets and benefits from termination of a supply agreement, partially offset by lower foreign exchange gains and provisions for contingent losses.

Income tax expense decreased $210 million to $160 million. The Company’s effective tax rate for the nine months ended September 30, 2025 was 20.5% compared to 23.3% for the nine months ended September 30, 2024. The decrease in the effective tax rate for the nine months ended September 30, 2025 compared to the prior year period is related to the recognition of the impairment of the Company’s investment in Wilmar in the prior year and other discrete tax items specific to each period.

Segment operating profit for the nine months ended September 30, 2025 and 2024 was as follows (in millions):

(1) For the nine months ended September 30, 2025, segment operating profit for the Ag Services and Oilseeds, Carbohydrate Solutions and Nutrition segments included a positive impact of timing-related adjustments for incentive compensation payouts of $45 million, $12 million, and $20 million, respectively. The offsetting adjustment of $77 million was recorded in Corporate with no net impact to the Consolidated Financial Statements.

In the Ag Services and Oilseeds segment, segment operating profit decreased 35%. The Ag Services subsegment had similar operating profit compared to the prior year period. Global Trade results decreased driven by lower margins due to negative freight timing and weaker trading results. Ag Services results were further impacted by a decrease in volumes, the impact of certain export duties, and the temporary disruption at a key port facility in Brazil. These impacts were partially offset by North America Origination with improved results due to a strong corn exports, lower costs related to logistics take-or-pay contracts that negatively impacted the prior year period, productivity actions leading to decreased expenses, and improved Transportation results. The Ag Services subsegment had approximately $36 million of net positive mark-to-market timing impacts during the current year period, compared to approximately $15 million of net negative impacts in the prior year period. The Crushing subsegment had lower operating profit versus the prior year period, driven by lower soy and canola crush margins in North America and EMEA and higher manufacturing costs. South America Crushing results improved, driven by increased margins and volumes. The Crushing subsegment had approximately $66 million of net positive mark-to-market timing impacts during the current year period, compared to approximately $24 million of net positive impacts in the prior year period. The RPO subsegment operating profit was slightly lower than the prior year period, as lower vegetable oil demand and biofuel and trade policy evolution negatively impacted biodiesel and refining margins in Europe and North America. The RPO subsegment had approximately $24 million of net positive mark-to-market timing impacts during the current year period, compared to approximately $142 million of net negative impacts in the prior year period. Wilmar earnings decreased by $74 million to $205 million in the current year period.

In the Carbohydrate Solutions segment, segment operating profit decreased 14% compared to the prior year period. The Starches and Sweeteners subsegment operating profit was lower compared to the prior year period. In North America, results were driven by lower ethanol and starch margins and higher manufacturing costs. North American prior year period results benefitted from the receipt of $47 million of insurance proceeds for the partial settlement of the Decatur West insurance claims. In EMEA, results were driven by lower volumes and margins due to the competitive pricing environment and crop quality issues. Global Wheat Milling margins improved due to higher wheat basis gains. The Vantage Corn Processors subsegment operating profit increased compared to the prior year period, driven by improved margins resulting from improved risk management and higher ethanol volumes.

In the Nutrition segment, segment operating profit increased 14%. Human Nutrition results were fairly consistent relative to the prior year period. Specialty Ingredients results were lower compared to the prior year period driven by higher raw material and insurance costs due to the restoration of operations at the Company’s Decatur, Illinois facility. The prior year period also benefited from approximately $25 million of insurance proceed gains as compared to $9 million in the current year period. In Health and Wellness, results were lower, as decreased margins, driven by certain negative valuation adjustments and reduced tolling margins due to a contract cancellation, were partially offset by higher Biotics margins. Flavors saw a significant increase in operating profit compared to prior year period, driven by higher volumes and margins due to an increase in sales among existing key customers across multiple product categories. Animal Nutrition operating profit was 133% higher compared to the prior year period, driven by cost optimization efforts and improved margins due to higher margin product mix.

Other Business and Corporate Results

Other Business contribution of operating profit increased 23%, from $200 million to $245 million, driven by improved Captive Insurance results due to lower claim settlements, partially offset by lower net interest income in ADM Investor Services due to lower interest rates.

Corporate results for the nine months ended September 30, 2025 and 2024 were as follows (in millions):

(1)Interest expense - net decreased, primarily driven by reduced reliance on external credit facilities and reduced short-term borrowings, partially offset by higher average balances on the commercial paper program and absence of prior period interest cost on tax settlement.

(2)Unallocated corporate function costs increased, primarily driven by higher incentive compensation adjustments, partially offset by lower financing costs and select corporate function costs.

(3)Revaluation losses, including impairment, and restructuring charges includes an impairment charge related to previously capitalized internal-use software and impairment losses on certain investments.

(4)Other income - net increased, primarily driven by timing of railroad maintenance expenses.

Non-GAAP Financial Measures

The Company uses certain “non-GAAP” financial measures as defined by the SEC. These are measures of performance not defined by accounting principles generally accepted in the United States, and should be considered in addition to, not in lieu of, GAAP reported measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this section.

The Company uses adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit, non-GAAP financial measures as defined by the SEC, to evaluate the Company’s financial performance.

Adjusted net earnings is defined as net earnings adjusted for the effects on net earnings of specified items as more fully described in the reconciliation tables. Adjusted diluted EPS is defined as diluted EPS adjusted for the effects on reported diluted EPS of specified items as more fully described in the reconciliation tables.

EBITDA is defined as earnings before interest on borrowings, taxes, and depreciation and amortization. Adjusted EBITDA is defined as earnings before interest on borrowings, taxes, depreciation, and amortization, adjusted to exclude the impact of specified items as more fully described in the reconciliation tables.

Total segment operating profit is defined as ADM’s consolidated earnings before income taxes, adjusted for Other Business, Corporate, and specified items as more fully described in the reconciliation tables.

Management believes that adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit are useful measures of the Company’s performance because they provide investors additional information about the Company’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. Adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit are not intended to replace or be an alternative to net earnings, diluted EPS, and earnings before income taxes, the most directly comparable amounts reported under GAAP.

The table below provides a reconciliation of net earnings (the most directly comparable GAAP measure) to adjusted net earnings (a non-GAAP measure) and diluted EPS (the most directly comparable GAAP measure) to adjusted diluted EPS (a non-GAAP measure) for the nine months ended September 30, 2025 and 2024.

(1) Tax effected using the U.S. and other applicable tax rates.

The table below provides a reconciliation of net earnings (the most directly comparable GAAP measure) to EBITDA (a non-GAAP measure) and adjusted EBITDA (a non-GAAP measure) for the nine months ended September 30, 2025 and 2024 (in millions).

(1) Represents interest expense on borrowings and therefore excludes ADM Investor Services related interest expense.

(2) Excludes $11 million of accelerated depreciation recorded within restructuring charges as a specified item for the nine months ended September 30, 2025.

The table below provides a reconciliation of earnings before income taxes (the most directly comparable GAAP measure) to total segment operating profit (a non-GAAP measure) for the nine months ended September 30, 2025 and 2024 (in millions).

Liquidity and Capital Resources

The Company’s objective is to have sufficient liquidity, balance sheet strength, and financial flexibility to fund the operating and capital requirements of a capital-intensive agricultural commodity-based business. The Company depends on access to credit markets, which can be impacted by its credit rating and factors outside of the Company’s control, to fund its working capital needs and capital expenditures.

The primary source of funds to finance the Company’s operations, capital expenditures, and advancement of its growth strategy is cash generated by operations and lines of credit, including a commercial paper borrowing facility and accounts receivable securitization programs. In addition, the Company believes it has access to funds from public and private equity and debt capital markets in both U.S. and international markets.

At September 30, 2025, the Company’s capital resources included shareholders’ equity of $22.5 billion and lines of credit, including the accounts receivable securitization programs described below, totaling $12.2 billion, of which $9.8 billion was unused. Of the Company’s total lines of credit, $5.1 billion supported the combined U.S. and European commercial paper borrowing programs. At September 30, 2025, there was $190 million of commercial paper outstanding.

As of September 30, 2025, the Company had $1.2 billion of cash and cash equivalents, $629 million of which was cash held by foreign subsidiaries whose undistributed earnings are considered indefinitely reinvested. Based on the Company’s historical ability to generate sufficient cash flows from its U.S. operations and unused and available U.S. credit capacity of $5.6 billion, the Company has asserted that these funds are indefinitely reinvested outside the U.S.

As of September 30, 2025, the Company had total available liquidity of $11.0 billion comprised of cash and cash equivalents and unused lines of credit. The Company believes that cash flows from operations, cash and cash equivalents on hand, and unused lines of credit will be sufficient to meet its ongoing liquidity requirements for at least the next twelve months.

Operating Cash Flows

Cash provided by operating activities was $5.8 billion and $2.5 billion for the nine months ended September 30, 2025 and 2024, respectively.

The increase in cash provided by operating activities was primarily driven by changes in operating assets and liabilities, partially offset by lower earnings for the nine months ended September 30, 2025. Changes in net working capital were driven by changes in segregated investments, payables to brokerage customers, inventory, trade payables, and other current assets.

Segregated investments decreased $113 million in the current year period compared to an increase of $257 million in the prior year period, driven by business conditions and change in mix of investment portfolio.

Brokerage payables increased $1.8 billion in the current year period compared to a decrease of $249 million in the prior year period, driven by changes in customer balances in the brokerage business due to changes in business conditions.

Inventories decreased $3.2 billion in the current year period compared to a decrease of $1.2 billion in the prior year period, largely driven by the Company’s sharpening of its inventory management practices.

Trade payables decreased by$637 million in the current year period compared to a decrease of$1.4 billion in the prior year period, primarily driven by changing market conditions and improved payment terms.

Other current assets increased by $190 million in the current year period compared to a decrease of $745 million in the prior year period, primarily driven by changes in ADM Investor Services customer related receivables and the valuation of derivative contracts.

Investing Cash Flows

Net cash used in investing activities was $644 million and $2.0 billion for the nine months ended September 30, 2025 and 2024, respectively.

Net cash used in investing activities for the nine months ended September 30, 2025 included additions to property, plant, and equipment of $892 million and business acquisitions, net of cash acquired, of $108 million, partially offset by proceeds from sales of marketable securities of $276 million and proceeds from the sale of assets of $78 million.

Net cash used in investing activities for the nine months ended September 30, 2024 included business acquisitions, net of cash acquired, of $936 million and additions to property, plant, and equipment of $1.1 billion.

Financing Cash Flows

Net cash used in financing activities was $3.2 billion and $1.5 billion for the nine months ended September 30, 2025 and 2024, respectively.

In the three and nine months ended September 30, 2025, the Company repaid in full €650 million of 1.000% notes, previously included within Current maturities of long-term debt. Net cash used in financing activities for the nine months ended September 30, 2025 and September 30, 2024 also included net (repayments) borrowings under short-term credit agreements of $(1.7) billion and $1.6 billion, respectively.

No share repurchases were made in the nine months ended September 30, 2025. Share repurchases for the nine months ended September 30, 2024 were $2.3 billion.

Dividends paid for the nine months ended September 30, 2025 and 2024 were $743 million and $744 million, respectively.

Stock Repurchase Program

On March 12, 2024, the Company entered into an accelerated share repurchase (“ASR”) transaction agreement with Merrill Lynch International, an affiliate of BofA Securities, Inc., to repurchase $1.0 billion of ADM common stock as part of ADM’s existing share repurchase program.

On March 28, 2024, the Company received an interim delivery of 8,880,986 shares at an average share price of $60.596, or $538 million in aggregate. On April 15, 2024, the Company received a final delivery of 7,325,733 shares at an average share price of $63.045, or $462 million in aggregate, as final settlement of the ASR transaction.

On December 11, 2024, the Company's Board of Directors approved a second extension of the stock repurchase program through December 31, 2029 and the repurchase of up to an additional 100 million shares under the extended program.

As of September 30, 2025, the Company had 115 million remaining shares under its share repurchase program until December 31, 2029.

Accounts Receivable Securitization Programs

The Company has accounts receivable securitization programs (the “Programs”) with certain commercial paper conduit purchasers and committed purchasers. The Programs provide the Company with up to $3.0 billion in funding against accounts receivable transferred into the Programs and expands the Company’s access to liquidity through efficient use of its balance sheet assets (see Note 15. Sale of Accounts Receivable within “Notes to Consolidated Financial Statements” included in Item 1. Consolidated Financial Statements for further information). As of September 30, 2025, the Company had $866 million unused capacity of its facility under the Programs.

Contractual Obligations and Commercial Commitments

The Company’s purchase obligations as of September 30, 2025 and December 31, 2024 were $13.2 billion and $12.4 billion, respectively. As of September 30, 2025, the Company expects to make payments related to purchase obligations of $10.6 billion within the next twelve months. There were no other material changes in the Company’s contractual obligations during the three months ended September 30, 2025.

Critical Accounting Estimates

There were no material changes in the Company’s critical accounting estimates during the three months ended September 30, 2025. For a description of the Company’s critical accounting estimates and assumptions used in the preparation of the Company’s financial statements, see Part II. Item 7 and Note 1 of “Notes to Consolidated Financial Statements” included in Part II. Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.