Archer-Daniels-Midland Company

ADM · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986
Valuation
Market cap	$27,628	$24,176	$38,521	$51,006	$37,813	$28,201	$25,930	$22,920	$22,422	$25,538	$20,520	$33,956	$28,687	–	$19,483	–	$16,602	$17,213	$21,735	$21,542	$26,997	$13,983	$10,868	$8,315	$8,343	$8,673	$6,567	$11,064	$11,482	$16,331	$13,493	$10,087	$8,085	$7,353	$7,018	$6,898	$6,950	$4,865	$3,276	$3,856	$2,715
Enterprise value	$36,346	$34,867	$46,762	$60,290	$47,482	$38,610	$34,972	$29,320	$29,120	$31,562	$25,065	$38,057	$32,041	–	$28,536	–	$25,503	$23,232	$28,447	$29,434	$31,407	$17,549	$14,127	$12,575	$12,216	$12,079	$10,358	$14,992	$15,039	$20,398	$16,068	$11,670	$9,716	$9,082	$8,702	$7,526	$7,420	$5,228	$3,548	$3,921	$2,921
P/E (TTM) at period end	25.63×	13.43×	11.06×	11.75×	13.96×	15.92×	18.80×	12.66×	14.06×	19.97×	11.10×	15.10×	21.38×	–	15.93×	–	8.60×	10.22×	12.21×	11.95×	12.49×	10.66×	10.41×	16.81×	18.49×	16.97×	17.13×	36.77×	43.17×	40.46×	35.76×	14.49×	10.16×	15.19×	12.37×	13.69×	14.89×	10.06×	7.71×	10.92×	10.23×
P/S (TTM) at period end	0.34×	0.28×	0.41×	0.50×	0.44×	0.44×	0.40×	0.36×	0.37×	0.41×	0.30×	0.42×	0.32×	–	0.22×	–	0.27×	0.25×	0.31×	0.31×	0.61×	0.38×	0.30×	0.23×	0.27×	0.38×	0.33×	0.86×	0.80×	1.01×	0.97×	0.76×	0.64×	0.65×	0.72×	0.75×	0.82×	0.63×	0.41×	0.57×	0.47×
P/B at period end	1.22×	1.09×	1.60×	2.10×	1.68×	1.41×	1.35×	1.21×	1.22×	1.49×	1.15×	1.73×	1.42×	–	1.07×	–	1.14×	1.18×	1.59×	1.60×	2.40×	1.43×	1.27×	1.08×	1.18×	1.28×	1.04×	1.81×	1.84×	2.51×	2.23×	1.64×	1.38×	1.46×	1.44×	1.54×	1.77×	1.36×	1.08×	1.47×	1.15×
EV / EBITDA (TTM)	13.95×	10.85×	9.14×	11.51×	11.90×	14.08×	13.21×	9.92×	11.82×	12.44×	8.75×	10.21×	10.54×	–	9.87×	–	7.08×	7.20×	8.26×	9.36×	11.45×	7.22×	7.01×	8.75×	8.55×	8.21×	7.83×	13.18×	13.04×	15.93×	14.59×	8.76×	6.00×	8.10×	8.16×	7.22×	8.45×	5.67×	–	–	–
EV / Sales (TTM)	0.45×	0.41×	0.50×	0.59×	0.56×	0.60×	0.54×	0.46×	0.48×	0.51×	0.37×	0.47×	0.36×	–	0.32×	–	0.41×	0.34×	0.41×	0.42×	0.71×	0.48×	0.39×	0.35×	0.40×	0.53×	0.52×	1.16×	1.05×	1.27×	1.16×	0.88×	0.77×	0.80×	0.89×	0.82×	0.88×	0.67×	0.45×	0.58×	0.51×
Returns
Return on equity	4.7%	8.1%	14.4%	17.9%	12.1%	8.9%	7.2%	9.5%	8.7%	7.4%	10.3%	11.5%	6.7%	7.3%	6.7%	10.9%	13.2%	11.5%	13.1%	13.4%	19.2%	13.4%	12.2%	6.4%	6.4%	7.6%	6.1%	4.9%	4.3%	6.2%	6.2%	11.3%	13.6%	9.6%	11.6%	11.2%	11.9%	13.5%	14.0%	13.4%	11.2%
Return on invested capital	3.9%	4.9%	10.1%	10.5%	7.7%	5.5%	5.1%	7.0%	6.1%	4.9%	7.0%	8.4%	6.0%	5.1%	5.3%	6.7%	8.4%	8.3%	8.7%	7.6%	8.8%	9.4%	7.3%	4.0%	4.9%	5.9%	5.0%	4.0%	3.6%	4.5%	4.2%	7.8%	10.9%	7.4%	8.1%	9.7%	9.1%	11.0%	12.0%	12.4%	8.2%
Dividend yield	3.6%	4.1%	2.5%	1.8%	2.2%	2.9%	3.0%	3.3%	3.3%	2.7%	3.3%	1.8%	1.7%	–	2.3%	–	2.2%	2.0%	1.5%	1.5%	1.0%	1.7%	1.9%	2.1%	1.9%	–	1.9%	1.1%	0.9%	0.7%	0.8%	–	0.6%	0.4%	0.4%	0.4%	0.4%	–	–	–	–
Financial health
Current ratio	1.37×	1.39×	1.60×	1.46×	1.45×	1.50×	1.55×	1.75×	1.59×	1.60×	1.62×	1.67×	1.82×	1.75×	1.84×	2.08×	2.08×	2.18×	2.18×	1.74×	1.92×	1.92×	1.74×	1.53×	1.64×	1.56×	1.59×	1.42×	1.51×	1.47×	1.91×	2.68×	3.17×	3.47×	4.08×	3.43×	2.95×	3.41×	3.40×	2.98×	3.52×
Debt / equity	0.33×	0.37×	0.34×	0.36×	0.38×	0.39×	0.40×	0.44×	0.36×	0.39×	0.32×	0.28×	0.32×	0.36×	0.45×	0.45×	0.49×	0.52×	0.59×	0.82×	0.47×	0.48×	0.53×	0.74×	0.73×	0.65×	0.73×	0.80×	0.71×	0.68×	0.49×	0.34×	0.36×	0.41×	0.42×	0.35×	0.28×	0.22×	0.23×	0.27×	0.28×
Effective tax rate	14.5%	21.1%	19.3%	16.6%	17.4%	5.4%	13.2%	11.9%	0.4%	29.3%	19.2%	28.0%	33.1%	29.7%	29.6%	33.1%	25.8%	31.4%	32.3%	31.3%	31.5%	29.3%	31.1%	31.1%	28.5%	28.9%	26.6%	14.8%	33.0%	33.8%	41.4%	34.0%	32.6%	34.4%	28.4%	33.7%	35.0%	35.8%	36.4%	38.3%	44.5%
Share count
Diluted shares outstanding	484	493	542	563	566	565	565	567	572	591	621	656	663	662	666	654	644	644	646	656	656	656	650	646	657	698	738	829	832	887	946	1,024	766	724	726	726	731	724	720	736	730

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986
Revenue and gross profit
Revenue	$82,099	$80,269	$85,530	$93,935	$101,556	$85,249	$64,355	$64,656	$64,341	$60,828	$62,346	$67,702	$81,201	$89,804	$90,559	$89,038	$80,676	$61,682	$69,207	$69,816	$69,816	$44,018	$36,596	$35,943	$36,151	$30,708	$22,612	$20,051	$12,877	$14,283	$16,109	$13,853	$13,240	$12,672	$11,374	$9,811	$9,232	$8,468	$7,751	$7,929	$6,798	$5,775
Cost of revenue	($76,459)	($75,236)	($79,752)	($86,422)	($93,986)	($79,262)	($59,902)	($60,509)	($60,160)	($57,310)	($58,728)	($63,736)	($76,433)	($85,915)	($86,936)	($85,370)	($76,376)	($57,839)	($65,118)	($65,974)	($65,974)	($40,781)	($33,630)	($33,512)	($34,003)	($28,981)	($20,928)	($18,620)	($11,010)	($12,429)	($14,168)	($12,077)	($11,434)	($10,623)	($9,882)	($8,420)	($7,895)	($7,311)	($6,597)	($6,889)	($5,908)	($5,079)
Gross profit	$5,640	$5,033	$5,778	$7,513	$7,570	$5,987	$4,453	$4,147	$4,181	$3,518	$3,618	$3,966	$4,768	$3,889	$3,623	$3,668	$4,300	$3,843	$4,089	$3,842	$3,842	$3,237	$2,966	$2,431	$2,148	$1,727	$1,683	$1,432	$1,867	$1,854	$1,941	$1,776	$1,806	$2,049	$1,492	$1,392	$1,337	$1,158	$1,154	$1,040	$891	$696
Operating expenses
Research and development	–	($246)	($269)	($256)	($216)	($171)	($160)	($154)	($141)	($129)	($123)	($122)	($79)	($59)	($55)	($56)	($60)	($56)	($50)	($49)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($3,753)	($3,609)	($3,706)	($3,456)	($3,358)	($2,994)	($2,687)	($2,493)	($2,165)	($1,978)	($1,981)	($1,985)	($1,933)	($1,759)	($1,665)	($1,626)	($1,611)	($1,398)	($1,412)	($1,419)	($1,419)	($1,195)	($1,193)	($1,081)	($1,402)	($948)	($827)	($731)	($729)	($701)	($661)	($675)	($473)	($429)	($371)	($325)	($295)	($279)	($232)	($197)	($166)	($159)
Total operating expenses	($3,619)	($3,609)	($3,706)	($3,456)	($3,358)	($2,994)	($2,687)	($2,493)	($2,165)	($1,978)	($1,981)	($1,985)	($1,933)	($1,759)	($1,858)	($1,626)	($1,611)	($1,154)	($1,644)	($1,165)	($1,419)	($1,195)	($1,193)	($1,081)	($1,402)	($948)	($827)	($731)	($1,377)	($1,323)	($1,221)	($1,151)	($892)	($836)	($726)	($653)	($588)	($541)	($480)	($418)	($350)	($315)
Total costs and expenses	($80,078)	($78,845)	($83,458)	($89,878)	($97,344)	($82,256)	($62,589)	($63,002)	($62,325)	($59,288)	($60,709)	($65,721)	($78,366)	($87,674)	($88,794)	($86,996)	($77,987)	($58,993)	($66,762)	($67,139)	($67,393)	($41,976)	($34,823)	($34,593)	($35,405)	($29,929)	($21,755)	($19,351)	($12,387)	($13,752)	($15,388)	($13,228)	($12,326)	($11,459)	($10,608)	($9,073)	($8,483)	($7,851)	($7,077)	($7,306)	($6,258)	($5,394)
Operating income	$2,021	$1,424	$2,072	$4,057	$4,212	$2,993	$1,766	$1,654	$2,016	$1,540	$1,637	$1,981	$2,835	$2,130	$1,765	$2,042	$2,689	$2,689	$2,445	$2,677	$2,423	$2,042	$1,773	$1,350	$746	$779	$857	$701	$490	$531	$720	$626	$913	$1,213	$766	$738	$748	$617	$674	$622	$541	$381
Earnings
EBITDA	$3,210	$2,605	$3,213	$5,116	$5,240	$3,989	$2,742	$2,647	$2,957	$2,464	$2,537	$2,863	$3,729	$3,039	$2,634	$2,890	$3,566	$3,601	$3,225	$3,444	$3,144	$2,743	$2,430	$2,015	$1,436	$1,428	$1,471	$1,323	$1,138	$1,153	$1,280	$1,101	$1,333	$1,620	$1,121	$1,067	$1,042	$878	$922	–	–	–
Interest income	$291	$118	$562	$499	$293	$96	$111	$196	$162	$106	$92	$71	$92	$102	$109	$112	$136	$126	$181	$269	$269	$257	$204	$135	$116	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($592)	($612)	($706)	($647)	($396)	($265)	($339)	($402)	($364)	($330)	($293)	($308)	($337)	($413)	($445)	($441)	($482)	($422)	($469)	($513)	($477)	($434)	($365)	($327)	($342)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$2,095	$1,255	$2,255	$4,294	$5,233	$3,313	$1,883	$1,588	$2,060	$1,609	$1,822	$2,284	$3,130	$2,024	$1,981	$1,765	$3,015	$2,585	$2,585	$2,500	$2,624	$3,154	$1,855	$1,516	$718	$631	$719	$522	$353	$420	$610	$644	$1,054	$1,182	$738	$746	$760	$718	$753	$668	$572	$478
Income tax expense	($316)	($182)	($476)	($828)	($868)	($578)	($101)	($209)	($245)	($7)	($534)	($438)	($877)	($670)	($589)	($523)	($997)	($666)	($812)	($808)	($822)	($992)	($543)	($472)	($223)	($180)	($208)	($139)	($52)	($138)	($206)	($267)	($358)	($386)	($254)	($212)	($256)	($251)	($270)	($243)	($219)	($212)
Net income	$1,770	$1,078	$1,800	$3,483	$4,340	$2,709	$1,772	$1,379	$1,810	$1,595	$1,279	$1,849	$2,248	$1,342	$1,375	$1,223	$2,036	$1,930	$1,684	$1,780	$1,802	$2,162	$1,312	$1,044	$495	$451	$511	$383	$301	$266	$404	$377	$696	$796	$484	$568	$504	$467	$484	$425	$353	$265
Per share
Diluted EPS (GAAP)	$3.65	$2.23	$3.65	$6.43	$7.71	$4.79	$3.15	$2.44	$3.19	$2.79	$2.16	$2.98	$3.43	$2.02	$2.08	$1.84	$3.13	$3.00	$2.62	$2.75	$3.30	$2.00	$1.59	$0.76	$0.70	$0.78	$0.55	$0.41	$0.32	$0.49	$0.43	$0.74	$0.78	$0.63	$0.78	$0.69	$0.64	$0.66	$0.59	$0.49	$0.36	$0.33
Basic EPS (GAAP)	$3.65	$2.23	$3.66	$6.44	$7.72	$4.80	$3.16	$2.45	$3.21	$2.80	$2.18	$2.99	$3.44	$2.03	$2.08	$1.84	$3.17	$3.00	$2.62	$2.76	$3.32	$2.01	$1.60	$0.76	$0.70	$0.78	$0.55	$0.41	$0.32	$0.56	$0.43	$0.74	$1.04	$0.63	$0.78	$0.69	$0.64	$0.66	$0.59	$0.49	$0.36	$0.33
Basic shares outstanding	484	484	492	541	562	564	561	563	564	569	588	618	653	661	660	665	642	643	643	644	651	654	654	648	646	657	698	738	829	720	887	946	762	766	724	726	726	731	724	720	736	730
Margins
Gross margin	6.9%	6.3%	6.8%	8.0%	7.5%	7.0%	6.9%	6.4%	6.5%	5.8%	5.8%	5.9%	5.9%	4.3%	4.0%	4.1%	5.3%	6.2%	5.9%	5.5%	5.5%	7.4%	8.1%	6.8%	5.9%	5.6%	7.4%	7.1%	14.5%	13.0%	12.0%	12.8%	13.6%	16.2%	13.1%	14.2%	14.5%	13.7%	14.9%	13.1%	13.1%	12.0%
Operating margin	2.5%	1.8%	2.4%	4.3%	4.1%	3.5%	2.7%	2.6%	3.1%	2.5%	2.6%	2.9%	3.5%	2.4%	1.9%	2.3%	3.3%	4.4%	3.5%	3.8%	3.5%	4.6%	4.8%	3.8%	2.1%	2.5%	3.8%	3.5%	3.8%	3.7%	4.5%	4.5%	6.9%	9.6%	6.7%	7.5%	8.1%	7.3%	8.7%	7.8%	8.0%	6.6%
Net margin	2.2%	1.3%	2.1%	3.7%	4.3%	3.2%	2.8%	2.1%	2.8%	2.6%	2.1%	2.7%	2.8%	1.5%	1.5%	1.4%	2.5%	3.1%	2.4%	2.5%	2.6%	4.9%	3.6%	2.9%	1.4%	1.5%	2.3%	1.9%	2.3%	1.9%	2.5%	2.7%	5.3%	6.3%	4.3%	5.8%	5.5%	5.5%	6.2%	5.4%	5.2%	4.6%

Analyst consensus

Hold36 analysts

Bearish · 2 · Hold · 22 · Bullish · 12

Earnings history

	EPS	Estimate
Q3 2024	$1.09	$1.19	Miss
Q4 2024	$1.14	$1.11	Beat
Q1 2025	$0.70	$0.66	Beat
Q2 2025	$0.93	$0.82	Beat
Q3 2025	$0.92	$0.85	Beat
Q4 2025	$0.87	$0.80	Beat
Q1 2026	$0.71	$0.66	Beat
Q2 2026	$1.84	$1.42	Beat

Peers

Company overview

IPO dateMar 17, 1980

CEOJuan Ricardo Luciano

Employees41,147

SectorConsumer Defensive

IndustryAgricultural Farm Products

CountryUS

ExchangeNew York Stock Exchange

Websitewww.adm.com

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.

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