Archer-Daniels-Midland (ADM) FY2020 results: revenue $64.4 billion, down 0.5% on the year
Archer-Daniels-Midland Co. (ADM) reported revenue of $64.4 billion for fiscal 2020, the year ended 31 December 2020, down 0.5% on the year before. Net income was $1.8 billion, up 28.5%, and diluted earnings per share $3.15. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2021.
Revenue
$64.4 billion
-0.5% on the year
FY2013FY2020
Operating margin
n/a
FY2013FY2020
Net income
$1.8 billion
+28.5% on the year
FY2013FY2020
Diluted EPS
$3.15
+29.1% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
64,355
64,656
64,341
-0.5%
Cost of revenue
59,902
60,509
60,160
-1.0%
Gross profit
4,453
4,147
4,181
+7.4%
Gross margin
6.9%
6.4%
6.5%
Research and development
160
154
141
+3.9%
Selling, general and administrative
2,687
2,493
2,165
+7.8%
Interest expense
339
402
364
-15.7%
Pre-tax income
1,883
1,588
2,060
+18.6%
Income tax
101
209
245
-51.7%
Effective tax rate
5.4%
13.2%
11.9%
Net income
1,772
1,379
1,810
+28.5%
Net margin
2.8%
2.1%
2.8%
Diluted EPS
$3.15
$2.44
$3.19
+29.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
-2,386
-5,452
-4,784
Capital expenditure
823
828
842
-0.6%
Free cash flow
-3,209
-6,280
-5,626
Free cash flow margin
-5.0%
-9.7%
-8.7%
Cash from investing
4,465
5,259
6,582
-15.1%
Cash from financing
-423
-660
187
Depreciation and amortisation
976
993
941
-1.7%
Share-based compensation
151
89.0
109
+69.7%
Buybacks
133
150
77.0
-11.3%
Dividends paid
809
789
758
+2.5%
Dividend per share
$1.44
$1.40
$1.34
+2.9%
Diluted shares, weighted
563m
565m
567m
-0.4%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
20,022
19,225
18,996
+4.1%
Redeemable equity
74.0
58.0
49.0
+27.6%
Debt
9,929
8,881
8,388
+11.8%
Operating lease liabilities
863
781
n/a
+10.5%
Other liabilities
18,831
15,052
13,400
+25.1%
Total liabilities and equity
49,719
43,997
40,833
+13.0%
Fixed assets
9,779
10,106
9,953
-3.2%
Goodwill
3,451
3,385
2,496
+1.9%
Intangible assets
2,134
2,091
1,545
+2.1%
Investments
n/a
n/a
13.0
Cash and equivalents
666
852
1,997
-21.8%
Receivables
2,793
2,267
2,233
+23.2%
Inventory
11,713
9,170
8,813
+27.7%
Other assets
19,183
16,126
13,783
+19.0%
Total assets
49,719
43,997
40,833
+13.0%
10-K for the year ended 31 December 2020, filed 18 February 2021: the filing.