Archer-Daniels-Midland (ADM) FY2025 results: revenue $80.3 billion, down 6.2% on the year

ADM is a global agricultural supply chain manager and processor. It buys crops from thousands of farmers around the world and uses its origination, logistics and manufacturing network to turn those raw commodities into products for the food, feed, fuel and industrial and consumer sectors, from staple foods to colours and flavours derived from nature, plant-based proteins, probiotics, enzymes and supplements, and it converts agricultural feedstocks into renewable fuels. Operations are organised into three reportable segments, Ag Services and Oilseeds, Carbohydrate Solutions and Nutrition, with the remainder classified as Corporate or Other Business. Soybeans accounted for 17% of revenues in 2025, corn 13% and soybean meal 11%.

Ag Services and Oilseeds

Origination, merchandising, transportation and storage of agricultural raw materials, together with the crushing and processing of oilseeds including soybeans and soft seeds such as cottonseed, sunflower seed, canola, rapeseed and flaxseed. Crude and partially refined vegetable oils are sold to third parties including renewable diesel manufacturers, or processed further into salad oils, margarine, shortening, biodiesel, glycols and other food and industrial products, while oilseed protein meals mostly go into commercial livestock and poultry feeds. The segment is also a major supplier of peanuts and peanut-derived ingredients, manufactures cotton cellulose pulp in North America for chemical, paper and other industrial markets, and runs structured trade finance activities alongside its grain sourcing, handling and multimodal transportation network. ADM holds a 22.5% equity interest in the Singapore-listed agribusiness group Wilmar International and supplies it with raw materials, and it holds further equity interests in SoyVen, Olenex, Edible Oils Limited, Stratas Foods and others.

Carbohydrate Solutions

Corn and wheat wet and dry milling and related processing. The grain becomes sweeteners, starches, syrups, glucose, wheat flour and dextrose for food and beverage use, with dextrose and starches also feeding fermentation into alcohol and other food and animal feed ingredients. Ethanol is produced as an octane enhancer and oxygenate in gasoline, and the segment makes distillers' grains, corn gluten feed and corn gluten meal for animal feed, processes corn germ into vegetable oil and protein meal, and produces citric acids for food and industrial use. The carbon capture and sequestration work sits here too.

Nutrition

The segment serves food, beverage and nutritional supplement markets for people, and complete feed, feed premix and additives, pet food and pet treats for livestock, aquaculture and pets. The range runs to plant-based proteins, flavours and colours derived from nature, flavour systems, emulsifiers, soluble fibre, polyols, hydrocolloids, probiotics, prebiotics, postbiotics, enzymes and botanical extracts. It also procures, processes and distributes edible beans, handles formula feeds and animal health and nutrition products, and makes contract and private label pet treats and foods.

The rest of the group

ADM Investor Services is a registered futures commission merchant and a clearing member of all principal commodities exchanges in the United States, with sister companies clearing in Europe, Singapore and Hong Kong. Agrinational Insurance Company covers certain property, casualty, marine, medical and other risks of the group and takes part in third-party reinsurance arrangements. ADM Ventures holds cost and equity method investments in early-stage start-ups. The company owns or leases trucks, trailers, railroad tank and hopper cars, river barges, towboats and ocean-going vessels to move commodities and processed products.

Crops and people

Most raw materials are agricultural commodities, bought from thousands of growers, grain elevators and wholesale merchants across North America, South America, Europe, the Middle East, Africa and Asia-Pacific, mostly under agreements of less than a year or on a spot basis, with no dependence on any single grower, elevator or merchant. Availability moves with weather, plantings, government programmes, competition, global demand and the size of competing crops. Because more of the business sits in the northern hemisphere, inventories typically peak after the northern autumn harvest and run lower through the northern summer, and working capital has historically followed inventory. There were 41,496 employees at 31 December 2025: 18,851 in North America, 10,202 across Europe, the Middle East and Africa, 9,528 in Latin America and 2,915 in Asia-Pacific.

From ADM's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 17 February 2026: read the full 10-K.