$ADM

Archer-Daniels-Midland Co

CIK:0000007084|SEC Filings

CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 22,681	$ 21,166	$ 43,171	$ 41,341
Cost of products sold	20,746	19,796	40,014	38,791
Gross Profit	1,935	1,370	3,157	2,550
Selling, general, and administrative expenses	1,026	911	1,987	1,843
Asset impairment, exit, and restructuring costs	13	137	25	175
Equity in (earnings) of unconsolidated affiliates	(142)	(134)	(231)	(278)
Interest and investment (income) expense	(116)	70	(241)	(68)
Interest expense	148	159	297	317
Other (income) – net	(82)	(52)	(152)	(71)
Earnings Before Income Taxes	1,088	279	1,472	632
Income tax expense	176	62	257	123
Net Earnings Including Non-controlling Interests	912	217	1,215	509
Net earnings (loss) attributable to non-controlling interests	4	(2)	9	(5)
Net Earnings Attributable to Archer-Daniels-Midland Company	$ 908	$ 219	$ 1,206	$ 514
Weighted average number of shares outstanding - basic (in shares)	485	484	485	483
Weighted average number of shares outstanding – diluted (in shares)	485	484	485	484
Basic earnings per common share (in dollars per share)	$ 1.87	$ 0.45	$ 2.49	$ 1.06
Diluted earnings per common share (in dollars per share)	1.87	0.45	2.49	1.06
Dividends per common share (in dollars per share)	$ 0.52	$ 0.51	$ 1.04	$ 1.02

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net earnings including non-controlling interests	$ 1,215	$ 509
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization	586	578
Asset impairment charges	5	105
Deferred income taxes	(112)	(59)
Equity in earnings of unconsolidated affiliates, net of dividends	(8)	(18)
Stock compensation expense	138	72
(Gain) loss on asset contributions, sales and investment revaluation, net	(85)	150
Other – net	20	(104)
Changes in operating assets and liabilities, net of acquisitions and dispositions
Segregated investments	(177)	1,261
Trade receivables	(379)	197
Inventories	(298)	2,152
Other current assets	(549)	(41)
Trade payables	(185)	(1,157)
Payables to brokerage customers	276	708
Accrued expenses and other payables	852	(397)
Net cash provided by operating activities	1,299	3,956
Cash flows from investing activities
Capital expenditures	(466)	(596)
Net assets of businesses acquired	0	(95)
Proceeds from sales of assets, businesses and investments	56	41
Purchases of marketable securities	0	(11)
Proceeds from sales of marketable securities	6	267
Other – net	31	3
Net cash used in investing activities	(373)	(391)
Cash flows from financing activities
Long-term debt payments	(5)	0
Net repayments under lines of credit agreements	(389)	(1,057)
Cash dividends	(510)	(495)
Acquisition of non-controlling interest	0	(4)
Other – net	(51)	(23)
Net cash used in financing activities	(955)	(1,579)
Effect of exchange rate on cash, cash equivalents, restricted cash, and restricted cash equivalents	(19)	34
(Decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents	(48)	2,020
Cash, cash equivalents, restricted cash, and restricted cash equivalents - beginning of period	5,505	3,924
Cash, cash equivalents, restricted cash, and restricted cash equivalents - end of period	$ 5,457	$ 5,944

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 1,060	$ 1,015
Short-term marketable securities	33	32
Segregated cash and investments	8,516	8,432
Trade receivables, net	3,348	3,021
Inventories	10,586	10,369
Other current assets	4,256	3,796
Total Current Assets	27,799	26,665
Non-Current Assets
Investments in affiliates	5,901	5,560
Goodwill	4,653	4,769
Intangible assets	1,845	1,976
Right of use assets	1,303	1,322
Other non-current assets	1,047	918
Property, plant, and equipment, net	10,979	11,179
Total Non-Current Assets	25,728	25,724
Total Assets	53,527	52,389
Current Liabilities
Short-term debt	407	798
Current maturities of long-term debt	1,153	1,006
Trade payables	4,990	5,195
Payables to brokerage customers	9,175	8,919
Accrued expenses and other payables	3,982	3,313
Current lease liabilities	305	303
Total Current Liabilities	20,012	19,534
Long-Term Liabilities
Long-term debt	6,451	6,606
Deferred income taxes	1,104	1,135
Non-current lease liabilities	1,026	1,045
Other	1,062	1,042
Total Long-Term Liabilities	9,643	9,828
Commitments and contingencies (See Note 16)
Temporary Equity - Redeemable non-controlling interest	292	287
Shareholders’ Equity
Common stock	3,369	3,281
Reinvested earnings	22,671	21,983
Accumulated other comprehensive income (loss)	(2,467)	(2,531)
Non-controlling interests	7	7
Total Shareholders’ Equity	23,580	22,740
Total Liabilities, Temporary Equity, and Shareholders’ Equity	$ 53,527	$ 52,389