Company file · ADM

Archer Daniels Midland

Cayman Islands was Archer Daniels Midland's fastest-growing region in FY2025, up 8.7%

Revenue fell 6.2% to $80.3B in FY2025, from $85.5B in FY2024. Net income fell 40.1% to $1.1B. United States was the largest region, at 39% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 17, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Nov 3, 2026) · Data pulled Nov 11, 2026

Key facts

Archer Daniels Midland (NYSE: ADM) reported revenue of $80.3B for fiscal 2025, the year ended Dec 31, 2025, down 6.2% from fiscal 2024. Net income was $1.1B, down 40.1%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $22.3B, up 9.6% from the same quarter a year earlier, and net income was $821M. The largest piece by region was United States, at 39% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 17, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 3, 2026).

Revenue$80.3BFY2025 · −6.2% vs FY2024

Net income$1.1BFY2025 · −40.1% vs FY2024

Operating cash flow$5.5BFY2025 · +95.4% vs FY2024

Cash & equivalents$711Mat Sep 30, 2026 · −30.0% vs FY2025 end

Total debt$8.7Bat Sep 30, 2026 · +3.9% vs FY2025 end

Diluted shares484MFY2025 avg · −1.8% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 17, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 5, 2026 · 10-Q filed Aug 4, 2026 · 10-Q filed Nov 3, 2026

How it makes money

By region, FY2025

LineAmountSharevs FY2024
United States$31.2B39%−7.1%
Switzerland$17.8B22%−10.5%
Other Foreign$15.2B19%−3.0%
Cayman Islands$6.1B8%+8.7%
Brazil$3.4B4%+0.1%
Mexico$2.7B3%−14.6%
United Kingdom$2.1B3%−3.2%
Canada$1.8B2%−14.0%

Source: 10-K FY2025, XBRL breakdown

By region in FY2025: United States (39%), Switzerland (22%), Other Foreign (19%) and Cayman Islands (8%), as shares of total revenue. Total revenue was $80.3B.

By region: three-year mixShare of the total each fiscal year

FY2023

41%21%18%8%

FY2024

39%23%18%

FY2025

39%22%19%8%

United StatesSwitzerlandOther ForeignCayman IslandsBrazilMexicoUnited KingdomCanada

Source: 10-K FY2025

By segment, FY2025

Ag Services and Oilseeds$61.6B77%−7.4%

Carbohydrate Solutions$10.7B13%−4.4%

Nutrition$7.5B9%+2.2%

Share is of FY2025 revenue; the items listed don't cover all of it. The last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$22.3B Q3 2026

$20.4B Q3 2025

9.6% increase

Net income

$821M Q3 2026

$108M Q3 2025

660.2% increase

Source: Archer Daniels Midland 10-Q for the quarter ended Sep 30, 2026, filed Nov 3, 2026

Cash & equivalents $711M at Sep 30, 2026, vs $1.0B at FY2025 end.
Total debt $8.7B at Sep 30, 2026, vs $8.4B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $1.8B vs $5.8B a year earlier.

The bull case and the bear case

The bull case

Operating cash flow rose 95.4% in FY2025 to $5.5B. 10-K, FY2025
Diluted shares fell 1.8% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
Total debt fell 17.2% in FY2025 to $8.4B. 10-K, FY2025
Revenue in the quarter ended Sep 30, 2026 was $22.3B, up 9.6% on a year earlier. 10-Q, quarter ended Sep 30, 2026

The bear case

Revenue fell 6.2% in FY2025 to $80.3B, from $85.5B a year earlier. 10-K, FY2025
Net income fell 40.1% in FY2025 to $1.1B, from $1.8B. 10-K, FY2025
Mexico revenue fell 14.6% in FY2025 to $2.7B. 10-K, FY2025
Ag Services and Oilseeds revenue fell 7.4% in FY2025 to $61.6B. 10-K, FY2025

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Archer Daniels Midland is in the agricultural products & services industry, part of the consumer staples sector. The SEC files it under Fats & Oils.

Archer Daniels Midland reports 3 segments: Ag Services and Oilseeds, Carbohydrate Solutions and Nutrition.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the agricultural products & services industry. They are not a summary of Archer Daniels Midland’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

CostsCommodity, packaging and freight costs can rise faster than prices.
Consumer habitsShoppers can trade down to store brands or change what they buy.
Retail customersA few large retailers account for much of its sales.
Regulation and safetyFood and product safety rules and recalls can bring cost and reputational harm.
CompetitionRivals and private-label products compete for shelf space and prices.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$93.9B	$85.5B	$80.3B
Net income	$3.5B	$1.8B	$1.1B
Operating cash flow	$4.5B	$2.8B	$5.5B
Cash & equivalents (year end)	$1.4B	$611M	$1.0B
Total debt (year end)	$8.4B	$10.2B	$8.4B
Diluted shares	542M	493M	484M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Short-term borrowings and the current part of long-term debt plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

The segment chart covers only part of revenue: the company reports other lines that aren't part of this breakdown.

Recent filings

Form	Filed	Period
10-Q	Nov 3, 2026	Sep 30, 2026
10-Q	Aug 4, 2026	Jun 30, 2026
10-Q	May 5, 2026	Mar 31, 2026
DEF 14A	Mar 26, 2026	May 7, 2026
10-K	Feb 17, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Archer Daniels Midland

How does Archer Daniels Midland make money?

Archer Daniels Midland's revenue was $80.3B in fiscal 2025. By region in FY2025: United States (39%), Switzerland (22%), Other Foreign (19%) and Cayman Islands (8%), as shares of total revenue. Total revenue was $80.3B. Source: 10-K for fiscal 2025, filed Feb 17, 2026.

What was Archer Daniels Midland's revenue in fiscal 2025?

$80.3B of revenue for the fiscal year ended Dec 31, 2025, down 6.2% from $85.5B in fiscal 2024. Fiscal 2023 was $93.9B. Source: 10-K for fiscal 2025, filed Feb 17, 2026.

Is Archer Daniels Midland profitable?

Archer Daniels Midland reported net income of $1.1B for fiscal 2025, down 40.1% from $1.8B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $821M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 17, 2026.

What did Archer Daniels Midland report in its latest quarterly filing?

Revenue was $22.3B in the quarter ended Sep 30, 2026, up 9.6% from $20.4B a year earlier. Net income was $821M, up 660.2% from $108M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 3, 2026.

How much cash and debt does Archer Daniels Midland have?

Archer Daniels Midland had $711M in cash and cash equivalents and $8.7B of total debt on Sep 30, 2026. Total debt here is short-term borrowings and the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Nov 3, 2026.

What are the main risks Archer Daniels Midland faces?

Archer Daniels Midland's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 17, 2026. Risks that are common among companies in the agricultural products & services industry include Costs; consumer habits; retail customers; regulation and safety; competition. The first: Commodity, packaging and freight costs can rise faster than prices. Source: 10-K, Item 1A Risk Factors.

Where do these Archer Daniels Midland numbers come from?

From Archer Daniels Midland's own SEC filings: the 10-K for fiscal 2025 (filed Feb 17, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Nov 3, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Archer Daniels Midland

Markel Group: 1,505,800 shares, reported value $119.5M at Sep 30, 2026 (same number of shares as in the filing for Jun 30, 2026). Form 13F filed Oct 30, 2026.
Citadel Advisors: 762,938 shares, reported value $58.3M at Jun 30, 2026 (+76.7% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Millennium Management: 432,259 shares, reported value $33.0M at Jun 30, 2026 (−50.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Soros Fund Management: 46,071 shares, reported value $3.5M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
Two Sigma Investments: 18,000 shares, reported value $1.4M at Jun 30, 2026 (−80.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Point72 Asset Management: 5,224 shares, reported value $0.4M at Jun 30, 2026 (−99.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in ADM: The editor holds no position in Archer Daniels Midland (ADM). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell ADM from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 9, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold ADM, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Archer Daniels MidlandADM	FY2025	$80.3B	−6.2%	$1.1B
Bunge GlobalBG	FY2025	$70.3B	+32.4%	$816M
WalmartWMT	FY2026	$713.2B	+4.7%	$21.9B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.