Archer-Daniels-Midland Company provides human and animal nutrition ingredients and solutions in the United States, Switzerland, the Cayman Islands, Brazil, Mexico, Canada, the United Kingdom, and internationally. It operates in three segments: Ag Services and Oilseeds; Carbohydrate Solutions; and Nutrition. The company engages in the origination, merchandising, transportation, and storage of agricultural raw materials, as well as the crushing and processing of oilseeds, including soybeans and soft seeds, such as cottonseed, sunflower seed, canola, rapeseed, and flaxseed; produces and markets vegetable oils and oilseed protein meals used by food, feed, energy, and industrial customers; sale of crude and partially refined vegetable oils; supplies peanuts and peanut-derived ingredients; and manufactures cotton cellulose pulp. It is also involved in the grain sourcing, handling, and multimodal transportation network supporting import, export, and distribution activities; structured trade finance activities; corn and wheat wet and dry milling and related processing activities; production of distillers' grains, corn gluten feed, and corn gluten meal for use as animal feed ingredients; and carbon capture and sequestration and other emissions-reduction initiatives. In addition, the company engages in the creation, manufacturing, sale, and distribution of an array of ingredients and solutions comprising plant-based proteins, flavors and colors derived from nature, flavor systems, emulsifiers, soluble fiber, polyols, hydrocolloids, probiotics, prebiotics, postbiotics, enzymes, botanical extracts, and other specialty food and feed ingredients and systems. Further, it is involved in the derivatives and commodity exchanges and clearing houses; and insurance coverage for certain property, casualty, marine, medical, and other miscellaneous risks. The company was founded in 1902 and is based in Chicago, Illinois.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $80.3B | $3.0B | $1.1B | $4.2B | 4.7% | -6.2% | -40.1% |
| 2024 | $85.5B | $4.1B | $1.8B | $1.2B | 8.1% | -8.9% | -48.3% |
| 2023 | $93.9B | $6.0B | $3.5B | $3.0B | 14.4% | -7.5% | -19.7% |
| 2022 | $101.6B | $6.7B | $4.3B | $2.2B | 17.9% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 101,556 | 93,935 | 85,530 | 80,269 |
| Operating Revenue | - | 101,556 | 93,935 | 85,530 | 80,269 |
| Cost Of Revenue | - | 93,986 | 86,422 | 79,752 | 75,236 |
| Gross Profit | - | 7,570 | 7,513 | 5,778 | 5,033 |
| Operating Expense | - | 3,358 | 3,456 | 3,706 | 3,609 |
| Selling General And Administration | - | 3,358 | 3,456 | 3,706 | 3,609 |
| Total Expenses | - | 97,344 | 89,878 | 83,458 | 78,845 |
| Operating Income | - | 4,212 | 4,057 | 2,072 | 1,424 |
| EBITDA | - | 6,657 | 6,000 | 4,102 | 3,048 |
| Normalized EBITDA | - | 6,645 | 6,304 | 4,620 | 3,444 |
| EBIT | - | 5,629 | 4,941 | 2,961 | 1,867 |
| Interest Income | - | 293 | 499 | 562 | 118 |
| Interest Expense | - | 396 | 647 | 706 | 612 |
| Net Interest Income | - | -103 | -148 | -144 | -494 |
| Other Non Operating Income Expenses | - | 280 | 138 | 224 | 73 |
| Other Income Expense | - | 1,124 | 385 | 327 | 325 |
| Interest Income Non Operating | - | 293 | 499 | 562 | 118 |
| Interest Expense Non Operating | - | 396 | 647 | 706 | 612 |
| Net Non Operating Interest Income Expense | - | -103 | -148 | -144 | -494 |
| Pretax Income | - | 5,233 | 4,294 | 2,255 | 1,255 |
| Tax Provision | - | 868 | 828 | 476 | 182 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 1.99 | -58.62 | -109.30 | -57.42 |
| Net Income Continuous Operations | - | 4,365 | 3,466 | 1,779 | 1,073 |
| Net Income From Continuing And Discontinued Operation | - | 4,340 | 3,483 | 1,800 | 1,078 |
| Net Income From Continuing Operation Net Minority Interest | - | 4,340 | 3,483 | 1,800 | 1,078 |
| Net Income | - | 4,340 | 3,483 | 1,800 | 1,078 |
| Net Income Common Stockholders | - | 4,340 | 3,483 | 1,800 | 1,078 |
| Net Income Including Noncontrolling Interests | - | 4,365 | 3,466 | 1,779 | 1,073 |
| Normalized Income | - | 4,329.99 | 3,728.38 | 2,208.70 | 1,416.58 |
| Diluted NI Availto Com Stockholders | - | 4,340 | 3,483 | 1,800 | 1,078 |
| Basic Average Shares | - | 547 | 541 | 478 | 480 |
| Diluted Average Shares | - | 563 | 542 | 493 | 484 |
| Reconciled Depreciation | - | 1,028 | 1,059 | 1,141 | 1,181 |
| Reconciled Cost Of Revenue | - | 93,986 | 86,422 | 79,752 | 75,236 |
| Total Unusual Items | - | 12 | -304 | -518 | -396 |
| Total Unusual Items Excluding Goodwill | - | 12 | -304 | -518 | -396 |
| Minority Interests | - | -25 | 17 | 21 | 5 |
| Special Income Charges | - | 12 | -304 | -518 | -396 |
| Other Special Charges | 119 | - | - | - | - |
| Impairment Of Capital Assets | - | 37 | 309 | 519 | 190 |
| Restructuring And Mergern Acquisition | - | 29 | 33 | 26 | 283 |
| Gain On Sale Of Security | 96 | - | - | - | - |
| Gain On Sale Of Ppe | - | 78 | 38 | 27 | 77 |
| Earnings From Equity Interest | - | 832 | 551 | 621 | 648 |
Consumer Defensive sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Archer-Daniels-Midland Companythis co. | ADM | $40.2B | 37.27β premium | 1.77 | 4.7% | 16.05 |
| Keurig Dr Pepper Inc. | KDP | $40.9B | 19.67 | 1.60 | 8.1% | 13.36 |
| Coca-Cola Europacific Partners PLC | CCEP | $40.7B | 20.98 | 5.20 | 24.8% | 13.40 |
| The Kroger Co. | KR | $38.4B | 37.77 | 6.47 | 17.1% | 10.37 |
| The Hershey Company | HSY |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $37.1B |
| 41.96 |
| 7.99 |
| 19.0% |
| 21.55 |
| Sysco Corporation | SYY | $35.6B | 19.45 | 19.43 | 99.9% | 11.84 |
| Kenvue Inc. | KVUE | $32.4B | 22.05 | 3.01 | 13.7% | 13.40 |
| Kimberly-Clark Corporation | KMB | $31.4B | 15.52 | 20.88 | 134.6% | 12.17 |
| The EstΓ©e Lauder Companies Inc. | EL | $30.0B | - | 7.76 | -29.3% | 250.27 |
| Peer Median | - | 20.98 | 7.12 | 18.1% | 13.38 | |