Archer-Daniels-Midland Co 10-Q for FY2026 Q3
Archer-Daniels-Midland Co (ADM)
10-Q
2026-11-03
For: 2026-09-30
View Original
Added on
November 03, 2026
About this 10-Q
Archer-Daniels-Midland Co filed this 10-Q on November 3, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).
Archer-Daniels-Midland Company reported earnings before income taxes of $997 million for the three months ended September 30, 2026, driven by improved operational execution, a constructive pricing environment and policy incentives. AI summary
Headline figures
Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.
- Revenue
- $22.34B
- up 9.6% from $20.37B a year earlier
- Net income
- $821M
- up 660.2% from net income of $108M a year earlier
- Diluted EPS
- $1.70
- up 672.7% from $0.22 a year earlier
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
For the quarterly period ended September 30, 2026
OR
For the transition period from __________ to __________
Commission file number 1-44
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (I. R. S. Employer Identification No.) | ||||||||||
| | |||||||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||
(312 ) 634-8100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| ☒ | Accelerated Filer | ☐ | Emerging Growth Company | ||||||||||||||
| Non-accelerated Filer | ☐ | Smaller Reporting Company | |||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ .
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock, no par value – 475,919,192 shares
(October 30, 2026)
SAFE HARBOR STATEMENT
This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical or current fact included in this Quarterly Report on Form 10-Q, are forward-looking statements. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “outlook,” “forecast,” “will,” “should,” “can have,” “likely,” “goals,” “objectives,” “priorities,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. For example, all statements the Company makes relating to its future results of operations and underlying assumptions, growth opportunities, operational execution and improvements, progress on the Company’s strategic priorities, changes to the margin environment, earnings improvements, future demand, future investments, policy changes, capital allocation priorities and actions, the biofuels environment, global trade and tariff conditions, energy prices, and global market volatility are forward-looking statements. All forward-looking statements are subject to significant risks, uncertainties and changes in circumstances that could cause actual results and outcomes to differ materially from those expressed or implied in the forward-looking statements, including, without limitation, (1) operational risks related to equipment failure, natural disasters, epidemics, pandemics, adverse weather conditions, accidents, explosions, fires, war or acts of terrorism, physical security events, labor disruptions, utility disruptions, or other unexpected outages; (2) risks related to the availability and prices of agricultural commodities, agricultural commodity products, other raw materials and energy, including impacts from factors outside the Company’s control such as changes in market conditions, weather conditions, crop disease, plantings, climate change, competition and changes in global demand, as well as risks relating to global and regional economic downturns; (3) risks related to compliance with, and changes in, government programs, policies, laws, and regulations, including those related to trade, tariffs, sanctions, biofuels, clean fuel and environmental credits, sustainability, food safety and quality, the environment, tax, and financial markets; (4) risks related to international conflicts, acts of terrorism or war, sanctions, maritime piracy and other geopolitical events or economic disruptions, including transportation, shipping, port, rail and logistics disruptions, as well as other risks related to the disruption of global markets and trade flows; (5) risks and uncertainties relating to acquisitions, equity investments, joint ventures, integrations, divestitures, and other transactions; (6) risks relating to the Company’s execution of its strategic priorities, including achieving cost reductions and operational improvements, organic and inorganic growth and innovation in its products and services; (7) risks related to the Company’s technology systems and cybersecurity incidents; and (8) other risks, assumptions and uncertainties that are described in Item 1A, "Risk Factors" included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as may be updated in subsequent Quarterly Reports on Form 10-Q. For these statements, the Company claims the protection of the safe harbor for forward-looking statements in the Private Securities Litigation Reform Act of 1995. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Except to the extent required by law, the Company does not undertake, and expressly disclaims, any duty or obligation to update publicly any forward-looking statement whether as a result of new information, future events, changes in assumptions or otherwise.
ARCHER-DANIELS-MIDLAND COMPANY
FORM 10-Q FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026
TABLE OF CONTENTS
| PART I. FINANCIAL INFORMATION | ||||||||||||||
| Item 1. | ||||||||||||||
| a) | ||||||||||||||
| b) | ||||||||||||||
| c) | ||||||||||||||
| d) | ||||||||||||||
| e) | ||||||||||||||
| f) | ||||||||||||||
| Item 2. | ||||||||||||||
| Item 3. | ||||||||||||||
| Item 4. | ||||||||||||||
| PART II. OTHER INFORMATION | ||||||||||||||
| Item 1. | ||||||||||||||
| Item 1A. | ||||||||||||||
| Item 2. | ||||||||||||||
| Item 5. | ||||||||||||||
| Item 6. | ||||||||||||||
PART I - FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
ARCHER-DANIELS-MIDLAND COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (In millions, except per share amounts) | |||||||||||||||||||||||
| Revenues | $ | $ | $ | $ | |||||||||||||||||||
| Cost of products sold | |||||||||||||||||||||||
| Gross Profit | |||||||||||||||||||||||
| Selling, general, and administrative expenses | |||||||||||||||||||||||
| Asset impairment, exit, and restructuring costs | |||||||||||||||||||||||
| Equity in (earnings) loss of unconsolidated affiliates | ( | ( | ( | ||||||||||||||||||||
| Interest and investment (income) | ( | ( | ( | ( | |||||||||||||||||||
| Interest expense | |||||||||||||||||||||||
| Other expense (income) – net | ( | ( | ( | ||||||||||||||||||||
Earnings Before Income Taxes | |||||||||||||||||||||||
| Income tax expense | |||||||||||||||||||||||
Net Earnings Including Non-controlling Interests | |||||||||||||||||||||||
Net earnings (loss) attributable to non-controlling interests | ( | ||||||||||||||||||||||
Net Earnings Attributable to Archer-Daniels-Midland Company | $ | $ | $ | $ | |||||||||||||||||||
Weighted average number of shares outstanding – basic | |||||||||||||||||||||||
Weighted average number of shares outstanding – diluted | |||||||||||||||||||||||
Basic earnings per common share | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per common share | $ | $ | $ | $ | |||||||||||||||||||
The accompanying notes are an integral part of these Consolidated Financial Statements.
1
ARCHER-DANIELS-MIDLAND COMPANY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||
Net Earnings Including Non-controlling Interests | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
| Foreign currency translation adjustment | ( | ||||||||||||||||||||||
| Tax effect | ( | ( | ( | ||||||||||||||||||||
| Net of tax amount | ( | ||||||||||||||||||||||
| Deferred gain on hedging activities | |||||||||||||||||||||||
| Tax effect | ( | ( | ( | ( | |||||||||||||||||||
| Net of tax amount | |||||||||||||||||||||||
| Pension and other postretirement benefit liabilities adjustment | ( | ( | ( | ( | |||||||||||||||||||
| Tax effect | ( | ||||||||||||||||||||||
| Net of tax amount | ( | ( | ( | ( | |||||||||||||||||||
| Unrealized gain (loss) on investments | ( | ( | ( | ||||||||||||||||||||
| Tax effect | |||||||||||||||||||||||
| Net of tax amount | ( | ( | ( | ||||||||||||||||||||
| Total other comprehensive income, net of tax | |||||||||||||||||||||||
Total comprehensive income | |||||||||||||||||||||||
Less: Comprehensive income (loss) attributable to non-controlling interests | ( | ||||||||||||||||||||||
Comprehensive income attributable to Archer-Daniels-Midland Company | $ | $ | $ | $ | |||||||||||||||||||
The accompanying notes are an integral part of these Consolidated Financial Statements.
2
ARCHER-DANIELS-MIDLAND COMPANY
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| September 30, 2026 | December 31, 2025 | ||||||||||
| (In millions) | |||||||||||
| Assets | |||||||||||
| Current Assets | |||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Short-term marketable securities | |||||||||||
| Segregated cash and investments | |||||||||||
| Trade receivables, net | |||||||||||
| Inventories | |||||||||||
| Other current assets | |||||||||||
| Total Current Assets | |||||||||||
| Non-Current Assets | |||||||||||
| Investments in affiliates | |||||||||||
| Goodwill | |||||||||||
| Intangible assets | |||||||||||
| Right of use assets | |||||||||||
| Other non-current assets | |||||||||||
| Property, plant, and equipment, net | |||||||||||
| Total Non-Current Assets | |||||||||||
| Total Assets | $ | $ | |||||||||
| Liabilities, Temporary Equity, and Shareholders’ Equity | |||||||||||
| Current Liabilities | |||||||||||
| Short-term debt | $ | $ | |||||||||
| Current maturities of long-term debt | |||||||||||
| Trade payables | |||||||||||
| Payables to brokerage customers | |||||||||||
| Accrued expenses and other payables | |||||||||||
| Current lease liabilities | |||||||||||
| Total Current Liabilities | |||||||||||
| Long-Term Liabilities | |||||||||||
| Long-term debt | |||||||||||
| Deferred income taxes | |||||||||||
| Non-current lease liabilities | |||||||||||
| Other | |||||||||||
| Total Long-Term Liabilities | |||||||||||
Commitments and contingencies (See Note 16) | |||||||||||
| Temporary Equity - Redeemable non-controlling interest | |||||||||||
| Shareholders’ Equity | |||||||||||
| Common stock | |||||||||||
| Reinvested earnings | |||||||||||
Accumulated other comprehensive income (loss) | ( | ( | |||||||||
| Non-controlling interests | |||||||||||
| Total Shareholders’ Equity | |||||||||||
| Total Liabilities, Temporary Equity, and Shareholders’ Equity | $ | $ | |||||||||
The accompanying notes are an integral part of these Consolidated Financial Statements.
3
ARCHER-DANIELS-MIDLAND COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| (In millions) | |||||||||||
| Cash flows from operating activities | |||||||||||
| Net earnings including non-controlling interests | $ | $ | |||||||||
| Adjustments to reconcile net earnings to net cash provided by operating activities | |||||||||||
| Depreciation and amortization | |||||||||||
| Asset impairment charges | |||||||||||
| Deferred income taxes | ( | ( | |||||||||
Equity in earnings of unconsolidated affiliates, net of dividends | ( | ||||||||||
| Stock compensation expense | |||||||||||
| (Gain) loss on asset contributions, sales and investment revaluation, net | ( | ||||||||||
| Other – net | ( | ||||||||||
| Changes in operating assets and liabilities, net of acquisitions and dispositions | |||||||||||
| Segregated investments | |||||||||||
| Trade receivables | ( | ||||||||||
| Inventories | ( | ||||||||||
| Other current assets | ( | ( | |||||||||
| Trade payables | ( | ||||||||||
| Payables to brokerage customers | |||||||||||
| Accrued expenses and other payables | ( | ||||||||||
| Net cash provided by operating activities | |||||||||||
| Cash flows from investing activities | |||||||||||
| Capital expenditures | ( | ( | |||||||||
| Net assets of businesses acquired | ( | ||||||||||
Proceeds from sales of assets, businesses and investments | |||||||||||
| Purchases of marketable securities | ( | ( | |||||||||
| Proceeds from sales of marketable securities | |||||||||||
| Other – net | |||||||||||
| Net cash used in investing activities | ( | ( | |||||||||
| Cash flows from financing activities | |||||||||||
| Proceeds from short-term debt | |||||||||||
| Repayments of short-term debt | ( | ||||||||||
| Long-term debt borrowings | |||||||||||
| Long-term debt payments | ( | ( | |||||||||
| Net borrowings / (repayments) under lines of credit agreements | ( | ||||||||||
| Share repurchases, net of tax | ( | ||||||||||
| Cash dividends | ( | ( | |||||||||
| Acquisition of non-controlling interest | ( | ||||||||||
| Other – net | ( | ( | |||||||||
| Net cash used in financing activities | ( | ( | |||||||||
| Effect of exchange rate on cash, cash equivalents, restricted cash, and restricted cash equivalents | ( | ||||||||||
| Increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | |||||||||||
| Cash, cash equivalents, restricted cash, and restricted cash equivalents - beginning of period | |||||||||||
| Cash, cash equivalents, restricted cash, and restricted cash equivalents - end of period | $ | $ | |||||||||
The accompanying notes are an integral part of these Consolidated Financial Statements.
4
ARCHER-DANIELS-MIDLAND COMPANY
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(UNAUDITED)
| Equity Attributable to Archer-Daniels-Midland Company | |||||||||||||||||||||||||||||||||||
| Common Stock | Reinvested Earnings | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interests | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||
| (In millions, except per share amounts) | Shares | Amount | |||||||||||||||||||||||||||||||||
| Balance, June 30, 2026 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
| Comprehensive income | |||||||||||||||||||||||||||||||||||
| Net earnings | — | ||||||||||||||||||||||||||||||||||
| Other comprehensive income | — | ||||||||||||||||||||||||||||||||||
| Cash dividends paid - $ | ( | ( | |||||||||||||||||||||||||||||||||
| Share repurchases | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Stock compensation expense | — | ||||||||||||||||||||||||||||||||||
| Stock option exercises, net of taxes | — | ( | — | ( | |||||||||||||||||||||||||||||||
| Other | — | ( | — | ||||||||||||||||||||||||||||||||
| Balance, September 30, 2026 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
| Balance, December 31, 2025 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
| Comprehensive income | |||||||||||||||||||||||||||||||||||
Net earnings | |||||||||||||||||||||||||||||||||||
| Other comprehensive income | — | ||||||||||||||||||||||||||||||||||
| Cash dividends paid - $ | ( | ( | |||||||||||||||||||||||||||||||||
| Share repurchases | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Stock compensation expense | |||||||||||||||||||||||||||||||||||
| Stock option exercises, net of taxes | — | ( | — | ( | |||||||||||||||||||||||||||||||
| Other | — | ( | ( | ( | |||||||||||||||||||||||||||||||
| Balance, September 30, 2026 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
| Balance, June 30, 2025 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
| Comprehensive income | |||||||||||||||||||||||||||||||||||
| Net earnings | |||||||||||||||||||||||||||||||||||
| Other comprehensive income | — | ||||||||||||||||||||||||||||||||||
| Cash dividends paid - $ | ( | ( | |||||||||||||||||||||||||||||||||
| Share repurchases | — | — | |||||||||||||||||||||||||||||||||
| Stock compensation expense | — | ||||||||||||||||||||||||||||||||||
| Stock option exercises, net of taxes | — | ( | — | ( | |||||||||||||||||||||||||||||||
| Other | — | — | — | ( | |||||||||||||||||||||||||||||||
| Balance, September 30, 2025 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
| Balance, December 31, 2024 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
| Comprehensive income | |||||||||||||||||||||||||||||||||||
| Net earnings | ( | ||||||||||||||||||||||||||||||||||
| Other comprehensive income | — | ||||||||||||||||||||||||||||||||||
| Cash dividends paid - $ | ( | ( | |||||||||||||||||||||||||||||||||
| Share repurchases | — | ||||||||||||||||||||||||||||||||||
| Stock compensation expense | |||||||||||||||||||||||||||||||||||
| Stock option exercises, net of taxes | — | ( | ( | ||||||||||||||||||||||||||||||||
| Other | — | — | — | ( | |||||||||||||||||||||||||||||||
| Balance, September 30, 2025 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
The accompanying notes are an integral part of these Consolidated Financial Statements.
5
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 1. Basis of Presentation, Principles of Consolidation, and Summary of Significant Accounting Policies
The Consolidated Financial Statements of Archer-Daniels-Midland Company and its subsidiaries (“ADM” or the “Company”) included herein have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these statements do not include all of the information and footnotes required by GAAP for audited financial statements.
In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results reported in these Consolidated Financial Statements are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. For further information, refer to the Consolidated Financial Statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2025.
Certain prior-period amounts have been reclassified in the Consolidated Financial Statements and accompanying notes to conform to the current period presentation.
Principles of Consolidation
Segregated Cash and Investments
The Company segregates certain cash, cash equivalents, and investment balances in accordance with regulatory requirements, commodity clearinghouse requirements, and insurance arrangements.
Within ADM Investor Services, the Company’s registered futures commission merchant and provider of commodity brokerage services, deposits received from customers, cash margins and securities pledged to commodity exchange clearinghouses or other brokers, and cash pledged as security under certain insurance arrangements are classified as segregated balances. To the extent these segregated balances are comprised of cash and cash equivalents, they are considered restricted cash and restricted cash equivalents on the Consolidated Statements of Cash Flows. The payables to brokerage customers have a corresponding balance in segregated cash and investments and a segregated customer omnibus receivable in other current assets.
The following represents a reconciliation of cash and cash equivalents in the Consolidated Balance Sheets to total cash, cash equivalents, restricted cash, and restricted cash equivalents in the Consolidated Statements of Cash Flows as of September 30, 2026 and 2025 (in millions).
| September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Restricted cash and restricted cash equivalents (included in segregated cash and investments) | |||||||||||
| Total cash, cash equivalents, restricted cash, and restricted cash equivalents | $ | $ | |||||||||
6
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Receivables
Changes to the allowance for estimated uncollectible accounts were as follows (in millions).
| Three Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Opening balance, July 1 | $ | $ | |||||||||
| Provisions (reversals), net | |||||||||||
| Write-offs against allowance | ( | ( | |||||||||
Recoveries and other | |||||||||||
| Closing balance, September 30 | $ | $ | |||||||||
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Opening balance, January 1 | $ | $ | |||||||||
| Provisions (reversals), net | |||||||||||
| Write-offs against allowance | ( | ( | |||||||||
| Recoveries and other | |||||||||||
| Closing balance, September 30 | $ | $ | |||||||||
Inventories
Certain merchandisable agricultural commodity inventories, which include inventories acquired under deferred pricing contracts, are stated at market value. In addition, the Company values certain inventories using the first-in, first-out (“FIFO”) method at the lower of cost and net realizable value.
The following table sets forth the Company’s inventories as of September 30, 2026 and December 31, 2025 (in millions).
| September 30, 2026 | December 31, 2025 | ||||||||||
Raw materials and supplies (1) | $ | $ | |||||||||
| Finished goods | |||||||||||
| Market inventories | |||||||||||
| Total inventories | $ | $ | |||||||||
(1) Includes work in process inventories which were not material.
7
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Cost Method Investments
Cost method investments represent investments in private companies and private equity funds to diversify the Company’s overall investment portfolio. These investments are generally in companies in the startup or development stages, and the markets for products these companies are developing are typically in the early stages. The Company’s evaluation of privately held investments is based on the fundamentals of the businesses invested in. The Company periodically reviews the carrying value of such investments to determine if any valuation adjustments are appropriate under the applicable accounting pronouncements.
Cost method investments of $166 million and $143 million as of September 30, 2026 and December 31, 2025, respectively, were included in Other non-current assets in the Company’s Consolidated Balance Sheets.
Investments in Affiliates
Wilmar Investment
The Company had a 22.5 4.2 billion as of September 30, 2026, and a market value of $4.0 billion based on the Level 1 quoted Singapore Exchange market price, converted to U.S. dollars at the applicable exchange rate, at September 30, 2026.
In accordance with its accounting policy, as of September 30, 2026, the Company evaluated several factors in its determination of whether an other-than-temporary impairment of its investment in Wilmar had occurred as of that date. This included consideration of the severity and duration of the carrying value being above Wilmar's stock price, the recent performance of Wilmar’s stock price as quoted on the Singapore Exchange, including stock price performance subsequent to the balance sheet date, Wilmar's financial condition and near-term performance prospects, and latest consensus analyst forecasts. The Company considers its investment in Wilmar a significant and strategic relationship and has the intent and ability to retain its investment in Wilmar for a period of time sufficient to allow for any anticipated recovery in market value. Based on the evaluation of the factors above, the Company does not consider the investment to be other-than-temporarily impaired at September 30, 2026. The Company will continue to reassess its investment in Wilmar, which may result in the recognition of an other-than-temporary impairment in the future.
Other Investments
As of September 30, 2026, the Company also holds equity method investments in Pacificor, LLC (32.2 %), Akralos Holding Company LLC (49.0 %), SoyVen Holding B.V. (50.0 %), Olenex Holdings B.V. (37.5 %), Hungrana Kft (50.0 %), Almidones Mexicanos, S.A. de C.V. (50.0 %), Vimison, S.A. de C.V. (45.3 %), Aston Krahmalo-Produkty, LLC (50.0 %), Edible Oils Limited (50.0 %), Gradable, LLC (50.0 %), LSCP, LLC (22.1 %), Stratas Foods LLC (50.0 %), Red Star Yeast Company, LLC (40.0 %), Terminal de Grãos Ponta da Montanha S.A. (50.0 %), Plainsman Company LLC (40.0 %), Two Rivers Premium Oils, LLC (60.0 %), Dusial S.A. (42.8 %), ADM / Matsutani LLC (50.0 %), Vitafort Zrt (34.3 %), and Novial SAS (26.2 %).
8
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Property, Plant, and Equipment
The Company’s property, plant, and equipment consisted of the following as of September 30, 2026 and December 31, 2025 (in millions).
| September 30, 2026 | December 31, 2025 | ||||||||||
| Land | $ | $ | |||||||||
| Buildings | |||||||||||
| Machinery and equipment | |||||||||||
| Construction in progress | |||||||||||
| Accumulated depreciation | ( | ( | |||||||||
| Property, Plant, and Equipment, Net | $ | $ | |||||||||
Redeemable Non-controlling Interests
The Company presents any redeemable non-controlling interests in temporary equity within the Consolidated Balance Sheets at redemption value with period changes recorded in reinvested earnings. The Company reports the portion of its earnings or loss for redeemable non-controlling interests as Net earnings (loss) attributable to non-controlling interests in the Consolidated Statements of Earnings.
Changes to the Company's redeemable non-controlling interests for the three and nine months ended September 30, 2026 and 2025 were as follows (in millions):
| Three Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Opening balance, July 1 | $ | $ | |||||||||
| Net income (loss) attributable to redeemable non-controlling interests | |||||||||||
Currency translation adjustments and other | ( | ||||||||||
| Closing balance, September 30 | $ | $ | |||||||||
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Opening balance, January 1 | $ | $ | |||||||||
| Net income (loss) attributable to redeemable non-controlling interests | ( | ||||||||||
Currency translation adjustments and other | ( | ( | |||||||||
| Closing balance, September 30 | $ | $ | |||||||||
Clean Fuel Production Credits
The Inflation Reduction Act of 2022 introduced the Clean Fuel Production Credit (“Section 45Z”) for qualifying fuel produced and sold between January 1, 2025 and December 31, 2029.
The Company elected to account for Section 45Z credits as government grants in the period qualifying fuel is produced and sold, and when it becomes probable that the Company will meet the eligibility requirements to earn and receive the credit. Section 45Z credits are initially measured at fair value reflecting the estimated credit value upon monetization. Subsequently, changes in assumptions impacting the credit value are accounted for prospectively as changes in accounting estimates. Unmonetized Section 45Z credits are recorded within Other current assets on the Consolidated Balance Sheets, while the recognized benefit and related transaction costs are recorded within Cost of products sold in the Consolidated Statements of Earnings.
9
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 2. New Accounting Pronouncements
Adoption of New Accounting Pronouncements
Effective January 1, 2026, the Company adopted Accounting Standards Update (“ASU”) 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which simplifies the application of the current expected credit loss model for current accounts receivable and current contract assets under Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers. The adoption of the guidance did not have a significant impact on the Company's Consolidated Financial Statements.
Effective January 1, 2026, the Company adopted ASU 2025-09, Derivatives and Hedging (Topic 815): Targeted Improvements to Hedge Accounting. The amended guidance within this ASU is intended to simplify cash flow hedge accounting and enhance the hedging of variable price-components of nonfinancial forecasted transactions. Among other changes, the amendments eliminate the requirement for contractually specified price components in order to qualify for risk componentization for a cash flow hedge program for forecasted nonfinancial transactions. The amendments better align hedge accounting with the Company’s commodity risk management activities and improve the operability of its commodity cash flow hedge program. The adoption did not have a significant effect on the Company’s Consolidated Financial Statements.
New Accounting Pronouncements Not Yet Adopted
Effective January 1, 2027, the Company will be required to adopt ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract, which expands the scope of contracts that are excluded from derivative accounting to include certain non-exchange traded contracts. It also clarifies that the revenue guidance in ASC 606, Revenue from Contracts with Customers, initially applies to share-based noncash consideration received from a customer for the transfer of goods or services. The Company does not expect the adoption to have a significant impact on the Company’s Consolidated Financial Statements and related disclosures.
Effective January 1, 2027, the Company will be required to adopt ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which amends the existing framework for identifying the accounting acquirer in business combinations when the legal acquiree is a VIE by requiring entities to consider the general accounting acquirer factors in ASC 805-10, Business Combination-Overall, when the transaction is primarily effected by the exchange of equity interests. The new guidance is required to be applied prospectively to any acquisition transaction that occurs after the initial application date. The Company does not expect the adoption to have a significant impact on the Company’s Consolidated Financial Statements and related disclosures.
Effective December 31, 2027, the Company will be required to adopt ASU 2024-03, Income Statement—Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of income statement expenses, which will require tabular disclosure of certain operating expenses disaggregated into categories, such as purchases of inventory, employee compensation, depreciation, and intangible asset amortization. The amendments in this ASU can be applied on a prospective basis or retrospective basis upon adoption. The adoption of the amended guidance will result in expanded disclosures in the notes to the Company’s Consolidated Financial Statements but is not expected to have a significant impact on the Company's Consolidated Financial Statements.
Effective January 1, 2028, the Company will be required to adopt ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software by removing all references to software development project stages so that the guidance is neutral to different software development methods and provides new guidance on how to evaluate whether the probable-to-completion recognition threshold has been met. The amendments in this ASU can be applied on a prospective basis or retrospective basis upon adoption. The Company is evaluating the impact of the adoption of this guidance on the Company’s Consolidated Financial Statements.
10
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Effective January 1, 2028, the Company will be required to adopt ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818), which establishes accounting guidance for the recognition, measurement, and separate presentation of environmental credit assets from environmental credit obligations on the balance sheet. The amendments in this ASU are required to be applied on a modified retrospective basis. The Company is evaluating the impact of the adoption of this guidance on the Company’s Consolidated Financial Statements.
Effective January 1, 2029, the Company will be required to adopt ASU 2025-10, Accounting for Government Grants Received by Business Entities (Topic 832), which establishes authoritative guidance for the recognition, measurement, presentation, and disclosure of government grants received by business entities. Under this ASU, government grants are recognized when it is probable that the entity will comply with the grant’s conditions and will receive the grant. Grants related to income may be presented either as a separate line item or as a reduction of the related expenses. Grants related to assets may reduce the carrying amount of the related asset or be presented as deferred income. This ASU also requires disclosure of the nature and terms of grants, the accounting policies applied, and significant conditions. The amendments in this ASU can be applied on a modified prospective, modified retrospective, or retrospective basis upon adoption. The Company is evaluating the impact of the adoption of this guidance on the Company’s Consolidated Financial Statements.
Note 3. Revenues
The following tables present additional information on revenue from external customers for the three and nine months ended September 30, 2026 and 2025 (in millions).
| Three Months Ended September 30, 2026 | Three Months Ended September 30, 2025 | ||||||||||||||||||||||||||||
| Topic 606 | Topic 815 | Total | Topic 606 | Topic 815 | Total | ||||||||||||||||||||||||
| Revenue | Revenue | Revenues | Revenue | Revenue | Revenues | ||||||||||||||||||||||||
| Ag Services and Oilseeds | |||||||||||||||||||||||||||||
| Ag Services | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
| Crushing | |||||||||||||||||||||||||||||
| Refined Products and Other | |||||||||||||||||||||||||||||
| Total Ag Services and Oilseeds | |||||||||||||||||||||||||||||
| Carbohydrate Solutions | |||||||||||||||||||||||||||||
| Starches and Sweeteners | |||||||||||||||||||||||||||||
| Vantage Corn Processors | |||||||||||||||||||||||||||||
| Total Carbohydrate Solutions | |||||||||||||||||||||||||||||
| Nutrition | |||||||||||||||||||||||||||||
| Human Nutrition | |||||||||||||||||||||||||||||
| Animal Nutrition | |||||||||||||||||||||||||||||
| Total Nutrition | |||||||||||||||||||||||||||||
| Total Segment Revenues | |||||||||||||||||||||||||||||
| Other Business | |||||||||||||||||||||||||||||
| Total Revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
11
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
| Nine Months Ended September 30, 2026 | Nine Months Ended September 30, 2025 | ||||||||||||||||||||||||||||
| Topic 606 | Topic 815 | Total | Topic 606 | Topic 815 | Total | ||||||||||||||||||||||||
| Revenue | Revenue | Revenues | Revenue | Revenue | Revenues | ||||||||||||||||||||||||
| Ag Services and Oilseeds | |||||||||||||||||||||||||||||
| Ag Services | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
| Crushing | |||||||||||||||||||||||||||||
| Refined Products and Other | |||||||||||||||||||||||||||||
| Total Ag Services and Oilseeds | |||||||||||||||||||||||||||||
| Carbohydrate Solutions | |||||||||||||||||||||||||||||
| Starches and Sweeteners | |||||||||||||||||||||||||||||
| Vantage Corn Processors | |||||||||||||||||||||||||||||
| Total Carbohydrate Solutions | |||||||||||||||||||||||||||||
| Nutrition | |||||||||||||||||||||||||||||
| Human Nutrition | |||||||||||||||||||||||||||||
| Animal Nutrition | |||||||||||||||||||||||||||||
| Total Nutrition | |||||||||||||||||||||||||||||
| Total Segment Revenues | |||||||||||||||||||||||||||||
| Other Business | |||||||||||||||||||||||||||||
| Total Revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Topic 815 revenue relates to the physical delivery or the settlement of the Company’s sales contracts that are accounted for as derivatives and are outside the scope of Topic 606. Physically settled derivative sales contracts primarily relate to forward commodity sales that meet the definition of a derivative under Topic 815.
Ag Services and Oilseeds
The Ag Services and Oilseeds segment generates revenue from commodity sales, service fees related to the transportation of goods, sales of products manufactured in its global processing facilities, and structured trade finance activities. Revenue from commodities contracts is recognized at a point in time, upon transferring control of the commodity to the customer, consistent with the recognition principles under Topic 606. Revenue for deferred price contracts that allow for pricing to be determined after title of the goods has passed to the customer may be recognized when the price is determined.
Carbohydrate Solutions
The Carbohydrate Solutions segment generates revenue from the sale of products manufactured at the Company’s corn and wheat milling facilities around the world. Revenue is recognized when control over products is transferred to the customer, consistent with the recognition principles under Topic 606. The amount of revenue recognized is based on the consideration specified in the contract, which could include freight and other costs depending on the specific shipping terms of each contract.
12
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Nutrition
The Nutrition segment generates revenue from the sale of ingredients and solutions including plant-based proteins, natural flavors, wholesome ingredients including edible beans, ancient grains and seeds, flavor systems, natural colors, emulsifiers, soluble fiber, polyols, hydrocolloids, probiotics, prebiotics, postbiotics, enzymes, botanical extracts, formula feeds, animal health and nutrition products, pet food and treats, and other specialty food and feed ingredients. Revenue is recognized when control over products is transferred to the customer, consistent with the recognition principles under Topic 606. The amount of revenue recognized is based on the consideration specified in the contract, which could include freight and other costs depending on the specific shipping terms of each contract.
Other Business
Note 4. Fair Value Measurements
The Company measures the fair value of certain assets and liabilities in accordance with ASC Topic 820, Fair Value Measurements and Disclosures, which defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.
The Company uses the market approach valuation technique to measure the majority of its assets and liabilities carried at fair value. Market valuations for the Company’s inventories and physical commodity purchase and sale contracts are adjusted for location (basis) and quality because the exchange-quoted prices represent contracts with standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade. The basis adjustments are generally determined using inputs from competitor and broker quotations or market transactions and are considered observable. Basis adjustments are impacted by specific local supply and demand characteristics at each facility and within the relevant principal market. Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these basis adjustments.
Three levels are established within the fair value hierarchy that may be used to report fair value:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.
Level 2: Observable inputs, including Level 1 prices that have been adjusted; quoted prices for similar assets or liabilities; quoted prices in markets that are less active than traded exchanges; and other inputs that are observable or can be substantially corroborated by observable market data.
The following tables set forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2026 and December 31, 2025 (in millions).
13
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
| Fair Value Measurements at September 30, 2026 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Inventories carried at market | $ | $ | $ | $ | |||||||||||||||||||
| Unrealized derivative gains: | |||||||||||||||||||||||
| Commodity contracts | |||||||||||||||||||||||
| Foreign currency contracts | |||||||||||||||||||||||
| Interest rate contracts | |||||||||||||||||||||||
| Equity-linked debt contracts | |||||||||||||||||||||||
| Cash equivalents | |||||||||||||||||||||||
| Marketable securities | |||||||||||||||||||||||
| Segregated investments and restricted cash equivalents | |||||||||||||||||||||||
| Total Assets | $ | $ | $ | $ | |||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Unrealized derivative losses: | |||||||||||||||||||||||
| Commodity contracts | $ | $ | $ | $ | |||||||||||||||||||
| Foreign currency contracts | |||||||||||||||||||||||
| Interest rate contracts | |||||||||||||||||||||||
| Inventory-related payables | |||||||||||||||||||||||
| Total Liabilities | $ | $ | $ | $ | |||||||||||||||||||
| Fair Value Measurements at December 31, 2025 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Inventories carried at market | $ | $ | $ | $ | |||||||||||||||||||
| Unrealized derivative gains: | |||||||||||||||||||||||
| Commodity contracts | |||||||||||||||||||||||
| Foreign currency contracts | |||||||||||||||||||||||
| Interest rate contracts | |||||||||||||||||||||||
| Cash equivalents | |||||||||||||||||||||||
| Marketable securities | |||||||||||||||||||||||
| Segregated investments and restricted cash equivalents | |||||||||||||||||||||||
| Total Assets | $ | $ | $ | $ | |||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Unrealized derivative losses: | |||||||||||||||||||||||
| Commodity contracts | $ | $ | $ | $ | |||||||||||||||||||
| Foreign currency contracts | |||||||||||||||||||||||
| Inventory-related payables | |||||||||||||||||||||||
| Total Liabilities | $ | $ | $ | $ | |||||||||||||||||||
14
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Inventories Carried at Market and Inventory-Related Payables
Estimated fair values for inventories and inventory-related payables stated at market are based on exchange-quoted prices, adjusted for differences in local markets, referred to as basis, and quality, as described above.
Inventory is classified as Level 2, except in certain cases, where the basis adjustments are unobservable, and unobservable inputs have a significant impact (more than 10%) on the measurement of fair value. In such cases, the inventory is classified as Level 3.
Changes in the fair value of inventories and inventory-related payables are recognized in the Consolidated Statements of Earnings as a component of Cost of products sold.
Unrealized Derivative Gains and Losses
Derivative contracts include exchange-traded commodity futures and options contracts, physical commodity purchase and sale contracts, and over-the-counter (“OTC”) instruments related primarily to agricultural commodities, energy, interest rates, and foreign currencies. Substantially all of the Company’s exchange-traded commodity futures and options contracts are cash-settled on a daily basis and, therefore, are not included in these tables.
Fair value for commodity purchase and sale contracts is estimated based on exchange-quoted prices adjusted for differences in local markets, referred to as basis, as described above.
Physical commodity purchase and sale contracts are classified as Level 2, except in certain cases, where the basis adjustments are unobservable, and unobservable inputs have a significant impact (more than 10%) on the measurement of fair value. In such cases, the contract is classified as Level 3.
Cash Equivalents
The Company’s cash equivalents are comprised of money market funds valued using quoted market prices and are classified as Level 1.
Marketable Securities
The Company's marketable securities are comprised of foreign government securities and foreign term deposits with original maturities greater than 90 days. These securities are valued using quoted market prices and are classified as Level 1.
Segregated Investments and Restricted Cash Equivalents
The Company’s segregated investments and restricted cash equivalents are primarily comprised of U.S. Treasury securities purchased using ADM Investor Services customer funds and segregated to meet regulatory requirements. U.S. Treasury securities are valued using quoted market prices and are classified as Level 1.
15
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Level 3 Assets and Liabilities
The following table presents a roll forward of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended September 30, 2026 (in millions).
| Assets | Liabilities | ||||||||||||||||||||||||||||||||||
| September 30, 2026 | September 30, 2026 | ||||||||||||||||||||||||||||||||||
| Inventories Carried at Market | Commodity Derivative Contracts Gains | Total Assets | Inventory-related Payables | Commodity Derivative Contracts Losses | Total Liabilities | ||||||||||||||||||||||||||||||
| Opening balance, July 1, 2026 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
| Increase in unrealized gains included in Cost of products sold | |||||||||||||||||||||||||||||||||||
Increase in unrealized losses included in Cost of products sold | |||||||||||||||||||||||||||||||||||
Realized (decreases) included in Cost of products sold | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Purchases | |||||||||||||||||||||||||||||||||||
| Sales | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Settlements | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Transfers into Level 3 | |||||||||||||||||||||||||||||||||||
| Transfers out of Level 3 | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
| Closing balance, September 30, 2026 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
The following table presents a roll forward of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended September 30, 2025 (in millions).
| Assets | Liabilities | ||||||||||||||||||||||||||||||||||
| September 30, 2025 | September 30, 2025 | ||||||||||||||||||||||||||||||||||
| Inventories Carried at Market | Commodity Derivative Contracts Gains | Total Assets | Inventory-related Payables | Commodity Derivative Contracts Losses | Total Liabilities | ||||||||||||||||||||||||||||||
| Opening balance, July 1, 2025 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
| Increase (decrease) in unrealized gains included in Cost of products sold | ( | ( | |||||||||||||||||||||||||||||||||
| Increase in unrealized losses included in Cost of products sold | |||||||||||||||||||||||||||||||||||
| Realized (decreases) included in Cost of products sold | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Purchases | |||||||||||||||||||||||||||||||||||
| Sales | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Settlements | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Transfers into Level 3 | |||||||||||||||||||||||||||||||||||
| Transfers out of Level 3 | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
| Closing balance, September 30, 2025 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
16
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The following table presents a roll forward of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2026 (in millions).
| Assets | Liabilities | ||||||||||||||||||||||||||||||||||
| September 30, 2026 | September 30, 2026 | ||||||||||||||||||||||||||||||||||
| Inventories Carried at Market | Commodity Derivative Contracts Gains | Total Assets | Inventory-related Payables | Commodity Derivative Contracts Losses | Total Liabilities | ||||||||||||||||||||||||||||||
| Opening balance, January 1, 2026 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
| Increase (decrease) in unrealized gains included in Cost of products sold | ( | ||||||||||||||||||||||||||||||||||
Increase in unrealized losses included in Cost of products sold | |||||||||||||||||||||||||||||||||||
| Realized (decreases) included in Cost of products sold | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Purchases | |||||||||||||||||||||||||||||||||||
| Sales | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Settlements | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Transfers into Level 3 | |||||||||||||||||||||||||||||||||||
| Transfers out of Level 3 | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
| Closing balance, September 30, 2026 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
The following table presents a roll forward of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2025 (in millions).
| Assets | Liabilities | ||||||||||||||||||||||||||||||||||
| September 30, 2025 | September 30, 2025 | ||||||||||||||||||||||||||||||||||
| Inventories Carried at Market | Commodity Derivative Contracts Gains | Total Assets | Inventory-related Payables | Commodity Derivative Contracts Losses | Total Liabilities | ||||||||||||||||||||||||||||||
| Opening balance, January 1, 2025 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
| Increase (decrease) in unrealized gains included in Cost of products sold | ( | ( | |||||||||||||||||||||||||||||||||
| Increase in unrealized losses included in Cost of products sold | |||||||||||||||||||||||||||||||||||
| Realized increases (decreases) included in Cost of products sold | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Purchases | |||||||||||||||||||||||||||||||||||
| Sales | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Settlements | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Transfers into Level 3 | |||||||||||||||||||||||||||||||||||
| Transfers out of Level 3 | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
| Closing balance, September 30, 2025 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Transfers into Level 3 of assets and liabilities previously classified in Level 2 were due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts rising above the 10% threshold. Transfers out of Level 3 were primarily due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts falling below the 10% threshold and thus permitting reclassification to Level 2.
17
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
In some cases, the price components that result in differences between exchange-traded prices and local prices for inventories and physical commodity purchase and sale contracts are observable based upon available quotations for these pricing components, and in some cases, the differences are unobservable. These price components primarily include transportation costs and other basis adjustments required due to location, quality, or other contract terms. The changes in unobservable price components are determined by specific local supply and demand characteristics at each location and within the relevant principal market. Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these unobservable price components.
The following table sets forth the weighted average percentage of the unobservable price components included in the Company’s Level 3 valuations as of September 30, 2026 and December 31, 2025. The Company’s Level 3 measurements may include basis only, transportation cost only, or both price components.
| Weighted Average % of Total Price | |||||||||||||||||||||||
| September 30, 2026 | December 31, 2025 | ||||||||||||||||||||||
| Component Type | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||
| Inventories and Inventory-Related Payables | |||||||||||||||||||||||
| Basis | % | % | % | % | |||||||||||||||||||
| Transportation cost | % | % | % | % | |||||||||||||||||||
| Commodity Derivative Contracts | |||||||||||||||||||||||
| Basis | % | % | % | % | |||||||||||||||||||
| Transportation cost | % | % | % | % | |||||||||||||||||||
In certain of the Company’s principal markets, the Company relies on price quotes from third parties to value its inventories and physical commodity purchase and sale contracts. These price quotes are generally not further adjusted by the Company in determining the applicable market price. In some cases, availability of third-party quotes is limited to only one or two independent sources. In these situations, absent other corroborating evidence, the Company considers these price quotes as 100% unobservable and, therefore, the fair value of these items is reported in Level 3.
Note 5. Derivative Instruments and Hedging Activities
The Company uses exchange-traded and OTC commodity instruments to manage its net position of merchandisable agricultural product inventories and cash purchase and sales contracts to reduce price risk caused by market fluctuations in agricultural commodities and foreign currencies. The Company also uses exchange-traded and OTC commodity instruments as components of merchandising strategies designed to enhance margins. The results of these strategies can be significantly impacted by factors such as the correlation between the value of exchange-traded commodities futures and the value of the underlying commodities, counterparty contract defaults, and volatility of freight markets.
The Company recognizes changes in market value of inventories of certain merchandisable agricultural commodities, inventory-related payables, forward cash purchase and sales contracts, and exchange-traded and OTC instruments in earnings immediately in the Consolidated Statements of Earnings as a component of Cost of products sold. For derivative instruments that are designated and qualify as highly effective cash flow hedges (i.e., hedging the exposure to variability in expected future cash flow that is attributable to a particular risk), the gain or loss on the derivative instrument is reported as a component of Accumulated other comprehensive income (“AOCI”) and is reclassified into earnings in the same line item affected by the hedged transaction in the same period or periods during which the hedged transaction affects earnings. Hedge components excluded from the assessment of effectiveness, if any, and gains and losses related to discontinued hedges are recognized in the Consolidated Statements of Earnings during the relevant period. Once the hedged item is recognized in earnings, the gains and losses arising from the hedge are reclassified from AOCI to either Revenues or Cost of products sold, as applicable.
18
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The Company uses cross-currency swaps and foreign exchange forwards designated as net investment hedges to protect the Company’s investment in foreign subsidiaries against changes in foreign currency exchange rates. For derivative instruments that are designated as net investment hedges, the gain or loss on the derivative instrument is reported as a component of Accumulated other comprehensive income (“AOCI”) and is reclassified into earnings when the underlying investments are divested or substantially liquidated. Changes in the fair value of foreign currency-related derivatives not designated for hedging are recognized in the Consolidated Statements of Earnings as a component of Revenues, Cost of products sold, and Other expense (income) - net, depending upon the purpose of the contract.
Cash receipts and payments related to derivative instruments are classified within operating activities in the Consolidated Statements of Cash Flows.
Derivatives Not Designated As Hedging Instruments
The majority of the Company’s derivative instruments have not been designated as hedging instruments.
Fair Value of Derivatives Not Designated as Hedging Instruments
Derivatives, including exchange-traded contracts and physical commodity purchase and sale contracts, and inventories of certain merchandisable agricultural products, which include amounts acquired under deferred pricing contracts, are stated at fair value. Inventory is not a derivative and therefore fair values of and changes in fair values of inventories are not included in the tables below.
The following table sets forth the fair value of derivatives not designated as hedging instruments as of September 30, 2026 and December 31, 2025 (in millions).
| September 30, 2026 | December 31, 2025 | ||||||||||||||||||||||
| Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||
| Foreign Currency Contracts | $ | $ | $ | $ | |||||||||||||||||||
| Commodity Contracts | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | |||||||||||||||||||
The following table sets forth the pre-tax gains (losses) on derivatives not designated as hedging instruments that have been included in the Consolidated Statements of Earnings for the three and nine months ended September 30, 2026 and 2025 (in millions).
| Cost of | Other expense | ||||||||||||||||||||||||||||
| products | (income) - | ||||||||||||||||||||||||||||
| Revenues | sold | net | Total | ||||||||||||||||||||||||||
| Three Months Ended September 30, 2026 | |||||||||||||||||||||||||||||
| Pre-tax gains (losses) on: | |||||||||||||||||||||||||||||
| Foreign Currency Contracts | $ | ( | $ | $ | ( | ||||||||||||||||||||||||
| Commodity Contracts | ( | ||||||||||||||||||||||||||||
| Total gains (losses) recognized in earnings | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||
| Three Months Ended September 30, 2025 | |||||||||||||||||||||||||||||
| Pre-tax gains (losses) on: | |||||||||||||||||||||||||||||
| Foreign Currency Contracts | $ | ( | $ | $ | |||||||||||||||||||||||||
| Commodity Contracts | |||||||||||||||||||||||||||||
| Total gains (losses) recognized in earnings | $ | ( | $ | $ | $ | ||||||||||||||||||||||||
19
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
| Cost of | Other expense | ||||||||||||||||||||||||||||
| products | (income) - | ||||||||||||||||||||||||||||
| Revenues | sold | net | Total | ||||||||||||||||||||||||||
| Nine Months Ended September 30, 2026 | |||||||||||||||||||||||||||||
| Pre-tax gains (losses) on: | |||||||||||||||||||||||||||||
| Foreign Currency Contracts | $ | ( | $ | $ | |||||||||||||||||||||||||
| Commodity Contracts | ( | ||||||||||||||||||||||||||||
| Total gains (losses) recognized in earnings | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||||
| Nine Months Ended September 30, 2025 | |||||||||||||||||||||||||||||
| Pre-tax gains (losses) on: | |||||||||||||||||||||||||||||
| Foreign Currency Contracts | $ | ( | $ | $ | ( | ||||||||||||||||||||||||
| Commodity Contracts | |||||||||||||||||||||||||||||
| Total gains (losses) recognized in earnings | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||
Derivatives Designated As Hedging Instruments
The Company had certain derivatives designated as cash flow, fair value, and net investment hedges as of September 30, 2026 and December 31, 2025.
Cash Flow Hedges
For each of the hedge programs described below, the derivatives are designated as cash flow hedges. The changes in the market value of such derivative contracts have historically been, and are expected to continue to be, highly effective at offsetting changes in price movements of the hedged item. Once the hedged item is recognized in earnings, the gains and losses arising from the hedge are reclassified from AOCI to either Revenues or Cost of products sold, as applicable.
The Company uses exchange-traded futures and options contracts to hedge the purchase price of anticipated volumes of corn to be purchased and processed in a future month. The objective of this hedging program is to reduce the variability of cash flows associated with the Company’s forecasted purchases of corn. The Company’s corn processing plants normally grind approximately 56 million bushels of corn per month. During the past 12 months, the Company hedged between 11 % and 32 % of its monthly grind. At September 30, 2026, the Company had designated hedges representing between 9 % and 30 % of its anticipated monthly grind of corn for the next 12 months.
The Company uses exchange-traded futures and options contracts to hedge the purchase price of the anticipated volumes of soybeans to be purchased and processed in a future month for certain of its U.S. soybean crush facilities, subject to certain program limits. The Company also uses exchange-traded futures and options contracts to hedge the sales prices of anticipated soybean meal and soybean oil sales proportionate to the soybean crushing process at these facilities, subject to certain program limits. During the past 12 months, the Company hedged between 22 % and 100 % of the anticipated monthly soybean crush for soybean purchases and soybean meal and soybean oil sales at the designated facilities. At September 30, 2026, the Company had designated hedges representing between 0 % and 98 % of the anticipated monthly soybean crush for soybean purchases and soybean meal and soybean oil sales at the designated facilities over the next 12 months.
The Company uses exchange-traded futures and OTC swaps to hedge the purchase price of anticipated volumes of natural gas consumption in a future month for certain of its facilities in North America and Europe, subject to certain program limits. During the past 12 months, the Company hedged between 24 % and 74 % of the anticipated monthly natural gas consumption at the designated facilities. At September 30, 2026, the Company had designated hedges representing between 22 % and 53 % of the anticipated monthly natural gas consumption over the next 12 months.
20
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
As of September 30, 2026 and December 31, 2025, the Company had after-tax gains of $26 million and $13 million, respectively, in AOCI related to gains and losses from these programs. The Company expects to recognize $26 million of the September 30, 2026 after-tax gains in its Consolidated Statements of Earnings during the next 12 months.
Fair Value Hedges
The Company uses interest rate swaps designated as fair value hedges to protect the fair value of fixed-rate debt due to changes in interest rates. The changes in the fair value of the interest rate swaps and the underlying fixed-rate debt is recognized in the Consolidated Statements of Earnings during the current period. The terms of the interest rate swaps match the terms of the underlying debt.
As of September 30, 2026 and December 31, 2025, the Company had pre-tax (losses) gains of $(11 ) million and $17 million, respectively, in Other current assets related to interest rate swaps with an aggregate notional amount of $500
Net Investment Hedges
The Company executed USD-fixed to Euro-fixed cross-currency swaps with an aggregate notional amount of $432 million and $447 million as of September 30, 2026 and December 31, 2025, respectively, and foreign exchange forwards with an aggregate notional amount of $2.5 billion and $2.6 billion as of September 30, 2026 and December 31, 2025, respectively. As of September 30, 2026 and December 31, 2025, the Company had net investment hedge related after-tax foreign exchange (losses) of $(96 ) million and $(171 ) million, recorded within AOCI, respectively. These amounts are deferred in AOCI until the underlying investments are divested or substantially liquidated.
The Company had previously designated its €650 million outstanding long-term debt and commercial paper borrowings as a hedge of its net investment in a foreign subsidiary. This long-term debt matured in September 2025 and was paid in full. As of September 30, 2026 and December 31, 2025, the Company had after-tax gains of $176
Fair Value of Derivatives Designated as Hedging Instruments
The following table sets forth the fair value of derivatives designated as hedging instruments as of September 30, 2026 and December 31, 2025 (in millions).
| September 30, 2026 | December 31, 2025 | ||||||||||||||||||||||
| Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||
| Foreign Currency Contracts | $ | $ | $ | $ | |||||||||||||||||||
| Interest Rate Contracts | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | |||||||||||||||||||
21
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The following table sets forth the pre-tax gain (loss) on derivatives designated as hedging instruments that have been recognized in Cost of products sold in the Consolidated Statements of Earnings for the three and nine months ended September 30, 2026 and 2025 (in millions).
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Pre-tax gain (loss) on: | |||||||||||||||||||||||
| Commodity Contracts | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Note 6. Other Current Assets
The following table sets forth the items in other current assets (in millions).
| September 30, | December 31, | ||||||||||
| 2026 | 2025 | ||||||||||
| Unrealized gains on derivative contracts | $ | $ | |||||||||
| Customer omnibus receivable | |||||||||||
| Margin deposits and grain accounts | |||||||||||
| Financing receivables - net | |||||||||||
| Insurance premiums receivable | |||||||||||
| Prepaid expenses | |||||||||||
| Tax receivables | |||||||||||
| Non-trade receivables | |||||||||||
| Other current assets | |||||||||||
| $ | $ | ||||||||||
22
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 7. Accrued Expenses and Other Payables
The following table sets forth the items in accrued expenses and other payables (in millions).
| September 30, | December 31, | ||||||||||
| 2026 | 2025 | ||||||||||
| Unrealized losses on derivative contracts | $ | $ | |||||||||
| Accrued compensation | |||||||||||
| Income tax payable | |||||||||||
| Other taxes payable | |||||||||||
| Insurance liabilities | |||||||||||
| Accrued interest payable | |||||||||||
| Other deferred income | |||||||||||
Contract liabilities (1) | |||||||||||
| Other accruals and payables | |||||||||||
| $ | $ | ||||||||||
(1) Contract liabilities relate to advance payments from customers for goods and services the Company has yet to provide. Revenues recognized in the three and nine months ended September 30, 2026 from contract liabilities as of December 31, 2025 were $16 million and $325 million, respectively. Revenues recognized in the three and nine months ended September 30, 2025 from contract liabilities as of December 31, 2024 were $44 million and $524 million, respectively.
Note 8. Debt and Financing Arrangements
In the three months ended September 30, 2026, the Company issued $1.0 billion of senior unsecured notes, consisting of $500 million 4.83 % Notes due September 1, 2031 and $500 million 5.27 % Notes due September 1, 2036.
In the three months ended September 30, 2026, the Company redeemed the entire $1.0 billion aggregate principal amount outstanding of its 2.50 % Notes, previously included in Current maturities of long-term debt, which matured in August 2026.
At September 30, 2026 and December 31, 2025, the fair value of the Company’s long-term debt, excluding the current portion, was $6.7 billion and $6.3 billion, respectively, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards), compared to carrying values of $7.4 billion and $6.6 billion as of September 30, 2026 and December 31, 2025, respectively.
At September 30, 2026 and December 31, 2025, the Company had lines of credit, including accounts receivable securitization programs, totaling $12.7 billion and $12.3 billion, respectively, of which $9.2 billion and $9.4 billion, respectively, were unused. See Note 14. Sale of Accounts Receivable for further information on the accounts receivable securitization programs.
As of September 30, 2026, short-term debt includes $690 million of commercial paper outstanding and $466 million of other short-term debt. As of December 31, 2025, short term debt includes $715 million of commercial paper outstanding and $83 million of other short term debt.
23
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 9. Income Taxes
The Company’s effective tax rate was 17.2 % and 17.3 % for the three and nine months ended September 30, 2026, respectively, compared to 25.2 % and 20.5 % for the three and nine months ended September 30, 2025, respectively. The decrease in the effective tax rates is primarily driven by non-taxable benefits associated with Section 45Z policy incentives, recognized during the three and nine months ended September 30, 2026, as well as the tax effects of other items such as impairment charges recognized during the corresponding periods of 2025.
Note 10. Shareholders’ Equity
The Company has authorized one billion shares of common stock and 500,000 shares of preferred stock, each with zero No preferred stock has been issued.
Treasury Stock
At September 30, 2026 and December 31, 2025, the Company had approximately 238.4 million shares and 235.5 million shares, respectively, of its common shares in treasury. Treasury stock is recorded at cost, as a reduction of equity.
Repurchase Program
On December 11, 2024, the Company's Board of Directors approved a second extension of its existing stock repurchase program through December 31, 2029 and the repurchase of up to an additional 100 million shares under the extended program.
In the three and nine months ended September 30, 2026, the Company repurchased 4.4 110 million shares remaining under its stock repurchase program until December 31, 2029.
24
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Accumulated Other Comprehensive Income
The following tables set forth the changes in AOCI by component for the three and nine months ended September 30, 2026 and 2025 (in millions).
| Three Months Ended September 30, 2026 | |||||||||||||||||||||||||||||
| Foreign Currency Translation Adjustment | Deferred Gain (Loss) on Cash Flow Hedging Activities | Pension and Other Postretirement Benefit Liabilities | Unrealized (Loss) on Investments | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
| Balance at July 1, 2026 | $ | ( | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
| Other comprehensive income (loss) before reclassifications | ( | ( | |||||||||||||||||||||||||||
Gain on net investment hedges | |||||||||||||||||||||||||||||
| Amounts reclassified from AOCI | ( | ( | ( | ||||||||||||||||||||||||||
| Tax effect | ( | ( | ( | ||||||||||||||||||||||||||
| Net of tax amount | ( | ( | ( | ||||||||||||||||||||||||||
| Balance at September 30, 2026 | $ | ( | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
| Nine Months Ended September 30, 2026 | |||||||||||||||||||||||||||||
| Foreign Currency Translation Adjustment | Deferred Gain (Loss) on Cash Flow Hedging Activities | Pension and Other Postretirement Benefit Liabilities | Unrealized Gain (Loss) on Investments | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
| Balance at January 1, 2026 | $ | ( | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
| Other comprehensive income (loss) before reclassifications | ( | ( | ( | ||||||||||||||||||||||||||
| Gain on net investment hedges | |||||||||||||||||||||||||||||
| Amounts reclassified from AOCI | ( | ||||||||||||||||||||||||||||
| Tax effect | ( | ( | ( | ||||||||||||||||||||||||||
| Net of tax amount | ( | ( | |||||||||||||||||||||||||||
| Balance at September 30, 2026 | $ | ( | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
25
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
| Three Months Ended September 30, 2025 | |||||||||||||||||||||||||||||
| Foreign Currency Translation Adjustment | Deferred Gain (Loss) on Cash Flow Hedging Activities | Pension and Other Postretirement Benefit Liabilities | Unrealized (Loss) on Investments | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
| Balance at July 1, 2025 | $ | ( | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | |||||||||||||||||||||||||||||
(Loss) on net investment hedges | |||||||||||||||||||||||||||||
| Amounts reclassified from AOCI | ( | ||||||||||||||||||||||||||||
| Tax effect | ( | ( | ( | ( | |||||||||||||||||||||||||
| Net of tax amount | ( | ||||||||||||||||||||||||||||
| Balance at September 30, 2025 | $ | ( | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
| Nine Months Ended September 30, 2025 | |||||||||||||||||||||||||||||
| Foreign Currency Translation Adjustment | Deferred Gain (Loss) on Cash Flow Hedging Activities | Pension and Other Postretirement Benefit Liabilities | Unrealized Gain (Loss) on Investments | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
| Balance at January 1, 2025 | $ | ( | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
| Other comprehensive income (loss) before reclassifications | ( | ( | ( | ||||||||||||||||||||||||||
| Gain (loss) on net investment hedges | ( | ( | |||||||||||||||||||||||||||
| Amounts reclassified from AOCI | ( | ||||||||||||||||||||||||||||
| Tax effect | ( | ||||||||||||||||||||||||||||
| Net of tax amount | ( | ( | |||||||||||||||||||||||||||
| Balance at September 30, 2025 | $ | ( | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
The following table sets forth the reclassifications out of AOCI related to deferred (gains) losses on cash flow hedging activities for the three and nine months ended September 30, 2026 and 2025 (in millions).
| Affected line item in the Consolidated Statements of Earnings | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Cost of products sold | $ | ( | $ | $ | $ | |||||||||||||||||||||
| Earnings before income tax | ( | |||||||||||||||||||||||||
| Income tax expense | ( | ( | ( | |||||||||||||||||||||||
| Net earnings | $ | ( | $ | $ | $ | |||||||||||||||||||||
The Company’s accounting policy is to release the income tax effects from AOCI when the individual units of account are sold, terminated, or extinguished.
26
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 11. Other Expense (Income) – Net
The following table sets forth the items in Other expense (income) - net for the three and nine months ended September 30, 2026 and 2025 (in millions).
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Loss (Gain) on sale of assets | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
| Other – net | ( | ( | ( | ||||||||||||||||||||
| $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||
Note 12. Segment Information
The Company’s operations are organized, managed, and classified into three reportable segments: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition.
Each of these segments is organized based upon the nature of products and services offered. The Company’s remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified within either Corporate or Other Business.
The reportable segments have been identified based on financial data utilized by the Chief Operating Decision Maker (“CODM”), which is the Company’s Chief Executive Officer, who is also the Company’s Chair of the Board. The CODM uses segment operating profit as the measurement of segment profit or loss. Separate financial information for the Company’s three reportable segments is evaluated by the CODM on a monthly basis to allocate resources and assess performance. The CODM does not use total assets by segment to make decisions regarding resources; therefore, the total asset disclosure by segment has not been included. Segment operating profit is based on net sales less identifiable operating expenses. Also included in segment operating profit is equity in (loss) earnings of affiliates based on the equity method of accounting. Specified items and certain corporate items are not allocated to the Company’s individual business segments because operating performance of each business segment is evaluated by the CODM exclusive of these items.
The Ag Services and Oilseeds segment includes global activities related to 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. The segment produces and markets vegetable oils and oilseed protein meals used by food, feed, energy, and industrial customers. Crude and partially refined vegetable oils are sold to third parties, including renewable diesel manufacturers, or further processed into salad oils, margarine, shortening, biodiesel, glycols, and other food and industrial products. Oilseed protein meals are primarily sold as ingredients for commercial livestock and poultry feeds. The segment is also a major supplier of peanuts and peanut‑derived ingredients and manufactures cotton cellulose pulp in North America for chemical, paper, and other industrial markets. In addition, its integrated grain sourcing, handling, and multimodal transportation network supports global import, export, and distribution activities and provides essential services to customers and the Company’s processing operations. The Company also engages in various structured trade finance activities to leverage its global trade flows. This segment also includes the Company’s share of the results of its equity investments in Wilmar, Pacificor, LLC, SoyVen Holding B.V., Olenex Holdings B.V., Edible Oils Limited, Stratas Foods LLC, Terminal de Grãos Ponta da Montanha S.A., Gradable, LLC, Two Rivers Premium Oils, LLC, and Plainsman Company LLC.
27
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The Carbohydrate Solutions segment engages in corn and wheat wet and dry milling and related processing activities. The segment converts corn and wheat into products and ingredients used in food and beverage applications, including sweeteners, starches, syrups, glucose, wheat flour, and dextrose. Dextrose and starches are also utilized as feedstocks in downstream processes, including fermentation to produce alcohol and other food and animal feed ingredients. Ethanol is produced for use in transportation fuel and industrial applications, and the associated production process also generates corn oil, distillers’ grains and other co-products for food, feed, and industrial markets. In addition, the segment produces distillers’ grains, corn gluten feed, and corn gluten meal for use as animal feed ingredients. Corn germ, a by‑product of wet milling, is further processed into vegetable oil and protein meal, and citric acids are produced for food and industrial applications. The Carbohydrate Solutions segment also advances carbon capture and storage and other emissions‑reduction initiatives, positioning the business to support lower‑carbon operations and the growing use of plant‑based alternatives to fossil‑derived materials. This segment also includes the Company’s share of the results of its equity investments in Hungrana Kft, Almidones Mexicanos, S.A. de C.V., Aston Krahmalo-Produkty, LLC, Red Star Yeast Company, LLC, and LSCP, LLC.
The Nutrition segment serves various end markets including food, beverages, and nutritional supplements for humans, and complete feed, feed premix and additives, pet food and pet treats for livestock, aquaculture, and pets. The segment engages in the creation, manufacturing, sale, and distribution of a wide array of ingredients and solutions including 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. The Nutrition segment also includes activities related to the procurement, processing, and distribution of edible beans, the processing and distribution of formula feeds and animal health and nutrition products, and the manufacture of contract and private label pet treats and foods. This segment also includes the Company’s share of the results of its equity investments in Akralos Holding Company LLC, Vimison, S.A. de C.V., Dusial S.A., Vitafort Zrt., Novial SAS, and ADM / Matsutani LLC.
Other Business results include the results of ADM Investor Services and the Company’s captive insurance business, which provides captive insurance services to the Company's reportable segments. Corporate results principally include unallocated corporate expenses, interest, and revaluation results for investments in early-stage start-up companies.
Intersegment sales have been recorded using principles consistent with ASC 606, Revenue from Contracts with Customers.
28
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Segment Information for the Three and Nine Months Ended September 30, 2026 and 2025
The following tables present data by reportable segment (in millions).
| Three Months Ended September 30, 2026 | ||||||||||||||||||||||||||
| Ag Services and Oilseeds | Carbohydrate Solutions | Nutrition | Total | |||||||||||||||||||||||
| Revenue from external customers | $ | $ | $ | $ | ||||||||||||||||||||||
| Other Business | ||||||||||||||||||||||||||
| Total consolidated revenue | $ | |||||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||
| Cost of materials | ||||||||||||||||||||||||||
| Manufacturing costs | ||||||||||||||||||||||||||
| Selling, general, and administrative expenses | ||||||||||||||||||||||||||
Other segment items (1) | ( | ( | ( | |||||||||||||||||||||||
| Segment operating profit | $ | $ | $ | $ | ||||||||||||||||||||||
| Reconciliation of segment operating profit | ||||||||||||||||||||||||||
| Other Business | ||||||||||||||||||||||||||
| Corporate | ( | |||||||||||||||||||||||||
| Specified items: | ||||||||||||||||||||||||||
| Impairment, exit, restructuring charges, and settlement contingencies | ( | |||||||||||||||||||||||||
| Earnings Before Income Taxes | $ | |||||||||||||||||||||||||
(1) Other segment items for each reportable segment include Equity in the earnings of affiliates, interest and investment income/expense, and other income/expense, as applicable.
29
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
| Nine Months Ended September 30, 2026 | ||||||||||||||||||||||||||
| Ag Services and Oilseeds | Carbohydrate Solutions | Nutrition | Total | |||||||||||||||||||||||
| Revenue from external customers | $ | $ | $ | $ | ||||||||||||||||||||||
| Other Business | ||||||||||||||||||||||||||
| Total consolidated revenue | $ | |||||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||
| Cost of materials | ||||||||||||||||||||||||||
| Manufacturing costs | ||||||||||||||||||||||||||
| Selling, general, and administrative expenses | ||||||||||||||||||||||||||
Other segment items (1) | ( | ( | ( | |||||||||||||||||||||||
| Segment operating profit | $ | $ | $ | $ | ||||||||||||||||||||||
| Reconciliation of segment operating profit | ||||||||||||||||||||||||||
| Other Business | ||||||||||||||||||||||||||
| Corporate | ( | |||||||||||||||||||||||||
| Specified items: | ||||||||||||||||||||||||||
| Gains on sales of assets and businesses | ||||||||||||||||||||||||||
| Impairment, exit, restructuring charges, and settlement contingencies | ( | |||||||||||||||||||||||||
| ADM's share of equity method investment non-recurring (charges) | ( | |||||||||||||||||||||||||
| Earnings Before Income Taxes | $ | |||||||||||||||||||||||||
(1) Other segment items for each reportable segment include Equity in the earnings of affiliates, interest and investment income/expense, and other income/expense, as applicable.
30
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
| Three Months Ended September 30, 2025 | ||||||||||||||||||||||||||
| Ag Services and Oilseeds | Carbohydrate Solutions | Nutrition | Total | |||||||||||||||||||||||
| Revenue from external customers | $ | $ | $ | $ | ||||||||||||||||||||||
| Other Business | ||||||||||||||||||||||||||
| Total consolidated revenue | $ | |||||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||
| Cost of materials | ||||||||||||||||||||||||||
| Manufacturing costs | ||||||||||||||||||||||||||
| Selling, general, and administrative expenses | ||||||||||||||||||||||||||
Other segment items (1) | ( | ( | ( | |||||||||||||||||||||||
| Segment operating profit | $ | $ | $ | $ | ||||||||||||||||||||||
| Reconciliation of segment operating profit | ||||||||||||||||||||||||||
| Other Business | ||||||||||||||||||||||||||
Corporate (2) | ( | |||||||||||||||||||||||||
| Specified items: | ||||||||||||||||||||||||||
| Gains on sales of assets and businesses | ||||||||||||||||||||||||||
| Impairment, exit, restructuring charges, and settlement contingencies | ( | |||||||||||||||||||||||||
ADM's share of equity method investment penalty charge (3) | ( | |||||||||||||||||||||||||
| Earnings Before Income Taxes | $ | |||||||||||||||||||||||||
(1) Other segment items for each reportable segment include Equity in the earnings of affiliates, interest and investment income/expense, and other income/expense, as applicable.
(2) Includes a $173 million impairment charge related to previously capitalized internal-use software, presented as a specified item.
(3) Represents a charge recorded by the Company related to its share of a penalty imposed on Wilmar during the three months ended September 30, 2025.
31
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
| Nine Months Ended September 30, 2025 | ||||||||||||||||||||||||||
| Ag Services and Oilseeds | Carbohydrate Solutions | Nutrition | Total | |||||||||||||||||||||||
| Revenue from external customers | $ | $ | $ | $ | ||||||||||||||||||||||
| Other Business | ||||||||||||||||||||||||||
| Total consolidated revenue | $ | |||||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||
| Cost of materials | ||||||||||||||||||||||||||
| Manufacturing costs | ||||||||||||||||||||||||||
| Selling, general, and administrative expenses | ||||||||||||||||||||||||||
Other segment items (1) | ( | ( | ||||||||||||||||||||||||
| Segment operating profit | $ | $ | $ | $ | ||||||||||||||||||||||
| Reconciliation of segment operating profit | ||||||||||||||||||||||||||
| Other Business | ||||||||||||||||||||||||||
Corporate (2) | ( | |||||||||||||||||||||||||
| Specified items: | ||||||||||||||||||||||||||
| Gains on sales of assets and businesses | ||||||||||||||||||||||||||
| Impairment, exit, restructuring charges, and settlement contingencies | ( | |||||||||||||||||||||||||
| Gain on contract termination | ||||||||||||||||||||||||||
ADM's share of equity method investment penalty charge (3) | ( | |||||||||||||||||||||||||
| Earnings Before Income Taxes | $ | |||||||||||||||||||||||||
(1) Other segment items for each reportable segment include Equity in the earnings of affiliates, interest and investment income/expense, and other income/expense, as applicable.
(2) Includes a $173 million impairment charge related to previously capitalized internal-use software, presented as a specified item.
(3) Represents a charge recorded by the Company related to its share of a penalty imposed on Wilmar during the nine months ended September 30, 2025.
32
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
| (In millions) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Intersegment sales | |||||||||||||||||||||||
| Ag Services and Oilseeds | $ | $ | $ | $ | |||||||||||||||||||
| Carbohydrate Solutions | |||||||||||||||||||||||
| Nutrition | |||||||||||||||||||||||
| Total intersegment sales | $ | $ | $ | $ | |||||||||||||||||||
| Depreciation expense | |||||||||||||||||||||||
| Ag Services and Oilseeds | $ | $ | $ | $ | |||||||||||||||||||
| Carbohydrate Solutions | |||||||||||||||||||||||
| Nutrition | |||||||||||||||||||||||
Total segment depreciation expense | |||||||||||||||||||||||
Other Business | |||||||||||||||||||||||
| Corporate | |||||||||||||||||||||||
Total depreciation expense | $ | $ | $ | $ | |||||||||||||||||||
| Amortization expense | |||||||||||||||||||||||
| Ag Services and Oilseeds | $ | $ | $ | $ | |||||||||||||||||||
| Carbohydrate Solutions | |||||||||||||||||||||||
| Nutrition | |||||||||||||||||||||||
Total segment amortization expense | |||||||||||||||||||||||
| Corporate | |||||||||||||||||||||||
Total amortization expense | $ | $ | $ | $ | |||||||||||||||||||
| Interest and investment income (expense) | |||||||||||||||||||||||
| Ag Services and Oilseeds | $ | $ | $ | $ | |||||||||||||||||||
| Carbohydrate Solutions | |||||||||||||||||||||||
| Nutrition | ( | ||||||||||||||||||||||
| Total segment interest and investment income (expense) | ( | ||||||||||||||||||||||
Other Business | |||||||||||||||||||||||
| Corporate | ( | ( | |||||||||||||||||||||
| Total interest and investment income (expense) | $ | $ | $ | $ | |||||||||||||||||||
| Equity in earnings (loss) of unconsolidated affiliates | |||||||||||||||||||||||
Ag Services and Oilseeds | $ | $ | ( | $ | $ | ||||||||||||||||||
| Carbohydrate Solutions | |||||||||||||||||||||||
| Nutrition | |||||||||||||||||||||||
| Total segment equity in earnings of unconsolidated affiliates | ( | ||||||||||||||||||||||
| Corporate | ( | ||||||||||||||||||||||
| Total equity in earnings (loss) of unconsolidated affiliates | $ | $ | ( | $ | $ | ||||||||||||||||||
33
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 13. Asset Impairment, Exit, and Restructuring Costs
The following table sets forth the charges included in asset impairment, exit, and restructuring costs, presented as specified items (in millions).
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
Restructuring and exit costs (1) | $ | $ | $ | $ | |||||||||||||||||||
Impairment charge - goodwill and other intangible assets (2) | |||||||||||||||||||||||
| Impairment charge - other long-lived assets | |||||||||||||||||||||||
| Total asset impairment, exit, and restructuring costs | $ | $ | $ | $ | |||||||||||||||||||
(1)On February 4, 2025, the Company announced targeted actions expected to deliver $500 million to $750 million of aggregate cost savings over 3 to 5 years, which commenced in 2025. These include cost optimization and portfolio simplification initiatives designed to help the Company achieve cost efficiencies. Costs associated with these actions, as well as similar initiatives in prior periods, are reflected as restructuring costs, which primarily include severance costs and impairment of long-lived assets and intangible assets.
(2)During the three and nine months ended September 30, 2025, the Company recognized an impairment charge of $173
Note 14. Sale of Accounts Receivable
The Company has an accounts receivable securitization program (the “First Program”) with certain commercial paper conduit purchasers and committed purchasers (collectively, the “First Purchasers”). Under the First Program, certain U.S. originated trade accounts receivable are sold to a wholly-owned, bankruptcy-remote entity, ADM Receivables, LLC (“ADM Receivables”). ADM Receivables transfers certain of the purchased accounts receivable to each of the First Purchasers together with a security interest in all of its right, title, and interest in the remaining purchased accounts receivable. In exchange, ADM Receivables receives a cash payment of up to $1.7 billion for the accounts receivable transferred. The First Program terminates on May 14, 2027, unless extended.
The Company also has an accounts receivable securitization program (the “Second Program”) with certain commercial paper conduit purchasers and committed purchasers (collectively, the “Second Purchasers”). Under the Second Program, certain non-U.S. originated trade accounts receivable are sold to a wholly-owned, bankruptcy-remote entity, ADM Ireland Receivables Company (“ADM Ireland Receivables”). ADM Ireland Receivables transfers certain of the purchased accounts receivable to each of the Second Purchasers together with a security interest in all of its right, title, and interest in the remaining purchased accounts receivable. In exchange, ADM Ireland Receivables receives a cash payment of up to $1.2 billion (€1.1 billion) for the accounts receivables transferred. The Second Program terminates on November 18, 2026, unless extended.
Under the First and Second Programs (collectively, the “Programs”), ADM Receivables and ADM Ireland Receivables use the cash proceeds from the transfer of receivables to the First Purchasers and Second Purchasers (collectively, the “Purchasers”) and other consideration, as applicable, to finance the purchase of receivables from the Company and the ADM subsidiaries originating the receivables. The Company accounts for these transfers as sales of accounts receivable. The Company acts as a servicer for the transferred receivables.
As of September 30, 2026 and December 31, 2025, the fair value of trade receivables transferred to the Purchasers under the Programs and derecognized from the Company’s Consolidated Balance Sheets was $2.3 billion and $2.1 billion, respectively. Total receivables sold were $36.9 billion and $33.5 billion for the nine months ended September 30, 2026 and 2025, respectively. Cash collections from customers on receivables sold were $36.4 billion and $33.7 billion for the nine months ended September 30, 2026 and 2025, respectively. All cash flows under the Programs are classified as operating activities because the cash received from the Purchasers upon both the sale and the collection of the receivables is not subject to significant interest rate risk given the short-term nature of the Company’s trade receivables. As of September 30, 2026 and December 31, 2025, receivables pledged as collateral to the Purchasers were $628 million and $290 million, respectively.
34
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Transfers of receivables under the Programs resulted in an expense of $5 million and $24 million for the three and nine months ended September 30, 2026, respectively, and $6 million and $42 million for the three and nine months ended September 30, 2025, respectively, which are classified as Selling, general, and administrative expenses in the Consolidated Statements of Earnings.
Note 15. Supplier Payable Programs
The Company has Supplier Payable Programs (“SPP”) with financial institutions which act as its paying agents for payables due to certain of its suppliers. The Company has neither an economic interest in a supplier’s participation in the SPP nor a direct financial relationship with the financial institutions, and has concluded that its obligations to the suppliers, including amounts due and scheduled payment terms, are not impacted by their participation in the SPP. Accordingly, amounts associated with the SPP continue to be classified in trade payables in the Company’s Consolidated Balance Sheets and in operating activities in its Consolidated Statements of Cash Flows. The supplier invoices that have been confirmed as valid under the SPP require payment in full generally within 120 days of the invoice date.
Changes to the outstanding payment obligations under the SPP were as follows (in millions).
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Opening balance, January 1 | $ | $ | |||||||||
| Obligations confirmed | |||||||||||
| Obligations paid | ( | ( | |||||||||
| Closing balance, September 30 | $ | $ | |||||||||
Note 16. Legal Proceedings
The Company is routinely involved in a number of actual or threatened legal actions, including those involving alleged personal injuries, employment law, product liability, intellectual property, environmental issues, alleged tax liability, and class actions. The Company also routinely receives inquiries from regulators and other government authorities relating to various aspects of its business, and at any given time, the Company has matters at various stages of resolution. The outcomes of these matters are not within the Company’s complete control and may not be known for prolonged periods of time. In some actions, claimants seek damages, as well as other relief including injunctive relief, that could require significant expenditures or result in lost revenues.
In accordance with applicable accounting standards, the Company records a liability in its Consolidated Financial Statements for material loss contingencies when a loss is known or considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a material loss contingency is reasonably possible but not known or probable, and can be reasonably estimated, the estimated loss or range of loss is disclosed in the notes to the Consolidated Financial Statements. When determining the estimated loss or range of loss, significant judgment is required to estimate the amount and timing of a loss to be recorded. Estimates of probable losses resulting from litigation and governmental proceedings involving the Company are inherently difficult to predict, particularly when the matters are in early procedural stages, with incomplete facts or legal discovery; involve unsubstantiated or indeterminate claims for damages; potentially involve penalties, fines, disgorgement, or punitive damages; or could result in a change in business practice.
35
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The Company’s estimated loss or range of loss with respect to loss contingencies may change from time to time, and it is reasonably possible the Company will incur actual losses in excess of the amounts currently accrued and such additional amounts may be material. While the Company continues to work with parties with respect to potential resolution, no assurance can be given that it will be successful in doing so and the Company cannot predict the outcome of these matters.
Commodities Class Actions
On September 4, 2019, AOT Holding AG (“AOT”) filed a putative class action under the U.S. Commodities Exchange Act in federal district court in Urbana, Illinois, alleging that the Company sought to manipulate the benchmark price used to price and settle ethanol derivatives traded on futures exchanges. On March 16, 2021, AOT filed an amended complaint adding a second named plaintiff Maize Capital Group, LLC (“Maize”). AOT and Maize allege that members of the putative class collectively suffered damages calculated to be between approximately $500 million to over $2.0 billion as a result of the Company’s alleged actions. On July 14, 2020, Green Plains Inc. and its related entities (“GP”) filed a putative class action lawsuit, alleging substantially the same operative facts, in federal court in Nebraska, seeking to represent sellers of ethanol. On July 23, 2020, Midwest Renewable Energy, LLC (“MRE”) filed a putative class action in federal court in Illinois alleging substantially the same operative facts and asserting claims under the Sherman Act. On November 11, 2020, United Wisconsin Grain Producers LLC and several other ethanol producers (collectively, “UWGP”) filed a lawsuit in federal court in Illinois alleging substantially the same facts and asserting claims under the Sherman Act and Illinois, Iowa, and Wisconsin law. The court granted ADM’s motion to dismiss the MRE and UWGP complaints without prejudice on August 9, 2021 and September 28, 2021, respectively. On August 16, 2021, the court granted ADM’s motion to dismiss the GP complaint, dismissing one claim with prejudice and declining jurisdiction over the remaining state law claim. MRE filed an amended complaint on August 30, 2021, which ADM moved to dismiss on September 27, 2021. The court denied ADM’s motion to dismiss on September 26, 2023. UWGP filed an amended complaint on October 19, 2021, which the court dismissed on July 12, 2022. UWGP appealed the dismissal to the United States Court of Appeals for the Seventh Circuit (the “Seventh Circuit”). On October 26, 2021, GP filed a new complaint in Nebraska federal district court, alleging substantially the same facts and asserting a claim for tortious interference with contractual relations. The case was transferred back to the Central District of Illinois, and on December 30, 2022, the court dismissed GP’s complaint with prejudice. GP appealed the dismissal, and on January 12, 2024, the appellate court vacated the dismissal and remanded the case to the district court for further proceedings. On March 8, 2024, GP filed an amended complaint, which ADM moved to dismiss. On December 3, 2024, the court issued a decision on ADM’s motion to dismiss GP’s amended complaint, denying one ground for dismissal and certifying a question of law to the Nebraska Supreme Court before deciding the other ground. On July 18, 2025, the Seventh Circuit affirmed the dismissal of UWGP’s amended complaint. Following that decision, the district court ordered that ADM may file a renewed motion to dismiss MRE’s amended complaint, which ADM filed on October 6, 2025 and which the district court granted on August 13, 2026. On September 11, 2026, the district court issued an order dismissing MRE’s case with prejudice. Separately, on September 26, 2025, UWGP filed a complaint against ADM in Wisconsin state court asserting one claim for tortious interference with contractual relations. ADM moved to dismiss UWGP’s complaint in Wisconsin state court on November 24, 2025. On February 27, 2026, the Nebraska Supreme Court issued an opinion on the certified question regarding GP’s amended complaint, and the Illinois federal district court subsequently dismissed GP’s case with prejudice on March 12, 2026. On April 28, 2026, the Wisconsin state court granted ADM’s motion and dismissed UWGP’s case with prejudice. UWGP appealed the dismissal to the Wisconsin Court of Appeals on May 19, 2026.
The Company denies liability and is vigorously defending itself in these actions. As these actions are in pretrial proceedings, the Company is unable at this time to predict the final outcome with any reasonable degree of certainty, but believes the outcome will not have a material adverse effect on its financial condition, results of operations, or cash flows.
Shareholder Litigation
As previously disclosed, on January 24, 2024, following the Company’s announcement of an investigation relating to intersegment sales, a purported stockholder of the Company filed a putative securities fraud class action in the U.S. District Court for the Northern District of Illinois against the Company and certain of its current and former officers (collectively, the “Defendants”). On March 12, 2025, the court denied Defendants’ motions to dismiss. The Company intends to continue to vigorously defend against these claims. However, given the uncertainty of litigation, the Company is unable to predict the final outcome of this proceeding with any reasonable degree of certainty, nor does it currently have sufficient information to estimate a reasonably possible loss or range of loss with respect to this matter.
36
ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
37
ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) should be read in conjunction with the accompanying unaudited Consolidated Financial Statements, which can be found in Part I. Item 1. Consolidated Financial Statements.
Company Overview
Archer-Daniels-Midland Company and its subsidiaries (the "Company" or "ADM") unlocks the power of nature to enrich the quality of life. The Company is an essential global agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities. ADM is also a premier human and animal nutrition provider, as well as a leader in health and well-being products.
Reportable Segments
The Company’s operations are organized, managed, and classified into three reportable segments: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition. The Company’s remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified within either Corporate or Other Business.
See Part I. Item 1. Note 12. Segment Information of “Notes to Consolidated Financial Statements” for further details on the nature of our business and our reportable operating segments.
2026 Priorities
The Company established the following priorities for 2026 to help achieve its goal to continue to build and sustain long-term value creation for its shareholders and customers:
•Continuing to improve manufacturing costs - Driving manufacturing efficiencies and lower costs through process streamlining, further automation, and improved utilization rates.
•Reducing transaction costs through digitalization and Artificial Intelligence - Targeting reductions in the cost of executing transactions across our global footprint, including further digitizing workflows to reduce manual touchpoints, errors and cycle times, optimizing freight and logistics networks, and enhancing supply chain management.
•Investing in high-growth opportunities - Generating returns in the short-to-medium term and the long-term based on our value creation pathways of advanced nutrition, functional health, biosolutions, precision fermentation, and decarbonization.
•Developing talent and capabilities - Ensuring our workforce has the skills and capabilities our business needs for today and for the future, including creating dedicated centers of capability in critical functional areas.
•Generating strong cash flow - Driving strong cash flow to fund our capital allocation and growth priorities, including investing in organic growth projects and selective bolt-on acquisitions, and funding dividend growth and opportunistic share repurchases.
Sustainability
For more than 120 years, ADM has built its business on the strength of agriculture, innovation, and responsible stewardship. Today, sustainability is a core driver of ADM’s growth strategy, powering innovation, improving resilience, and unlocking new value across the global food system. The crops that ADM turns into an expansive array of products depend on healthy soil, water and air, and as the Company looks to the future, it is advancing efforts that enable and support agriculture and farmers, drive innovation and long-term value, and protect and strengthen vital supply chains.
38
ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ADM is focused on scaling regenerative practices in partnership with farmers by supporting them with tools, insights, and financial incentives to help their operations thrive. ADM is innovating to meet growing demand for sustainably sourced, bio-based products, creating new market opportunities for farmers whose crops deliver health, transparency, and environmental benefits. The Company is modernizing its own operations to improve efficiency, enhance competitiveness, reduce emissions, and help build a more resilient supply chain.
Significant Portfolio Actions and Targeted Actions to Deliver Cost Savings
On February 4, 2025, the Company announced targeted actions expected to deliver $500 million to $750 million of aggregate cost savings over 3 to 5 years, beginning in 2025. These include cost optimization and portfolio simplification initiatives designed to help the Company achieve cost efficiencies. See Note 13. Asset Impairment, Exit, and Restructuring Costs of “Notes to Consolidated Financial Statements” included in Item 1. Consolidated Financial Statements for additional information regarding restructuring related charges.
ADM’s recent significant portfolio actions and announcements included:
•The launch of Two Rivers Premium Oils, LLC, a cottonseed joint venture, in January 2026 with Planters Cotton Oil Mill Inc. (“Planters”), a premier cottonseed processor. Planters contributed its crush plant in Pine Bluff, Arkansas, as well as additional origination and storage facilities located in the region, to the joint venture. ADM contributed its Memphis, Tennessee, cottonseed facility.
•The launch of Akralos Holding Company LLC, a North American animal feed joint venture, in March 2026 with Alltech Inc., a global leader in agriculture, to offer an industry-leading range of products and solutions for livestock, equine, backyard and leisure animals. Alltech and ADM contributed feed mills across the U.S. and Canada, along with respective portions of premix supplies.
•The execution, in October 2026, of a definitive agreement with a subsidiary of CJ CheilJedang (“CJ”) , a South Korea based global food and biotech company, to launch a joint venture in North and South America that will be majority owned by CJ. The proposed joint venture would develop, manufacture and market fermentation-derived amino acids by bringing together CJ’s fermentation production facilities in Fort Dodge, Iowa and Piracicaba, Brazil and an ADM amino acid facility in Decatur, Illinois, as well as CJ’s sales offices in Mexico, Brazil and the U.S., and, via license, CJ’s intellectual property related to feed-grade amino acids for use by the joint venture in North and South America. The launch date for the proposed joint venture is subject to customary closing activities as well as regulatory approvals.
Renewable Fuel Standard and Clean Fuel Production Credit
The Company continues to monitor regulatory and other developments in the U.S. biofuel market.
In February 2026, the U.S. Treasury and IRS proposed regulations relating to policy incentives under Section 45Z of the Internal Revenue Code (“Section 45Z”). In March 2026, the U.S. Environmental Protection Agency finalized the Renewable Volume Obligations (“RVOs”) for 2026 and 2027 under the U.S. Renewable Fuel Standard, increasing certain renewable fuel blending requirements.
These regulatory announcements provided additional visibility into renewable fuel demand and incentive frameworks and positively impacted renewable fuel blending economics, clean fuel credit values, and demand for certain agricultural feedstocks. The impact on the U.S. biofuel market continued in the three months ended September 30, 2026, and continued to benefit the Company’s ethanol and biofuel operations, as well as crush and grind margins. However, renewable fuel markets remain subject to ongoing regulatory, legislative, and implementation risks, including supplemental rulemaking on small refinery exemptions, the timing and substance of final Section 45Z regulations, future policy actions, changes in credit values, and shifts in blending economics, which could continue to drive volatility in the Company’s results of operations.
39
ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Tariffs Update
On February 20, 2026, the U.S. Supreme Court held that the International Emergency Economic Powers Act (“IEEPA”) did not authorize the imposition of tariffs by the executive branch. While the decision invalidated the presidential administration’s tariffs imposed under IEEPA, it did not establish a refund mechanism. The U.S. Customs and Border Protection (“CBP”) launched its refund process in April 2026 and the Company is receiving refunds on an ongoing basis. The Company is monitoring the refund process and related tariff risks, including potential new tariffs and the expected United States-Mexico-Canada Agreement (“USMCA”) review process. Based on the information currently available, the Company does not expect tariff-related risks to have a significant impact on the Company’s financial position, results of operations, or cash flows.
Operating Performance Indicators
The Company’s Ag Services and Oilseeds and Carbohydrate Solutions segments are principally agricultural commodity-based businesses where changes in selling prices move in relationship to changes in prices of the commodity-based agricultural raw materials. As a result, changes in agricultural commodity prices have relatively equal impacts on both Revenues and Cost of products sold. Mark-to-market and timing impacts represent changes in agricultural commodity pricing and foreign currency market factors and are not necessarily reflective of the operating performance of our business. Mark-to-market and timing impacts represent the estimated net unrealized gain and loss impacts of market factor changes on the valuation of certain of our merchandisable commodity inventories (including certain commodity inventories valued at the lower of cost or market), cash purchase and sales contracts, and futures and foreign currency contracts. The final mark-to-market and timing impacts will be realized when the underlying inventory, cash purchase and sales contracts, and futures and foreign currency contracts are settled.
The Company's Nutrition segment primarily utilizes agricultural commodities (or products derived from agricultural commodities) as raw materials. However, in these operations, agricultural commodity market price changes do not necessarily strongly correlate to changes in cost of products sold. As a result, changes in revenues may correspond to changes in margins.
The Company has consolidated subsidiaries in more than 70 countries. For the majority of the Company’s subsidiaries located outside the United States, the local currency is the functional currency except for certain significant subsidiaries in Switzerland where the Euro is the functional currency, and Brazil and Argentina where the U.S. dollar is the functional currency. Revenues and expenses denominated in foreign currencies are translated into U.S. dollars at the weighted average exchange rates for the applicable periods. For the majority of the Company’s business activities in Brazil and Argentina, the functional currency is the U.S. dollar; however, certain transactions, including taxes, occur in local currency and require remeasurement to the functional currency. Changes in revenues are expected to be correlated to changes in expenses reported by the Company caused by fluctuations in the exchange rates of foreign currencies, primarily the Euro, British pound, Canadian dollar, and Brazilian real, as compared to the U.S. dollar.
The Company measures its performance using key financial metrics including net earnings, adjusted diluted earnings per share (“EPS”), margins, segment operating profit, total segment operating profit, earnings before interest and taxes (“EBIT”), earnings before interest, taxes, depreciation, and amortization (“EBITDA”), and adjusted EBITDA. Some of these metrics are not defined by generally accepted accounting principles in the United States (“GAAP”) and should be considered in addition to, and not in lieu of, GAAP financial measures. For further information, see the “Non-GAAP Financial Measures” section below.
The Company’s financial results can vary significantly due to changes in factors such as fluctuations in energy prices, weather conditions, crop plantings, government programs and policies, trade policies, changes in global demand, general global economic conditions, changes in standards of living, global production of similar and competitive crops, and geopolitical developments. Due to the unpredictable nature of these and other factors, the Company undertakes no responsibility for updating any forward-looking information contained within this Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
40
ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Market Factors Influencing Operations and Results in the Three and Nine Months Ended September 30, 2026
The Company is subject to a variety of market factors which affect the Company's operating results, including those discussed below related to the three and nine months ended September 30, 2026.
In the Ag Services and Oilseeds segment, year-to-date results benefited from geopolitical events, weather and logistical disruptions, and supportive biofuel policies, which contributed to stronger crush margins in both soy and canola. North America benefited from robust demand from crushed products, supported by renewable fuel economics, and continued export demand. Transportation benefited from higher freight rates driven by strong grain and fertilizer demand and constrained industry capacity. Global Trade was supported by supply dislocations and market volatility driven by the geopolitical situation. Higher energy prices supported soybean oil demand through improved biodiesel and renewable diesel economics, while strong soybean meal export demand provided additional support to the crushing complex. These benefits were partially offset by transportation constraints, weather-related disruptions, and higher logistics costs.
In the Carbohydrate Solutions segment, North America ethanol margins were up due to policy incentives. Enhanced blending economics drove robust domestic demand, while sustained strength in international energy prices allowed U.S. ethanol values to be competitive around the world. Industry utilization rates remained high with a seasonal slowdown late in the period for annual maintenance. North America liquid sweetener demand remained soft while starch demand was stable. Europe, the Middle East, and Africa (“EMEA”) Starches and Sweeteners were pressured by demand softness across the food and industrial segments.
In the Nutrition segment, the Flavors market continued to grow with energy and ready to drink beverages continuing to perform strongly. The Dietary Supplements market also continued to grow, though growth moderated during the period. We believe that the Dietary Supplements market presents potential expansion opportunities as customer acceptance of postbiotics allows sales in a larger variety of segments (food and beverage). While shifts in customer sentiment and inflation continue to pose challenges, clean label and healthier categories are outpacing the broader industry. For Animal Nutrition, stabilizing commodity prices continued to support feed ration commodities, as well as additive markets.
41
ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025
Results of Operations
Earnings before income taxes were $997 million compared to $147 million in the prior year quarter. Results in the current year quarter were primarily driven by improved operational execution, amid a constructive pricing environment, and policy incentives. The increase in earnings before income taxes reflected impairment, exit, and restructuring costs, penalty charges, and revaluation losses of $409 million in the prior year quarter.
Total segment operating profit (a non-GAAP measure) increased $537 million, from $845 million to $1.4 billion, driven by higher results within the Ag Services and Oilseeds and the Carbohydrate Solutions segments. Total segment operating profit (a non-GAAP measure) in the three months ended September 30, 2026 excluded asset impairment, exit and restructuring costs, and net settlement contingencies of $36 million. Total segment operating profit (a non-GAAP measure) in the three months ended September 30, 2025 excluded $163 million of Wilmar International Limited (“Wilmar”) related penalty charges, asset impairment, exit and restructuring costs, and net settlement contingencies of $89 million, and gains on sales of assets of $31 million.
Total segment operating profit (a non-GAAP measure) is reconciled to earnings before income taxes, the most directly comparable GAAP measure, in the "Non-GAAP Financial Measures" section below.
Processed volumes for certain products for the three months ended September 30, 2026 and 2025 were as follows (in thousand metric tons).
| Three Months Ended | |||||||||||||||||
| September 30, | |||||||||||||||||
| 2026 | 2025 | Change | |||||||||||||||
| Oilseeds | 8,945 | 8,803 | 142 | ||||||||||||||
| Corn | 4,729 | 4,666 | 63 | ||||||||||||||
The increase in processed oilseeds volumes in the current year quarter was primarily related to improved crush volumes, partially offset by planned downtime in EMEA. The processed corn volumes were consistent year over year.
42
ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Revenues for the three months ended September 30, 2026 and 2025, were as follows (in millions):
| Three Months Ended | |||||||||||||||||
| September 30, | |||||||||||||||||
| 2026 | 2025 | Change | |||||||||||||||
| Ag Services and Oilseeds | |||||||||||||||||
| Ag Services | $ | 10,632 | $ | 10,276 | $ | 356 | |||||||||||
| Crushing | 3,230 | 2,580 | 650 | ||||||||||||||
| Refined Products and Other | 3,583 | 2,757 | 826 | ||||||||||||||
| Total Ag Services and Oilseeds | 17,445 | 15,613 | 1,832 | ||||||||||||||
| Carbohydrate Solutions | |||||||||||||||||
| Starches and Sweeteners | 2,021 | 2,005 | 16 | ||||||||||||||
| Vantage Corn Processors | 917 | 729 | 188 | ||||||||||||||
| Total Carbohydrate Solutions | 2,938 | 2,734 | 204 | ||||||||||||||
| Nutrition | |||||||||||||||||
| Human Nutrition | 1,042 | 1,067 | (25) | ||||||||||||||
| Animal Nutrition | 795 | 849 | (54) | ||||||||||||||
| Total Nutrition | 1,837 | 1,916 | (79) | ||||||||||||||
| Total Segment Revenues | 22,220 | 20,263 | 1,957 | ||||||||||||||
| Other Business | 115 | 109 | 6 | ||||||||||||||
| Total Revenues | $ | 22,335 | $ | 20,372 | $ | 1,963 | |||||||||||
Revenues and cost of products sold in agricultural merchandising and processing businesses are significantly correlated to the underlying commodity prices and volumes. In periods of significant changes in market prices, the underlying performance of the Company is better evaluated by looking at margins since both revenues and cost of products sold, particularly in the Ag Services and Oilseeds segment, generally have a relatively equal impact from market price changes which generally result in an insignificant impact to gross profit.
Revenues increased $2.0 billion to $22.3 billion, driven by increased Ag Services and Oilseeds segment revenues, reflecting higher sales prices ($2.0 billion) and lower sales volumes ($189 million). Higher sales prices were primarily driven by oils, soybeans, and biodiesel. Lower sales volumes were primarily driven by soybeans and wheat, partially offset by higher sales volumes of oils and meal. Carbohydrate Solutions segment revenues increased, driven by higher sales prices ($126 million) and volumes ($78 million). Nutrition segment revenues decreased primarily due to lower sales volumes ($58 million) and sales prices.
Cost of products sold increased $1.3 billion to $20.4 billion, primarily driven by higher commodity and freight costs, partially offset by policy incentive benefits. Manufacturing expenses increased $117 million to $2.1 billion, driven by an increase in global energy costs and maintenance expenses.
Gross profit increased $616 million to $1.9 billion, primarily driven by an increase of $379 million and $146 million in Ag Services and Oilseeds and Carbohydrate Solutions segments, respectively.
Selling, general, and administrative expenses increased $73 million to $946 million, primarily driven by higher employee compensation costs.
43
ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Asset impairment, exit, and restructuring costs decreased $241 million to $5 million, driven by restructuring costs of $246 million in the prior year quarter, primarily within Corporate and the Nutrition segment.
Equity in earnings of unconsolidated affiliates increased $198 million to $157 million primarily driven by higher earnings from the Company’s investment in Wilmar. The prior year quarter included $163 million of Wilmar related penalty charges.
Interest and investment income decreased $22 million to $99 million, driven by lower income in ADM Investor Services due to lower interest rates.
Interest expense increased $12 million to $165 million, due to increased charges in Corporate, partially offset by lower interest expense in ADM Investor Services.
Other expense (income) — net was a $29 million net expense, compared to net income of $69 million in the prior year quarter. The change was primarily driven by lower gain on sale of assets and railroad maintenance costs.
Income tax expense increased $134 million to $171 million. The increase was primarily driven by higher earnings before income taxes, partially offset by a lower effective tax rate. The Company’s effective tax rate for the quarter ended September 30, 2026 was 17.2% compared to 25.2% for the quarter ended September 30, 2025. The decrease in the effective tax rate for the three months ended September 30, 2026 compared to the prior year quarter is primarily driven by non-taxable benefits associated with Section 45Z policy incentives, as well as the tax effects of certain impairment charges recognized during the corresponding quarter of 2025.
44
ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Segment operating profit for the three months ended September 30, 2026 and 2025 was as follows (in millions):
| Three Months Ended | |||||||||||||||||
| September 30, | |||||||||||||||||
| 2026 | 2025 | Change | |||||||||||||||
| Segment Operating Profit | |||||||||||||||||
| Ag Services and Oilseeds | |||||||||||||||||
| Ag Services | $ | 172 | $ | 190 | $ | (18) | |||||||||||
| Crushing | 311 | 13 | 298 | ||||||||||||||
| Refined Products and Other | 218 | 120 | 98 | ||||||||||||||
| Wilmar | 77 | 56 | 21 | ||||||||||||||
| Total Ag Services and Oilseeds | $ | 778 | $ | 379 | $ | 399 | |||||||||||
| Carbohydrate Solutions | |||||||||||||||||
| Starches and Sweeteners | $ | 324 | $ | 293 | $ | 31 | |||||||||||
| Vantage Corn Processors | 146 | 43 | 103 | ||||||||||||||
| Total Carbohydrate Solutions | $ | 470 | $ | 336 | $ | 134 | |||||||||||
| Nutrition | |||||||||||||||||
| Human Nutrition | $ | 93 | $ | 96 | $ | (3) | |||||||||||
| Animal Nutrition | 41 | 34 | 7 | ||||||||||||||
| Total Nutrition | $ | 134 | $ | 130 | $ | 4 | |||||||||||
In the Ag Services and Oilseeds segment, segment operating profit increased by $399 million. Current quarter results included net positive mark-to-market and timing impacts of approximately $35 million, led by a net positive impact of approximately $45 million in Refined Products and Other (“RPO”). Ag Services results were lower compared to the prior year quarter primarily due to lower results across certain areas of the Company’s global supply chain. Crushing results were significantly higher compared to the prior year quarter, driven by improved North American margins supported by strong soybean meal demand, tight meal inventories, higher crush rates, and favorable biofuel policies. RPO results increased compared to the prior year quarter, primarily reflecting improved North American biodiesel margins supported by favorable renewable fuel policies, energy prices, and continued strength in renewable fuel demand. Wilmar earnings increased in the current year quarter, driven by improved food product volumes, stronger crush demand, and higher tropical refining margins.
In the Carbohydrate Solutions segment, segment operating profit increased 40% compared to the prior year quarter. The Starches and Sweeteners results were higher compared to the prior year quarter, driven by strong wet mill ethanol performance supported by policy incentives. North America liquid sweeteners demand remained challenged impacting both volumes and margins. Starches results continued to show stability. Global Wheat Milling results were lower due to margin pressure, with International Corn Milling impacted by weaker sweetener demand and higher energy costs. The Vantage Corn Processors results increased $103 million compared to the prior year quarter, driven by stronger ethanol margins supported by policy incentives.
In the Nutrition segment, segment operating profit was $134 million, representing an increase of 3% compared to the prior year quarter. Human Nutrition results were 3% lower compared to the prior year quarter driven by unplanned downtime, inflation pressures, and market softness in Biotics, which was partially offset by higher Flavors margins and progress in the recovery of the Decatur East plant. The prior year quarter also benefitted from $9 million of insurance proceeds. Animal Nutrition results were 21% higher compared to the prior year quarter, primarily attributable to ongoing improvements and benefits from portfolio actions taken during 2025.
45
ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Other Business and Corporate Results
Other Business results increased from $55 million to $121 million. Captive insurance results were higher compared to prior year quarter primarily driven by a one time benefit related to the release of certain insurance reserves. ADM Investor Services results were consistent year over year.
Corporate results for the three months ended September 30, 2026 and 2025 were as follows (in millions):
| Three Months Ended | |||||||||||||||||||||||
| September 30, | |||||||||||||||||||||||
| 2026 | 2025 | Change | |||||||||||||||||||||
| Interest expense - net | (130) | (98) | (32) | ||||||||||||||||||||
Unallocated corporate function costs (1) | (304) | (265) | (39) | ||||||||||||||||||||
Revaluation losses, impairment and restructuring charges (2) | (11) | (174) | 163 | ||||||||||||||||||||
Other (expense) income - net (3) | (25) | 5 | (30) | ||||||||||||||||||||
| Total Corporate | $ | (470) | $ | (532) | $ | 62 | |||||||||||||||||
(1)Unallocated corporate function costs increased, primarily driven by higher incentive compensation costs.
(2)Revaluation losses, impairment and restructuring charges decreased, driven by prior year quarter impairment charge related to previously capitalized internal-use software.
(3)Other (expense) income - net decreased, primarily driven by railroad maintenance costs and foreign exchange losses.
Non-GAAP Financial Measures
The Company uses certain “non-GAAP” financial measures as defined by the SEC. These are measures of performance not defined by accounting principles generally accepted in the United States, and should be considered in addition to, not in lieu of, GAAP reported measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this section.
The Company uses adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit, non-GAAP financial measures as defined by the SEC, to evaluate the Company’s financial performance.
Adjusted net earnings is defined as net earnings adjusted for the effects on net earnings of specified items as more fully described in the reconciliation tables. Adjusted diluted EPS is defined as diluted EPS adjusted for the effects on reported diluted EPS of specified items as more fully described in the reconciliation tables.
EBITDA is defined as earnings before interest on borrowings, taxes, and depreciation and amortization. Adjusted EBITDA is defined as earnings before interest on borrowings, taxes, depreciation, and amortization, adjusted to exclude the impact of specified items as more fully described in the reconciliation tables.
Total segment operating profit is defined as ADM’s consolidated earnings before income taxes, adjusted for Other Business, Corporate, and specified items as more fully described in the reconciliation tables.
Management believes that adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit are useful measures of the Company’s performance because they provide investors additional information about the Company’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. Adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit are not intended to replace or be an alternative to net earnings, diluted EPS, and earnings before income taxes, the most directly comparable amounts reported under GAAP.
46
ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The table below provides a reconciliation of net earnings (the most directly comparable GAAP measure) to adjusted net earnings (a non-GAAP measure) and diluted EPS (the most directly comparable GAAP measure) to adjusted diluted EPS (a non-GAAP measure) for the three months ended September 30, 2026 and 2025.
| Three Months Ended September 30, | |||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| In millions | Per share | In millions | Per share | ||||||||||||||||||||
| Average number of shares outstanding - diluted | 484 | 484 | |||||||||||||||||||||
Net earnings and reported EPS (diluted) | $ | 821 | $ | 1.70 | $ | 108 | $ | 0.22 | |||||||||||||||
Adjustments: (1) | |||||||||||||||||||||||
| (Gain) on sale of assets and businesses (net of tax of $7 million in 2025) | — | — | (24) | (0.05) | |||||||||||||||||||
| Impairment, exit, restructuring charges, and settlement contingencies (net of tax of $15 million in 2026 and net of tax of $60 million in 2025) | 47 | 0.09 | 201 | 0.41 | |||||||||||||||||||
| ADM's share of equity method investment non-recurring charges | — | — | 163 | 0.34 | |||||||||||||||||||
| Certain discrete tax adjustments | (10) | (0.02) | — | — | |||||||||||||||||||
| Total adjustments | 37 | 0.07 | 340 | 0.7 | |||||||||||||||||||
| Adjusted net earnings and adjusted diluted EPS | $ | 858 | $ | 1.77 | $ | 448 | $ | 0.92 | |||||||||||||||
(1) Tax effected using the U.S. and other applicable tax rates.
47
ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The table below provides a reconciliation of net earnings (the most directly comparable GAAP measure) to EBITDA (a non-GAAP measure) and adjusted EBITDA (a non-GAAP measure) for the three months ended September 30, 2026 and 2025 (in millions).
| Three Months Ended | |||||||||||||||||
| September 30, | |||||||||||||||||
| 2026 | 2025 | ||||||||||||||||
| Net Earnings Attributable to Archer-Daniels-Midland Company | $ | 821 | $ | 108 | |||||||||||||
| Net earnings attributable to non-controlling interests | 5 | 2 | |||||||||||||||
| Income tax expense | 171 | 37 | |||||||||||||||
Earnings Before Income Taxes | 997 | 147 | |||||||||||||||
Interest expense (1) | 131 | 106 | |||||||||||||||
Depreciation and amortization (2) | 295 | 295 | |||||||||||||||
| EBITDA | 1,423 | 548 | |||||||||||||||
| (Gain) on sales of assets and businesses | — | (31) | |||||||||||||||
| Impairment, exit, restructuring charges and settlement contingencies | 62 | 261 | |||||||||||||||
| ADM's share of equity method investment non-recurring charges | — | 163 | |||||||||||||||
| Railroad maintenance expenses | 41 | 12 | |||||||||||||||
| Adjusted EBITDA | $ | 1,526 | $ | 954 | |||||||||||||
(1) Represents interest expense on borrowings and therefore excludes ADM Investor Services related interest expense.
(2) Excludes $3 million of accelerated depreciation recorded within restructuring charges as a specified item for the three months ended September 30, 2025.
The table below provides a reconciliation of earnings before income taxes (the most directly comparable GAAP measure) to total segment operating profit (a non-GAAP measure) for the three months ended September 30, 2026 and 2025 (in millions).
| Three Months Ended | |||||||||||||||||
| September 30, | |||||||||||||||||
| 2026 | 2025 | ||||||||||||||||
Earnings Before Income Taxes | $ | 997 | $ | 147 | |||||||||||||
Other Business (earnings) | (121) | (55) | |||||||||||||||
| Corporate | 470 | 532 | |||||||||||||||
| Specified Items: | |||||||||||||||||
| (Gain) on sale of assets and businesses | — | (31) | |||||||||||||||
| Impairment, exit, restructuring charges and settlement contingencies | 36 | 89 | |||||||||||||||
| ADM's share of equity method investment non-recurring charges | — | 163 | |||||||||||||||
| Total Segment Operating Profit | $ | 1,382 | $ | 845 | |||||||||||||
48
ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
Results of Operations
Earnings before income taxes increased $1.7 billion, from $779 million to $2.5 billion. Results in the current year period were primarily driven by improved operational execution, amid a constructive pricing environment, and policy incentives. The increase in earnings before income taxes reflected impairment, exit, and restructuring costs, penalty charges, and revaluation losses of $771 million in the prior year period.
Total segment operating profit (a non-GAAP measure) increased $1.2 billion, from $2.4 billion to $3.6 billion, driven by higher results across all three reportable segments. Total segment operating profit (a non-GAAP measure) in the nine months ended September 30, 2026 excluded net gains of $83 million on the sale and contribution of assets, $56 million of asset impairment, exit and restructuring costs, and net settlement contingencies, and $55 million representing the Company's share of Wilmar non-recurring charges. Total segment operating profit (a non-GAAP measure) in the nine months ended September 30, 2025 excluded $361 million of impairment, exit, and restructuring costs, and net settlement contingencies, $163 million of Wilmar related penalty charges, a $69 million gain on contract termination, and $39 million of gains on sales of assets.
Total segment operating profit (a non-GAAP measure) is reconciled to earnings before income taxes, the most directly comparable GAAP measure, in the "Non-GAAP Financial Measures" section below.
Processed volumes by product for the nine months ended September 30, 2026 and 2025 were as follows (in thousand metric tons).
| Nine Months Ended | |||||||||||||||||
| September 30, | |||||||||||||||||
| 2026 | 2025 | Change | |||||||||||||||
| Oilseeds | 27,721 | 26,944 | 777 | ||||||||||||||
| Corn | 14,007 | 13,861 | 146 | ||||||||||||||
The increase in processed oilseeds volumes in the current year period was primarily related to improved North America and South America crush volumes due to improved utilization, partially offset by downtime in EMEA. The processed corn volumes were consistent year over year.
49
ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Revenues for the nine months ended September 30, 2026 and 2025 were as follows (in millions):
| Nine Months Ended | |||||||||||||||||
| September 30, | |||||||||||||||||
| 2026 | 2025 | Change | |||||||||||||||
| Ag Services and Oilseeds | |||||||||||||||||
| Ag Services | $ | 32,771 | $ | 31,708 | $ | 1,063 | |||||||||||
| Crushing | 9,007 | 7,847 | 1,160 | ||||||||||||||
| Refined Products and Other | 9,584 | 8,002 | 1,582 | ||||||||||||||
| Total Ag Services and Oilseeds | 51,362 | 47,557 | 3,805 | ||||||||||||||
| Carbohydrate Solutions | |||||||||||||||||
| Starches and Sweeteners | 6,031 | 6,042 | (11) | ||||||||||||||
| Vantage Corn Processors | 2,223 | 2,054 | 169 | ||||||||||||||
| Total Carbohydrate Solutions | 8,254 | 8,096 | 158 | ||||||||||||||
| Nutrition | |||||||||||||||||
| Human Nutrition | 3,185 | 3,226 | (41) | ||||||||||||||
| Animal Nutrition | 2,359 | 2,500 | (141) | ||||||||||||||
| Total Nutrition | 5,544 | 5,726 | (182) | ||||||||||||||
| Total Segment Revenues | 65,160 | 61,379 | 3,781 | ||||||||||||||
| Other Business | 346 | 334 | 12 | ||||||||||||||
| Total Revenues | $ | 65,506 | $ | 61,713 | $ | 3,793 | |||||||||||
Revenues and cost of products sold in agricultural merchandising and processing businesses are significantly correlated to the underlying commodity prices and volumes. In periods of significant changes in market prices, the underlying performance of the Company is better evaluated by looking at margins since both revenues and cost of products sold, particularly in the Ag Services and Oilseeds segment, generally have a relatively equal impact from market price changes which generally result in an insignificant impact to gross profit.
Revenues increased $3.8 billion to $65.5 billion, driven by Ag Services and Oilseeds segment revenues, reflecting higher sales prices ($5.0 billion), of oils, soybeans, and biodiesel, and lower sales volumes ($1.2 billion) of soybeans and corn, partially offset by higher sales volumes of meal and oils. Carbohydrate Solutions segment revenues increased, driven by higher sales prices ($223 million), partially offset by lower sales volumes ($65 million). Nutrition segment revenues decreased, driven by lower sales volumes ($260 million) reflecting portfolio actions and the formation of the Akralos Holding Company LLC joint venture, partially offset by foreign exchange gains ($135 million). The prior year period also benefitted from a contract cancellation ($55 million).
Cost of products sold increased $2.6 billion to $60.5 billion, primarily driven by higher commodity and freight costs, partially offset by policy incentive benefits. Manufacturing expenses increased $268 million to $6.1 billion, driven by higher global energy costs, employee compensation costs, and maintenance expenses.
Gross profit increased $1.2 billion to $5.0 billion, primarily driven by an increase of $755 million and $334 million for the Ag Services and Oilseeds and Carbohydrate Solutions segments, respectively.
50
ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Selling, general, and administrative expenses increased $217 million to $2.9 billion, primarily driven by higher employee compensation costs, partially offset by lower third-party service costs.
Asset impairment, exit, and restructuring costs decreased $391 million to $30 million, driven by restructuring charges of $421 million in the prior year period, primarily within the Nutrition segment and Corporate.
Equity in earnings of unconsolidated affiliates increased $151 million to $388 million, driven by higher earnings from the Company’s investments in Wilmar, LSCP, LLC, and SoyVen Holding B.V., partially offset by lower earnings from the Company’s investments in Stratas Foods LLC and Olenex Holdings B.V. The prior year period included $163 million of Wilmar related penalty charges.
Interest and investment income increased $151 million to $340 million, driven by $187 million of revaluation losses in the prior year period within Corporate and the Nutrition segment, partially offset by lower income in ADM Investor Services driven by lower interest rates.
Interest expense decreased $8 million to $462 million, which was largely consistent with the prior year period.
Other income — net decreased $17 million to $123 million, primarily driven by railroad maintenance costs and a one-time benefit from the termination of a supply agreement in the prior year period, partially offset by higher foreign exchange gains and lower provisions for contingent losses.
Income tax expense increased $268 million to $428 million. The increase was primarily driven by higher earnings before income taxes, partially offset by a lower effective tax rate. The Company’s effective tax rate for the nine months ended September 30, 2026 was 17.3% compared to 20.5% for the nine months ended September 30, 2025. The decrease in the effective tax rate for the nine months ended September 30, 2026 compared to the prior year period is primarily driven by non-taxable benefits associated with Section 45Z policy incentives, as well as the tax effects of certain impairment charges recognized during the corresponding period of 2025.
51
ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Segment operating profit for the nine months ended September 30, 2026 and 2025 was as follows (in millions):
| Nine Months Ended | |||||||||||||||||
| September 30, | |||||||||||||||||
| 2026 | 2025 | Change | |||||||||||||||
| Segment Operating Profit | |||||||||||||||||
| Ag Services and Oilseeds | |||||||||||||||||
| Ag Services | $ | 665 | $ | 462 | $ | 203 | |||||||||||
| Crushing | 595 | 93 | 502 | ||||||||||||||
| Refined Products and Other | 455 | 410 | 45 | ||||||||||||||
| Wilmar | 203 | 205 | (2) | ||||||||||||||
| Total Ag Services and Oilseeds | $ | 1,918 | $ | 1,170 | $ | 748 | |||||||||||
| Carbohydrate Solutions | |||||||||||||||||
| Starches and Sweeteners | $ | 878 | $ | 804 | $ | 74 | |||||||||||
| Vantage Corn Processors | 358 | 108 | 250 | ||||||||||||||
| Total Carbohydrate Solutions | $ | 1,236 | $ | 912 | $ | 324 | |||||||||||
| Nutrition | |||||||||||||||||
| Human Nutrition | $ | 337 | $ | 263 | $ | 74 | |||||||||||
| Animal Nutrition | 104 | 77 | 27 | ||||||||||||||
| Total Nutrition | $ | 441 | $ | 340 | $ | 101 | |||||||||||
In the Ag Services and Oilseeds segment, segment operating profit increased $748 million. Current period results included net negative mark-to-market and timing impacts of approximately $160 million, attributable mainly to RPO and Crushing. Ag Services, Crushing, and RPO results were higher compared to the prior year period, driven by strong export execution, improved North America crush margins, and stronger biodiesel margins supported by favorable renewable fuel policies, respectively. Wilmar earnings were generally in line with the prior year period.
In the Carbohydrate Solutions segment, segment operating profit increased 36% compared to the prior year period. Starches and Sweeteners results were higher compared to the prior year period. In North America, results were driven by improved ethanol margins supported by policy incentives, partially offset by lower liquid sweeteners results and increased manufacturing costs. In EMEA, results were driven by lower margins due to the competitive pricing environment. Global Wheat Milling experienced lower margins in the current year period. Vantage Corn Processors results were higher compared to the prior year period, driven by improved margins supported by effective risk management and policy incentives.
In the Nutrition segment, segment operating profit was $441 million, representing an increase of 30% compared to the prior year period. Human Nutrition results are 28% higher compared to prior year period as a result of higher Flavor sales and margins, including foreign exchange gains, and progress in the recovery of Decatur East plant. Animal Nutrition results were 35% higher compared to the prior year period driven by portfolio actions and increased focus on higher margin product lines, on-going cost optimization efforts, and foreign exchange gains.
52
ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Other Business and Corporate Results
Other Business results increased from $245 million to $255 million. Captive insurance results were higher compared to the prior year period primarily driven by a one time benefit related to the release of certain insurance reserves, partially offset by higher settlements. ADM Investor Services results were consistent year over year.
Corporate results for the nine months ended September 30, 2026 and 2025 were as follows (in millions):
| Nine Months Ended | |||||||||||||||||
| September 30, | |||||||||||||||||
| 2026 | 2025 | Change | |||||||||||||||
| Interest expense — net | $ | (338) | $ | (311) | (27) | ||||||||||||
Unallocated corporate function costs (1) | (1,022) | (912) | (110) | ||||||||||||||
Revaluation losses, impairment and restructuring charges (2) | (18) | (278) | 260 | ||||||||||||||
| Other income — net | 25 | 29 | (4) | ||||||||||||||
| Total Corporate | $ | (1,353) | $ | (1,472) | $ | 119 | |||||||||||
(1)Unallocated corporate function costs increased, primarily driven by higher employee compensation costs, partially offset by lower third party service costs.
(2)Revaluation losses, impairment and restructuring charges decreased, driven by prior year period impairment charge related to previously capitalized internal-use software and revaluation losses on certain investments.
Non-GAAP Financial Measures
The Company uses certain “non-GAAP” financial measures as defined by the U.S. Securities and Exchange Commission “SEC”. These are measures of performance not defined by accounting principles generally accepted in the United States, and should be considered in addition to, not in lieu of, GAAP reported measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this section.
The Company uses adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit, non-GAAP financial measures as defined by the SEC, to evaluate the Company’s financial performance.
Adjusted net earnings is defined as net earnings adjusted for the effects on net earnings of specified items as more fully described in the reconciliation tables. Adjusted diluted EPS is defined as diluted EPS adjusted for the effects on reported diluted EPS of specified items as more fully described in the reconciliation tables.
EBITDA is defined as earnings before interest on borrowings, taxes, and depreciation and amortization. Adjusted EBITDA is defined as earnings before interest on borrowings, taxes, depreciation, and amortization, adjusted to exclude the impact of specified items as more fully described in the reconciliation tables.
Total segment operating profit is defined as ADM’s consolidated earnings before income taxes, adjusted for Other Business, Corporate, and specified items as more fully described in the reconciliation tables.
Management believes that adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit are useful measures of the Company’s performance because they provide investors additional information about the Company’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. Adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit are not intended to replace or be an alternative to net earnings, diluted EPS, and earnings before income taxes, the most directly comparable amounts reported under GAAP.
53
ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The table below provides a reconciliation of net earnings (the most directly comparable GAAP measure) to adjusted net earnings (a non-GAAP measure) and diluted EPS (the most directly comparable GAAP measure) to adjusted diluted EPS (a non-GAAP measure) for the nine months ended September 30, 2026 and 2025.
| Nine Months Ended September 30, | ||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||
| In millions | Per share | In millions | Per share | |||||||||||||||||||||||
| Average number of shares outstanding - diluted | 485 | 484 | ||||||||||||||||||||||||
| Net earnings and reported EPS (diluted) | $ | 2,027 | $ | 4.18 | $ | 622 | $ | 1.29 | ||||||||||||||||||
Adjustments: (1) | ||||||||||||||||||||||||||
| (Gain) on sale of assets and businesses (net of tax of $17 million in 2026 and $9 million in 2025) | (66) | (0.13) | (30) | (0.06) | ||||||||||||||||||||||
| Impairment, exit, restructuring charges, and settlement contingencies (net of tax of $20 million in 2026 and $103 million in 2025) | 82 | 0.17 | 535 | 1.10 | ||||||||||||||||||||||
| ADM's share of equity method investment non-recurring charges | 55 | 0.11 | 163 | 0.34 | ||||||||||||||||||||||
| (Gain) on contract termination (net of tax of $17 million in 2025) | — | — | (52) | (0.11) | ||||||||||||||||||||||
| Total adjustments | 71 | 0.15 | 616 | 1.27 | ||||||||||||||||||||||
| Adjusted net earnings and adjusted diluted EPS | $ | 2,098 | $ | 4.33 | $ | 1,238 | $ | 2.56 | ||||||||||||||||||
(1) Tax effected using the U.S. and other applicable tax rates.
The table below provides a reconciliation of net earnings (the most directly comparable GAAP measure) to EBITDA (a non-GAAP measure) and adjusted EBITDA (a non-GAAP measure) for the nine months ended September 30, 2026 and 2025 (in millions).
| Nine Months Ended | |||||||||||||||||
| September 30, | |||||||||||||||||
| 2026 | 2025 | ||||||||||||||||
| Net Earnings Attributable to Archer-Daniels-Midland Company | $ | 2,027 | $ | 622 | |||||||||||||
| Net earnings (loss) attributable to non-controlling interests | 14 | (3) | |||||||||||||||
| Income tax expense | 428 | 160 | |||||||||||||||
| Earnings Before Income Taxes | 2,469 | 779 | |||||||||||||||
Interest expense (1) | 349 | 338 | |||||||||||||||
Depreciation and amortization (2) | 876 | 865 | |||||||||||||||
| EBITDA | 3,694 | 1,982 | |||||||||||||||
| (Gain) on sales of assets and businesses | (83) | (39) | |||||||||||||||
| Impairment, exit, restructuring charges and settlement contingencies | 102 | 638 | |||||||||||||||
| ADM's share of equity method investment non-recurring charges | 55 | 163 | |||||||||||||||
| (Gain) on contract termination | — | (69) | |||||||||||||||
| Railroad maintenance expenses | 42 | 16 | |||||||||||||||
| Adjusted EBITDA | $ | 3,810 | $ | 2,692 | |||||||||||||
(1) Represents interest expense on borrowings and therefore excludes ADM Investor Services related interest expense.
(2) Excludes $5 million and $11 million of accelerated depreciation recorded within restructuring charges as a specified item for the nine months ended September 30, 2026 and 2025, respectively.
54
ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The table below provides a reconciliation of earnings before income taxes (the most directly comparable GAAP measure) to total segment operating profit (a non-GAAP measure) for the nine months ended September 30, 2026 and 2025 (in millions).
| Nine Months Ended | |||||||||||||||||
| September 30, | |||||||||||||||||
| 2026 | 2025 | ||||||||||||||||
| Earnings Before Income Taxes | $ | 2,469 | $ | 779 | |||||||||||||
| Other Business (earnings) | (255) | (245) | |||||||||||||||
| Corporate | 1,353 | 1,472 | |||||||||||||||
| Specified Items: | |||||||||||||||||
| (Gain) on sale of assets and businesses | (83) | (39) | |||||||||||||||
| Impairment, exit, restructuring charges and settlement contingencies | 56 | 361 | |||||||||||||||
| (Gain) on contract termination | — | (69) | |||||||||||||||
| ADM's share of equity method investment non-recurring charges | 55 | 163 | |||||||||||||||
| Total Segment Operating Profit | $ | 3,595 | $ | 2,422 | |||||||||||||
Liquidity and Capital Resources
The Company’s objective is to have sufficient liquidity, balance sheet strength, and financial flexibility to fund the operating and capital requirements of a capital-intensive agricultural commodity-based business. The Company depends on access to credit markets, which can be impacted by its credit rating and factors outside of the Company’s control, to fund its working capital needs and capital expenditures.
The primary source of funds to finance the Company’s operations, capital expenditures, and advancement of its growth strategy is cash generated by operations and lines of credit, including a commercial paper borrowing facility and accounts receivable securitization programs. In addition, the Company believes it has access to funds from public and private equity and debt capital markets in both U.S. and international markets.
At September 30, 2026, the Company’s capital resources included shareholders’ equity of $23.9 billion and lines of credit, including the accounts receivable securitization programs described below, totaling $12.7 billion, of which $9.2 billion was unused. Of the Company’s total lines of credit, $5.1 billion supported the combined U.S. and European commercial paper borrowing programs. At September 30, 2026, there was $690 million of commercial paper outstanding.
As of September 30, 2026, the Company had $711 million of cash and cash equivalents, $452 million of which was cash held by foreign subsidiaries whose undistributed earnings are considered indefinitely reinvested. Based on the Company’s historical ability to generate sufficient cash flows from its U.S. operations and unused and available U.S. credit capacity of $4.9 billion, the Company has asserted that these funds are indefinitely reinvested outside the U.S.
As of September 30, 2026, the Company had total available liquidity of $9.9 billion comprised of cash and cash equivalents and unused lines of credit. The Company believes that cash flows from operations, cash and cash equivalents on hand, and unused lines of credit will be sufficient to meet its ongoing liquidity requirements for at least the next twelve months.
55
ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Operating Cash Flows
Net cash provided by operating activities was $1.8 billion and $5.8 billion for the nine months ended September 30, 2026 and 2025, respectively.
The decrease in cash provided by operating activities in the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 was primarily driven by changes in net working capital, partially offset by higher earnings. Changes in net working capital were driven by inventories, payables to brokerage customers, other current assets, and trade receivables, partially offset by positive changes in accrued expenses and other payables, and trade payables.
Changes in Inventories resulted in a cash outflow of $1.4 billion in the current year period compared to an inflow of $3.2 billion in the prior year period, primarily reflecting higher commodity prices and volumes.
Changes in Payables to brokerage customers resulted in a cash inflow of $547 million in the current year period compared to an inflow of $1.8 billion in the prior year period, primarily reflecting lower customer balances supporting trading and margin required within the Company’s futures commission and brokerage business.
Changes in Other current assets resulted in a cash outflow of $1.1 billion in the current year period compared to an outflow of $190 million in the prior year period, primarily reflecting changing market conditions impacting valuation of derivative contracts.
Changes in Trade receivables resulted in a cash outflow of $632 million in the current year period compared to an inflow of $231 million in the prior year period, primarily reflecting higher sales driven by commodity prices.
Changes in Accrued expenses and other payables resulted in a cash inflow of $754 million in the current year period compared to an outflow of $802 million in the prior year period, primarily reflecting changing market conditions impacting valuation of derivative contracts.
Changes in Trade payables resulted in a cash inflow of $496 million in the current year period compared to an outflow of $637 million in the prior year period driven by changes in inventory levels.
Investing Cash Flows
Net cash used in investing activities was $699 million and $644 million for the nine months ended September 30, 2026 and September 30, 2025, respectively.
Net cash used in investing activities for the nine months ended September 30, 2026 included additions to property, plant, and equipment of $773 million, partially offset by proceeds from the sale of assets of $68 million.
Net cash used in investing activities for the nine months ended September 30, 2025 included additions to property, plant, and equipment of $892 million and a business acquisition, net of cash acquired, of $108 million, partially offset by proceeds from sales of marketable securities of $276 million.
Financing Cash Flows
Net cash used in financing activities was $832 million and $3.2 billion for the nine months ended September 30, 2026 and 2025, respectively.
56
ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
In the nine months ended September 30, 2026, the Company received proceeds from short term debt of $705 million and repaid short-term debt of $399 million.
In the nine months ended September 30, 2026, the Company issued $1.0 billion aggregate principal amount of senior unsecured notes, consisting of $500 million 4.83% Notes due September 1, 2031 and $500 million 5.27% Notes due September 1, 2036.
In the nine months ended September 30, 2026, the Company redeemed the entire $1 billion aggregate principal amount of 2.50% Notes which matured in August 2026.
Net cash used in financing activities for the nine months ended September 30, 2026 included net borrowings under short-term credit agreements of $55 million. The nine months ended September 30, 2025 included net repayments under short-term credit agreements of $1.7 billion.
Dividends paid for the nine months ended September 30, 2026 and September 30, 2025 were $764 million and $743 million, respectively.
Stock Repurchase Program
The Company completed $358 million of share repurchases in the nine months ended September 30, 2026. As of September 30, 2026, the Company had 110 million remaining shares under its stock repurchase program until December 31, 2029.
Accounts Receivable Securitization Programs
The Company has accounts receivable securitization programs (the “Programs”) with certain commercial paper conduit purchasers and committed purchasers. The Programs provide the Company with up to $2.9 billion in funding against accounts receivable transferred into the Programs and expand the Company’s access to liquidity through efficient use of its balance sheet assets (see Note 14. Sale of Accounts Receivable within “Notes to Consolidated Financial Statements” included in Item 1. Consolidated Financial Statements for further information). As of September 30, 2026, the Company had $647 million of unused capacity under the Programs.
Contractual Obligations and Commercial Commitments
The Company’s purchase obligations as of September 30, 2026 and December 31, 2025 were $17.9 billion and $13.8 billion, respectively. As of September 30, 2026, the Company expects to make payments related to purchase obligations of $16.1 billion within the next twelve months. There were no other material changes in the Company’s contractual obligations during the three months ended September 30, 2026.
Critical Accounting Estimates
There were no material changes in the Company’s critical accounting estimates during the three months ended September 30, 2026. For a description of the Company’s critical accounting estimates and assumptions used in the preparation of the Company’s financial statements, see Part II. Item 7 and Note 1 of “Notes to Consolidated Financial Statements” included in Part II. Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The market risk inherent in the Company’s market risk sensitive instruments and positions is the potential loss arising from adverse changes in: commodity market prices as they relate to the Company’s net commodity position, foreign currency exchange rates, equity price and interest rates.
For detailed information regarding the Company’s market risk sensitive instruments and positions, see Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
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ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
As of September 30, 2026, an evaluation was performed under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s “disclosure controls and procedures” (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)). Based on that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of September 30, 2026.
Changes in Internal Control Over Financial Reporting
There have been no changes in internal control over financial reporting during the three months ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
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ITEM 1. LEGAL PROCEEDINGS
For information regarding certain legal proceedings involving the Company, see Part I. Item 1. Note 16. Legal Proceedings of “Notes to Consolidated Financial Statements”, which is incorporated herein by reference.
Pursuant to the Securities and Exchange Commission (“SEC”) regulations, for proceedings under environmental laws to which a government authority is a party and we reasonably believe such proceedings will result in monetary sanctions, we have adopted a disclosure threshold of $1 million.
ITEM 1A. RISK FACTORS
In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Issuer Purchases of Equity Securities
The following table provides information about purchases by the Company during the three months ended September 30, 2026 of equity securities that are registered by the Company pursuant to Section 12 of the Exchange Act. Under the Company’s current stock repurchase program, subject to applicable law, share repurchases may be made from time to time in open market transactions or privately negotiated transactions.
| Period | Total Number of Shares Purchased(1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of a Publicly Announced Program(2) | Number of Shares Remaining to be Purchased Under the Program(2) | ||||||||||||||||||||||
| July 1, 2026 to July 31, 2026 | — | $ | — | — | 114,764,049 | |||||||||||||||||||||
| August 1, 2026 to August 31, 2026 | 2,028,009 | 80.31 | 2,019,750 | 112,744,299 | ||||||||||||||||||||||
| September 1, 2026 to September 30, 2026 | 2,337,433 | 83.95 | 2,334,782 | 110,409,517 | ||||||||||||||||||||||
| Total | 4,365,442 | $ | 82.26 | 4,354,532 | 110,409,517 | |||||||||||||||||||||
(1)Total shares purchased represent shares purchased as part of the Company’s publicly announced stock repurchase program described below and shares received as payments for the withholding taxes on vested restricted stock awards.
(2)On November 5, 2014, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to 100,000,000 shares of the Company’s common stock during the period commencing January 1, 2015 and ending December 31, 2019. On August 7, 2019, the Company’s Board of Directors approved the extension of the stock repurchase program through December 31, 2024 and the repurchase of up to an additional 100,000,000 shares under the extended program. On December 11, 2024, the Company's Board of Directors approved a second extension of the stock repurchase program through December 31, 2029 and the repurchase of up to an additional 100,000,000 shares under the extended program.
ITEM 5. OTHER INFORMATION
Insider Trading Arrangements
On August 28, 2026 , Regina B. Jones , the Company’s Senior Vice President and Chief Legal Officer and Secretary , entered into a pre-arranged trading plan that is intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act. This plan provides for the sale of up to 17,148 shares of the Company’s common stock in the aggregate, and terminates on the earlier of the close of market on October 29, 2027 or the date all shares are sold thereunder.
59
On September 10, 2026 , Juan R. Luciano , the Company’s Chair of the Board, President and Chief Executive Officer , entered into a pre-arranged trading plan that is intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act. This plan provides for the sale of up to 60,000 shares of the Company’s common stock in the aggregate by the Juan R. Luciano Trust, and terminates on the earlier of the close of market on March 15, 2027 or the date all shares are sold thereunder.
On September 14, 2026 , Jennifer L. Weber , the Company’s Senior Vice President and Chief People Officer , entered into a pre-arranged trading plan that is intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act. This plan provides for the sale of up to 25,000 shares of the Company’s common stock in the aggregate, and terminates on the earlier of the close of market on September 14, 2027 or the date all shares are sold thereunder
There were no other Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements adopted , modified or terminated
ITEM 6. EXHIBITS
| Exhibit No. | Description | SEC Document Reference | ||||||||||||
| Composite Certificate of Incorporation, as amended. | Incorporated by reference to Exhibit 3(i) to the Company’s Quarterly Report on Form 10-Q filed on November 13, 2001. | |||||||||||||
| Bylaws, as amended through November 2, 2022. | Incorporated by reference to Exhibit 3(ii) to the Company’s Annual Report on Form 10-K filed on February 14, 2023. | |||||||||||||
| Form of 4.829% Notes due 2031. | Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on August 10, 2026 | |||||||||||||
| Form of 5.269% Notes due 2036. | Incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on August 10, 2026 | |||||||||||||
| Offer Letter dated as of July 17, 2026, by and between the Company and Jeffrey Rowe. | Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on July 23, 2026. | |||||||||||||
| Certification of Principal Executive Officer pursuant to Rule 13a–14(a) and Rule 15d–14(a) of the Securities Exchange Act of 1934, as amended. | Filed herewith. | |||||||||||||
| Certification of Principal Financial Officer pursuant to Rule 13a–14(a) and Rule 15d–14(a) of the Securities Exchange Act of 1934, as amended. | Filed herewith. | |||||||||||||
| Certification of Principal Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | Furnished herewith. | |||||||||||||
| Certification of Principal Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | Furnished herewith. | |||||||||||||
| (101) | Inline XBRL file set for the Consolidated Financial Statements and accompanying notes in Part I, Item 1, “Financial Statements” and for the information under Part II, Item 5, “Other Information” of this Quarterly Report on Form 10-Q. | Filed herewith. | ||||||||||||
| (104) | Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL file set. | Filed herewith. | ||||||||||||
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| ARCHER-DANIELS-MIDLAND COMPANY | ||||||||
| (Registrant) | ||||||||
| Dated: | November 3, 2026 | /s/ M. Patolawala | ||||||
| M. Patolawala | ||||||||
| Chief Financial Officer | ||||||||
| (Principal Financial Officer and Duly Authorized Officer) | ||||||||
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Exhibit 31.1
RULE 13a – 14(a)/15d-14(a) CERTIFICATION
I, J. R. Luciano, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Archer-Daniels-Midland Company;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 3, 2026
| /s/ J. R. Luciano | |||||
| J. R. Luciano | |||||
| Chair of the Board of Directors, President and Chief Executive Officer | |||||
Exhibit 31.2
RULE 13a – 14(a)/15d-14(a) CERTIFICATION
I, M. Patolawala, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Archer-Daniels-Midland Company;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 3, 2026
| /s/ M. Patolawala | |||||
| M. Patolawala | |||||
| Chief Financial Officer | |||||
Exhibit 32.1
SECTION 1350 CERTIFICATION
In connection with the Quarterly Report of Archer-Daniels-Midland Company (the “Company”) on Form 10-Q for the quarter ended September 30, 2026 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, J. R. Luciano, Chair of the Board of Directors, President and Chief Executive Officer of the Company, certify that:
(i)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(ii)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: November 3, 2026
| /s/ J. R. Luciano | |||||
| J. R. Luciano | |||||
| Chair of the Board of Directors, President and Chief Executive Officer | |||||
Exhibit 32.2
SECTION 1350 CERTIFICATION
In connection with the Quarterly Report of Archer-Daniels-Midland Company (the “Company”) on Form 10-Q for the quarter ended September 30, 2026 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, M. Patolawala, Chief Financial Officer of the Company, certify that:
(i)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(ii)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: November 3, 2026
| /s/ M. Patolawala | |||||
| M. Patolawala | |||||
| Chief Financial Officer | |||||