tickdelta
tickdelta
Sign in

Tickdelta is free for now. Sign up and get Pro free

← Screener

ADMArcher Daniels Midland

Consumer staples · Agricultural Products · NYSE
ADM quote by TradingView
Compare with peers → Embed
The 10-K against last year's

204 changes: 58 added, 65 removed, 79 reworded, 2 quiet changes

10-K Feb 17, 2026 vs Feb 20, 2025
Risk FactorsRedline ↓
46.6%
of the text changed · 7,608 words now
MD&ARedline ↓
44.1%
of the text changed · 8,281 words now
Legal ProceedingsRedline ↓
57.3%
of the text changed · 3,722 words now
Accounting PoliciesRedline ↓
22.6%
of the text changed · 4,993 words now

10-K 0000007084-26-000011 (2026-02-17) vs 10-K 0000007084-25-000011 (2025-02-20)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Legal Proceedings 220 words changed in this paragraph; it is 38% similar to last year's version.
Also Also, as previously disclosed, beginning on March 29, 2024, purported stockholders of the Company filed a number of related derivative lawsuits against certain current and former officers and directors of the Company, seeking unspecified damages. The derivative litigation is now initial actions were consolidated in the U.S. District Court for the District of Delaware. Defendants Separately, on January 14, 2025, a purported stockholder served a litigation demand on the Company’s Board of Directors, demanding that legal proceedings be brought against certain current and former officers and directors of the Company. On March 28, 2025, this stockholder filed a motion derivative lawsuit in the Court of Chancery of the State of Delaware (the “Court of Chancery”) against such current and former officers and directors of the Company (the “Litigation Demand Action”). Several other purported stockholders who did not make pre-suit demands filed additional derivative lawsuits in the Chancery Court of Delaware against certain current and former officers and directors of the Company, seeking unspecified damages; these actions have been consolidated in the Court of Chancery. The Litigation Demand Action was not included in the consolidation. On April 14, 2025, a purported stockholder filed a derivative lawsuit in the U.S. District Court for the Northern District of Illinois against certain current and former officers and directors of the Company, seeking unspecified damages; that action has been transferred to dismiss and consolidated with the consolidated complaint, which remains pending. action in the U.S. District Court for the District of Delaware. On July 3, 2025, a purported stockholder filed a lawsuit to compel inspection of ADM’s books and records. The Company is unable to predict the final outcome of this proceeding these proceedings with any reasonable degree of certainty.

Source: Item 3, via Note 20 – Legal Proceedings, 10-K 0000007084-26-000011 vs Item 3, via Note 20 – Legal Proceedings, 10-K 0000007084-25-000011

Risk Factors 204 words changed in this paragraph; it is 50% similar to last year's version.
As the The Company executes its growth strategy, through both is also focused on organic and inorganic growth, it may encounter growth and its success in achieving growth could be adversely affected by a broad range of risks which that could result in increased costs, decreased revenues, and delayed synergies. ADM’s growth also depends in part on innovation in products, processes and services. The Company’s ability to realize the anticipated benefits of its R&D efforts and other investments depends on a variety of factors, and may not result in new products and services at a rate or of a quality sufficient to gain market acceptance. In addition, the markets for these products may not develop or grow as the Company anticipates. Growth in new geographies outside the U.S. can expose the Company to volatile economic, political, and regulatory risks that may negatively impact its operations and ability to achieve its growth strategy. Expanding businesses where the Company has limited presence may expose the Company to risks related to the inability to identify an appropriate partner or target and favorable terms, inability to retain/hire strategic talent, or integration risks that may require significant management resources that would have otherwise been available for ongoing growth or operational initiatives. Acquisitions may involve unanticipated delays, costs, and other problems. Due diligence performed prior to an acquisition may not identify a material liability or issue that could impact the Company’s reputation or adversely affect results of operations resulting in a reduction of the anticipated acquisition benefits. Additionally, acquisitions may involve integration risks such as: internal control effectiveness, system integration risks, the risk of impairment charges related to goodwill and other intangibles, ability to retain acquired employees, and other unanticipated risks. The Company may fail to realize the operational or financial benefits expected from acquisitions, which may impact the Company’s growth strategy.

Source: Item 1A, 10-K 0000007084-26-000011 vs Item 1A, 10-K 0000007084-25-000011

MD&A 154 words changed in this paragraph; it is 33% similar to last year's version.
The decrease increase in cash provided by operating activities in 2024 2025 compared to 2023 2024 was primarily driven due to changes in net working capital, partially offset by lower earnings in the current year and changes in net working capital. year. Changes in net working capital were driven by changes in segregated investments, changes in inventory, changes in trade payables and changes in payables to brokerage customers. Segregated investments increased $693 million in the current year compared to an increase of $194 million in the prior year, driven by higher interest rates. Inventories decreased $162 million in the current year reflecting lower commodity pricing, customers and segregated investments, partially offset by increased volumes of on-hand inventories compared to a decrease of $2.9 billion changes in the prior-year, reflecting lower commodity pricing. Trade payables decreased $719 million in the current year compared to a decrease of $1.5 billion in the prior year, reflecting lower commodity pricing. Brokerage payables decreased $78 million in the current year compared to a decrease of $2.1 billion in the prior year which was driven by decreased trading activity in the Company’s futures commission accrued expenses and brokerage business. other payables.

Source: Item 7, 10-K 0000007084-26-000011 vs Item 7, 10-K 0000007084-25-000011

Accounting Policies 101 words changed in this paragraph; it is 52% similar to last year's version.
Archer-Daniels-Midland Company and its subsidiaries (the "Company" or "ADM") unlock 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, offering one of the industry's broadest portfolios of ingredients and solutions from nature. The Company is as well as a trailblazer leader in health and well-being, with an industry-leading range of products for consumers looking for new ways to live healthier lives. ADM is a cutting-edge innovator, guiding the way to a future of new consumer and industrial solutions. ADM is a leader in sustainability, scaling across entire value chains to help decarbonize the multiple industries it serves. Around the globe, the Company's innovation and expertise are meeting critical needs while nourishing quality of life and supporting a healthier planet. well-being products.

Source: Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0000007084-26-000011 vs Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0000007084-25-000011

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of ADM's Risk Factors and MD&A, 10-K 2026-02-17 against 10-K 2025-02-20. Each links to the text at sec.gov.

All 204 Added 58Removed 65Reworded 79Quiet changes 2

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
As part of its broader strategy, the Company is focused on operational excellence and driving targeted cost reductions. The Company has implemented plans to improve the performance of its manufacturing and production facilities, increase operating leverage within the Nutrition segment, and reduce third party spend and selling, general, and administrative expenses. The success of these plans, and any future related plans, depend on a broad range of factors. The Company’s ability to improve its cost structure depends on reducing its manufacturing, delivery and administrative costs, as well as having cost-effective purchasing programs for raw materials, energy and related manufacturing requirements, all of which are subject to risks and uncertainties and may not be successful. The Company’s working capital requirements are directly affected by the price of global commodities, which may fluctuate significantly and change quickly. The implementation of these plans may be more difficult, costly, or time-consuming than expected, and may not result in any or all of the anticipated benefits, which could adversely affect the Company’s business, results of operations and financial condition.

Read it in 10-K 2026-02-17 at sec.gov ↗

AddedRisk Factors
In addition, ADM proactively reviews its portfolio of businesses to identify opportunities to simplify and optimize its portfolio and enhance shareholder value. As a result, from time to time, the Company seeks to divest certain of its assets or businesses by selling them or entering into joint ventures. The Company’s ability to successfully complete a divestiture or joint venture transaction will depend on, among other things, its ability to identify buyers or joint venture partners that are prepared to acquire and successfully operate such assets or businesses on acceptable terms, and on the Company's ability to adjust and optimize its retained businesses following the divestiture. These transactions may involve unanticipated delays, costs, and other problems, and senior management may be required to divert attention away from other aspects of ADM’s businesses to address these problems.

Read it in 10-K 2026-02-17 at sec.gov ↗

AddedRisk Factors
ADM’s assets and operations could be subject to extensive property damage, business disruption, loss in value, nationalization, and expropriation as a result of geopolitical conflicts, acts of terrorism (e.g. purposeful adulteration of the Company’s products), war, and piracy, as well as any sanctions or embargoes resulting from these events. These events can disrupt trade flows, damage infrastructure, limit access to raw materials, reduce customer demand, or impede the Company’s ability to operate facilities or move product. They also may trigger macroeconomic volatility, including fluctuations in commodity prices, interest rates, and foreign exchange rates, which can negatively affect margins, inventory values, and hedging positions. Further, compliance with rapidly evolving sanction regimes may require operational adjustments and could increase the risk of inadvertent violations.

Read it in 10-K 2026-02-17 at sec.gov ↗

AddedRisk Factors
The Company has historically benefited from the free flow of agricultural and food and feed ingredient products from the U.S. and other sources to markets around the world. Increases in tariff and restrictive trade policies around the world has, and could, negatively impact the Company’s ability to enter certain markets or the price of products may become less competitive in those markets. For example, the Company’s results of operations were impacted by changes in and uncertainty relating to global trade and tariffs in 2025, and the resulting trade flow disruptions, such as U.S. soybean trade with China, as well as the deferral of U.S. biofuel policy with respect to renewable volume obligations (RVO), and the resulting uncertainty which impacted demand for soybean oil and other feedstocks.

Read it in 10-K 2026-02-17 at sec.gov ↗

AddedRisk Factors
The Company’s business depends on the quality and safety of the agricultural commodities, ingredients, food, feed, nutritional products, and other products it sources, manufactures, processes, stores, transports, and sells. As a result, the Company is exposed to a wide range of food quality and safety risks. ADM must comply with U.S. and non-U.S. federal, state, and local regulations on food safety, quality, manufacturing and labeling. Certain of the Company’s products may require regulatory approvals, pre‑market notifications, or ongoing compliance with evolving or uncertain regulatory frameworks in multiple jurisdictions. Further, regulatory scrutiny and standards in the food, feed, and nutrition sectors continue to evolve, such as the ongoing review by regulatory authorities in the EU and other jurisdictions of the safety and permitted uses of specified chemicals. Any failure to comply with applicable laws and regulations or changes in regulatory interpretations, standards, or enforcement priorities could restrict the Company’s ability to manufacture, market, or sell certain products, increase compliance costs, or require product reformulation or withdrawal from certain markets, and could subject ADM to substantial fines, administrative sanctions, criminal penalties, litigation, and other liabilities, as well as damage to its reputation. The Company’s liability which could result from noncompliance and other risks may not be covered by, or could exceed liability insurance related to product liability and food safety matters.

Read it in 10-K 2026-02-17 at sec.gov ↗

AddedRisk Factors
The Company also is subject to extensive U.S. and non-U.S. federal, state, and local occupational health and safety, environmental and other regulatory requirements. Any failure to comply with applicable laws and regulations may subject ADM to substantial fines, administrative sanctions, criminal penalties, revocations of operating permits and/or shutdowns of its facilities, litigation, and other liabilities, as well as damage to its reputation. Further, ADM may be subject to environmental liabilities for past operations at current facilities and in some cases to liabilities for past operations at facilities that it no longer owns, operates or uses. The Company may also be subject to liabilities for operations of acquired companies. The Company’s operational activities can also result in serious accidents that could result in personal injuries, facility shutdowns, reputational harm to our business and/or require the expenditure of significant amounts to remediate safety issues or repair damaged facilities.

Read it in 10-K 2026-02-17 at sec.gov ↗

AddedRisk Factors
The Company is subject to various evolving, and sometimes inconsistent, United States federal, state, local and non-U.S. regulations related to ESG matters, including regulations related to the production of greenhouse gas (GHG) emissions. Some of these regulations establish specific metrics, targets, and disclosure frameworks for a variety of ESG issues, including environmental sustainability, supply chain labor practices, deforestation, workforce health and safety, proper handling of chemicals or materials, among others. Compliance with these changing and sometimes divergent ESG laws in a timely manner could, among other things, increase raw material, administrative, compliance or other costs, require the Company to make changes to its business operations or strategies, or require the Company to make additional investments in its facilities or equipment. Further, it is difficult to predict the potential impact and timing of any new or additional legislation, regulations or agreements related to climate change or other ESG matters.

Read it in 10-K 2026-02-17 at sec.gov ↗

AddedRisk Factors
The Company has programs and policies in place that are aimed at expanding responsible practices while reducing its environmental footprint. The Company has also established ESG related goals and objectives. The Company may be required to make investments and incur costs to implement these programs and policies that are significant or higher than anticipated,

Read it in 10-K 2026-02-17 at sec.gov ↗

Show the other 66
AddedRisk Factors
ADM may not be able to achieve the goals and objectives, and ADM may not realize, on a timely basis or at all, the anticipated benefits of these investments and actions, any of which could adversely impact the Company’s reputation and business.

Read it in 10-K 2026-02-17 at sec.gov ↗

AddedRisk Factors
The Company’s goals and stakeholder expectations relating to ESG-related matters and sustainable practices may expose the Company to increased costs, reputational harm and other risks.

Read it in 10-K 2026-02-17 at sec.gov ↗

AddedRisk Factors
The Company has established and publicly announced certain goals and strategies related to sustainable practices and other ESG-related issues, which may be refined in the future. The execution of the Company’s strategy to achieve these goals is subject to risks and uncertainties, many of which may be outside of ADM’s control and may prove to be more costly than anticipated. Any failure, or perceived failure, to achieve these goals or the setting or publication of certain goals or objectives could damage the Company’s reputation or may expose the Company to regulatory risks. Additionally, recent changes to governmental and investor perspectives on ESG matters could affect the Company's ability to pursue its sustainability and ESG-related goals and the Company may face criticism as a result of ‘anti-ESG’ sentiment among certain stakeholders, which may adversely impact the Company’s reputation, business, cash flows, and results of operations.

Read it in 10-K 2026-02-17 at sec.gov ↗

AddedRisk Factors
In addition, the competitive dynamics of the Company’s markets are subject to geopolitical and related risks, including the governments of countries and regions working with ADM's competitors to address trade flow restrictions or develop their own local or regional capacity.

Read it in 10-K 2026-02-17 at sec.gov ↗

RemovedRisk Factors
As previously disclosed, following a voluntary document request from the SEC relating to intersegment sales between the Company’s Nutrition reporting segment and the Company’s Ag Services and Oilseeds and Carbohydrate Solutions reporting segments, the Company conducted an internal investigation into certain accounting practices and procedures with respect to its Nutrition reporting segment, including as related to certain intersegment sales (the “Investigation”).

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedRisk Factors
The Company had historically disclosed in the footnotes to its financial statements that intersegment sales have been recorded at amounts approximating market. In connection with the Investigation, the Company identified certain intersegment sales that occurred between the Company’s Nutrition reporting segment and the Company’s Ag Services and Oilseeds and Carbohydrate Solutions reporting segments that were not recorded at amounts approximating market. The Company corrected those errors in its fiscal year 2023 Form 10-K, along with subsequently identified errors that the Company corrected in an amendment to its Annual Report on Form 10‑K for the fiscal year ended December 31, 2023 (the “FY2023 10-K/A”), and its Form 10-Qs for the first and second quarters of 2024, all of which were filed on November 18, 2024, to restate the segment disclosures included in those filings.

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedRisk Factors
As a result of the Investigation, correction of identified errors and related events, the Company has experienced, and may continue to experience, a number of adverse impacts and risks, including, but not limited to:

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedRisk Factors
–the Company’s Board of Directors and senior management have been required to devote significant time to the Investigation, the correction of certain segment-specific historical financial information and related matters, resulting in potential management distraction from the operation of the business;

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedRisk Factors
–the price of the Company’s common stock has declined significantly, has been subject to fluctuations and could continue to fluctuate upon further announcements or actions;

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedRisk Factors
–the Company is facing securities litigation and could face additional litigation under federal and state securities laws or other claims arising from the Investigation, such litigation can be costly to defend, and if decided against the Company, such litigation could require the Company to pay substantial judgments or settlements;

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedRisk Factors
–the three major credit rating agencies have maintained the Company’s credit ratings at investment grade levels with a negative outlook; however, if the ratings are downgraded, the Company’s access to the credit markets and its ability to fund its working capital and capital expenditures may be affected.

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedRisk Factors
In addition, although the Company has taken certain actions in response to the findings of the Investigation, the Company could take new or different actions in addition to those taken to date if it determines those actions are appropriate. Such actions are uncertain and could have a material adverse impact on the Company’s business and the price of its common stock.

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedRisk Factors
As previously disclosed, and as described more fully in Part II. Item 8. Note 20. Legal Proceedings of this report, the Company is under investigation by the United States Securities and Exchange Commission (“SEC”) and the Department of Justice (“DOJ”) relating to, among other things, intersegment sales between the Company’s Nutrition reporting segment and the Company’s Ag Services and Oilseeds and Carbohydrate Solutions reporting segments. The Company cannot predict when the SEC and DOJ investigations will be completed, nor can it predict the results of these investigations with any reasonable degree of certainty. Expenses incurred in connection with these investigations (which include substantial fees of lawyers and other professional advisors and potential obligations to indemnify officers and directors who are parties to these investigations) could adversely affect the Company’s results of operations and liquidity position. The Company may be required to pay material fines, consent to injunctions on future conduct or be subject to other penalties, each of which could have a material adverse effect on its business, results of operations, financial condition and liquidity. These government investigations also may adversely affect the Company’s ability to obtain, and/or increase the cost of obtaining, directors’ and officers’ liability insurance and/or other types of insurance. In addition, the findings and outcomes of the Investigation as well as the government investigations could result in additional litigation or actions taken by third parties against the Company. The effects and results of such other litigation or actions may have a materially adverse effect on the Company’s business, results of operations, financial condition and liquidity.

Read it in 10-K 2025-02-20 at sec.gov ↗

RewordedRisk Factors
The assets These events and operations of the Company could be subject to unplanned downtime or extensive property damage and business disruption from various events which factors include, but are not limited to, equipment failure, raw material shortages, natural disasters, severe adverse weather conditions, accidents, explosions, fires, environmental events, strikes or other labor or industrial disputes, war or acts of terrorism, cybersecurity attacks, or other unexpected outages.

Read it in 10-K 2026-02-17 at sec.gov ↗

RewordedRisk Factors
Food or feed risks derived from quality issues or off label product usage, The Company is subject to a wide range of food safety and quality, manufacturing and labeling, occupational health and safety issues, safety, environmental, and ineffective diversification programs other regulatory requirements which may expose the Company to certain regulatory or reputational risks.

Read it in 10-K 2026-02-17 at sec.gov ↗

RewordedRisk Factors
As the The Company executes its growth strategy, through both is also focused on organic and inorganic growth, it may encounter growth and its success in achieving growth could be adversely affected by a broad range of risks which that could result in increased costs, decreased revenues, and delayed synergies.

Read it in 10-K 2026-02-17 at sec.gov ↗

RewordedRisk Factors
The Company’s carbon capture and sequestration operations storage (CCS) operations, through which ADM is able to capture and store CO2, are also subject to potential risks and uncertainties, including complying with complex and evolving regulations, obtaining and maintaining permits and regulatory approvals, and managing operational challenges. challenges, which could have an adverse effect on its reputation, business and results of operations.

Read it in 10-K 2026-02-17 at sec.gov ↗

RewordedRisk Factors
Regulations Risks relating to regulations specifically affecting the agricultural sector and related industries; regulatory policies or matters industries, as well as those that affect a variety of businesses; the Company’s other business and taxation polices practices, could adversely affect the Company’s business, reputation and operating results.

Read it in 10-K 2026-02-17 at sec.gov ↗

RewordedRisk Factors
Economic downturns and volatile market conditions could adversely affect the Company’s operating results and ability to execute its long-term business strategies, although the nature of many of the Company’s products (i.e. food and feed ingredients) is less sensitive to demand reductions in any economic downcycle. strategies.

Read it in 10-K 2026-02-17 at sec.gov ↗

RewordedRisk Factors
The Company’s business is affected by by, among other things, geopolitical and market risks, including fluctuations in agricultural commodity cash prices and derivative prices, transportation costs, energy prices, interest rates, foreign currency exchange rates, and equity markets. markets, as well as operational and other disruptions, and compliance and regulatory exposures.

Read it in 10-K 2026-02-17 at sec.gov ↗

RewordedRisk Factors
Risks related to these investments may include: the financial strength of the investment partner; loss of revenues and cash flows flows, and related gross profit, to the investment partner and related gross profit; partner; the inability to implement beneficial management strategies, including risk management and compliance monitoring, with respect to the investment’s activities; the risk that the Company may not be able to resolve disputes with the partners; the continued fit of such investments relative to the Company’s strategies; and the risk that the Company may not realize the operational or financial benefits expected from the investment.

Read it in 10-K 2026-02-17 at sec.gov ↗

RewordedRisk Factors
The Company may not be able to resolve emergencies disruptions timely or effectively, and the associated liability which could result from these risks may not always be covered by or could exceed liability insurance. insurance, and any insurance proceeds may not be received for several years after an event occurrence.

Read it in 10-K 2026-02-17 at sec.gov ↗

RewordedRisk Factors
The Company’s inability to successfully complete its ongoing implementations of new enterprise resource planning (ERP) systems and upgrades of upgrade its information and operational technology (IT) systems could have a material and adverse effect on the Company’s business, financial condition, and operational results.

Read it in 10-K 2026-02-17 at sec.gov ↗

RewordedRisk Factors
While 64% of the Company’s long-lived assets are in Beyond the United States, the Company also has significant operations in both developed areas (such as Western Europe and Canada) and emerging market areas.

Read it in 10-K 2026-02-17 at sec.gov ↗

RewordedRisk Factors
The Company’s transportation operations are partially dependent upon rail access, diesel fuel and other petroleum-based products. products, as well as on the availability and cost of ocean freight and port operations.

Read it in 10-K 2026-02-17 at sec.gov ↗

AddedMD&A
The Company’s goal is to continue to build and sustain long-term value for its shareholders and customers. The Company has established the following priorities to help achieve its goal:

Read it in 10-K 2026-02-17 at sec.gov ↗

AddedMD&A
•Focus on execution and cost management – ADM seeks to prioritize operational excellence and drive targeted cost reductions through: (1) boosting plant efficiencies; (2) optimizing operating leverage within the Nutrition segment; and (3) reducing third party spend and selling, general, and administrative expenses.

Read it in 10-K 2026-02-17 at sec.gov ↗

AddedMD&A
•Strategic simplification – ADM seeks to enhance returns on invested capital by executing a pipeline of simplification opportunities to optimize our portfolio and organizational structure, including: (1) addressing performance, demand, and capacity challenges; (2) reducing capital expenditures that do not meet the Company’s return objectives; and (3) reducing capability overlaps through synergies, closures, and divestitures.

Read it in 10-K 2026-02-17 at sec.gov ↗

AddedMD&A
•Targeted growth investment – ADM seeks to prioritize organic investment in key strategic initiatives, while also ensuring our businesses are ready for the future, including: (1) plant modernization investments; (2) cost optimization investments; and (3) enterprise system and process enhancements.

Read it in 10-K 2026-02-17 at sec.gov ↗

AddedMD&A
•Deploy capital with discipline – ADM seeks to prudently invest in opportunities while continuing to return value to shareholders through dividends.

Read it in 10-K 2026-02-17 at sec.gov ↗

AddedMD&A
The successful execution of the above priorities is expected to afford ADM the ability to continue investing in future growth that creates value over the long-term. ADM is investing in several key areas such as enhanced nutrition, biotics, biosolutions, precision fermentation, and decarbonization. Each of these development pathways has a different growth profile and timeline for value creation, and each complements our core business and presents the potential for compelling, enduring returns.

Read it in 10-K 2026-02-17 at sec.gov ↗

AddedMD&A
ADM has refined its digital strategy and has pivoted away from large global implementations and toward prioritizing regional, more agile projects. The Company is accelerating its data journey while continuing to invest in cybersecurity and network and application resilience. As a result of this strategy refinement, during the year ended December 31, 2025, the Company recognized an impairment charge of $179 million related to previously capitalized internal-use software. See Part II. Item 8. Financial Statements and Supplementary Data. Note 18. Asset Impairment, Exit, and Restructuring Costs for further information.

Read it in 10-K 2026-02-17 at sec.gov ↗

AddedMD&A
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.

Read it in 10-K 2026-02-17 at sec.gov ↗

AddedMD&A
ADM is focused on scaling regenerative practices in partnership with farmers, 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.

Read it in 10-K 2026-02-17 at sec.gov ↗

AddedMD&A
On February 4, 2025, the Company announced targeted actions expected to deliver in excess of a $500 million of cumulative cost savings in the next 3 to 5 years. These include cost optimization and portfolio simplification initiatives designed to help the Company achieve cost efficiencies. See Note 18. Asset Impairment, Exit, and Restructuring Costs of “Notes to Consolidated Financial Statements” included in Part II. Item 8. Financial Statements and Supplementary Data for additional information regarding restructuring related charges.

Read it in 10-K 2026-02-17 at sec.gov ↗

AddedMD&A
•The closure of the Tres Corações facility based in Brazil, in July 2025. Preparation for the closure resulted in exit and restructuring costs, including impairment of certain assets.

Read it in 10-K 2026-02-17 at sec.gov ↗

AddedMD&A
•The launch in September 2025 of a joint venture, Plainsman Company, with PYCO Industries, Inc., a leader in the local agricultural communities it serves, combining its and ADM’s Lubbock, Texas, cottonseed processing capabilities.

Read it in 10-K 2026-02-17 at sec.gov ↗

RemovedMD&A
The Productivity pillar includes (1) partnering across various global teams including procurement, supply chain, operations, and commercial to optimize costs and improve both production volumes and demand fulfillment across the enterprise; (2) implementation of improved standardized business processes and aggressive management of selling, general, and administrative expenses and Corporate costs; (3) portfolio simplification to improve operational performance; and (4) increased use of technology, data analytics, and automation at production facilities, in offices, and with customers to improve efficiencies and customer service.

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedMD&A
The Innovation pillar includes expansions and investments in (1) the modernization and digitization of our operations network; (2) sustainability-driven innovation, which encompasses the full range of products, solutions, capabilities, and commitments to serve both customer needs and farmer resilience; and (3) growth initiatives, including organic growth with additional capacity to meet growing market demand and strategic objectives.

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedMD&A
The Culture pillar focuses on building capabilities and enabling collaboration, teamwork, and agility from process standardization and digitalization, and bringing new perspectives and expertise to the Company’s decision-making.

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedMD&A
ADM plans to support the three pillars with investments in technology, which include expanding digital capabilities and investing further in research and development.

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedMD&A
Sustainability is a key driver in ADM’s expanding portfolio of environmentally responsible, plant-derived products. Consumers today increasingly expect their food and drink to come from sustainable ingredients, produced by companies that share their values, and ADM is continually finding new ways to meet those needs through its portfolio actions.

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedMD&A
The Company has historically disclosed in the footnotes to its financial statements that intersegment sales have been recorded at amounts approximating market. In connection with the Company’s previously disclosed internal investigation regarding certain accounting practices and procedures with respect to its Nutrition reporting segment, including as related to certain intersegment sales (the “Investigation”) the Company identified certain intersegment sales that occurred between the Company’s Nutrition reporting segment and the Company’s Ag Services and Oilseeds and Carbohydrate Solutions reporting segments that were not recorded at amounts approximating market. The Company corrected those errors in its fiscal year 2023 Form 10-K, along with subsequently identified errors that the Company corrected in an amendment to its Annual Report on Form 10‑K for the fiscal year ended December 31, 2023 (the “FY2023 10-K/A”), and its Form 10-Qs for the first and second quarters of 2024, all of which were filed on November 18, 2024, to restate the segment information disclosure included in those filings.

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedMD&A
As previously disclosed, the Company is under investigation by the United States Securities and Exchange Commission (“SEC”) and the Department of Justice (“DOJ”) relating to, among other things, intersegment sales between the Company’s Nutrition reporting segment and the Company’s Ag Services and Oilseeds and Carbohydrate Solutions reporting segments. The Company is continuing to cooperate with the SEC and DOJ investigations and is unable to predict the outcome of these investigations.

Read it in 10-K 2025-02-20 at sec.gov ↗

RewordedMD&A
Gains (1) (Gain) on sale of assets and businesses (net of tax of $9 million in 2025 and $3 million in 2024 and $5 million in 2023) (1) 2024) (30) (0.06) (8) (0.02) (12) (0.03) Asset impairment, restructuring, Impairment, exit, restructuring charges, and net settlement contingencies (net of tax of $154 million in 2025 and $1 million in 2024 and $57 million in 2023) (1) 2024) 776 1.60 512 1.04 310 0.57 ADM's share of equity method investment non-recurring (gains) and charges, net (91) (0.18) — — Expenses related to acquisitions (net of tax of $2 million in 2024 and $1 million in 2023) (1) 2024) — — 5 0.01 6 0.01 Gain (Gain) on debt conversion option contract termination (net of tax of $0) (1) $17 million in 2025) (52) (0.11) — — (6) (0.01) Certain discrete tax adjustments (2) (21) (0.05) 30 0.06 4 0.01 Total adjustments 582 1.20 539 1.09 Adjusted net earnings and adjusted diluted EPS $ 1,660 $ 3.43 $ 2,339 $ 4.74 $ 3,785 $ 6.98

Read it in 10-K 2026-02-17 at sec.gov ↗

RewordedMD&A
Inventories decreased $162 million Changes in inventories resulted in cash inflow of $1.5 billion in the current year reflecting lower commodity pricing, offset pricing and reductions driven by increased volumes of on-hand inventories working capital reduction initiatives, compared to a decrease an inflow of $2.9 billion $162 million in the prior-year, reflecting lower commodity pricing.

Read it in 10-K 2026-02-17 at sec.gov ↗

RewordedMD&A
Net cash used in investing activities for the year ended December 31, 2024 2025 primarily included additions to property, plant and equipment of $1.6 $1.2 billion, business acquisitions, net of cash acquired of $927 $108 million, proceeds from sales of marketable securities of $277 million, and purchases proceeds from sales of short-term investments, primarily driven by purchases within South America, assets, businesses and investments of $308 $111 million.

Read it in 10-K 2026-02-17 at sec.gov ↗

RewordedMD&A
(1)Interest expense-net increased $51 million expense - net decreased $74 million, driven by increased borrowings and higher reduced short-term borrowings, lower interest rates on the Company’s commercial paper borrowing programs programs, and increased interest expense relating to uncertain favorable settlements of international tax positions. audits.

Read it in 10-K 2026-02-17 at sec.gov ↗

RewordedMD&A
Changes in net working capital were driven by changes in segregated investments, changes in inventory, changes in trade payables and changes in payables to brokerage customers. customers and segregated investments, partially offset by changes in accrued expenses and other payables.

Read it in 10-K 2026-02-17 at sec.gov ↗

RewordedMD&A
Animal Nutrition subsegment results were higher compared to the prior year, as amino acids market recovery, driven by cost optimization efforts and improved margins due to higher margin in feed additives and lower input costs bolstered margins. raw material costs.

Read it in 10-K 2026-02-17 at sec.gov ↗

RewordedMD&A
The decrease increase in cash provided by operating activities in 2024 2025 compared to 2023 2024 was primarily driven due to changes in net working capital, partially offset by lower earnings in the current year and changes in net working capital. year.

Read it in 10-K 2026-02-17 at sec.gov ↗

RewordedMD&A
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, return on invested capital, adjusted economic value added, and operating cash flows before working capital. EBITDA.

Read it in 10-K 2026-02-17 at sec.gov ↗

RewordedMD&A
Brokerage payables decreased $78 million The inflow in the current year compared to a decrease of $2.1 billion in the prior year which was is driven by decreased increased trading activity in the Company’s futures commission and brokerage business.

Read it in 10-K 2026-02-17 at sec.gov ↗

RewordedMD&A
Net cash used in investing activities for the year ended December 31, 2023 2024 included additions to property, plant and equipment of $1.5 billion. $1.6 billion, businesses acquired, net of cash acquired of $927 million and purchase of marketable securities of $308 million.

Read it in 10-K 2026-02-17 at sec.gov ↗

RewordedMD&A
The As of December 31, 2025, the Company expects to make payments related to purchase obligations and other material cash requirements beyond of $12.5 billion within the next twelve months of $15.9 billion. months.

Read it in 10-K 2026-02-17 at sec.gov ↗

RewordedMD&A
The Inflation Reduction Act of 2022 extended introduced the BTC through December 31, 2024 and established a new Clean Fuel Production Credit (CFPC) effective January 1, 2025. (IRC Section 45Z or "45Z").

Read it in 10-K 2026-02-17 at sec.gov ↗

Quiet changesMD&A
The Company's Nutrition segment also primarily utilizes agricultural commodities (or products derived from agricultural commodities) as raw materials.

Read it in 10-K 2026-02-17 at sec.gov ↗

Next Related parties →