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ADMArcher Daniels Midland

Consumer staples · Agricultural Products · NYSE

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FY2025 at a glance

Sales down 6.2%, free cash flow up to $4.2B

XBRL, from each 10-K

RevenueStatements ↓

$80.3B

from $85.5B in FY2024

FY2016FY2025

Net incomeStatements ↓

$1.1B

from $1.8B in FY2024

FY2016FY2025

Free cash flowStatements ↓

$4.2B

from $1.2B in FY2024

FY2016FY2025

EPS (diluted)Statements ↓

$2.23

from $3.65 in FY2024

FY2016FY2025

Total debtStatements ↓

$8.4B

from $10.2B in FY2024

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (36, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	5.12	Sales (ttm)	84.1B	Net income (ttm)	2.5B	Sales growth	-6.2%	EPS growth	-38.9%	Sales Q/Q	+9.6%
Free cash flow	346.0M	Gross margin	7.4%	Oper. margin	-	Net margin	3.0%	FCF margin	0.4%	ROE	10.4%
ROA	4.5%	R&D / sales	0.3%	Dividend	2.04	Debt/Eq	0.37	Curr. ratio	1.45	Cash	711.0M
Op. cash flow (ttm)	1.5B	Net debt	8.0B	Quick ratio	0.94	Payout ratio	91.5%	Tax rate	14.5%	Stock pay / sales	0.1%
Shares out.	475.9M	Shares Y/Y	-1.8%	Book / share	50.13	Cash / share	1.49	Sales / share	176.63	Asset turnover	1.52
Inventory turns	7.26	Days sales out.	14	Sales 3Y CAGR	-7.5%	Sales 5Y CAGR	+4.5%	EPS 3Y CAGR	-33.9%	EPS 5Y CAGR	-6.7%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Free cash flow rose 243%$1.2B → $4.2B · Cash from operations − capital expenditure · 10-K ↗

What management wrote about it → · Every company →

ADM against Consumer staples peers

Ten years, side by side → · All 34 →

ADMPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 34 companies, the better end on the right. Hover a dot for the company.

Sales growth

-6.2%32nd of 33 · median +2.1%

Net margin

3.0%24th of 33 · median 8.0%

Return on equity

10.4%21st of 29 · median 18.6%

Free cash flow margin

0.4%32nd of 33 · median 10.7%

Debt / equity (less is better)

0.374th of 29 · median 0.82

ADM and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
ADM Archer Daniels Midland	$84.1B	-6.2%	7.4%	3.0%	10.4%	0.4%	0.37
TGT Target Corporation	$107.7B	-1.7%	29.3%	4.1%	24.6%	4.1%	0.86
PEP PepsiCo	$98.2B	+2.3%	54.2%	11.1%	48.9%	10.7%	2.13
BG Bunge Global	$93.5B	+32.4%	5.1%	1.2%	7.1%	-2.8%	1.03
PG Procter & Gamble	$87.9B	+3.3%	49.8%	18.2%	29.0%	17.4%	0.70
SYY Sysco	$85.1B	+3.9%	18.5%	2.1%	44.7%	2.6%	3.42

Where each dollar goes

FY2021FY2022FY2023FY2024FY2025

From $85.2B of sales to $2.7B of profit

FY2021, from the 10-K income statement

Swipe sideways for the whole flow →

From $101.6B of sales to $4.3B of profit

FY2022, from the 10-K income statement

Swipe sideways for the whole flow →

From $93.9B of sales to $3.5B of profit

FY2023, from the 10-K income statement

Swipe sideways for the whole flow →

From $85.5B of sales to $1.8B of profit

FY2024, from the 10-K income statement

Swipe sideways for the whole flow →

From $80.3B of sales to $1.1B of profit

FY2025, from the 10-K income statement

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021

$93

FY2022

$93

FY2023

$92

FY2024

$93

FY2025

$94

Cost of revenue
Costs, tax, other
Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

1 of 4

!
Net margin below the peer median3.0% vs 8.0%
!
Gross margin down over 5 years6.9% → 6.3%
!
Return on equity below 15%10.4%
✓
A profit in every one of 10 years

Net margin, FY2016 to FY2025: 2.1% → 1.3%

Balance sheet

2 of 3

✓
Debt smaller than equityDebt / equity 0.37 on the latest balance sheet (peer median 0.82)
✓
Current assets cover current liabilitiesCurrent ratio 1.45
!
Net debt over 3 years of free cash flow$8.0B net debt, 23.2 years

Debt / equity at each year end, FY2016 to FY2025: 0.40 → 0.37

What the debt is made of ↓

Cash and shareholders

3 of 4

!
Free cash flow positive in 5 of 10 years$4.2B last year
✓
Share count down over 5 years−14.3%
✓
Dividend per share up over 5 years$1.44 → $2.04
✓
Cash from operations above net income$5.5B vs $1.1B

Free cash flow, FY2016 to FY2025: -7.4B → 4.2B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$7.9B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 80.3B Net income 1.1B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

ADM's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue80.3B

Net income1.1B

Free cash flow4.2B

EPS (diluted)2.23

Dividend per share2.04

Diluted shares484.0M

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Carbohydrate Solutions	8.5B	10.6%	-5.3%
Ag Servicesand Oilseeds	8.5B	10.6%	+11.6%
Nutrition	7.5B	9.4%	+2.2%

10-K 0000007084-26-000011, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
United States	31.2B	38.8%	-7.1%
Switzerland	17.8B	22.2%	-10.5%
Other Foreign	15.2B	19.0%	-3.0%
Cayman Islands	6.1B	7.6%	+8.7%
Brazil	3.4B	4.2%	+0.1%
Mexico	2.7B	3.4%	-14.6%
United Kingdom	2.1B	2.6%	-3.2%
Canada	1.8B	2.2%	-14.0%

10-K 0000007084-26-000011, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	62.3B	60.8B	64.3B	64.7B	64.4B	85.2B	101.6B	93.9B	85.5B	80.3B
Cost of revenue	58.7B	57.3B	60.2B	60.5B	59.9B	79.3B	94.0B	86.4B	79.8B	75.2B
Gross profit	3.6B	3.5B	4.2B	4.1B	4.5B	6.0B	7.6B	7.5B	5.8B	5.0B
R&D	123.0M	129.0M	141.0M	154.0M	160.0M	171.0M	216.0M	256.0M	269.0M	246.0M
SG&A	2.0B	2.0B	2.2B	2.5B	2.7B	3.0B	3.4B	3.5B	3.7B	3.6B
Interest expense	293.0M	330.0M	364.0M	402.0M	339.0M	265.0M	396.0M	647.0M	706.0M	612.0M
Pretax income	1.8B	1.6B	2.1B	1.6B	1.9B	3.3B	5.2B	4.3B	2.3B	1.3B
Income tax	534.0M	7.0M	245.0M	209.0M	101.0M	578.0M	868.0M	828.0M	476.0M	182.0M
Net income	1.3B	1.6B	1.8B	1.4B	1.8B	2.7B	4.3B	3.5B	1.8B	1.1B
EPS (diluted)	2.16	2.79	3.19	2.44	3.15	4.79	7.71	6.43	3.65	2.23
Diluted shares	591.0M	572.0M	567.0M	565.0M	565.0M	566.0M	563.0M	542.0M	493.0M	484.0M
Depreciation & amortization	900.0M	924.0M	941.0M	993.0M	976.0M	996.0M	1.0B	1.1B	1.1B	1.2B
Gross margin	5.8%	5.8%	6.5%	6.4%	6.9%	7.0%	7.5%	8.0%	6.8%	6.3%
Net margin	2.1%	2.6%	2.8%	2.1%	2.8%	3.2%	4.3%	3.7%	2.1%	1.3%
Revenue growth	-	-2.4%	+5.8%	+0.5%	-0.5%	+32.5%	+19.1%	-7.5%	-8.9%	-6.2%
EPS growth	-	+29.2%	+14.3%	-23.5%	+29.1%	+52.1%	+61.0%	-16.6%	-43.2%	-38.9%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	619.0M	804.0M	2.0B	852.0M	666.0M	943.0M	1.0B	1.4B	611.0M	1.0B
Short-term investments	-	0	6.0M	-	-	-	-	-	-	-
Receivables	1.9B	1.9B	2.2B	2.3B	2.8B	3.3B	4.9B	4.2B	3.7B	3.0B
Inventory	8.8B	9.2B	8.8B	9.2B	11.7B	14.5B	14.8B	12.0B	11.6B	10.4B
Current assets	21.0B	19.9B	20.6B	21.3B	27.3B	31.9B	35.4B	29.8B	27.7B	26.7B
Property & equipment	9.8B	10.1B	10.0B	10.1B	9.8B	9.8B	9.9B	10.5B	10.8B	11.2B
Goodwill	2.2B	2.4B	2.5B	3.4B	3.5B	4.2B	4.2B	4.1B	4.5B	4.8B
Total assets	39.8B	40.0B	40.8B	44.0B	49.7B	56.1B	59.8B	54.6B	53.3B	52.4B
Accounts payable	3.6B	3.9B	3.5B	3.7B	4.5B	6.4B	7.8B	6.3B	5.5B	5.2B
Current liabilities	13.2B	12.6B	11.8B	13.7B	18.2B	21.9B	24.2B	18.7B	19.9B	19.5B
Total debt	6.9B	7.5B	8.4B	8.9B	9.9B	9.5B	9.2B	8.4B	10.2B	8.4B
Shareholders' equity	17.2B	18.3B	19.0B	19.2B	20.0B	22.5B	24.3B	24.1B	22.2B	22.7B
Retained earnings	17.4B	17.6B	18.5B	19.0B	19.8B	21.7B	23.6B	23.5B	21.9B	22.0B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	-6.5B	-6.0B	-4.8B	-5.5B	-2.4B	6.6B	3.5B	4.5B	2.8B	5.5B
Capital spending	882.0M	1.0B	842.0M	828.0M	823.0M	1.2B	1.3B	1.5B	1.6B	1.2B
Free cash flow	-7.4B	-7.0B	-5.6B	-6.3B	-3.2B	5.4B	2.2B	3.0B	1.2B	4.2B
Stock-based pay (added back)	74.0M	66.0M	109.0M	89.0M	151.0M	161.0M	147.0M	112.0M	74.0M	83.0M
Dividends paid	701.0M	730.0M	758.0M	789.0M	809.0M	834.0M	899.0M	977.0M	985.0M	987.0M
Buybacks	1.0B	750.0M	77.0M	150.0M	133.0M	0	1.4B	2.7B	2.3B	0
Acquisitions	130.0M	187.0M	464.0M	1.9B	15.0M	1.6B	22.0M	23.0M	927.0M	108.0M
Debt raised	-	-	-	-	1.8B	1.3B	752.0M	501.0M	-	-
Debt repaid	14.0M	835.0M	30.0M	626.0M	2.1B	534.0M	482.0M	963.0M	1.0M	772.0M
Investing cash flow	6.9B	7.3B	6.6B	5.3B	4.5B	-2.7B	-1.4B	-1.5B	-2.7B	-1.0B
Financing cash flow	-579.0M	-1.0B	187.0M	-660.0M	-423.0M	-1.1B	-2.5B	-4.6B	-1.5B	-2.9B
Dividend per share	1.20	1.28	1.34	1.40	1.44	1.48	1.60	1.80	2.00	2.04

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	74.0M	66.0M	109.0M	89.0M	151.0M	161.0M	147.0M	112.0M	74.0M	83.0M
Stock-based pay / revenue	0.1%	0.1%	0.2%	0.1%	0.2%	0.2%	0.1%	0.1%	0.1%	0.1%
Operating lease cost	-	-	-	275.0M	315.0M	336.0M	356.0M	390.0M	410.0M	430.0M
Operating lease cash paid	-	-	-	209.0M	302.0M	325.0M	339.0M	374.0M	397.0M	415.0M
Right-of-use assets	-	-	-	971.0M	1.1B	1.0B	1.1B	1.2B	1.4B	1.3B
Operating lease liabilities	-	-	-	996.0M	1.1B	1.0B	1.1B	1.2B	1.4B	1.3B

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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