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Higher costs and disruptions in our supply chain could have an adverse impact on our sales and profitability.

Item 1A, Risk Factors, 10-K Mar 16, 2026open_in_new

• Modernizing our technology platform, replacing legacy systems, and enhancing our mobile app, human capital management systems, supply chain platforms, and data analytics capabilities.

Item 1A, Risk Factors, 10-K Mar 16, 2026open_in_new

… We continue to take steps to mitigate impacts to our supply chain, operations, technology and assets.

Item 7, MD&A, 10-K Feb 4, 2026open_in_new

… the renegotiation of collective bargaining agreements, have in the past and may in the future cause disruptions to our supply chain, manufacturing or distribution processes. Changes in immigration laws and policies or restrictions could make it more difficult to recruit …

Item 1A, Risk Factors, 10-K Feb 4, 2026open_in_new

Our business results are impacted by our ability to manage disruptions in our global supply chain and/or key office facilities.

Item 1A, Risk Factors, 10-K Feb 23, 2026open_in_new

On July 31, 2025, the Board approved the Strategic Growth and Productivity Program. The program includes initiatives to better align the Company’s organizational structure to support its strategic initiatives, optimize the Company’s global supply chain to drive agility and efficiencies and simplify and streamline its organizational structure to reduce overhead costs.

Item 7, MD&A, 10-K Feb 23, 2026open_in_new

Pascal Montilus is the senior vice president and chief supply chain officer for the Company, a position he has held since January 2025. Prior to joining Clorox, he was an executive vice president - global end to end supply chain at …

10-K, 10-K Aug 7, 2026open_in_new

Supply chain issues can result in product shortages or disruptions to the Company’s business.

10-K, 10-K Aug 7, 2026open_in_new

Changes in our relationships with our vendors or other companies, changes in tax or trade policy, interruptions in our operations or supply chain, and increased commodity or supply chain costs could adversely affect our reputation and results of operations.

Item 1A, Risk Factors, 10-K Mar 11, 2026open_in_new

We expect capital expenditures in 2026 of approximately $5 billion to support our store experience and remodel program, continued investment in supply chain and technology projects, and investment in new stores. We expect to open about 30 new stores during 2026.

Item 7, MD&A, 10-K Mar 11, 2026open_in_new

Our business results depend on our ability to manage disruptions in our global supply chain.

Item 1A, Risk Factors, 10-K Aug 4, 2026open_in_new

Enterprise Markets are responsible for sales and profit delivery in specific countries, supported by SBU-agreed innovation and supply chain plans, along with scaled services like planning, distribution and customer management.

Item 7, MD&A, 10-K Aug 4, 2026open_in_new

Supply Chain Financing - We engage with unaffiliated global financial institutions that offer a voluntary supply chain financing program to some of our suppliers. For further details, see Item 8, Note 20. Supply Chain Financing to our consolidated financial statements.

Item 7, MD&A, 10-K Feb 6, 2026open_in_new

… manufacturing base for nicotine pouches, and existing supply chains that are largely self-contained within their respective trade regions, we currently believe we are well-positioned to mitigate potential supply chain challenges and that the changing tariff environment will not …

Item 7, MD&A, 10-K Feb 6, 2026open_in_new

• risks related to the availability of, and cost inflation in, supply chain inputs, including labor, raw materials, commodities, packaging, and transportation;

Item 7, MD&A, 10-K Jun 9, 2026open_in_new

A significant interruption in the operation of any of our supply chain or distribution capabilities could have an adverse effect on our business, financial condition, and results of operations.

Item 1A, Risk Factors, 10-K Jun 9, 2026open_in_new

Supply of quality water, agricultural, and other raw materials, certain raw and packaging materials purchased under supply contracts; supply chain disruptions and other factors; limited group of certain suppliers

Item 1A, Risk Factors, 10-K Apr 22, 2026open_in_new

• foreign currency exchange rate fluctuations, which may reduce the U.S. dollar value of net sales, earnings, and cash flows from non-U.S. markets or increase our supply chain costs, as measured in U.S. dollars, in those markets;

Item 1A, Risk Factors, 10-K Apr 22, 2026open_in_new

• Supply Chain - We are efficiently and consistently serving customers with the products they need, when and how they need them, through a flexible delivery framework. We are developing a more nimble, accessible and productive supply chain that is better positioned to support our customers.

Item 7, MD&A, 10-K Aug 21, 2026open_in_new

In fiscal 2027, we expect to achieve cost savings benefits through the continued use of technology, including artificial intelligence, and business efficiency initiatives across sales, merchandising, supply chain, and back office functions. Collectively, these efforts are expected to generate approximately …

Item 7, MD&A, 10-K Aug 21, 2026open_in_new

… Changes in laws or regulations that impose new or additional regulatory requirements on food products, such as new or evolving requirements for raw material sourcing, supply chain due diligence, and product labeling and disclosures could increase our cost of doing …

Item 1A, Risk Factors, 10-K Nov 10, 2025open_in_new

… Increased frequency or severity of extreme weather conditions could also impair production capabilities, disrupt our supply chain or impact demand for our products, and could adversely affect operating results. In addition, climate change may require us to make additional unplanned …

Item 1A, Risk Factors, 10-K Nov 10, 2025open_in_new

A disruption in our operations, including supply chain, could adversely affect our business.

Item 1A, Risk Factors, 10-K Aug 19, 2026open_in_new

The increase in gross margin in fiscal 2026 is driven by net benefits from the PRGP, partially offset by unfavorable impacts within manufacturing costs and other, reflecting the impact of inflation on our costs, as well as tariffs. The PRGP benefits were driven by the favorable impact of cost efficiencies within our global supply chain network and reductions in excess inventory.

Item 7, MD&A, 10-K Aug 19, 2026open_in_new

commodity and non-agricultural commodity prices can place more pressures on short-term working capital funding. Conversely, if supplies are abundant and crop production globally outpaces demand for more than one or two crop cycles, price volatility is somewhat diminished. This could result in reduced operating results due to the lack of supply chain dislocations and reduced market spread and basis opportunities.

Item 1A, Risk Factors, 10-K Feb 17, 2026open_in_new

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.

Item 7, MD&A, 10-K Feb 17, 2026open_in_new

Moreover, short term or sustained increases in consumer demand at our customers may exceed our production capacity or otherwise strain our supply chain. Our failure to meet the demand for our products could adversely affect our business and results of operations.

Item 1A, Risk Factors, 10-K Jan 22, 2026open_in_new

Our attempts to offset these pressures through supply chain management initiatives and increases in the selling prices of some of our products may not be successful or may result in reductions in sales volume. To the extent these actions are not sufficient to offset increase costs or result in significant decreases in sales volume, our business, financial condition, or operating results may be adversely affected.

Item 1A, Risk Factors, 10-K Jan 22, 2026open_in_new

Employee turnover, changes in the availability of our workers, and labor shortages in our supply chain have resulted in, and could continue to result in, increased costs and have, and could again, impact our ability to meet consumer demand, both of which could negatively affect our financial condition, results of operations, or cash flows.

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

Moreover, weak economic conditions, recessions, inflation, severe or unusual weather events, pandemics, geopolitical conflicts, public boycotts, as well as other factors, could affect consumer preferences and demand, at times, causing a strain on our supply chain due, in part, to …

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

Disruption of our supply chain, including increased commodity, raw material, packaging, energy, transportation and other input costs, may adversely affect our financial condition or results of operations.

Item 1A, Risk Factors, 10-K Feb 20, 2026open_in_new

… We regularly assess the relevance of our requirements and standards and continually work to improve and refine them across our entire supply chain.

Item 7, MD&A, 10-K Feb 20, 2026open_in_new

Additional regulation in the United States and other countries addressing the risks and impacts of climate change, use of water, and other environmental and social issues could increase our operating costs. Increasing regulation of greenhouse gas emissions could increase the cost of energy, including fuel, required to operate our facilities or transport and distribute our products, thereby substantially increasing the production, distribution, and supply chain costs associated with our products.

Item 1A, Risk Factors, 10-K Jun 12, 2026open_in_new

… In addition, we may incur increased costs and otherwise be negatively affected if a significant portion of our workforce (or the workforces within our distribution or supply chain) cannot work or work effectively, including because of illness, quarantines, “stay at …

Item 1A, Risk Factors, 10-K Jun 12, 2026open_in_new

… Capital expenditures in 2026 are anticipated to support our store growth as well as our remodel and relocation initiatives, including capital outlays for leasehold improvements, fixtures and equipment; the construction of new stores; costs to support and enhance our supply …

Item 7, MD&A, 10-K Mar 20, 2026open_in_new

… If one or more of our current sources of supply became unavailable or no longer offered us acceptable pricing terms, we believe we generally would be able to obtain alternative sources, but it could increase our merchandise costs and supply …

Item 1A, Risk Factors, 10-K Mar 20, 2026open_in_new

(1) Comprised primarily of asset write-offs, equipment relocation expenses, and severance related to supply chain and portfolio optimization.

Item 7, MD&A, 10-K Dec 5, 2025open_in_new

▪ Fuel and transportation costs may become inflated and there may be supply chain shortages and delays, as has occurred in recent years.

Item 1A, Risk Factors, 10-K Dec 5, 2025open_in_new

• Disruption of our manufacturing and distribution operations or supply chain, including increased input costs, may adversely affect our financial condition or results of operations.

Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

Disruption of our manufacturing and distribution operations or supply chain, including increased input costs, may adversely affect our financial condition or results of operations.

Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

Adverse weather conditions, including as a result of climate change, may adversely affect the availability, quality and price of agricultural commodities and agricultural commodity products, as well as our operations, supply chains, and operating results.

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

… A disruption in transportation services as a result of weather conditions, such as low river levels following periods of drought, has historically and may in the future also have an adverse impact on our operations and related supply chains.

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

• We rely on a number of contract manufacturers and suppliers, including sole source contract manufacturers and suppliers for certain products, and supply chain issues may result in product shortages or disruptions to the Company’s business.

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

… Further, in recent years, we have experienced continuing strain on our supply chain network and its ability to meet demands, including from disruptions from pandemics, ongoing conflicts in Ukraine and the Middle East, and other factors. In addition, our supply …

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

the impact of adverse changes in our costs, supply chain, inflation or consumer demand for our products;

Item 7, MD&A, 10-K Feb 27, 2026open_in_new

the impact of military and geopolitical conflicts, including supply chain disruptions, volatility in commodity prices, increased economic uncertainty and escalating geopolitical tensions.

Item 7, MD&A, 10-K Feb 27, 2026open_in_new

Disruption in our global supply chain could negatively affect our business. The products we sell are sourced from a wide variety of domestic and international vendors, and any future disruption in our supply chain or inability to find qualified vendors …

Item 1A, Risk Factors, 10-K Mar 31, 2026open_in_new

Our gross margin rates, as a percentage of sales, were 22.9% in 2025 and 22.3% in 2024. This increase resulted primarily from the sale of our Kroger Specialty Pharmacy business, which has a lower gross margin rate, sourcing improvements, lower shrink, lower supply chain costs and decreased fuel sales, which have a lower gross margin rate, partially offset by increased pharmacy sales, which have a lower gross margin rate, and increased price investments.

Item 7, MD&A, 10-K Mar 31, 2026open_in_new

Pandemics or disease outbreaks, responsive actions taken by governments and others to mitigate their spread, and guest behavior in response to these events, have, and may in the future, adversely affect our business operations, supply chain and financial results.

Item 1A, Risk Factors, 10-K Jun 22, 2026open_in_new

… Inclement weather conditions could damage our facilities, impact our supply chain and the supply chain of our vendors, or could have a significant impact on consumer behavior, travel, and convenience store traffic patterns as well as our ability to operate …

Item 1A, Risk Factors, 10-K Jun 22, 2026open_in_new

… Our suppliers, supply chain service providers and trade customers also rely extensively on information systems. We also have increased the frequency and scale of new technology and systems deployment both directly and through third parties.

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

Current geopolitical and macroeconomic conditions (including tariffs, inflation, labor shortages, supply and demand imbalances and international armed conflicts) are causing worldwide disruptions and delays to supply chains and commercial markets, which limit access to, and increase the cost of, raw …

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

We have made and may continue to make investments and acquisitions to improve the speed, accuracy and efficiency of our supply chains and delivery channels. The effectiveness of these investments can be less predictable than opening new locations and might not provide the anticipated benefits or desired rates of return.

Item 1A, Risk Factors, 10-K Oct 7, 2026open_in_new

… A pandemic could affect certain business operations, demand for our products and services, in-stock positions, costs of doing business, availability of labor, access to inventory, supply chain operations, our ability to predict future performance, exposure to litigation, and our …

Item 1A, Risk Factors, 10-K Oct 7, 2026open_in_new

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