Archer-Daniels-Midland
ADM · NYSEFats & Oils · Fiscal year ends Dec 31
Archer-Daniels-Midland reported revenue of $25B in the fiscal year ended Dec 2025, up 2.4% from the year before. Net income was $1.1B. Operating cash flow of $5.5B less capital expenditure of $1.2B left free cash flow of $4.2B. Net debt was $6.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $85.2B | $27.6B | $25.7B | $24.4B | $25B |
| Cost of revenue | $79.3B | $94B | $86.4B | $79.8B | $75.2B |
| Gross profit | $6B | $7.6B | $7.5B | $5.8B | $5B |
| Research & development | $171M | $216M | $256M | $269M | $246M |
| Selling, general & admin | $3B | $3.4B | $3.5B | $3.7B | $3.6B |
| Interest expense | $265M | $396M | $647M | $706M | $612M |
| Pre-tax income | $3.3B | $5.2B | $4.3B | $2.3B | $1.3B |
| Income tax | $578M | $868M | $828M | $476M | $182M |
| Net income | $2.7B | $4.3B | $3.5B | $1.8B | $1.1B |
| Diluted EPS | 4.79 | 7.71 | 6.43 | 3.65 | 2.23 |
| Diluted shares | 566M | 563M | 542M | 493M | 484M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $943M | $1B | $1.4B | $611M | $1B |
| Receivables | $3.3B | $4.9B | $4.2B | $3.7B | $3B |
| Inventory | $14.5B | $14.8B | $12B | $11.6B | $10.4B |
| Current assets | $31.9B | $35.4B | $29.8B | $27.7B | $26.7B |
| Net PP&E | $9.8B | $9.9B | $10.5B | $10.8B | $11.2B |
| Goodwill | $4.2B | $4.2B | $4.1B | $4.5B | $4.8B |
| Total assets | $56.1B | $59.8B | $54.6B | $53.3B | $52.4B |
| Payables | $6.4B | $7.8B | $6.3B | $5.5B | $5.2B |
| Deferred revenue | $581M | $694M | $626M | $534M | $333M |
| Current liabilities | $21.9B | $24.2B | $18.7B | $19.9B | $19.5B |
| Short-term debt | $570M | $942M | $1M | $674M | $1B |
| Long-term debt | $8B | $7.7B | $8.3B | $7.6B | $6.6B |
| Shareholders' equity | $22.5B | $24.3B | $24.1B | $22.2B | $22.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $6.6B | $3.5B | $4.5B | $2.8B | $5.5B |
| Capital expenditure | $1.2B | $1.3B | $1.5B | $1.6B | $1.2B |
| Free cash flow | $5.4B | $2.2B | $3B | $1.2B | $4.2B |
| Depreciation & amortisation | $996M | $1B | $1.1B | $1.1B | $1.2B |
| Stock-based compensation | $161M | $147M | $112M | $74M | $83M |
| Acquisitions | $1.6B | $22M | $23M | $927M | $108M |
| Share buybacks | $0 | $1.5B | $2.7B | $2.3B | $0 |
| Dividends paid | $834M | $899M | $977M | $985M | $987M |
| Dividend per share | 1.48 | 1.60 | 1.80 | 2.00 | 2.04 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −67.6% | −6.9% | −5.1% | 2.4% |
| EPS growth (YoY) | – | 61.0% | −16.6% | −43.2% | −38.9% |
| Gross margin | 7.0% | 27.4% | 29.2% | 23.7% | 20.2% |
| Net margin | 3.2% | 15.7% | 13.6% | 7.4% | 4.3% |
| Return on equityBlank when equity is negative | 12.0% | 17.8% | 14.4% | 8.1% | 4.7% |
| Free cash flow margin | 6.4% | 7.8% | 11.5% | 5.0% | 16.8% |
| Cash conversion (CFO ÷ net income) | 2.43x | 0.80x | 1.28x | 1.55x | 5.06x |
| Receivable days | 14 | 65 | 60 | 56 | 44 |
| Inventory days | 67 | 57 | 50 | 53 | 50 |
| Payable days | 29 | 30 | 27 | 25 | 25 |
| Debt ÷ equity | 0.38x | 0.36x | 0.34x | 0.37x | 0.33x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $7.6B | $7.6B | $6.9B | $7.6B | $6.6B |
| Current ratio | 1.45x | 1.46x | 1.60x | 1.39x | 1.37x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.