Archer-Daniels-Midland CoADM

Archer-Daniels-Midland Co Debt Disclosure

10-KFiled Feb 17, 20263 min read
Debt Financing Arrangements
The Company’s long-term debt consisted of the following (in millions, except as noted):
Debt Instrument
Interest RateFace AmountDue DateDecember 31, 2025December 31, 2024
1.000% Notes€650 million2025$— $672 
2.500% Notes$1 billion2026999 999 
7.500% Debentures$147 million 2027147 147 
6.750% Debentures$103 million 2027103 103 
6.625% Debentures$144 million 2029144 144 
3.250% Notes$1 billion2030999 993 
7.000% Debentures$160 million 2031165 161 
2.900% Notes$750 million2032746 745 
5.935% Debentures$336 million 2032341 337 
4.500% Notes
$500 million2033494 493 
5.375% Debentures$432 million 2035427 426 
6.450% Debentures$103 million 2038102 103 
5.765% Debentures$297 million 2041297 297 
4.535% Debentures$383 million 2042294 291 
4.016% Debentures$371 million 2043269 266 
3.750% Notes$408 million 2047403 403 
4.500% Notes$600 million2049590 589 
2.700% Notes$750 million2051733 732 
6.950% Debentures$157 million 2097154 154 
Other205 199 
Total long-term debt including current maturities7,612 8,254 
Current maturities(1,006)(674)
Total long-term debt$6,606 $7,580 
 
At December 31, 2025, the fair value of the Company’s long-term debt, excluding current portion, was $6.3 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards), compared to a carrying value of $6.6 billion.

The Company’s credit facilities and certain debentures require the Company to comply with specified financial and non-financial covenants including maintenance of minimum tangible net worth as well as limitations related to incurring liens, secured debt, and certain other financing arrangements. The Company was in compliance with these covenants as of December 31, 2025.
The aggregate future maturities of long-term debt as of December 31, 2025 are as follows (in millions):

Amount
2026$1,006 
2027266 
2028— 
2029145 
20301,006 
Thereafter
5,442 
Total estimated future maturities
$7,865 

At December 31, 2025, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $12.3 billion, of which $9.4 billion was unused. 

The Company had outstanding standby letters of credit and surety bonds at December 31, 2025 and 2024, totaling $1.2 billion and $1.4 billion, respectively.

The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $3.0 billion in funding resulting from the sale of accounts receivable. As of December 31, 2025, the Company utilized $2.1 billion of its facility under the Programs. See Note 19. Sale of Accounts Receivable for further information on the Programs.

The weighted average interest rates on short-term borrowings outstanding at December 31, 2025 and 2024, were 4.0% and 4.7%, respectively. Of the Company’s total lines of credit, $5.1 billion supported the combined U.S. and European commercial paper borrowing programs, against which there was $715 million of commercial paper outstanding at December 31, 2025.

Credit Ratings

As of December 31, 2025, the three major credit rating agencies maintained the Company’s credit ratings at investment grade levels with a negative outlook.

Historical Timeline

Fiscal YearFiled
2025Feb 17, 2026Showing above
2024Feb 20, 2025
2023Mar 12, 2024
2022Feb 14, 2023
2021Feb 17, 2022
2020Feb 18, 2021
2019Feb 18, 2020
2018Feb 19, 2019
2017Feb 16, 2018
2016Feb 17, 2017
2015Feb 19, 2016

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

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