Archer-Daniels-Midland CoADM
Archer-Daniels-Midland Co Revenue Disclosure
Revenues
The following tables present revenue disaggregated by timing of recognition and reportable segments and subsegments for the years ended December 31, 2025, 2024, and 2023 (in millions).
| Year Ended December 31, 2025 | |||||||||||||||||
| Topic 606 Revenue | Topic 815 (1) | Total | |||||||||||||||
| Point in Time | Over Time | Total | Revenue | Revenues | |||||||||||||
| Ag Services and Oilseeds | |||||||||||||||||
| Ag Services | 3,797 | $ | 775 | $ | 4,572 | $ | 35,791 | $ | 40,363 | ||||||||
| Crushing | 375 | — | 375 | 9,978 | 10,353 | ||||||||||||
| Refined Products and Other | 3,545 | — | 3,545 | 7,310 | 10,855 | ||||||||||||
| Total Ag Services and Oilseeds | 7,717 | 775 | 8,492 | 53,079 | 61,571 | ||||||||||||
| Carbohydrate Solutions | |||||||||||||||||
| Starches and Sweeteners | 5,748 | — | 5,748 | 2,234 | 7,982 | ||||||||||||
| Vantage Corn Processors | 2,755 | — | 2,755 | — | 2,755 | ||||||||||||
| Total Carbohydrate Solutions | 8,503 | — | 8,503 | 2,234 | 10,737 | ||||||||||||
| Nutrition | |||||||||||||||||
| Human Nutrition | 4,187 | — | 4,187 | — | 4,187 | ||||||||||||
| Animal Nutrition | 3,325 | — | 3,325 | — | 3,325 | ||||||||||||
| Total Nutrition | 7,512 | — | 7,512 | — | 7,512 | ||||||||||||
| Total Segment Revenues | 23,732 | 775 | 24,507 | 55,313 | 79,820 | ||||||||||||
| Other Business | 449 | — | 449 | — | 449 | ||||||||||||
| Total Revenues | $ | 24,181 | $ | 775 | $ | 24,956 | $ | 55,313 | $ | 80,269 | |||||||
| Year Ended December 31, 2024 | |||||||||||||||||
| Topic 606 Revenue | Topic 815 (1) | Total | |||||||||||||||
| Point in Time | Over Time | Total | Revenue | Revenues | |||||||||||||
| Ag Services and Oilseeds | |||||||||||||||||
| Ag Services | 3,779 | $ | 923 | $ | 4,702 | $ | 39,381 | $ | 44,083 | ||||||||
| Crushing | 462 | — | 462 | 11,374 | 11,836 | ||||||||||||
| Refined Products and Other | 2,447 | — | 2,447 | 8,150 | 10,597 | ||||||||||||
| Total Ag Services and Oilseeds | 6,688 | 923 | 7,611 | 58,905 | 66,516 | ||||||||||||
| Carbohydrate Solutions | |||||||||||||||||
| Starches and Sweeteners | 6,335 | — | 6,335 | 2,252 | 8,587 | ||||||||||||
| Vantage Corn Processors | 2,647 | — | 2,647 | — | 2,647 | ||||||||||||
| Total Carbohydrate Solutions | 8,982 | — | 8,982 | 2,252 | 11,234 | ||||||||||||
| Nutrition | |||||||||||||||||
| Human Nutrition | 3,944 | — | 3,944 | — | 3,944 | ||||||||||||
| Animal Nutrition | 3,405 | — | 3,405 | — | 3,405 | ||||||||||||
| Total Nutrition | 7,349 | — | 7,349 | — | 7,349 | ||||||||||||
| Total Segment Revenues | 23,019 | 923 | 23,942 | 61,157 | 85,099 | ||||||||||||
| Other Business | 431 | — | 431 | — | 431 | ||||||||||||
| Total Revenues | $ | 23,450 | $ | 923 | $ | 24,373 | $ | 61,157 | $ | 85,530 | |||||||
| Year Ended December 31, 2023 | |||||||||||||||||
| Topic 606 Revenue | Topic 815 (1) | Total | |||||||||||||||
| Point in Time | Over Time | Total | Revenue | Revenues | |||||||||||||
| Ag Services and Oilseeds | |||||||||||||||||
| Ag Services | $ | 4,110 | $ | 761 | $ | 4,871 | $ | 42,549 | $ | 47,420 | |||||||
| Crushing | 470 | — | 470 | 13,550 | 14,020 | ||||||||||||
| Refined Products and Other | 2,295 | — | 2,295 | 9,691 | 11,986 | ||||||||||||
| Total Ag Services and Oilseeds | 6,875 | 761 | 7,636 | 65,790 | 73,426 | ||||||||||||
| Carbohydrate Solutions | |||||||||||||||||
| Starches and Sweeteners | 7,431 | — | 7,431 | 2,454 | 9,885 | ||||||||||||
| Vantage Corn Processors | 2,989 | — | 2,989 | — | 2,989 | ||||||||||||
| Total Carbohydrate Solutions | 10,420 | — | 10,420 | 2,454 | 12,874 | ||||||||||||
| Nutrition | |||||||||||||||||
| Human Nutrition | 3,634 | — | 3,634 | — | 3,634 | ||||||||||||
| Animal Nutrition | 3,577 | — | 3,577 | — | 3,577 | ||||||||||||
| Total Nutrition | 7,211 | — | 7,211 | — | 7,211 | ||||||||||||
| Total Segment Revenues | 24,506 | 761 | 25,267 | 68,244 | 93,511 | ||||||||||||
| Other Business | 424 | — | 424 | — | 424 | ||||||||||||
| Total Revenues | $ | 24,930 | $ | 761 | $ | 25,691 | $ | 68,244 | $ | 93,935 | |||||||
(1) Topic 815 revenue relates to the physical delivery or the settlement of the Company’s sales contracts accounted for as derivatives and are outside the scope of Topic 606.
Ag Services and Oilseeds
The Ag Services and Oilseeds segment generates revenue from commodity sales, service fees related to the transportation of goods, sales of products manufactured in its global processing facilities, and structured trade finance activities. Revenue from physically settled derivative sales contracts primarily relates to forward sales of commodities where such contracts meet the definition of a derivative under ASC 815. Revenue from such commodities contracts is recognized at a point in time, upon transferring control of the commodity to the customer, consistent with the recognition principles under Topic 606. Revenue for deferred price contracts that allow for pricing to be determined after title of the goods has passed to the customer is recognized when the price is determined. For transportation service contracts, the Company recognizes revenue over time as the transportation service is performed in accordance with the transfer of control guidance of Topic 606.
Carbohydrate Solutions
The Carbohydrate Solutions segment generates revenue from the sale of products manufactured at the Company’s global corn and wheat milling facilities around the world. Revenue is recognized when control over products is transferred to the customer. The amount of revenue recognized is based on the consideration specified in the contract which could include freight and other costs depending on the specific shipping terms of each contract.
Nutrition
The Nutrition segment sells ingredients and solutions including plant-based proteins, natural flavors, flavor systems, natural colors, emulsifiers, soluble fiber, polyols, hydrocolloids, probiotics, prebiotics, postbiotics, enzymes, botanical extracts, edible beans, formula feeds, animal health and nutrition products, pet food and treats, and other specialty food and feed ingredients. Revenue is recognized when control over products is transferred to the customer.
Other Business
Other Business includes the Company’s futures commission merchant business whose primary sources of revenue are commissions and brokerage income generated from trade execution and clearing settlement of futures contracts and options on futures contracts on behalf of its customers. Commissions and brokerage revenue are recognized on the date the transaction is executed.
Other Business also includes the Company’s captive insurance business, which provides captive insurance services to the Company's reportable segments.Free Sentinel
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2023 | Mar 12, 2024 | |
| 2019 | Feb 18, 2020 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.