Archer-Daniels-Midland CoADM
Archer-Daniels-Midland Co Segments Disclosure
Segment and Geographic Information
The Company’s operations are organized, managed, and classified into three reportable business segments: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition.
Each of these segments is organized based upon the nature of products and services offered. The Company’s remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified within either Corporate or Other Business.
The reportable segments have been identified based on financial data utilized by the Chief Operating Decision Maker (CODM), which is the Company’s Chief Executive Officer, who is also the Company’s Chair of the Board. The CODM uses segment operating profit as the measurement of segment profit or loss. Separate financial information for the Company’s three reportable segments is evaluated by the CODM on a monthly basis to allocate resources and assess performance. The CODM does not use total assets by segment to make decisions regarding resources; therefore, the total asset disclosure by segment has not been included. Segment operating profit is based on net sales less identifiable operating expenses. Also included in segment operating profit is equity in (loss) earnings of affiliates based on the equity method of accounting. Specified items and certain corporate items are not allocated to the Company’s individual business segments because operating performance of each business segment is evaluated by the CODM exclusive of these items.
The Ag Services and Oilseeds segment includes global activities related to the origination, merchandising, transportation, and storage of agricultural raw materials, as well as the crushing and processing of oilseeds, including soybeans and soft seeds such as cottonseed, sunflower seed, canola, rapeseed, and flaxseed. The segment produces and markets vegetable oils and oilseed protein meals used by food, feed, energy, and industrial customers. Crude and partially refined vegetable oils are sold to third parties, including renewable diesel manufacturers, or further processed into salad oils, margarine, shortening, biodiesel, glycols, and other food and industrial products. Oilseed protein meals are primarily sold as ingredients for commercial livestock and poultry feeds. The segment is also a major supplier of peanuts and peanut‑derived ingredients and manufactures cotton cellulose pulp in North America for chemical, paper, and other industrial markets. In addition, its integrated grain sourcing, handling, and multimodal transportation network supports global import, export, and distribution activities and provides essential services to customers and the Company’s processing operations. The Company also engages in various structured trade finance activities to leverage its global trade flows. This segment also includes the Company’s share of the results of its equity investments in Wilmar, Pacificor, LLC, SoyVen Holding B.V., Olenex Holdings B.V., Edible Oils Limited, Stratas Foods LLC, Terminal de Grãos Ponta da Montanha S.A., Gradable, LLC, and Plainsman Company, LLC.
The Carbohydrate Solutions segment engages in corn and wheat wet and dry milling and related processing activities. The segment converts corn and wheat into products and ingredients used in food and beverage applications, including sweeteners, starches, syrups, glucose, wheat flour, and dextrose. Dextrose and starches are also utilized as feedstocks in downstream processes, including fermentation to produce alcohol and other food and animal feed ingredients. Ethanol is produced for use as an octane enhancer and oxygenate in gasoline. In addition, the segment produces distillers’ grains, corn gluten feed, and corn gluten meal for use as animal feed ingredients. Corn germ, a by‑product of wet milling, is further processed into vegetable oil and protein meal, and citric acids are produced for food and industrial applications. The Carbohydrate Solutions segment also advances carbon capture and sequestration and other emissions‑reduction initiatives, positioning the business to support lower‑carbon operations and the growing use of plant‑based alternatives to fossil‑derived materials. This segment also includes the Company’s share of the results of its equity investments in Hungrana Ltd., Almidones Mexicanos S.A. de CV, Aston Foods and Food Ingredients, Red Star Yeast Company, LLC, and LSCP, LLC.
The Nutrition segment serves various end markets including food, beverages, and nutritional supplements for humans, and complete feed, feed premix and additives, pet food and pet treats for livestock, aquaculture, and pets. The segment engages in the creation, manufacturing, sale, and distribution of a wide array of ingredients and solutions including plant-based proteins, flavors and colors derived from nature, flavor systems, emulsifiers, soluble fiber, polyols, hydrocolloids, probiotics, prebiotics, postbiotics, enzymes, botanical extracts, and other specialty food and feed ingredients and systems. The Nutrition segment also includes activities related to the procurement, processing, and distribution of edible beans, the processing and distribution of formula feeds and animal health and nutrition products and the manufacture of contract and private label pet treats and foods. This segment also includes the Company’s share of the results of its equity investments in Vimison S.A. de C.V., Dusial S.A., Vitafort ZRT, Novial, ADM Matsutani LLC and Matsutani Singapore Pte. Ltd.
Other Business results include the Company’s financial business units related to futures commission and insurance activities. Corporate results principally include unallocated corporate expenses, interest cost net of interest income, and revaluation gains and losses on cost method investments and the share of the results of equity investments in early-stage start-up companies.
Intersegment sales have been recorded using principles consistent with Topic 606.
Segment Information for the Years ended December 31, 2025, 2024 and 2023
The following tables present data by segment (in millions).
| Year Ended December 31, 2025 | ||||||||||||||||||||||||||
| Ag Services and Oilseeds | Carbohydrate Solutions | Nutrition | Total | |||||||||||||||||||||||
| Revenue from external customers | $ | 61,571 | $ | 10,737 | $ | 7,512 | $ | 79,820 | ||||||||||||||||||
| Other Business | 449 | |||||||||||||||||||||||||
| Total revenues | $ | 80,269 | ||||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||
| Cost of materials | 56,128 | 6,679 | 4,644 | |||||||||||||||||||||||
| Manufacturing costs | 3,545 | 2,657 | 1,306 | |||||||||||||||||||||||
| Selling, general, and administrative expenses | 847 | 327 | 1,126 | |||||||||||||||||||||||
Other segment items (1) | (563) | (137) | 19 | |||||||||||||||||||||||
| Segment operating profit | $ | 1,614 | $ | 1,211 | $ | 417 | $ | 3,242 | ||||||||||||||||||
| Reconciliation of segment operating profit | ||||||||||||||||||||||||||
| Other Business | 298 | |||||||||||||||||||||||||
Corporate (2) | (2,049) | |||||||||||||||||||||||||
| Specified items: | ||||||||||||||||||||||||||
| Gains on sales of assets and businesses | 39 | |||||||||||||||||||||||||
| (435) | ||||||||||||||||||||||||||
| Gain on contract termination | 69 | |||||||||||||||||||||||||
ADM's share of equity method investment non-recurring (gains) and charges, net (3) | 91 | |||||||||||||||||||||||||
| Earnings Before Income Taxes | $ | 1,255 | ||||||||||||||||||||||||
(1) Other segment items for each reportable segment include Equity in the earnings of affiliates, Interest and investment (income), Interest expense, and Other (income) - net.
(2) Includes a $179 million impairment charge related to previously capitalized software and a $254 million impairment related to certain investments, presented as specified items. See Note 18. Asset Impairment, Exit, and Restructuring Costs for further information.
(3) Represents the Company's share of Wilmar's non-recurring gains related to remeasurement of Wilmar's previously held equity interest in AWL to fair value, and the penalty imposed on Wilmar during the year ended December 31, 2025. See Note 8. Investments in and Advances to Affiliates for further information.
| Year Ended December 31, 2024 | ||||||||||||||||||||||||||
| Ag Services and Oilseeds | Carbohydrate Solutions | Nutrition | Total | |||||||||||||||||||||||
Revenue from external customers | $ | 66,516 | $ | 11,234 | $ | 7,349 | $ | 85,099 | ||||||||||||||||||
| Other Business | 431 | |||||||||||||||||||||||||
Total revenues | $ | 85,530 | ||||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||
| Cost of materials | 60,378 | 7,170 | 4,651 | |||||||||||||||||||||||
| Manufacturing costs | 3,436 | 2,592 | 1,249 | |||||||||||||||||||||||
Selling, general, and administrative expenses | 919 | 326 | 1,166 | |||||||||||||||||||||||
Other segment items (1) | (664) | (230) | (103) | |||||||||||||||||||||||
| Segment operating profit | $ | 2,447 | $ | 1,376 | $ | 386 | $ | 4,209 | ||||||||||||||||||
| Reconciliation of segment operating profit | ||||||||||||||||||||||||||
Other Business | 247 | |||||||||||||||||||||||||
| Corporate | (1,721) | |||||||||||||||||||||||||
| Specified items: | ||||||||||||||||||||||||||
| Gains on sales of assets and businesses | 10 | |||||||||||||||||||||||||
Asset impairment, restructuring, and net settlement contingencies (2) | (490) | |||||||||||||||||||||||||
| Earnings Before Income Taxes | $ | 2,255 | ||||||||||||||||||||||||
(1) Other segment items for each reportable segment include Equity in the earnings of affiliates, Interest and investment (income) expense, Interest expense, and Other (income) - net.
(2) Includes a $461 million impairment charge related to the Company's investment in Wilmar, within the Ag Services and Oilseeds segment.
| Year Ended December 31, 2023 | ||||||||||||||||||||||||||
| Ag Services and Oilseeds | Carbohydrate Solutions | Nutrition | Total | |||||||||||||||||||||||
| Revenue from external customers | $ | 73,426 | $ | 12,874 | $ | 7,211 | $ | 93,511 | ||||||||||||||||||
| Other Business | 424 | |||||||||||||||||||||||||
| Total revenues | $ | 93,935 | ||||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||
| Cost of materials | 65,751 | 8,729 | 4,608 | |||||||||||||||||||||||
| Manufacturing costs | 3,338 | 2,550 | 1,136 | |||||||||||||||||||||||
| Selling, general, and administrative expenses | 880 | 323 | 1,034 | |||||||||||||||||||||||
Other segment items(1) | (610) | (103) | 6 | |||||||||||||||||||||||
| Segment operating profit | $ | 4,067 | $ | 1,375 | $ | 427 | $ | 5,869 | ||||||||||||||||||
| Reconciliation of segment operating profit | ||||||||||||||||||||||||||
| Other Business | 375 | |||||||||||||||||||||||||
| Corporate | (1,606) | |||||||||||||||||||||||||
| Specified items: | ||||||||||||||||||||||||||
| Gains on sales of assets and businesses | 17 | |||||||||||||||||||||||||
Asset impairment, restructuring, and net settlement contingencies (2) | (361) | |||||||||||||||||||||||||
| Earnings Before Income Taxes | $ | 4,294 | ||||||||||||||||||||||||
(1) Other segment items for each reportable segment include Equity in the earnings of affiliates, Interest and investment (income) expense, Interest expense, and Other (income) - net.
(2) Includes charges related to the impairment of certain long-lived assets, goodwill, intangibles.
| (In millions) | Year Ended December 31 | ||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Intersegment revenue | |||||||||||||||||
| Ag Services and Oilseeds | $ | 1,759 | $ | 1,716 | $ | 2,108 | |||||||||||
| Carbohydrate Solutions | 805 | 889 | 918 | ||||||||||||||
| Nutrition | 57 | 68 | 48 | ||||||||||||||
Total intersegment revenue | $ | 2,621 | $ | 2,673 | $ | 3,074 | |||||||||||
Depreciation expense | |||||||||||||||||
| Ag Services and Oilseeds | $ | 413 | $ | 376 | $ | 350 | |||||||||||
| Carbohydrate Solutions | 315 | 305 | 304 | ||||||||||||||
| Nutrition | 158 | 151 | 132 | ||||||||||||||
Total segment depreciation expense | 886 | 832 | 786 | ||||||||||||||
Other Business | 9 | 9 | 10 | ||||||||||||||
| Corporate | 37 | 34 | 29 | ||||||||||||||
Total depreciation expense | $ | 932 | $ | 875 | $ | 825 | |||||||||||
Amortization expense | |||||||||||||||||
| Ag Services and Oilseeds | $ | 12 | $ | 14 | $ | 17 | |||||||||||
| Carbohydrate Solutions | 5 | 6 | 8 | ||||||||||||||
| Nutrition | 156 | 158 | 136 | ||||||||||||||
Total segment amortization expense | 173 | 178 | 161 | ||||||||||||||
| Corporate | 76 | 88 | 73 | ||||||||||||||
Total amortization expense | $ | 249 | $ | 266 | $ | 234 | |||||||||||
| Interest and investment income | |||||||||||||||||
| Ag Services and Oilseeds | $ | 54 | $ | 84 | $ | 54 | |||||||||||
| Nutrition | (115) | — | (18) | ||||||||||||||
Total segment interest and investment income | (61) | 84 | 36 | ||||||||||||||
Other Business | 395 | 463 | 499 | ||||||||||||||
| Corporate | (216) | 15 | (36) | ||||||||||||||
Total interest and investment income | $ | 118 | $ | 562 | $ | 499 | |||||||||||
Equity in earnings of unconsolidated affiliates | |||||||||||||||||
| Ag Services and Oilseeds | $ | 521 | $ | 474 | $ | 459 | |||||||||||
| Carbohydrate Solutions | 104 | 127 | 76 | ||||||||||||||
| Nutrition | 29 | 29 | 21 | ||||||||||||||
Total segment equity in earnings of unconsolidated affiliates | 654 | 630 | 556 | ||||||||||||||
| Corporate | (6) | (9) | (5) | ||||||||||||||
Total equity in earnings of unconsolidated affiliates | $ | 648 | $ | 621 | $ | 551 | |||||||||||
Geographic Information for the Company for Years ended December 31, 2025, 2024 and 2023
The following geographic data include revenues from external customers attributed to the countries based on the location of the subsidiary making the sale (in millions).
| Year Ended | |||||||||||||||||
| December 31 | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Revenues | |||||||||||||||||
| United States | $ | 31,175 | $ | 33,550 | $ | 38,783 | |||||||||||
| Switzerland | 17,793 | 19,877 | 19,898 | ||||||||||||||
| Cayman Islands | 6,093 | 5,603 | 7,646 | ||||||||||||||
| Brazil | 3,358 | 3,353 | 3,361 | ||||||||||||||
| Mexico | 2,741 | 3,209 | 3,185 | ||||||||||||||
| Canada | 1,767 | 2,055 | 2,400 | ||||||||||||||
| United Kingdom | 2,115 | 2,186 | 2,219 | ||||||||||||||
| Other Foreign | 15,227 | 15,697 | 16,443 | ||||||||||||||
Total Revenues | $ | 80,269 | $ | 85,530 | $ | 93,935 | |||||||||||
Long-lived assets represent the net book value of property, plant, and equipment and right-of-use (ROU) assets based on physical location (in millions).
| December 31 | |||||||||||
| 2025 | 2024 | ||||||||||
Property, plant, and equipment, net | |||||||||||
| United States | $ | 7,007 | $ | 6,965 | |||||||
| Brazil | 899 | 872 | |||||||||
| Other Foreign | 3,273 | 3,000 | |||||||||
Total property, plant, and equipment, net | $ | 11,179 | $ | 10,837 | |||||||
ROU assets | |||||||||||
| United States | $ | 1,063 | $ | 1,063 | |||||||
| Other Foreign | 259 | 295 | |||||||||
Total ROU assets | $ | 1,322 | $ | 1,358 | |||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2023 | Mar 12, 2024 | |
| 2019 | Feb 18, 2020 | |
| 2017 | Feb 16, 2018 | |
| 2015 | Feb 19, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.