146 added · 131 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.
Newly disclosed
In 2025, the Company recorded $372 million of impairments driven by revaluation losses related to investments in the alternative protein market and the Company's updated investment strategy around startup and development stage companies, $283 million of asset impairment, exit, contingency, restructuring charges, and impairment charges of $179 million related to previously capitalized software, and Wilmar International Limited (“Wilmar”) equity earnings related impacts reflecting a one time remeasurement gain of $254 million and a $163 million penalty charge.
In the prior year period, the Company recorded a $461 million impairment of its investment in Wilmar. 30 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Total segment operating profit (a non-GAAP measure) in 2025 decreased 23% or $1.0 billion, to $3.2 billion, primarily driven by lower results in the Ag Services and Oilseeds segment and the Carbohydrate Solutions segment.
Total segment operating profit (a non-GAAP measure) in the year ended December 31, 2025 excluded specified items of $236 million that were primarily comprised of asset impairment, exit, and restructuring costs, as well as net impacts related to Wilmar.
Corporate results were as follows (in millions): 2025 2024 Change Interest expense - net (1) $ (408) $ (482) $ 74 Unallocated corporate function costs (2) (1,146) (1,205) 59 Expenses related to acquisitions — (7) 7 Revaluation losses, including impairment, contingency and restructuring charges (3) (495) (23) (472) Other income - net — (4) 4 Total Corporate $ (2,049) $ (1,721) $ (328) (1) Interest expense - net decreased $74 million, driven by reduced short-term borrowings, lower interest rates on the Company’s commercial paper borrowing programs, and favorable settlements of international tax audits.
The table below provides a reconciliation of net earnings (the most directly comparable GAAP measure) to adjusted net earnings (a non-GAAP measure) and diluted EPS (the most directly comparable GAAP measure) to adjusted diluted EPS (a non-GAAP measure) for the years ended December 31, 2025 and 2024. 2025 2024 In millions Per share In millions Per share Average number of shares outstanding - diluted 484 493 Net earnings and diluted EPS $ 1,078 $ 2.23 $ 1,800 $ 3.65 Adjustments: (1) (Gain) on sale of assets and businesses (net of tax of $9 million in 2025 and $3 million in 2024) (30) (0.06) (8) (0.02) Impairment, exit, restructuring charges, and settlement contingencies (net of tax of $154 million in 2025 and $1 million in 2024) 776 1.60 512 1.04 ADM's share of equity method investment non-recurring (gains) and charges, net (91) (0.18) — — Expenses related to acquisitions (net of tax of $2 million in 2024) — — 5 0.01 (Gain) on contract termination (net of tax of $17 million in 2025) (52) (0.11) — — Certain discrete tax adjustments (21) (0.05) 30 0.06 Total adjustments 582 1.20 539 1.09 Adjusted net earnings and adjusted diluted EPS $ 1,660 $ 3.43 $ 2,339 $ 4.74 (1) Tax effected using the U.S. and other applicable tax rates. 35 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The table below provides a reconciliation of net earnings (the most directly comparable GAAP measure) to EBITDA (a non-GAAP measure) and adjusted EBITDA (a non-GAAP measure) for the years ended December 31, 2025 and 2024 (in millions). 2025 2024 Change Net earnings $ 1,078 $ 1,800 $ (722) Net loss attributable to non-controlling interests (5) (21) 16 Income tax expense 182 476 (294) Earnings Before Income Taxes 1,255 2,255 (1,000) Interest expense (1) 446 506 (60) Depreciation and amortization (2) 1,161 1,141 20 EBITDA 2,862 3,902 (1,040) (Gains) on sale of assets and businesses (39) (11) (28) Impairment, exit, restructuring charges, and settlement contingencies 930 513 417 ADM's share of equity method investment non-recurring (gains) and charges, net (91) — (91) (Gain) on contract termination (69) — (69) Expenses related to acquisitions — 7 (7) Railroad maintenance expense 63 64 (1) Adjusted EBITDA $ 3,657 $ 4,476 $ (819) (1) Represents interest expense on borrowings and therefore excludes ADM Investor Services related interest expense.
The table below provides a reconciliation of earnings before income taxes (the most directly comparable GAAP measure) to total segment operating profit (a non-GAAP measure) for the years ended December 31, 2025 and 2024 (in millions). 2025 2024 Change Earnings Before Income Taxes $ 1,255 $ 2,255 $ (1,000) Other Business (earnings) (298) (247) (51) Corporate 2,049 1,721 328 Specified Items: (Gains) on sale of assets and businesses (39) (10) (29) Impairment, exit, restructuring charges, and settlement contingencies 435 490 (55) ADM's share of equity method investment non-recurring (gains) and charges, net (91) — $ (91) (Gain) on contract termination (69) — $ (69) Total Segment Operating Profit $ 3,242 $ 4,209 $ (967) 36 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Liquidity and Capital Resources The Company's objective is to have sufficient liquidity, balance sheet strength, and financial flexibility to fund the operating and capital requirements of a capital intensive agricultural commodity-based business.
Charges in the current year included $283 million of restructuring charges, primarily driven by $207 million and $46 million of charges within the Nutrition segment and the Ag Services and Oilseeds segment, respectively, and an impairment charge of $179 million, related to previously capitalized software, within Corporate.
(3) Revaluation losses, including impairment, contingency and restructuring charges increased $472 million driven by $257 million of impairment charges related to market dynamics and the Company's updated investment strategy around startup and development stage companies, an impairment charge of $179 million related to previously capitalized software, and $40 million of charges relating to a legal reserve, all presented as specified items. 34 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Non-GAAP Financial Measures The Company uses certain “non-GAAP” financial measures as defined by the SEC.
Although the Company believes its estimates of fair value are reasonable, actual financial results could differ from those estimates due to the inherent uncertainty involved in making such estimates. 40 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Sensitivity of Estimate to Change: The estimated fair value of the Animal Nutrition reporting unit was evaluated to be approximately 15% in excess of its carrying value and no impairment was recorded.
The Company uses adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit, non-GAAP financial measures as defined by the SEC, to evaluate the Company’s financial performance.
Processed volumes by product for the years ended December 31, 2025 and 2024 were as follows (in metric tons): (In thousands) 2025 2024 Change Oilseeds 36,324 35,719 605 Corn 18,525 18,541 (16) The Company generally operates its production facilities, on an overall basis, at or near capacity, adjusting facilities individually, as needed, to react to the current margin environment and seasonal local supply and demand conditions.
The increase in processed oilseeds volumes in 2025 was primarily related to higher volumes in South America due to improved plant reliability, in addition to improved North America crush volumes driven by improved utilization after the restoration of operations at the Company’s Decatur, Illinois facility.
No longer disclosed
The table below provides a reconciliation of net earnings (the most directly comparable GAAP measure) to adjusted net earnings (a non-GAAP measure) and diluted EPS to adjusted diluted EPS (a non-GAAP measure) for the years ended December 31, 2024 and 2023. 2024 2023 In millions Per share In millions Per share Average number of shares outstanding - diluted 493 542 Net earnings and reported EPS (fully diluted) $ 1,800 $ 3.65 $ 3,483 $ 6.43 Adjustments: Gains on sale of assets (net of tax of $3 million in 2024 and $5 million in 2023) (1) (8) (0.02) (12) (0.03) Asset impairment, restructuring, and net settlement contingencies (net of tax of $1 million in 2024 and $57 million in 2023) (1) 512 1.04 310 0.57 Expenses related to acquisitions (net of tax of $2 million in 2024 and $1 million in 2023) (1) 5 0.01 6 0.01 Gain on debt conversion option (net of tax of $0) (1) — — (6) (0.01) Certain discrete tax adjustments (2) 30 0.06 4 0.01 Adjusted net earnings and adjusted diluted EPS $ 2,339 $ 4.74 $ 3,785 $ 6.98 (1) Tax effected using the U.S. and applicable tax rates.
Management believes these adjustments are helpful to understand distortion in GAAP effective tax rates created by non-recurring items. 40 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The table below provides a reconciliation of net earnings (the most directly comparable GAAP measure) to EBITDA (a non-GAAP measure) and adjusted EBITDA (a non-GAAP measure) for the years ended December 31, 2024 and 2023 (in millions). 2024 2023 Change Net earnings $ 1,800 $ 3,483 $ (1,683) Net earnings (losses) attributable to non-controlling interests (21) (17) (4) Income tax expense 476 828 (352) Earnings Before Income Taxes 2,255 4,294 (2,039) Interest expense 506 430 76 Depreciation and amortization 1,141 1,059 82 EBITDA 3,902 5,783 (1,881) Gains on sale of assets (11) (17) 6 Asset impairment, restructuring, and contingency provisions 513 367 146 Railroad maintenance expense 64 67 (3) Expenses related to acquisitions 7 7 — Adjusted EBITDA $ 4,476 $ 6,207 $ (1,731) The table below provides a reconciliation of earnings before income taxes (the most directly comparable GAAP measure) to total segment operating profit (a non-GAAP measure) for the years ended December 31, 2024 and 2023 (in millions). 2024 2023 Change Earnings Before Income Taxes $ 2,255 $ 4,294 $ (2,039) Other Business (earnings) loss (247) (375) 128 Corporate 1,721 1,606 115 Specified Items: Gains on sale of assets (10) (17) 7 Impairment, restructuring, and net settlement contingencies 490 361 129 Total Segment Operating Profit $ 4,209 $ 5,869 $ (1,660) Liquidity and Capital Resources The Company's objective is to have sufficient liquidity, balance sheet strength, and financial flexibility to fund the operating and capital requirements of a capital intensive agricultural commodity-based business.
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Sensitivity of Estimate to Change: Per the results of the impairment testing within the Ag Services and Oilseeds (AS&O) reportable segment for the year ended December 31, 2024, the estimated fair value of the Ag Services, Crushing, and RPO reporting units evaluated for impairment using a quantitative assessment was in excess of 128%, 191% and 209% of its carrying value, respectively, and no impairment was recorded for any of the AS&O reporting units.
Per the results of the impairment testing within the Nutrition reportable segment for the year ended December 31, 2024, the estimated fair value of the Animal Nutrition and Human Nutrition reporting units evaluated for impairment using a quantitative assessment was in excess of 7% and 32% of its carrying value, respectively, and no impairment was recorded for either of the Nutrition reporting units.
Total segment operating profit (a non-GAAP measure) in 2023 excluded asset impairment, restructuring, and net settlement contingencies of $361 million, and a gain on the sale of certain assets of $17 million.
Analysis of Results of Operations Earnings before income taxes decreased 47% or $2.0 billion, to $2.3 billion, primarily driven by lower pricing and execution margins, as well as a $461 million impairment charge related to the Company’s investment in Wilmar, partially offset by increased sales volumes.
The Company uses adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit, non-GAAP financial measures as defined by the SEC, to evaluate the Company’s financial performance. 39 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Adjusted net earnings is defined as net earnings adjusted for the effects on net earnings of specified items as more fully described in the reconciliation tables.
The feed additives market was impacted by volatility on vitamins due to supply disruptions, however overall it modestly improved, following the improvement in the feed sector. 34 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Processed volumes by product for the years ended December 31, 2024 and 2023 are as follows (in metric tons): (In thousands) 2024 2023 Change Oilseeds 35,719 34,899 820 Corn 18,541 18,067 474 Total 54,260 52,966 1,294 The Company generally operates its production facilities, on an overall basis, at or near capacity, adjusting facilities individually, as needed, to react to the current margin environment and seasonal local supply and demand conditions.
The overall increase in oilseeds processed volumes was primarily related to improved crush capacity in North America, driven by the Company's new facility in Spiritwood, North Dakota, and in EMEA in 2024 compared to lower crush rates in the previous year due to inclement weather, unplanned downtime, and reduced capacity due to the Russian-Ukraine war.
Total segment operating profit (a non-GAAP measure) is reconciled to earnings before income taxes, the most directly comparable GAAP measure, in the " Non-GAAP Financial Measures " section below. 35 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Revenues for the years ended December 31, 2024 and 2023, were as follows (in millions): 2024 2023 Change Ag Services and Oilseeds Ag Services $ 44,083 $ 47,420 $ (3,337) Crushing 11,836 14,020 (2,184) Refined Products and Other 10,597 11,986 (1,389) Total Ag Services and Oilseeds 66,516 73,426 (6,910) Carbohydrate Solutions Starches and Sweeteners 8,587 9,885 (1,298) Vantage Corn Processors 2,647 2,989 (342) Total Carbohydrate Solutions 11,234 12,874 (1,640) Nutrition Human Nutrition 3,944 3,634 310 Animal Nutrition 3,405 3,577 (172) Total Nutrition 7,349 7,211 138 Total Segment Revenues 85,099 93,511 (8,412) Other Business 431 424 7 Total Revenues $ 85,530 $ 93,935 $ (8,405) Revenues and cost of products sold in agricultural merchandising and processing businesses are significantly correlated to the underlying commodity prices and volumes.
Charges in 2023 consisted of $137 million of impairments related to goodwill in the Animal Nutrition reporting unit, $108 million of impairments related to property, plant, and equipment and an equity method investment, $64 million of impairments related to customer list and discontinued Animal Nutrition trademarks, $27 million of reportable segment specific restructuring charges, and $6 million of restructuring in Corporate.
Interest and investment income increased $63 million to $562 million driven by lower investment valuation losses in 2024 of $16 million, a decrease of $60 million when compared to the prior year, and higher interest income within Ag Services and Oilseeds ($30 million, compared to the prior year of $0), driven by bond investments within South America, partially offset by lower net interest income (decrease of $36 million) for ADM Investor Services due to lower customer balances.