Archer-Daniels-Midland Company (ADM) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$1.44	$1.84	+27.8%	—	—	—
Q4 26	$0.66	$0.71	+7.6%	—	—	—
Q3 26	$0.8	$0.87	+8.7%	—	—	—
Q2 26	$0.85	$0.92	+8.2%	—	—	—
Q1 26	$0.8	$0.93	+16.3%	—	—	—
Q4 25	$0.67	$0.7	+4.5%	—	—	—
Q3 25	$1.15	$1.14	-0.9%	—	—	—
Q2 25	$1.09	$1.09	0.0%	—	—	—
Q1 25	$1.24	$1.03	-16.9%	—	—	—
Q4 24	$1.37	$1.46	+6.6%	—	—	—
Q3 24	$1.43	$1.36	-4.9%	—	—	—
Q2 24	$1.53	$1.63	+6.5%	—	—	—
Q1 24	$1.59	$1.89	+18.9%	—	—	—
Q4 23	$1.78	$2.09	+17.4%	—	—	—
Q3 23	$1.65	$1.93	+17.0%	—	—	—
Q2 23	$1.41	$1.86	+31.9%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.25	—	—	$80.3B	—
FY24	—	$3.77	—	—	$85.5B	—
FY23	—	$6.44	—	—	$93.9B	—
FY22	—	$7.93	—	—	$101.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$62.3B	$60.8B	$64.3B	$64.7B	$64.4B	$85.2B	$101.6B	$93.9B	$85.5B	$80.3B
YoY change	-7.91%	-2.43%	+5.78%	+0.49%	-0.47%	+32.5%	+19.1%	-7.5%	-8.95%	-6.15%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	62.3B	60.8B	64.3B	64.7B	64.4B	85.2B	101.6B	93.9B	85.5B	80.3B
Cost of revenue	58.7B	57.3B	60.2B	60.5B	59.9B	79.3B	94B	86.4B	79.8B	75.2B
Gross profit	3.6B	3.5B	4.2B	4.1B	4.5B	6B	7.6B	7.5B	5.8B	5B
Gross margin	5.8%	5.78%	6.5%	6.41%	6.92%	7.02%	7.45%	8%	6.76%	6.27%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	2B	2B	2.2B	2.5B	2.7B	3B	3.4B	3.5B	3.7B	3.6B
Operating expenses	2B	2B	2.2B	2.5B	2.7B	3B	3.4B	3.5B	3.7B	3.6B
Operating income	1.6B	1.5B	2B	1.7B	1.8B	3B	4.2B	4.1B	2.1B	1.4B
Operating margin	2.63%	2.53%	3.13%	2.56%	2.74%	3.51%	4.15%	4.32%	2.42%	1.77%
Non-operating income, net	386M	293M	246M	336M	345M	489M	1.1B	385M	327M	325M
Pretax income	1.8B	1.6B	2.1B	1.6B	1.9B	3.3B	5.2B	4.3B	2.3B	1.3B
Income tax	534M	7M	245M	209M	101M	578M	868M	828M	476M	182M
Net income	1.3B	1.6B	1.8B	1.4B	1.8B	2.7B	4.4B	3.5B	1.8B	1.1B
Net margin	2.07%	2.63%	2.82%	2.13%	2.77%	3.21%	4.3%	3.69%	2.08%	1.34%
EBITDA	2.9B	3B	3.6B	3.1B	3.5B	4.8B	6.6B	6.3B	4.6B	3.4B
EPS	2.23	2.86	3.24	2.48	3.16	4.84	7.93	6.44	3.77	2.25
Diluted EPS	2.16	2.79	3.19	2.44	3.15	4.79	7.71	6.43	3.65	2.23

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	20.4B	18.6B	20.5B	22.7B
Cost of revenue	—	—	—	—	—	—	—	—	19.1B	17.3B	19.3B	20.7B
Gross profit	1.8B	1.7B	1.7B	1.4B	1.4B	1.4B	1.2B	1.4B	1.3B	1.2B	1.2B	1.9B
Gross margin	—	—	—	—	—	—	—	—	6.23%	6.54%	5.96%	8.53%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	873M	893M	961M	1B
Operating expenses	—	—	—	—	—	—	—	—	873M	893M	961M	1B
Operating income	—	—	—	—	—	—	—	—	397M	320M	261M	909M
Operating margin	—	—	—	—	—	—	—	—	1.95%	1.72%	1.27%	4.01%
Non-operating income, net	—	—	—	—	—	—	—	—	-218M	369M	147M	211M
Pretax income	—	—	—	—	—	—	—	—	147M	476M	384M	1.1B
Income tax	—	—	—	—	—	—	—	—	37M	22M	81M	176M
Net income	—	—	—	—	—	—	—	—	110M	454M	303M	912M
Net margin	—	—	—	—	—	—	—	—	0.54%	2.45%	1.48%	4.02%
EBITDA	—	—	—	—	—	—	—	—	795M	974M	796M	1.5B
EPS	1.53	—	1.45	0.98	0.04	1.19	0.61	0.46	0.22	0.95	0.62	—
Diluted EPS	1.52	—	1.42	0.98	0.04	1.17	0.61	0.45	0.22	0.94	0.62	—

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	26.2B	22.3B	22.9B	25.8B	28.3B	37.9B	50.8B	39.1B	—	27.6B	38.7B
Enterprise value	32.2B	29B	29.3B	34.8B	38.7B	47.5B	60B	47.3B	—	36.3B	47.6B
Shares outstanding	573M	557M	559M	557M	561M	560M	547M	541M	478M	480M	480M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	20.3	13.9	12.6	18.7	15.9	13.8	11.6	11.3	—	25.7	22.2
P/S	0.42	0.37	0.36	0.4	0.44	0.44	0.5	0.42	—	0.34	0.48
P/B	1.52	1.21	1.2	1.34	1.41	1.66	2.06	1.6	—	1.2	1.66
EV/EBITDA	10.9	9.78	8.11	11.1	10.9	9.98	9.04	7.5	—	10.5	15.9
EV/Sales	0.52	0.48	0.46	0.54	0.6	0.56	0.59	0.5	—	0.45	0.58
Earnings yield	4.92%	7.18%	7.92%	5.34%	6.3%	7.23%	8.59%	8.87%	—	3.89%	4.51%
FCF yield	-28.3%	-31.4%	-24.6%	-24.3%	-11.3%	14.3%	4.25%	7.59%	—	15.2%	3.01%
PEG	—	—	—	—	—	—	—	—	—	—	14.3

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	5.8%	5.78%	6.5%	6.41%	6.92%	7.02%	7.45%	8%	6.76%	6.27%	8.53%
Operating margin	2.63%	2.53%	3.13%	2.56%	2.74%	3.51%	4.15%	4.32%	2.42%	1.77%	4.01%
Net margin	2.07%	2.63%	2.82%	2.13%	2.77%	3.21%	4.3%	3.69%	2.08%	1.34%	2.16%
ROE	7.49%	8.72%	9.53%	7.15%	8.87%	12%	17.7%	14.2%	7.93%	4.66%	7.64%
ROA	3.24%	4.01%	4.44%	3.13%	3.58%	4.87%	7.3%	6.34%	3.34%	2.05%	2.26%
ROIC	4.98%	6.12%	6.98%	5.07%	5.48%	7.62%	10.4%	10%	4.94%	3.84%	4.99%
Return on tangible assets	3.98%	4.99%	5.54%	4.17%	4.62%	6.41%	9.35%	8.26%	4.48%	2.76%	4.39%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.6	1.59	1.75	1.55	1.5	1.45	1.46	1.6	1.39	1.37	1.39
Quick ratio	0.93	0.86	1	0.89	0.86	0.79	0.85	0.95	0.81	0.83	0.86
Debt / equity	0.4	0.41	0.44	0.51	0.55	0.46	0.42	0.39	0.51	0.42	0.39
Debt / assets	0.17	0.19	0.21	0.22	0.22	0.19	0.17	0.18	0.22	0.19	0.17
Net debt / EBITDA	2.05	2.25	1.77	2.88	2.93	2.03	1.39	1.31	2.31	2.53	2.02
Interest coverage	7.22	5.88	6.66	4.95	6.55	13.5	14.2	7.64	4.19	3.05	4.54
Effective tax rate	29.3%	0.44%	11.9%	13.2%	5.36%	17.4%	16.6%	19.3%	21.1%	14.5%	15.1%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	108.8	109.2	115.1	116.1	114.7	152.2	185.7	173.6	178.9	167.2	169.3
EPS (basic)	2.23	2.86	3.24	2.48	3.16	4.84	7.93	6.44	3.77	2.25	2.25
EPS (diluted)	2.16	2.79	3.19	2.44	3.15	4.79	7.71	6.43	3.65	2.23	3.66
Book value per share	30	33	34.1	34.6	35.8	40.7	45	45.2	46.9	48	48.9
FCF per share	-12.9	-12.6	-10.1	-11.3	-5.72	9.69	3.95	5.48	2.57	8.76	3.48
Cash per share	1.6	1.44	3.58	1.53	1.19	1.68	1.9	2.53	1.79	2.18	2.27
Capex per share	1.54	1.88	1.51	1.49	1.47	—	—	—	—	2.6	2.32

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.41%	1.72%	1.31%	1.28%	1.28%	—	—	—	—	1.55%	1.36%
Capex / operating cash flow	-14.2%	-20.7%	-19.1%	-13.3%	-15.4%	—	—	—	—	22.9%	40%
Payout ratio	54.4%	45.6%	41.8%	57.2%	45.4%	30.5%	20.6%	28.2%	55.4%	92%	56.3%
Dividend yield	2.68%	3.27%	3.31%	3.06%	2.86%	2.2%	1.77%	2.5%	—	3.58%	2.59%

Yield

2.59%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.52

ex-dividend Aug 19, 2026

Payout ratio

56%

of earnings

Dividend growth

9 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 19, 2026	$0.52
May 20, 2026	$0.52
Feb 17, 2026	$0.52

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	$20.4B	$18.6B	$20.5B	$22.7B
YoY change	—	—	—	—	—	—	—	—	—	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	915M	804M	2B	852M	666M	943M	1B	1.4B	857M	1B
Receivables	2.4B	2.4B	2.7B	3.3B	3.7B	4.5B	6.2B	5.3B	4.6B	3.6B
Inventory	8.8B	9.2B	8.8B	9.2B	11.7B	14.5B	14.8B	12B	11.6B	10.4B
Total current assets	21B	19.9B	20.6B	21.3B	27.3B	31.9B	35.4B	29.8B	27.7B	26.7B
Property, plant & equipment	5.1B	5.1B	4.8B	5.7B	5.4B	5.2B	5.4B	5.8B	6.1B	6.1B
Goodwill & intangibles	7.4B	7.8B	8.1B	11B	11.2B	13.5B	13.1B	12.7B	13.5B	13.5B
Total assets	39.8B	40B	40.8B	44B	49.7B	56.1B	59.8B	54.6B	53.3B	52.4B
Accounts payable	3.6B	3.9B	3.5B	3.7B	4.5B	6.4B	7.8B	6.3B	5.5B	5.2B
Short-term debt	427M	870M	690M	1.4B	2.3B	1.8B	1.7B	406M	2.9B	2.1B
Total current liabilities	13.2B	12.6B	11.8B	13.7B	18.2B	21.9B	24.2B	18.7B	19.9B	19.5B
Long-term debt	6.5B	6.6B	7.7B	8.5B	8.7B	8.8B	8.6B	9.2B	8.6B	7.7B
Total liabilities	22.6B	21.6B	21.8B	24.7B	29.6B	33.4B	35.2B	30.2B	30.8B	29.4B
Shareholders' equity	17.2B	18.4B	19B	19.3B	20.1B	22.8B	24.6B	24.5B	22.4B	23B
Total debt	6.9B	7.5B	8.4B	9.9B	11.1B	10.6B	10.3B	9.6B	11.5B	9.8B
Net debt	6.3B	6.7B	6.4B	9B	10.4B	9.6B	9.3B	8.2B	10.9B	8.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.5B	1.4B	830M	764M	784M	857M	897M	1.1B	1.2B	1B	624M	1.1B
Receivables	5.5B	5.3B	5.3B	5.2B	4.7B	4.6B	5.5B	4.8B	5B	3.6B	4.5B	4.1B
Inventory	11.2B	12B	11.6B	10.4B	10.7B	11.6B	11.6B	9.7B	8.7B	10.4B	11.7B	10.6B
Total current assets	30.5B	29.8B	29B	27B	26.6B	27.7B	27.9B	26.3B	26.4B	26.7B	30B	27.8B
Property, plant & equipment	5.7B	5.8B	5.9B	5.9B	6B	6.1B	6.1B	6.1B	6B	6.1B	5.9B	5.9B
Goodwill & intangibles	6.4B	12.7B	7.1B	7B	7B	13.5B	13.8B	14.1B	13.6B	13.5B	13.1B	13B
Total assets	55.1B	54.6B	54.8B	52.7B	52.2B	53.3B	53.4B	52B	51.9B	52.4B	55.6B	53.5B
Accounts payable	5.3B	6.3B	5.6B	5B	4.9B	5.5B	5.2B	4.5B	5B	5.2B	5.5B	5B
Short-term debt	412M	406M	2B	2.6B	2.8B	2.9B	3.8B	1.9B	1.6B	2.1B	3.2B	1.9B
Total current liabilities	18.1B	18.7B	19.7B	18.7B	19B	19.9B	20.2B	18.5B	19.3B	19.5B	22.9B	20B
Long-term debt	9.1B	9.2B	9.3B	9.3B	8.6B	8.6B	8.6B	8.7B	7.6B	7.7B	7.5B	7.5B
Total liabilities	29.5B	30.2B	31.3B	30.2B	29.9B	30.8B	31B	29.3B	29.2B	29.4B	32.5B	29.7B
Shareholders' equity	25.6B	24.5B	23.5B	22.5B	22.3B	22.4B	22.4B	22.7B	22.8B	23B	23.1B	23.9B
Total debt	9.5B	9.6B	11.3B	11.9B	11.3B	11.5B	12.4B	10.6B	9.2B	9.8B	10.7B	9.3B
Net debt	8B	8.2B	10.5B	11.1B	10.6B	10.9B	11.6B	9.6B	8B	8.7B	10.1B	8.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.3B	1.6B	1.8B	1.4B	1.8B	2.7B	4.4B	3.5B	1.8B	1.1B
Depreciation & amortization	900M	924M	941M	993M	976M	996M	1B	1.1B	1.1B	1.2B
Stock-based compensation	74M	66M	109M	89M	151M	161M	147M	112M	74M	83M
Change in working capital	-8.6B	-7.1B	-7.2B	-8.7B	-8.2B	200M	-2.4B	2.6B	-138M	2.5B
Operating cash flow	-6.2B	-5.1B	-4.4B	-6.2B	-5.3B	4.3B	3.3B	7.1B	2.9B	5.5B
Capital expenditure	-882M	-1B	-842M	-828M	-823M	—	—	—	—	-1.2B
Investing cash flow	6.9B	7.3B	6.6B	5.3B	4.5B	-1.5B	-81M	-2M	-1.1B	-1B
Dividends paid	-701M	-730M	-758M	-789M	-809M	-834M	-899M	-977M	-985M	-987M
Share repurchases	-1B	-750M	-77M	-150M	-133M	0	-1.4B	-2.7B	-2.3B	0
Financing cash flow	-579M	-1B	187M	-660M	-423M	-1.1B	-2.5B	-4.6B	-1.5B	-2.9B
Net change in cash	75M	1.2B	2.4B	-1.6B	-1.3B	1.7B	670M	2.5B	188M	1.5B
Free cash flow	-7.4B	-7B	-5.6B	-6.3B	-3.2B	5.4B	2.2B	3B	1.2B	4.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	110M	454M	303M	912M
Depreciation & amortization	—	—	—	—	—	—	—	—	296M	307M	293M	293M
Stock-based compensation	—	—	—	—	—	—	—	—	21M	-10M	64M	74M
Change in working capital	201M	1B	-713M	-544M	-161M	699M	-423M	-734M	270M	-160M	-2.5B	956M
Operating cash flow	201M	1B	-713M	-544M	-161M	699M	-423M	-734M	1.8B	-313M	150M	1.1B
Capital expenditure	—	—	—	—	—	—	—	—	-296M	-356M	-194M	-272M
Investing cash flow	—	—	—	—	—	—	—	—	-253M	-373M	-128M	-245M
Dividends paid	—	—	—	—	—	—	—	—	-248M	-244M	-254M	-256M
Share repurchases	-117M	-1.6B	-1.3B	-1B	0	0	0	0	0	0	—	—
Financing cash flow	-117M	-1.6B	-1.3B	-1B	0	0	0	0	-561M	299M	-307M	-254M
Net change in cash	84M	-538M	-2B	-1.5B	-161M	699M	-423M	-734M	995M	-387M	-285M	650M
Free cash flow	—	—	—	—	—	—	—	—	1.5B	-669M	-44M	877M

Date	Ratio
Aug 30, 2001	105:100
Aug 24, 2000	105:100
Aug 19, 1999	105:100
Aug 20, 1998	105:100
Aug 14, 1997	105:100
Aug 15, 1996	105:100
Aug 17, 1995	105:100
Dec 6, 1994	3:2
Aug 16, 1994	105:100
Aug 17, 1993	105:100
Aug 11, 1992	105:100
Aug 13, 1991	105:100
Aug 14, 1990	105:100
Dec 5, 1989	3:2
Aug 22, 1989	105:100
Aug 16, 1988	105:100
Aug 11, 1987	105:100
Aug 12, 1986	105:100
Jun 3, 1986	3:2
Aug 13, 1985	105:100
Aug 14, 1984	105:100
Aug 16, 1983	105:100
Aug 17, 1982	105:100
Aug 17, 1981	105:100
Mar 23, 1981	3:2
Oct 27, 1980	105:100

Archer-Daniels-Midland Company Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history