financial statements

The full income statement, balance sheet, and cash-flow statement for Archer-Daniels-Midland Company (ADM), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	25.0B YoY+2.4%	24.4B YoY-5.1%	25.7B YoY-6.9%	27.6B YoY-67.6%	85.2B YoY+32.5%
	5.03B YoY-12.9%	5.78B YoY-23.1%	7.51B YoY-0.8%	7.57B YoY+26.4%	5.99B YoY+34.4%
Cost of revenue	75.2B YoY-5.7%	79.8B YoY-7.7%	86.4B YoY-8.0%	94.0B YoY+18.6%	79.3B YoY+32.3%
Research & development	246M YoY-8.6%	269M YoY+5.1%	256M YoY+18.5%	216M YoY+26.3%	171M YoY+6.9%
Selling, general & administrative	3.61B YoY-2.6%	3.71B YoY+7.2%	3.46B YoY+2.9%	3.36B YoY+12.2%	2.99B YoY+11.4%
Restructuring	283M YoY+988.5%	26.0M YoY-21.2%	33.0M YoY+13.8%	29.0M YoY-25.6%	39.0M YoY+50.0%
Amortization of intangibles	249M YoY-6.4%	266M YoY+13.7%	234M YoY-0.4%	235M YoY+32.8%	177M YoY+2.3%
Provision for credit losses	27.0M YoY+268.8%	-16.0M YoY-366.7%	6.00M YoY-93.2%	88.0M YoY+175.0%	32.0M YoY-31.9%
Interest expense	612M YoY-13.3%	706M YoY+9.1%	647M YoY+63.4%	396M YoY+49.4%	265M YoY-21.8%
Other non-operating income	150M YoY-40.2%	251M YoY+42.6%	176M YoY-50.8%	358M YoY+280.9%	94.0M YoY-63.1%
Equity-method income	648M YoY+4.3%	621M YoY+12.7%	551M YoY-33.8%	832M YoY+39.8%	595M YoY+2.8%
Pre-tax income	1.25B YoY-44.3%	2.25B YoY-47.5%	4.29B YoY-17.9%	5.23B YoY+58.0%	3.31B YoY+75.9%
Income tax	182M YoY-61.8%	476M YoY-42.5%	828M YoY-4.6%	868M YoY+50.2%	578M YoY+472.3%
	1.08B YoY-40.1%	1.80B YoY-48.3%	3.48B YoY-19.7%	4.34B YoY+60.2%	2.71B YoY+52.9%
Net income to non-controlling interest	-5.00M YoY+76.2%	-21.0M YoY-23.5%	-17.0M YoY-168.0%	25.0M YoY-3.8%	26.0M YoY+160.0%
	$2.23 YoY-38.9%	$3.65 YoY-43.2%	$6.43 YoY-16.6%	$7.71 YoY+61.0%	$4.79 YoY+52.1%
EPS (basic)	$2.23 YoY-39.1%	$3.66 YoY-43.2%	$6.44 YoY-16.6%	$7.72 YoY+60.8%	$4.80 YoY+51.9%
Weighted-avg shares (basic)	484M YoY-1.6%	492M YoY-9.1%	541M YoY-3.7%	562M YoY-0.4%	564M YoY+0.5%
Weighted-avg shares (diluted)	484M YoY-1.8%	493M YoY-9.0%	542M YoY-3.7%	563M YoY-0.5%	566M YoY+0.2%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	26.7B YoY-3.8%	27.7B YoY-6.9%	29.8B YoY-15.9%	35.4B YoY+11.0%	31.9B YoY+16.9%
Cash & equivalents	1.01B YoY+66.1%	611M YoY-55.3%	1.37B YoY+31.9%	1.04B YoY+10.0%	943M YoY+41.6%
Short-term investments	0.00	0.00	0.00	0.00	0.00
Accounts receivable	3.02B YoY-18.5%	3.71B YoY-12.4%	4.23B YoY-14.1%	4.93B YoY+48.8%	3.31B YoY+18.5%
Inventory	10.4B YoY-10.4%	11.6B YoY-3.2%	12.0B YoY-19.1%	14.8B YoY+2.0%	14.5B YoY+23.6%
Prepaid expenses	321M YoY+15.1%	279M YoY-37.3%	445M YoY+0.5%	443M YoY+19.7%	370M YoY+27.6%
Other current assets	3.80B YoY-13.1%	4.37B YoY-12.3%	4.98B YoY-12.1%	5.67B YoY+9.8%	5.16B YoY-17.1%
	52.4B YoY-1.7%	53.3B YoY-2.5%	54.6B YoY-8.6%	59.8B YoY+6.5%	56.1B YoY+12.9%
Property, plant & equipment	11.2B YoY+3.2%	10.8B YoY+3.1%	10.5B YoY+5.8%	9.93B YoY+1.3%	9.80B YoY+0.2%
Operating lease right-of-use	1.32B YoY-2.7%	1.36B YoY+12.1%	1.21B YoY+11.3%	1.09B YoY+6.4%	1.02B YoY-7.2%
Goodwill	4.77B YoY+5.8%	4.51B YoY+9.9%	4.10B YoY-1.4%	4.16B YoY-0.5%	4.18B YoY+21.2%
Intangible assets	1.98B YoY-12.6%	2.26B YoY+1.0%	2.24B YoY-6.0%	2.38B YoY-7.1%	2.56B YoY+20.2%
Long-term investments	508M YoY+0.0%	508M YoY+0.0%	508M YoY+0.0%	508M YoY+0.0%	508M YoY+0.0%
Other non-current assets	918M YoY-30.1%	1.31B YoY+0.7%	1.30B YoY-2.1%	1.33B YoY-2.7%	1.37B YoY+29.9%
Total non-current assets	25.7B YoY+0.7%	25.6B	—	—	—
	19.5B YoY-2.0%	19.9B YoY+6.8%	18.7B YoY-22.9%	24.2B YoY+10.2%	21.9B YoY+20.7%
Accounts payable	5.20B YoY-6.1%	5.54B YoY-12.3%	6.31B YoY-19.1%	7.80B YoY+22.2%	6.39B YoY+42.8%
Accrued liabilities	1.03B YoY-6.0%	1.09B YoY+4.5%	1.04B YoY-29.2%	1.48B YoY+14.1%	1.29B YoY+39.0%
Deferred revenue	333M YoY-37.6%	534M YoY-14.7%	626M YoY-9.8%	694M YoY+19.4%	581M YoY-7.2%
Short-term & current debt	1.01B YoY+49.3%	674M YoY+67300.0%	1.00M YoY-99.9%	942M YoY+65.3%	570M YoY+28400.0%
Current lease liability	303M YoY-6.5%	324M YoY+8.0%	300M YoY+2.7%	292M YoY+5.4%	277M YoY+6.1%
Other current liabilities	3.31B YoY-11.2%	3.73B YoY-8.5%	4.08B YoY-15.0%	4.79B YoY+0.1%	4.79B YoY-3.1%
Long-term debt	6.61B YoY-12.8%	7.58B YoY-8.2%	8.26B YoY+6.8%	7.74B YoY-3.4%	8.01B YoY+1.6%
Non-current lease liability	1.04B YoY-1.1%	1.06B YoY+13.5%	931M YoY+14.1%	816M YoY+6.7%	765M YoY-11.4%
Deferred tax liabilities	1.14B YoY-10.5%	1.27B YoY-3.1%	1.31B YoY-6.6%	1.40B YoY-0.7%	1.41B YoY+8.4%
Other non-current liabilities	1.04B YoY+4.5%	997M YoY-0.8%	1.00B YoY-0.9%	1.01B YoY-17.8%	1.23B YoY-11.4%
Total non-current liabilities	9.83B YoY-9.9%	10.9B YoY-5.2%	11.5B YoY+4.9%	11.0B YoY-4.0%	11.4B YoY-0.2%
	22.7B YoY+2.5%	22.2B YoY-8.1%	24.1B YoY-0.7%	24.3B YoY+8.0%	22.5B YoY+12.4%
Common stock	3.28B YoY+1.8%	3.22B YoY+2.2%	3.15B YoY+0.2%	3.15B YoY+5.1%	2.99B YoY+6.0%
Retained earnings	22.0B YoY+0.2%	21.9B YoY-6.5%	23.5B YoY-0.8%	23.6B YoY+9.2%	21.7B YoY+9.5%
Treasury stock	2.30B YoY+0.0%	2.30B YoY-14.8%	2.70B YoY+58.8%	1.70B YoY+466.7%	300M YoY-94.4%
Accumulated other comprehensive income	-2.53B YoY+15.3%	-2.99B YoY-20.1%	-2.49B YoY+0.9%	-2.51B YoY-15.5%	-2.17B YoY+16.6%
Non-controlling interest	7.00M YoY-30.0%	10.0M YoY-23.1%	13.0M YoY-60.6%	33.0M YoY+6.5%	31.0M YoY+40.9%
Total equity incl. non-controlling	22.7B YoY+2.5%	22.2B YoY-8.1%	24.1B YoY-0.7%	24.3B YoY+8.0%	22.5B YoY+12.4%
Total liabilities & equity	52.4B YoY-1.7%	53.3B YoY-2.5%	54.6B YoY-8.6%	59.8B YoY+6.5%	56.1B YoY+12.9%
Shares outstanding (cover)	481M YoY+0.4%	479M YoY-10.3%	533M YoY-2.9%	549M YoY-1.8%	559M YoY+0.5%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	5.45B YoY+95.4%	2.79B YoY-37.4%	4.46B YoY+28.2%	3.48B YoY-47.3%	6.59B YoY+376.4%
Depreciation & amortization	1.18B YoY+3.5%	1.14B YoY+7.7%	1.06B YoY+3.0%	1.03B YoY+3.2%	996M YoY+2.0%
Share-based compensation	83.0M YoY+12.2%	74.0M YoY-33.9%	112M YoY-23.8%	147M YoY-8.7%	161M YoY+6.6%
Deferred income taxes	-45.0M YoY+65.4%	-130M YoY-465.2%	-23.0M YoY+74.2%	-89.0M YoY+31.0%	-129M YoY-272.0%
Change in receivables	-855M YoY-91.3%	-447M YoY+39.3%	-737M YoY-143.8%	1.68B YoY+191.0%	578M YoY+287.9%
Change in inventory	-1.51B YoY-832.7%	-162M YoY+94.4%	-2.89B YoY-1079.3%	295M YoY-89.6%	2.84B YoY+17.0%
	-1.02B YoY+62.4%	-2.70B YoY-80.6%	-1.50B YoY-6.9%	-1.40B YoY+47.5%	-2.67B YoY-159.8%
Capital expenditure	1.25B YoY-20.2%	1.56B YoY+4.6%	1.49B YoY+13.3%	1.32B YoY+12.8%	1.17B YoY+42.0%
Acquisitions	108M YoY-88.3%	927M YoY+3930.4%	23.0M YoY+4.5%	22.0M YoY-98.6%	1.56B YoY+10326.7%
Other investing activities	6.00M YoY-88.9%	54.0M YoY+38.5%	39.0M YoY+192.9%	-42.0M YoY-153.8%	78.0M YoY+1214.3%
	-2.89B YoY-88.7%	-1.53B YoY+66.8%	-4.60B YoY-84.2%	-2.50B YoY-123.5%	-1.12B YoY-164.3%
Long-term debt issued	—	—	501M YoY-33.4%	752M YoY-43.4%	1.33B YoY-25.8%
Long-term debt repaid	772M YoY+77100.0%	1.00M YoY-99.9%	963M YoY+99.8%	482M YoY-9.7%	534M YoY-75.0%
Net short-term debt	-1.11B YoY-161.9%	1.80B YoY+561.5%	-390M YoY+8.9%	-428M YoY+60.6%	-1.08B YoY-229.6%
Common stock repurchased	0.00 YoY-100.0%	2.33B YoY-12.9%	2.67B YoY+84.3%	1.45B	0.00 YoY-100.0%
Dividends paid	987M YoY+0.2%	985M YoY+0.8%	977M YoY+8.7%	899M YoY+7.8%	834M YoY+3.1%
Other financing activities	-21.0M YoY+41.7%	-36.0M YoY+64.7%	-102M YoY-1375.0%	8.00M YoY+33.3%	6.00M YoY-77.8%
FX effect on cash	33.0M YoY+237.5%	-24.0M YoY-700.0%	-3.00M	0.00	0.00
Net change in cash	1.58B YoY+207.8%	-1.47B YoY+10.8%	-1.64B YoY-290.3%	-421M YoY-115.0%	2.81B YoY+69.6%
Interest paid	629M YoY-11.4%	710M YoY-0.1%	711M YoY+73.8%	409M YoY+48.2%	276M YoY-20.0%
Income taxes paid	389M YoY-40.9%	658M YoY-11.3%	742M YoY+4.8%	708M YoY+28.0%	553M YoY+183.6%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	27.6B YoY+14.3%	24.2B YoY-37.2%	38.5B YoY-24.5%	51.0B YoY+34.9%	37.8B YoY+34.8%
P/E	25.6× YoY+90.8%	13.4× YoY+36.6%	9.8× YoY-22.5%	12.7× YoY-9.1%	14.0× YoY-11.8%
P/S	1.1× YoY+11.6%	1.0× YoY+109.0%	0.5× YoY-10.0%	0.5× YoY+18.9%	0.4× YoY+1.8%
P/B	1.2× YoY+11.5%	1.1× YoY-28.9%	1.5× YoY-29.3%	2.2× YoY+28.9%	1.7× YoY+19.9%
P/FCF	6.6× YoY-66.6%	19.7× YoY-75.2%	79.3× YoY+325.9%	18.6× YoY+167.3%	7.0×
Earnings yield	3.9% YoY-47.6%	7.4% YoY-26.8%	10.2% YoY+29.0%	7.9% YoY+10.0%	7.2% YoY+13.4%
FCF yield	15.2% YoY+199.8%	5.1% YoY+302.7%	1.3% YoY-76.5%	5.4% YoY-62.6%	14.3%
Source filing	10-K	10-K	10-K	10-K	10-K/A

About this data

Source: ADM's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all ADM filings on SEC EDGAR → Not investment advice.

ADM▼ financial statements

About this data

financial statements