Revenues

3 Months Ended

Mar. 31, 2025

Revenues [Abstract]

Revenues

Revenues

The following tables present revenue disaggregated by timing of recognition and major product lines for the three months ended March 31, 2025 and 2024 (in millions).

	Three Months Ended March 31, 2025
	Topic 606 Revenue						Topic 815		Total
	Point in Time		Over Time		Total		Revenue (1)		Revenues
Ag Services and Oilseeds
Ag Services	$	1,041	$	207	$	1,248	$	9,288	$	10,536
Crushing	100		—		100		2,539		2,639
Refined Products and Other	851		—		851		1,649		2,500
Total Ag Services and Oilseeds	1,992		207		2,199		13,476		15,675
Carbohydrate Solutions
Starches and Sweeteners	1,384		—		1,384		553		1,937
Vantage Corn Processors	634		—		634		—		634
Total Carbohydrate Solutions	2,018		—		2,018		553		2,571
Nutrition
Human Nutrition	998		—		998		—		998
Animal Nutrition	819		—		819		—		819
Total Nutrition	1,817		—		1,817		—		1,817
Total Segment Revenues	5,827		207		6,034		14,029		20,063
Other Business	112		—		112		—		112
Total Revenues	$	5,939	$	207	$	6,146	$	14,029	$	20,175

	Three Months Ended March 31, 2024
	Topic 606 Revenue						Topic 815		Total
	Point in Time		Over Time		Total		Revenue (1)		Revenues
Ag Services and Oilseeds
Ag Services	$	1,022	$	193	$	1,215	$	9,982	$	11,197
Crushing	117		—		117		3,210		3,327
Refined Products and Other	548		—		548		2,147		2,695
Total Ag Services and Oilseeds	1,687		193		1,880		15,339		17,219
Carbohydrate Solutions
Starches and Sweeteners	1,593		—		1,593		563		2,156
Vantage Corn Processors	527		—		527		—		527
Total Carbohydrate Solutions	2,120		—		2,120		563		2,683
Nutrition
Human Nutrition	964		—		964		—		964
Animal Nutrition	872		—		872		—		872
Total Nutrition	1,836		—		1,836		—		1,836
Total Segment Revenues	5,643		193		5,836		15,902		21,738
Other Business	109		—		109		—		109
Total Revenues	$	5,752	$	193	$	5,945	$	15,902	$	21,847

(1) Topic 815 revenue relates to the physical delivery or the settlement of the Company’s sales contracts that are 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 the sale of commodities, from service fees for the transportation of goods, from the sale of products manufactured in its global processing facilities, and from its structured trade finance activities.

The Company engages in various structured trade finance activities to leverage its global trade flows whereby the Company obtains letters of credit (LCs) to guarantee payments on both global purchases and sales of grain. LCs guaranteeing payment on grain sales are sold on a non-recourse basis with no continuing involvement. The Company earns returns from the difference in interest rates between the LCs that guarantee payment on the underlying purchases and sales of grain given the differing risk profiles of the underlying transactions. The net return related to structured trade finance activities is included in Ag Services revenue and was not significant for the three months ended March 31, 2025 and 2024.

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. Products are shipped to customers from the Company’s various facilities and from its network of storage terminals. 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. The amount of revenue recognized follows the contracted price or the mutually agreed price of the product.

Other Business

Other Business includes the Company’s futures commission business whose primary sources of revenue are commissions and brokerage income generated from executing orders and clearing 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 generates third party revenue through its proportionate share of premiums from third-party reinsurance pools. Reinsurance premiums are recognized on a straight-line basis over the period underlying the policy.