Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Segment Information for the Three and Six Months ended June 30, 2025 and 2024

The following tables present data by reportable segment (in millions).


	Three Months Ended June 30, 2025
	Ag Services and Oilseeds		Carbohydrate Solutions		Nutrition		Total
Revenue from external customers	$	16,269	$	2,792	$	1,993	$	21,054
Other Business							112
Total consolidated revenue							$	21,166

Less:
Cost of materials	14,940		1,745		1,214
Manufacturing costs	867		647		326
Selling, general, and administrative expenses	223		83		284
Other segment items(1)	(140)		(20)		55
Segment operating profit	$	379	$	337	$	114	$	830

Reconciliation of segment operating profit
Other Business							94
Corporate							(498)
Specified items:
Gains on sales of assets and businesses							8
Impairment, exit, restructuring charges, and settlement contingencies							(224)
Gain on contract termination							69
Earnings Before Income Taxes							$	279

(1) Other segment items for each reportable segment include:

Ag Services and Oilseeds: Equity in the earnings of affiliates; interest and investment income/expense, and other income/expense.

Carbohydrate Solutions: Equity in the earnings of affiliates and other income/expense.

Nutrition: Equity in the earnings of affiliates; interest and investment income/expense; and other income/expense.


	Six Months Ended June 30, 2025
	Ag Services and Oilseeds		Carbohydrate Solutions		Nutrition		Total
Revenue from external customers	$	31,944	$	5,362	$	3,810	$	41,116
Other Business							225
Total consolidated revenue							$	41,341

Less:
Cost of materials	29,280		3,347		2,354
Manufacturing costs	1,747		1,325		645
Selling, general, and administrative expenses	415		165		562
Other segment items(1)	(289)		(51)		39
Segment operating profit	$	791	$	576	$	210	$	1,577

Reconciliation of segment operating profit
Other Business							190
Corporate							(939)
Specified items:
Gains on sales of assets and businesses							8
Impairment, exit, restructuring charges, and settlement contingencies							(273)
Gain on contract termination							69
Earnings Before Income Taxes							$	632

(1) Other segment items for each reportable segment include:

Ag Services and Oilseeds: Equity in the earnings of affiliates; interest and investment income/expense; and other income/expense.

Carbohydrate Solutions: Equity in the earnings of affiliates and other income/expense.

Nutrition: Equity in the earnings of affiliates; interest and investment income/expense; and other income/expense.


	Three Months Ended June 30, 2024
	Ag Services and Oilseeds		Carbohydrate Solutions		Nutrition		Total
Revenue from external customers	$	17,333	$	2,894	$	1,908	$	22,135
Other Business							113
Total consolidated revenue							$	22,248

Less:
Cost of materials	15,942		1,862		1,196
Manufacturing costs	843		639		312
Selling, general, and administrative expenses	219		78		293
Other segment items(1)	(130)		(42)		(2)
Segment operating profit	$	459	$	357	$	109	$	925

Reconciliation of segment operating profit
Other Business							96
Corporate							(418)
Specified items:

Impairment, exit, restructuring charges, and settlement contingencies							(7)
Earnings Before Income Taxes							$	596

(1) Other segment items for each reportable segment include:

Ag Services and Oilseeds: Equity in the earnings of affiliates; interest and investment income/expense; and other income/expense.

Carbohydrate Solutions: Equity in the earnings of affiliates and other income/expense.

Nutrition: Equity in the earnings of affiliates and other income/expense.


	Six Months Ended June 30, 2024
	Ag Services and Oilseeds		Carbohydrate Solutions		Nutrition		Total
Revenue from external customers	$	34,552	$	5,577	$	3,744	$	43,873
Other Business							222
Total consolidated revenue							$	44,095

Less:
Cost of materials	31,423		3,594		2,360
Manufacturing costs	1,676		1,280		610
Selling, general, and administrative expenses	461		170		590
Other segment items(1)	(331)		(72)		(9)
Segment operating profit	$	1,323	$	605	$	193	$	2,121

Reconciliation of segment operating profit
Other Business							217
Corporate							(844)
Specified items:

Impairment, exit, restructuring charges, and settlement contingencies							(13)
Earnings Before Income Taxes							$	1,481

(1) Other segment items for each reportable segment include:

Ag Services and Oilseeds: Equity in the earnings of affiliates; interest and investment income/expense; and other income/expense.

Carbohydrate Solutions: Equity in the earnings of affiliates and other income/expense.

Nutrition: Equity in the earnings of affiliates and other income/expense.


(In millions)	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Intersegment sales
Ag Services and Oilseeds	$	506	$	432	$	927	$	858
Carbohydrate Solutions	207		225		406		434
Nutrition	14		18		33		31
Total intersegment sales	$	727	$	675	$	1,366	$	1,323

Depreciation expense
Ag Services and Oilseeds	$	104	$	95	$	203	$	186
Carbohydrate Solutions	75		75		150		151
Nutrition	38		38		75		73
Total segment depreciation expense	217		208		428		410
Other Business	2		2		5		5
Corporate	9		8		19		17
Total depreciation expense	$	228	$	218	$	452	$	432

Amortization expense
Ag Services and Oilseeds	$	3	$	4	$	6	$	7
Carbohydrate Solutions	1		1		2		3
Nutrition	39		41		78		80
Total segment amortization expense	43		46		86		90

Corporate	20		22		40		44
Total amortization expense	$	63	$	68	$	126	$	134








Interest and investment income (expense)
Ag Services and Oilseeds	$	9	$	13	$	31	$	21

Nutrition	(88)		—		(88)		—
Total segment interest and investment income (expense)	(79)		13		(57)		21
Other Business	100		122		197		242
Corporate	(91)		5		(72)		—
Total interest and investment income (expense)	$	(70)	$	140	$	68	$	263



Equity in earnings of unconsolidated affiliates
Ag Services and Oilseeds	$	109	$	117	$	219	$	298
Carbohydrate Solutions	21		31		50		62
Nutrition	5		6		12		11
Total segment equity in earnings of unconsolidated affiliates	135		154		281		371

Corporate	(1)		(2)		(3)		(7)
Total equity in earnings of unconsolidated affiliates	$	134	$	152	$	278	$	364