Segment Information

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company’s operations are organized, managed, and classified into three reportable segments: Ag Services and Oilseeds (AS&O), Carbohydrate Solutions, and Nutrition.

Each of these segments is organized based upon the nature of products and services offered. The Company’s remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified within either Corporate or Other Business.

The reportable segments have been identified based on financial data utilized by the Chief Operating Decision Maker (CODM), which is the Company’s Chief Executive Officer, who is also the Company’s Chair of the Board. The CODM uses segment operating profit as the measurement of segment profit or loss. Separate financial information for the Company’s three reportable segments is evaluated by the CODM on a monthly basis to allocate resources and assess performance. The CODM does not use total assets by segment to make decisions regarding resources; therefore, the total asset disclosure by segment has not been included. Operating profit for each segment is based on net sales less identifiable operating expenses. Also included in operating profit for each segment is equity in earnings of affiliates based on the equity method of accounting. Specified items and certain corporate items are not allocated to the Company’s individual business segments because operating performance of each business segment is evaluated by the CODM exclusive of these items.

The Ag Services and Oilseeds segment includes global activities related to the origination, merchandising, transportation, and storage of agricultural raw materials, and the crushing and further processing of oilseeds such as soybeans and soft seeds (cottonseed, sunflower seed, canola, rapeseed, and flaxseed) into vegetable oils and protein meals. Oilseeds products produced and marketed by the segment include ingredients for food, feed, energy, and industrial customers. Crude vegetable oils produced by the segment’s crushing activities are sold “as is” to manufacturers of renewable green diesel and other customers or are further processed by refining, deodorizing, bleaching, and blending, as applicable, into salad oils. Salad oils are sold “as is” or are further processed by hydrogenating and/or interesterifying into margarine, shortening, and other food products. Partially refined oils are used to produce biodiesel and glycols or are sold to other manufacturers for use in chemicals, paints, and other industrial products. Oilseed protein meals are principally sold to third parties to be used as ingredients in commercial livestock and poultry feeds. The Ag Services and Oilseeds segment is also a major supplier of peanuts and peanut-derived ingredients to both the U.S. and export markets. In North America, cotton cellulose pulp is manufactured and sold to the chemical, paper, and other industrial markets. The Ag Services and Oilseeds segment’s grain sourcing, handling, and transportation network (including barge, ocean-going vessel, truck, rail, and container freight services) provides reliable and efficient services to the Company’s customers and agricultural processing operations. The Ag Services and Oilseeds segment also includes agricultural commodity and feed product import, export, and global distribution, and structured trade finance activities. The Company engages in various structured trade finance activities to leverage its global trade flows. This segment also includes the Company’s share of the results of its equity investments in Wilmar, Pacificor, LLC, SoyVen Holding BV, Olenex Holdings BV, Edible Oils Limited, Stratas Foods LLC, Terminal de Grãos Ponta da Montanha S.A., Gradable, LLC, and Plainsman Company, LLC.

The Carbohydrate Solutions segment is engaged in corn and wheat wet and dry milling and other activities. The Carbohydrate Solutions segment converts corn and wheat into products and ingredients used in the food and beverage industry including sweeteners, corn and wheat starches, syrup, glucose, wheat flour, and dextrose. Dextrose and starch are used by the Carbohydrate Solutions segment as feedstocks in other downstream processes. By fermentation of dextrose, the Carbohydrate Solutions segment produces alcohol and other food and animal feed ingredients. Ethanol is produced by the Company for use in gasoline due to its ability to increase octane as an extender and oxygenate. Corn gluten feed and meal, as well as distillers’ grains, are produced for use as animal feed ingredients. Corn germ, a by-product of the wet milling process, is further processed into vegetable oil and protein meal. Other Carbohydrate Solutions products include citric acids which are used in various food and industrial products. The Carbohydrate Solutions segment is a leader in carbon capture and sequestration. This segment also includes the Company’s share of the results of its equity investments in Hungrana Ltd., Almidones Mexicanos S.A. de C.V., Aston Foods and Food Ingredients, Red Star Yeast Company, LLC, and LSCP, LLP.

The Nutrition segment serves various end markets including food, beverages, and nutritional supplements for humans, and complete feed, feed premix and additives, petfood and pet treats for livestock, aquaculture, and pets. The segment engages in the creation, manufacturing, sale, and distribution of a wide array of ingredients and solutions including plant-based proteins, natural flavors, flavor systems, natural colors, emulsifiers, soluble fiber, polyols, hydrocolloids, probiotics, prebiotics, postbiotics, enzymes, botanical extracts, and other specialty food and feed ingredients and systems. The Nutrition segment also includes activities related to the procurement, processing, and distribution of edible beans, the processing and distribution of formula feeds and animal health and nutrition products and the manufacture of contract and private label pet treats and foods. This segment also includes the Company’s share of the results of its equity investments in Vimison S.A. de C.V., Dusial S.A., ADM Matsutani LLC, Vitafort ZRT, and Matsutani Singapore Pte. Ltd.

Other Business results include the Company’s financial business units related to futures commission and insurance activities. Corporate results principally include unallocated corporate expenses, interest cost net of interest income, and revaluation gains and losses on cost method investments, and the share of the results of equity investments in early-stage start-up companies.

Intersegment sales have been recorded using principles consistent with ASC 606, Revenue from Contracts with Customers.

Segment Information for the Three and Nine Months ended September 30, 2025 and 2024

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

	Three Months Ended September 30, 2025
	Ag Services and Oilseeds		Carbohydrate Solutions		Nutrition		Total
Revenue from external customers	$	15,613	$	2,734	$	1,916	$	20,263
Other Business							109
Total consolidated revenue							$	20,372
Less:
Cost of materials	14,238		1,700		1,181
Manufacturing costs	879		652		332
Selling, general, and administrative expenses	216		80		277
Other segment items (1)	(99)		(34)		(4)
Segment operating profit	$	379	$	336	$	130	$	845
Reconciliation of segment operating profit
Other Business							55
Corporate (2)							(532)
Specified items:
Gains on sales of assets and businesses							31
Impairment, exit, restructuring charges, and settlement contingencies							(89)
ADM's share of equity method investment penalty charge (3)							(163)
Earnings Before Income Taxes							$	147

(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.

(2) Includes a $173 million impairment charge related to previously capitalized internal-use software, presented as a specified item. See Note 14. Asset Impairment, Exit, and Restructuring Costs for further information.

(3) Represents a charge recorded by the Company related to its share of a penalty imposed on Wilmar during the three months ended September 30, 2025. See Note 1. Basis of Presentation for further information.

	Nine Months Ended September 30, 2025
	Ag Services and Oilseeds		Carbohydrate Solutions		Nutrition		Total
Revenue from external customers	$	47,557	$	8,096	$	5,726	$	61,379
Other Business							334
Total consolidated revenue							$	61,713
Less:
Cost of materials	43,518		5,046		3,535
Manufacturing costs	2,626		1,977		977
Selling, general, and administrative expenses	631		245		839
Other segment items (1)	(388)		(84)		35
Segment operating profit	$	1,170	$	912	$	340	$	2,422
Reconciliation of segment operating profit
Other Business							245
Corporate (2)							(1,472)
Specified items:
Gains on sales of assets and businesses							39
Impairment, exit, restructuring charges, and settlement contingencies							(361)
Gain on contract termination							69
ADM's share of equity method investment penalty charge (3)							(163)
Earnings Before Income Taxes							$	779

(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.

(2) Includes a $173 million impairment charge related to previously capitalized internal-use software, presented as a specified item. See Note 14. Asset Impairment, Exit, and Restructuring Costs for further information.

(3) Represents a charge recorded by the Company related to its share of a penalty imposed on Wilmar during the nine months ended September 30, 2025. See Note 1. Basis of Presentation for further information.

	Three Months Ended September 30, 2024
	Ag Services and Oilseeds		Carbohydrate Solutions		Nutrition		Total
Revenue from external customers	$	15,089	$	2,908	$	1,831	$	19,828
Other Business							109
Total consolidated revenue							$	19,937
Less:
Cost of materials	13,680		1,815		1,160
Manufacturing costs	853		660		315
Selling, general, and administrative expenses	216		73		288
Other segment items (1)	(140)		(92)		(37)
Segment operating profit	$	480	$	452	$	105	$	1,037
Reconciliation of segment operating profit
Other Business							(17)
Corporate							(409)
Specified items:
Gains on sales of assets and businesses							1
Impairment, exit, restructuring charges, and settlement contingencies (2)							(504)
Earnings Before Income Taxes							$	108

(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.

(2) Includes a $461 million impairment charge related to the Company’s investment in Wilmar.

	Nine Months Ended September 30, 2024
	Ag Services and Oilseeds		Carbohydrate Solutions		Nutrition		Total
Revenue from external customers	$	49,642	$	8,484	$	5,575	$	63,701
Other Business							331
Total consolidated revenue							$	64,032
Less:
Cost of materials	45,103		5,408		3,520
Manufacturing costs	2,529		1,940		925
Selling, general, and administrative expenses	677		243		877
Other segment items (1)	(470)		(164)		(45)
Segment operating profit	$	1,803	$	1,057	$	298	$	3,158
Reconciliation of segment operating profit
Other Business							200
Corporate							(1,254)
Specified items:
Gains on sales of assets and businesses							1
Impairment, exit, restructuring charges, and settlement contingencies (2)							(517)
Earnings Before Income Taxes							$	1,588

(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.

(2) Includes a $461 million impairment charge related to the Company’s investment in Wilmar.

(In millions)	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Intersegment sales
Ag Services and Oilseeds	$	418	$	463	$	1,345	$	1,320
Carbohydrate Solutions	223		247		629		680
Nutrition	16		23		48		55
Total intersegment sales	$	657	$	733	$	2,022	$	2,055
Depreciation expense
Ag Services and Oilseeds	$	105	$	94	$	308	$	280
Carbohydrate Solutions	75		77		225		229
Nutrition	42		40		117		113
Total segment depreciation expense	222		211		650		622
Other Business	2		2		7		7
Corporate	10		8		29		25
Total depreciation expense	$	234	$	221	$	686	$	654
Amortization expense
Ag Services and Oilseeds	$	3	$	3	$	9	$	10
Carbohydrate Solutions	1		1		4		4
Nutrition	39		40		117		120
Total segment amortization expense	43		44		130		134
Corporate	18		22		58		66
Total amortization expense	$	61	$	66	$	188	$	200
Interest and investment income (expense)
Ag Services and Oilseeds	$	10	$	14	$	40	$	35
Nutrition	—		—		(88)		—
Total segment interest and investment income (expense)	10		14		(48)		35
Other Business	109		115		306		357
Corporate	2		8		(69)		8
Total interest and investment income (expense)	$	121	$	137	$	189	$	400
Equity in (losses) earnings of unconsolidated affiliates
Ag Services and Oilseeds(1)	$	(77)	$	89	$	142	$	387
Carbohydrate Solutions	27		37		77		99
Nutrition	9		9		21		21
Total segment equity in (losses) earnings of unconsolidated affiliates	(41)		135		240		507
Corporate	—		(1)		(3)		(9)
Total equity in (losses) earnings of unconsolidated affiliates	$	(41)	$	134	$	237	$	498
(1) Includes the Company’s share of a penalty imposed on Wilmar for the three and nine months ended September 30, 2025. See Note 1. Basis of Presentation for further information.