Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Reportable Segment Information

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.

(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.