Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2025

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


	Year Ended December 31, 2025
	Ag Services and Oilseeds		Carbohydrate Solutions		Nutrition		Total
Revenue from external customers	$	61,571	$	10,737	$	7,512	$	79,820
Other Business							449
Total revenues							$	80,269

Less:
Cost of materials	56,128		6,679		4,644
Manufacturing costs	3,545		2,657		1,306
Selling, general, and administrative expenses	847		327		1,126
Other segment items (1)	(563)		(137)		19
Segment operating profit	$	1,614	$	1,211	$	417	$	3,242

Reconciliation of segment operating profit
Other Business							298
Corporate (2)							(2,049)
Specified items:
Gains on sales of assets and businesses							39
Asset impairment, restructuring, and net settlement contingencies							(435)
Gain on contract termination							69
ADM's share of equity method investment non-recurring (gains) and charges, net (3)							91
Earnings Before Income Taxes							$	1,255

(1) Other segment items for each reportable segment include Equity in the earnings of affiliates, Interest and investment (income), Interest expense, and Other (income) - net.

(2) Includes a $179 million impairment charge related to previously capitalized software and a $254 million impairment related to certain investments, presented as specified items. See Note 18. Asset Impairment, Exit, and Restructuring Costs for further information.

(3) Represents the Company's share of Wilmar's non-recurring gains related to remeasurement of Wilmar's previously held equity interest in AWL to fair value, and the penalty imposed on Wilmar during the year ended December 31, 2025. See Note 8. Investments in and Advances to Affiliates for further information.


	Year Ended December 31, 2024
	Ag Services and Oilseeds		Carbohydrate Solutions		Nutrition		Total
Revenue from external customers	$	66,516	$	11,234	$	7,349	$	85,099
Other Business							431
Total revenues							$	85,530

Less:
Cost of materials	60,378		7,170		4,651
Manufacturing costs	3,436		2,592		1,249
Selling, general, and administrative expenses	919		326		1,166
Other segment items (1)	(664)		(230)		(103)
Segment operating profit	$	2,447	$	1,376	$	386	$	4,209

Reconciliation of segment operating profit
Other Business							247
Corporate							(1,721)
Specified items:
Gains on sales of assets and businesses							10
Asset impairment, restructuring, and net settlement contingencies (2)							(490)
Earnings Before Income Taxes							$	2,255

(1) Other segment items for each reportable segment include Equity in the earnings of affiliates, Interest and investment (income) expense, Interest expense, and Other (income) - net.

(2) Includes a $461 million impairment charge related to the Company's investment in Wilmar, within the Ag Services and Oilseeds segment.


	Year Ended December 31, 2023
	Ag Services and Oilseeds		Carbohydrate Solutions		Nutrition		Total
Revenue from external customers	$	73,426	$	12,874	$	7,211	$	93,511
Other Business							424
Total revenues							$	93,935

Less:
Cost of materials	65,751		8,729		4,608
Manufacturing costs	3,338		2,550		1,136
Selling, general, and administrative expenses	880		323		1,034
Other segment items(1)	(610)		(103)		6
Segment operating profit	$	4,067	$	1,375	$	427	$	5,869

Reconciliation of segment operating profit
Other Business							375
Corporate							(1,606)
Specified items:
Gains on sales of assets and businesses							17
Asset impairment, restructuring, and net settlement contingencies (2)							(361)
Earnings Before Income Taxes							$	4,294

(1) Other segment items for each reportable segment include Equity in the earnings of affiliates, Interest and investment (income) expense, Interest expense, and Other (income) - net.

(2) Includes charges related to the impairment of certain long-lived assets, goodwill, intangibles.


(In millions)	Year Ended December 31
	2025		2024		2023
Intersegment revenue
Ag Services and Oilseeds	$	1,759	$	1,716	$	2,108
Carbohydrate Solutions	805		889		918
Nutrition	57		68		48
Total intersegment revenue	$	2,621	$	2,673	$	3,074

Depreciation expense
Ag Services and Oilseeds	$	413	$	376	$	350
Carbohydrate Solutions	315		305		304
Nutrition	158		151		132
Total segment depreciation expense	886		832		786
Other Business	9		9		10
Corporate	37		34		29
Total depreciation expense	$	932	$	875	$	825

Amortization expense
Ag Services and Oilseeds	$	12	$	14	$	17
Carbohydrate Solutions	5		6		8
Nutrition	156		158		136
Total segment amortization expense	173		178		161

Corporate	76		88		73
Total amortization expense	$	249	$	266	$	234








Interest and investment income
Ag Services and Oilseeds	$	54	$	84	$	54

Nutrition	(115)		—		(18)
Total segment interest and investment income	(61)		84		36
Other Business	395		463		499
Corporate	(216)		15		(36)
Total interest and investment income	$	118	$	562	$	499



Equity in earnings of unconsolidated affiliates
Ag Services and Oilseeds	$	521	$	474	$	459
Carbohydrate Solutions	104		127		76
Nutrition	29		29		21
Total segment equity in earnings of unconsolidated affiliates	654		630		556

Corporate	(6)		(9)		(5)
Total equity in earnings of unconsolidated affiliates	$	648	$	621	$	551

Schedule of Geographic Information

The following geographic data include revenues from external customers attributed to the countries based on the location of the subsidiary making the sale (in millions).


	Year Ended
	December 31
	2025		2024		2023
Revenues
United States	$	31,175	$	33,550	$	38,783
Switzerland	17,793		19,877		19,898
Cayman Islands	6,093		5,603		7,646
Brazil	3,358		3,353		3,361
Mexico	2,741		3,209		3,185
Canada	1,767		2,055		2,400
United Kingdom	2,115		2,186		2,219
Other Foreign	15,227		15,697		16,443
Total Revenues	$	80,269	$	85,530	$	93,935

Long-lived assets represent the net book value of property, plant, and equipment and right-of-use (ROU) assets based on physical location (in millions).


	December 31
	2025		2024
Property, plant, and equipment, net
United States	$	7,007	$	6,965
Brazil	899		872
Other Foreign	3,273		3,000
Total property, plant, and equipment, net	$	11,179	$	10,837

ROU assets
United States	$	1,063	$	1,063

Other Foreign	259		295
Total ROU assets	$	1,322	$	1,358