Archer-Daniels-Midland (ADM) 10-K Summary — Year Ended Dec 31, 2025
Archer-Daniels-Midland Company reported a slight increase in annual revenue compared to the prior year, with positive net income and strong operating cash flow. The company maintains substantial liquidity through credit facilities and cash from operations, but faces risks from reliance on credit markets.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Archer-Daniels-Midland Company reported a slight increase in annual revenue compared to the prior year, with positive net income and strong operating cash flow. The company maintains substantial liquidity through credit facilities and cash from operations, but faces risks from reliance on credit markets.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$25B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$1.1B
Net income reported for the year.
Operating cash flow
$5.5B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Sep 30, 2023 | $21.7B | -13.9% |
| Dec 31, 2023 | $25.7B | +18.4% |
| Dec 31, 2024 | $24.4B | -5.1% |
| Dec 31, 2025 | $25B | +2.4% |
Business overview
Archer-Daniels-Midland Company operates as a capital-intensive agricultural commodity processor and trader. The company sources, transports, stores, processes, and merchandises agricultural commodities and related products. Its business spans across various segments including Ag Services, Carbohydrate Solutions, Nutrition, and others.
Financial performance
Annual revenue increased modestly compared to the previous fiscal year. Net income and operating cash flow were positive, reflecting the company's ability to generate cash from operations despite market fluctuations.
Material risks
The company depends on access to credit markets, which can be affected by its credit rating and external factors beyond its control, posing a material risk to liquidity and operations. Additionally, the agricultural commodity business is subject to price volatility, regulatory changes, and geopolitical uncertainties.
Liquidity and capital
The company aims to maintain sufficient liquidity and balance sheet strength to fund its capital-intensive operations. Primary funding sources include cash from operations, lines of credit, commercial paper programs, and accounts receivable securitization, with significant unused credit capacity at year-end.
What to watch
Monitor the company's credit ratings and ability to access debt markets, as any disruption could impact liquidity and operational flexibility.