Stocks ADM Financial statements
Financial statementsArcher-Daniels-Midland Co financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Archer-Daniels-Midland Co files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 62,346 | 60,828 | 64,341 | 64,656 | 64,355 | 85,249 | 101,556 | 93,935 | 85,530 | 80,269 |
| Cost of revenue | 58,728 | 57,310 | 60,160 | 60,509 | 59,902 | 79,262 | 93,986 | 86,422 | 79,752 | 75,236 |
| Gross profit | 3,618 | 3,518 | 4,181 | 4,147 | 4,453 | 5,987 | 7,570 | 7,513 | 5,778 | 5,033 |
| Research and development | 123 | 129 | 141 | 154 | 160 | 171 | 216 | 256 | 269 | 246 |
| Selling, general and administrative | 1,981 | 1,978 | 2,165 | 2,493 | 2,687 | 2,994 | 3,358 | 3,456 | 3,706 | 3,609 |
| Interest expense | 293 | 330 | 364 | 402 | 339 | 265 | 396 | 647 | 706 | 612 |
| Interest income | 92 | 106 | 162 | 196 | 111 | 96 | 293 | 499 | 562 | |
| Other non-operating income | 149 | 10 | -101 | -7 | 255 | 94 | 358 | 176 | 251 | 150 |
| Pre-tax income | 1,822 | 1,609 | 2,060 | 1,588 | 1,883 | 3,313 | 5,233 | 4,294 | 2,255 | 1,255 |
| Income tax | 534 | 7 | 245 | 209 | 101 | 578 | 868 | 828 | 476 | 182 |
| Net income to minority interests | 9 | 7 | 5 | 0 | 10 | 26 | 25 | -17 | -21 | -5 |
| Net income | 1,279 | 1,595 | 1,810 | 1,379 | 1,772 | 2,709 | 4,340 | 3,483 | 1,800 | 1,078 |
| EPS, basic | 2.18 | 2.80 | 3.21 | 2.45 | 3.16 | 4.80 | 7.72 | 6.44 | 3.66 | 2.23 |
| EPS, diluted | 2.16 | 2.79 | 3.19 | 2.44 | 3.15 | 4.79 | 7.71 | 6.43 | 3.65 | 2.23 |
| Shares, basic (weighted) | 588 | 569 | 564 | 563 | 561 | 564 | 562 | 541 | 492 | 484 |
| Shares, diluted (weighted) | 591 | 572 | 567 | 565 | 565 | 566 | 563 | 542 | 493 | 484 |
| Dividend per share | 1.20 | 1.28 | 1.34 | 1.40 | 1.44 | 1.48 | 1.60 | 1.80 | 2.00 | 2.04 |
Balance sheet
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 619 | 804 | 1,997 | 852 | 666 | 943 | 1,037 | 1,368 | 611 | 1,015 |
| Short-term investments | 0 | 6 | ||||||||
| Receivables | 1,905 | 1,947 | 2,233 | 2,267 | 2,793 | 3,311 | 4,926 | 4,232 | 3,708 | 3,021 |
| Inventory | 8,831 | 9,173 | 8,813 | 9,170 | 11,713 | 14,481 | 14,771 | 11,957 | 11,572 | 10,369 |
| Other current assets | 4,383 | 3,175 | 3,039 | 4,600 | 6,224 | 5,158 | 5,666 | 4,982 | 4,369 | 3,796 |
| Total current assets | 21,045 | 19,925 | 20,588 | 21,347 | 27,286 | 31,909 | 35,410 | 29,767 | 27,718 | 26,665 |
| Property, plant and equipment | 9,758 | 10,138 | 9,953 | 10,106 | 9,779 | 9,803 | 9,933 | 10,508 | 10,837 | 11,179 |
| Lease right-of-use assets | 971 | 1,102 | 1,023 | 1,088 | 1,211 | 1,358 | 1,322 | |||
| Goodwill | 2,246 | 2,374 | 2,496 | 3,385 | 3,451 | 4,182 | 4,162 | 4,103 | 4,509 | 4,769 |
| Intangible assets | 1,457 | 1,544 | 1,545 | 2,091 | 2,134 | 2,565 | 2,382 | 2,238 | 2,260 | 1,976 |
| Long-term investments | 92 | 7 | ||||||||
| Other non-current assets | 579 | 802 | 934 | 965 | 1,054 | 1,369 | 1,332 | 1,304 | 1,313 | 918 |
| Total assets | 39,769 | 39,963 | 40,833 | 43,997 | 49,719 | 56,136 | 59,774 | 54,631 | 53,271 | 52,389 |
| Accounts payable | 3,606 | 3,894 | 3,545 | 3,746 | 4,474 | 6,388 | 7,803 | 6,313 | 5,535 | 5,195 |
| Accrued liabilities | 1,414 | 997 | 939 | 1,088 | 931 | 1,294 | 1,476 | 1,045 | 1,092 | 1,026 |
| Deferred revenue | 604 | 626 | 581 | 694 | 626 | 534 | 333 | |||
| Short-term debt | 273 | 13 | 582 | 7 | 2 | 570 | 942 | 1 | 674 | 1,006 |
| Total current liabilities | 13,173 | 12,570 | 11,776 | 13,734 | 18,182 | 21,948 | 24,191 | 18,662 | 19,938 | 19,534 |
| Long-term debt | 6,504 | 6,623 | 7,698 | 7,672 | 7,885 | 8,011 | 7,735 | 8,259 | 7,580 | 6,606 |
| Lease liabilities | 781 | 863 | 765 | 816 | 931 | 1,057 | 1,045 | |||
| Other non-current liabilities | 1,218 | 1,342 | 1,247 | 1,333 | 1,391 | 1,233 | 1,014 | 1,005 | 997 | 1,042 |
| Total liabilities | 22,588 | 21,641 | 21,837 | 24,772 | 29,697 | 33,628 | 35,457 | 30,486 | 31,093 | 29,649 |
| Total debt | 6,777 | 6,636 | 8,280 | 7,679 | 7,887 | 8,581 | 8,677 | 8,260 | 8,254 | 7,612 |
| Retained earnings | 17,444 | 17,552 | 18,527 | 18,958 | 19,780 | 21,655 | 23,646 | 23,465 | 21,933 | 21,983 |
| Treasury stock | -5,500 | -5,500 | -5,300 | -5,400 | -300 | -1,700 | -2,700 | -2,300 | ||
| Other comprehensive income | -2,598 | -1,637 | -2,106 | -2,405 | -2,604 | -2,172 | -2,509 | -2,487 | -2,988 | -2,531 |
| Minority interests | 8 | 9 | 15 | 17 | 22 | 31 | 33 | 13 | 10 | 7 |
| Total equity | 17,181 | 18,322 | 18,996 | 19,225 | 20,022 | 22,508 | 24,317 | 24,145 | 22,178 | 22,740 |
| Total liabilities and equity | 39,769 | 39,963 | 40,833 | 43,997 | 49,719 | 56,136 | 59,774 | 54,631 | 53,271 | 52,389 |
Cash flow statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | 1,288 | 1,602 | 1,815 | 1,379 | 1,782 | 2,735 | 4,365 | 3,466 | 1,779 | 1,073 |
| Depreciation and amortization | 900 | 924 | 941 | 993 | 976 | 996 | 1,028 | 1,059 | 1,141 | 1,181 |
| Stock-based compensation | 74 | 66 | 109 | 89 | 151 | 161 | 147 | 112 | 74 | 83 |
| Deferred income tax | 56 | -714 | -47 | 21 | 75 | -129 | -89 | -23 | -130 | -45 |
| Change in receivables | -160 | 73 | -376 | 287 | -149 | -578 | -1,682 | 737 | 447 | 855 |
| Change in inventory | -654 | -137 | 226 | -21 | -2,426 | -2,839 | -295 | 2,889 | 162 | 1,511 |
| Cash from operations | -6,508 | -5,966 | -4,784 | -5,452 | -2,386 | 6,595 | 3,478 | 4,460 | 2,790 | 5,452 |
| Capital expenditures | -882 | -1,049 | -842 | -828 | -823 | -1,169 | -1,319 | -1,494 | -1,563 | -1,248 |
| Acquisitions | -130 | -187 | -464 | -1,946 | -15 | -1,564 | -22 | -23 | -927 | -108 |
| Purchases of investments | -1,401 | -538 | 0 | -27 | -2 | 0 | 0 | 0 | -308 | -43 |
| Sales and maturities of investments | 0 | 0 | 84 | 277 | ||||||
| Cash from investing | 6,852 | 7,291 | 6,582 | 5,259 | 4,465 | -2,669 | -1,400 | -1,496 | -2,702 | -1,017 |
| Debt issued | 1,791 | 1,329 | 752 | 501 | ||||||
| Debt repaid | -14 | -835 | -30 | -626 | -2,136 | -534 | -482 | -963 | -1 | -772 |
| Stock issued | 90 | 20 | 25 | |||||||
| Share buybacks | -1,000 | -750 | -77 | -150 | -133 | 0 | -1,450 | -2,673 | -2,327 | 0 |
| Dividends paid | -701 | -730 | -758 | -789 | -809 | -834 | -899 | -977 | -985 | -987 |
| Cash from financing | -579 | -1,028 | 187 | -660 | -423 | -1,118 | -2,499 | -4,604 | -1,530 | -2,887 |
| Exchange rate effect | 0 | 0 | -3 | -24 | 33 | |||||
| Net change in cash | 297 | 1,985 | -853 | 1,656 | 2,808 | -421 | -1,643 | -1,466 | 1,581 | |
| Free cash flow | -7,390 | -7,015 | -5,626 | -6,280 | -3,209 | 5,426 | 2,159 | 2,966 | 1,227 | 4,204 |
| Interest paid | 283 | 321 | 351 | 388 | 345 | 276 | 409 | 711 | 710 | 629 |
| Income taxes paid | 398 | 538 | 376 | 268 | 195 | 553 | 708 | 742 | 658 | 389 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 6.9% | Gross profit / revenue. |
| Pre-tax margin | 2.6% | Pre-tax income / revenue. |
| Net margin | 2.2% | Net income / revenue. |
| FCF margin | 2.0% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 3.4% | Cash from operations / revenue. |
| Effective tax rate | 15.1% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on assets (ROA) | 3.3% | Net income / average total assets. |
| SG&A / revenue | 4.6% | Selling, general and administrative expense / revenue. |
| Stock-based pay / revenue | 0.2% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 1.4% | Capital expenditures / revenue. |
| D&A / revenue | 1.3% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | -6.2% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | -7.5% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 4.5% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | -12.9% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | -12.7% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | 2.5% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | -40.1% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | -37.1% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income CAGR, 5y | -9.5% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | -38.9% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | -33.9% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | -6.7% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 95.4% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 16.2% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 242.6% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 24.9% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | 2.0% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 3y | 8.4% | Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Dividend per share CAGR, 5y | 7.2% | Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | -1.7% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | -4.3% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 1.1% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | -1.8% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | -4.9% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | -3.0% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 1.39x | Current assets / current liabilities. |
| Quick ratio | 0.22x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 0.05x | (Cash + short-term investments) / current liabilities. |
| Debt / assets | 14.2% | Total debt / total assets. |
| Liabilities / assets | 55.9% | Total liabilities / total assets. |
| Net debt | $6.54B | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Working capital | $7.79B | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 12.1% | (Goodwill + intangible assets) / total assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 1.53x | Revenue / average total assets. |
| Fixed asset turnover | 7.48x | Revenue / average property, plant and equipment. |
| Inventory turnover | 7.22x | Cost of revenue / average inventory. |
| Days inventory | 51 days | 365 x average inventory / cost of revenue. |
| Receivables turnover | 24.5x | Revenue / average receivables. |
| Days sales outstanding | 15 days | 365 x average receivables / revenue. |
| Days payables | 24 days | 365 x average accounts payable / cost of revenue. |
| Cash conversion cycle | 42 days | Days inventory + days sales outstanding - days payables. |
| FCF conversion | 94.7% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 40.0% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $3.65 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $169.28 | Revenue / diluted weighted shares. |
| FCF per share | $3.46 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $5.76 | Cash from operations / diluted weighted shares. |
| Cash per share | $2.19 | (Cash + short-term investments) / shares outstanding. |
| Payout ratio | 56.6% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 59.7% | Dividends paid / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $39.10B | Share price x shares outstanding. |
| Enterprise value | $45.64B | Market cap + total debt - cash - short-term investments. |
| P/E | 22.1x | Market cap / net income. Only when net income is positive. |
| P/S | 0.48x | Market cap / revenue. |
| P/FCF | 23.3x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 14.0x | Market cap / cash from operations, when positive. |
| EV/Sales | 0.56x | Enterprise value / revenue. |
| EV/FCF | 27.2x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 4.3% | Free cash flow / market cap. |
| Earnings yield | 4.5% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 2.6% | Dividends paid over the period / market cap. |
| Shareholder yield | 2.6% | (Dividends paid + share buybacks) / market cap. |
What was Archer-Daniels-Midland Co's revenue in fiscal 2025?
Archer-Daniels-Midland Co reported revenue of $80.27B for fiscal 2025, 6.2% lower than the year before.
Was Archer-Daniels-Midland Co profitable in fiscal 2025?
Yes. Net income was $1.08B, a net margin of 1.3%.
How much free cash flow did Archer-Daniels-Midland Co generate in fiscal 2025?
Cash from operations of $5.45B minus capital expenditures of $1.25B left free cash flow of $4.20B.