Archer Daniels Midland (ADM) Financials

$62.94 +1.82 (+2.98%)

Closing price 08/22/2025 03:59 PM Eastern

Extended Trading

$62.98 +0.03 (+0.05%)

As of 07:27 AM Eastern

Annual Income Statements for Archer Daniels Midland

This table shows Archer Daniels Midland's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	2,248	1,849	1,279	1,595	1,810	1,379	1,772	2,709	4,340	3,483	1,800
Consolidated Net Income / (Loss)	2,253	1,846	1,288	1,602	1,815	1,379	1,782	2,735	4,365	3,466	1,779
Net Income / (Loss) Continuing Operations	2,253	1,846	1,288	1,602	1,815	1,379	1,782	2,735	4,365	3,466	1,779
Total Pre-Tax Income	3,130	2,284	1,822	1,609	2,060	1,588	1,883	3,313	5,233	4,294	2,255
Total Operating Income	2,730	1,781	1,582	1,367	1,845	1,351	1,686	2,829	4,146	3,715	1,527
Total Gross Profit	4,768	3,966	3,618	3,518	4,181	4,147	4,453	5,987	7,570	7,513	5,778
Total Revenue	81,201	67,702	62,346	60,828	64,341	64,656	64,355	85,249	101,556	93,935	85,530
Operating Revenue	81,201	67,702	62,346	60,828	64,341	64,656	64,355	85,249	101,556	93,935	85,530
Total Cost of Revenue	76,433	63,736	58,728	57,310	60,160	60,509	59,902	79,262	93,986	86,422	79,752
Operating Cost of Revenue	76,433	63,736	58,728	57,310	60,160	60,509	59,902	79,262	93,986	86,422	79,752
Total Operating Expenses	2,038	2,185	2,036	2,151	2,336	2,796	2,767	3,158	3,424	3,798	4,251
Selling, General & Admin Expense	1,933	1,985	1,981	1,978	2,165	2,493	2,687	2,994	3,358	3,456	3,706
Restructuring Charge	105	200	55	173	171	303	80	164	66	342	545
Total Other Income / (Expense), net	400	503	240	242	215	237	197	484	1,087	579	728
Interest Expense	337	308	293	330	364	402	748	301	396	647	706
Interest & Investment Income	464	461	384	562	680	650	690	691	1,125	1,050	1,183
Other Income / (Expense), net	273	350	149	10	-101	-11	255	94	358	176	251
Income Tax Expense	877	438	534	7.00	245	209	101	578	868	828	476
Net Income / (Loss) Attributable to Noncontrolling Interest	5.00	-3.00	9.00	7.00	5.00	0.00	10	26	25	-17	-21
Basic Earnings per Share	$3.44	$2.99	$2.18	$2.80	$3.21	$2.45	$3.16	$4.80	$7.72	$6.44	$3.66
Weighted Average Basic Shares Outstanding	653M	618M	588M	569M	564M	563M	561M	564M	562M	541M	492M
Diluted Earnings per Share	$3.43	$2.98	$2.16	$2.79	$3.19	$2.44	$3.15	$4.79	$7.71	$6.43	$3.65
Weighted Average Diluted Shares Outstanding	656M	621M	591M	572M	567M	565M	565M	566M	563M	542M	493M
Weighted Average Basic & Diluted Shares Outstanding	653.50M	618.40M	586.70M	569.60M	563.90M	557.89M	558.41M	562.17M	548.01M	509.85M	479.71M
Cash Dividends to Common per Share	$0.96	$1.12	$1.20	$1.28	$1.34	$1.40	$1.44	$1.48	$1.60	$1.80	$2.00

This table shows Archer Daniels Midland's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	1,019	1,170	927	821	565	729	486	18	567	295	219
Consolidated Net Income / (Loss)	1,024	1,172	928	824	542	719	481	18	561	292	217
Net Income / (Loss) Continuing Operations	1,024	1,172	928	824	542	719	481	18	561	292	217
Total Pre-Tax Income	1,213	1,397	1,132	1,031	734	885	596	108	666	353	279
Total Operating Income	829	1,192	982	916	625	690	482	-47	402	210	322
Total Gross Profit	1,762	2,080	1,883	1,810	1,740	1,659	1,396	1,365	1,358	1,180	1,370
Total Revenue	25,939	24,072	25,190	21,695	22,978	21,847	22,248	19,937	21,498	20,175	21,166
Operating Revenue	25,939	24,072	25,190	21,695	22,978	21,847	22,248	19,937	21,498	20,175	21,166
Total Cost of Revenue	24,177	21,992	23,307	19,885	21,238	20,188	20,852	18,572	20,140	18,995	19,796
Operating Cost of Revenue	24,177	21,992	23,307	19,885	21,238	20,188	20,852	18,572	20,140	18,995	19,796
Total Operating Expenses	933	888	901	894	1,115	969	914	1,412	956	970	1,048
Selling, General & Admin Expense	897	881	841	815	919	951	907	905	943	932	911
Restructuring Charge	36	7.00	60	79	196	18	7.00	507	13	38	137
Total Other Income / (Expense), net	384	205	150	115	109	195	114	155	264	143	-43
Interest Expense	134	147	180	155	165	166	187	174	179	158	159
Interest & Investment Income	343	308	293	235	214	335	292	271	285	282	64
Other Income / (Expense), net	175	44	37	35	60	26	9.00	58	158	19	52
Income Tax Expense	189	225	204	207	192	166	115	90	105	61	62
Net Income / (Loss) Attributable to Noncontrolling Interest	5.00	2.00	1.00	3.00	-23	-10	-5.00	0.00	-6.00	-3.00	-2.00
Basic Earnings per Share	$1.84	$2.13	$1.70	$1.52	$1.09	$1.42	$0.99	$0.04	$1.21	$0.61	$0.45
Weighted Average Basic Shares Outstanding	562M	550M	545M	540M	541M	513M	492M	482M	492M	483M	484M
Diluted Earnings per Share	$1.84	$2.12	$1.70	$1.52	$1.09	$1.42	$0.98	$0.04	$1.21	$0.61	$0.45
Weighted Average Diluted Shares Outstanding	563M	551M	546M	540M	542M	514M	493M	483M	493M	483M	484M
Weighted Average Basic & Diluted Shares Outstanding	548.01M	544.63M	536.10M	533.38M	509.85M	494.44M	478.14M	478.53M	479.71M	480.45M	480.46M
Cash Dividends to Common per Share	-	$0.45	$0.45	$0.45	-	$0.50	$0.50	$0.50	-	$0.51	$0.51

This table details how cash moves in and out of Archer Daniels Midland's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-2,041	-965	-235	297	1,985	-853	1,656	2,808	-421	-1,643	-1,466
Net Cash From Operating Activities	4,943	1,705	-6,508	-5,966	-4,784	-5,452	-2,386	6,595	3,478	4,460	2,790
Net Cash From Continuing Operating Activities	4,943	1,705	-6,508	-5,966	-4,784	-5,452	-2,386	6,595	3,478	4,460	2,842
Net Income / (Loss) Continuing Operations	2,253	1,846	1,288	1,602	1,815	1,379	1,782	2,735	4,365	3,466	1,779
Consolidated Net Income / (Loss)	2,253	1,846	1,288	1,602	1,815	1,379	1,782	2,735	4,365	3,466	1,779
Depreciation Expense	894	882	900	924	941	993	976	996	1,028	1,059	1,141
Non-Cash Adjustments To Reconcile Net Income	-386	-489	-184	83	-37	-107	296	339	-1,806	31	-279
Changes in Operating Assets and Liabilities, net	2,182	-534	-8,512	-8,575	-7,503	-7,717	-5,440	2,525	-109	-96	201
Net Cash From Investing Activities	-3,407	-21	6,852	7,291	6,582	5,259	4,465	-2,669	-1,400	-1,496	-2,702
Net Cash From Continuing Investing Activities	-3,407	-21	6,852	7,291	6,582	5,259	4,495	-2,669	-1,400	-1,496	-2,768
Purchase of Property, Plant & Equipment	-894	-1,125	-882	-1,049	-842	-828	-823	-1,169	-1,319	-1,494	-1,563
Acquisitions	-2,954	-705	-792	-467	-621	-1,959	-20	-1,598	-22	-23	-927
Purchase of Investments	-1,344	-1,084	-1,401	-538	0.00	-27	0.00	-69	-232	-18	-366
Sale and/or Maturity of Investments	1,239	1,119	1,659	985	13	104	0.00	-	131	60	84
Other Investing Activities, net	132	9.00	8,073	8,165	7,841	7,676	4,610	-78	42	-21	4.00
Net Cash From Financing Activities	-3,577	-2,649	-579	-1,028	187	-660	-423	-1,118	-2,499	-4,604	-1,530
Net Cash From Continuing Financing Activities	-3,577	-2,649	-579	-1,028	187	-660	-423	-1,118	-2,499	-4,604	-1,530
Repayment of Debt	-1,313	-1,201	81	-835	-773	-626	-1,299	-528	-902	-1,455	1,763
Repurchase of Common Equity	-1,183	-2,040	-1,000	-750	-77	-150	-133	0.00	-1,450	-2,673	-2,327
Payment of Dividends	-624	-687	-701	-730	-758	-789	-809	-834	-899	-977	-993
Issuance of Debt	-457	1,279	1,041	1,287	1,795	905	1,818	244	752	501	27
Effect of Exchange Rate Changes	-	-	-	-	-	-	-	0.00	-	-	-24
Cash Interest Paid	338	334	283	321	351	388	345	276	409	711	710
Cash Income Taxes Paid	720	602	398	538	376	268	195	553	708	742	658

This table details how cash moves in and out of Archer Daniels Midland's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-457	-1,346	-500	-146	349	-545	-574	126	-473	132	1,888
Net Cash From Operating Activities	130	-1,610	2,509	992	2,569	700	468	1,300	322	-342	4,298
Net Cash From Continuing Operating Activities	130	-1,610	2,509	992	2,569	700	468	1,300	374	-342	4,298
Net Income / (Loss) Continuing Operations	1,024	1,172	928	824	542	719	481	18	561	292	217
Consolidated Net Income / (Loss)	1,024	1,172	928	824	542	719	481	18	561	292	217
Depreciation Expense	254	259	262	261	277	280	286	288	287	287	291
Non-Cash Adjustments To Reconcile Net Income	-935	-1,103	-428	429	1,133	-212	-31	362	-398	122	1,344
Changes in Operating Assets and Liabilities, net	-213	-1,938	1,747	-522	617	-87	-268	632	-76	-1,043	2,446
Net Cash From Investing Activities	-452	-328	-283	-450	-435	-1,230	-382	-390	-700	-129	-262
Net Cash From Continuing Investing Activities	-452	-328	-283	-450	-435	-1,230	-382	-390	-766	-129	-262
Purchase of Property, Plant & Equipment	-478	-327	-287	-441	-439	-328	-362	-381	-492	-291	-305
Acquisitions	-22	0.00	-	-11	-12	-915	-21	-	9.00	-90	-5.00
Sale and/or Maturity of Investments	131	-	-	-	-	0.00	2.00	-	-	248	19
Other Investing Activities, net	-45	3.00	11	4.00	-39	13	3.00	29	-45	15	29
Net Cash From Financing Activities	-135	598	-2,729	-669	-1,804	-2.00	-659	-804	-65	587	-2,166
Net Cash From Continuing Financing Activities	-135	598	-2,729	-669	-1,804	-2.00	-659	-804	-65	587	-2,166
Repayment of Debt	331	-109	-2,069	-577	-113	-37	589	-2,229	1,784	863	-1,920
Payment of Dividends	-222	-248	-246	-244	-239	-257	-246	-241	-249	-247	-252
Issuance of Debt	6.00	1,306	236	269	103	1,619	-2.00	1,666	-1,600	-29	6.00
Effect of Exchange Rate Changes	-	-6.00	3.00	-19	-	-13	-1.00	20	-30	16	18

This table presents Archer Daniels Midland's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	43,997	40,157	39,769	39,963	40,833	43,997	49,719	56,136	59,774	54,631	53,271
Total Current Assets	26,028	21,829	21,045	19,925	20,588	21,347	27,286	31,909	35,410	29,767	27,718
Cash & Equivalents	1,099	910	619	804	1,997	852	666	943	1,037	1,368	611
Restricted Cash	4,877	5,214	5,011	4,826	4,506	4,458	5,890	8,016	9,010	7,228	7,212
Short-Term Investments	515	438	296	0.00	0.00	0.00	0.00	0.00	-	0.00	246
Accounts Receivable	2,704	1,738	1,905	1,947	2,233	2,267	2,793	3,311	4,926	4,232	3,708
Inventories, net	9,374	8,243	8,831	9,173	8,813	9,170	11,713	14,481	14,771	11,957	11,572
Other Current Assets	6,056	5,286	4,383	3,175	3,039	4,600	6,224	5,158	5,666	4,982	4,369
Plant, Property, & Equipment, net	9,851	9,853	9,758	10,138	9,953	10,106	9,779	9,803	9,933	10,508	10,837
Total Noncurrent Assets	8,118	8,475	8,966	9,900	10,292	12,544	12,654	14,424	14,431	14,356	14,716
Long-Term Investments	4,377	4,340	4,684	5,180	5,317	5,132	4,913	5,285	5,467	5,500	5,276
Goodwill	3,392	3,688	3,703	3,918	4,041	5,476	5,585	6,747	6,544	6,341	4,509
Intangible Assets	-	-	-	-	-	-	-	-	-	-	2,260
Other Noncurrent Operating Assets	349	447	579	802	934	1,936	2,156	2,392	2,420	2,515	2,671
Total Liabilities & Shareholders' Equity	43,997	40,157	39,769	39,963	40,833	43,997	49,719	56,136	59,774	54,631	53,271
Total Liabilities	24,367	22,242	22,564	21,588	21,788	24,714	29,623	33,369	35,158	30,166	30,840
Total Current Liabilities	15,602	13,505	13,173	12,570	11,776	13,734	18,182	21,948	24,191	18,662	19,938
Short-Term Debt	132	98	427	870	690	1,209	2,044	1,528	1,445	106	2,577
Accounts Payable	10,200	9,294	8,764	8,867	8,173	8,768	10,934	15,353	17,659	14,180	13,307
Other Current Liabilities	5,040	4,113	3,982	2,833	2,913	3,757	5,204	5,067	5,087	4,376	4,054
Total Noncurrent Liabilities	8,765	8,737	9,391	9,018	10,012	10,980	11,441	11,421	10,967	11,504	10,902
Long-Term Debt	5,528	5,779	6,504	6,623	7,698	7,672	7,885	8,011	7,735	8,259	7,580
Noncurrent Deferred & Payable Income Tax Liabilities	1,662	1,563	1,669	1,053	1,067	1,194	1,302	1,412	1,402	1,309	1,268
Other Noncurrent Operating Liabilities	1,575	1,395	1,218	1,342	1,247	2,114	2,254	1,998	1,830	1,936	2,054
Redeemable Noncontrolling Interest	-	0.00	24	53	49	58	74	259	299	320	253
Total Equity & Noncontrolling Interests	19,630	17,915	17,181	18,322	18,996	19,225	20,022	22,508	24,317	24,145	22,178
Total Preferred & Common Equity	19,575	17,899	17,173	18,313	18,981	19,208	20,000	22,477	24,284	24,132	22,168
Total Common Equity	19,575	17,899	17,173	18,313	18,981	19,208	20,000	22,477	24,284	24,132	22,168
Common Stock	5,115	3,180	2,327	2,398	2,560	2,655	2,824	2,994	3,147	3,154	3,223
Retained Earnings	15,701	16,865	17,444	17,552	18,527	18,958	19,780	21,655	23,646	23,465	21,933
Accumulated Other Comprehensive Income / (Loss)	-1,241	-2,146	-2,598	-1,637	-2,106	-2,405	-2,604	-2,172	-2,509	-2,487	-2,988
Noncontrolling Interest	55	16	8.00	9.00	15	17	22	31	33	13	10

This table presents Archer Daniels Midland's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	59,774	58,802	55,499	55,093	54,631	54,831	52,698	52,199	53,271	53,402	51,996
Total Current Assets	35,410	34,325	30,686	30,522	29,767	29,006	26,962	26,626	27,718	27,882	26,292
Cash & Equivalents	1,037	899	1,426	1,498	1,368	830	764	784	611	864	1,057
Restricted Cash	9,010	8,736	8,167	7,739	7,228	7,381	6,975	7,077	7,212	6,870	7,525
Short-Term Investments	-	0.00	0.00	0.00	0.00	0.00	-	-	246	33	9.00
Accounts Receivable	4,926	4,471	4,110	4,443	4,232	4,178	4,382	3,770	3,708	4,419	3,668
Inventories, net	14,771	14,771	11,902	11,224	11,957	11,634	10,443	10,746	11,572	11,550	9,723
Other Current Assets	5,666	5,448	5,081	5,618	4,982	4,983	4,398	4,249	4,369	4,146	4,310
Plant, Property, & Equipment, net	9,933	10,071	10,127	10,218	10,508	10,596	10,628	10,828	10,837	11,000	11,142
Total Noncurrent Assets	14,431	14,406	14,686	14,353	14,356	15,229	15,108	14,745	14,716	14,520	14,562
Long-Term Investments	5,467	5,525	5,665	5,469	5,500	5,566	5,557	5,142	5,276	5,022	5,175
Goodwill	6,544	6,583	6,542	6,392	6,341	7,051	6,970	6,999	6,769	4,623	4,769
Intangible Assets	-	-	-	-	-	-	-	-	-	2,252	2,267
Other Noncurrent Operating Assets	2,420	2,298	2,479	2,492	2,515	2,612	2,581	2,604	2,671	2,623	2,351
Total Liabilities & Shareholders' Equity	59,774	58,802	55,499	55,093	54,631	54,831	52,698	52,199	53,271	53,402	51,996
Total Liabilities	35,158	33,605	30,220	29,512	30,166	31,292	30,237	29,932	30,840	31,020	29,309
Total Current Liabilities	24,191	22,730	18,788	18,105	18,662	19,730	18,684	19,003	19,938	20,171	18,471
Short-Term Debt	1,445	2,761	426	117	106	1,735	2,313	2,458	2,577	3,469	1,622
Accounts Payable	17,659	15,701	13,791	13,552	14,180	13,775	12,503	12,580	13,307	12,877	13,060
Other Current Liabilities	5,087	4,268	4,571	4,436	4,376	4,220	3,868	3,965	4,054	3,825	3,789
Total Noncurrent Liabilities	10,967	10,875	11,432	11,407	11,504	11,562	11,553	10,929	10,902	10,849	10,838
Long-Term Debt	7,735	7,745	8,244	8,224	8,259	8,245	8,247	7,578	7,580	7,596	7,606
Noncurrent Deferred & Payable Income Tax Liabilities	1,402	1,362	1,351	1,390	1,309	1,291	1,289	1,278	1,268	1,185	1,134
Other Noncurrent Operating Liabilities	1,830	1,768	1,837	1,793	1,936	2,026	2,017	2,073	2,054	2,068	2,098
Redeemable Noncontrolling Interest	299	301	304	316	320	307	302	283	253	255	249
Total Equity & Noncontrolling Interests	24,317	24,896	24,975	25,265	24,145	23,232	22,159	21,984	22,178	22,127	22,438
Total Preferred & Common Equity	24,284	24,860	24,939	25,228	24,132	23,219	22,148	21,974	22,168	22,119	22,430
Total Common Equity	24,284	24,860	24,939	25,228	24,132	23,219	22,148	21,974	22,168	22,119	22,430
Common Stock	3,147	3,106	3,128	3,140	3,154	2,720	3,200	3,208	3,223	3,246	3,270
Retained Earnings	23,646	24,217	24,244	24,699	23,465	23,069	21,828	21,606	21,933	21,981	21,952
Accumulated Other Comprehensive Income / (Loss)	-2,509	-2,463	-2,433	-2,611	-2,487	-2,570	-2,880	-2,840	-2,988	-3,108	-2,792
Noncontrolling Interest	33	36	36	37	13	13	11	10	10	8.00	8.00

This table displays calculated financial ratios and metrics derived from Archer Daniels Midland's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-9.58%	-16.62%	-7.91%	-2.43%	5.78%	0.49%	-0.47%	32.47%	19.13%	-7.50%	-8.95%
EBITDA Growth	37.56%	-22.68%	-12.68%	-12.54%	16.69%	-13.11%	25.03%	34.35%	41.16%	-10.52%	-41.03%
EBIT Growth	56.08%	-29.04%	-18.77%	-20.45%	26.65%	-23.17%	44.85%	50.59%	54.09%	-13.61%	-54.30%
NOPAT Growth	57.00%	-26.75%	-22.31%	21.70%	19.43%	-27.83%	36.00%	46.37%	48.08%	-13.29%	-59.83%
Net Income Growth	66.40%	-18.06%	-30.23%	24.38%	13.30%	-24.02%	29.22%	53.48%	59.60%	-20.60%	-48.67%
EPS Growth	69.80%	-13.12%	-27.52%	29.17%	14.34%	-23.51%	29.10%	52.06%	60.96%	-16.60%	-43.23%
Operating Cash Flow Growth	-5.42%	-65.51%	-481.70%	8.33%	19.81%	-13.96%	56.24%	376.40%	-47.26%	28.23%	-37.44%
Free Cash Flow Firm Growth	-8.37%	-57.37%	-73.18%	-135.44%	726.26%	-187.41%	181.38%	271.53%	14.45%	-21.36%	-72.68%
Invested Capital Growth	-14.54%	-2.71%	4.93%	11.33%	3.69%	13.51%	4.71%	-2.66%	1.22%	2.47%	2.72%
Revenue Q/Q Growth	-3.85%	-6.17%	0.09%	-0.70%	-0.19%	0.59%	2.63%	6.38%	2.89%	-3.06%	-1.70%
EBITDA Q/Q Growth	11.31%	-8.59%	-3.94%	-2.58%	-8.52%	7.17%	29.76%	-2.75%	1.60%	-5.64%	-3.79%
EBIT Q/Q Growth	14.31%	-10.84%	-5.77%	-5.43%	-12.32%	11.67%	52.83%	-3.91%	2.04%	-7.58%	-6.57%
NOPAT Q/Q Growth	12.22%	-9.27%	2.32%	28.55%	-15.74%	5.53%	7.71%	3.25%	2.53%	-7.50%	-9.14%
Net Income Q/Q Growth	17.04%	0.65%	-18.43%	29.61%	-20.74%	15.20%	12.22%	3.95%	5.49%	-12.21%	1.08%
EPS Q/Q Growth	18.28%	3.47%	-17.87%	31.60%	-20.65%	16.19%	11.70%	3.46%	6.34%	-10.45%	3.40%
Operating Cash Flow Q/Q Growth	3.39%	5.44%	-441.99%	46.02%	25.21%	-14.95%	28.33%	32.35%	-14.96%	120.68%	-44.61%
Free Cash Flow Firm Q/Q Growth	192.45%	240.28%	-48.02%	-138.26%	414.10%	-446.93%	-65.47%	64.42%	5.00%	110.19%	-43.98%
Invested Capital Q/Q Growth	9.20%	-2.28%	1.27%	7.80%	-3.85%	3.76%	13.45%	6.89%	6.38%	-2.51%	-0.30%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	5.87%	5.86%	5.80%	5.78%	6.50%	6.41%	6.92%	7.02%	7.45%	8.00%	6.76%
EBITDA Margin	4.80%	4.45%	4.22%	3.78%	4.17%	3.61%	4.53%	4.60%	5.45%	5.27%	3.41%
Operating Margin	3.36%	2.63%	2.54%	2.25%	2.87%	2.09%	2.62%	3.32%	4.08%	3.95%	1.79%
EBIT Margin	3.70%	3.15%	2.78%	2.26%	2.71%	2.07%	3.02%	3.43%	4.44%	4.14%	2.08%
Profit (Net Income) Margin	2.77%	2.73%	2.07%	2.63%	2.82%	2.13%	2.77%	3.21%	4.30%	3.69%	2.08%
Tax Burden Percent	71.98%	80.82%	70.69%	99.56%	88.11%	86.84%	94.64%	82.55%	83.41%	80.72%	78.89%
Interest Burden Percent	104.23%	107.18%	105.26%	116.85%	118.12%	118.51%	97.01%	113.34%	116.19%	110.36%	126.83%
Effective Tax Rate	28.02%	19.18%	29.31%	0.44%	11.89%	13.16%	5.36%	17.45%	16.59%	19.28%	21.11%
Return on Invested Capital (ROIC)	13.67%	11.01%	8.47%	9.52%	10.60%	7.04%	8.80%	12.76%	19.03%	16.20%	6.34%
ROIC Less NNEP Spread (ROIC-NNEP)	8.47%	3.89%	4.57%	2.64%	4.99%	-1.21%	-3.23%	-0.04%	2.60%	8.45%	-6.53%
Return on Net Nonoperating Assets (RNNOA)	-2.35%	-1.18%	-1.13%	-0.52%	-0.90%	0.16%	0.25%	0.01%	-0.61%	-2.08%	1.24%
Return on Equity (ROE)	11.31%	9.83%	7.33%	9.01%	9.70%	7.20%	9.05%	12.76%	18.42%	14.12%	7.59%
Cash Return on Invested Capital (CROIC)	29.35%	13.76%	3.65%	-1.20%	6.98%	-5.61%	4.20%	15.45%	17.82%	13.76%	3.66%
Operating Return on Assets (OROA)	6.84%	5.06%	4.33%	3.45%	4.32%	3.16%	4.14%	5.52%	7.77%	6.80%	3.30%
Return on Assets (ROA)	5.14%	4.39%	3.22%	4.02%	4.49%	3.25%	3.80%	5.17%	7.53%	6.06%	3.30%
Return on Common Equity (ROCE)	11.29%	9.81%	7.32%	8.98%	9.67%	7.17%	9.01%	12.65%	18.18%	13.93%	7.49%
Return on Equity Simple (ROE_SIMPLE)	11.51%	10.31%	7.50%	8.75%	9.56%	7.18%	8.91%	12.17%	17.97%	14.36%	8.03%
Net Operating Profit after Tax (NOPAT)	1,965	1,439	1,118	1,361	1,626	1,173	1,596	2,335	3,458	2,999	1,205
NOPAT Margin	2.42%	2.13%	1.79%	2.24%	2.53%	1.81%	2.48%	2.74%	3.41%	3.19%	1.41%
Net Nonoperating Expense Percent (NNEP)	5.20%	7.13%	3.90%	6.89%	5.61%	8.24%	12.02%	12.80%	16.43%	7.75%	12.88%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	10.32%	9.22%	3.73%
Cost of Revenue to Revenue	94.13%	94.14%	94.20%	94.22%	93.50%	93.59%	93.08%	92.98%	92.55%	92.00%	93.24%
SG&A Expenses to Revenue	2.38%	2.93%	3.18%	3.25%	3.36%	3.86%	4.18%	3.51%	3.31%	3.68%	4.33%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	2.51%	3.23%	3.27%	3.54%	3.63%	4.32%	4.30%	3.70%	3.37%	4.04%	4.97%
Earnings before Interest and Taxes (EBIT)	3,003	2,131	1,731	1,377	1,744	1,340	1,941	2,923	4,504	3,891	1,778
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,897	3,013	2,631	2,301	2,685	2,333	2,917	3,919	5,532	4,950	2,919
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.30	0.95	1.23	1.01	1.03	1.19	1.28	1.57	1.96	1.52	1.08
Price to Tangible Book Value (P/TBV)	1.57	1.20	1.57	1.29	1.31	1.66	1.78	2.25	2.68	2.07	1.55
Price to Revenue (P/Rev)	0.31	0.25	0.34	0.31	0.30	0.35	0.40	0.41	0.47	0.39	0.28
Price to Earnings (P/E)	11.31	9.21	16.49	11.63	10.82	16.51	14.44	13.04	10.96	10.56	13.28
Dividend Yield	2.43%	3.92%	3.27%	3.86%	3.84%	3.42%	3.13%	2.34%	1.85%	2.61%	4.00%
Earnings Yield	8.84%	10.85%	6.06%	8.60%	9.24%	6.06%	6.92%	7.67%	9.12%	9.47%	7.53%
Enterprise Value to Invested Capital (EV/IC)	1.53	0.93	1.29	1.02	1.04	1.20	1.30	1.71	2.27	1.67	1.09
Enterprise Value to Revenue (EV/Rev)	0.25	0.18	0.28	0.25	0.25	0.33	0.38	0.36	0.41	0.33	0.25
Enterprise Value to EBITDA (EV/EBITDA)	5.20	3.99	6.63	6.65	6.04	9.12	8.28	7.89	7.52	6.34	7.19
Enterprise Value to EBIT (EV/EBIT)	6.75	5.64	10.08	11.11	9.30	15.88	12.44	10.58	9.23	8.06	11.80
Enterprise Value to NOPAT (EV/NOPAT)	10.31	8.36	15.60	11.24	9.98	18.14	15.13	13.24	12.02	10.46	17.42
Enterprise Value to Operating Cash Flow (EV/OCF)	4.10	7.05	0.00	0.00	0.00	0.00	0.00	4.69	11.96	7.03	7.52
Enterprise Value to Free Cash Flow (EV/FCFF)	4.80	6.69	36.16	0.00	15.15	0.00	31.71	10.93	12.84	12.32	30.16
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.29	0.33	0.40	0.41	0.44	0.46	0.49	0.42	0.37	0.34	0.45
Long-Term Debt to Equity	0.28	0.32	0.38	0.36	0.40	0.40	0.39	0.35	0.31	0.34	0.34
Financial Leverage	-0.28	-0.30	-0.25	-0.20	-0.18	-0.13	-0.08	-0.15	-0.23	-0.25	-0.19
Leverage Ratio	2.20	2.24	2.28	2.24	2.16	2.21	2.38	2.47	2.45	2.33	2.30
Compound Leverage Factor	2.30	2.40	2.40	2.62	2.55	2.62	2.31	2.80	2.84	2.57	2.92
Debt to Total Capital	22.38%	24.70%	28.72%	28.97%	30.58%	31.53%	33.07%	29.53%	27.16%	25.48%	31.17%
Short-Term Debt to Total Capital	0.52%	0.41%	1.77%	3.36%	2.52%	4.29%	6.81%	4.73%	4.28%	0.32%	7.91%
Long-Term Debt to Total Capital	21.86%	24.29%	26.95%	25.60%	28.06%	27.24%	26.26%	24.80%	22.89%	25.16%	23.26%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.22%	0.07%	0.13%	0.24%	0.23%	0.27%	0.32%	0.90%	0.98%	1.01%	0.81%
Common Equity to Total Capital	77.40%	75.23%	71.15%	70.79%	69.19%	68.20%	66.61%	69.58%	71.85%	73.51%	68.03%
Debt to EBITDA	1.45	1.95	2.63	3.26	3.12	3.81	3.40	2.43	1.66	1.69	3.48
Net Debt to EBITDA	-1.34	-1.67	-1.40	-1.44	-1.28	-0.67	-0.53	-1.20	-1.15	-1.16	-1.09
Long-Term Debt to EBITDA	1.42	1.92	2.47	2.88	2.87	3.29	2.70	2.04	1.40	1.67	2.60
Debt to NOPAT	2.88	4.08	6.20	5.51	5.16	7.57	6.22	4.08	2.65	2.79	8.43
Net Debt to NOPAT	-2.65	-3.49	-3.29	-2.44	-2.11	-1.33	-0.97	-2.01	-1.83	-1.91	-2.65
Long-Term Debt to NOPAT	2.81	4.01	5.82	4.87	4.74	6.54	4.94	3.43	2.24	2.75	6.29
Altman Z-Score	3.48	3.16	3.12	2.99	3.15	2.93	2.72	3.08	3.54	3.53	2.93
Noncontrolling Interest Sharing Ratio	0.23%	0.19%	0.14%	0.26%	0.34%	0.36%	0.43%	0.90%	1.31%	1.35%	1.27%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.67	1.62	1.60	1.59	1.75	1.55	1.50	1.45	1.46	1.60	1.39
Quick Ratio	0.28	0.23	0.21	0.22	0.36	0.23	0.19	0.19	0.25	0.30	0.23
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	4,219	1,798	482	-171	1,071	-936	762	2,829	3,238	2,547	696
Operating Cash Flow to CapEx	1,029.79%	0.00%	-947.31%	-698.59%	-734.87%	-1,019.07%	-2,511.58%	713.74%	263.68%	298.53%	178.50%
Free Cash Flow to Firm to Interest Expense	12.52	5.84	1.65	-0.52	2.94	-2.33	1.02	9.40	8.18	3.94	0.99
Operating Cash Flow to Interest Expense	14.67	5.54	-22.21	-18.08	-13.14	-13.56	-3.19	21.91	8.78	6.89	3.95
Operating Cash Flow Less CapEx to Interest Expense	13.24	7.61	-24.56	-20.67	-14.93	-14.89	-3.32	18.84	5.45	4.58	1.74
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.85	1.61	1.56	1.53	1.59	1.52	1.37	1.61	1.75	1.64	1.59
Accounts Receivable Turnover	27.40	30.48	34.23	31.58	30.79	28.74	25.44	27.93	24.66	20.51	21.54
Inventory Turnover	7.34	7.24	6.88	6.37	6.69	6.73	5.74	6.05	6.43	6.47	6.78
Fixed Asset Turnover	8.13	6.87	6.36	6.11	6.41	6.45	6.47	8.71	10.29	9.19	8.01
Accounts Payable Turnover	7.82	6.54	6.50	6.50	7.06	7.14	6.08	6.03	5.69	5.43	5.80
Days Sales Outstanding (DSO)	13.32	11.97	10.66	11.56	11.86	12.70	14.35	13.07	14.80	17.79	16.94
Days Inventory Outstanding (DIO)	49.70	50.44	53.06	57.33	54.56	54.24	63.62	60.31	56.80	56.44	53.84
Days Payable Outstanding (DPO)	46.67	55.82	56.12	56.14	51.69	51.10	60.03	60.53	64.10	67.24	62.90
Cash Conversion Cycle (CCC)	16.36	6.60	7.61	12.74	14.73	15.84	17.95	12.85	7.50	7.00	7.88
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	13,249	12,890	13,526	15,058	15,613	17,722	18,556	18,062	18,282	18,734	19,243
Invested Capital Turnover	5.65	5.18	4.72	4.26	4.20	3.88	3.55	4.66	5.59	5.08	4.50
Increase / (Decrease) in Invested Capital	-2,254	-359	636	1,532	555	2,109	834	-494	220	452	509
Enterprise Value (EV)	20,268	12,027	17,444	15,301	16,216	21,286	24,147	30,921	41,581	31,370	20,983
Market Capitalization	25,421	17,036	21,091	18,556	19,584	22,772	25,591	35,336	47,583	36,768	23,908
Book Value per Share	$30.41	$29.99	$29.85	$32.75	$33.86	$34.50	$35.95	$40.18	$44.21	$45.24	$46.32
Tangible Book Value per Share	$25.14	$23.81	$23.41	$25.74	$26.65	$24.67	$25.91	$28.12	$32.29	$33.36	$32.18
Total Capital	25,290	23,792	24,136	25,868	27,433	28,164	30,025	32,306	33,796	32,830	32,588
Total Debt	5,660	5,877	6,931	7,493	8,388	8,881	9,929	9,539	9,180	8,365	10,157
Total Long-Term Debt	5,528	5,779	6,504	6,623	7,698	7,672	7,885	8,011	7,735	8,259	7,580
Net Debt	-5,208	-5,025	-3,679	-3,317	-3,432	-1,561	-1,540	-4,705	-6,334	-5,731	-3,188
Capital Expenditures (CapEx)	480	-640	687	854	651	535	95	924	1,319	1,494	1,563
Debt-free, Cash-free Net Working Capital (DFCFNWC)	4,067	1,860	2,373	2,595	2,999	3,512	4,592	2,530	2,617	2,615	2,288
Debt-free Net Working Capital (DFNWC)	10,558	8,422	8,299	8,225	9,502	8,822	11,148	11,489	12,664	11,211	10,357
Net Working Capital (NWC)	10,426	8,324	7,872	7,355	8,812	7,613	9,104	9,961	11,219	11,105	7,780
Net Nonoperating Expense (NNE)	-288	-407	-170	-241	-189	-206	-186	-400	-907	-467	-574
Net Nonoperating Obligations (NNO)	-6,381	-5,025	-3,679	-3,317	-3,432	-1,561	-1,540	-4,705	-6,334	-5,731	-3,188
Total Depreciation and Amortization (D&A)	894	882	900	924	941	993	976	996	1,028	1,059	1,141
Debt-free, Cash-free Net Working Capital to Revenue	5.01%	2.75%	3.81%	4.27%	4.66%	5.43%	7.14%	2.97%	2.58%	2.78%	2.68%
Debt-free Net Working Capital to Revenue	13.00%	12.44%	13.31%	13.52%	14.77%	13.64%	17.32%	13.48%	12.47%	11.93%	12.11%
Net Working Capital to Revenue	12.84%	12.30%	12.63%	12.09%	13.70%	11.77%	14.15%	11.68%	11.05%	11.82%	9.10%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.44	$2.99	$2.18	$2.80	$3.21	$2.45	$3.16	$4.80	$7.72	$0.00	$3.66
Adjusted Weighted Average Basic Shares Outstanding	653M	618M	588M	569M	564M	563M	561M	564M	562M	0.00	492M
Adjusted Diluted Earnings per Share	$3.43	$2.98	$2.16	$2.79	$3.19	$2.44	$3.15	$4.79	$7.71	$0.00	$3.65
Adjusted Weighted Average Diluted Shares Outstanding	656M	621M	591M	572M	567M	565M	563M	566M	563M	0.00	493M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$2.45	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	634.29M	593.90M	571.08M	558.84M	560.09M	557.89M	558.41M	562.17M	548.01M	0.00	479.71M
Normalized Net Operating Profit after Tax (NOPAT)	2,041	1,601	1,157	1,533	1,776	1,436	1,671	2,471	3,513	3,275	1,635
Normalized NOPAT Margin	2.51%	2.36%	1.86%	2.52%	2.76%	2.22%	2.60%	2.90%	3.46%	3.49%	1.91%
Pre Tax Income Margin	3.85%	3.37%	2.92%	2.65%	3.20%	2.46%	2.93%	3.89%	5.15%	4.57%	2.64%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	8.91	6.92	5.91	4.17	4.79	3.33	2.59	9.71	11.37	6.01	2.52
NOPAT to Interest Expense	5.83	4.67	3.82	4.12	4.47	2.92	2.13	7.76	8.73	4.63	1.71
EBIT Less CapEx to Interest Expense	7.49	9.00	3.56	1.58	3.00	2.00	2.47	6.64	8.04	3.70	0.30
NOPAT Less CapEx to Interest Expense	4.41	6.75	1.47	1.54	2.68	1.59	2.01	4.69	5.40	2.33	-0.51
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	27.70%	37.22%	54.43%	45.57%	41.76%	57.22%	45.40%	30.49%	20.60%	28.19%	55.82%
Augmented Payout Ratio	80.20%	147.72%	132.07%	92.38%	46.01%	68.09%	52.86%	30.49%	53.81%	105.31%	186.62%

This table displays calculated financial ratios and metrics derived from Archer Daniels Midland's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.34%	1.78%	-7.67%	-12.11%	-11.42%	-9.24%	-11.68%	-8.10%	-6.44%	-7.65%	-4.86%
EBITDA Growth	7.43%	10.17%	-21.17%	-6.19%	-23.53%	-33.38%	-39.34%	-75.33%	-11.95%	-48.19%	-14.41%
EBIT Growth	9.85%	12.36%	-25.51%	-7.85%	-31.77%	-42.07%	-51.82%	-98.84%	-18.25%	-68.02%	-23.83%
NOPAT Growth	13.23%	11.96%	-23.26%	-10.02%	-34.05%	-43.94%	-51.68%	-101.07%	-26.63%	-69.01%	-35.62%
Net Income Growth	28.48%	10.15%	-25.16%	-20.54%	-47.07%	-38.65%	-48.17%	-97.82%	3.51%	-59.39%	-54.89%
EPS Growth	33.33%	13.98%	-22.02%	-16.94%	-40.76%	-33.02%	-42.35%	-97.37%	11.01%	-57.04%	-54.08%
Operating Cash Flow Growth	-82.48%	-33.50%	372.50%	-75.34%	1,876.15%	143.48%	-81.35%	31.05%	-87.47%	-148.86%	818.38%
Free Cash Flow Firm Growth	-56.85%	99.27%	484.98%	-347.42%	-98.02%	46.25%	-132.66%	92.92%	-1,891.14%	-154.52%	383.17%
Invested Capital Growth	1.22%	0.34%	-5.89%	11.81%	2.47%	-3.90%	5.53%	0.44%	2.72%	4.64%	-7.99%
Revenue Q/Q Growth	5.09%	-7.20%	4.64%	-13.87%	5.91%	-4.92%	1.84%	-10.39%	7.83%	-6.15%	4.91%
EBITDA Q/Q Growth	-2.63%	18.84%	-14.31%	-5.39%	-20.63%	3.53%	-21.99%	-61.52%	183.28%	-39.08%	28.88%
EBIT Q/Q Growth	-2.71%	23.11%	-17.56%	-6.67%	-27.97%	4.53%	-31.42%	-97.76%	4,990.91%	-59.11%	63.32%
NOPAT Q/Q Growth	-13.98%	42.89%	-19.50%	-9.06%	-36.96%	21.47%	-30.61%	-102.01%	4,422.83%	-48.70%	44.17%
Net Income Q/Q Growth	-1.25%	14.45%	-20.82%	-11.21%	-34.22%	32.66%	-33.10%	-96.26%	3,016.67%	-47.95%	-25.68%
EPS Q/Q Growth	0.55%	15.22%	-19.81%	-10.59%	-28.29%	30.28%	-30.99%	-95.92%	2,925.00%	-49.59%	-26.23%
Operating Cash Flow Q/Q Growth	-96.77%	-1,338.46%	255.84%	-60.46%	158.97%	-72.75%	-33.14%	177.78%	-75.23%	-206.21%	1,356.73%
Free Cash Flow Firm Q/Q Growth	-8.53%	94.03%	112.14%	-165.72%	100.73%	14,213.91%	-147.37%	85.76%	-85.53%	-335.67%	346.06%
Invested Capital Q/Q Growth	6.38%	12.37%	-9.02%	2.81%	-2.51%	5.38%	-0.09%	-2.15%	-0.30%	7.35%	-12.15%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	6.79%	8.64%	7.48%	8.34%	7.57%	7.59%	6.27%	6.85%	6.32%	5.85%	6.47%
EBITDA Margin	4.85%	6.21%	5.09%	5.59%	4.19%	4.56%	3.49%	1.50%	3.94%	2.56%	3.14%
Operating Margin	3.20%	4.95%	3.90%	4.22%	2.72%	3.16%	2.17%	-0.24%	1.87%	1.04%	1.52%
EBIT Margin	3.87%	5.13%	4.05%	4.38%	2.98%	3.28%	2.21%	0.06%	2.60%	1.14%	1.77%
Profit (Net Income) Margin	3.95%	4.87%	3.68%	3.80%	2.36%	3.29%	2.16%	0.09%	2.61%	1.45%	1.03%
Tax Burden Percent	84.42%	83.89%	81.98%	79.92%	73.84%	81.24%	80.70%	16.67%	84.23%	82.72%	77.78%
Interest Burden Percent	120.82%	113.03%	111.09%	108.41%	107.15%	123.60%	121.38%	981.82%	118.93%	154.15%	74.60%
Effective Tax Rate	15.58%	16.11%	18.02%	20.08%	26.16%	18.76%	19.30%	83.33%	15.77%	17.28%	22.22%
Return on Invested Capital (ROIC)	15.08%	20.66%	16.56%	17.96%	10.19%	11.68%	8.08%	-0.18%	7.09%	3.57%	5.17%
ROIC Less NNEP Spread (ROIC-NNEP)	9.20%	16.46%	14.41%	16.60%	8.86%	7.93%	6.11%	-0.73%	2.11%	-0.71%	6.09%
Return on Net Nonoperating Assets (RNNOA)	-2.14%	-2.74%	-3.29%	-4.49%	-2.18%	-1.38%	-1.19%	0.14%	-0.40%	0.09%	-0.98%
Return on Equity (ROE)	12.93%	17.92%	13.27%	13.47%	8.02%	10.31%	6.89%	-0.03%	6.69%	3.66%	4.19%
Cash Return on Invested Capital (CROIC)	17.82%	17.05%	23.30%	6.66%	13.76%	16.68%	5.78%	6.45%	3.66%	-0.47%	11.95%
Operating Return on Assets (OROA)	6.78%	8.47%	6.89%	7.49%	4.90%	5.29%	3.62%	0.09%	4.13%	1.76%	2.79%
Return on Assets (ROA)	6.92%	8.03%	6.27%	6.49%	3.87%	5.31%	3.55%	0.15%	4.14%	2.24%	1.62%
Return on Common Equity (ROCE)	12.76%	17.69%	13.10%	13.29%	7.91%	10.17%	6.79%	-0.03%	6.61%	3.61%	4.14%
Return on Equity Simple (ROE_SIMPLE)	0.00%	17.99%	16.68%	15.65%	0.00%	12.98%	11.59%	8.01%	0.00%	6.11%	0.00%
Net Operating Profit after Tax (NOPAT)	700	1,000	805	732	462	561	389	-7.83	339	174	250
NOPAT Margin	2.70%	4.15%	3.20%	3.37%	2.01%	2.57%	1.75%	-0.04%	1.58%	0.86%	1.18%
Net Nonoperating Expense Percent (NNEP)	5.87%	4.20%	2.15%	1.36%	1.33%	3.75%	1.97%	0.55%	4.99%	4.29%	-0.92%
Return On Investment Capital (ROIC_SIMPLE)	2.09%	-	-	-	1.42%	-	-	-	1.05%	0.52%	0.79%
Cost of Revenue to Revenue	93.21%	91.36%	92.52%	91.66%	92.43%	92.41%	93.73%	93.15%	93.68%	94.15%	93.53%
SG&A Expenses to Revenue	3.46%	3.66%	3.34%	3.76%	4.00%	4.35%	4.08%	4.54%	4.39%	4.62%	4.30%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	3.60%	3.69%	3.58%	4.12%	4.85%	4.44%	4.11%	7.08%	4.45%	4.81%	4.95%
Earnings before Interest and Taxes (EBIT)	1,004	1,236	1,019	951	685	716	491	11	560	229	374
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,258	1,495	1,281	1,212	962	996	777	299	847	516	665
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.96	1.68	1.59	1.55	1.52	1.36	1.34	1.30	1.08	1.04	1.13
Price to Tangible Book Value (P/TBV)	2.68	2.29	2.15	2.08	2.07	1.95	1.95	1.91	1.55	1.51	1.65
Price to Revenue (P/Rev)	0.47	0.41	0.40	0.40	0.39	0.34	0.33	0.33	0.28	0.27	0.31
Price to Earnings (P/E)	10.96	9.38	9.56	9.94	10.56	10.35	11.39	15.89	13.28	16.86	23.07
Dividend Yield	1.85%	2.16%	2.34%	2.40%	2.61%	2.99%	3.17%	3.26%	4.00%	4.19%	3.83%
Earnings Yield	9.12%	10.66%	10.46%	10.06%	9.47%	9.66%	8.78%	6.29%	7.53%	5.93%	4.33%
Enterprise Value to Invested Capital (EV/IC)	2.27	1.82	1.79	1.72	1.67	1.42	1.38	1.34	1.09	1.04	1.16
Enterprise Value to Revenue (EV/Rev)	0.41	0.37	0.33	0.34	0.33	0.31	0.31	0.30	0.25	0.26	0.25
Enterprise Value to EBITDA (EV/EBITDA)	7.52	6.61	6.27	6.32	6.34	6.29	6.89	8.53	7.19	8.84	9.06
Enterprise Value to EBIT (EV/EBIT)	9.23	8.08	7.78	7.87	8.06	8.31	9.57	13.60	11.80	16.71	17.95
Enterprise Value to NOPAT (EV/NOPAT)	12.02	10.51	10.05	10.22	10.46	10.95	12.69	19.53	17.42	26.25	30.71
Enterprise Value to Operating Cash Flow (EV/OCF)	11.96	12.19	6.61	16.40	7.03	4.14	5.75	5.14	7.52	12.34	3.78
Enterprise Value to Free Cash Flow (EV/FCFF)	12.84	10.72	7.43	27.35	12.32	8.34	24.50	20.85	30.16	0.00	9.32
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.37	0.42	0.34	0.33	0.34	0.42	0.47	0.45	0.45	0.49	0.41
Long-Term Debt to Equity	0.31	0.31	0.33	0.32	0.34	0.35	0.37	0.34	0.34	0.34	0.34
Financial Leverage	-0.23	-0.17	-0.23	-0.27	-0.25	-0.17	-0.20	-0.20	-0.19	-0.12	-0.16
Leverage Ratio	2.45	2.51	2.35	2.27	2.33	2.33	2.27	2.24	2.30	2.36	2.32
Compound Leverage Factor	2.96	2.84	2.61	2.46	2.50	2.88	2.75	22.02	2.74	3.63	1.73
Debt to Total Capital	27.16%	29.43%	25.54%	24.59%	25.48%	29.77%	31.98%	31.07%	31.17%	33.08%	28.91%
Short-Term Debt to Total Capital	4.28%	7.73%	1.25%	0.34%	0.32%	5.18%	7.00%	7.61%	7.91%	10.37%	5.08%
Long-Term Debt to Total Capital	22.89%	21.69%	24.28%	24.24%	25.16%	24.60%	24.98%	23.46%	23.26%	22.71%	23.83%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.98%	0.94%	1.00%	1.04%	1.01%	0.95%	0.95%	0.91%	0.81%	0.79%	0.81%
Common Equity to Total Capital	71.85%	69.63%	73.46%	74.37%	73.51%	69.27%	67.07%	68.02%	68.03%	66.13%	70.28%
Debt to EBITDA	1.66	1.85	1.63	1.59	1.69	2.24	2.68	3.31	3.48	4.54	3.97
Net Debt to EBITDA	-1.15	-0.82	-1.24	-1.21	-1.16	-0.85	-0.69	-0.98	-1.09	-0.71	-1.95
Long-Term Debt to EBITDA	1.40	1.37	1.55	1.57	1.67	1.85	2.09	2.50	2.60	3.11	3.27
Debt to NOPAT	2.65	2.95	2.61	2.57	2.79	3.90	4.92	7.57	8.43	13.47	13.44
Net Debt to NOPAT	-1.83	-1.31	-1.98	-1.96	-1.91	-1.48	-1.28	-2.24	-2.65	-2.10	-6.61
Long-Term Debt to NOPAT	2.24	2.17	2.48	2.54	2.75	3.22	3.85	5.72	6.29	9.25	11.08
Altman Z-Score	3.35	3.36	3.52	3.51	3.34	3.11	3.07	2.99	2.86	2.78	2.91
Noncontrolling Interest Sharing Ratio	1.31%	1.28%	1.27%	1.35%	1.35%	1.35%	1.37%	1.35%	1.27%	1.27%	1.26%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.46	1.51	1.63	1.69	1.60	1.47	1.44	1.40	1.39	1.38	1.42
Quick Ratio	0.25	0.24	0.29	0.33	0.30	0.25	0.28	0.24	0.23	0.26	0.26
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	480	931	1,975	-1,298	9.51	1,362	-645	-92	-170	-742	1,826
Operating Cash Flow to CapEx	27.20%	-492.35%	874.22%	224.94%	585.19%	213.41%	129.28%	341.21%	65.45%	-117.53%	1,409.18%
Free Cash Flow to Firm to Interest Expense	3.58	6.33	10.97	-8.37	0.06	8.20	-3.45	-0.53	-0.95	-4.70	11.49
Operating Cash Flow to Interest Expense	0.97	-10.95	13.94	6.40	15.57	4.22	2.50	7.47	1.80	-2.16	27.03
Operating Cash Flow Less CapEx to Interest Expense	-2.60	-13.18	12.34	3.55	12.91	2.24	0.57	5.28	-0.95	-4.01	25.11
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.75	1.65	1.70	1.71	1.64	1.61	1.64	1.62	1.59	1.55	1.58
Accounts Receivable Turnover	24.66	23.43	21.15	21.24	20.51	21.21	20.91	21.19	21.54	19.51	20.57
Inventory Turnover	6.43	5.88	7.00	7.29	6.47	6.41	7.35	7.36	6.78	6.78	7.69
Fixed Asset Turnover	10.29	10.27	10.09	9.78	9.19	8.88	8.55	8.27	8.01	7.77	7.60
Accounts Payable Turnover	5.69	5.67	6.02	5.87	5.43	5.74	6.25	6.19	5.80	5.90	6.06
Days Sales Outstanding (DSO)	14.80	15.58	17.26	17.18	17.79	17.21	17.46	17.23	16.94	18.71	17.75
Days Inventory Outstanding (DIO)	56.80	62.10	52.15	50.05	56.44	56.95	49.63	49.59	53.84	53.86	47.49
Days Payable Outstanding (DPO)	64.10	64.42	60.67	62.20	67.24	63.57	58.40	58.99	62.90	61.92	60.19
Cash Conversion Cycle (CCC)	7.50	13.26	8.74	5.03	7.00	10.59	8.69	7.83	7.88	10.65	5.04
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	18,282	20,543	18,691	19,216	18,734	19,742	19,725	19,300	19,243	20,658	18,149
Invested Capital Turnover	5.59	4.97	5.18	5.32	5.08	4.55	4.62	4.52	4.50	4.15	4.37
Increase / (Decrease) in Invested Capital	220	69	-1,170	2,030	452	-801	1,034	84	509	916	-1,576
Enterprise Value (EV)	41,581	37,480	33,388	33,138	31,370	28,018	27,213	25,890	20,983	21,570	21,077
Market Capitalization	47,583	41,797	39,636	39,150	36,768	31,495	29,636	28,564	23,908	23,031	25,358
Book Value per Share	$44.21	$45.36	$45.79	$47.06	$45.24	$45.54	$44.79	$45.96	$46.32	$46.11	$46.69
Tangible Book Value per Share	$32.29	$33.35	$33.78	$35.14	$33.36	$31.71	$30.70	$31.32	$32.18	$31.78	$32.04
Total Capital	33,796	35,703	33,949	33,922	32,830	33,519	33,021	32,303	32,588	33,447	31,915
Total Debt	9,180	10,506	8,670	8,341	8,365	9,980	10,560	10,036	10,157	11,065	9,228
Total Long-Term Debt	7,735	7,745	8,244	8,224	8,259	8,245	8,247	7,578	7,580	7,596	7,606
Net Debt	-6,334	-4,654	-6,588	-6,365	-5,731	-3,797	-2,736	-2,967	-3,188	-1,724	-4,538
Capital Expenditures (CapEx)	478	327	287	441	439	328	362	381	492	291	305
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2,617	4,721	2,731	3,297	2,615	2,800	2,852	2,220	2,288	3,413	852
Debt-free Net Working Capital (DFNWC)	12,664	14,356	12,324	12,534	11,211	11,011	10,591	10,081	10,357	11,180	9,443
Net Working Capital (NWC)	11,219	11,595	11,898	12,417	11,105	9,276	8,278	7,623	7,780	7,711	7,821
Net Nonoperating Expense (NNE)	-324	-172	-123	-92	-80	-158	-92	-26	-222	-118	33
Net Nonoperating Obligations (NNO)	-6,334	-4,654	-6,588	-6,365	-5,731	-3,797	-2,736	-2,967	-3,188	-1,724	-4,538
Total Depreciation and Amortization (D&A)	254	259	262	261	277	280	286	288	287	287	291
Debt-free, Cash-free Net Working Capital to Revenue	2.58%	4.63%	2.73%	3.40%	2.78%	3.05%	3.21%	2.55%	2.68%	4.07%	1.03%
Debt-free Net Working Capital to Revenue	12.47%	14.08%	12.34%	12.94%	11.93%	12.01%	11.93%	11.59%	12.11%	13.33%	11.41%
Net Working Capital to Revenue	11.05%	11.37%	11.91%	12.81%	11.82%	10.11%	9.33%	8.76%	9.10%	9.20%	9.45%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.84	$2.13	$0.00	$1.52	$1.09	$1.42	$0.99	$0.04	$1.21	$0.61	$0.45
Adjusted Weighted Average Basic Shares Outstanding	562M	550M	0.00	540M	541M	513M	492M	482M	492M	483M	484M
Adjusted Diluted Earnings per Share	$1.84	$2.12	$0.00	$1.52	$1.09	$1.42	$0.98	$0.04	$1.21	$0.61	$0.45
Adjusted Weighted Average Diluted Shares Outstanding	563M	551M	0.00	540M	542M	514M	493M	483M	493M	483M	484M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	548.01M	544.63M	0.00	533.38M	509.85M	494.44M	478.14M	478.53M	479.71M	480.45M	480.46M
Normalized Net Operating Profit after Tax (NOPAT)	730	1,006	854	795	606	575	395	322	350	205	357
Normalized NOPAT Margin	2.82%	4.18%	3.39%	3.67%	2.64%	2.63%	1.77%	1.62%	1.63%	1.02%	1.69%
Pre Tax Income Margin	4.68%	5.80%	4.49%	4.75%	3.19%	4.05%	2.68%	0.54%	3.10%	1.75%	1.32%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.49	8.41	5.66	6.14	4.15	4.31	2.63	0.06	3.13	1.45	2.35
NOPAT to Interest Expense	5.22	6.80	4.47	4.72	2.80	3.38	2.08	-0.05	1.89	1.10	1.58
EBIT Less CapEx to Interest Expense	3.93	6.18	4.07	3.29	1.49	2.34	0.69	-2.13	0.38	-0.39	0.43
NOPAT Less CapEx to Interest Expense	1.66	4.58	2.88	1.88	0.14	1.40	0.14	-2.23	-0.86	-0.74	-0.34
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	20.60%	20.59%	22.59%	24.32%	28.19%	32.72%	38.43%	55.85%	55.82%	72.71%	90.90%
Augmented Payout Ratio	53.81%	60.85%	76.69%	58.97%	105.31%	153.83%	194.27%	276.42%	186.62%	146.67%	90.90%

Key Financial Trends

Archer Daniels Midland (NYSE: ADM) has demonstrated several key financial trends over the past several years through its quarterly income statements, balance sheets, and cash flow statements.

Positive Trends:

Consistent Revenue Generation: ADM's operating revenue remained robust in the range of approximately $19.9 billion to $25.2 billion quarterly over the latest years, indicating strong sales stability.
Steady Gross Profit: Gross profit has generally stayed above $1 billion per quarter, supporting ongoing operational profitability despite fluctuations in costs.
Growing Retained Earnings: The balance sheets show retained earnings climbing steadily from approximately $23 billion in Q1 2023 to about $22 billion+ most recently, reflecting accumulated profits retained for reinvestment.
Large Cash and Restricted Cash Holdings: ADM maintains substantial liquidity with cash and equivalents plus restricted cash consistently above $8 billion total, providing financial flexibility.
Operating Cash Flow Improvement: After some fluctuations, net cash from operating activities bounced back to positive in 2024 and reached $4.3 billion in Q2 2025, signaling improved cash generation from core operations.
Stable Dividends: The company has maintained consistent dividends at around $0.45 to $0.51 per share quarterly, attractive for income-focused investors.

Neutral Trends:

Operating Expenses and Restructuring Charges: While ADM manages costs closely, there are recurring restructuring charges (ranging from $7 million to $196 million), which may indicate ongoing operational adjustments.
Capital Expenditures: Purchases of property, plant, and equipment remain substantial ($291 million to $492 million range), showing ADM’s continuous investments in its asset base which is typical for agribusiness companies.
Debt Management: ADM’s long-term debt hovers around $7.5 to $8.2 billion, with repayments and issuances fluctuating, indicating active debt management but also exposure to interest rate changes.

Negative Trends:

Net Income Fluctuations: Quarterly net income has shown volatility, with some quarters recording significantly lower profits (e.g., Q3 2024 net income $18 million) compared to highs above $1 billion in prior years, indicating some earnings unpredictability.
Decline in Total Assets: Total assets have decreased from about $59 billion in early 2023 to about $52 billion in mid-2025, which might suggest asset sales, depreciation, or operational downsizing.
Negative Net Cash Flow Periods: ADM experienced periods of negative net cash from operating and investing activities in early 2023 and some quarters in 2024, reflecting pressures on liquidity and capital deployment.
Accumulated Other Comprehensive Loss: The company has a sizable negative figure in accumulated other comprehensive income/loss (around -$2.5 billion to -$3 billion), which may point to foreign currency translation or other non-cash charges impacting equity.

Summary:

ADM shows strong revenue and cash flow generating ability with a solid liquidity position and steady dividends, which are supportive of the company's financial health and shareholder returns. However, investors should be aware of some earnings volatility and asset base reduction which may reflect market or operational challenges. The company’s active balance sheet and expense management position it to navigate ongoing agribusiness sector dynamics, but careful attention to quarterly earnings fluctuations is warranted.

08/25/25 06:43 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Archer Daniels Midland's Financials

When does Archer Daniels Midland's fiscal year end?

According to the most recent income statement we have on file, Archer Daniels Midland's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Archer Daniels Midland's net income changed over the last 10 years?

Archer Daniels Midland's net income appears to be on an upward trend, with a most recent value of $1.78 billion in 2024, falling from $2.25 billion in 2014. The previous period was $3.47 billion in 2023. See Archer Daniels Midland's forecast for analyst expectations on what’s next for the company.

What is Archer Daniels Midland's operating income?

Archer Daniels Midland's total operating income in 2024 was $1.53 billion, based on the following breakdown:

Total Gross Profit: $5.78 billion
Total Operating Expenses: $4.25 billion

How has Archer Daniels Midland's revenue changed over the last 10 years?

Over the last 10 years, Archer Daniels Midland's total revenue changed from $81.20 billion in 2014 to $85.53 billion in 2024, a change of 5.3%.

How much debt does Archer Daniels Midland have?

Archer Daniels Midland's total liabilities were at $30.84 billion at the end of 2024, a 2.2% increase from 2023, and a 26.6% increase since 2014.

How much cash does Archer Daniels Midland have?

In the past 10 years, Archer Daniels Midland's cash and equivalents has ranged from $611 million in 2024 to $2.00 billion in 2018, and is currently $611 million as of their latest financial filing in 2024.

How has Archer Daniels Midland's book value per share changed over the last 10 years?

Over the last 10 years, Archer Daniels Midland's book value per share changed from 30.41 in 2014 to 46.32 in 2024, a change of 52.4%.

Related Companies

This page (NYSE:ADM) was last updated on 8/25/2025 by MarketBeat.com Staff

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Archer Daniels Midland (ADM) Financials

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Archer Daniels Midland (ADM) Financials

Annual Income Statements for Archer Daniels Midland

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Quarterly Cash Flow Statements for Archer Daniels Midland

Annual Balance Sheets for Archer Daniels Midland

Quarterly Balance Sheets for Archer Daniels Midland

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