UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~June~~September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission file number 1-44

ARCHER-DANIELS-MIDLAND COMPANY

(Exact name of registrant as specified in its charter)


Delaware		41-0129150
(State or other jurisdiction of incorporation or organization)		(I. R. S. Employer Identification No.)

77 West Wacker Drive, Suite 4600
Chicago,	Illinois	60601
(Address of principal executive offices)		(Zip Code)

(312) 634-8100

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, no par value	ADM	NYSE
1.000% Notes due 2025		NYSE


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, no par value	ADM	NYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☒

Accelerated Filer

☐

Emerging Growth Company

☐

Non-accelerated Filer

☐

Smaller Reporting Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒.

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Stock, no par value – 480,~~464~~569,~~483~~735 shares

(~~July~~October 2827, 2025)

SAFE HARBOR STATEMENT

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical or current fact included in this Quarterly Report on Form 10-Q, are forward-looking statements. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “outlook,” “will,” “should,” “can have,” “likely,” “goals,” “objectives,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. For example, all statements the Company makes relating to its future results of operations, growth opportunities, operational improvements, changes to the margin environment, future demand, policy changes, global trade clarity, and pending litigation and investigations are forward-looking statements. All forward-looking statements are subject to significant risks, uncertainties and changes in circumstances that could cause actual results and outcomes to differ materially from those expressed or implied in the forward-looking statements, including, without limitation, (1) operational risks related to equipment failure, natural disasters, epidemics, pandemics, severe weather conditions, accidents, explosions, fires, cybersecurity incidents or other unexpected outages; (2) risks related to the availability and prices of agricultural commodities, agricultural commodity products, other raw materials and energy, including impacts from factors outside the Company’s control such as changes in market conditions, weather conditions, crop disease, plantings, climate change, competition and changes in global demand; (3) risks related to compliance with, and changes in, government programs, policies, laws, and regulations, including trade policies, tariffs, the U.S. federal government shutdown, sustainability regulatory compliance and reporting requirements, environmental regulations, tax laws and regulations, financial market regulations and biofuels policies and rules; (4) risks related to international conflicts, acts of terrorism or war, sanctions, maritime piracy and other geopolitical events or economic disruptions; (5) the outcome of pending, threatened and future legal proceedings, investigations and other contingencies, including the previously disclosed ongoing government investigations by the United States Securities and Exchange Commission and the Department of Justice; (6) risks and uncertainties relating to acquisitions, equity investments, joint ventures, integrations, divestitures, and other transactions; and (7) other risks, assumptions and uncertainties that are described in Item 1A, "Risk Factors" included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as may be updated in subsequent Quarterly Reports on Form 10-Q. For these statements, the Company claims the protection of the safe harbor for forward-looking statements in the Private Securities Litigation Reform Act. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Except to the extent required by law, the Company does not undertake, and expressly disclaims, any duty or obligation to update publicly any forward-looking statement whether as a result of new information, future events, changes in assumptions or otherwise.

ARCHER-DANIELS-MIDLAND COMPANY

FORM 10-Q FOR THE THREE AND ~~SIX~~NINE MONTHS ENDED ~~JUNE~~SEPTEMBER 30, 2025

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

Item 1.

Consolidated Financial Statements (Unaudited)

Statements of Earnings

Statements of Comprehensive Income (Loss)

Balance Sheets

Statements of Cash Flows

Statements of Shareholders’ Equity

Notes to Financial Statements

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

3839

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

5758

Item 4.

Controls and Procedures

5859

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

5960

Item 1A.

Risk Factors

5960

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

5960

Item 5.

Other Information

Item 6.

Exhibits

6061

Signatures

6162

Table of Contents

PART I - FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ARCHER-DANIELS-MIDLAND COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

(UNAUDITED)

	Three Months EndedJune 30,				Six Months EndedJune 30,
	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
	2025		2024		2025		2024
	(In millions, except per share amounts)
Revenues	$	2120,~~166~~372	$	2219,~~248~~937	$	4161,~~341~~713	$	4464,~~095~~032
Cost of products sold	19,~~796~~102		2018,~~852~~572		3857,~~791~~893		4159,~~040~~612
Gross Profit	1,~~370~~270		1,~~396~~365		23,~~550~~820		34,~~055~~420
Selling, general, and administrative expenses	~~911~~873		~~907~~905		12,~~843~~716		12,~~858~~763
Asset impairment, exit, and restructuring costs	~~137~~246		7507		~~175~~421		25532
Equity in (earnings) of unconsolidated affiliates	(134)		(152)		(278)		(364)
Equity in loss (earnings) of unconsolidated affiliates	41		(134)		(237)		(498)
Interest and investment (income) expense	70(121)		(~~140~~137)		(68189)		(~~263~~400)
Interest expense	~~159~~153		~~187~~174		~~317~~470		~~353~~527
Other (income) – net	(5269)		(958)		(71140)		(3592)
Earnings Before Income Taxes	~~279~~147		~~596~~108		~~632~~779		1,~~481~~588
Income tax expense	6237		~~115~~90		~~123~~160		~~281~~370
Net Earnings Including Non-controlling Interests	~~217~~110		~~481~~18		~~509~~619		1,~~200~~218
Net (losses) attributable to non-controlling interests	(2)		(5)		(5)		(15)
Net earnings (loss) attributable to non-controlling interests	2		—		(3)		(15)
Net Earnings Attributable to Archer-Daniels-Midland Company	$	~~219~~108	$	~~486~~18	$	~~514~~622	$	1,~~215~~233
Average number of shares outstanding – basic	484		~~492~~482		~~483~~484		~~503~~496
Average number of shares outstanding – diluted	484		~~493~~483		484		~~503~~497
Basic earnings per common share	$	0.4522	$	0.9904	$	1.0629	$	2.4249
Diluted earnings per common share	$	0.4522	$	0.9804	$	1.0629	$	2.4148
Dividends per common share	$	0.51	$	0.50	$	1.0253	$	1.0050

The accompanying notes are an integral part of these Consolidated Financial Statements.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

	Three Months EndedJune 30,				Six Months EndedJune 30,
	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
	2025		2024		2025		2024
	(In millions)
Net Earnings Including Non-controlling Interests	$	~~217~~110	$	~~481~~18	$	~~509~~619	$	1,~~200~~218
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	~~282~~135		~~(261)~~2		~~149~~284		(~~257~~255)
Tax effect	75(4)		~~(6)~~34		~~113~~109		~~(26)~~8
Net of tax amount	~~357~~131		~~(267)~~36		~~262~~393		(~~283~~247)
Deferred (loss) on hedging activities	(59)		(48)		(64)		(117)
Deferred gain (loss) on hedging activities	67		3		3		(115)
Tax effect	13(14)		68		12(2)		1625
Net of tax amount	~~(46)~~53		~~(42)~~11		~~(52)~~1		(~~101~~90)
Pension and other postretirement benefit liabilities adjustment	8(1)		(38)		(1415)		(715)
Tax effect	(21)		12		43		24
Net of tax amount	6(2)		(26)		(1012)		(511)
Unrealized (loss) on investments	~~(1)~~—		—		(4)		(7)
Tax effect	—		—		—		(1)
Net of tax amount	~~(1)~~—		—		(4)		(8)
Total other comprehensive income (loss), net of tax	~~316~~182		~~(311)~~41		~~196~~378		(~~397~~356)
Total comprehensive income	~~533~~292		~~170~~59		~~705~~997		~~803~~862
Less: Comprehensive (loss) attributable to non-controlling interests	(2)		(6)		(5)		(19)
Less: Comprehensive income (loss) attributable to non-controlling interests	3		1		(2)		(18)
Comprehensive income attributable to Archer-Daniels-Midland Company	$	~~535~~289	$	~~176~~58	$	~~710~~999	$	~~822~~880

The accompanying notes are an integral part of these Consolidated Financial Statements.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

	June 30, 2025		December 31, 2024
	September 30, 2025		December 31, 2024
	(In millions)
Assets
Current Assets
Cash and cash equivalents	$	1,~~057~~235	$	611
Short-term marketable securities	9—		246
Segregated cash and investments	78,~~525~~426		7,212
Trade receivables - net	3,~~668~~634		3,708
Inventories	98,~~723~~700		11,572
Other current assets	4,~~310~~437		4,369
Total Current Assets	26,~~292~~432		27,718
Non-Current Assets
Investments in affiliates	5,~~175~~205		5,276
Goodwill	4,~~769~~764		4,509
Intangible assets	2,~~267~~043		2,260
Right of use assets	1,~~363~~326		1,358
Other non-current assets	~~988~~1,056		1,313
Property, plant, and equipment, net	11,~~142~~092		10,837
Total Non-Current Assets	25,~~704~~486		25,553
Total Assets	$	51,~~996~~918	$	53,271
Liabilities, Temporary Equity, and Shareholders’ Equity
Current Liabilities
Short-term debt	$	~~856~~246	$	1,903
Current maturities of long-term debt	~~766~~1,001		674
Trade payables	4,~~475~~988		5,535
Payables to brokerage customers	89,~~585~~651		7,772
Accrued expenses and other payables	3,~~466~~070		3,730
Current lease liabilities	~~323~~312		324
Total Current Liabilities	1819,~~471~~268		19,938
Long-Term Liabilities
Long-term debt	76,~~606~~609		7,580
Deferred income taxes	1,~~134~~136		1,268
Non-current lease liabilities	1,~~066~~039		1,057
Other	1,~~032~~114		997
Total Long-Term Liabilities	109,~~838~~898		10,902
Temporary Equity - Redeemable non-controlling interest	~~249~~250		253
Shareholders’ Equity
Common stock	3,~~270~~291		3,223
Reinvested earnings	21,~~952~~813		21,933
Accumulated other comprehensive (loss)	(2,~~792~~610)		(2,988)
Non-controlling interests	8		10
Total Shareholders’ Equity	22,~~438~~502		22,178
Total Liabilities, Temporary Equity, and Shareholders’ Equity	$	51,~~996~~918	$	53,271

The accompanying notes are an integral part of these Consolidated Financial Statements.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Six Months EndedJune 30,
	Nine Months EndedSeptember 30,
	2025		2024
	(In millions)
Cash flows from operating activities
Net earnings including non-controlling interests	$	~~509~~619	$	1,~~200~~218
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization	~~578~~874		~~566~~854
Asset impairment charges	~~105~~337		10517
Deferred income taxes	(5954)		(92107)
Equity in earnings of affiliates, net of dividends	(18)		(121)
Equity in earnings of unconsolidated affiliates, net of dividends	125		(151)
Stock compensation expense	7293		8474
Loss on sales / investment revaluation, net	150		9
Loss on asset sales / investment revaluation, net	103		9
Other – net	(~~104~~10)		36(73)
Changes in operating assets and liabilities
Segregated investments	~~1,261~~113		(~~261~~257)
Trade receivables	~~197~~231		~~(180)~~476
Inventories	23,~~152~~165		1,~~443~~233
Other current assets	(41190)		~~628~~745
Trade payables	(~~1,157~~637)		(1,~~257~~418)
Payables to brokerage customers	~~708~~1,798		(~~390~~249)
Accrued expenses and other payables	(~~397~~802)		(~~507~~403)
Net cash provided by operating activities	35,~~956~~765		12,~~168~~468
Cash flows from investing activities
Capital expenditures	(~~596~~892)		(~~690~~1,071)
Net assets of businesses acquired	(95108)		(936)
Proceeds from sales of assets	4178		1631
Purchases of marketable securities	(11)		—
Proceeds from sales of marketable securities	~~267~~276		—
Other – net	313		(226)
Net cash used in investing activities	(~~391~~644)		(12,~~612~~002)
Cash flows from financing activities
Net (repayments) borrowings under lines of credit agreements	(1,057)		2,208
Long-term debt payments	(763)		(1)
Net (repayments) borrowings under lines of credit agreements	(1,666)		1,627
Share repurchases, net of tax	—		(2,327)
Cash dividends	(~~495~~743)		(~~503~~744)
Acquisition of non-controlling interest	(4)		—
Other – net	(2321)		(3920)
Net cash used in financing activities	(13,~~579~~197)		(~~661~~1,465)
Effect of exchange rate on cash, cash equivalents, restricted cash, and restricted cash equivalents	3427		~~(14)~~6
Increase (Decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents	21,~~020~~951		(~~1,119~~993)
Cash, cash equivalents, restricted cash, and restricted cash equivalents - beginning of period	3,924		5,390
Cash, cash equivalents, restricted cash, and restricted cash equivalents - end of period	$	5,~~944~~875	$	4,~~271~~397

The accompanying notes are an integral part of these Consolidated Financial Statements.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(UNAUDITED)

	Equity Attributable to Archer-Daniels-Midland Company
	Common Stock			ReinvestedEarnings		AccumulatedOtherComprehensiveIncome (Loss)		Non-controllingInterests		TotalShareholders’Equity
(In millions, except per share amounts)	Shares	Amount
Balance March 31, 2025	480	$	3,246	$	21,981	$	(3,108)	$	8	$	22,127
Balance, June 30, 2025	480	$	3,270	$	21,952	$	(2,792)	$	8	$	22,438
Comprehensive income
Net earnings				~~219~~108				(1)		~~218~~109
Other comprehensive income						~~316~~182		—		~~316~~182
Cash dividends paid - $0.51 per share				(248)						(248)
Share repurchases	—			—1						—1
Stock compensation expense	—	2221								2221
Stock option exercises, net of taxes	—	2(3)						—		2(3)
Other	—	—3		—		—		(1)		12
Balance June 30, 2025	480	$	3,270	$	21,952	$	(2,792)	$	8	$	22,438
Balance, September 30, 2025	480	$	3,291	$	21,813	$	(2,610)	$	8	$	22,502
Balance, December 31, 2024	478	$	3,223	$	21,933	$	(2,988)	$	10	$	22,178
Comprehensive income
Net earnings				514				(2)		512
Net earnings (loss)				622				(1)		621
Other comprehensive income						~~196~~378		—		~~196~~378
Cash dividends paid - $1.02 per share				(495)						(495)
Cash dividends paid - $1.53 per share				(743)						(743)
Share repurchases	—			—1						—1
Stock compensation expense	2	7293								7293
Stock option exercises, net of taxes	—	(2831)						—		(2831)
Other	—	36		—		—		—(1)		35
Balance, June 30, 2025	480	$	3,270	$	21,952	$	(2,792)	$	8	$	22,438
Balance, September 30, 2025	480	$	3,291	$	21,813	$	(2,610)	$	8	$	22,502
Balance March 31, 2024	502	$	2,720	$	23,069	$	(2,570)	$	13	$	23,232
Balance, June 30, 2024	478	$	3,200	$	21,828	$	(2,880)	$	11	$	22,159
Comprehensive income
Net earnings				~~486~~18				~~(5)~~—		~~481~~18
Other comprehensive loss						(310)		(1)		(311)
Other comprehensive income						40		1		41
Cash dividends paid - $0.50 per share				(~~247~~240)						(~~247~~240)
Share repurchases	(24)	462		(1,480)						(1,018)
Stock compensation expense	—	(10)								(10)
Stock compensation expense	—	18								18
Stock option exercises, net of taxes	—	18						—		18
Other	—	—		—		—		4(2)		4(2)
Balance June 30, 2024	478	$	3,200	$	21,828	$	(2,880)	$	11	$	22,159
Balance, September 30, 2024	478	$	3,208	$	21,606	$	(2,840)	$	10	$	21,984
Balance, Balance December 31, 2023	513	$	3,154	$	23,465	$	(2,487)	$	13	$	24,145
Balance, December 31, 2023	513	$	3,154	$	23,465	$	(2,487)	$	13	$	24,145
Comprehensive income
Comprehensive income (loss)
Net earnings				1,~~215~~233				(15)		1,~~200~~218
Other comprehensive loss						(~~393~~353)		(43)		(~~397~~356)
Cash dividends paid - $1.00 per share				(503)						(503)
Cash dividends paid - $1.50 per share				(744)						(744)
Share repurchases	(37)			(2,~~349~~348)						(2,~~349~~348)
Stock compensation expense	32	8474								8474
Stock option exercises, net of taxes	~~(1)~~—	(4123)								(4123)
Other	—	3		—		—		1715		2018
Balance June 30, 2024	478	3,200		21,828		(2,880)		11		22,159
Balance, September 30, 2024	478	$	3,208	$	21,606	$	(2,840)	$	10	$	21,984

The accompanying notes are an integral part of these Consolidated Financial Statements.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 1. Basis of Presentation

The Consolidated Financial Statements of Archer-Daniels-Midland Company and its subsidiaries (“ADM” or the “Company”) included herein have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these statements do not include all of the information and footnotes required by GAAP for audited financial statements.

In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results reported in these Consolidated Financial Statements are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. For further information, refer to the Consolidated Financial Statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2024.

Certain prior period data has been reclassified in the Consolidated Financial Statements and accompanying notes to conform to the current period presentation.

Principles of Consolidation

The Consolidated Financial Statements include the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. The Company consolidates all entities, including variable interest entities (VIEs), in which it has a controlling financial interest. For VIEs, the Company assesses whether it is the primary beneficiary as defined under the applicable accounting standard. Investments in affiliates, including VIEs through which the Company exercises significant influence but does not control the investee and is not the primary beneficiary of the investee’s activities, are carried at cost plus equity in undistributed earnings since acquisition and are adjusted, where appropriate, for basis differences between the investment balance and the underlying net assets of the investee. The Company’s portion of the results of certain affiliates and results of certain VIEs are included using the most recent available financial statements. In each case, the financial statements are within 93 days of the Company’s year-end and are consistent from period to period.

Segregated Cash and Investments

The Company segregates certain cash, cash equivalents, and investment balances in accordance with regulatory requirements, commodity exchange requirements, and insurance arrangements. These balances include deposits received from customers of the Company’s registered futures commission merchant and commodity brokerage services, cash margins and securities pledged to commodity exchange clearinghouses, and cash pledged as security under certain insurance arrangements. The payables to brokerage customers have a corresponding balance in segregated cash and investments and segregated customer omnibus receivable in other current assets.

Segregated cash and investments also include restricted cash collateral for the various insurance programs of the Company’s captive insurance business. To the degree these segregated balances are comprised of cash and cash equivalents, they are considered restricted cash and cash equivalents on the Consolidated Statements of Cash Flows.

The following represents a reconciliation of cash and cash equivalents in the Consolidated Balance Sheets to total cash, cash equivalents, restricted cash, and restricted cash equivalents in the Consolidated Statements of Cash Flows as of ~~June~~September 30, 2025 and 2024 (in millions).

	June 30, 2025		June 30, 2024
	September 30,
Cash and cash equivalents	$	1,057	$	764
	2025		2024
Restricted cash and restricted cash equivalents (included in segregated cash and investments)	4,887		3,507
Cash and cash equivalents	$	1,235	$	784
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	$	5,944	$	4,271
Restricted cash and restricted cash equivalents (included in segregated cash and investments)	4,640		3,613
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	$	5,875	$	4,397

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Receivables

The Company records accounts receivable at net realizable value, including an allowance for estimated uncollectible accounts to reflect any loss anticipated on the accounts receivable balances and any accrued interest receivables thereon. The Company estimates uncollectible accounts by pooling receivables according to type, region, credit risk rating, and age. Each pool is assigned an expected loss co-efficient to arrive at a general reserve based on historical write-offs adjusted, as needed, for regional, economic, and other forward-looking factors. Long-term receivables recorded in ~~other~~Other assets were not material to the Company’s overall receivables portfolio.

Changes to the allowance for estimated uncollectible accounts were as follows (in millions).

	Three Months Ended June 30,
	Three Months Ended September 30,
	2025		2024
Opening balance, April 1	$	158	$	216
Opening balance, July 1	$	153	$	194
Provisions (reversals), net	53		(1221)
Write-offs against allowance	(136)		(34)
Recoveries and other	3—		~~(7)~~2
Closing balance, June 30	$	153	$	194
Closing balance, September 30	$	150	$	171
	Six Months Ended June 30,
	Nine Months Ended September 30,
	2025		2024
Opening balance, January 1	$	167	$	215
Provisions (reversals), net	711		(728)
Write-offs against allowance	(2633)		(1620)
Recoveries and other	5		24
Closing balance, June 30	$	153	$	194
Closing balance, September 30	$	150	$	171

Inventories

Certain merchandisable agricultural commodity inventories, which include inventories acquired under deferred pricing contracts, are stated at market value. In addition, the Company values certain inventories using the first-in, first-out (FIFO) method at the lower of cost or net realizable value.

The following table sets forth the Company’s inventories as of ~~June~~September 30, 2025 and December 31, 2024 (in millions).

	June 30, 2025		December 31, 2024
	September 30, 2025		December 31, 2024
Raw materials and supplies (1)	$	1,~~694~~614	$	1,922
Finished goods	2,~~670~~281		2,689
Market inventories	54,~~359~~805		6,961
Total inventories	$	98,~~723~~700	$	11,572

(1) Includes work in process inventories which were not material as of ~~June~~September 30, 2025 and December 31, 2024.

Cost Method Investments

Cost method investments represent investments in private companies and private equity funds to diversify the overall investment portfolio. These investments are generally in companies in the startup or development stages and the markets for products these companies are developing are typically in the early stages. The Company’s evaluation of privately held investments is based on the fundamentals of the businesses invested in. The Company periodically reviews the carrying value of such investments to determine if any valuation adjustments are appropriate under the applicable accounting pronouncements.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Cost method investments of $326 million and $439 million as of ~~June~~September 30, 2025 and December 31, 2024, respectively, were included in Other non-current assets in the Company’s Consolidated Balance Sheets.

Revaluation gains and losses, including impairment losses, are recorded in Interest and investment (income) expense in the Company’s Consolidated Statements of Earnings. During the ~~three~~nine ~~and six~~ months ended ~~June~~September 30, 2025, the Company recognized impairment losses of $187 million. Impairment losses are recognized when the Company identifies events or changes in circumstances that suggest the carrying amount of an investment might exceed its fair value. As of September 30, 2025, the lifetime cumulative amounts of upward and downward adjustments on cost method investments were $114 million and $263 million, respectively.

As of June 30, 2025, the lifetime cumulative amounts of upward and downward adjustments on cost method investments were $114 million and $261 million, respectively.

Investments in Affiliates

The Company applies the equity method of accounting for investments in investees over which the Company has the ability to exercise significant influence.

The Company had a 22.5% share ownership in Wilmar International Limited (“Wilmar”) as of ~~June~~September 30, 2025 and December 31, 2024. The Company records its share of Wilmar’s ~~investment~~financial inresults on a three-month lag basis, with the exception of transactions or events that occur during the intervening period that materially affect Wilmar’s ~~had~~financial aposition ~~carrying~~or ~~value~~results of $3operations.~~7 billion~~ asDuring ofthe ~~June~~three months ended September 30, 2025, ~~and~~the Company recorded a ~~market~~charge ~~value~~related to its share of ~~$3.2 billion~~a ~~based~~penalty imposed on Wilmar by the ~~quoted~~September ~~Singapore~~25, ~~Exchange~~2025 ~~market~~decision ~~price~~of the Indonesian Supreme Court, ~~converted~~on toappeal Uby the Indonesian Attorney General’s Office.S. ~~dollars~~The atCompany recorded $163 million of losses in Equity in loss (earnings) of unconsolidated affiliates within the ~~applicable~~Consolidated ~~exchange~~Statement ~~rate~~of Earnings, atfor ~~June 30~~the Ag Services and Oilseeds segment, ~~2025~~presented as a specified item.

The Company’s investment in Wilmar had a carrying value of $3.7 billion as of September 30, 2025, and a market value of $3.1 billion based on the quoted Singapore Exchange market price, converted to U.S. dollars at the applicable exchange rate, at September 30, 2025. In accordance with its accounting policy, as of ~~June~~September 30, 2025, the Company evaluated several factors in its determination of whether an other-than-temporary impairment of its investment in Wilmar had occurred as of that date. This included consideration of the short duration of the carrying value being above Wilmar's stock price, the recent performance of Wilmar’s stock price as quoted on the Singapore Exchange, latest consensus analyst forecasts, Wilmar’s long history of earnings and dividends and the Company’s continued representation on Wilmar’s Board. The Company considers its investment in Wilmar a significant and strategic relationship and has the intent and ability to retain its investment in Wilmar for a period of time sufficient to allow for any anticipated recovery in market value. Based on the evaluation of the factors above, the Company does not consider the investment to be other-than temporarily impaired at ~~June~~September 30, 2025. The Company will continue to reassess its investment in Wilmar, which may result in the recognition of an other-than-temporary impairment in the future.

As of ~~June~~September 30, 2025, the Company also held equity method investments in Pacificor (32.2%), SoyVen (50.0%), Hungrana Ltd (50.0%), Olenex (37.5%), Almidones Mexicanos S.A. de C.V. (50.0%), Vimison S.A. de C.V. (45.3%), Aston Foods and Food Ingredients (50.0%), Edible Oils Limited (50.0%), Stratas Foods LLC (50.0%), Red Star Yeast Company, LLC (40.0%), Terminal de Grãos Ponta da Montanha S.A. (50.0%), Gradable, LLC (50.0%), Plainsman Company, LLC (40.0%), LSCP, LLLP (22.1%), Dusial S.A. (42.8%), ADM Matsutani LLC (50%), Vitafort ZRT (34.3%), and Matsutani Singapore Pte. Ltd. (50%).

Property, Plant, and Equipment

The Company’s net property, plant, and equipment consisted of the following as of June 30, 2025 and December 31, 2024 (in millions).

	June 30, 2025		December 31, 2024
Land	$	606	$	566
Buildings	6,368		6,143
Machinery and equipment	21,414		20,636
Construction in progress	1,476		1,553
	29,864		28,898
Accumulated depreciation	(18,722)		(18,061)
Net Property, Plant, and Equipment	$	11,142	$	10,837

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Property, Plant, and Equipment

The Company’s property, plant, and equipment consisted of the following as of September 30, 2025 and December 31, 2024 (in millions).


	September 30, 2025		December 31, 2024
Land	$	606	$	566
Buildings	6,385		6,143
Machinery and equipment	21,590		20,636
Construction in progress	1,347		1,553
	29,928		28,898
Accumulated depreciation	(18,836)		(18,061)
Property, Plant, and Equipment, Net	$	11,092	$	10,837

Redeemable Non-controlling Interests

The Company presents any redeemable non-controlling interests in temporary equity within the Consolidated Balance Sheets at redemption value with period changes recorded in reinvested earnings. The Company reports the portion of its earnings or loss for redeemable non-controlling interests as ~~net~~Net earnings (losses) attributable to non-controlling interests in the Consolidated Statements of Earnings.

Changes to the Company's redeemable non-controlling interests for the three and ~~six~~nine months ended ~~June~~September 30, 2025 and 2024 were as follows (in millions):

	Three Months Ended June 30,
	Three Months Ended September 30,
	2025		2024
Opening balance, April 1	$	255	$	307
Opening balance, July 1	$	249	$	302
Net (loss) attributable to redeemable non-controlling interests	(1)		(4)
Net earnings attributable to redeemable non-controlling interests	1		—
Currency translation adjustments and other	~~(5)~~—		(118)
Closing balance, June 30	$	249	$	302
Closing balance, September 30	$	250	$	284
	Six Months Ended June 30,
	Nine Months Ended September 30,
	2025		2024
Opening balance, January 1	$	253	$	320
Net (loss) attributable to redeemable non-controlling interests	(32)		(15)
Currency translation adjustments and other	(1)		(321)
Closing balance, June 30	$	249	$	302
Closing balance, September 30	$	250	$	284

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 2. New Accounting Pronouncements

Effective December 31, 2025, the Company will be required to adopt Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures. The amendments address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this ASU are required to be applied on a prospective basis, and retrospective adoption is permitted. The adoption of the amended guidance will result in expanded disclosures in the Company’s income taxes footnote but is not expected to have a significant impact on the Company's Consolidated Financial Statements.

Effective ~~December~~January 311, ~~2027~~2026, the Company will be required to adopt ASU ~~2024~~2025-0305, ~~Income~~Financial ~~Statement—Reporting~~Instruments-Credit ~~Comprehensive~~Losses ~~Income — Expense Disaggregation Disclosures~~ (~~Subtopic~~Topic ~~220-40~~326): ~~Disaggregation~~Measurement of ~~income~~Credit ~~statement~~Losses ~~expenses,~~for ~~which~~Accounts ~~will~~Receivable ~~require~~and ~~tabular~~Contract ~~disclosure~~Assets, ofwhich ~~certain~~simplifies ~~operating~~the ~~expenses~~application ~~disaggregated~~of ~~into~~the ~~categories,~~current ~~such~~expected ascredit ~~purchases~~loss ofmodel ~~inventory,~~for ~~employee~~current ~~compensation,~~accounts ~~depreciation,~~receivable and ~~intangible~~current ~~asset~~contract ~~amortization.~~assets ~~The~~under ~~amendments~~Accounting inStandards ~~this~~Codification ~~ASU~~(ASC) ~~can~~606, beContracts ~~applied~~with onCustomers. aThe ~~prospective~~Company ~~basis~~is orevaluating ~~retrospective~~the ~~basis~~impact ~~upon~~of ~~adoption.~~the ~~The~~ adoption of ~~the~~this ~~amended~~ guidance ~~will~~on ~~result in expanded disclosures in~~ the Company’s ~~footnotes but is not expected to have a significant impact on the Company's~~ Consolidated Financial Statements. and related disclosures.

Effective January 1, 2027, the Company will be required to adopt ASU 2025-07, Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract, which expands the scope of contracts that are excluded from derivative accounting to include certain non-exchange traded contracts. It also clarifies that the revenue guidance in ASC 606, Contracts with Customers, initially applies to share-based noncash consideration received from a customer for the transfer of goods or services. The Company is evaluating the impact of the adoption of this guidance on the Company’s Consolidated Financial Statements and related disclosures.

Effective January 1, 2027, the Company will be required to adopt ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which amends the existing framework for identifying the accounting acquirer in business combinations when the legal acquiree is a VIE by requiring entities to consider the general accounting acquirer factors in ASC 805-10, Business Combination-Overall, when the transaction is primarily effected by the exchange of equity interests. The new guidance is required to be applied prospectively to any acquisition transaction that occurs after the initial application date. The Company is evaluating the impact of the adoption of this guidance on the Company’s Consolidated Financial Statements.

9Effective December 31, 2027, the Company will be required to adopt ASU 2024-03, Income Statement—Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of income statement expenses, which will require tabular disclosure of certain operating expenses disaggregated into categories, such as purchases of inventory, employee compensation, depreciation, and intangible asset amortization. The amendments in this ASU can be applied on a prospective basis or retrospective basis upon adoption. The adoption of the amended guidance will result in expanded disclosures in the Company’s footnotes but is not expected to have a significant impact on the Company's Consolidated Financial Statements.

Effective January 1, 2028, the Company will be required to adopt ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software by removing all references to software development project stages so that the guidance is neutral to different software development methods and providing new guidance on how to evaluate whether the probable-to-completion recognition threshold has been met. The amendments in this ASU can be applied on a prospective basis or retrospective basis upon adoption. The Company is evaluating the impact of the adoption of this guidance on the Company’s Consolidated Financial Statements.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 3. Revenues

The following tables present revenue disaggregated by timing of recognition and major product lines for the three and ~~six~~nine months ended ~~June~~September 30, 2025 and 2024 (in millions).

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Topic 606 Revenue

Topic 815

Total

Point in Time

Over Time

Total

Revenue (1)

Revenues

Ag Services and Oilseeds

Ag Services

~~819~~1,034

~~205~~187

1,~~024~~221

9,~~872~~055

10,~~896~~276

Crushing

86130

—

86130

2,~~543~~450

2,~~629~~580

Refined Products and Other

~~895~~875

—

~~895~~875

1,~~849~~882

2,~~744~~757

Total Ag Services and Oilseeds

12,~~800~~039

~~205~~187

2,~~005~~226

1413,~~264~~387

1615,~~269~~613

Carbohydrate Solutions

Starches and Sweeteners

1,~~539~~436

—

1,~~539~~436

~~561~~569

2,~~100~~005

Vantage Corn Processors

~~692~~729

—

~~692~~729

—

~~692~~729

Total Carbohydrate Solutions

2,~~231~~165

—

2,~~231~~165

~~561~~569

2,~~792~~734

Nutrition

Human Nutrition

1,~~161~~067

—

1,~~161~~067

—

1,~~161~~067

Animal Nutrition

~~832~~849

—

~~832~~849

—

~~832~~849

Total Nutrition

1,~~993~~916

—

1,~~993~~916

—

1,~~993~~916

Total Segment Revenues

6,~~024~~120

~~205~~187

6,~~229~~307

1413,~~825~~956

2120,~~054~~263

Other Business

~~112~~109

—

~~112~~109

—

~~112~~109

Total Revenues

6,~~136~~229

~~205~~187

6,~~341~~416

1413,~~825~~956

2120,~~166~~372

1011

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Six Months Ended June 30, 2025

Three Months Ended September 30, 2024

Topic 606 Revenue

Topic 815

Total

Point in Time

Over Time

Total

Revenue (1)

Revenues

Ag Services and Oilseeds

Ag Services

~~1,860~~824

~~412~~249

21,~~272~~073

198,~~160~~580

219,~~432~~653

Crushing

~~185~~97

—

~~185~~97

52,~~082~~772

52,~~267~~869

Refined Products and Other

~~1,747~~529

—

~~1,747~~529

32,~~498~~038

52,~~245~~567

Total Ag Services and Oilseeds

31,~~792~~450

~~412~~249

41,~~204~~699

2713,~~740~~390

3115,~~944~~089

Carbohydrate Solutions

Starches and Sweeteners

21,~~923~~633

—

21,~~923~~633

~~1,114~~559

42,~~037~~192

Vantage Corn Processors

~~1,325~~716

—

~~1,325~~716

—

~~1,325~~716

Total Carbohydrate Solutions

42,~~248~~349

—

42,~~248~~349

~~1,114~~559

52,~~362~~908

Nutrition

Human Nutrition

21,~~159~~004

—

21,~~159~~004

—

21,~~159~~004

Animal Nutrition

~~1,651~~827

—

~~1,651~~827

—

~~1,651~~827

Total Nutrition

31,~~810~~831

—

31,~~810~~831

—

31,~~810~~831

Total Segment Revenues

115,~~850~~630

~~412~~249

125,~~262~~879

2813,~~854~~949

4119,~~116~~828

Other Business

~~225~~109

—

~~225~~109

—

~~225~~109

Total Revenues

125,~~075~~739

~~412~~249

125,~~487~~988

2813,~~854~~949

4119,~~341~~937

Three Months Ended June 30, 2024

Nine Months Ended September 30, 2025

Topic 606 Revenue

Topic 815

Total

Point in Time

Over Time

Total

Revenue (1)

Revenues

Ag Services and Oilseeds

Ag Services

~~925~~2,895

~~252~~598

13,~~177~~493

1028,~~569~~215

1131,~~746~~708

Crushing

~~104~~316

—

~~104~~316

27,~~746~~531

27,~~850~~847

Refined Products and Other

~~523~~2,622

—

~~523~~2,622

25,~~214~~380

28,~~737~~002

Total Ag Services and Oilseeds

15,~~552~~833

~~252~~598

16,~~804~~431

1541,~~529~~126

1747,~~333~~557

Carbohydrate Solutions

Starches and Sweeteners

14,~~654~~359

—

14,~~654~~359

~~557~~1,683

26,~~211~~042

Vantage Corn Processors

~~683~~2,054

—

~~683~~2,054

—

~~683~~2,054

Total Carbohydrate Solutions

26,~~337~~413

—

26,~~337~~413

~~557~~1,683

28,~~894~~096

Nutrition

Human Nutrition

13,~~061~~226

—

13,~~061~~226

—

13,~~061~~226

Animal Nutrition

~~847~~2,500

—

~~847~~2,500

—

~~847~~2,500

Total Nutrition

15,~~908~~726

—

15,~~908~~726

—

15,~~908~~726

Total Segment Revenues

517,~~797~~972

~~252~~598

618,~~049~~570

1642,~~086~~809

2261,~~135~~379

Other Business

~~113~~334

—

~~113~~334

—

~~113~~334

Total Revenues

518,~~910~~306

~~252~~598

618,~~162~~904

1642,~~086~~809

2261,~~248~~713

1112

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Topic 606 Revenue

Topic 815

Total

Point in Time

Over Time

Total

Revenue (1)

Revenues

Ag Services and Oilseeds

Ag Services

12,~~947~~772

~~445~~694

23,~~392~~466

2029,~~551~~131

2232,~~943~~597

Crushing

~~220~~317

—

~~220~~317

58,~~957~~729

69,~~177~~046

Refined Products and Other

1,~~070~~599

—

1,~~070~~599

46,~~362~~400

57,~~432~~999

Total Ag Services and Oilseeds

34,~~237~~688

~~445~~694

35,~~682~~382

3044,~~870~~260

3449,~~552~~642

Carbohydrate Solutions

Starches and Sweeteners

34,~~247~~881

—

34,~~247~~881

1,~~120~~678

46,~~367~~559

Vantage Corn Processors

1,~~210~~925

—

1,~~210~~925

—

1,~~210~~925

Total Carbohydrate Solutions

46,~~457~~806

—

46,~~457~~806

1,~~120~~678

58,~~577~~484

Nutrition

Human Nutrition

23,~~025~~029

—

23,~~025~~029

—

23,~~025~~029

Animal Nutrition

12,~~719~~546

—

12,~~719~~546

—

12,~~719~~546

Total Nutrition

35,~~744~~575

—

35,~~744~~575

—

35,~~744~~575

Total Segment Revenues

1117,~~438~~069

~~445~~694

1117,~~883~~763

3145,~~990~~938

4363,~~873~~701

Other Business

~~222~~331

—

~~222~~331

—

~~222~~331

Total Revenues

1117,~~660~~400

~~445~~694

1218,~~105~~094

3145,~~990~~938

4464,~~095~~032

(1) Topic 815 revenue relates to the physical delivery or the settlement of the Company’s sales contracts that are accounted for as derivatives and are outside the scope of Topic 606.

Ag Services and Oilseeds

The Ag Services and Oilseeds segment generates revenue from the sale of commodities, from service fees for the transportation of goods, from the sale of products manufactured in its global processing facilities, and from its structured trade finance activities.

The Company engages in various structured trade finance activities to leverage its global trade flows whereby the Company obtains letters of credit (LCs) to guarantee payments on both global purchases and sales of grain. LCs guaranteeing payment on grain sales are sold on a non-recourse basis with no continuing involvement. The Company earns returns from the difference in interest rates between the LCs that guarantee payment on the underlying purchases and sales of grain given the differing risk profiles of the underlying transactions.

Carbohydrate Solutions

The Carbohydrate Solutions segment generates revenue from the sale of products manufactured at the Company’s global corn and wheat milling facilities around the world. Revenue is recognized when control over products is transferred to the customer. Products are shipped to customers from the Company’s various facilities and from its network of storage terminals. The amount of revenue recognized is based on the consideration specified in the contract which could include freight and other costs depending on the specific shipping terms of each contract.

1213

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Nutrition

The Nutrition segment sells ingredients and solutions including plant-based proteins, natural flavors, flavor systems, natural colors, emulsifiers, soluble fiber, polyols, hydrocolloids, probiotics, prebiotics, postbiotics, enzymes, botanical extracts, edible beans, formula feeds, animal health and nutrition products, pet food and treats, and other specialty food and feed ingredients. Revenue is recognized when control over products is transferred to the customer. The amount of revenue recognized follows the contracted price or the mutually agreed price of the product.

Other Business

Other Business includes the Company’s futures commission business whose primary sources of revenue are commissions and brokerage income generated from executing orders and clearing futures contracts and options on futures contracts on behalf of its customers. Commissions and brokerage revenue are recognized on the date the transaction is executed.

Other Business also includes the Company’s captive insurance business, which provides captive insurance services to the Company's reportable segments.

Note 4. Acquisitions

On January 31, 2025, the Company acquired Vandamme Hugaria Kft (“Vandamme”), a 700 metric ton/day non-genetically modified crush and extraction facility based in Hungary for an aggregate cash consideration of $~~123~~125 million. This acquisition adds capabilities to the Company’s Ag Services and Oilseeds and Carbohydrate Solutions segments.

The aggregate cash consideration, net of $28 million cash acquired, was allocated as follows, subject to final measurement period adjustments (in millions).

	Vandamme
Working capital, net of cash acquired	$	24
Property, plant, and equipment	27
Goodwill	2526
Other intangible assets(1)	2223
Deferred tax liabilities	(3)
Aggregate cash consideration, net of cash acquired	$	9597

(1) Primarily represents customer lists with expected useful lives of 10 years to 18 years.

During the three months ended ~~June~~September 30, 2025, the Company recorded certain measurement period adjustments to its initial allocation of the purchase price related to the Vandamme acquisition~~, resulting in a decrease to goodwill of $6 million~~. There was no impact on the Consolidated Statements of Earnings from measurement period adjustments.

Goodwill recorded in connection with the acquisition is primarily attributable to the synergies expected to arise after the Company’s acquisition of the business. This goodwill is not expected to be deductible for tax purposes.

The Company’s Consolidated Statements of Earnings for the three and ~~six~~nine months ended ~~June~~September 30, 2025 includes the post-acquisition results of the acquired business which were immaterial.

1314

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 5. Fair Value Measurements

The Company measures the fair value of certain assets and liabilities in accordance with ASC Topic 820, Fair Value Measurements and Disclosures, which defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Company uses the market approach valuation technique to measure the majority of its assets and liabilities carried at fair value.

Three levels are established within the fair value hierarchy that may be used to report fair value:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

Level 2: Observable inputs, including Level 1 prices that have been adjusted; quoted prices for similar assets or liabilities; quoted prices in markets that are less active than traded exchanges; and other inputs that are observable or can be substantially corroborated by observable market data.

Level 3: Unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities. The fair value hierarchy gives the lowest priority to Level 3 inputs.

The following tables set forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis as of ~~June~~September 30, 2025 and December 31, 2024 (in millions).

	Fair Value Measurements at June 30, 2025
	Fair Value Measurements at September 30, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Inventories carried at market	$	—	$	2,~~652~~389	$	2,~~707~~416	$	54,~~359~~805
Unrealized derivative gains:
Commodity contracts	—		~~414~~420		~~596~~539		~~1,010~~959
Foreign currency contracts	—		~~181~~133		—		~~181~~133
Interest rate contracts	—		1920		—		1920
Cash equivalents	~~447~~557		—		—		~~447~~557
Marketable securities	9		—		—		9
Segregated investments and restricted cash equivalents	1,623		—		—		1,623
Segregated investments and restricted cash equivalents	1,902		—		—		1,902
Total Assets	$	2,180	$	2,962	$	2,955	$	8,097
Total Assets	$	2,358	$	3,266	$	3,303	$	8,927
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	~~323~~306	$	~~385~~258	$	~~708~~564
Foreign currency contracts	—		~~412~~238		—		~~412~~238
Inventory-related payables	—		~~933~~939		4122		~~974~~961
Total Liabilities	$	—	$	1,~~668~~483	$	~~426~~280	$	21,~~094~~763

1415

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)


	Fair Value Measurements at December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Inventories carried at market	$	—	$	3,930	$	3,031	$	6,961
Unrealized derivative gains:
Commodity contracts	—		404		427		831
Foreign currency contracts	—		272		—		272
Interest rate contracts	—		5		—		5
Cash equivalents	70		—		—		70
Marketable securities	246		—		—		246
Segregated investments and restricted cash equivalents	1,681		—		—		1,681
Total Assets	$	1,997	$	4,611	$	3,458	$	10,066

Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	355	$	405	$	760
Foreign currency contracts	—		212		—		212


Inventory-related payables	—		654		88		742
Total Liabilities	$	—	$	1,221	$	493	$	1,714

Inventories Carried at Market and Inventory-Related Payables

Estimated fair values for inventories and inventory-related payables stated at market are based on exchange-quoted prices, adjusted for differences in local markets and quality, referred to as basis. Market valuations for the Company’s inventories are adjusted for location and quality (basis) because the exchange-quoted prices represent contracts with standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade.

The basis adjustments are generally determined using inputs from competitor and broker quotations or market transactions and are considered observable. Basis adjustments are impacted by specific local supply and demand characteristics at each facility and the overall market. Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these basis adjustments. In certain cases, the basis adjustments are unobservable because they are supported by little to no market activity. When unobservable inputs have a significant impact (more than 10%) on the measurement of fair value, the inventory is classified as Level 3.

In certain cases, the basis adjustments are unobservable because they are supported by little to no market activity. When unobservable inputs have a significant impact (more than 10%) on the measurement of fair value, the inventory is classified as Level 3.

Changes in the fair value of inventories and inventory-related payables are recognized in the Consolidated Statements of Earnings as a component of Cost of products sold.

Unrealized Derivative Gains and Losses

Derivative contracts include exchange-traded commodity futures and options contracts, ~~forward~~physical commodity purchase and sale contracts, and over-the-counter (OTC) instruments related primarily to agricultural commodities, energy, interest rates, and foreign currencies. ~~Substantially all of the Company’s exchange-traded commodity futures and options contracts are cash-settled on a daily basis and, therefore, are not included in these tables.~~

~~Fair~~Substantially ~~value~~all ~~for~~of ~~forward commodity purchase and sale contracts is estimated based on exchange-quoted prices adjusted for differences in local markets. Market valuations for~~ the Company’s ~~forward~~exchange-traded commodity ~~purchase~~futures and ~~sale~~options contracts are ~~adjusted for location (basis) because the exchange~~cash-~~quoted~~settled ~~prices~~on ~~represent~~a ~~contracts~~daily ~~that~~basis ~~have standardized terms for commodity~~and, ~~quantity~~therefore, ~~future~~are ~~delivery~~not ~~period,~~included ~~delivery~~in ~~location,~~these ~~and commodity quality or grade~~tables.

15Fair value for physical commodity purchase and sale contracts is estimated based on exchange-quoted prices adjusted for differences in local markets. Market valuations for the Company’s physical commodity purchase and sale contracts are adjusted for location (basis) because the exchange-quoted prices represent contracts that have standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

In certain cases, the basis adjustments are unobservable because they are supported by little to no market activity. When observable inputs are available for substantially the full term of the contract, it is classified in Level 2. When unobservable inputs have a significant impact (more than 10%) on the measurement of fair value, the contract is classified in Level 3.

Except for certain derivatives designated as cash flow hedges, changes in the fair value of commodity-related derivatives are recognized in the Consolidated Statements of Earnings as a component of Cost of products sold.

Except for certain derivatives designated as net investment hedges, changes in the fair value of foreign currency-related derivatives are recognized in the Consolidated Statements of Earnings as a component of Revenues, Cost of products sold, and Other (income) - net, depending upon the purpose of the contract.

Cash Equivalents

The Company’s cash equivalents are comprised of money market funds valued using quoted market prices and are classified as Level 1.

Marketable Securities

The Company's marketable securities are comprised of foreign government securities and foreign term deposits with original maturities greater than 90 days. These securities are valued using quoted market prices and are classified as Level 1.

Segregated Investments

The Company’s segregated investments are primarily comprised of U.S. Treasury securities purchased using ADM Investor Services customer funds and segregated to meet regulatory requirements. U.S. Treasury securities are valued using quoted market prices and are classified as Level 1.

1617

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Level 3 Assets and Liabilities

The following table presents a roll forward of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended ~~June~~September 30, 2025 (in millions).

	Assets						Liabilities
	June 30, 2025						June 30, 2025
	September 30, 2025						September 30, 2025
	Inventories Carried at Market		CommodityDerivativeContractsGains		TotalAssets		Inventory-related Payables		CommodityDerivativeContractsLosses		Total Liabilities
Opening balance, April 1, 2025	$	3,103	$	508	$	3,611	$	52	$	352	$	404
Opening balance, July 1, 2025	$	2,707	$	596	$	3,303	$	41	$	385	$	426
Increase (decrease) in unrealized gains included in Cost of products sold	(~~1,030~~340)		~~353~~275		(~~677~~65)		—		—		—
Increase (decrease) in unrealized losses included in Cost of products sold	—		—		—		57		~~261~~162		~~266~~169
Realized increases (decreases) included in Cost of products sold	(4642)		—		(4642)		(15)		—		(15)
Purchases	4,~~620~~956		—		4,~~620~~956		47		—		47
Sales	(34,~~868~~499)		—		(34,~~868~~499)		(1928)		—		(1928)
Settlements	—		(~~221~~359)		(~~221~~359)		—		(~~237~~293)		(~~237~~293)
Transfers into Level 3	~~548~~415		3642		~~584~~457		—		198		198
Transfers out of Level 3	(~~620~~781)		(8015)		(~~700~~796)		—		(104)		(104)
Closing Balance, June 30, 2025	$	2,707	$	596	$	3,303	$	41	$	385	$	426
Closing balance, September 30, 2025	$	2,416	$	539	$	2,955	$	22	$	258	$	280

	Assets						Liabilities
	June 30, 2024						June 30, 2024
	September 30, 2024						September 30, 2024
	Inventories Carried at Market		CommodityDerivativeContractsGains		TotalAssets		Inventory-related Payables		CommodityDerivativeContractsLosses		Total Liabilities
Opening balance, April 1, 2024	$	2,948	$	764	$	3,712	$	62	$	435	$	497
Opening balance, July 1, 2024	$	2,546	$	395	$	2,941	$	34	$	367	$	401
Increase (decrease) in unrealized gains included in Cost of products sold	~~128~~221		~~197~~215		~~325~~436		—		—		—
Increase (decrease) in unrealized losses included in Cost of products sold	—		—		—		53		~~203~~343		~~208~~346
Realized increases (decreases) included in Cost of products sold	59(313)		—		59(313)		(96)		—		(96)
Purchases	34,~~637~~174		—		34,~~637~~174		28		—		28
Sales	(43,~~194~~736)		—		(43,~~194~~736)		(2612)		—		(2612)
Settlements	—		(~~438~~288)		(~~438~~288)		—		(~~282~~251)		(~~282~~251)
Transfers into Level 3	~~557~~265		29158		~~586~~423		—		1522		1522
Transfers out of Level 3	(~~589~~529)		(~~157~~4)		(~~746~~533)		—		(47)		(47)
Closing Balance, June 30, 2024	$	2,546	$	395	$	2,941	$	34	$	367	$	401
Closing balance, September 30, 2024	$	2,628	$	476	$	3,104	$	27	$	474	$	501

1718

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following table presents a roll forward of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the ~~six~~nine months ended ~~June~~September 30, 2025 (in millions).

	Assets						Liabilities
	June 30, 2025						June 30, 2025
	September 30, 2025						September 30, 2025
	Inventories Carried at Market		CommodityDerivativeContractsGains		TotalAssets		Inventory-related Payables		CommodityDerivativeContractsLosses		Total Liabilities
Opening balance, January 1, 2025	$	3,031	$	427	$	3,458	$	88	$	405	$	493
Increase (decrease) in unrealized gains included in Cost of products sold	(~~933~~1,273)		~~566~~841		(~~367~~432)		—		—		—
Increase (decrease) in unrealized losses included in Cost of products sold	—		—		—		411		~~455~~617		~~459~~628
Realized increases (decreases) included in Cost of products sold	10(32)		—		10(32)		(38)		—		(38)
Purchases	813,~~705~~661		—		813,~~705~~661		714		—		714
Sales	(812,~~446~~945)		—		(812,~~446~~945)		(5583)		—		(5583)
Settlements	—		(~~449~~808)		(~~449~~808)		—		(~~513~~806)		(~~513~~806)
Transfers into Level 3	1,~~119~~534		~~149~~191		1,~~268~~725		—		5462		5462
Transfers out of Level 3	(~~779~~1,560)		(97112)		(~~876~~1,672)		—		(1620)		(1620)
Closing balance, June 30, 2025	$	2,707	$	596	$	3,303	$	41	$	385	$	426
Closing balance, September 30, 2025	$	2,416	$	539	$	2,955	$	22	$	258	$	280

	Assets						Liabilities
	June 30, 2024						June 30, 2024
	September 30, 2024						September 30, 2024
	Inventories Carried at Market		CommodityDerivativeContractsGains		TotalAssets		Inventory-related Payables		CommodityDerivativeContractsLosses		Total Liabilities
Opening balance, January 1, 2024	$	2,713	$	731	$	3,444	$	101	$	457	$	558
Increase (decrease) in unrealized gains included in Cost of products sold	~~316~~512		~~572~~788		~~888~~1,300		—		—		—
Increase (decrease) in unrealized losses included in Cost of products sold	—		—		—		1417		~~532~~875		~~546~~892
Realized increases (decreases) included in Cost of products sold	(~~226~~515)		—		(~~226~~515)		(2126)		—		(2126)
Purchases	711,~~426~~600		—		711,~~426~~600		310		—		310
Sales	(811,~~077~~813)		—		(811,~~077~~813)		(6475)		—		(6475)
Settlements	—		(~~790~~1,077)		(~~790~~1,077)		—		(~~572~~823)		(~~572~~823)
Transfers into Level 3	1,~~073~~339		57214		1,~~130~~553		1—		2850		2950
Transfers out of Level 3	(~~679~~1,208)		(~~175~~180)		(~~854~~1,388)		—		(7885)		(7885)
Closing balance, June 30, 2024	$	2,546	$	395	$	2,941	$	34	$	367	$	401
Closing balance, September 30, 2024	$	2,628	$	476	$	3,104	$	27	$	474	$	501

Transfers into Level 3 of assets and liabilities previously classified in Level 2 were due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts rising above the 10% threshold. Transfers out of Level 3 were primarily due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts falling below the 10% threshold and thus permitting reclassification to Level 2.

1819

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

In some cases, the price components that result in differences between exchange-traded prices and local prices for inventories and physical commodity purchase and sale contracts are observable based upon available quotations for these pricing components, and in some cases, the differences are unobservable. These price components primarily include transportation costs and other adjustments required due to location, quality, or other contract terms. In the table below, these other adjustments are referred to as basis. The changes in unobservable price components are determined by specific local supply and demand characteristics at each facility and the overall market. Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these unobservable price components.

The following table sets forth the weighted average percentage of the unobservable price components included in the Company’s Level 3 valuations as of ~~June~~September 30, 2025 and December 31, 2024. The Company’s Level 3 measurements may include basis only, transportation cost only, or both price components.

	Weighted Average % of Total Price
	June 30, 2025				December 31, 2024
	September 30, 2025				December 31, 2024
Component Type	Assets		Liabilities		Assets		Liabilities
Inventories and Inventory-Related Payables
Basis	2620.37	%	2517.80	%	24.9	%	31.3	%
Transportation cost	10.5	%	—	%	10.8	%	—	%
Commodity Derivative Contracts
Basis	3230.56	%	3037.74	%	21.8	%	23.4	%
Transportation cost	2622.38	%	2221.31	%	10.8	%	10.8	%

In certain of the Company’s principal markets, the Company relies on price quotes from third parties to value its inventories and physical commodity purchase and sale contracts. These price quotes are generally not further adjusted by the Company in determining the applicable market price. In some cases, availability of third-party quotes is limited to only one or two independent sources. In these situations, absent other corroborating evidence, the Company considers these price quotes as 100% unobservable and, therefore, the fair value of these items is reported in Level 3.

Note 6. Derivative Instruments and Hedging Activities

Derivatives Not Designated As Hedging Instruments

The majority of the Company’s derivative instruments have not been designated as hedging instruments.

The Company uses exchange-traded and OTC commodity instruments to manage its net position of merchandisable agricultural product inventories and forward cash purchase and sales contracts to reduce price risk caused by market fluctuations in agricultural commodities and foreign currencies.

The Company also uses exchange-traded and OTC commodity instruments as components of merchandising strategies designed to enhance margins. The results of these strategies can be significantly impacted by factors such as the correlation between the value of exchange-traded commodities futures and the value of the underlying commodities, counterparty contract defaults, and volatility of freight markets.

The Company recognizes changes in market value of inventories of certain merchandisable agricultural commodities, inventory-related payables, forward cash purchase and sales contracts, and exchange-traded and OTC instruments in earnings immediately as a component of Cost of products sold.

1920

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Fair Value of Derivatives Not Designated as Hedging Instruments

Derivatives, including exchange-traded contracts and ~~forward~~physical commodity purchase or sale contracts, and inventories of certain merchandisable agricultural products, which include amounts acquired under deferred pricing contracts, are stated at fair value. Inventory is not a derivative and therefore fair values of and changes in fair values of inventories are not included in the tables below.

The following table sets forth the fair value of derivatives not designated as hedging instruments as of ~~June~~September 30, 2025 and December 31, 2024 (in millions).

	June 30, 2025				December 31, 2024
	September 30, 2025				December 31, 2024
	Assets		Liabilities		Assets		Liabilities
Foreign Currency Contracts	$	~~181~~133	$	~~158~~56	$	272	$	102
Commodity Contracts	~~1,010~~959		~~708~~564		828		760
Total	$	1,~~191~~092	$	~~866~~620	$	1,100	$	862

Changes in the fair value of foreign currency-related derivatives are recognized in the Consolidated Statements of Earnings as a component of Revenues, Cost of products sold, and Other (income) - net, depending on the purpose of the contract.

Changes in the fair value of commodity contracts are recognized in the Consolidated Statements of Earnings as a component of Cost of products sold.

The following table sets forth the pre-tax gains (losses) on derivatives not designated as hedging instruments that have been included in the Consolidated Statements of Earnings for the three and ~~six~~nine months ended ~~June~~September 30, 2025 and 2024 (in millions).

			Cost of		Other
			products		(income) -
	Revenues		sold		net		Total
Three Months Ended June 30, 2025
Three Months Ended September 30, 2025
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	(2219)	$	8173	$	~~(90)~~4
Commodity Contracts	—		~~327~~115		—
Total gain (loss) recognized in earnings	$	(2219)	$	~~408~~188	$	~~(90)~~4	$	~~296~~173
Three Months Ended June 30, 2024
Three Months Ended September 30, 2024
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	18(7)	$	~~(155)~~20	$	8(63)
Commodity Contracts	—		(2217)		—
Total gain (loss) recognized in earnings	$	18(7)	$	~~(177)~~3	$	8(63)	$	(~~151~~67)

2021

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

			Cost of		Other
			products		(income) -
	Revenues		sold		net		Total
Six Months Ended June 30, 2025
Nine Months Ended September 30, 2025
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	(4665)	$	~~231~~304	$	(~~158~~154)
Commodity Contracts	—		~~440~~513		—
Total gain (loss) recognized in earnings	$	(4665)	$	~~671~~817	$	(~~158~~154)	$	~~467~~598
Six Months Ended June 30, 2024
Nine Months Ended September 30, 2024
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	1911	$	(~~218~~197)	$	62(2)
Commodity Contracts	—		~~175~~158		—
Total gain (loss) recognized in earnings	$	1911	$	(4339)	$	62(2)	$	38(30)

Derivatives Designated As Hedging Instruments

The Company had certain derivatives designated as cash flow, fair value, and net investment hedges as of ~~June~~September 30, 2025 and December 31, 2024.

Cash Flow Hedges

For derivative instruments that are designated and qualify as highly-effective cash flow hedges (i.e., hedging the exposure to variability in expected future cash flow that is attributable to a particular risk), the gain or loss on the derivative instrument is reported as a component of Accumulated other comprehensive income (AOCI) and as an operating activity in the Consolidated Statements of Cash Flows, and is reclassified into earnings in the same line item affected by the hedged transaction in the same period or periods during which the hedged transaction affects earnings. Hedge components excluded from the assessment of effectiveness, if any, and gains and losses related to discontinued hedges are recognized in the Consolidated Statements of Earnings during the relevant period.

For each of the hedge programs described below, the derivatives are designated as cash flow hedges. The changes in the market value of such derivative contracts have historically been, and are expected to continue to be, highly effective at offsetting changes in price movements of the hedged item. Once the hedged item is recognized in earnings, the gains and losses arising from the hedge are reclassified from AOCI to either Revenues or Cost of products sold, as applicable.

The Company uses exchange-traded futures and options contracts to hedge the purchase price of anticipated volumes of corn to be purchased and processed in a future month. The objective of this hedging program is to reduce the variability of cash flows associated with the Company’s forecasted purchases of corn. The Company’s corn processing plants normally grind approximately 59 million bushels of corn per month. During the past 12 months, the Company hedged between 13% and 3130% of its monthly grind. At ~~June~~September 30, 2025, the Company had designated hedges representing between 1% and 2123% of its anticipated monthly grind of corn for the next 12 months.

The Company uses exchange-traded futures and options contracts to hedge the purchase price of the anticipated volumes of soybeans to be purchased and processed in a future month for certain of its U.S. soybean crush facilities, subject to certain program limits. The Company also uses exchange-traded futures and options contracts to hedge the sales prices of anticipated soybean meal and soybean oil sales proportionate to the soybean crushing process at these facilities, subject to certain program limits. During the past 12 months, the Company hedged ~~between 76% and~~ 100% of the anticipated monthly soybean crush for soybean purchases and soybean meal and soybean oil sales at the designated facilities. At ~~June~~September 30, 2025, the Company had designated hedges representing between 0% and 100% of the anticipated monthly soybean crush for soybean purchases and soybean meal and soybean oil sales at the designated facilities over the next 12 months.

2122

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The Company uses exchange-traded futures and OTC swaps to hedge the purchase price of anticipated volumes of natural gas consumption in a future month for certain of its facilities in North America and Europe, subject to certain program limits. During the past 12 months, the Company hedged between 4239% and 6259% of the anticipated monthly natural gas consumption at the designated facilities. At ~~June~~September 30, 2025, the Company had designated hedges representing between 6% and 6038% of the anticipated monthly natural gas consumption over the next 12 months.

As of ~~June~~September 30, 2025 and December 31, 2024, the Company had after-tax losses of $2919 million and $13 million, respectively, in AOCI related to these programs. The Company expects to recognize $2919 million of the ~~June~~September 30, 2025 after-tax losses in its Consolidated Statements of Earnings during the next 12 months.

Fair Value Hedges

The Company uses interest rate swaps designated as fair value hedges to protect the fair value of fixed-rate debt due to changes in interest rates. The changes in the fair value of the interest rate swaps and the underlying fixed-rate debt is recognized in the Consolidated Statements of Earnings during the current period. The terms of the interest rate swaps match the terms of the underlying debt.

As of ~~June~~September 30, 2025 and December 31, 2024, the Company had pre-tax gains of $1920 million and $5 million, respectively, in Other current assets related to interest rate swaps with an aggregate notional amount of $500 million. A corresponding offset to the underlying debt is recorded for the same amount, with no net impact to earnings.

Net Investment Hedges

The Company uses cross-currency swaps and foreign exchange forwards designated as net investment hedges to protect the Company’s investment in foreign subsidiaries against changes in foreign currency exchange rates.

The Company executed USD-fixed to Euro-fixed cross-currency swaps with an aggregate notional amount of $447 million and $394 million as of ~~June~~September 30, 2025 and December 31, 2024, respectively, and foreign exchange forwards with an aggregate notional amount of $2.6 billion and $2.1 billion as of ~~June~~September 30, 2025 and December 31, 2024, respectively. As of ~~June~~September 30, 2025 ~~the Company had after-tax losses of $180 million in AOCI related to foreign exchange gains~~ and ~~losses from net investment hedge transactions. As of~~ December 31, 2024, the Company had ~~after-tax~~net ~~gains~~investment ofhedge ~~$99 million in AOCI~~ related toafter-tax foreign exchange (losses) gains ~~and~~of ~~losses~~$(162) ~~from~~million ~~net~~and ~~investment~~$99 million, ~~hedge~~recorded ~~transactions~~within AOCI, respectively. ~~The~~These ~~amount~~amounts isare deferred in AOCI until the underlying ~~investment~~investments isare divested.

The Company ~~has~~had previously designated its €650 million outstanding long-term debt atas ~~each~~a hedge of ~~June 30,~~its ~~2025~~net ~~and~~investment ~~December 31,~~in ~~2024~~a asforeign ~~hedges~~subsidiary. ofThis ~~its~~long-term ~~net~~debt ~~investment~~matured in aSeptember ~~foreign~~2025 ~~subsidiary~~and was paid in full in the three months ended September 30, 2025. As of ~~June~~September 30, 2025 and December 31, 2024, the Company had after-tax gains of $~~175~~73 million and $251 million in AOCI, respectively, related to foreign exchange gains and losses from the net investment hedge transactions. The amount is deferred in AOCI until the underlying investment is divested.

Fair Value of Derivatives Designated as Hedging Instruments

The following table sets forth the fair value of derivatives designated as hedging instruments as of ~~June~~September 30, 2025 and December 31, 2024 (in millions).

	June 30, 2025				December 31, 2024
	September 30, 2025				December 31, 2024
	Assets		Liabilities		Assets		Liabilities
Commodity Contracts	$	—	$	—	$	3	$	—
Foreign Currency Contracts	—		~~254~~182		—		110
Interest Rate Contracts	1920		—		5		—
Total	$	1920	$	~~254~~182	$	8	$	110

2223

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following table sets forth the pre-tax ~~gains (~~losses) on derivatives designated as hedging instruments that have been recognized in Cost of products sold in the Consolidated Statements of Earnings for the three and ~~six~~nine months ended ~~June~~September 30, 2025 and 2024 (in millions).

	Three Months Ended				~~Six~~Nine Months Ended
	June 30,				June 30,
	September 30,				September 30,
	2025		2024		2025		2024
Pre-tax gains on:
Pre-tax losses on:
Commodity Contracts	$	(1122)	$	(2349)	$	6(16)	$	(452)

Note 7. Other Current Assets

The following table sets forth the items in other current assets (in millions).

	June 30,		December 31,
	September 30,		December 31,
	2025		2024
Unrealized gains on derivative contracts	$	1,~~210~~112	$	1,108
Customer omnibus receivable	1,~~151~~326		872
Margin deposits and grain accounts	~~493~~504		516
Financing receivables - net	~~167~~206		258
Insurance premiums receivable	6796		76
Prepaid expenses	~~331~~284		279
Biodiesel tax credit	4		104
Tax receivables	521		539
Tax receivables	484		539
Non-trade receivables	305		393
Non-trade receivables	263		393
Other current assets	83		328
Other current assets	140		224
	$	4,437	$	4,369
	$	4,310	$	4,369

2324

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 8. Accrued Expenses and Other Payables

The following table sets forth the items in accrued expenses and other payables (in millions).

	June 30,		December 31,
	September 30,		December 31,
	2025		2024
Unrealized losses on derivative contracts	$	~~1,120~~802	$	972
Accrued compensation	~~341~~414		346
Income tax payable	~~108~~84		167
Other taxes payable	~~167~~184		138
Insurance liabilities	~~109~~135		172
Accrued interest payable	~~159~~108		153
Other deferred income	~~130~~110		156
Contract liabilities (1)	~~193~~199		534
Other accruals and payables	1,~~139~~034		1,092
	$	3,~~466~~070	$	3,730

(1) Contract liabilities relate to advance payments from customers for goods and services the Company has yet to provide. Revenues recognized in the three and ~~six~~nine months ended ~~June~~September 30, 2025 from contract liabilities as of December 31, 2024 were $~~201~~44 million and $~~480~~524 million, respectively. Revenues recognized in the three and ~~six~~nine months ended ~~June~~September 30, 2024 from contract liabilities as of December 31, 2023 were $120 million and $355 million, respectively.

Note 9. Debt and Financing Arrangements

At ~~June~~September 30, 2025 and December 31, 2024, the fair value of the Company’s long-term debt, excluding current portion, was $76.23 billion and $7.1 billion, respectively, as estimated using market values that utilize observable inputs, where available (a Level 2 measurement under applicable accounting standards), compared to a carrying value of $6.6 billion and $7.6 billion as of ~~both June~~September 30, 2025 and December 31, 2024, respectively.

At ~~June~~September 30, 2025 and December 31, 2024, the Company had lines of credit, including the accounts receivable securitization programs described in Note 15. Sale of Accounts Receivable, totaling $12.52 billion and $13.0 billion, respectively, of which $9.58 billion and $9.1 billion, respectively, was unused.

At each of ~~June~~September 30, 2025 and December 31, 2024, $5.1 billion of the Company’s total lines of credit supported the combined U.S. and European commercial paper borrowing programs. The weighted average interest rates on short-term borrowings outstanding at ~~June~~September 30, 2025 and December 31, 2024, were 4.56% and 4.7%, respectively. As of ~~June~~September 30, 2025 and December 31, 2024, there was $~~721~~190 million and $1.7 billion of commercial paper outstanding, respectively.

Note 10. Income Taxes

The Company’s effective tax rate was 2225.2% and 1920.5% for the three and ~~six~~nine months ended ~~June~~September 30, 2025, respectively, compared to 1983.3% and 1923.03% for the three and ~~six~~nine months ended ~~June~~September 30, 2024, respectively. The ~~increase~~decrease in ~~the~~ effective tax ~~rate~~rates infor ~~each~~the ~~period~~three ~~was~~and ~~primarily~~nine ~~due~~months ended September 30, 2025 compared to ~~impairment~~the ~~losses,~~prior ~~partially~~year ~~offset~~is byprimarily related to the ~~impact~~recognition of the impairment of the Company’s investment in Wilmar and other discrete tax items specific to each period in the three and nine months ended September 30, 2024.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions, including the energy tax credit policy. The legislation has multiple effective dates between 2025 and 2027. The Company is evaluating the impact of the adoption of OBBBA, ~~but~~on itfuture istax ~~not~~years, ~~expected~~while tothe OBBA provision effective for 2025 have been considered in the current quarter and did not have a significant impact on the current year Consolidated Financial Statements.

2425

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 11. Shareholders’ Equity

The Company has authorized one billion shares of common stock and 500,000 shares of preferred stock, each with zero par value. No preferred stock has been issued.

Treasury stock

At ~~June~~September 30, 2025 and December 31, 2024, the Company had approximately 235.75 million shares and 237.6 million shares, respectively, of its common shares in treasury. Treasury stock is recorded at cost with $4.8 7 billion at each of ~~June~~September 30, 2025 and December 31, 2024 as a reduction of common stock, and $2.3 billion at each of ~~June~~September 30, 2025 and December 31, 2024 as a reduction of reinvested earnings.

Repurchase Program

On December 11, 2024, the Company's Board of Directors approved a second extension of its existing stock repurchase program through December 31, 2029 and the repurchase of up to an additional 100 million shares under the extended program. As of ~~June~~September 30, 2025, the Company had 115 million shares remaining under its share repurchase program until December 31, 2029.

Accumulated Other Comprehensive Income

The following tables set forth the changes in AOCI by component for the three and ~~six~~nine months ended ~~June~~September 30, 2025 and 2024 (in millions).

	Three Months Ended June 30, 2025
	Three Months Ended September 30, 2025
	Foreign Currency Translation Adjustment		Deferred Gain (Loss) on Cash Flow Hedging Activities		Pension and Other Postretirement Benefit Liabilities		Unrealized Gain (Loss) on Investments		Accumulated Other Comprehensive Income (Loss)
Balance at April 1, 2025	$	(3,094)	$	120	$	(116)	$	(18)	$	(3,108)
Balance at July 1, 2025	$	(2,737)	$	74	$	(110)	$	(19)	$	(2,792)
Other comprehensive income (loss) before reclassifications	~~599~~120		~~(70)~~45		122		~~(1)~~—		~~540~~167
Gain (loss) on net investment hedges	~~(317)~~15		—		—		—		~~(317)~~15
Amounts reclassified from AOCI	—		1122		(43)		—		719
Tax effect	75(4)		13(14)		(21)		—		86(19)
Net of tax amount	~~357~~131		~~(46)~~53		6(2)		~~(1)~~—		~~316~~182
Balance at June 30, 2025	$	(2,737)	$	74	$	(110)	$	(19)	$	(2,792)
Balance at September 30, 2025	$	(2,606)	$	127	$	(112)	$	(19)	$	(2,610)
	Six Months Ended June 30, 2025
	Nine Months Ended September 30, 2025
	Foreign Currency Translation Adjustment		Deferred Gain (Loss) on Cash Flow Hedging Activities		Pension and Other Postretirement Benefit Liabilities		Unrealized Gain (Loss) on Investments		Accumulated Other Comprehensive Income (Loss)
Balance at January 1, 2025	$	(2,999)	$	126	$	(100)	$	(15)	$	(2,988)
Other comprehensive income (loss) before reclassifications	~~624~~744		(5813)		(86)		(4)		~~554~~721
Gain (loss) on net investment hedges	(~~475~~460)		—		—		—		(~~475~~460)
Amounts reclassified from AOCI	—		~~(6)~~16		(69)		—		~~(12)~~7
Tax effect	~~113~~109		12(2)		43		—		~~129~~110
Net of tax amount	~~262~~393		~~(52)~~1		(1012)		(4)		~~196~~378
Balance at June 30, 2025	$	(2,737)	$	74	$	(110)	$	(19)	$	(2,792)
Balance at September 30, 2025	$	(2,606)	$	127	$	(112)	$	(19)	$	(2,610)

2526

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	Three Months Ended June 30, 2024
	Three Months Ended September 30, 2024
	Foreign Currency Translation Adjustment		Deferred Gain (Loss) on Cash Flow Hedging Activities		Pension and Other Postretirement Benefit Liabilities		Unrealized Gain (Loss) on Investments		Accumulated Other Comprehensive Income (Loss)
Balance at April 1, 2024	$	(2,552)	$	99	$	(111)	$	(6)	$	(2,570)
Balance at July 1, 2024	$	(2,818)	$	57	$	(113)	$	(6)	$	(2,880)
Other comprehensive (loss) before reclassifications	~~(285)~~143		(7146)		1(5)		—		~~(355)~~92
Gain on net investment hedges	25		—		—		—		25
Loss on net investment hedges	(142)		—		—		—		(142)
Amounts reclassified from AOCI	—		2349		(43)		—		1946
Tax effect	~~(6)~~34		68		12		—		144
Net of tax amount	~~(266)~~35		~~(42)~~11		(26)		—		~~(310)~~40
Balance at June 30, 2024	$	(2,818)	$	57	$	(113)	$	(6)	$	(2,880)
Balance at September 30, 2024	$	(2,783)	$	68	$	(119)	$	(6)	$	(2,840)
	Six Months Ended June 30, 2024
	Nine Months Ended September 30, 2024
	Foreign Currency Translation Adjustment		Deferred Gain (Loss) on Cash Flow Hedging Activities		Pension and Other Postretirement Benefit Liabilities		Unrealized Gain (Loss) on Investments		Accumulated Other Comprehensive Income (Loss)
Balance at January 1, 2024	$	(2,539)	$	158	$	(108)	$	2	$	(2,487)
Other comprehensive income (loss) before reclassifications	(~~362~~219)		(~~121~~167)		(16)		(7)		(~~491~~399)
Gain (loss) on net investment hedges	~~109~~(33)		—		—		—		~~109~~(33)
Amounts reclassified from AOCI	—		452		(69)		—		~~(2)~~43
Tax effect	~~(26)~~8		1625		24		(1)		~~(9)~~36
Net of tax amount	(~~279~~244)		(~~101~~90)		(511)		(8)		(~~393~~353)
Balance at June 30, 2024	$	(2,818)	$	57	$	(113)	$	(6)	$	(2,880)
Balance at September 30, 2024	$	(2,783)	$	68	$	(119)	$	(6)	$	(2,840)

The following table sets forth the reclassifications out of AOCI related to deferred (gains)/ losses on cash flow hedging activities for the three and ~~six~~nine months ended ~~June~~September 30, 2025 and 2024 (in millions).

Affected line item in the Consolidated Statements of Earnings	Three Months Ended				~~Six~~Nine Months Ended
	June 30,				June 30,
	September 30,				September 30,
	2025		2024		2025		2024
Cost of products sold	$	1122	$	2348	$	~~(6)~~16	$	452
Earnings before income tax	1122		2348		~~(6)~~16		452
Income tax expense	(35)		(414)		1(4)		—(14)
Net earnings	$	817	$	1934	$	~~(5)~~12	$	438

The Company’s accounting policy is to release the income tax effects from AOCI when the individual units of account are sold, terminated, or extinguished.

2627

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 12. Other Income – Net

The following table sets forth the items in Other income - net for the three and ~~six~~nine months ended ~~June~~September 30, 2025 and 2024 (in millions).

	Three Months Ended				~~Six~~Nine Months Ended
	June 30,				June 30,
	September 30,				September 30,
	2025		2024		2025		2024
Gains on sale of assets	$	(1947)	$	~~(5)~~—	$	(2774)	$	(7)
Other – net	(3322)		(458)		(4466)		(2885)
Other Income – Net	$	(5269)	$	(958)	$	(71140)	$	(3592)

Note 13. Segment Information

The Company’s operations are organized, managed, and classified into three reportable segments: Ag Services and Oilseeds (AS&O), Carbohydrate Solutions, and Nutrition.

Each of these segments is organized based upon the nature of products and services offered. The Company’s remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified within either Corporate or Other Business.

The reportable segments have been identified based on financial data utilized by the Chief Operating Decision Maker (CODM), which is the Company’s Chief Executive Officer, who is also the Company’s Chair of the Board. The CODM uses segment operating profit as the measurement of segment profit or loss. Separate financial information for the Company’s three reportable segments is evaluated by the CODM on a monthly basis to allocate resources and assess performance. The CODM does not use total assets by segment to make decisions regarding resources; therefore, the total asset disclosure by segment has not been included. Operating profit for each segment is based on net sales less identifiable operating expenses. Also included in operating profit for each segment is equity in earnings of affiliates based on the equity method of accounting. Specified items and certain corporate items are not allocated to the Company’s individual business segments because operating performance of each business segment is evaluated by the CODM exclusive of these items.

The Ag Services and Oilseeds segment includes global activities related to the origination, merchandising, transportation, and storage of agricultural raw materials, and the crushing and further processing of oilseeds such as soybeans and soft seeds (cottonseed, sunflower seed, canola, rapeseed, and flaxseed) into vegetable oils and protein meals. Oilseeds products produced and marketed by the segment include ingredients for food, feed, energy, and industrial customers. Crude vegetable oils produced by the segment’s crushing activities are sold “as is” to manufacturers of renewable green diesel and other customers or are further processed by refining, deodorizing, bleaching, and blending, as applicable, into salad oils. Salad oils are sold “as is” or are further processed by hydrogenating and/or interesterifying into margarine, shortening, and other food products. Partially refined oils are used to produce biodiesel and glycols or are sold to other manufacturers for use in chemicals, paints, and other industrial products. Oilseed protein meals are principally sold to third parties to be used as ingredients in commercial livestock and poultry feeds. The Ag Services and Oilseeds segment is also a major supplier of peanuts and peanut-derived ingredients to both the U.S. and export markets. In North America, cotton cellulose pulp is manufactured and sold to the chemical, paper, and other industrial markets. The Ag Services and Oilseeds segment’s grain sourcing, handling, and transportation network (including barge, ocean-going vessel, truck, rail, and container freight services) provides reliable and efficient services to the Company’s customers and agricultural processing operations. The Ag Services and Oilseeds segment also includes agricultural commodity and feed product import, export, and global distribution, and structured trade finance activities. The Company engages in various structured trade finance activities to leverage its global trade flows. This segment also includes the Company’s share of the results of its equity investments in Wilmar, Pacificor, LLC, SoyVen Holding BV, Olenex Holdings BV, Edible Oils Limited, Stratas Foods LLC, Terminal de Grãos Ponta da Montanha S.A., Gradable, LLC, and ~~Gradable~~Plainsman Company, LLC.

2728

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The Carbohydrate Solutions segment is engaged in corn and wheat wet and dry milling and other activities. The Carbohydrate Solutions segment converts corn and wheat into products and ingredients used in the food and beverage industry including sweeteners, corn and wheat starches, syrup, glucose, wheat flour, and dextrose. Dextrose and starch are used by the Carbohydrate Solutions segment as feedstocks in other downstream processes. By fermentation of dextrose, the Carbohydrate Solutions segment produces alcohol and other food and animal feed ingredients. ~~Ethyl~~Ethanol ~~alcohol~~ is produced by the Company for ~~industrial~~ use in ~~products such as hand sanitizers and ethanol for use in~~ gasoline due to its ability to increase octane as an extender and oxygenate. Corn gluten feed and meal, as well as distillers’ grains, are produced for use as animal feed ingredients. Corn germ, a by-product of the wet milling process, is further processed into vegetable oil and protein meal. Other Carbohydrate Solutions products include citric acids which are used in various food and industrial products. The Carbohydrate Solutions segment is a leader in carbon capture and sequestration. This segment also includes the Company’s share of the results of its equity investments in Hungrana Ltd., Almidones Mexicanos S.A. de C.V., Aston Foods and Food Ingredients, Red Star Yeast Company, LLC, and LSCP, LLP.

The Nutrition segment serves various end markets including food, beverages, and nutritional supplements for humans, and complete feed, feed premix and additives, petfood and pet treats for livestock, aquaculture, and pets. The segment engages in the creation, manufacturing, sale, and distribution of a wide array of ingredients and solutions including plant-based proteins, natural flavors, flavor systems, natural colors, emulsifiers, soluble fiber, polyols, hydrocolloids, probiotics, prebiotics, postbiotics, enzymes, botanical extracts, and other specialty food and feed ingredients and systems. The Nutrition segment also includes activities related to the procurement, processing, and distribution of edible beans, the processing and distribution of formula feeds and animal health and nutrition products and the manufacture of contract and private label pet treats and foods. This segment also includes the Company’s share of the results of its equity investments in Vimison S.A. de C.V., Dusial S.A., ADM Matsutani LLC, Vitafort ZRT, and Matsutani Singapore Pte. Ltd.

Other Business results include the Company’s financial business units related to futures commission and insurance activities. Corporate results principally include unallocated corporate expenses, interest cost net of interest income, and revaluation gains and losses on cost method investments, and the share of the results of equity investments in early-stage start-up companies.

Intersegment sales have been recorded using principles consistent with ASC 606, Revenue from Contracts with Customers.

2829

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Segment Information for the Three and ~~Six~~Nine Months ended ~~June~~September 30, 2025 and 2024

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

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Ag Servicesand Oilseeds

CarbohydrateSolutions

Nutrition

Total

Revenue from external customers

1615,~~269~~613

2,~~792~~734

1,~~993~~916

2120,~~054~~263

Other Business

~~112~~109

Total consolidated revenue

2120,~~166~~372

Less:

Cost of materials

14,~~940~~238

1,~~745~~700

1,~~214~~181

Manufacturing costs

~~867~~879

~~647~~652

~~326~~332

Selling, general, and administrative expenses

~~223~~216

8380

~~284~~277

Other segment items(1)

(140)

(20)

Other segment items (1)

(99)

(34)

(4)

Segment operating profit

379

~~337~~336

~~114~~130

~~830~~845

Reconciliation of segment operating profit

Other Business

9455

Corporate

(498)

Corporate (2)

(532)

Specified items:

Gains on sales of assets and businesses

831

Impairment, exit, restructuring charges, and settlement contingencies

(~~224~~89)

Gain on contract termination

ADM's share of equity method investment penalty charge (3)

(163)

Earnings Before Income Taxes

~~279~~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.

29(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.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Ag Servicesand Oilseeds

CarbohydrateSolutions

Nutrition

Total

Revenue from external customers

3147,~~944~~557

58,~~362~~096

35,~~810~~726

4161,~~116~~379

Other Business

~~225~~334

Total consolidated revenue

4161,~~341~~713

Less:

Cost of materials

2943,~~280~~518

35,~~347~~046

23,~~354~~535

Manufacturing costs

12,~~747~~626

1,~~325~~977

~~645~~977

Selling, general, and administrative expenses

~~415~~631

~~165~~245

~~562~~839

Other segment items(1)

(289)

(51)

Other segment items (1)

(388)

(84)

Segment operating profit

~~791~~1,170

~~576~~912

~~210~~340

12,~~577~~422

Reconciliation of segment operating profit

Other Business

~~190~~245

Corporate

(939)

Corporate (2)

(1,472)

Specified items:

Gains on sales of assets and businesses

839

Impairment, exit, restructuring charges, and settlement contingencies

(~~273~~361)

Gain on contract termination

Earnings Before Income Taxes

632

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.

30(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 nine months ended September 30, 2025. See Note 1. Basis of Presentation for further information.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Ag Servicesand Oilseeds

CarbohydrateSolutions

Nutrition

Total

Revenue from external customers

1715,~~333~~089

2,~~894~~908

1,~~908~~831

2219,~~135~~828

Other Business

~~113~~109

Total consolidated revenue

2219,~~248~~937

Less:

Cost of materials

1513,~~942~~680

1,~~862~~815

1,~~196~~160

Manufacturing costs

~~843~~853

~~639~~660

~~312~~315

Selling, general, and administrative expenses

~~219~~216

7873

~~293~~288

Other segment items(1)

(130)

(42)

(2)

Other segment items (1)

(140)

(92)

(37)

Segment operating profit

~~459~~480

~~357~~452

~~109~~105

~~925~~1,037

Reconciliation of segment operating profit

Other Business

96(17)

Corporate

(~~418~~409)

Specified items:

Impairment, exit, restructuring charges, and settlement contingencies

(7)

Gains on sales of assets and businesses

Earnings Before Income Taxes

596

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.

31(2) Includes a $461 million impairment charge related to the Company’s investment in Wilmar.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Ag Servicesand Oilseeds

CarbohydrateSolutions

Nutrition

Total

Revenue from external customers

3449,~~552~~642

58,~~577~~484

35,~~744~~575

4363,~~873~~701

Other Business

~~222~~331

Total consolidated revenue

4464,~~095~~032

Less:

Cost of materials

3145,~~423~~103

35,~~594~~408

23,~~360~~520

Manufacturing costs

12,~~676~~529

1,~~280~~940

~~610~~925

Selling, general, and administrative expenses

~~461~~677

~~170~~243

~~590~~877

Other segment items(1)

(331)

(72)

(9)

Other segment items (1)

(470)

(164)

(45)

Segment operating profit

1,~~323~~803

~~605~~1,057

~~193~~298

23,~~121~~158

Reconciliation of segment operating profit

Other Business

~~217~~200

Corporate

(~~844~~1,254)

Specified items:

Impairment, exit, restructuring charges, and settlement contingencies

(13)

Gains on sales of assets and businesses

Earnings Before Income Taxes

1,481

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.

32(2) Includes a $461 million impairment charge related to the Company’s investment in Wilmar.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(In millions)	Three Months Ended ~~June~~September 30,				~~Six~~Nine Months ~~Ended~~EndedSeptember ~~June~~ 30,
	2025		2024		2025		2024
Intersegment sales
Ag Services and Oilseeds	$	~~506~~418	$	~~432~~463	$	~~927~~1,345	$	~~858~~1,320
Carbohydrate Solutions	~~207~~223		~~225~~247		~~406~~629		~~434~~680
Nutrition	1416		1823		3348		3155
Total intersegment sales	$	~~727~~657	$	~~675~~733	$	12,~~366~~022	$	12,~~323~~055
Depreciation expense
Ag Services and Oilseeds	$	~~104~~105	$	9594	$	~~203~~308	$	~~186~~280
Carbohydrate Solutions	75		7577		~~150~~225		~~151~~229
Nutrition	3842		3840		75117		73113
Total segment depreciation expense	~~217~~222		~~208~~211		~~428~~650		~~410~~622
Other Business	2		2		57		57
Corporate	910		8		1929		1725
Total depreciation expense	$	~~228~~234	$	~~218~~221	$	~~452~~686	$	~~432~~654
Amortization expense
Ag Services and Oilseeds	$	3	$	43	$	69	$	710
Carbohydrate Solutions	1		1		24		34
Nutrition	39		4140		78117		80120
Total segment amortization expense	43		4644		86130		90134
Corporate	2018		22		4058		4466
Total amortization expense	$	6361	$	6866	$	~~126~~188	$	~~134~~200
Interest and investment income (expense)
Ag Services and Oilseeds	$	910	$	1314	$	3140	$	2135
Nutrition	~~(88)~~—		—		(88)		—
Total segment interest and investment income (expense)	~~(79)~~10		1314		(5748)		2135
Other Business	~~100~~109		~~122~~115		~~197~~306		~~242~~357
Corporate	~~(91)~~2		58		(7269)		—8
Total interest and investment income (expense)	$	~~(70)~~121	$	~~140~~137	$	68189	$	~~263~~400
Equity in earnings of unconsolidated affiliates
Equity in (losses) earnings of unconsolidated affiliates
Ag Services and Oilseeds	$	109	$	117	$	219	$	298
Ag Services and Oilseeds(1)	$	(77)	$	89	$	142	$	387
Carbohydrate Solutions	2127		3137		5077		6299
Nutrition	59		69		1221		1121
Total segment equity in earnings of unconsolidated affiliates	135		154		281		371
Total segment equity in (losses) earnings of unconsolidated affiliates	(41)		135		240		507
Corporate	~~(1)~~—		(21)		(3)		(79)
Total equity in earnings of unconsolidated affiliates	$	134	$	152	$	278	$	364
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.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 14. Asset Impairment, Exit, and Restructuring Costs

The following table sets forth the charges for the three and ~~six~~nine months ended ~~June~~September 30, 2025 and 2024 (in millions).

	Three Months Ended June 30,				Six Months Ended June 30,
	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
	2025		2024		2025		2024
Restructuring and exit costs (1)	$	~~126~~73	$	—	$	~~164~~237	$	15
Impairment charge - other long-lived assets (2)	11		7		11		10
Impairment charge - goodwill and other intangible assets (2)	173		43		173		43
Total asset impairment, exit, and restructuring costs	$	137	$	7	$	175	$	25
Impairment charge - other long-lived assets (3)	—		464		11		474
Total asset impairment, exit, and restructuring costs	$	246	$	507	$	421	$	532

(1)On February 4, 2025, the Company announced targeted actions expected to deliver in excess of $500 million of cost savings by fiscal 2029. These include cost optimization and portfolio simplification initiatives designed to help the Company achieve cost efficiencies. Charges associated with these actions, as well as similar initiatives in prior periods, are reflected as restructuring charges ~~in this table~~. The three months ended ~~June~~September 30, 2025 included restructuring charges (primarily impairment of long-lived assets, ~~impairment of intangible assets,~~ and employee termination benefits) of $~~119~~67 million, $45 million, and $31 million within the Nutrition segment, Ag Services and Oilseeds segment, and Corporate, respectively, presented as specified items. The ~~six~~nine months ended ~~June~~September 30, 2025 included restructuring charges (primarily impairment of long-lived assets, impairment of intangible assets, and employee termination benefits) of $~~123~~190 million, $2734 million, $5 million, and $78 million within the Nutrition segment, the Ag Services and Oilseeds segment, the Carbohydrate Solutions segment, and Corporate, respectively, presented as specified items. The ~~six~~nine months ended ~~June~~September 30, 2024 included restructuring charges of $3 million and $12 million within the Nutrition segment and Corporate, respectively, both presented as specified items.

(2)~~The~~During the three and ~~six~~nine months ended ~~June~~September 30, 2025, ~~included~~the Company recognized an impairment charge of $173 million, related to apreviously ~~certain~~capitalized ~~long~~internal-~~lived~~use ~~asset~~software, ~~of $11 million~~ within ~~the Nutrition segment~~Corporate, presented as a specified item. ~~The~~During the three and ~~six~~nine months ended ~~June~~September 30, 2024, ~~included~~the ~~impairments~~Company ~~related~~recognized toan ~~certain~~impairment ~~long-lived~~charge ~~assets~~ of $743 million ~~and~~related ~~$10 million,~~to ~~respectively~~certain discontinued trademarks, within ~~the Carbohydrate Solutions and~~ Nutrition ~~segments~~segment, presented as a specified ~~items~~item.

(3)During the nine months ended September 30, 2025, the Company recorded an impairment of $11 million related to a certain long-lived asset within the Nutrition segment, presented as a specified item. During the three and nine months ended September 30, 2024, the Company recorded an impairment of $461 million related to the Company’s investment in Wilmar, within the Ag Services and Oilseeds segment, presented as a specified item.

Note 15. Sale of Accounts Receivable

The Company has an accounts receivable securitization program (the “First Program”) with certain commercial paper conduit purchasers and committed purchasers (collectively, the “First Purchasers”). Under the First Program, certain U.S.- originated trade accounts receivable are sold to a wholly-owned bankruptcy-remote entity, ADM Receivables, LLC (“ADM Receivables”). ADM Receivables transfers certain of the purchased accounts receivable to each of the First Purchasers together with a security interest in all of its right, title, and interest in the remaining purchased accounts receivable. In exchange, ADM Receivables receives a cash payment of up to $1.7 billion for the accounts receivable transferred. The First Program terminates on May 15, 2026, unless extended.

The Company also has an accounts receivable securitization program (the “Second Program”) with certain commercial paper conduit purchasers and committed purchasers (collectively, the “Second Purchasers”). Under the Second Program, certain non-U.S.- originated trade accounts receivable are sold to a wholly-owned bankruptcy-remote entity, ADM Ireland Receivables Company (“ADM Ireland Receivables”). ADM Ireland Receivables transfers certain of the purchased accounts receivable to each of the Second Purchasers together with a security interest in all of its right, title, and interest in the remaining purchased accounts receivable. In exchange, ADM Ireland Receivables receives a cash payment of up to $1.3 billion (€1.1 billion) for the accounts receivables transferred. The Second Program terminates on May 19, 2026, unless extended.

Under the First and Second Programs (collectively, the “Programs”), ADM Receivables and ADM Ireland Receivables use the cash proceeds from the transfer of receivables to the First Purchasers and Second Purchasers (collectively, the “Purchasers”) and other consideration, as applicable, to finance the purchase of receivables from the Company and the ADM subsidiaries originating the receivables. The Company accounts for these transfers as sales of accounts receivable. The Company acts as a servicer for the transferred receivables. At June 30, 2025 and December 31, 2024, the Company did not record a servicing asset or liability related to its retained responsibility, based on its assessment of the servicing fee, market values for similar transactions, and its cost of servicing the receivables sold. 35

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

AsUnder ofthe ~~June 30,~~First ~~2025~~ and ~~December 31,~~Second ~~2024~~Programs (collectively, the ~~fair~~“Programs”), ~~value~~ADM ofReceivables ~~trade~~and ~~receivables~~ADM ~~transferred~~Ireland toReceivables ~~the~~use ~~Purchasers under~~ the ~~Programs~~cash ~~and~~proceeds ~~derecognized~~ from the ~~Company’s~~transfer ~~Consolidated~~of ~~Balance~~receivables ~~Sheets~~to ~~was~~the ~~$2.2~~First ~~billion~~Purchasers and ~~$2.0 billion~~Second Purchasers (collectively, ~~respectively.~~the ~~Total~~“Purchasers”) ~~receivables~~and ~~sold~~other ~~were~~consideration, ~~$22.7 billion~~as ~~and~~applicable, ~~$23.6 billion~~to ~~for~~finance the ~~six~~purchase ~~months~~of ~~ended~~receivables ~~June~~from ~~30,~~the ~~2025~~Company and ~~2024,~~the ~~respectively.~~ADM ~~Cash~~subsidiaries ~~collections~~originating ~~from~~the ~~customers on~~ receivables ~~sold were $22~~.7 ~~billion~~The ~~and~~Company ~~$23.0~~accounts ~~billion~~ for ~~the~~these ~~six~~transfers ~~months~~as ~~ended~~sales ~~June~~of ~~30,~~accounts ~~2025 and 2024, respectively~~receivable. ~~All~~The ~~cash~~Company ~~flows~~acts ~~under the Programs are classified~~ as ~~operating~~a ~~activities~~servicer ~~because~~for the ~~cash~~transferred ~~received~~receivables. ~~from~~At ~~the~~September 30, ~~Purchasers~~2025 ~~upon~~and ~~both~~December 31, 2024, the ~~sale~~Company ~~and~~did ~~the~~not ~~collection~~record ofa ~~the~~servicing ~~receivables~~asset isor ~~not~~liability ~~subject~~related to ~~significant~~its ~~interest~~retained ~~rate~~responsibility, ~~risk~~based ~~given~~on ~~the~~its ~~short-term~~assessment ~~nature~~ of the ~~Company’s~~servicing ~~trade~~fee, ~~receivables.~~market Asvalues offor ~~June 30~~similar transactions, ~~2025~~ and ~~December 31,~~its ~~2024,~~cost ~~receivables~~of ~~pledged~~servicing ~~as collateral to~~ the ~~Purchasers~~receivables ~~was $598 million and $693 million, respectively~~sold.

~~Transfers~~As of September 30, 2025 and December 31, 2024, the fair value of trade receivables transferred to the Purchasers under the Programs ~~resulted~~and inderecognized anfrom ~~expense~~the ofCompany’s Consolidated Balance Sheets was $162.1 ~~million~~billion and $362.0 billion, ~~million~~respectively. ~~for~~Total ~~the~~receivables ~~three~~sold were $33.5 billion and ~~six~~$34.9 billion for the nine months ended ~~June~~ September 30, 2025 and 2024, respectively,. ~~and~~Cash collections from customers on receivables sold were $2633.7 ~~million~~billion and $5334.0 ~~million~~billion for the ~~three~~nine ~~and six~~ months ended ~~June~~ September 30, 2025 and 2024, respectively,. ~~which~~All cash flows under the Programs are classified as ~~Selling,~~operating ~~general,~~activities because the cash received from the Purchasers upon both the sale and ~~administrative~~the ~~expenses~~collection inof the ~~Consolidated~~receivables ~~Statements~~is not subject to significant interest rate risk given the short-term nature of ~~Earnings~~the Company’s trade receivables. As of September 30, 2025 and December 31, 2024, receivables pledged as collateral to the Purchasers was $401 million and $693 million, respectively.

Transfers of receivables under the Programs resulted in an expense of $6 million and $42 million for the three and nine months ended September 30, 2025, respectively, and $22 million and $76 million for the three and nine months ended September 30, 2024, respectively, which are classified as Selling, general, and administrative expenses in the Consolidated Statements of Earnings.

The Company also has uncommitted Receivable Purchase Agreements (RPAs) with global financial institutions under which eligible trade accounts receivable may be sold at a discount. Accounts receivable sold under the RPAs are accounted for as sales. Discount fees in relation to the sale of trade accounts receivable under the RPAs are not significant.

Note 16. Supplier Finance Programs

The Company has Supplier Payable Programs (“SPP”) with financial institutions which act as its paying agents for payables due to certain of its suppliers. The Company has neither an economic interest in a supplier’s participation in the SPP nor a direct financial relationship with the financial institutions, and has concluded that its obligations to the suppliers, including amounts due and scheduled payment terms, are not impacted by their participation in the SPP. Accordingly, amounts associated with the SPP continue to be classified in trade payables in the Company’s Consolidated Balance Sheets and in operating activities in its Consolidated Statements of Cash Flows. The supplier invoices that have been confirmed as valid under the program require payment in full generally within 120 days of the invoice date.

Changes to the outstanding payment obligations were as follows (in millions).

	Six Months Ended June,
	Nine Months EndedSeptember 30,
	2025		2024
Opening balance, January 1	$	222	$	274
Obligations confirmed	~~434~~699		~~520~~799
Obligations paid	(~~371~~639)		(~~505~~780)
Closing balance, June 30	$	285	$	289
Closing balance, September 30	$	282	$	293

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 17. Legal Proceedings

The Company is routinely involved in a number of actual or threatened legal actions, including those involving alleged personal injuries, employment law, product liability, intellectual property, environmental issues, alleged tax liability, and class actions. The Company also routinely receives inquiries from regulators and other government authorities relating to various aspects of its business, and at any given time, the Company has matters at various stages of resolution. The outcomes of these matters are not within the Company’s complete control and may not be known for prolonged periods of time. In some actions, claimants seek damages, as well as other relief including injunctive relief, that could require significant expenditures or result in lost revenues.

In accordance with applicable accounting standards, the Company records a liability in its Consolidated Financial Statements for material loss contingencies when a loss is known or considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a material loss contingency is reasonably possible but not known or probable, and can be reasonably estimated, the estimated loss or range of loss is disclosed in the notes to the Consolidated Financial Statements. When determining the estimated loss or range of loss, significant judgment is required to estimate the amount and timing of a loss to be recorded. Estimates of probable losses resulting from litigation and governmental proceedings involving the Company are inherently difficult to predict, particularly when the matters are in early procedural stages, with incomplete facts or legal discovery; involve unsubstantiated or indeterminate claims for damages; potentially involve penalties, fines, disgorgement, or punitive damages; or could result in a change in business practice.

The Company’s estimated loss or range of loss with respect to loss contingencies may change from time to time, and it is reasonably possible the Company will incur actual losses in excess of the amounts currently accrued and such additional amounts may be material. While the Company continues to work with parties with respect to potential resolution, no assurance can be given that it will be successful in doing so and the Company cannot predict the outcome of these matters.

Commodities Class Actions

On September 4, 2019, AOT Holding AG (“AOT”) filed a putative class action under the U.S. Commodities Exchange Act in federal district court in Urbana, Illinois, alleging that the Company sought to manipulate the benchmark price used to price and settle ethanol derivatives traded on futures exchanges. On March 16, 2021, AOT filed an amended complaint adding a second named plaintiff Maize Capital Group, LLC (“Maize”). AOT and Maize allege that members of the putative class collectively suffered damages calculated to be between approximately $500 million to over $2.0 billion as a result of the Company’s alleged actions. On July 14, 2020, Green Plains Inc. and its related entities (“GP”) filed a putative class action lawsuit, alleging substantially the same operative facts, in federal court in Nebraska, seeking to represent sellers of ethanol. On July 23, 2020, Midwest Renewable Energy, LLC (“MRE”) filed a putative class action in federal court in Illinois alleging substantially the same operative facts and asserting claims under the Sherman Act. On November 11, 2020, United Wisconsin Grain Producers LLC ~~(“UWGP”)~~ and ~~five~~several other ethanol producers (collectively, “UWGP”) filed a lawsuit in federal court in Illinois alleging substantially the same facts and asserting claims under the Sherman Act and Illinois, Iowa, and Wisconsin law. The court granted ADM’s motion to dismiss the MRE and UWGP complaints without prejudice on August 9, 2021 and September 28, 2021, respectively. On August 16, 2021, the court granted ADM’s motion to dismiss the GP complaint, dismissing one claim with prejudice and declining jurisdiction over the remaining state law claim. MRE filed an amended complaint on August 30, 2021, which ADM moved to dismiss on September 27, 2021. The court denied ADM’s motion to dismiss on September 26, 2023. ~~On May 17, 2024, the court stayed MRE’s case pending a decision in~~ UWGP’s ~~appeal, described below. UWGP~~ filed an amended complaint on October 19, 2021, which the court dismissed on July 12, 2022. UWGP appealed the dismissal to the United States Court of Appeals for the Seventh Circuit, ~~which affirmed~~ (the ~~dismissal~~“Seventh ~~on July 18, 2025~~Circuit”). On October 26, 2021, GP filed a new complaint in Nebraska federal district court, alleging substantially the same facts and asserting a claim for tortious interference with contractual relations. The case was transferred back to the Central District of Illinois, and on December 30, 2022, the court dismissed GP’s complaint with prejudice. GP appealed the dismissal, and on January 12, 2024, the appellate court vacated the dismissal and remanded the case to the district court for further proceedings. On March 8, 2024, GP filed an amended complaint, which ADM moved to dismiss. On December 3, 2024, the court issued a decision on ADM’s motion to dismiss GP’s amended complaint, denying one ground for dismissal and certifying a question of law to the Nebraska Supreme Court before deciding the other ground. On July 18, 2025, the Seventh Circuit affirmed the dismissal of UWGP’s amended complaint. Following that decision, the district court ordered that ADM may file a renewed motion to dismiss MRE’s amended complaint. Separately, on September 26, 2025, UWGP filed a complaint against ADM in Wisconsin state court asserting one claim for tortious interference with contractual relations.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The Company denies liability, and is vigorously defending itself in these actions. As these actions are in pretrial proceedings, the Company is unable at this time to predict the final outcome with any reasonable degree of certainty, but believes the outcome will not have a material adverse effect on its financial condition, results of operations, or cash flows.

Government Investigations

As previously disclosed, the Company is under investigation by the United States Securities and Exchange Commission (“SEC”) and the Department of Justice (“DOJ”) relating to, among other things, intersegment sales between the Company’s Nutrition segment and the Company’s Ag Services and Oilseeds and Carbohydrate Solutions segments. The Company is continuing to cooperate with the SEC and DOJ investigations and is unable to predict the outcome of these investigations.

Shareholder Litigation

As previously disclosed, on January 24, 2024, following the Company’s announcement of an investigation relating to intersegment sales, a purported stockholder of the Company filed a putative securities fraud class action in the U.S. District Court for the Northern District of Illinois against the Company and certain of its current and former officers (collectively, the “Defendants”). On March 12, 2025, the court denied Defendants’ motions to dismiss. The Company intends to continue to vigorously defend against these claims. However, given the uncertainty of litigation, the Company is unable to predict the final outcome of this proceeding with any reasonable degree of certainty, nor does it currently have sufficient information to estimate a reasonably possible loss or range of loss with respect to this matter.

Also, as previously disclosed, beginning on March 29, 2024, purported stockholders of the Company filed a number of related derivative lawsuits against certain current and former officers and directors of the Company, seeking unspecified damages. The initial actions were consolidated in the U.S. District Court for the District of Delaware. Separately, ~~beginning~~on January 14, 2025, a purported stockholder served a litigation demand on the Company’s Board of Directors, demanding that legal proceedings be brought against certain current and former officers and directors of the Company. On March 28, 2025, ~~several~~this stockholder filed a derivative lawsuit in the Court of Chancery of the State of Delaware (the “Court of Chancery”) against such current and former officers and directors of the Company (the “Litigation Demand Action”). Several other purported stockholders who did not make pre-suit demands filed additional derivative lawsuits in the Chancery Court of Delaware against certain current and former officers and directors of the Company, seeking unspecified damages; these actions have been consolidated in the Court of Chancery. The Litigation Demand Action was not included in the consolidation. On April 14, 2025, a purported stockholder filed a derivative lawsuit in the U.S. District Court for the Northern District of Illinois against certain current and former officers and directors of the Company, seeking unspecified damages; that action has been transferred to and consolidated with the action in the U.S. District Court for the District of Delaware. On July 3, 2025, a purported stockholder filed a lawsuit to compel inspection of ADM’s books and records. The Company is unable to predict the final outcome of these proceedings with any reasonable degree of certainty.

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ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) should be read in conjunction with the accompanying unaudited Consolidated Financial Statements, which can be found in Part I. Item 1. Consolidated Financial Statements.

Company Overview

Archer-Daniels-Midland Company and its subsidiaries (the "Company" or "ADM") unlock the power of nature to enrich the quality of life. The Company is an essential global agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities. ADM is a premier human and animal nutrition provider, offering one of the industry’s broadest portfolios of ingredients and solutions from nature. The Company is a trailblazer in health and well-being, with an industry-leading range of products for consumers looking for new ways to live healthier lives. ADM is a cutting-edge innovator, guiding the way to a future of new bio-based consumer and industrial solutions. ADM is a leader in business-driven sustainability efforts that support a strong agricultural sector, resilient supply chains, and a vast and growing bioeconomy. Around the globe, the Company’s expertise and innovation are meeting critical needs from harvest to home.

Reportable Segments

The Company’s operations are organized, managed, and classified into three reportable segments: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition. The Company’s remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified within either Corporate or Other Business.

See Part I. Item 1. Note 13. Segment Information of “Notes to Consolidated Financial Statements” for further details on the nature of our business and our reportable operating segments.

2025 Strategy

The Company’s goal is to continue to build and sustain long-term value for its shareholders and customers. The Company ~~believes~~established the following priorities ~~will~~to help ~~create~~achieve ~~value for~~ its ~~shareholders~~goal:

•Focus on execution and cost management – ADM seeks to prioritize operational excellence and driving targeted cost reductions through: (1) boosting plant efficiencies and restoring operations at the Decatur East plant; (2) optimizing operating leverage within the Nutrition segment; and (3) reducing third party spend and selling, general, and administrative expenses.

•Strategic simplification – ADM seeks to enhance returns on invested capital by executing a pipeline of simplification opportunities to optimize our portfolio and organizational structure, including: (1) addressing performance, demand, and capacity challenges; (2) reducing capital expenditures that do not meet the Company’s return objectives; and (3) reducing capability overlaps through synergies, closures, and divestitures.

•Targeted growth investment – ADM seeks to prioritize organic investment in key strategic initiatives, while also ensuring our businesses are ready for the future, including: (1) plant modernization investments; (2) cost optimization investments; and (3) enterprise system and process enhancements.

•Deploy capital with discipline – ADM seeks to prudently invest in opportunities. The Company also expects to continue returning cash to shareholders through dividends and share repurchases as appropriate.

38ADM has refined its digital strategy and is pivoting away from large global implementations and directing resources to prioritize regional, more agile projects. The Company is accelerating its data journey while continuing to invest the appropriate amount in cybersecurity and network and application resilience. As a result of this strategy adaptation, during the three months ended September 30, 2025, the Company recognized an impairment charge of $173 million related to previously capitalized internal-use software. See Part I. Item 1. Note 14. Asset Impairment, Exit, and Restructuring Costs for further information.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Sustainability

~~Sustainability~~For more than 120 years, ADM has built its business on the strength of agriculture, innovation, and responsible stewardship. Today, sustainability is a ~~pillar~~core driver of ADM’s growth strategy., ~~For~~powering ~~120 years~~innovation, ~~its~~improving ~~business~~resilience, ~~has~~and ~~been~~unlocking ~~deeply~~new ~~connected~~value toacross the ~~land,~~global ~~farmers,~~food ~~and responsible stewardship~~system. The crops that ADM turns into an ~~unparalleled~~expansive array of products depend on healthy soil, water and air, and as ~~ADM~~the Company looks to the future, it is advancing efforts that enable and support agriculture and farmers, drive innovation and long-term value, and protect and strengthen vital supply chains.

~~Significant~~ADM ~~Portfolio~~is ~~Actions~~reimagining ~~And~~agriculture ~~Targeted~~by ~~Actions~~scaling regenerative practices in partnership with farmers, supporting them with tools, insights, and financial incentives to ~~Deliver~~help ~~Cost~~their ~~Savings~~operations thrive. ADM is innovating to meet growing demand for sustainably sourced, bio-based products, creating new market opportunities for farmers whose crops deliver health, transparency, and environmental benefits. The Company is modernizing its own operations to improve efficiency, enhance competitiveness, reduce emissions, and build a more resilient supply chain that starts on the farm.

Significant Portfolio Actions and Targeted Actions to Deliver Cost Savings

On February 4, 2025, the Company announced targeted actions expected to deliver in excess of $500 million of cost savings by fiscal 2029. These include cost optimization and portfolio simplification initiatives designed to help the Company achieve cost efficiencies. See Note 14. Asset Impairment, Exit, and Restructuring Costs of “Notes to Consolidated Financial Statements” included in Item 1. Consolidated Financial Statements for additional information regarding restructuring related charges.

ADM’s recent significant portfolio actions and announcements included:

•The acquisition in January 2025 of Vandamme Hugaria Kft, a 700 metric ton/day non-genetically modified crush and extraction facility based in Hungary. See Note 4. Acquisitions of “Notes to Consolidated Financial Statements” included in Item 1. Consolidated Financial Statements for further information.

•The closure of the Tres Corações facility based in Brazil, in July 2025. Preparation for the closure resulted in exit and restructuring costs, including impairment of certain assets. ~~See Note 14. Asset Impairment, Exit, and Restructuring Costs of “Notes to Consolidated Financial Statements” included in Item 1. Consolidated Financial Statements.~~

•AThe ~~definitive~~launch ~~agreement~~in September 2025 of a joint venture with PYCO Industries, Inc., a leader in the local agricultural communities it serves, tocombining ~~launch~~its aand ~~joint~~ADM’s ~~venture combining their~~ Lubbock, Texas, cottonseed processing capabilities.

•The execution of a definitive agreement in September 2025 with Alltech Inc., a global leader in agriculture, to launch a North American animal feed joint venture to offer an industry-leading range of products and solutions for livestock, equine, backyard and leisure animals.

Government Investigation

As previously disclosed, the Company is under investigation by the United States Securities and Exchange Commission (“SEC”) and the Department of Justice (“DOJ”) relating to, among other things, intersegment sales between the Company’s Nutrition reporting segment and the Company’s Ag Services and Oilseeds and Carbohydrate Solutions reporting segments. The Company is continuing to cooperate with the SEC and DOJ investigations and is unable to predict the outcome of these investigations.

Material Weakness

As previously disclosed, the Company had identified a material weakness in the Company’s internal control over financial reporting related to its accounting practices and procedures for segment disclosures which has ~~now~~ been remediated. For more information, see “Controls and Procedures” in Part I. Item 4 herein.

~~Operating Performance Indicators~~ 40

The Company’s Ag Services and Oilseeds and Carbohydrate Solutions segments are principally agricultural commodity-based businesses where changes in selling prices move in relationship to changes in prices of the commodity-based agricultural raw materials. As a result, changes in agricultural commodity prices have relatively equal impacts on both Revenues and Cost of products sold. Therefore, margins per volume or metric ton generally are meaningful as performance indicators in these businesses.

The Nutrition segment also utilizes agricultural commodities (or products derived from agricultural commodities) as raw materials. However, in these operations, agricultural commodity market price changes do not necessarily correlate to changes in Cost of products sold. Therefore, changes in revenues of these businesses may correspond to changes in margins and margins rates generally are meaningful as a performance indicator in these businesses.

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ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Operating Performance Indicators

The Company has consolidated subsidiaries in approximately 78 countries. For the majority of the Company’s subsidiaries located outside the United States, the local currency is the functional currency except for certain significant subsidiaries in Switzerland where Euro is the functional currency, and Brazil and Argentina where U.S. dollar is the functional currency. Revenues and expenses denominated in foreign currencies are translated into U.S. dollars at the weighted average exchange rates for the applicable periods. For the majority of the Company’s business activities in Brazil and Argentina, the functional currency is the U.S. dollar; however, certain transactions, including taxes, occur in local currency and require remeasurement to the functional currency. Changes in revenues are expected to be correlated to changes in expenses reported by the Company caused by fluctuations in the exchange rates of foreign currencies, primarily the Euro, British pound, Canadian dollar, and Brazilian real, as compared to the U.S. dollar.

The Company measures its performance using key financial metrics including net earnings, adjusted diluted earnings per share (EPS), margins, segment operating profit, total segment operating profit, earnings before interest and taxes (EBIT), earnings before interest, taxes, depreciation, and amortization (EBITDA), ~~adjusted~~and ~~EBITDA, return on invested capital,~~ adjusted ~~economic value added, and operating cash flows before working capital~~EBITDA. Some of these metrics are not defined by generally accepted accounting principles in the United States (GAAP) and should be considered in addition to, and not in lieu of, GAAP financial measures. For further information, see the “Non-GAAP Financial Measures” section below.

The Company’s financial results can vary significantly due to changes in factors such as fluctuations in energy prices, weather conditions, crop plantings, government programs and policies, trade policies, changes in global demand, general global economic conditions, changes in standards of living, global production of similar and competitive crops, and geopolitical developments. Due to the unpredictable nature of these and other factors, the Company undertakes no responsibility for updating any forward-looking information contained within this Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Market Factors Influencing Operations, Results, and Comparability in the Three and ~~Six~~Nine Months Ended ~~June~~September 30, 2025

The Company is subject to a variety of market factors which affect the Company's operating results.

In the Ag Services and Oilseeds segment, increased global supplies of grains and oilseeds, higher projected ending stocks-to-use ratios, ~~and~~the ~~trade~~deferral of U.S. biofuel policy, ~~uncertainty~~the ~~resulted~~evolving inglobal ~~compressed~~trade ~~margins~~landscape, and ~~limited~~competitive ~~forward~~meal ~~commitments~~exports byfrom ~~customers~~Argentina resulted in compressed margins. Ag Services volumes in North America were positively impacted by asolid ~~decrease in exports due to a large South American harvest~~executions, ~~market trade uncertainties,~~ including ~~the~~larger ~~absence~~than ofexpected acorn ~~milo~~exports ~~export~~on ~~program~~stronger ~~with~~European ~~China~~demand, ~~and~~despite aheadwinds ~~reduction~~of inuncertainty ~~exportable surplus from Europe, Middle East,~~ and ~~Africa~~low ~~(EMEA),~~water ~~and India~~concerns. In Crushing and Refined Products and Other (RPO), increased industry ~~capacity~~seasonal ~~pressured~~downtime ~~margins~~tightened ~~for~~stocks ~~North~~and ~~American~~supported ~~soy~~meal values, and ~~canola,~~the ~~while~~deferral ~~EMEA~~of ~~biodiesel~~U.S. ~~margins~~biofuel ~~were~~and ~~also~~trade ~~low~~policy ~~due~~evolution tonegatively ~~biofuel~~impacted biodiesel and ~~trade~~refining ~~policy uncertainty~~margins.

In the Carbohydrate Solutions segment, ~~strong~~solid domestic and export demand for ethanol ~~helped~~along ~~offset~~with ~~higher~~lower industry production, ~~which~~ helped ~~minimize~~improve the imbalance between production and domestic demand. For Starches and Sweeteners, North America saw demand softness in the sweeteners, paper, and corrugated markets. Europe, the Middle East, and Africa (EMEA) saw higher corn costs and increased competition.

In the Nutrition segment, Human Nutrition demand was mixed across food and beverage categories as affordability remains a primary concern for consumers. In Animal Nutrition, declining commodity markets continue to support feed ration commodities as well as additive markets. 41

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ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

~~Three~~In ~~Months~~the ~~Ended~~Nutrition ~~June~~segment, 30Human Nutrition continued to see growth trends in Flavors market as high value categories such as energy drinks and ready to drink beverages continue to perform strongly. Similarly, ~~2025~~the ~~Compared~~Dietary Supplements market continues to ~~Three~~grow ~~Months~~in ~~Ended~~line ~~June~~with 30historical rates and shows expansion opportunities as customer acceptance of postbiotics (heat-stable version of probiotics) allows sales in a larger variety of segments (food and beverage). While tariffs and inflation continue to pose challenges to the Human Nutrition market, ~~2024~~clean label and healthier categories are outpacing the broader industry. In Animal Nutrition, declining commodity prices continue to support feed ration commodities as well as additive markets.

Three Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024

Results of Operations

Earnings before income taxes ~~decreased~~was $~~317~~147 million ~~from~~compared to $~~596~~108 million toin ~~$279~~the ~~million,~~prior year quarter. Results in the current year quarter were primarily driven by ~~asset~~a ~~impairment,~~decrease ~~exit,~~in ~~and~~impairment ~~restructuring~~charges ~~costs~~compared ~~pursuant~~ to the ~~Company’s~~prior ~~portfolio~~year ~~optimization~~quarter, ~~initiatives~~partially ~~and~~offset ~~the~~by ~~Company’s~~lower ~~updated~~execution ~~investment~~margins. ~~strategy~~The ~~for~~current ~~startup~~year orquarter ~~development~~included ~~stage~~an ~~companies.~~impairment ~~While~~charge ~~lower~~of ~~prices~~$173 million, ~~negatively~~related ~~impacted~~to ~~revenues~~previously capitalized internal-use software, and ~~cost~~$163 million of ~~products~~Wilmar ~~sold,~~International ~~gross~~Limited ~~profits~~(“Wilmar”) ~~were~~related ~~consistent~~penalty ~~when~~charges, compared to a $461 million impairment of the Company’s investment in Wilmar in the prior year quarter.

Total segment operating profit (a non-GAAP measure) decreased $95192 million from $~~925~~1.0 ~~million~~billion to $~~830~~845 million driven by lower results in the Ag Services and Oilseeds segment and the Carbohydrate Solutions segment. Total segment operating profit (a non-GAAP measure) in the three months ended ~~June~~September 30, 2025 excluded ~~asset~~specified ~~impairment,~~items ~~exit and restructuring costs, and net settlement contingencies~~ of $~~224~~220 million, athat ~~gain~~were onprimarily ~~contract~~comprised ~~termination~~ of ~~$69~~portfolio ~~million,~~optimization and ~~gains~~impairment ofcharges, ~~sales~~as ofwell ~~assets~~as ofthe $8non-recurring ~~million~~penalty charge related to Wilmar. Total segment operating profit (a non-GAAP measure) in the three months ended ~~June~~September 30, 2024 excluded asset impairment charges of $7504 million.

Total segment operating profit (a non-GAAP measure) is reconciled to earnings before income taxes, the most directly comparable GAAP measure, in the "Non-GAAP Financial Measures" section below.

Processed volumes by certain products for the three months ended ~~June~~September 30, 2025 and 2024 were as follows (in thousand metric tons).

Three Months Ended

June 30,

September 30,

(In thousands)

2025

2024

Change

2025

2024

Change

Oilseeds

98,~~051~~803

8,~~872~~410

~~179~~393

Corn

4,~~614~~666

4,~~482~~943

~~132~~(277)

The Company generally operates its production facilities, on an overall basis, at or near capacity, adjusting facilities individually, as needed, to react to the current margin environment and seasonal local supply and demand conditions. The increase in processed oilseeds volumes in the current year quarter was primarily related to improved ~~EMEA~~North America crush volumes due to improved utilization after the restoration of operations at the Company’s Decatur, Illinois facility, in addition to higher volumes in South America due to increased plant reliability. The ~~increase~~decrease in processed corn volumes was primarily related to anlower ~~increase in plant reliability and~~ utilization in the current year quarter due to ~~decreased~~increased unplanned plant downtime when compared to the prior year quarter.

4142

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ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Revenues for the three months ended ~~June~~September 30, 2025 and 2024, were as follows (in millions):

Three Months Ended

June 30,

September 30,

2025

2024

Change

Ag Services and Oilseeds

Ag Services

10,~~896~~276

119,~~746~~653

~~(850)~~623

Crushing

2,~~629~~580

2,~~850~~869

(~~221~~289)

Refined Products and Other

2,~~744~~757

2,~~737~~567

7190

Total Ag Services and Oilseeds

1615,~~269~~613

1715,~~333~~089

~~(1,064)~~524

Carbohydrate Solutions

Starches and Sweeteners

2,~~100~~005

2,~~211~~192

(~~111~~187)

Vantage Corn Processors

~~692~~729

~~683~~716

913

Total Carbohydrate Solutions

2,~~792~~734

2,~~894~~908

(~~102~~174)

Nutrition

Human Nutrition

1,~~161~~067

1,~~061~~004

~~100~~63

Animal Nutrition

~~832~~849

~~847~~827

~~(15)~~22

Total Nutrition

1,~~993~~916

1,~~908~~831

Total Segment Revenues

2120,~~054~~263

2219,~~135~~828

~~(1,081)~~435

Other Business

~~112~~109

~~113~~109

~~(1)~~—

Total Revenues

2120,~~166~~372

2219,~~248~~937

~~(1,082)~~435

Revenues and cost of products sold in agricultural merchandising and processing businesses are significantly correlated to the underlying commodity prices and volumes. In periods of significant changes in market prices, the underlying performance of the Company is better evaluated by looking at margins since both revenues and cost of products sold, particularly in the Ag Services and Oilseeds segment, generally have a relatively equal impact from market price changes which generally result in an insignificant impact to gross profit.

Revenues ~~decreased~~increased $~~1.1~~435 ~~billion~~million to $2120.24 billion, driven by ~~lower~~higher sales prices ($~~1.1~~285 ~~billion~~million) and higher sales volumes ($150 million). ~~Lower~~Higher sales prices of ~~soybeans,~~corn ~~meal,~~ and ~~biodiesel~~oils were partially offset by ~~higher~~lower sales prices of meal and soybeans. Higher sales volumes of soybeans ~~and~~were ~~meal~~partially ~~and~~offset ~~higher~~by lower sales ~~prices~~volumes of ~~oils~~corn, farming materials, sorghum and milo. Ag Services and Oilseeds revenues ~~decreased~~increased 63% to $1615.36 billion, driven by ~~lower~~higher sales prices ($~~1.1~~320 ~~billion~~million), ~~partially~~and ~~offset by~~ higher sales volumes ($45203 million). Carbohydrate Solutions revenues decreased 46% to $2.87 billion, driven by lower sales prices ($97111 million) and lower sales volumes ($62 million). Nutrition revenues increased 45% to $21.09 billion, driven by higher sales prices ($2942 million) and ~~the~~foreign ~~benefit~~exchange ofgains a($34 million). ~~contract~~Foreign ~~cancellation~~exchange gains accounted for approximately $23 million of the increase in ~~Health~~Human Nutrition revenue, and ~~Wellness~~approximately ($5511 million). of the increase in Animal Nutrition revenue.

Cost of products sold ~~decreased~~increased $~~1.1~~530 ~~billion~~million to $19.81 billion primarily driven by ~~lower~~higher average commodity costs. Manufacturing expenses increased $5823 million to $1.9 billion, driven by higher employee compensation costs, ~~higher insurance costs~~ and an increase in energy costs due to higher EMEA natural gas pricing, partially offset by lower maintenance expenses.

Gross profit decreased $2695 million, or 27%, to $1.43 billion primarily driven by a decrease in margins of $9285 million for Ag Services and Oilseeds and $51 million for Carbohydrate Solutions, partially offset by aan ~~margin~~ increase in margins of $4846 million in Nutrition.

Selling, general, and administrative (SG&A) expenses increased $4 million to $911 million, primarily driven by higher employee compensation costs and an increase in bad debt expense, partially offset by lower financing fees related to the Company’s accounts receivable securitization program and lower outside contract labor costs. 43

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ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

~~Asset impairment~~Selling, ~~exit~~general, and ~~restructuring~~administrative ~~costs~~(SG&A) ~~increased~~expenses decreased $~~130~~32 million to $~~137~~873 million., ~~Charges in the current year quarter were~~ primarily driven by ~~the~~lower ~~Nutrition~~third ~~segment,~~party ~~which~~service ~~included~~costs, ~~$119 million~~partially ofoffset ~~restructuring~~by ~~charges~~higher ~~and~~employee ~~$11 million~~compensation ~~of impairment expense related to a certain long-lived asset~~costs. ~~Charges in the prior year quarter consisted of $7 million of impairments related to certain long-lived assets within the Carbohydrate Solutions and Nutrition segments.~~

~~Equity~~Asset inimpairment, ~~earnings~~exit, ofand ~~unconsolidated~~restructuring ~~affiliates~~costs decreased $18261 million to $~~134~~ 246 million. ~~driven~~Charges byin ~~lower~~the ~~earnings~~current ~~from~~year ~~the~~quarter ~~Company’s~~primarily ~~investments~~consisted inof ~~Hungrana~~an ~~Ltd,~~impairment ~~SoyVen,~~charge ~~Stratas~~of ~~Foods,~~$173 million related to previously capitalized internal-use software within Corporate and ~~Terminal~~$67 million deof ~~Grãos~~restructuring ~~Ponta~~charges dawithin ~~Montanha~~the SNutrition segment.~~A.,~~ ~~partially~~Charges ~~offset~~in bythe ~~higher~~prior ~~earnings~~year ~~from~~quarter included a $461 million impairment charge related to the Company’s investment in Wilmar, ~~International~~within ~~Limited~~the ~~(“Wilmar”)~~Ag Services and Oilseeds segment, and a $43 million impairment charge related to certain discontinued Animal Nutrition trademarks, within the Nutrition segment.

~~Interest~~Equity ~~and~~in ~~investment~~loss (~~income~~earnings) ~~expense~~of unconsolidated affiliates decreased $~~210~~ 175 million to a loss of $7041 million, ~~primarily~~ driven by ~~revaluation~~lower ~~losses,~~earnings ~~including~~from ~~impairment~~the ~~losses~~Company’s ofinvestments ~~$99 million~~in ~~and~~Wilmar, due to the $88163 million ~~within~~penalty ~~Corporate~~charge, and ~~the~~in ~~Nutrition~~Almidones ~~segment,~~Mexicanos ~~respectively~~S.A. de C.V., inTerminal ~~addition~~de toGrãos ~~lower~~Ponta ~~interest~~da ~~income~~Montanha atS.A., ~~ADM~~and ~~Investor~~Stratas ~~Services~~Foods, ~~due~~partially tooffset ~~lower~~by ~~interest~~higher ~~rates~~earnings from the Company’s investment in Olenex.

Interest ~~expense~~and investment income decreased $28 16 million to $~~159~~121 million, primarily driven by lower interest ~~rates~~income at ADM Investor Services ~~and~~due ~~decreased~~to ~~expense within Corporate driven by~~ lower interest ~~expense following favorable settlements of international tax audits~~rates.

~~Other~~Interest ~~income~~expense —decreased ~~net increased~~ $43 21 million to $52 153 million, driven by ~~timing~~lower ~~benefits~~financing ~~associated~~costs ~~with the receipt of a United States Department of Agriculture grant, gains on sales of certain assets,~~ and ~~benefits~~lower ~~from~~interest ~~termination of a supply agreement, partially offset by losses on sales of marketable securities~~rates.

~~Income~~Other ~~tax~~income ~~expense~~— ~~decreased~~net increased $5311 million to $~~62 million.~~69 ~~The Company’s effective tax rate for the quarter ended June 30~~million, ~~2025~~driven ~~was~~by ~~22.2%~~gains ~~compared~~on tosales ~~19.3%~~of ~~for~~certain ~~the quarter ended June 30~~assets, ~~2024. The increase in the effective tax rate was primarily due to impairment losses,~~ partially offset by ~~the~~lower ~~impact~~foreign ofexchange ~~discrete tax items~~gains.

43Income tax expense decreased $53 million to $37 million. The Company’s effective tax rate for the quarter ended September 30, 2025 was 25.2% compared to 83.3% for the quarter ended September 30, 2024. The decrease in the effective tax rate for the three months ended September 30, 2025 compared to the prior year quarter is related to the recognition of the impairment of the Company’s investment in Wilmar in the prior year quarter and other discrete tax items specific to each period.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Segment operating profit for the three months ended ~~June~~September 30, 2025 and 2024 was as follows (in millions):

	Three Months Ended
	June 30,
	September 30,
	2025		2024		Change
Segment Operating Profit
Ag Services and Oilseeds
Ag Services	$	~~113~~190	$	~~122~~107	$	~~(9)~~83
Crushing	3313		~~132~~187		(99174)
Refined Products and Other	~~156~~120		~~137~~124		19(4)
Wilmar	7756		6862		9(6)
Total Ag Services and Oilseeds	$	379	$	~~459~~480	$	(80101)
Carbohydrate Solutions
Starches and Sweeteners	$	~~304~~293	$	~~323~~455	$	(19162)
Vantage Corn Processors	3343		34(3)		~~(1)~~46
Total Carbohydrate Solutions	$	~~337~~336	$	~~357~~452	$	(20116)
Nutrition
Human Nutrition	$	9296	$	~~103~~86	$	~~(11)~~10
Animal Nutrition	2234		619		1615
Total Nutrition	$	~~114~~130	$	~~109~~105	$	525

In the Ag Services and Oilseeds segment, segment operating profit decreased 1721%~~, driven by increased global supplies of grains and oilseeds, higher projected ending stocks-to-use ratios, and biofuel and trade policy uncertainty~~. The Ag Services subsegment had ~~lower~~higher operating profit compared to the prior year quarter, ~~driven~~ primarily driven by ~~lower~~improved ~~Global~~North ~~Trade~~America and South ~~American~~America Origination results,. ~~partially offset by improved~~ North American Origination results. ~~Global~~improved ~~Trade~~in ~~had~~the ~~lower~~current ~~operating~~year ~~profits,~~quarter ~~largely~~ due to ~~lower~~strong ~~trading~~corn ~~volumes, partially related to trade policy uncertainty, as well as lower margins, due to lower commodity prices, negative freight timing, and currency impacts~~exports. South American Origination results ~~were~~improved ~~lower~~ primarily due to lower ~~volumes~~costs ~~and~~related ~~margins~~to ~~from~~logistics take-or-pay contracts, partially offset by the temporary disruption at a key port facility in Brazil ~~and currency impacts~~. ~~North~~Global ~~American~~Trade ~~origination~~ results improved indriven ~~the~~by ~~current year quarter due to~~ higher ~~margins~~ocean ~~and~~freight ~~volumes, as well from a timing benefit associated with receiving $19 million in proceeds from a United States Department of Agriculture grant earlier this year~~margins. The Ag Services subsegment had approximately $104 million of net ~~negative~~positive mark-to-market timing impacts during the quarter, compared to approximately $1750 million of net ~~positive~~negative impacts in the prior year quarter. The Crushing subsegment had lower operating profit ~~versus~~compared ~~the~~to prior year quarter, driven by lower ~~margins~~soybean ~~due~~and tocanola ~~increased~~crush ~~industry~~margins ~~capacity.~~in North America ~~Crushing~~and ~~results~~EMEA ~~were~~and ~~lower,~~higher asmanufacturing ~~soy~~costs. ~~and~~The ~~canola~~prior ~~margins~~year ~~were~~quarter ~~negatively~~benefitted ~~impacted~~from bythe ~~lower~~receipt ~~oil~~of ~~demand~~$24 million ~~stemming~~of ~~from~~insurance ~~biofuel~~proceeds ~~and~~for ~~trade~~the ~~policy~~partial ~~uncertainty,~~settlement ~~competitive~~of ~~meal~~the ~~exports~~Decatur ~~from~~East ~~Argentina~~ and ~~higher~~West ~~manufacturing~~insurance ~~costs~~claims. The Crushing subsegment had approximately $2141 million of net positive mark-to-market timing impacts during the quarter, compared to approximately ~~$16 million~~zero of net ~~positive~~ impacts in the prior year quarter. The Refined Products and Other (RPO) subsegment operating profit ~~was~~decreased ~~higher~~(3)% ~~than~~when compared to the prior year quarter, as ~~timing~~U.S. ~~benefits offset lower vegetable oil demand and~~ biofuel and trade policy ~~uncertainty~~evolution negatively impacted biodiesel ~~margins in Europe~~ and ~~North~~refining ~~America.~~margins ~~Softer oil demand~~ in North America ~~and increased crush capacity also negatively impacted refining margins compared to the prior year quarter~~. RPO had approximately $288 million of net ~~positive~~negative mark-to-market timing impacts during the quarter, compared to approximately $9120 million of net negative impacts in the prior year quarter. Wilmar earnings ~~increased~~decreased by $96 million to $7756 million in the current year quarter.

44In the Carbohydrate Solutions segment, segment operating profit decreased 26% compared to the prior year quarter. The Starches and Sweeteners subsegment operating profit was lower compared to the prior year quarter. In North America, results were driven by lower liquid sweetener and starch volumes and margins and lower wet mill ethanol margins. North American prior year quarter results benefitted from the receipt of $47 million of insurance proceeds for the partial settlement of the Decatur West insurance claims. In EMEA, lower Starches and Sweeteners volumes and margins were driven by persistent high corn costs due to crop quality issues. Global Wheat Milling margins and volumes were fairly stable relative to the prior year quarter. The Vantage Corn Processors subsegment operating profit was higher than the prior year quarter as improved ethanol volumes and margins were partially offset by certain mark-to-market positions.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

In the ~~Carbohydrate~~Nutrition ~~Solutions~~ segment, segment operating profit ~~decreased~~increased 624%. Human Nutrition subsegment operating profit was 12% higher compared to ~~the~~ prior year quarter., ~~The~~mainly ~~Starches~~due ~~and~~to ~~Sweeteners~~Flavors, ~~subsegment~~which ~~operating~~continued ~~profit~~to ~~was~~see ~~lower~~strong ~~compared~~sales togrowth ~~the~~among ~~prior~~multiple ~~year~~product ~~quarter~~categories. InHealth ~~EMEA,~~and ~~lower~~Wellness ~~Starches~~results ~~and~~were ~~Sweeteners~~also ~~volumes~~higher due to revenue and ~~margins~~margin ~~were~~growth, ~~driven~~led by ~~higher~~the ~~corn~~Biotics ~~costs~~business, partially offset by reduced tolling margins due to ~~crop~~a ~~quality~~contract ~~issues~~cancellation. InSpecialty ~~North~~Ingredients ~~America,~~ results were ~~driven~~lower, bywith higher ~~liquid~~raw ~~sweetener~~material and ~~corn~~insurance ~~co-products~~costs ~~margins,~~due ~~offset~~to bythe ~~lower~~restoration ~~starch~~of ~~margins~~operations ~~and~~at ~~volumes~~the ~~and~~Company’s ~~lower~~Decatur, ~~wet~~Illinois ~~mill ethanol margins~~facility. ~~Global~~The ~~Wheat~~prior ~~Milling~~year ~~margins~~quarter ~~and~~also ~~volumes~~benefited ~~improved~~from ~~relative~~approximately to$25 million ~~the~~of ~~prior~~insurance ~~year~~proceed ~~quarter,~~gains ~~largely~~as ~~due~~compared to ~~volume~~$9 million ~~growth~~in ~~with~~the ~~key~~current ~~customers~~year quarter. ~~The~~Animal ~~Vantage~~Nutrition ~~Corn Processors~~ subsegment operating profit was in79% ~~line~~higher ~~with~~compared to the prior year quarter, asdue ~~improved~~to ~~risk~~higher ~~management~~margin ~~and~~product ~~higher~~mix, ~~ethanol~~cost ~~volumes~~optimization, ~~largely~~and ~~offset~~progress ~~lower~~with ~~ethanol~~on-going ~~margins~~portfolio streamlining initiatives.

In the Nutrition segment, segment operating profit increased 5%. Human Nutrition results were down compared to the prior year quarter. Specialty Ingredients results were lower compared to the prior year quarter driven by higher raw material and insurance costs due to the recommissioning of operations at Decatur East. In Health and Wellness, results were lower, as reduced tolling margins due to a contract cancellation were partially offset by higher margins from Biotics and improved product mix. Flavors saw a significant increase in operating profit compared to prior year quarter due to an increase in sales among existing key customers across multiple product categories. Animal Nutrition operating profit was higher compared to the prior year quarter, driven by improved market conditions, leading to higher margins, and cost optimization efforts.

Other Business and Corporate Results

Other Business contribution of operating profit ~~decreased~~increased ~~2%,~~ from ~~$96~~a ~~million~~loss toof $9417 million, ~~driven~~to bya ~~lower~~profit ~~net~~of ~~interest~~$55 ~~income in ADM Investor Services~~million, ~~partially~~driven ~~offset~~ by improved Captive ~~insurance~~Insurance results driven by ~~increased premiums and~~ lower claim settlements.

Corporate results for the three months ended ~~June~~September 30, 2025 and 2024 were as follows (in millions):

	Three Months Ended
	June 30,
	September 30,
	2025		2024		Change
Interest expense - net (1)	(~~112~~98)		(~~128~~113)		1615
Unallocated corporate function costs	(294)		(292)		(2)
Unallocated corporate function costs (2)	(265)		(306)		41
Revaluation losses, including impairment, and restructuring charges (2)	(99)		—		(99)
Revaluation losses, including impairment, and restructuring charges (3)	(174)		—		(174)
Other income - net	75		210		(5)
Total Corporate	$	(~~498~~532)	$	(~~418~~409)	$	(80123)

(1)Interest expense - net decreased, primarily driven by ~~favorable~~lower ~~settlements~~balances of ~~international~~outstanding ~~tax~~commercial ~~audits~~paper and lower interest rates.

(2)~~Revaluation~~Unallocated ~~losses,~~corporate ~~including~~function ~~impairment,~~costs ~~and restructuring charges increased~~decreased, primarily driven by ~~revaluation~~lower financing costs and ~~impairment~~select ~~losses~~corporate onfunction ~~certain~~costs, ~~investments.~~partially offset by higher incentive compensation.

(3)Revaluation losses, including impairment, and restructuring charges includes an impairment charge related to previously capitalized internal-use software.

Non-GAAP Financial Measures

The Company uses certain “non-GAAP” financial measures as defined by the SEC. These are measures of performance not defined by accounting principles generally accepted in the United States, and should be considered in addition to, not in lieu of, GAAP reported measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this section.

The Company uses adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit, non-GAAP financial measures as defined by the SEC, to evaluate the Company’s financial performance.

Adjusted net earnings is defined as net earnings adjusted for the effects on net earnings of specified items as more fully described in the reconciliation tables. Adjusted diluted EPS is defined as diluted EPS adjusted for the effects on reported diluted EPS of specified items as more fully described in the reconciliation tables.

EBITDA is defined as earnings before interest on borrowings, taxes, and depreciation and amortization. Adjusted EBITDA is defined as earnings before interest on borrowings, taxes, depreciation, and amortization, adjusted to exclude the impact of specified items as more fully described in the reconciliation tables.

45Total segment operating profit is defined as ADM’s consolidated earnings before income taxes, adjusted for Other Business, Corporate, and specified items as more fully described in the reconciliation tables.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

~~Total~~Management believes that adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit isare ~~defined~~useful asmeasures ~~ADM~~of the Company’s ~~consolidated~~performance ~~earnings~~because ~~before~~they ~~income~~provide ~~taxes~~investors additional information about the Company’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. Adjusted net earnings, adjusted ~~for~~diluted ~~Other~~EPS, ~~Business~~EBITDA, ~~Corporate~~adjusted EBITDA, and ~~specified~~total ~~items~~segment asoperating ~~more~~profit ~~fully~~are ~~described~~not inintended to replace or be an alternative to net earnings, diluted EPS, and earnings before income taxes, the ~~reconciliation~~most ~~tables~~directly comparable amounts reported under GAAP.

~~Management~~The ~~believes~~table ~~that~~below ~~adjusted~~provides a reconciliation of net earnings, ~~adjusted~~(the ~~diluted~~most ~~EPS,~~directly ~~EBITDA,~~comparable ~~adjusted~~GAAP ~~EBITDA,~~measure) ~~and~~to ~~total~~adjusted ~~segment~~net ~~operating~~earnings ~~profit~~(a ~~are~~non-GAAP ~~useful~~measure) ~~measures~~and ofdiluted EPS (the ~~Company’s~~most ~~performance~~directly ~~because~~comparable ~~they~~GAAP ~~provide~~measure) ~~investors~~to ~~additional~~adjusted ~~information~~diluted ~~about~~EPS ~~the~~(a ~~Company’s~~non-GAAP ~~operations~~measure) ~~allowing~~for ~~better~~the ~~evaluation~~three ofmonths ~~underlying~~ended ~~business~~September 30, ~~performance~~2025 and ~~better period-to-period comparability~~2024.

Adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit are not intended to replace or be an alternative to net earnings, diluted EPS, and earnings before income taxes, the most directly comparable amounts reported under GAAP.


	Three Months Ended September 30,
	2025				2024
	In millions		Per share		In millions		Per share
Average number of shares outstanding - diluted	484				483
Net earnings and reported EPS (diluted)	$	108	$	0.22	$	18	$	0.04
Adjustments: (1)

(Gain) on sale of assets and businesses (net of tax of $7 million in 2025)	(24)		(0.05)		(1)		—
Impairment, exit, restructuring charges, and settlement contingencies (net of tax of $60 million in 2025 and $4 million in 2024)	201		0.41		500		1.03
ADM's share of equity method investment penalty charge	163		0.34		—		—


Certain discrete tax adjustments	—		—		13		0.02
Total adjustments	340		0.70		512		1.05
Adjusted net earnings and adjusted diluted EPS	$	448	$	0.92	$	530	$	1.09

The table below provides a reconciliation of net earnings (the most directly comparable GAAP measure) to adjusted net earnings (a non-GAAP measure) and diluted EPS (the most directly comparable GAAP measure) to adjusted diluted EPS (a non-GAAP measure) for the three months ended June 30, 2025 and 2024.

	Three Months Ended June 30,
	2025				2024
	In millions		Per share		In millions		Per share
Average number of shares outstanding - diluted	484				493
Net earnings and reported EPS (diluted)	$	219	$	0.45	$	486	$	0.98
Adjustments: (1)
(Gain) on sale of assets and businesses (net of tax of $2 million in 2025)	(6)		(0.01)		—		—
Impairment, exit, restructuring charges, and settlement contingencies (net of tax of $32 million in 2025 and $2 million in 2024)	291		0.60		5		0.01
Expenses related to acquisitions (net of tax of $1 million in 2024)	—		—		3		0.01
(Gain) on contract termination (net of tax of $17 million in 2025)	(52)		(0.11)		—		—
Certain discrete tax adjustments	—		—		14		0.03
Total adjustments	233		0.48		22		0.05
Adjusted net earnings and adjusted diluted EPS	$	452	$	0.93	$	508	$	1.03

(1) Tax effected using the U.S. and other applicable tax rates.

4647

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The table below provides a reconciliation of net earnings (the most directly comparable GAAP measure) to EBITDA (a non-GAAP measure) and adjusted EBITDA (a non-GAAP measure) for the three months ended ~~June~~September 30, 2025 and 2024 (in millions).

	Three Months Ended
	June 30,
	September 30,
	2025		2024
Net Earnings Attributable to Archer-Daniels-Midland Company	$	~~219~~108	$	~~486~~18
Net (losses) attributable to non-controlling interests	(2)		(5)
Net earnings attributable to non-controlling interests	2		—
Income tax expense	6237		~~115~~90
Earnings Before Income Taxes	~~279~~147		~~596~~108
Interest expense (1)	~~116~~106		~~135~~124
Depreciation and amortization (2)	~~286~~295		~~286~~288
EBITDA	~~681~~548		~~1,017~~520
(Gain) on sales of assets and businesses	(831)		—(1)
Impairment, exit, restructuring charges and settlement contingencies	~~323~~261		7504
(Gain) on contract termination	(69)		—
ADM's share of equity method investment penalty charge	163		—
Expenses related to acquisitions	—		4
Railroad maintenance expenses	12		28
Railroad maintenance expenses	4		4
Adjusted EBITDA	$	954	$	1,051
Adjusted EBITDA	$	931	$	1,032

(1) Represents interest expense on borrowings and therefore excludes ADM Investor Services related interest expense.

(2) Excludes $53 million of accelerated depreciation recorded within restructuring charges as a specified item for the three months ended ~~June~~September 30, 2025.

The table below provides a reconciliation of earnings before income taxes (the most directly comparable GAAP measure) to total segment operating profit (a non-GAAP measure) for the three months ended ~~June~~September 30, 2025 and 2024 (in millions).

	Three Months Ended
	June 30,
	September 30,
	2025		2024
Earnings Before Income Taxes	$	~~279~~147	$	~~596~~108
Other Business (earnings)	(94)		(96)
Other Business (earnings) loss	(55)		17
Corporate	~~498~~532		~~418~~409
Specified Items:
(Gain) on sale of assets and businesses	(831)		—(1)
Impairment, exit, restructuring charges and settlement contingencies	~~224~~89		7504
(Gain) on contract termination	(69)		—
ADM's share of equity method investment penalty charge	163		—
Total Segment Operating Profit	$	~~830~~845	$	~~925~~1,037

4748

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ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

~~Six~~Nine Months Ended ~~June~~September 30, 2025 Compared to ~~Six~~Nine Months Ended ~~June~~September 30, 2024

Results of Operations

Earnings before income taxes decreased $~~849~~809 million from $1.56 billion to $~~632~~779 million,. Results in the current year period were primarily driven by lower pricing and execution margins. In the current year period, the Company recorded asset impairment, exit, and restructuring costs ~~pursuant~~of to$237 ~~the~~million, ~~Company’s~~$187 million ~~portfolio~~of ~~optimization~~impairments ~~initiatives~~pursuant ~~and~~ the Company’s updated investment strategy for startup or development stage companies, $173 million related to impairment of previously capitalized internal-use software, and $163 million of Wilmar related penalty charges. In the prior year period, the Company recorded a $461 million impairment of its investment in Wilmar and $43 million of asset impairment charges in Nutrition.

Total segment operating profit (a non-GAAP measure) decreased $~~544~~736 million from $23.12 billion to $12.64 billion, primarily driven by lower results in the Ag Services and Oilseeds segment and the Carbohydrate Solutions segment. Total segment operating profit (a non-GAAP measure) in the ~~six~~nine months ended ~~June~~September 30, 2025 excluded ~~impairment,~~specified ~~exit,~~items ~~restructuring, and net settlement contingencies~~ of $~~273~~416 million, athat ~~gain~~were onprimarily ~~contract~~comprised ~~termination~~ of ~~$69~~portfolio ~~million,~~optimization and ~~gains~~impairment ofcharges, ~~sales~~as ofwell ~~assets~~as ofthe $8penalty ~~million~~charge related to Wilmar. Total segment operating profit (a non-GAAP measure) in the ~~six~~nine months ended ~~June~~September 30, 2024 excluded asset impairment charges of $13517 million.

Total segment operating profit (a non-GAAP measure) is reconciled to earnings before income taxes, the most directly comparable GAAP measure, in the "Non-GAAP Financial Measures" section below.

Processed volumes by product for the ~~six~~nine months ended ~~June~~September 30, 2025 and 2024 were as follows (in thousand metric tons).

Six Months Ended

Nine Months Ended

June 30,

September 30,

(In thousands)

2025

2024

Change

2025

2024

Change

Oilseeds

1826,~~142~~944

1826,~~259~~669

~~(117)~~275

Corn

913,~~195~~861

813,~~890~~833

~~305~~28

The Company generally operates its production facilities, on an overall basis, at or near capacity, adjusting facilities individually, as needed, to react to the current margin environment and seasonal local supply and demand conditions. The ~~decrease~~increase in processed oilseeds volumes in the current year period was primarily related to ~~lower~~improved North America crush volumes ~~in the current year period~~ due to ~~planned~~improved ~~plant~~utilization ~~downtime.~~after ~~The~~the ~~increase~~restoration inof ~~processed~~operations ~~corn~~at ~~volumes~~the ~~was~~Company’s ~~primarily~~Decatur, ~~related~~Illinois tofacility, ~~an increase~~ in ~~plant~~addition ~~reliability~~to ~~and~~higher ~~utilization~~volumes in ~~the~~South ~~current~~America ~~year period~~ due to ~~decreased~~increased ~~unplanned~~ plant ~~downtime~~reliability. ~~when~~The ~~compared~~processed tocorn ~~the~~volumes ~~prior~~were consistent year ~~period.~~over year.

4849

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ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Revenues for the ~~six~~nine months ended ~~June~~September 30, 2025 and 2024 were as follows (in millions):

Six Months Ended

Nine Months Ended

June 30,

September 30,

2025

2024

Change

Ag Services and Oilseeds

Ag Services

2131,~~432~~708

2232,~~943~~597

(~~1,511~~889)

Crushing

57,~~267~~847

69,~~177~~046

(~~910~~1,199)

Refined Products and Other

58,~~245~~002

57,~~432~~999

~~(187)~~3

Total Ag Services and Oilseeds

3147,~~944~~557

3449,~~552~~642

(2,~~608~~085)

Carbohydrate Solutions

Starches and Sweeteners

46,~~037~~042

46,~~367~~559

(~~330~~517)

Vantage Corn Processors

12,~~325~~054

1,~~210~~925

~~115~~129

Total Carbohydrate Solutions

58,~~362~~096

58,~~577~~484

(~~215~~388)

Nutrition

Human Nutrition

23,~~159~~226

23,~~025~~029

~~134~~197

Animal Nutrition

12,~~651~~500

12,~~719~~546

(6846)

Total Nutrition

35,~~810~~726

35,~~744~~575

66151

Total Segment Revenues

4161,~~116~~379

4363,~~873~~701

(2,~~757~~322)

Other Business

~~225~~334

~~222~~331

Total Revenues

4161,~~341~~713

4464,~~095~~032

(2,~~754~~319)

Revenues decreased $2.83 billion to $4161.37 billion, driven by lower sales prices ($32.14 billion), partially offset by higher sales volumes ($~~319~~102 million). Lower sales prices of meal, and soybeans, ~~and~~were ~~biodiesel~~partially ~~and~~offset ~~lower~~by higher sales prices of corn. Higher sales volumes of ~~sorghum~~soybeans and ~~wheat,~~oils were partially offset by ~~higher~~lower sales volumes of ~~corn,~~sorghum ~~soybeans,~~and milo and ~~oils~~wheat. Ag Services and Oilseeds revenues decreased 84% to $3147.96 billion, driven by lower sales prices ($2.81 billion)~~, partially offset by higher sales volumes ($169 million)~~. Carbohydrate Solutions revenues decreased 45% to $58.41 billion, driven by lower sales prices ($~~258~~342 million)~~, partially offset by higher sales volumes ($44 million)~~. Nutrition revenues increased 23% to $35.87 billion, driven by higher sales volumes ($~~106~~103 million) and the benefit of a contract cancellation in Health and Wellness ($55 million)~~, partially offset by lower sales prices ($96 million)~~.

Cost of products sold decreased $21.27 billion to $3857.89 billion, ~~due~~primarily ~~principally~~driven toby lower average commodity costs. Manufacturing expenses increased $~~171~~194 million to $35.98 billion driven by higher employee compensation costs, anand ~~increase~~EMEA in energy costs ~~due to higher EMEA natural gas pricing and higher grind at Carbohydrates Solutions facilities, higher insurance costs, and higher depreciation expenses~~.

Gross profit decreased $~~505~~600 million, or 1714%, to $23.68 billion driven by a decrease in margins of $~~543~~628 million for Ag Services and Oilseeds and $64 million for Carbohydrate Solutions, partially offset by aan ~~margin~~ increase in margins of $3783 million in Nutrition.

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ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Selling, general, and administrative expenses decreased $1547 million to $12.87 billion primarily driven by lower ~~financing~~third ~~fees~~party ~~related~~service ~~to the Company’s accounts receivable securitization program, lower advertising~~ costs, ~~and lower outside contract labor costs,~~ partially offset by higher employee compensation costs ~~and bad debt expense~~.

Asset impairment, exit, and restructuring costs ~~increased~~decreased $~~150~~111 million to $~~175~~421 million. Charges in the current year period included $~~164~~237 million of restructuring charges, primarily driven by $~~123~~190 million and $2734 million of charges within the Nutrition segment and the Ag Services and Oilseeds ~~segments~~segment, respectively, and ~~$11 million~~an of impairment ~~expense~~charge of $173 million, related to ~~certain~~previously ~~long~~capitalized internal-~~lived~~use ~~assets~~software, within ~~the Nutrition segment~~Corporate. Charges in the prior year period ~~consisted~~included ofa ~~restructuring charges of~~ $15461 million, ~~primarily~~impairment ~~driven~~charge byrelated ~~$12 million~~to ofthe ~~charges~~Company’s investment in Wilmar within ~~Corporate,~~the Ag Services and Oilseeds segment, a $1043 million ofimpairment ~~impairments~~charge related to certain ~~long-lived~~discontinued ~~assets~~Animal Nutrition trademarks within the ~~Carbohydrate~~Nutrition ~~Solutions~~segment, and ~~Nutrition~~$12 million ~~segments.~~of restructuring costs within Corporate.

Equity in earnings of unconsolidated affiliates decreased $86261 million to $~~278~~237 million driven by lower earnings from the Company’s investments in Wilmar, reflecting the $163 million penalty charge, and in Terminal de Grãos Ponta da Montanha S.A., Hungrana Ltd, and Almidones Mexicanos S.A. de C.V., partially offset by higher earnings from the Company’s investment in Olenex ~~Sarl~~.

Interest and investment income decreased $~~195~~211 million to $68189 million, ~~primarily~~ driven by revaluation losses, including impairment losses of $99 million and $88 million within Corporate and the Nutrition segment, respectively, in addition to lower interest income at ADM Investor Services due to lower interest rates. ~~Charges~~Prior inyear ~~the~~period ~~prior~~results ~~year~~were ~~period~~driven ~~consisted~~by ofa revaluation ~~losses,~~loss ~~including~~related ~~impairment~~to ~~losses~~an investment in alternative protein and precision fermentation and lower interest rates for ADM Investor Services, ofpartially ~~$16 million~~offset by higher interest income within Corporate driven by higher interest rates and balances within money-market accounts.

Interest expense decreased $3657 million to $~~317~~470 million driven by ~~lower interest rates at ADM Investor Services and~~ decreased expense within Corporate driven by lower ~~interest~~financing ~~expense~~costs ~~following~~and favorable settlements of international tax audits, and lower interest rates at ADM Investor Services.

Other income — net increased $3648 million to $71140 million driven by gains on sale of assets, and benefits from termination of a supply agreement, ~~timing~~partially ~~benefits~~offset ~~associated~~by ~~with~~lower ~~the receipt of a United States Department of Agriculture grant, and~~ foreign exchange gains, ~~partially~~and ~~offset by~~ provisions for contingent losses.

Income tax expense decreased $~~158~~210 million to $~~123~~160 million. The Company’s effective tax rate for the ~~six~~nine months ended ~~June~~September 30, 2025 was 1920.5% compared to 1923.03% for the ~~six~~nine months ended ~~June~~September 30, 2024. The ~~increase~~decrease in the effective tax rate ~~was~~for ~~primarily~~the ~~due~~nine tomonths ~~impairment~~ended ~~losses~~September 30, ~~partially~~2025 ~~offset~~compared byto the ~~impact~~prior year period is related to the recognition of the impairment of the Company’s investment in Wilmar in the prior year and other discrete tax items specific to each period.

5051

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ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Segment operating profit for the ~~six~~nine months ended ~~June~~September 30, 2025 and 2024 was as follows (in millions):

	Six Months Ended
	Nine Months Ended
	June 30,
	September 30,
	2025		2024		Change
Segment Operating Profit (1)
Ag Services and Oilseeds
Ag Services	$	~~272~~462	$	~~354~~461	$	~~(82)~~1
Crushing	7993		~~445~~632		(~~366~~539)
Refined Products and Other	~~291~~410		~~307~~431		(1621)
Wilmar	~~149~~205		~~217~~279		(6874)
Total Ag Services and Oilseeds	$	~~791~~1,170	$	1,~~323~~803	$	(~~532~~633)
Carbohydrate Solutions
Starches and Sweeteners	$	~~511~~804	$	~~584~~1,039	$	(73235)
Vantage Corn Processors	65108		2118		4490
Total Carbohydrate Solutions	$	~~576~~912	$	~~605~~1,057	$	(29145)
Nutrition
Human Nutrition	$	~~168~~263	$	~~179~~265	$	(112)
Animal Nutrition	4277		1433		2844
Total Nutrition	$	~~210~~340	$	~~193~~298	$	1742

(1) For the ~~six~~nine months ended ~~June~~September 30, 2025, segment operating profit for the Ag Services and Oilseeds, Carbohydrate Solutions and Nutrition segments included a positive impact of timing-related adjustments for incentive compensation payouts of $45 million, $12 million, and $20 million, respectively. The offsetting adjustment of $77 million was recorded in Corporate with no net impact to the Consolidated Financial Statements.

In the Ag Services and Oilseeds segment, segment operating profit decreased 4035%. The Ag Services subsegment had ~~lower~~similar operating profit compared to the prior year period,. ~~primarily driven by lower~~ Global Trade results ~~due~~decreased todriven by lower margins due to negative freight timing and ~~currency~~weaker ~~impacts~~trading results. Ag Services results were further impacted by a decrease in ~~margins and to a lesser extent~~ volumes, ~~primarily due to increased global supplies of grains and oilseeds, higher projected ending stocks-to-use ratios, and biofuel and trade policy uncertainty,~~ the impact of certain export duties, and the temporary disruption at a key port facility in Brazil. These impacts were partially offset by North America Origination with improved results due to a strong corn exports, lower costs related to logistics take-or-pay contracts that negatively impacted the prior year period, productivity actions leading to decreased ~~SG&A~~ expenses, ~~alongside~~and improved ~~transportation~~Transportation results. The Ag Services subsegment had approximately $4036 million of net ~~negative~~positive mark-to-market timing impacts during the current year period, compared to approximately $3515 million of net ~~positive~~negative impacts in the prior year period. The Crushing subsegment had lower operating profit versus the prior year period, driven by lower ~~margins~~soy ~~due~~and tocanola ~~increased~~crush ~~industry~~margins ~~capacity,~~in ~~more~~North ~~competitive~~America ~~meal~~and ~~exports~~EMEA ~~from~~and ~~Argentina,~~ higher manufacturing costs~~, and lower vegetable oil demand due to biofuel and trade policy uncertainty~~. South America Crushing results ~~were~~ improved, driven by increased margins and volumes. The Crushing subsegment had approximately $2566 million of net positive mark-to-market timing impacts during the current year period, compared to approximately $5624 million of net positive impacts in the prior year period. The RPO subsegment operating profit was slightly lower than the prior year period, as lower vegetable oil demand and biofuel and trade policy ~~uncertainty~~evolution negatively impacted biodiesel and refining margins in Europe and North America. The RPO subsegment had approximately $3224 million of net positive mark-to-market timing impacts during the current year period, compared to approximately $~~121~~142 million of net negative impacts in the prior year period. Wilmar earnings ~~were~~decreased ~~lower~~by ~~versus~~$74 million to $205 million in the ~~prior~~current year period.

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ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

In the Carbohydrate Solutions segment, segment operating profit decreased 514% compared to the prior year period. The Starches and Sweeteners subsegment operating profit was lower compared to the prior year period. In North America, results were driven by lower ethanol and starch margins and higher manufacturing costs,. ~~partially~~North ~~offset~~American byprior ~~improved~~year ~~liquid~~period ~~sweetener~~results ~~margins~~benefitted from the receipt of $47 million of insurance proceeds for the partial settlement of the Decatur West insurance claims. In EMEA, results were driven by lower volumes and margins due to the competitive pricing environment and crop quality issues. Global Wheat Milling margins improved due to higher wheat basis gains. The Vantage Corn Processors subsegment operating profit increased compared to the prior year period, driven by improved margins resulting from improved risk management and higher ethanol volumes.

In the Nutrition segment, segment operating profit ~~decreased~~increased 914%. Human Nutrition results were ~~lower~~fairly ~~compared~~consistent relative to the prior year period. Specialty Ingredients results were lower compared to the prior year period driven by higher raw material and insurance costs due to the ~~recommissioning~~restoration of operations at the Company’s Decatur, ~~East~~Illinois facility. The prior year period also benefited from approximately $25 million of insurance proceed gains as compared to $9 million in the current year period. In Health and Wellness, results were lower, as decreased margins, driven by certain negative valuation adjustments and reduced tolling margins due to a contract cancellation, were partially offset by higher Biotics margins. Flavors saw a significant increase in operating profit compared to prior year period, driven by higher volumes and margins due to an increase in sales among existing key customers across multiple product categories. Animal Nutrition operating profit was 133% higher compared to the prior year period, driven by cost optimization efforts and improved margins due to higher margin product mix.

Other Business and Corporate Results

Other Business contribution of operating profit ~~decreased~~increased 1223%, from $~~217~~200 million to $~~190~~245 million, driven by improved Captive Insurance results due to lower claim settlements, partially offset by lower net interest income in ADM Investor Services due to lower interest rates.

Corporate results for the ~~six~~nine months ended ~~June~~September 30, 2025 and 2024 were as follows (in millions):

	Six Months Ended
	Nine Months Ended
	June 30,
	September 30,
	2025		2024		Change
Interest expense — net (1)	$	(~~212~~311)	$	(~~238~~351)	2640
Unallocated corporate function costs (2)	(~~647~~912)		(~~596~~903)		(519)
Revaluation losses, including impairment, and restructuring charges (3)	(104)		(12)		(92)
Expenses related to acquisitions	—		(4)		4
Other income — net (4)	24		2		22
Revaluation losses, including impairment, and restructuring charges (3)	(278)		(12)		(266)
Total Corporate	$	(939)	$	(844)	$	(95)
Other income — net (4)	29		16		13
Total Corporate	$	(1,472)	$	(1,254)	$	(218)

(1)Interest expense - net decreased, primarily driven by ~~favorable~~reduced ~~settlements~~reliance ofon ~~international~~external ~~tax~~credit ~~audits,~~facilities and reduced short-term borrowings, partially offset by higher ~~interest~~average ~~income~~balances on ~~certain~~the ~~tax~~commercial ~~receivables,~~paper ~~partially~~program ~~offset~~and byabsence ~~higher~~of prior period interest ~~costs~~cost on ~~outstanding~~tax ~~debt~~settlement.

(2)Unallocated corporate function costs increased, primarily driven by ~~timing-related~~higher incentive compensation adjustments, partially offset by lower ~~technological~~financing ~~spend.~~costs and select corporate function costs.

(3)Revaluation losses, including impairment, and restructuring charges ~~increased,~~includes ~~primarily~~an ~~driven~~impairment bycharge ~~revaluation~~related to previously capitalized internal-use software and impairment losses on certain investments.

(4)Other income - net increased, primarily driven by ~~foreign~~timing ~~exchange~~of ~~gains~~railroad ~~and~~maintenance ~~an increase in earnings in affiliates~~expenses.

~~Non-GAAP Financial Measures~~ 53

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Non-GAAP Financial Measures

Total segment operating profit is defined as ADM’s consolidated earnings before income taxes, adjusted for Other Business, Corporate, and specified items as more fully described in the reconciliation tables.

Management believes that adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit are useful measures of the Company’s performance because they provide investors additional information about the Company’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. Adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit are not intended to replace or be an alternative to net earnings, diluted EPS, and earnings before income taxes, the most directly comparable amounts reported under GAAP.

~~Adjusted~~The table below provides a reconciliation of net earnings, ~~adjusted~~(the ~~diluted~~most ~~EPS,~~directly ~~EBITDA,~~comparable ~~adjusted~~GAAP ~~EBITDA,~~measure) ~~and~~to ~~total~~adjusted ~~segment~~net ~~operating~~earnings ~~profit~~(a ~~are~~non-GAAP ~~not~~measure) ~~intended~~and todiluted ~~replace~~EPS or(the bemost andirectly ~~alternative~~comparable toGAAP ~~net~~measure) ~~earnings,~~to adjusted diluted EPS, ~~and~~(a ~~earnings~~non-GAAP ~~before~~measure) ~~income~~for ~~taxes,~~ the ~~most~~nine ~~directly~~months ~~comparable~~ended ~~amounts~~September 30, ~~reported~~2025 ~~under~~and ~~GAAP~~2024.


	Nine Months Ended September 30,
	2025				2024
	In millions		Per share		In millions		Per share
Average number of shares outstanding - diluted	484				497

Net earnings and reported EPS (diluted)	$	622	$	1.29	$	1,233	$	2.48
Adjustments: (1)
(Gain) on sale of assets and businesses (net of tax of $9 million in 2025)	(30)		(0.06)		(1)		—
Impairment, exit, restructuring charges, and settlement contingencies (net of tax of $103 million in 2025 and $6 million in 2024)	535		1.10		523		1.06
ADM's share of equity method investment penalty charge	163		0.34		—		—
Expenses related to acquisitions (net of tax of $1 million in 2024)	—		—		3		0.01
(Gain) on contract termination (net of tax of $17 million in 2025)	(52)		(0.11)		—		—
Certain discrete tax adjustments	—		—		30		0.06
Total adjustments	616		1.27		555		1.13
Adjusted net earnings and adjusted diluted EPS	$	1,238	$	2.56	$	1,788	$	3.61

	Six Months Ended June 30,
	2025				2024
	In millions		Per share		In millions		Per share
Average number of shares outstanding - diluted	484				503
Net earnings and reported EPS (diluted)	$	514	$	1.06	$	1,215	$	2.41
Adjustments: (1)
(Gain) on sale of assets and businesses (net of tax of $2 million in 2025)	(6)		(0.01)		—		—
Impairment, exit, restructuring charges, and settlement contingencies (net of tax of $43 million in 2025 and $2 million in 2024)	334		0.69		23		0.04
Expenses related to acquisitions (net of tax of $1 million in 2024)	—		—		3		0.01
(Gain) on contract termination (net of tax of $17 million in 2025)	(52)		(0.11)		—		—
Certain discrete tax adjustments	—		—		17		0.03
Total adjustments	276		0.57		43		0.08
Adjusted net earnings and adjusted diluted EPS	$	790	$	1.63	$	1,258	$	2.49

(1) Tax effected using the U.S. and other applicable tax rates.

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ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The table below provides a reconciliation of net earnings (the most directly comparable GAAP measure) to EBITDA (a non-GAAP measure) and adjusted EBITDA (a non-GAAP measure) for the ~~six~~nine months ended ~~June~~September 30, 2025 and 2024 (in millions).

Six Months Ended

Nine Months Ended

June 30,

September 30,

2025

2024

Net Earnings Attributable to Archer-Daniels-Midland Company

~~514~~622

1,~~215~~233

Net (losses) attributable to non-controlling interests

(53)

(15)

Income tax expense

~~123~~160

~~281~~370

Earnings Before Income Taxes

~~632~~779

1,~~481~~588

Interest expense (1)

~~232~~338

~~250~~375

Depreciation and amortization (2)

~~570~~865

~~566~~854

EBITDA

1,~~434~~982

2,~~297~~817

(Gain) on sales of assets and businesses

(839)

—(1)

Impairment, exit, restructuring charges and settlement contingencies

~~377~~638

25529

ADM's share of equity method investment penalty charge

163

—

(Gain) on contract termination

(69)

—

Expenses related to acquisitions

—

Railroad maintenance expenses

416

432

Adjusted EBITDA

12,~~738~~692

23,~~330~~381

(1) Represents interest expense on borrowings and therefore excludes ADM Investor Services related interest expense.

(2) Excludes $811 million of accelerated depreciation recorded within restructuring charges as a specified item for the ~~six~~nine months ended ~~June~~September 30, 2025.

The table below provides a reconciliation of earnings before income taxes (the most directly comparable GAAP measure) to total segment operating profit (a non-GAAP measure) for the ~~six~~nine months ended ~~June~~September 30, 2025 and 2024 (in millions).

	Six Months Ended
	Nine Months Ended
	June 30,
	September 30,
	2025		2024
Earnings Before Income Taxes	$	~~632~~779	$	1,~~481~~588
Other Business (earnings)	(~~190~~245)		(~~217~~200)
Corporate	~~939~~1,472		~~844~~1,254
Specified Items:
(Gain) on sale of assets and businesses	(839)		—(1)
Impairment, exit, restructuring charges and settlement contingencies	~~273~~361		13517
(Gain) on contract termination	(69)		—
Total Segment Operating Profit	$	1,577	$	2,121
ADM's share of equity method investment penalty charge	163		—
Total Segment Operating Profit	$	2,422	$	3,158

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ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Liquidity and Capital Resources

The Company’s objective is to have sufficient liquidity, balance sheet strength, and financial flexibility to fund the operating and capital requirements of a capital-intensive agricultural commodity-based business. The Company depends on access to credit markets, which can be impacted by its credit rating and factors outside of the Company’s control, to fund its working capital needs and capital expenditures.

The primary source of funds to finance the Company’s operations, capital expenditures, and advancement of its growth strategy is cash generated by operations and lines of credit, including a commercial paper borrowing facility and accounts receivable securitization programs. In addition, the Company believes it has access to funds from public and private equity and debt capital markets in both U.S. and international markets.

At ~~June~~September 30, 2025, the Company’s capital resources included shareholders’ equity of $22.45 billion and lines of credit, including the accounts receivable securitization programs described below, totaling $12.52 billion, of which $9.58 billion was unused. Of the Company’s total lines of credit, $5.1 billion supported the combined U.S. and European commercial paper borrowing programs. At ~~June~~September 30, 2025, there was $~~721~~190 million of commercial paper outstanding.

As of ~~June~~September 30, 2025, the Company had $1.12 billion of cash and cash equivalents, $~~421~~629 million of which was cash held by foreign subsidiaries whose undistributed earnings are considered indefinitely reinvested. Based on the Company’s historical ability to generate sufficient cash flows from its U.S. operations and unused and available U.S. credit capacity of $5.06 billion, the Company has asserted that these funds are indefinitely reinvested outside the U.S.

As of ~~June~~September 30, 2025, the Company had total available liquidity of $1011.5 0 billion comprised of cash and cash equivalents and unused lines of credit. The Company believes that cash flows from operations, cash and cash equivalents on hand, and unused lines of credit will be sufficient to meet its ongoing liquidity requirements for at least the next twelve months.

Operating Cash Flows

Cash provided by operating activities was $45.08 billion and $1.2.5 billion for the ~~six~~nine months ended ~~June~~September 30, 2025 and 2024, respectively.

The increase in cash provided by operating activities was primarily driven by changes in ~~net~~operating ~~working~~assets ~~capital~~and liabilities, partially offset by lower earnings for the ~~six~~nine months ended ~~June~~September 30, 2025. Changes in net working capital were driven by changes in segregated investments, payables to brokerage customers, inventory, trade ~~receivables~~payables, and other current assets.

Segregated investments decreased $~~1,261~~113 million in the current year period compared to an increase of $~~261~~257 million in the prior year period, driven by business conditions and change in mix of investment portfolio.

Brokerage payables increased $~~708~~1.8 ~~million~~billion in the current year period compared to a decrease of $~~390~~249 million in the prior year period, driven by changes in customer balances in the brokerage business due to changes in business conditions.

Inventories decreased $23.2 billion in the current year period compared to a decrease of $1.42 billion in the prior year period, ~~reflecting~~largely ~~improved~~driven ~~management~~by ofthe ~~volumes~~Company’s ~~and~~sharpening ~~current~~of ~~period~~its ~~commodity~~inventory ~~prices.~~management practices.

Trade ~~receivables~~payables decreased by $~~197~~637 million in the current year period compared to ana ~~increase~~decrease of $~~180~~1.4 ~~million~~billion in the prior year period, primarily driven by ~~activity~~changing ~~related~~market toconditions ~~the Company’s securitization program~~ and improved ~~collections.~~payment terms.

Other current assets increased by $41190 million in the current year period compared to a decrease of $~~628~~745 million in the prior year period, primarily driven by changes in ADM Investor Services customer related receivables and the valuation of derivative contracts.

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ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Investing Cash Flows

Net cash used in investing activities was $~~391~~644 million and $12.60 billion for the ~~six~~nine months ended ~~June~~September 30, 2025 and 2024, respectively.

Net cash used in investing activities for the ~~six~~nine months ended ~~June~~September 30, 2025 included additions to property, plant, and equipment of $~~596~~892 million and a business ~~acquisition~~acquisitions, net of cash acquired, of $95108 million, partially offset by proceeds from sales of marketable securities of $~~267~~276 million and proceeds from the sale of assets of $78 million.

Net cash used in investing activities for the ~~six~~nine months ended ~~June~~September 30, 2024 included business acquisitions, net of cash acquired, of $936 million and additions to property, plant, and equipment of $~~690~~1.1 ~~million~~billion.

Financing Cash Flows

Net cash used in in financing activities was $13.62 billion and $~~661~~1.5 ~~million~~billion for the ~~six~~nine months ended ~~June~~September 30, 2025 and 2024, respectively.

In the three and nine months ended September 30, 2025, the Company repaid in full €650 million of 1.000% notes, previously included within Current maturities of long-term debt. Net cash used in financing activities for the ~~six~~nine months ended ~~June~~September 30, 2025 and ~~June~~September 30, 2024 also included net (repayments) borrowings under short-term credit agreements of $(1.17) billion and $21.26 billion, respectively.

No share repurchases were made in the ~~six~~nine months ended ~~June~~September 30, 2025. Share repurchases for the ~~six~~nine months ended ~~June~~September 30, 2024 were $2.3 billion.

Dividends paid for the ~~six~~nine months ended ~~June~~September 30, 2025 and 2024 were $~~495~~743 million and $~~503~~744 million, respectively.

Stock Repurchase Program

On March 12, 2024, the Company entered into an accelerated share repurchase (“ASR”) transaction agreement with Merrill Lynch International, an affiliate of BofA Securities, Inc., to repurchase $1.0 billion of ADM common stock as part of ADM’s existing share repurchase program.

On March 28, 2024, the Company received an interim delivery of 8,880,986 shares at an average share price of $60.596, or $538 million in aggregate. On April 15, 2024, the Company received a final delivery of 7,325,733 shares at an average share price of $63.045, or $462 million in aggregate, as final settlement of the ASR transaction.

On December 11, 2024, the Company's Board of Directors approved a second extension of the stock repurchase program through December 31, 2029 and the repurchase of up to an additional 100 million shares under the extended program.

As of ~~June~~September 30, 2025, the Company had 115 million remaining shares under its share repurchase program until December 31, 2029.

Accounts Receivable Securitization ~~Program~~Programs

The Company has accounts receivable securitization programs (the “Programs”) with certain commercial paper conduit purchasers and committed purchasers. The Programs provide the Company with up to $3.0 billion in funding against accounts receivable transferred into the Programs and expands the Company’s access to liquidity through efficient use of its balance sheet assets (see Note 15. Sale of Accounts Receivable within “Notes to Consolidated Financial Statements” included in Item 1. ~~herein, “~~Consolidated Financial Statements” for further information). As of ~~June~~September 30, 2025, the Company had $~~780~~866 million unused capacity of its facility under the Programs.

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ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Contractual Obligations and Commercial Commitments

The Company’s purchase obligations as of ~~June~~September 30, 2025 and December 31, 2024 were $13.2 billion and $12.4 billion, respectively. As of ~~June~~September 30, 2025, the Company expects to make payments related to purchase obligations of $910.86 billion within the next twelve months. There were no other material changes in the Company’s contractual obligations during the three months ended ~~June~~September 30, 2025.

Critical Accounting Estimates

There were no material changes in the Company’s critical accounting estimates during the three months ended ~~June~~September 30, 2025. For a description of the Company’s critical accounting estimates and assumptions used in the preparation of the Company’s financial statements, see Part II. Item 7 and Note 1 of “Notes to Consolidated Financial Statements” included in Part II. Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The market risk inherent in the Company’s market risk sensitive instruments and positions is the potential loss arising from adverse changes in: commodity market prices as they relate to the Company’s net commodity position, foreign currency exchange rates, equity price and interest rates.

For detailed information regarding the Company’s market risk sensitive instruments and positions, see Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

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ARCHER-DANIELS-MIDLAND COMPANY

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

As of ~~June~~September 30, 2025, an evaluation was performed under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s “disclosure controls and procedures” (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)). Based on that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded the Company’s disclosure controls and procedures were effective as of ~~June~~September 30, 2025.

Internal Control Over Financial Reporting

As disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, during the fourth quarter of 2023, in connection with the Company’s investigation relating to intersegment sales, the Company identified a material weakness in its internal control over financial reporting related to the Company’s accounting practices and procedures for segment disclosures. The material weakness resulted from inadequate controls that allowed for certain intersegment sales to be reported at amounts that were not in accordance with ASC 606, Revenue from Contracts with Customers. Specifically, the Company did not have adequate controls in place around measurement of certain intersegment sales between the Company’s reporting segments. In addition, appropriate controls were not in place for the reporting of intersegment sales and for the application of disclosure requirements within ASC 280, Segment Reporting. The absence of adequate controls with respect to the reporting of intersegment sales impacted the completeness and accuracy of the Company’s segment disclosures and review controls over projected financial information utilized in goodwill and other long-lived asset impairment tests.

Remediation of Previously Disclosed Material Weakness in Internal Control over Financial Reporting

In response to the material weakness referred to above, under the oversight of the Audit Committee of the Company's Board of Directors, the Company implemented changes to its internal control over financial reporting, related to the Company’s accounting practices and procedures for intersegment sales and to enhance the reliability of its financial statements with respect to the pricing and reporting of such sales. Specifically, the Company has (i) enhanced the Company’s procedures and accounting policies with respect to the measurement of intersegment sales and (ii) improved its documentation of the Company’s pricing guidelines for intersegment sales. In addition, the design and documentation of the execution of pricing and measurement controls for segment disclosure purposes and projected financial information used in impairment analyses have been enhanced. Further, training for relevant personnel on the measurement of intersegment sales and application of relevant accounting guidance to intersegment sales and segment disclosures has been provided and continues to be an integral part of the Company’s on-going annual training program.

AsBased ~~of the date of this filing, based~~ on evidence validating the operational effectiveness of the Company’s new implemented controls, as previously disclosed, the Company ~~has~~ concluded that the previously disclosed material weakness ~~has~~was ~~been~~ fully remediated as of June 30, 2025. Management will continue testing of these controls through the end of the fiscal year, at which time the internal controls will be evaluated by Management and Ernst & Young LLP in connection with the Company’s report on, and audit of, the internal control over financial reporting.

Changes in Internal Control Over Financial Reporting

The Company is undertaking upgrades to its IT platforms ~~and, in particular, certain of its enterprise resource planning (ERP) systems~~ on a worldwide basis~~, which are expected to occur in phases over the next several years~~. The Company did not have any material changes to its IT platforms during the three months ended ~~June~~September 30, 2025.

~~Except~~There ~~for the changes described under "Remediation of Previously Disclosed Material Weakness in Internal Control over Financial Reporting", there~~ have been no changes in internal control over financial reporting during the three months ended ~~June~~September 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

During the ~~six~~nine months ended ~~June~~September 30, 2025, the Company completed the acquisition of Vandamme Hugaria Kft. As a result of the acquisition, the Company is in the process of reviewing the internal control structures of the business and, if necessary, will make appropriate changes as the Company incorporates its controls and procedures into the acquired business.

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ARCHER-DANIELS-MIDLAND COMPANY

PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

For information regarding certain legal proceedings involving the Company, see Part I. Item 1. Note 17. Legal Proceedings of “Notes to Consolidated Financial Statements”, which is incorporated herein by reference.

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

The following table provides information about purchases by the Company during the three months ended ~~June~~September 30, 2025 of equity securities that are registered by the Company pursuant to Section 12 of the Exchange Act. Under the Company’s current stock repurchase program, subject to applicable law, share repurchases may be made from time to time in open market transactions or privately negotiated transactions.

Period	Total Number of Shares Purchased(1)	Average Price Paid per Share		Total Number of Shares Purchased as Part of a Publicly Announced Program(2)	Number of Shares Remaining to be Purchased Under the Program(2)
April 1, 2025 to April 30, 2025	3,047	$	44.53	—	114,764,049
July 1, 2025 to July 31, 2025	9,657	$	54.89	—	114,764,049
May 1, 2025 to May 31, 2025	935	48.51		—	114,764,049
August 1, 2025 to August 31, 2025	27,353	54.43		—	114,764,049
June 1, 2025 to June 30, 2025	478	48.10		—	114,764,049
September 1, 2025 to September 30, 2025	11,091	61.94		—	114,764,049
Total	448,~~460~~101	$	4556.7525		114,764,049

(1)Total shares purchased represent shares received as payments for the withholding taxes on vested restricted stock awards.

(2)On November 5, 2014, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to 100,000,000 shares of the Company’s common stock during the period commencing January 1, 2015 and ending December 31, 2019. On August 7, 2019, the Company’s Board of Directors approved the extension of the stock repurchase program through December 31, 2024 and the repurchase of up to an additional 100,000,000 shares under the extended program. On December 11, 2024, the Company's Board of Directors approved a second extension of the stock repurchase program through December 31, 2029 and the repurchase of up to an additional 100,000,000 shares under the extended program.

ITEM 5. 59OTHER INFORMATION

Insider Trading Arrangements

None of the Company’s directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, modified or terminated any contract, instruction, or written plan for the purchase or sale of ADM’s securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act or any non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the three months ended September 30, 2025.

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ARCHER-DANIELS-MIDLAND COMPANY

PART II — OTHER INFORMATION

ITEM 5. OTHER INFORMATION

Insider Trading Arrangements

Disclosure Under Iran Threat Reduction and Syria Human Rights Act of 2012

In fiscal 2025, ADM International Sarl (“ADMI”), a wholly-owned subsidiary of the Company, engaged CCIC Singapore PTE. Ltd. (“CCIC Singapore”) to provide inspection and fumigation-related services for certain agricultural commodities delivered to China between March 2025 and May 2025.

On May 13, 2025, the U.S. Department of Treasury Office of Foreign Assets Control (“OFAC”) designated CCIC Singapore as a Specially Designated Global Terrorist organization. At the time of OFAC’s designation, ADMI had invoices payable to CCIC Singapore for the aforementioned services provided, aggregating to $38,971. No payments have been made by the Company to CCIC Singapore since the OFAC’s designation, and the Company does not intend to continue its engagement with CCIC Singapore.

ITEM 6. EXHIBITS

Exhibit No.

Description

SEC Document Reference

(3.1)

Composite Certificate of Incorporation, as amended.

Incorporated by reference to Exhibit 3(i) to the Company’s Quarterly Report on Form 10-Q filed on November 13, 2001.

(3.2)

Bylaws, as amended through November 2, 2022.

Incorporated by reference to Exhibit 3(ii) to the Company’s Annual Report on Form 10-K filed on February 14, 2023).

(31.1)

Certification of Principal Executive Officer pursuant to Rule 13a–14(a) and Rule 15d–14(a) of the Securities Exchange Act of 1934, as amended.

Filed herewith.

(31.2)

Certification of Principal Financial Officer pursuant to Rule 13a–14(a) and Rule 15d–14(a) of the Securities Exchange Act of 1934, as amended.

Filed herewith.

(32.1)

Certification of Principal Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Furnished herewith.

(32.2)

Certification of Principal Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Furnished herewith.

(101)

Inline XBRL file set for the Consolidated Financial Statements and accompanying notes in Part I, Item 1, “Financial Statements” and for the information under Part II, Item 5, “Other Information” of this Quarterly Report on Form 10-Q.

Filed herewith.

(104)

Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL file set.

Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		ARCHER-DANIELS-MIDLAND COMPANY
		(Registrant)
Dated:	~~August~~November 54, 2025	/s/ M. Patolawala
		M. Patolawala
		Chief Financial Officer
		(Principal Financial Officer and Duly Authorized Officer)

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Filing Compare · Archer-Daniels-Midland Co