v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information 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. Segment operating profit is based on net sales less identifiable operating expenses. Also included in segment operating profit is equity in (loss) 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, as well as the crushing and processing of oilseeds, including soybeans and soft seeds such as cottonseed, sunflower seed, canola, rapeseed, and flaxseed. The segment produces and markets vegetable oils and oilseed protein meals used by food, feed, energy, and industrial customers. Crude and partially refined vegetable oils are sold to third parties, including renewable diesel manufacturers, or further processed into salad oils, margarine, shortening, biodiesel, glycols, and other food and industrial products. Oilseed protein meals are primarily sold as ingredients for commercial livestock and poultry feeds. The segment is also a major supplier of peanuts and peanut‑derived ingredients and manufactures cotton cellulose pulp in North America for chemical, paper, and other industrial markets. In addition, its integrated grain sourcing, handling, and multimodal transportation network supports global import, export, and distribution activities and provides essential services to customers and the Company’s processing operations. The Company also 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 B.V., Olenex Holdings B.V., Edible Oils Limited, Stratas Foods LLC, Terminal de Grãos Ponta da Montanha S.A., Gradable, LLC, Two Rivers Premium Oils, LLC, and Plainsman Company LLC.

The Carbohydrate Solutions segment engages in corn and wheat wet and dry milling and related processing activities. The segment converts corn and wheat into products and ingredients used in food and beverage applications, including sweeteners, starches, syrups, glucose, wheat flour, and dextrose. Dextrose and starches are also utilized as feedstocks in downstream processes, including fermentation to produce alcohol and other food and animal feed ingredients. Ethanol is produced for use as an octane enhancer and oxygenate in gasoline. In addition, the segment produces distillers’ grains, corn gluten feed, and corn gluten meal for use as animal feed ingredients. Corn germ, a by‑product of wet milling, is further processed into vegetable oil and protein meal, and citric acids are produced for food and industrial applications. The Carbohydrate Solutions segment also advances carbon capture and storage and other emissions‑reduction initiatives, positioning the business to support lower‑carbon operations and the growing use of plant‑based alternatives to fossil‑derived materials. This segment also includes the Company’s share of the results of its equity investments in Hungrana Kft, Almidones Mexicanos, S.A. de CV, Aston Krahmalo-Produkty, LLC, Red Star Yeast Company, LLC, and LSCP, LLC.

The Nutrition segment serves various end markets including food, beverages, and nutritional supplements for humans, and complete feed, feed premix and additives, pet food 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, flavors and colors derived from nature, flavor systems, 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 Akralos Holding Company LLC, Vimison, S.A. de C.V., Dusial S.A., Vitafort Zrt., Novial SAS, and ADM / Matsutani LLC.

Other Business results include the results of ADM Investor Services and the Company’s captive insurance business. Corporate results principally include unallocated corporate expenses, interest, and revaluation results for investments in early-stage start-up companies.

Intersegment sales have been recorded using principles consistent with ASC 606, Revenue from Contracts with Customers.
Segment Information for the Three Months ended March 31, 2026 and 2025

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

Three Months Ended March 31, 2026
Ag Services
and Oilseeds		Carbohydrate
Solutions		NutritionTotal
Revenue from external customers$16,001 $2,559 $1,805 $20,365 
Other Business125 
Total consolidated revenue$20,490 
Less:
Cost of materials14,765 1,461 1,054 
Manufacturing costs894 692 330 
Selling, general, and administrative expenses210 91 292 
Other segment items (1)
(141)(41)(6)
Segment operating profit$273 $356 $135 $764 
Reconciliation of segment operating profit
Other Business53 
Corporate(423)
Specified items:
Gains on sales of assets and businesses62 
Impairment, exit, restructuring charges, and settlement contingencies(17)
ADM's share of equity method investment non-recurring (charges)
(55)
Earnings Before Income Taxes$384 

(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.
Three Months Ended March 31, 2025
Ag Services
and Oilseeds		Carbohydrate
Solutions		NutritionTotal
Revenue from external customers$15,675 $2,571 $1,817 $20,063 
Other Business112 
Total consolidated revenue$20,175 
Less:
Cost of materials14,339 1,602 1,139 
Manufacturing costs881 677 319 
Selling, general, and administrative expenses193 82 278 
Other segment items (1)
(150)(30)(14)
Segment operating profit$412 $240 $95 $747 
Reconciliation of segment operating profit
Other Business96 
Corporate(441)
Specified items:
Impairment, exit, restructuring charges, and settlement contingencies(49)
Earnings Before Income Taxes$353 

(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.
(In millions)Three Months Ended March 31,
 20262025
Intersegment sales
Ag Services and Oilseeds$422 $421 
Carbohydrate Solutions198 199 
Nutrition15 19 
Total intersegment sales$635 $639 
Depreciation expense
Ag Services and Oilseeds$102 $100 
Carbohydrate Solutions79 75 
Nutrition42 37 
Total segment depreciation expense
223 212 
Other Business
2 2 
Corporate9 10 
Total depreciation expense
$234 $224 
Amortization expense
Ag Services and Oilseeds$3 $3 
Carbohydrate Solutions1 1 
Nutrition39 39 
Total segment amortization expense
43 43 
Corporate16 20 
Total amortization expense
$59 $63 
Interest and investment income
Ag Services and Oilseeds$24 $21 
Carbohydrate Solutions1 — 
Total segment interest and investment income
25 21 
Other Business
94 97 
Corporate6 20 
Total interest and investment income
$125 $138 
Equity in (losses) earnings of unconsolidated affiliates
Ag Services and Oilseeds
$49 $110 
Carbohydrate Solutions34 29 
Nutrition4 7 
Total segment equity in (losses) earnings of unconsolidated affiliates
87 146 
Corporate2 (2)
Total equity in (losses) earnings of unconsolidated affiliates
$89 $144