Segment Information (Tables)

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


	Three Months Ended March 31, 2026
	Ag Services and Oilseeds		Carbohydrate Solutions		Nutrition		Total
Revenue from external customers	$	16,001	$	2,559	$	1,805	$	20,365
Other Business							125
Total consolidated revenue							$	20,490

Less:
Cost of materials	14,765		1,461		1,054
Manufacturing costs	894		692		330
Selling, general, and administrative expenses	210		91		292
Other segment items (1)	(141)		(41)		(6)
Segment operating profit	$	273	$	356	$	135	$	764

Reconciliation of segment operating profit
Other Business							53
Corporate							(423)
Specified items:
Gains on sales of assets and businesses							62
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		Nutrition		Total
Revenue from external customers	$	15,675	$	2,571	$	1,817	$	20,063
Other Business							112
Total consolidated revenue							$	20,175

Less:
Cost of materials	14,339		1,602		1,139
Manufacturing costs	881		677		319
Selling, general, and administrative expenses	193		82		278
Other segment items (1)	(150)		(30)		(14)
Segment operating profit	$	412	$	240	$	95	$	747

Reconciliation of segment operating profit
Other Business							96
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,
	2026		2025
Intersegment sales
Ag Services and Oilseeds	$	422	$	421
Carbohydrate Solutions	198		199
Nutrition	15		19
Total intersegment sales	$	635	$	639

Depreciation expense
Ag Services and Oilseeds	$	102	$	100
Carbohydrate Solutions	79		75
Nutrition	42		37
Total segment depreciation expense	223		212
Other Business	2		2
Corporate	9		10
Total depreciation expense	$	234	$	224

Amortization expense
Ag Services and Oilseeds	$	3	$	3
Carbohydrate Solutions	1		1
Nutrition	39		39
Total segment amortization expense	43		43

Corporate	16		20
Total amortization expense	$	59	$	63








Interest and investment income
Ag Services and Oilseeds	$	24	$	21
Carbohydrate Solutions	1		—

Total segment interest and investment income	25		21
Other Business	94		97
Corporate	6		20
Total interest and investment income	$	125	$	138



Equity in (losses) earnings of unconsolidated affiliates
Ag Services and Oilseeds	$	49	$	110
Carbohydrate Solutions	34		29
Nutrition	4		7
Total segment equity in (losses) earnings of unconsolidated affiliates	87		146

Corporate	2		(2)
Total equity in (losses) earnings of unconsolidated affiliates	$	89	$	144