v3.26.3
Segment Information
 9 Months Ended
Sep. 30, 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, 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 in transportation fuel and industrial applications, and the associated production process also generates corn oil, distillers’ grains and other co-products for food, feed, and industrial markets. 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 C.V., 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, which provides captive insurance services to the Company's reportable segments. 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 and Nine Months Ended September 30, 2026 and 2025

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

Three Months Ended September 30, 2026
Ag Services
and Oilseeds		Carbohydrate
Solutions		NutritionTotal
Revenue from external customers$17,445 $2,938 $1,837 $22,220 
Other Business115 
Total consolidated revenue$22,335 
Less:
Cost of materials15,595 1,712 1,098 
Manufacturing costs967 700 327 
Selling, general, and administrative expenses236 88 291 
Other segment items (1)
(131)(32)(13)
Segment operating profit$778 $470 $134 $1,382 
Reconciliation of segment operating profit
Other Business121 
Corporate(470)
Specified items:
Impairment, exit, restructuring charges, and settlement contingencies(36)
Earnings Before Income Taxes$997 

(1) Other segment items for each reportable segment include Equity in the earnings of affiliates, interest and investment income/expense, and other income/expense, as applicable.
Nine Months Ended September 30, 2026
Ag Services
and Oilseeds		Carbohydrate
Solutions		NutritionTotal
Revenue from external customers$51,362 $8,254 $5,544 $65,160 
Other Business346 
Total consolidated revenue$65,506 
Less:
Cost of materials46,388 4,764 3,267 
Manufacturing costs2,801 2,082 983 
Selling, general, and administrative expenses674 275 882 
Other segment items (1)
(419)(103)(29)
Segment operating profit$1,918 $1,236 $441 $3,595 
Reconciliation of segment operating profit
Other Business255 
Corporate(1,353)
Specified items:
Gains on sales of assets and businesses83 
Impairment, exit, restructuring charges, and settlement contingencies(56)
ADM's share of equity method investment non-recurring (charges)(55)
Earnings Before Income Taxes$2,469 

(1) Other segment items for each reportable segment include Equity in the earnings of affiliates, interest and investment income/expense, and other income/expense, as applicable.
Three Months Ended September 30, 2025
Ag Services
and Oilseeds		Carbohydrate
Solutions		NutritionTotal
Revenue from external customers$15,613 $2,734 $1,916 $20,263 
Other Business109 
Total consolidated revenue$20,372 
Less:
Cost of materials14,238 1,700 1,181 
Manufacturing costs879 652 332 
Selling, general, and administrative expenses216 80 277 
Other segment items (1)
(99)(34)(4)
Segment operating profit$379 $336 $130 $845 
Reconciliation of segment operating profit
Other Business55 
Corporate (2)
(532)
Specified items:
Gains on sales of assets and businesses31 
Impairment, exit, restructuring charges, and settlement contingencies(89)
ADM's share of equity method investment penalty charge (3)
(163)
Earnings Before Income Taxes$147 

(1) Other segment items for each reportable segment include Equity in the earnings of affiliates, interest and investment income/expense, and other income/expense, as applicable.

(2) Includes a $173 million impairment charge related to previously capitalized internal-use software, presented as a specified item.

(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.
Nine Months Ended September 30, 2025
Ag Services
and Oilseeds		Carbohydrate
Solutions		NutritionTotal
Revenue from external customers$47,557 $8,096 $5,726 $61,379 
Other Business334 
Total consolidated revenue$61,713 
Less:
Cost of materials43,518 5,046 3,535 
Manufacturing costs2,626 1,977 977 
Selling, general, and administrative expenses631 245 839 
Other segment items (1)
(388)(84)35 
Segment operating profit$1,170 $912 $340 $2,422 
Reconciliation of segment operating profit
Other Business245 
Corporate (2)
(1,472)
Specified items:
Gains on sales of assets and businesses39 
Impairment, exit, restructuring charges, and settlement contingencies(361)
Gain on contract termination69 
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 Equity in the earnings of affiliates, interest and investment income/expense, and other income/expense, as applicable.

(2) Includes a $173 million impairment charge related to previously capitalized internal-use software, presented as a specified item.

(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.
(In millions)Three Months Ended September 30,Nine Months Ended
September 30,
2026202520262025
Intersegment sales
Ag Services and Oilseeds$480 $418 $1,390 $1,345 
Carbohydrate Solutions233 223 625 629 
Nutrition14 16 41 48 
Total intersegment sales$727 $657 $2,056 $2,022 
Depreciation expense
Ag Services and Oilseeds$101 $105 $305 $308 
Carbohydrate Solutions80 75 235 225 
Nutrition44 42 127 117 
Total segment depreciation expense
225 222 667 650 
Other Business
2 2 8 7 
Corporate11 10 30 29 
Total depreciation expense
$238 $234 $705 $686 
Amortization expense
Ag Services and Oilseeds$3 $3 $9 $9 
Carbohydrate Solutions1 1 4 4 
Nutrition38 39 114 117 
Total segment amortization expense
42 43 127 130 
Corporate16 18 49 58 
Total amortization expense
$58 $61 $176 $188 
Interest and investment income (expense)
Ag Services and Oilseeds$11 $10 $45 $40 
Carbohydrate Solutions— — 1 — 
Nutrition— — — (88)
Total segment interest and investment income (expense)11 10 46 (48)
Other Business
91 109 284 306 
Corporate(3)2 10 (69)
Total interest and investment income (expense)$99 $121 $340 $189 
Equity in earnings (loss) of unconsolidated affiliates
Ag Services and Oilseeds
$116 $(77)$267 $142 
Carbohydrate Solutions29 27 94 77 
Nutrition11 9 24 21 
Total segment equity in earnings of unconsolidated affiliates156 (41)385 240 
Corporate1 — 3 (3)
Total equity in earnings (loss) of unconsolidated affiliates$157 $(41)$388 $237