Archer-Daniels-Midland (ADM) financial statements
Archer-Daniels-Midland reported revenue of $80.3B in fiscal 2025, up 2.8% a year over 9 years.
Net income was $1.1B.
Free cash flow was $4.2B, and the company returned $987M in dividends.
The diluted share count fell 18% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Archer-Daniels-Midland's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $62.3B | $60.8B | $64.3B | $64.7B | $64.4B | $85.2B | $101.6B | $93.9B | $85.5B | $80.3B |
| Cost of revenue | $58.7B | $57.3B | $60.2B | $60.5B | $59.9B | $79.3B | $94.0B | $86.4B | $79.8B | $75.2B |
| Gross profit | $3.6B | $3.5B | $4.2B | $4.1B | $4.5B | $6.0B | $7.6B | $7.5B | $5.8B | $5.0B |
| Research and development | $123M | $129M | $141M | $154M | $160M | $171M | $216M | $256M | $269M | $246M |
| Selling, general and admin | $2.0B | $2.0B | $2.2B | $2.5B | $2.7B | $3.0B | $3.4B | $3.5B | $3.7B | $3.6B |
| Interest expense | $293M | $330M | $364M | $402M | $339M | $265M | $396M | $647M | $706M | $612M |
| Pre-tax income | $1.8B | $1.6B | $2.1B | $1.6B | $1.9B | $3.3B | $5.2B | $4.3B | $2.3B | $1.3B |
| Income tax | $534M | $7M | $245M | $209M | $101M | $578M | $868M | $828M | $476M | $182M |
| Net income | $1.3B | $1.6B | $1.8B | $1.4B | $1.8B | $2.7B | $4.3B | $3.5B | $1.8B | $1.1B |
| EPS (diluted) | $2.16 | $2.79 | $3.19 | $2.44 | $3.15 | $4.79 | $7.71 | $6.43 | $3.65 | $2.23 |
| Diluted shares | 591M | 572M | 567M | 565M | 565M | 566M | 563M | 542M | 493M | 484M |
| Gross margin | 5.8% | 5.8% | 6.5% | 6.4% | 6.9% | 7.0% | 7.5% | 8.0% | 6.8% | 6.3% |
| Net margin | 2.1% | 2.6% | 2.8% | 2.1% | 2.8% | 3.2% | 4.3% | 3.7% | 2.1% | 1.3% |
Balance sheet
Fiscal years, from Archer-Daniels-Midland's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $915M | $804M | $2.0B | $852M | $666M | $943M | $1.0B | $1.4B | $611M | $1.0B |
| Receivables | $1.9B | $1.9B | $2.2B | $2.3B | $2.8B | $3.3B | $4.9B | $4.2B | $3.7B | $3.0B |
| Inventory | $8.8B | $9.2B | $8.8B | $9.2B | $11.7B | $14.5B | $14.8B | $12.0B | $11.6B | $10.4B |
| Total current assets | $21.0B | $19.9B | $20.6B | $21.3B | $27.3B | $31.9B | $35.4B | $29.8B | $27.7B | $26.7B |
| Property, plant and equipment | $9.8B | $10.1B | $10.0B | $10.1B | $9.8B | $9.8B | $9.9B | $10.5B | $10.8B | $11.2B |
| Goodwill | $2.2B | $2.4B | $2.5B | $3.4B | $3.5B | $4.2B | $4.2B | $4.1B | $4.5B | $4.8B |
| Total assets | $39.8B | $40.0B | $40.8B | $44.0B | $49.7B | $56.1B | $59.8B | $54.6B | $53.3B | $52.4B |
| Total current liabilities | $13.2B | $12.6B | $11.8B | $13.7B | $18.2B | $21.9B | $24.2B | $18.7B | $19.9B | $19.5B |
| Long-term debt | $6.5B | $6.6B | $7.7B | $7.7B | $7.9B | $8.0B | $7.7B | $8.3B | $7.6B | $6.6B |
| Total liabilities | $22.6B | $21.6B | $21.8B | $24.8B | $29.7B | $33.6B | $35.5B | $30.5B | $31.1B | $29.6B |
| Shareholders' equity | $17.2B | $18.3B | $19.0B | $19.2B | $20.0B | $22.5B | $24.3B | $24.1B | $22.2B | $22.7B |
| Net debt | $6.2B | $5.8B | $6.3B | $6.8B | $7.2B | $7.6B | $7.6B | $6.9B | $7.6B | $6.6B |
Cash flow
Fiscal years, from Archer-Daniels-Midland's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$6.5B | -$6.0B | -$4.8B | -$5.5B | -$2.4B | $6.6B | $3.5B | $4.5B | $2.8B | $5.5B |
| Capital spending | $882M | $1.0B | $842M | $828M | $823M | $1.2B | $1.3B | $1.5B | $1.6B | $1.2B |
| Free cash flow | -$7.4B | -$7.0B | -$5.6B | -$6.3B | -$3.2B | $5.4B | $2.2B | $3.0B | $1.2B | $4.2B |
| Stock-based compensation | $74M | $66M | $109M | $89M | $151M | $161M | $147M | $112M | $74M | $83M |
| Dividends paid | $701M | $730M | $758M | $789M | $809M | $834M | $899M | $977M | $985M | $987M |
| Share buybacks (net) | -$1.0B | -$750M | -$77M | -$150M | -$133M | $0 | -$1.4B | -$2.7B | -$2.3B | $0 |
| Net borrowing | $47M | -$150M | -$773M | $293M | $492M | -$290M | -$158M | -$852M | $1.8B | -$1.9B |
| Free cash flow margin | -11.9% | -11.5% | -8.7% | -9.7% | -5.0% | 6.4% | 2.1% | 3.2% | 1.4% | 5.2% |
| Dividends per share | $1.19 | $1.28 | $1.34 | $1.40 | $1.43 | $1.47 | $1.60 | $1.80 | $2.00 | $2.04 |
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Open ADM in InvestinglyQuestions
What was Archer-Daniels-Midland's revenue in 2025?
$80.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Archer-Daniels-Midland generate?
$4.2B in fiscal 2025 (operating cash flow minus capital spending).
From Archer-Daniels-Midland's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.