Detailed financial statements for Archer-Daniels-Midland Company (ADM): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Archer-Daniels-Midland Company (ADM) stands as a major global enterprise in the agricultural sector, focused on the sourcing, transportation, storage, processing, and distribution of a wide array of agricultural commodities, finished goods, and essential ingredients.
Analysis Summary
Archer-Daniels-Midland Company reported revenue of $80.27B in the most recent fiscal year, growing at a 5-year CAGR of 4.5%. Net income reached $1.08B, with a -9.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 6.9%, operating margin 2.5%, net margin 2.2%.
At $76.91 (closing price, October 30, 2026), ADM trades at a P/E of 21.07 and an ROE of 7.73%. Market capitalisation stands at $37.1B, placing it among large-cap names.
Balance sheet quality for ADM: debt-to-equity ratio of 0.40, current ratio of 1.39 over the last 12 months, net debt of $8.71B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $4.20B represents 390% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $62.35B | $60.83B | $64.34B | $64.66B | $64.36B | $85.25B | $101.56B | $93.94B | $85.53B | $80.27B |
| Cost of Revenue | $58.73B | $57.31B | $60.16B | $60.51B | $59.90B | $79.26B | $93.99B | $86.42B | $79.75B | $75.24B |
| Gross Profit | $3.62B | $3.52B | $4.18B | $4.15B | $4.45B | $5.99B | $7.57B | $7.51B | $5.78B | $5.03B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.98B | $1.98B | $2.17B | $2.49B | $2.69B | $2.99B | $3.36B | $3.46B | $3.71B | $3.61B |
| Operating Expenses | $1.98B | $1.98B | $2.17B | $2.49B | $2.69B | $2.99B | $3.36B | $3.46B | $3.71B | $3.61B |
| Operating Income | $1.64B | $1.54B | $2.02B | $1.65B | $1.77B | $2.99B | $4.21B | $4.06B | $2.07B | $1.42B |
| EBITDA | $3.02B | $2.86B | $3.37B | $2.98B | $3.20B | $4.57B | $6.66B | $6.00B | $4.10B | $3.05B |
| Interest Expense | $291.0M | $331.0M | $365.0M | $403.0M | $320.0M | $284.0M | $405.0M | $653.0M | $706.0M | $612.0M |
| Pre-tax Income | $1.82B | $1.61B | $2.06B | $1.59B | $1.88B | $3.31B | $5.23B | $4.29B | $2.25B | $1.25B |
| Income Tax | $534.0M | $7.0M | $245.0M | $209.0M | $101.0M | $578.0M | $868.0M | $828.0M | $476.0M | $182.0M |
| Net Income | $1.28B | $1.59B | $1.81B | $1.38B | $1.77B | $2.71B | $4.34B | $3.48B | $1.80B | $1.08B |
| EPS | $2.18 | $2.80 | $3.21 | $2.45 | $3.16 | $4.80 | $7.72 | $6.44 | $3.66 | $2.23 |
| EPS (Diluted) | $2.16 | $2.79 | $3.19 | $2.44 | $3.15 | $4.79 | $7.71 | $6.43 | $3.65 | $2.23 |
| Shares Outstanding (Diluted) | 591.0 M | 572.0 M | 567.0 M | 565.0 M | 563.0 M | 566.0 M | 563.0 M | 542.0 M | 493.0 M | 484.0 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $20.37B | $18.56B | $20.49B | $22.68B |
| Gross Profit | $1.27B | $1.21B | $1.22B | $1.94B |
| Operating Income | $397.0M | $320.0M | $408.0M | $896.0M |
| EBITDA | $564.0M | $925.0M | $826.0M | $1.53B |
| Net Income | $108.0M | $456.0M | $298.0M | $908.0M |
| EPS | $0.22 | $0.94 | $0.62 | $1.87 |
| EPS (Diluted) | $0.22 | $0.94 | $0.62 | $1.87 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $619.0M | $804.0M | $2.00B | $852.0M | $666.0M | $943.0M | $1.04B | $1.37B | $611.0M | $1.01B |
| Short-term Investments | $296.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $246.0M | $32.0M |
| Receivables | $4.41B | $3.76B | $3.84B | $5.21B | $4.98B | $5.77B | $7.57B | $6.50B | $5.95B | $4.81B |
| Inventory | $8.83B | $9.17B | $8.81B | $9.17B | $11.71B | $14.48B | $14.77B | $11.96B | $11.57B | $10.37B |
| Total Current Assets | $21.05B | $19.93B | $20.59B | $21.35B | $27.29B | $31.91B | $35.41B | $29.77B | $27.72B | $26.66B |
| Property, Plant & Equipment | $9.76B | $10.14B | $9.95B | $11.08B | $10.88B | $10.83B | $11.02B | $11.72B | $12.20B | $12.50B |
| Goodwill | $2.25B | $2.37B | $2.50B | $3.38B | $3.45B | $4.18B | $4.16B | $4.10B | $4.51B | $4.77B |
| Intangible Assets | $1.46B | $1.54B | $1.54B | $2.09B | $2.13B | $2.56B | $2.38B | $2.24B | $2.26B | $1.98B |
| Total Assets | $39.77B | $39.96B | $40.83B | $44.00B | $49.72B | $56.14B | $59.77B | $54.63B | $53.27B | $52.39B |
| Accounts Payable | $3.61B | $3.89B | $3.54B | $3.75B | $4.47B | $6.39B | $7.80B | $6.31B | $5.54B | $5.20B |
| Short-term Debt | $427.0M | $870.0M | $690.0M | $1.21B | $2.04B | $1.53B | $1.45B | $106.0M | $2.58B | $1.80B |
| Total Current Liabilities | $13.17B | $12.57B | $11.78B | $13.73B | $18.18B | $21.95B | $24.19B | $18.66B | $19.94B | $19.53B |
| Long-term Debt | $6.50B | $6.62B | $7.70B | $7.67B | $7.88B | $8.01B | $7.74B | $8.26B | $7.58B | $6.61B |
| Total Liabilities | $22.56B | $21.59B | $21.79B | $24.71B | $29.62B | $33.37B | $35.16B | $30.17B | $30.84B | $29.36B |
| Retained Earnings | $17.44B | $17.55B | $18.53B | $18.96B | $19.78B | $21.66B | $23.65B | $23.46B | $21.93B | $21.98B |
| Total Equity | $17.17B | $18.31B | $18.98B | $19.21B | $20.00B | $22.48B | $24.28B | $24.13B | $22.17B | $22.73B |
| Total Debt | $6.93B | $7.49B | $8.39B | $9.88B | $11.05B | $10.58B | $10.29B | $9.60B | $11.54B | $9.76B |
| Net Debt | $6.02B | $6.69B | $6.39B | $9.03B | $10.39B | $9.64B | $9.25B | $8.23B | $10.68B | $8.71B |
| Working Capital | $7.87B | $7.36B | $8.81B | $7.61B | $9.10B | $9.96B | $11.22B | $11.11B | $7.78B | $7.13B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.24B | $1.01B | $591.0M | $9.58B |
| Total Assets | $51.92B | $52.39B | $55.60B | $53.53B |
| Total Liabilities | $29.17B | $29.36B | $32.49B | $29.66B |
| Total Equity | $22.49B | $22.73B | $22.80B | $23.58B |
| Total Debt | $9.21B | $9.76B | $10.66B | $9.34B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $1.29B | $1.60B | $1.81B | $1.38B | $1.78B | $2.73B | $4.37B | $3.48B | $1.78B | $1.07B |
| Depreciation & Amortization | $900.0M | $924.0M | $941.0M | $993.0M | $976.0M | $996.0M | $1.03B | $1.06B | $1.14B | $1.18B |
| Stock-based Compensation | $74.0M | $66.0M | $109.0M | $89.0M | $151.0M | $161.0M | $147.0M | $112.0M | $74.0M | $83.0M |
| Change in Working Capital | -$585.0M | $316.0M | -$7.46B | -$7.74B | -$5.51B | $2.65B | -$1.79B | -$267.0M | -$492.0M | $2.76B |
| Operating Cash Flow | $1.48B | $2.21B | -$4.78B | -$5.45B | -$2.39B | $6.59B | $3.48B | $4.46B | $2.79B | $5.45B |
| Capital Expenditure | -$882.0M | -$1.05B | -$842.0M | -$828.0M | -$823.0M | -$1.17B | -$1.32B | -$1.49B | -$1.56B | -$1.25B |
| Acquisitions | $65.0M | $8.0M | -$430.0M | -$1.67B | $708.0M | -$1.35B | $32.0M | $37.0M | -$869.0M | -$108.0M |
| Stock Repurchased | -$1.00B | -$750.0M | -$77.0M | -$150.0M | -$133.0M | 0 | -$1.45B | -$2.67B | -$2.33B | 0 |
| Dividends Paid | -$701.0M | -$730.0M | -$758.0M | -$789.0M | -$809.0M | -$834.0M | -$899.0M | -$977.0M | -$985.0M | -$987.0M |
| Free Cash Flow | $593.0M | $1.16B | -$5.63B | -$6.28B | -$3.21B | $5.43B | $2.16B | $2.97B | $1.23B | $4.20B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $1.81B | -$313.0M | $150.0M | $1.15B |
| Capital Expenditure | -$296.0M | -$356.0M | -$194.0M | -$272.0M |
| Free Cash Flow | $1.51B | -$669.0M | -$44.0M | $877.0M |
| Dividends Paid | -$248.0M | -$244.0M | -$254.0M | -$256.0M |
| Stock-based Compensation | $93.0M | -$10.0M | $64.0M | -$64.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -2.4% | +5.8% | +0.5% | -0.5% | +32.5% | +19.1% | -7.5% | -8.9% | -6.2% | |
| Net Income Growth (YoY) | +24.7% | +13.5% | -23.8% | +28.5% | +52.9% | +60.2% | -19.7% | -48.3% | -40.1% | |
| EPS Growth (YoY) | +28.4% | +14.6% | -23.7% | +29.0% | +51.9% | +60.8% | -16.6% | -43.2% | -39.1% | |
| Shares Change (YoY) | -3.2% | -0.9% | -0.4% | -0.4% | +0.5% | -0.5% | -3.7% | -9.0% | -1.8% | |
| FCF Growth (YoY) | +96.0% | -584.2% | -11.6% | +48.9% | +269.1% | -60.2% | +37.4% | -58.6% | +242.6% | |
| Gross Margin | 5.8% | 5.8% | 6.5% | 6.4% | 6.9% | 7.0% | 7.5% | 8.0% | 6.8% | 6.3% |
| Operating Margin | 2.6% | 2.5% | 3.1% | 2.6% | 2.7% | 3.5% | 4.1% | 4.3% | 2.4% | 1.8% |
| EBITDA Margin | 4.8% | 4.7% | 5.2% | 4.6% | 5.0% | 5.4% | 6.6% | 6.4% | 4.8% | 3.8% |
| Net Margin | 2.1% | 2.6% | 2.8% | 2.1% | 2.8% | 3.2% | 4.3% | 3.7% | 2.1% | 1.3% |
| FCF Margin | 1.0% | 1.9% | -8.7% | -9.7% | -5.0% | 6.4% | 2.1% | 3.2% | 1.4% | 5.2% |
| Effective Tax Rate | 29.3% | 0.4% | 11.9% | 13.2% | 5.4% | 17.4% | 16.6% | 19.3% | 21.1% | 14.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.00 | $2.03 | -$9.92 | -$11.12 | -$5.70 | $9.59 | $3.83 | $5.47 | $2.49 | $8.69 |
| Dividends Per Share | $1.19 | $1.28 | $1.34 | $1.40 | $1.44 | $1.47 | $1.60 | $1.80 | $2.00 | $2.04 |
| Shares Outstanding (Basic) | 588.0 M | 569.0 M | 564.0 M | 563.0 M | 561.0 M | 564.0 M | 562.0 M | 541.0 M | 478.0 M | 484.0 M |
What to look at in Consumer Defensive companies
- Gross margin (stable 5y) (Stable >=35%) — Brand pricing power — Coca-Cola does not drop margins.
- ROE / ROIC stable (ROE >=15% stable) — Defensive businesses have high consistent ROEs — Lynch's stalwarts.
- FCF / Net Income (>=90%) — Earnings to cash conversion — best names exceed 95%.
- Dividend growth 10y (>=6%/year) — Dividend Aristocrats raise 25+ years — moat signal.
- Payout Ratio (<75%) — >80% = dividend at risk. <60% comfortable.
- Net Debt / EBITDA (<2.5x) — Defensive with high debt loses its essence.
Profitability
| Return on Equity | 7.73% |
| Return on Invested Capital | 4.85% |
| Return on Assets | 3.31% |
| Gross Margin | 6.87% |
| Operating Margin | 2.46% |
| Net Margin | 2.16% |
Financial Health
| Debt / Equity | 0.40 |
| Current Ratio | 1.39 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 2.94 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 20.94 | 14.31 | 12.76 | 18.92 | 15.95 | 14.08 | 12.03 | 11.21 | 13.80 | 25.78 |
| P/B | 1.56 | 1.25 | 1.22 | 1.36 | 1.41 | 1.70 | 2.15 | 1.62 | 1.09 | 1.22 |
| P/S | 0.43 | 0.37 | 0.36 | 0.40 | 0.44 | 0.45 | 0.51 | 0.42 | 0.28 | 0.35 |
| Gross Margin | 5.8% | 5.8% | 6.5% | 6.4% | 6.9% | 7.0% | 7.5% | 8.0% | 6.8% | 6.3% |
| Operating Margin | 2.6% | 2.5% | 3.1% | 2.6% | 2.7% | 3.5% | 4.1% | 4.3% | 2.4% | 1.8% |
| Net Margin | 2.1% | 2.6% | 2.8% | 2.1% | 2.8% | 3.2% | 4.3% | 3.7% | 2.1% | 1.3% |
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Explore sector: Consumer Defensive · Agricultural Farm Products
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