Revenue and operating income have recovered from 2025 lows, with gross margin expanding from 4.7% in 2025Q2 to 8.4% in 2026Q3, yet margins remain low relative to specialty ingredient peers and leave limited cushion against normalization.
Archer-Daniels-Midland Company (ADM) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Jun'12 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Sales/Revenue | 84.06B | 80.27B | 85.53B | 93.94B | 101.56B | 85.25B | 64.36B | 64.66B | 64.34B | 60.83B | 62.35B | 67.7B | 81.2B | 89.8B | 89.04B | 89.04B | 80.68B | 61.68B | 69.21B | 69.82B | 44.02B | 36.6B | 35.94B | 36.15B | 30.71B | 22.61B | 20.05B | 12.88B | 14.28B | 16.11B | 13.85B |
| Revenue Growth % | 1% | -6.15% | -8.95% | -7.5% | 19.13% | 32.47% | -0.47% | 0.49% | 5.78% | -2.43% | -7.91% | -16.62% | -9.58% | 0.86% | 0% | 10.36% | 30.79% | -10.87% | -0.87% | 58.61% | 20.28% | 1.82% | -0.58% | 17.73% | 35.8% | 12.77% | 55.72% | -9.85% | -11.33% | 16.28% | 4.63% |
| Cost of Goods Sold | 77.81B | 75.24B | 79.75B | 86.42B | 93.99B | 79.26B | 59.9B | 60.51B | 60.16B | 57.31B | 58.73B | 63.74B | 76.43B | 85.92B | 85.37B | 85.37B | 76.38B | 57.84B | 65.12B | 65.97B | 40.78B | 33.63B | 33.51B | 34B | 28.98B | 20.93B | 18.62B | 11.01B | 12.43B | 14.17B | 12.08B |
| COGS % of Revenue | - | 93.73% | 93.24% | 92% | 92.55% | 92.98% | 93.08% | 93.59% | 93.5% | 94.22% | 94.2% | 94.14% | 94.13% | 95.67% | 95.88% | 95.88% | 94.67% | 93.77% | 94.09% | 94.5% | 92.65% | 91.9% | 93.24% | 94.06% | 94.38% | 92.55% | 92.86% | 85.5% | 87.02% | 87.95% | 87.18% |
| Gross Profit | 6.26B | 5.03B | 5.78B | 7.51B | 7.57B | 5.99B | 4.45B | 4.15B | 4.18B | 3.52B | 3.62B | 3.97B | 4.77B | 3.89B | 3.67B | 3.67B | 4.3B | 3.84B | 4.09B | 3.84B | 3.24B | 2.97B | 2.43B | 2.15B | 1.73B | 1.68B | 1.43B | 1.87B | 1.85B | 1.94B | 1.78B |
| Gross Margin % | 7.44% | 6.27% | 6.76% | 8% | 7.45% | 7.02% | 6.92% | 6.41% | 6.5% | 5.78% | 5.8% | 5.86% | 5.87% | 4.33% | 4.12% | 4.12% | 5.33% | 6.23% | 5.91% | 5.5% | 7.35% | 8.1% | 6.76% | 5.94% | 5.62% | 7.45% | 7.14% | 14.5% | 12.98% | 12.05% | 12.82% |
| Gross Profit Growth % | - | -12.89% | -23.09% | -0.75% | 26.44% | 34.45% | 7.38% | -0.81% | 18.85% | -2.76% | -8.77% | -16.82% | 22.6% | 6.03% | 0% | -14.7% | 11.89% | -6.02% | 6.43% | 18.69% | 9.14% | 22% | 13.16% | 24.39% | 2.59% | 17.58% | -23.32% | 0.7% | -4.47% | 9.28% | -1.65% |
| Operating Expenses | 3.7B | 3.61B | 3.71B | 3.46B | 3.36B | 2.99B | 2.69B | 2.49B | 2.17B | 1.98B | 1.98B | 1.99B | 1.93B | 1.76B | 2.06B | 1.63B | 1.61B | 1.4B | 1.41B | 1.42B | 1.2B | 1.19B | 1.08B | 1.4B | 947.69M | 826.92M | 731.03M | 1.38B | 1.32B | 1.22B | 1.15B |
| OpEx % of Revenue | - | 4.5% | 4.33% | 3.68% | 3.31% | 3.51% | 4.18% | 3.86% | 3.36% | 3.25% | 3.18% | 2.93% | 2.38% | 1.96% | 2.32% | 1.83% | 2% | 2.27% | 2.04% | 2.03% | 2.71% | 3.26% | 3.01% | 3.88% | 3.09% | 3.66% | 3.65% | 10.69% | 9.26% | 7.58% | 8.31% |
| Selling, General & Admin | 3.83B | 3.61B | 3.71B | 3.46B | 3.36B | 2.99B | 2.69B | 2.49B | 2.17B | 1.98B | 1.98B | 1.99B | 1.93B | 1.76B | 1.63B | 1.63B | 1.61B | 1.4B | 1.41B | 1.42B | 1.2B | 1.19B | 1.08B | 1.4B | 947.69M | 826.92M | 731.03M | 729.36M | 701.1M | 660.7M | 675.1M |
| SG&A % of Revenue | - | 4.5% | 4.33% | 3.68% | 3.31% | 3.51% | 4.18% | 3.86% | 3.36% | 3.25% | 3.18% | 2.93% | 2.38% | 1.96% | 1.83% | 1.83% | 2% | 2.27% | 2.04% | 2.03% | 2.71% | 3.26% | 3.01% | 3.88% | 3.09% | 3.66% | 3.65% | 5.66% | 4.91% | 4.1% | 4.87% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.03% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 437M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 647.64M | 622.2M | 560.1M | 475.5M |
| Operating Income | 2.56B | 1.42B | 2.07B | 4.06B | 4.21B | 2.99B | 1.77B | 1.65B | 2.02B | 1.54B | 1.64B | 1.98B | 2.83B | 2.13B | 1.76B | 2.04B | 2.69B | 2.44B | 2.68B | 2.42B | 2.04B | 1.77B | 1.35B | 746.49M | 779.44M | 856.53M | 700.77M | 490.22M | 530.9M | 720.2M | 625.5M |
| Operating Margin % | 3.04% | 1.77% | 2.42% | 4.32% | 4.15% | 3.51% | 2.74% | 2.56% | 3.13% | 2.53% | 2.63% | 2.93% | 3.49% | 2.37% | 1.98% | 2.29% | 3.33% | 3.96% | 3.87% | 3.47% | 4.64% | 4.85% | 3.76% | 2.06% | 2.54% | 3.79% | 3.49% | 3.81% | 3.72% | 4.47% | 4.52% |
| Operating Income Growth % | - | -31.27% | -48.93% | -3.68% | 40.73% | 69.48% | 6.77% | -17.96% | 30.91% | -5.93% | -17.36% | -30.12% | 33.1% | 20.68% | -13.57% | -24.06% | 9.98% | -8.67% | 10.48% | 18.66% | 15.16% | 31.34% | 80.85% | -4.23% | -9% | 22.23% | 42.95% | -7.66% | -26.28% | 15.14% | -31.52% |
| EBITDA | 4.6B | 2.6B | 3.21B | 5.12B | 5.24B | 3.99B | 2.74B | 2.65B | 2.96B | 2.46B | 2.54B | 2.86B | 3.73B | 3.04B | 2.61B | 2.89B | 3.57B | 3.36B | 3.46B | 3.14B | 2.74B | 2.43B | 2.02B | 1.44B | 1.43B | 1.47B | 1.32B | 1.14B | 1.15B | 1.28B | 1.1B |
| EBITDA Margin % | 5.47% | 3.25% | 3.76% | 5.45% | 5.16% | 4.68% | 4.26% | 4.09% | 4.6% | 4.05% | 4.07% | 4.23% | 4.59% | 3.38% | 2.93% | 3.25% | 4.42% | 5.44% | 5% | 4.5% | 6.23% | 6.64% | 5.61% | 3.97% | 4.65% | 6.5% | 6.6% | 8.84% | 8.07% | 7.95% | 7.95% |
| EBITDA Growth % | 98.23% | -18.92% | -37.2% | -2.37% | 31.36% | 45.48% | 3.59% | -10.48% | 20.01% | -2.88% | -11.39% | -23.22% | 22.7% | 16.3% | -9.58% | -18.96% | 6.23% | -2.89% | 9.96% | 14.62% | 12.89% | 20.59% | 40.29% | 0.57% | -2.89% | 11.18% | 16.25% | -1.32% | -9.94% | 16.29% | -17.38% |
| D&A (Non-Cash Add-back) | 2.04B | 1.18B | 1.14B | 1.06B | 1.03B | 996M | 976M | 993M | 941M | 924M | 900M | 882M | 894M | 909M | 848M | 848M | 877M | 912M | 780M | 721M | 701M | 656.71M | 665M | 689.86M | 648.73M | 614.07M | 621.97M | 647.64M | 622.2M | 560.1M | 475.5M |
| EBIT | 3.55B | 1.87B | 2.96B | 4.94B | 5.63B | 3.58B | 2.22B | 1.99B | 2.42B | 1.94B | 2.12B | 2.59B | 3.47B | 2.44B | 2.23B | 2.21B | 3.5B | 3.01B | 2.97B | 3.1B | 2.04B | 1.77B | 1.35B | 746.49M | 779.44M | 856.53M | 700.77M | 490.22M | 530.9M | 720.2M | 625.5M |
| Net Interest Income | -451M | -494M | -144M | -154M | -112M | -188M | -232M | -211M | -203M | -225M | -199M | -238M | -246M | -312M | -553M | -330M | -347M | -296M | -249M | -208M | -177M | -161.1M | -191.23M | -225.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 153M | 118M | 562M | 499M | 293M | 96M | 88M | 192M | 162M | 106M | 92M | 71M | 92M | 102M | 336M | 112M | 136M | 126M | 181M | 269M | 257M | 204.08M | 135.35M | 116.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 604M | 612M | 706M | 653M | 405M | 284M | 320M | 403M | 365M | 331M | 291M | 309M | 338M | 414M | 441M | 442M | 483M | 422M | 430M | 477M | 434M | 365.18M | 326.58M | 341.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 386M | -169M | 183M | 237M | 1.02B | 320M | 117M | -66M | 44M | 69M | 185M | 303M | 295M | -106M | 0 | -277M | 326M | 140M | -177M | 201M | 1.11B | 82.12M | 166M | -28.48M | -148.47M | -137.6M | -178.87M | -136.98M | -111.1M | -110.2M | 18.9M |
| Pretax Income | 2.94B | 1.25B | 2.25B | 4.29B | 5.23B | 3.31B | 1.88B | 1.59B | 2.06B | 1.61B | 1.82B | 2.28B | 3.13B | 2.02B | 1.76B | 1.76B | 3.02B | 2.58B | 2.5B | 2.62B | 3.15B | 1.86B | 1.52B | 718.01M | 630.97M | 718.94M | 521.9M | 353.24M | 419.8M | 610M | 644.4M |
| Pretax Margin % | 3.5% | 1.56% | 2.64% | 4.57% | 5.15% | 3.89% | 2.93% | 2.46% | 3.2% | 2.65% | 2.92% | 3.37% | 3.85% | 2.25% | 1.98% | 1.98% | 3.74% | 4.19% | 3.61% | 3.76% | 7.17% | 5.07% | 4.22% | 1.99% | 2.05% | 3.18% | 2.6% | 2.74% | 2.94% | 3.79% | 4.65% |
| Income Tax | 450M | 182M | 476M | 828M | 868M | 578M | 101M | 209M | 245M | 7M | 534M | 438M | 877M | 670M | 523M | 523M | 997M | 666M | 812M | 822M | 992M | 543.18M | 472M | 223.3M | 179.83M | 207.84M | 138.62M | 52.33M | 138.5M | 206.4M | 267.1M |
| Effective Tax Rate % | 15.28% | 14.5% | 21.11% | 19.28% | 16.59% | 17.45% | 5.36% | 13.16% | 11.89% | 0.44% | 29.31% | 19.18% | 28.02% | 33.1% | 29.63% | 29.63% | 33.07% | 25.76% | 32.48% | 31.33% | 31.45% | 29.28% | 31.13% | 31.1% | 28.5% | 28.91% | 26.56% | 14.82% | 32.99% | 33.84% | 41.45% |
| Net Income | 2.48B | 1.08B | 1.8B | 3.48B | 4.34B | 2.71B | 1.77B | 1.38B | 1.81B | 1.59B | 1.28B | 1.85B | 2.25B | 1.34B | 1.22B | 1.22B | 2.04B | 1.93B | 1.68B | 1.8B | 2.16B | 1.31B | 1.04B | 494.71M | 451.14M | 511.09M | 383.28M | 300.9M | 266M | 403.6M | 377.3M |
| Net Margin % | 2.95% | 1.34% | 2.1% | 3.71% | 4.27% | 3.18% | 2.75% | 2.13% | 2.81% | 2.62% | 2.05% | 2.73% | 2.77% | 1.49% | 1.37% | 1.37% | 2.52% | 3.13% | 2.43% | 2.58% | 4.91% | 3.59% | 2.9% | 1.37% | 1.47% | 2.26% | 1.91% | 2.34% | 1.86% | 2.51% | 2.72% |
| Net Income Growth % | 108.83% | -40.11% | -48.32% | -19.75% | 60.21% | 52.88% | 28.5% | -23.81% | 13.48% | 24.71% | -30.83% | -17.75% | 67.51% | 9.73% | 0% | -39.93% | 5.49% | 14.61% | -6.55% | -16.65% | 64.78% | 25.68% | 111.03% | 9.66% | -11.73% | 33.35% | 27.38% | 13.12% | -34.09% | 6.97% | -45.78% |
| Net Income (Continuing) | 2.5B | 1.07B | 1.78B | 3.47B | 4.37B | 2.73B | 1.78B | 1.38B | 1.81B | 1.6B | 1.29B | 1.85B | 2.25B | 1.35B | 1.22B | 1.24B | 2.02B | 1.92B | 1.69B | 1.8B | 2.16B | 1.31B | 1.04B | 494.71M | 451.14M | 511.09M | 383.28M | 300.9M | 281.3M | 403.6M | 377.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 300M | 294M | 263M | 333M | 332M | 290M | 96M | 75M | 64M | 62M | 32M | 16M | 55M | 38M | 200M | 200M | 30M | 22M | 26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.13 | 2.23 | 3.65 | 6.43 | 7.71 | 4.79 | 3.15 | 2.44 | 3.19 | 2.79 | 2.16 | 2.98 | 3.43 | 2.02 | 1.85 | 3.11 | 3.00 | 2.65 | 2.79 | 3.30 | 2.00 | 1.59 | 0.76 | 0.70 | 0.78 | 0.55 | 0.41 | 0.32 | 0.49 | 0.43 | 0.74 |
| EPS Growth % | 109.39% | -38.9% | -43.23% | -16.6% | 60.96% | 52.06% | 29.1% | -23.51% | 14.34% | 29.17% | -27.52% | -13.12% | 69.8% | 9.19% | -40.51% | 3.67% | 13.21% | -5.02% | -15.45% | 65% | 25.79% | 109.21% | 8.57% | -10.26% | 41.82% | 34.15% | 28.13% | -34.69% | 13.95% | -41.89% | -5.13% |
| EPS (Basic) | - | 2.23 | 3.66 | 6.44 | 7.72 | 4.80 | 3.16 | 2.45 | 3.21 | 2.80 | 2.18 | 2.99 | 3.44 | 2.03 | 1.85 | 3.17 | 3.00 | 2.65 | 2.80 | 3.32 | 2.01 | 1.60 | 0.76 | 0.70 | 0.78 | 0.55 | 0.41 | 0.32 | 0.56 | 0.43 | 0.74 |
| Diluted Shares Outstanding | 484M | 484M | 493M | 542M | 563M | 566M | 563M | 565M | 567M | 572M | 591M | 621M | 656M | 663M | 662M | 654M | 644M | 644M | 646M | 656M | 656M | 656M | 649.81M | 646.09M | 656.96M | 697.73M | 737.88M | 829.37M | 832.07M | 887.09M | 945.53M |
| Basic Shares Outstanding | 484M | 484M | 478M | 541M | 562M | 564M | 561M | 563M | 564M | 569M | 588M | 618M | 653M | 661M | 660M | 642M | 643M | 643M | 644M | 651M | 654M | 654M | 647.7M | 646.09M | 656.96M | 697.73M | 737.88M | 829.37M | 720.35M | 887.09M | 945.53M |
| Dividend Payout Ratio | - | 91.56% | 54.72% | 28.05% | 20.71% | 30.79% | 45.65% | 57.22% | 41.88% | 45.77% | 54.81% | 37.16% | 27.76% | 37.33% | 37.69% | 37.2% | 19.4% | 19.27% | 20.61% | 17.54% | 13% | 18.44% | 20.06% | 35.19% | 34.48% | - | 32.63% | 40.03% | 40.15% | 26.68% | 27.59% |
Quick answers to the most common questions about buying ADM stock.
For fiscal year 2025, Archer-Daniels-Midland Company (ADM) reported total revenue of $80.27B. This represents a 479.4% increase compared to $13.85B in 1996.
Archer-Daniels-Midland Company (ADM) is profitable, generating $1.08B in net income for the fiscal year ending 2025 with a net profit margin of 1.3%.
Archer-Daniels-Midland Company (ADM) reported an operating income of $1.42B, resulting in an operating profit margin of 1.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Archer-Daniels-Midland Company (ADM) generated $5.03B in gross profit for the year, representing a gross profit margin of 6.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Thin margins amid negative revenue growth
Metrics are mathematically derived from official filings.
Revenue Rebounds After Prolonged Contraction
Based on reported figures, ADM's quarterly revenue moved from roughly $22.2B in 2024Q2 to $22.3B in 2026Q3, with the most recent quarter showing 9.6% year-over-year growth after several quarters of decline.
The sequence of double-digit year-over-year declines through 2024 and into 2025 followed by a positive print in 2026Q3 suggests a cyclical turn rather than a clearly durable expansion. Revenue is heavily tied to commodity price levels and harvest volumes, so the recent improvement may reflect pricing and volume effects that could reverse. Investors should monitor whether growth persists across consecutive quarters before treating it as a structural recovery.
Gross Margin Recovers but Stays Structurally Thin
As reported in the quarterly statements, ADM's gross margin expanded from roughly 4.7% in 2025Q2 to 8.4% in 2026Q3, yet remains low relative to specialty ingredient peers such as Ingredion at 25.3%.
The move from the mid-single-digit range into the 8% area indicates improved spread capture in origination and processing, but the absolute level still reflects a high-volume intermediary model. This margin profile appears highly sensitive to crush spreads and energy input costs, so gains may prove temporary. The gap versus Ingredion suggests the Nutrition mix has not yet diluted the commodity-driven economics of the group.
EPS Beat Outpaces Operating Earnings Trend
Based on ADM's reported figures, the 2026Q2 diluted EPS of $1.87 and 2026Q3 EPS of $1.70 sit well above the $0.22 to $0.61 range seen across 2025, a shift that warrants scrutiny of its drivers.
Net income moved far more sharply than revenue, with net margin rising from roughly 0.5% to 4.0% across recent quarters, which may indicate a meaningful portion of the improvement came from non-operating items or timing effects. The company's use of mark-to-market hedging and LIFO inventory accounting can create earnings swings unrelated to underlying demand. Analysts should reconcile the gap between operating income growth and net income growth before extrapolating this level.
Operating Income Scales Faster Than Gross Profit
Operating income rose from $100.0M in 2025Q2 to $935.0M in 2026Q3, while gross profit grew more modestly, according to reported quarterly statements, implying a meaningful improvement in cost absorption.
Operating margin climbing from 0.5% to 4.2% over the period indicates that SG&A, which has held roughly flat near $900M to $1.0B per quarter, is being spread over a larger earnings base. This operating leverage appears to be the main reason the bottom line has improved disproportionately. However, because SG&A is largely fixed, the same leverage would work in reverse if volumes or margins fall back.
Recovery May Reflect Cyclical Rather Than Structural Gains
Based on reported figures, ADM's net margin of 3.7% in 2026Q3 and a gross margin near 8% remain thin, which leaves limited cushion if commodity spreads or biofuel economics normalize.
Short-side analysis would focus on the fact that the recent EPS improvement follows a multi-year period of earnings declines, which may indicate mean reversion rather than a new earnings base. The Nutrition segment's intersegment reporting has been a subject of internal review, which warrants caution in relying on segment-level profitability to justify a higher multiple. Investors should monitor whether margin gains persist once favorable crush and biofuel conditions fade.