Revenue growth remains subdued at 1.6% in 2026Q1, while gross margins have compressed significantly from 7.6% in early 2024 to 6.0% in the most recent quarter.
| 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 | 80.61B | 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 % | -3.88% | -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 | 75.91B | 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 | 4.7B | 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 % | 5.83% | 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 | 3.48B | 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 | 3.62B | 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 | 1.23B | 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 % | 1.52% | 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 | 2.97B | 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 % | 3.69% | 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 % | 7.72% | -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) | 1.75B | 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 | 1.73B | 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 | -517M | -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 | 54M | 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 | 571M | 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 | 61M | -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 | 1.29B | 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 % | 1.6% | 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 | 202M | 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 % | 15.71% | 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 | 1.08B | 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 % | 1.34% | 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 % | -20.86% | -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) | 1.08B | 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 | 299M | 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) | 2.23 | 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 % | -20.28% | -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% |
Internal control and margin volatility
As indicated by the most recent quarterly data, ADM's revenue growth has struggled to maintain momentum, with the company reporting a 1.6% increase in 2026Q1 following a prolonged period of negative year-over-year growth, suggesting that the firm is currently facing significant headwinds in its core commodity markets.
The persistent revenue contraction observed over the last ten quarters highlights the company's sensitivity to global commodity price normalization. Investors should monitor whether this modest 2026Q1 uptick represents a sustainable recovery in volume or merely a temporary fluctuation in pricing power.
Based on the provided financial statements, ADM's gross margin has compressed from 7.6% in early 2024 to 6.0% in 2026Q1, reflecting the inherent difficulty in maintaining profitability within a high-volume, commoditized agricultural processing environment as global supply-demand dynamics shift away from the company's favor.
The thin gross margins underscore the company's role as a price-taker in global grain markets, where operational efficiency is paramount. The inability to consistently expand these margins suggests that the value-added Nutrition segment has yet to provide the structural buffer management originally envisioned.
According to the income statement, operating income has failed to scale effectively against gross profit, with operating margins declining from 3.6% in 2023Q4 to 2.0% in 2026Q1, indicating that fixed costs remain a heavy burden during periods of lower throughput and reduced trading arbitrage opportunities.
The lack of operating leverage suggests that the company's massive physical infrastructure requires high utilization rates to remain profitable. When volumes or spreads contract, the fixed cost base exerts downward pressure on operating income, limiting the company's ability to protect the bottom line.
As reported in recent filings, net income has exhibited extreme volatility, with quarterly figures swinging from $729 million in 2024Q1 to as low as $18 million in 2024Q3, largely driven by timing differences in derivative hedging and potential accounting adjustments within the Nutrition segment.
The discrepancy between operating income and net income warrants further investigation into the non-operating items and accounting adjustments impacting the bottom line. Investors should be cautious of relying on headline EPS, as these figures appear heavily influenced by mark-to-market accounting and internal reporting complexities.
While management emphasizes a pivot toward higher-margin nutrition solutions, the recent internal investigation into intersegment transfer pricing suggests that historical profitability in this segment may be overstated, creating a significant risk that the company's core earnings quality is weaker than the reported figures imply.
Short-term margin improvements may be difficult to achieve if the Nutrition segment's profitability is found to be reliant on internal accounting rather than genuine third-party market demand. This uncertainty regarding internal controls may justify the market's current valuation discount relative to more stable specialty ingredient peers.
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.