What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2026-02-17 compared with 2025-02-20 · 509 added, 601 removed, 1321 unchanged (46% of the section changed)

18 unchanged sentences

Equity in (earnings) of unconsolidated affiliates

( 648 ) ( 621 ) ( 551 )

Interest and investment (income)

( 118 ) ( 562 ) ( 499 )

Interest expense 612 706 647

Other (income) expense - net ( 251 ) ( 176 ) ( 358 )

Other (income) - net

( 150 ) ( 251 ) ( 176 )

Earnings Before Income Taxes 1,255 2,255 4,294

2 unchanged sentences

1,073 1,779 3,466

Net earnings (losses) attributable to non-controlling interests

Net loss attributable to non-controlling interests

( 5 ) ( 21 ) ( 17 )

10 unchanged sentences

Net Earnings Including Non-controlling Interests $ 1,073 $ 1,779 $ 3,466

$ 1,779 $ 3,466 $ 4,365

Other comprehensive income (loss), net of tax:

5 unchanged sentences

Net of tax amount 18 8 ( 86 )

Deferred gain (loss) on hedging activities ( 41 ) 15 ( 84 )

Deferred (loss) on hedging activities

( 7 ) ( 41 ) 15

Tax effect — 9 ( 5 )

1 unchanged sentence

( 7 ) ( 32 ) 10

Unrealized gain (loss) on investments ( 16 ) 16 ( 12 )

Unrealized (loss) on investments

( 4 ) ( 16 ) 16

Tax effect — ( 1 ) ( 1 )

3 unchanged sentences

457 ( 501 ) 19

Comprehensive income (loss) 1,278 3,485 4,008

Comprehensive income (loss) attributable to non-controlling interests

Total comprehensive income

1,530 1,278 3,485

Comprehensive income (loss) attributable to controlling interests $ 1,299 $ 3,505 $ 4,003

Comprehensive (loss) attributable to non-controlling interests

( 4 ) ( 21 ) ( 20 )

Comprehensive income attributable to Archer-Daniels-Midland-Company

$ 1,534 $ 1,299 $ 3,505

The accompanying notes are an integral part of these Consolidated Financial Statements.

11 unchanged sentences

Total Current Assets 26,665 27,718

Investments and Other Assets

Investments in and advances to affiliates 5,276 5,500

Goodwill and other intangible assets 6,769 6,341

Non-Current Assets

Investments in affiliates 5,560 5,276

Goodwill 4,769 4,509

Intangible assets, net

Right of use assets 1,322 1,358

Other assets 1,313 1,304

Total Investments and Other Assets 14,716 14,356

Other non-current assets 918 1,313

Property, plant, and equipment, net 11,179 10,837

Land and land improvements 566 573

Buildings 6,143 5,876

Machinery and equipment 20,636 20,223

Construction in progress 1,553 1,360

28,898 28,032

Accumulated depreciation ( 18,061 ) ( 17,524 )

Net Property, Plant, and Equipment 10,837 10,508

Total Non-Current Assets 25,724 25,553

Total Assets $ 52,389 $ 53,271

2 unchanged sentences

Short-term debt $ 798 $ 1,903

Current maturities of long-term debt 1,006 674

Trade payables 5,195 5,535

Payables to brokerage customers 8,919 7,772

Current lease liabilities 324 300

Accrued expenses and other payables 3,313 3,730

Current maturities of long-term debt 674 1

Current lease liabilities 303 324

Total Current Liabilities 19,534 19,938

24 unchanged sentences

Depreciation and amortization 1,181 1,141 1,059

Impairment of goodwill, intangibles, long-lived assets, and investments

Asset impairment charges 361 519 309

Deferred income taxes ( 45 ) ( 130 ) ( 23 )

Equity in earnings of affiliates, net of dividends ( 180 ) ( 143 ) ( 457 )

Equity in earnings of unconsolidated affiliates, net of dividends ( 224 ) ( 180 ) ( 143 )

Stock compensation expense 83 74 112

Deferred cash flow hedges ( 40 ) 15 ( 84 )

(Gain) loss on sales of assets and businesses/investment revaluation ( 12 ) 38 ( 115 )

(Gain) loss on asset sales / investment revaluations, net 285 ( 12 ) 38

Other – net ( 25 ) 91 ( 91 )

13 unchanged sentences

Proceeds from sales of assets, businesses and investments

Investments in affiliates ( 58 ) ( 18 ) ( 77 )

Purchases of marketable securities ( 43 ) ( 308 ) —

Proceeds from sales of marketable securities 277 84 —

Cost method investments — — ( 155 )

Other – net ( 6 ) ( 54 ) ( 39 )

4 unchanged sentences

Long-term debt payments ( 772 ) ( 1 ) ( 963 )

Net change in short-term debt

1,800 ( 390 ) ( 428 )

Share repurchases ( 2,327 ) ( 2,673 ) ( 1,450 )

Net (repayments) borrowings under lines of credit agreements ( 1,114 ) 1,800 ( 390 )

Share repurchases, net of tax — ( 2,327 ) ( 2,673 )

Cash dividends ( 987 ) ( 985 ) ( 977 )

Acquisition of non-controlling interests

( 4 ) ( 8 ) —

Other – net ( 21 ) ( 36 ) ( 102 )

3 unchanged sentences

Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents 1,581 ( 1,466 ) ( 1,643 )

( 1,466 ) ( 1,643 ) ( 421 )

Cash, cash equivalents, restricted cash, and restricted cash equivalents – beginning of year 3,924 5,390 7,033

Cash, cash equivalents, restricted cash, and restricted cash equivalents – end of year $ 5,505 $ 3,924 $ 5,390

Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the Consolidated Balance Sheets

Cash and cash equivalents $ 611 $ 1,368 $ 1,037

Restricted cash and restricted cash equivalents included in segregated cash and investments 3,313 4,022 5,996

Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 3,924 $ 5,390 $ 7,033

Cash paid for interest and income taxes were as follows:

8 unchanged sentences

Balance, December 31, 2022 547 $ 3,147 $ 23,646 $ ( 2,509 ) $ 33 $ 24,317

Comprehensive income

Net earnings 3,483 ( 17 ) 3,466

Other comprehensive (loss), net of tax

( 337 ) ( 20 ) ( 357 )

Other comprehensive income (loss) 22 ( 3 ) 19

Cash dividends paid - $ 1.80 per share ( 977 ) ( 977 )

2 unchanged sentences

Stock option exercises, net of taxes

( 1 ) ( 110 ) ( 110 )

Other — 5 10 — 15

Balance, December 31, 2023 513 $ 3,154 $ 23,465 $ ( 2,487 ) $ 13 $ 24,145

Comprehensive income

Net earnings 1,800 — 1,800

Other comprehensive income (loss), net of tax

Other comprehensive income (loss) ( 501 ) — ( 501 )

Cash dividends paid - $ 2.00 per share ( 985 ) ( 985 )

3 unchanged sentences

— ( 23 ) ( 23 )

Acquisition of noncontrolling interests ( 3 ) ( 1 ) ( 4 )

Other — 21 — ( 2 ) 19

Balance, December 31, 2024 478 $ 3,223 $ 21,933 $ ( 2,988 ) $ 10 $ 22,178

Comprehensive income

Net earnings 1,078 ( 2 ) 1,076

Other comprehensive income (loss), net of tax

( 501 ) — ( 501 )

Other comprehensive income (loss) 457 — 457

Cash dividends paid - $ 2.04 per share ( 987 ) ( 987 )

3 unchanged sentences

( 31 ) ( 31 )

Acquisition of non-controlling interests

( 3 ) ( 1 ) ( 4 )

Other — 6 ( 42 ) ( 1 ) ( 37 )

1 unchanged sentence

The accompanying notes are an integral part of these Consolidated Financial Statements.

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ARCHER-DANIELS-MIDLAND COMPANY

2 unchanged sentences

Company Overview

Archer-Daniels-Midland Company and its subsidiaries (the "Company" or "ADM") unlock the power of nature to enrich the quality of life.

Archer-Daniels-Midland Company and its subsidiaries (the "Company" or "ADM") unlocks the power of nature to enrich the quality of life.

The Company is an essential global agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities.

ADM is a premier human and animal nutrition provider, offering one of the industry's broadest portfolios of ingredients and solutions from nature.

The Company is a trailblazer in health and well-being, with an industry-leading range of products for consumers looking for new ways to live healthier lives.

ADM is a cutting-edge innovator, guiding the way to a future of new consumer and industrial solutions.

ADM is a leader in sustainability, scaling across entire value chains to help decarbonize the multiple industries it serves.

Around the globe, the Company's innovation and expertise are meeting critical needs while nourishing quality of life and supporting a healthier planet.

ADM is also a premier human and animal nutrition provider, as well as a leader in health and well-being products.

ADM has three reportable segments:

Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition.

Segment and Geographic Information for further details on the nature of the Company's business and its reportable operating segments.

Segment and Geographic Information for further information on the nature of the Company's business and its reportable segments.

Certain prior period data has been reclassified in the Consolidated Financial Statements and accompanying notes to conform to the current period presentation.

Principles of Consolidation

The Consolidated Financial Statements include the accounts of the Company and its subsidiaries.

The Consolidated Financial Statements include the Company and its subsidiaries.

All intercompany accounts and transactions have been eliminated.

9 unchanged sentences

The Company considers all non-segregated, highly-liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents.

Short-Term Marketable Securities

Short-term marketable securities include foreign government securities with maturities greater than three months and less than one year and are recorded at fair value with gains and losses on these investments included in Other income in the Consolidated Statements of Earnings.

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Segregated Cash and Investments

The Company segregates certain cash, cash equivalents, and investment balances in accordance with regulatory requirements, commodity exchange requirements, and insurance arrangements.

These balances represent deposits received from customers of the Company’s registered futures commission merchant and commodity brokerage services, cash margins and securities pledged to commodity exchange clearinghouses, and cash pledged as security under certain insurance arrangements.

These balances include deposits received from customers of the Company’s registered futures commission merchants and brokerage services, and includes cash margins, securities held and pledged to commodity exchange clearinghouses or other brokers, and cash pledged as security under certain insurance arrangements.

The payables to brokerage customers have a corresponding balance in segregated cash and investments and segregated customer omnibus receivable in other current assets.

To the degree these segregated balances are comprised of cash and cash equivalents, they are considered restricted cash and restricted cash equivalents on the Consolidated Statements of Cash Flows.

Segregated cash and investments also include restricted cash collateral for the various insurance programs of the Company’s captive insurance business.

To the degree these segregated balances are comprised of cash and cash equivalents, they are considered restricted cash and restricted cash equivalents on the statement of cash flows.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Short-Term Marketable Securities

Reconciliation of Total Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents

The following represents a reconciliation of cash and cash equivalents in the Consolidated Balance Sheets to total cash, cash equivalents, restricted cash, and restricted cash equivalents in the Consolidated Statements of Cash Flows as of December 31, 2025, 2024, and 2023 (in millions).

2025 2024 2023

Cash and cash equivalents $ 1,015 $ 611 $ 1,368

Restricted cash and restricted cash equivalents (included in segregated cash and investments) 4,490 3,313 4,022

Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 5,505 $ 3,924 $ 5,390

Revenue Recognition

1 unchanged sentence

The Company’s revenue that is generated from physically settled derivative sales contracts is accounted for under ASC 815, Derivatives and Hedging (Topic 815), and revenue from sales of other products and services is accounted for under ASC 606, Revenue from Contracts with Customers (Topic 606).

Revenue from physically settled derivative sales contracts primarily relates to forward sales of commodities where such contracts meet the definition of a derivatives under ASC 815.

Revenue from such commodities contracts is recognized at a point in time, upon transferring control of the commodity to the customer, similar to revenue recognized from contracts with customers under Topic 606.

Revenue from physically settled derivative sales contracts primarily relates to forward sales of commodities where such contracts meet the definition of a derivative under ASC 815.

Revenue from such commodities contracts is recognized at a point in time, upon transferring control of the commodity to the customer, consistent with the recognition principles under Topic 606.

Prior to settlement, these contracts are recognized at fair value within current assets and liabilities, with the unrealized gains or losses primarily recorded within Cost of Products Sold.

1 unchanged sentence

Derivative Instruments & Hedging Activities for further information.

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Revenue from sales of other products and services is measured based on the consideration specified in the contract with a customer, in accordance with Topic 606.

1 unchanged sentence

Revenue for deferred price contracts that allow for pricing to be determined after title of the goods has passed to the customer is recognized when the price is determined.

For transportation service contracts, the Company recognizes revenue over time as the mode of transportation moves towards its destination in accordance with the transfer of control guidance of Topic 606.

For transportation service contracts, the Company recognizes revenue over time as the transportation service is performed in accordance with the transfer of control guidance of Topic 606.

The amount of revenue recognized follows the contractually specified price which may include freight or other contractually specified cost components.

7 unchanged sentences

The Company does not include taxes assessed by governmental authorities that are (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers, in the measurement of transactions prices or as a component of Revenues and Cost of Products Sold.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The Company records accounts receivable at net realizable value.

1 unchanged sentence

The Company estimates uncollectible accounts by pooling receivables according to type, region, credit risk rating, and age.

Each pool is assigned an expected loss co-efficient to arrive at a general reserve based on historical write-offs adjusted, as needed, for regional, economic, and other forward-looking factors.

Each pool is assigned an expected loss rate to arrive at a general reserve derived from historical write-offs adjusted, as needed, for regional, economic, and other forward-looking factors.

The Company minimizes credit risk due to the large and diversified nature of its worldwide customer base.

1 unchanged sentence

Long-term receivables recorded in other assets were not material to the Company’s overall receivables portfolio.

The Company recorded bad debt (reversals) expense in selling, general, and administrative expenses of $( 16 ) million, $ 6 million, and $ 88 million in the years ended December 31, 2024, 2023, and 2022, respectively.

The Company recorded bad debt provisions (reversals) in selling, general, and administrative expenses of $ 27 million, $( 16 ) million, and $ 6 million in the years ended December 31, 2025, 2024, and 2023, respectively.

Changes to the allowance for estimated uncollectible accounts for the years ended December 31, 2025 and 2024 are as follows (in millions):

2 unchanged sentences

Provisions (reversals), net 27 ( 16 )

Recoveries 9 2

Write-offs against allowance ( 39 ) ( 32 )

Other ( 9 ) 36

Recoveries and other 5 —

Closing balance, December 31 $ 160 $ 167

Provisions (reversals), net in the years ended December 31, 2024 and 2023 included reversals of prior general provisions for economic factors related to the COVID pandemic.

Write-offs against allowance in the year ended December 31, 2024 were primarily related to uncollectable trade receivables in the normal course of business.

Write-offs against allowance in the year ended December 31, 2023 were primarily related to a customer in Brazil and allowance on receivables that were subsequently sold.

Certain merchandisable agricultural commodity inventories, which include inventories acquired under deferred pricing contracts, are stated at market value.

In addition, the Company values certain inventories using the first-in, first-out (FIFO) method at the lower of cost or net realizable value.

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table sets forth the Company’s inventories as of December 31, 2025 and 2024 (in millions).

9 unchanged sentences

The Company uses the market approach valuation technique to measure the majority of its assets and liabilities carried at fair value.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Three levels are established within the fair value hierarchy that may be used to report fair value:

16 unchanged sentences

The Company’s policy regarding the timing of transfers between levels, including both transfers into and transfers out of Level 3, is to measure and record the transfers at the end of the reporting period.

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The Company recognizes its financial and non-financial derivative instruments, excluding exchange-traded instruments, as either assets or liabilities at fair value in its Consolidated Balance Sheets.

Unrealized gains are reported as Other current assets and unrealized losses are reported as Accrued expenses and other payables.

Exchange traded instruments are cash-settled daily with the settlement reflected within Other current assets.

The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and on the type of hedging relationship.

The majority of the Company’s derivatives have not been designated as hedging instruments, and as such, changes in fair value of these derivatives are recognized in earnings immediately, within Revenue or Cost of products sold, as appropriate.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For those derivative instruments that are designated and qualify as hedging instruments, the Company designates the hedging instrument, based upon the exposure being hedged, as a cash flow hedge, fair value hedge or a net investment hedge.

For derivative instruments that are designated and qualify as highly-effective cash flow hedges (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the gain or loss on the derivative instrument is reported as a component of Accumulated other comprehensive income (loss) (AOCI) and as an operating activity in the statement of cash flows and reclassified into earnings in the same line item affected by the hedged transaction and in the same period or periods during which the hedged transaction affects earnings.

Hedge components excluded from the assessment of effectiveness and gains and losses related to discontinued hedges are recognized in the Consolidated Statements of Earnings during the current period.

For derivative instruments that are designated and qualify as net investment hedges, foreign exchange gains and losses related to changes in foreign currency exchange rates are deferred in AOCI until the underlying investment is divested.

For derivative instruments that are designated and qualify as fair value hedges, changes in the fair value of the hedging instrument and changes in the fair value of the hedged item are recognized in the Consolidated Statements of Earnings in the same financial statement caption as the hedged items.

Derivative Instruments & Hedging Activities for further information.

Equity Method Investments

7 unchanged sentences

Cost Method Investments

Cost method investments of $ 439 million and $ 438 million as of December 31, 2024 and 2023, respectively, are included in other assets in the Company’s Consolidated Balance Sheets.

Cost method investments represent investments in private companies and private equity funds to diversify the overall investment portfolio.

These investments are generally in companies in the startup or development stages and the markets for products these companies are developing are typically in the early stages.

The Company’s evaluation of privately held investments is based on the fundamentals of the businesses invested in.

The Company periodically reviews the carrying value of such investments to determine if any valuation adjustments are appropriate under the applicable accounting pronouncements.

Cost method investments of $ 143 million and $ 439 million as of December 31, 2025 and 2024, respectively, are included in other non-current assets in the Company’s Consolidated Balance Sheets.

Revaluation losses of $ 372 million for the year ended December 31, 2025 were primarily related to investments in alternative protein.

Revaluation losses of $ 16 million for the year ended December 31, 2024 were related to an investment in alternative protein and precision fermentation.

Revaluation losses of $ 76 million for the year ended December 31, 2023 were related to investments in the alternative protein category and precision fermentation.

Revaluation gains of $ 37 million for the year ended December 31, 2022 were in connection with observable third-party transactions (a Level 2 measurement under applicable accounting standards).

Revaluation losses of $ 76 million for the year ended December 31, 2023 investments in the alternative protein category and precision fermentation.

Revaluation gains and losses are recorded in Interest and investment income in the Company’s Consolidated Statements of Earnings.

As of December 31, 2024, the annual and cumulative amounts of upward and downward adjustments were $ 2 million and $ 18 million, and $ 113 million and $ 75 million, respectively.

As of December 31, 2025, the annual upward and downward adjustments were $ 1 million and $ 373 million, respectively.

As of December 31, 2025, the cumulative of upward and downward adjustments were $ 114 million and $ 448 million, respectively.

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Property, Plant, and Equipment

6 unchanged sentences

The Company capitalized interest on major construction projects in progress of $ 35 million, $ 32 million, and $ 32 million for the years ended December 31, 2025, 2024, and 2023, respectively.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The Company evaluates long-lived assets for impairment whenever indicators of impairment exist.

1 unchanged sentence

Fair value is generally based on a discounted cash flow analysis which relies on management’s estimate of market participant assumptions or estimated selling price for assets considered held for sale (a Level 3 measurement under applicable accounting standards).

The Company’s property, plant, and equipment consisted of the following as of December 31, 2025 and 2024 (in millions).

December 31, 2025 December 31, 2024

Land $ 607 $ 566

Buildings 6,440 6,143

Machinery and equipment 22,042 20,636

Construction in progress 1,110 1,553

30,199 28,898

Accumulated depreciation ( 19,020 ) ( 18,061 )

Property, Plant, and Equipment, Net $ 11,179 $ 10,837

The Company leases certain transportation equipment, plant equipment, office equipment, land, buildings, and storage facilities.

Most leases include options to renew, with renewal terms that can extend the lease term from 6 months to 95 years.

Most leases include options to renew, with renewal terms that can extend the lease term from 1 month to 95 years.

The renewal options are not included in the measurement of the right of use assets and lease liabilities unless the Company is reasonably certain to exercise the optional renewal periods.

9 unchanged sentences

The Company recognizes in its Consolidated Financial Statements tax positions determined more likely than not to be sustained upon examination, based on the technical merits of the position.

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The Company classifies interest on income tax-related balances as interest expense and classifies tax-related penalties as selling, general, and administrative expenses.

2 unchanged sentences

Goodwill and other intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests.

Definite-lived intangible assets, including capitalized expenses related to the Company’s 1ADM program such as third-party configuration costs and internal labor, are amortized over their estimated useful lives of 1 to 50 years and are reviewed for impairment whenever there are indicators the carrying value of the assets may not be fully recoverable.

Definite-lived intangible assets, including previously capitalized software such as third-party configuration costs and internal labor, are amortized over their estimated useful lives of 1 to 65 years and are reviewed for impairment whenever there are indicators the carrying value of the assets may not be fully recoverable.

The Company’s accounting policy is to evaluate goodwill and other intangible assets with indefinite lives for impairment on October 1 of each fiscal year or whenever there are indicators the carrying value of the assets may not be fully recoverable.

Goodwill and Other Intangible Assets for further information.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Supplier Payable Programs

13 unchanged sentences

Customer accounts are used primarily in connection with commodity transactions and include gains and losses on open commodity trades as well as securities and other deposits made for margins or other purposes as required by the Company or the exchange-clearing organizations or counterparties.

Payables to brokerage customers have a corresponding balance in segregated cash and investments and customer omnibus receivable in other current assets.

Payables to brokerage customers have a corresponding balance in segregated cash and investments.

Stock Compensation

4 unchanged sentences

Measured compensation cost, net of forfeitures, is recognized ratably over the vesting period of the related stock compensation award.

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Compensation expense for stock option grants, Restricted Stock Awards, and PSUs granted to employees is generally recognized on a straight-line basis during the service period of the respective grant.

5 unchanged sentences

Such costs incurred, net of expenditures subsequently reimbursed by government grants, were $ 246 million, $ 269 million, and $ 256 million for the years ended December 31, 2025, 2024, and 2023, respectively.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Earnings Per Share

Basic earnings per common share are determined by dividing net earnings attributable to controlling interests by the weighted average number of common shares outstanding.

In computing diluted earnings per common share, average number of common shares outstanding is increased by dilutive potential common shares, including unvested restricted stock units, PSUs and common shares underlying stock options outstanding with exercise prices lower than the average market price of common shares using the treasury stock method.

In computing diluted earnings per common share, the average number of common shares outstanding is increased by dilutive potential common shares, including unvested restricted stock units, PSUs and common shares underlying stock options outstanding with exercise prices lower than the average market price of common shares using the treasury stock method.

Business Combinations

10 unchanged sentences

Upon the conclusion of the measurement period or the final determination of the values of assets acquired and liabilities assumed, whichever comes first, any such adjustments are charged to the Consolidated Statements of Earnings.

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Redeemable Non-controlling Interests

5 unchanged sentences

Opening balance, January 1 $ 253 $ 320 $ 299

$ 320 $ 299 $ 259

Net income (loss) attributable to redeemable non-controlling interests

( 21 ) ( 6 ) 21

Acquisition of redeemable non-controlling interests ( 18 ) — —

Net income (loss) ( 3 ) ( 21 ) ( 6 )

Acquisitions — ( 18 ) —

Remeasurement 42 — —

Currency translation adjustments and other ( 5 ) ( 28 ) 27

Closing balance, December 31 $ 287 $ 253 $ 320

$ 253 $ 320 $ 299

(1) As of December 31, 2024, redeemable non-controlling interests includes $ 136 million related to the 25 % non-controlling interest for PetDine, LLC.

The Company has the option to acquire this remaining 25 % interest in PetDine, LLC by March 31, 2025.

The non-controlling interest holders also have the option to put the 25 % interest to the Company by the same date.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Adoption of New Accounting Pronouncements

Effective January 1, 2024, the Company adopted the amended guidance of Accounting Standards Codification (ASC) 848, Reference Rate Reform , which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met.

The guidance applies only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform.

The expedients and exceptions provided by the guidance do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2024, except for hedging relationships existing as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship.

ADM has completed the transition of its financing, funding, and hedging portfolios from LIBOR to alternative reference rates.

The transition did not have an impact on the Company’s Consolidated Financial Statements.

Effective December 31, 2024, the Company adopted Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures , which improves disclosures about a public entity’s reportable segments and addresses requests from investors and other allocators of capital for more detailed information about a reportable segment’s expenses.

The amended guidance improves reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses and permits entities to disclose more than one measure of a reportable segment’s profitability used by the Chief Operating Decision Maker.

Effective December 31, 2025, the Company adopted Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures , on a prospective basis.

This ASU enhances the transparency and decision usefulness of income tax disclosures.

The amendments address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information.

The adoption of the amended guidance resulted in expanded disclosures in Note.

Segment and Geographic Information in this report but did not have an impact on the Company's Consolidated Financial Statements.

13 Income Taxes in this report but did not have a significant impact on the Company's Consolidated Financial Statements.

New Accounting Pronouncements Not Yet Adopted

Effective December 31, 2025, the Company will be required to adopt ASU 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures , which enhances the transparency and decision usefulness of income tax disclosures.

The adoption of the amended guidance will result in expanded disclosures in the Company’s income taxes footnote but is not expected to have an impact on the Company's Consolidated Financial Statements.

Effective January 1, 2026, the Company will be required to adopt ASU 2025-05, Financial Instruments-Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract Assets, which simplifies the application of the current expected credit loss model for current accounts receivable and current contract assets under Accounting Standards Codification (ASC) 606, Contracts with Customers.

The adoption of the amended guidance is not expected to have a significant impact on the Company’s Consolidated Financial Statements and related disclosures.

Effective January 1, 2027, the Company will be required to adopt ASU 2025-07, Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract, which expands the scope of contracts that are excluded from derivative accounting to include certain non-exchange traded contracts, with limited exceptions.

It also clarifies that the noncash consideration guidance in ASC 606, Contracts with Customers, applies to share-based noncash consideration received from a customer for the transfer of goods or services.

The Company is evaluating the impact of the adoption of this guidance on the Company’s Consolidated Financial Statements and related disclosures.

Effective January 1, 2027, the Company will be required to adopt ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810):

Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which amends the existing framework for identifying the accounting acquirer in business combinations when the legal acquiree is a VIE by requiring entities to consider the general accounting acquirer factors in ASC 805-10, Business Combination-Overall, when the transaction is primarily effected by the exchange of equity interests.

The new guidance is required to be applied prospectively to any acquisition transaction that occurs after the initial application date.

The Company is evaluating the impact of the adoption of this guidance on the Company’s Consolidated Financial Statements.

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Effective January 1, 2027, the Company will be required to adopt ASU 2025-09, Derivatives and Hedging (Topic 815):

Targeted Improvements to Hedge Accounting.

The amended guidance within this ASU is intended to simplify cash flow hedge accounting and enhance the hedging of variable price-components of nonfinancial forecasted transactions.

Among other changes, the amendments eliminate the requirement for contractually specified price components in order to qualify for risk componentization for a cash flow hedge program for forecasted nonfinancial transactions.

The Company is considering early adopting the amendments in the first quarter of 2026 in accordance with the transition guidance.

The Company expects the amendments to better align hedge accounting with the Company’s commodity risk management activities and improving the operability of its commodity cash flow hedge program.

The Company does not expect the adoption to have a material effect on its financial position or results of operations.

Effective December 31, 2027, the Company will be required to adopt ASU 2024-03, Income Statement—Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of income statement expenses , which will require tabular disclosure of certain operating expenses disaggregated into categories, such as purchases of inventory, employee compensation, depreciation, and intangible asset amortization.

The adoption of the amended guidance will result in expanded disclosures in the Company’s footnotes but is not expected to have an impact on the Company's Consolidated Financial Statements.

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The amendments in this ASU can be applied on a prospective basis or retrospective basis upon adoption.

The adoption of the amended guidance will result in expanded disclosures in the Company’s footnotes but is not expected to have a significant impact on the Company's Consolidated Financial Statements.

Effective January 1, 2028, the Company will be required to adopt ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software by removing all references to software development project stages so that the guidance is neutral to different software development methods and providing new guidance on how to evaluate whether the probable-to-completion recognition threshold has been met.

The amendments in this ASU can be applied on a prospective basis or retrospective basis upon adoption.

The Company is evaluating the impact of the adoption of this guidance on the Company’s Consolidated Financial Statements.

Effective January 1, 2029, the Company will be required to adopt ASU 2025-10, Accounting for Government Grants Received by Business Entities, which establishes authoritative guidance under U.S.

GAAP for the recognition, measurement, presentation, and disclosure of government grants received by business entities.

Under this ASU, government grants are recognized when it is probable that the entity will comply with the grant’s conditions and will receive the grant.

Grants related to income may be presented either as a separate line item or as a reduction of the related expenses.

Grants related to assets may reduce the carrying amount of the related asset or be presented as deferred income.

This ASU also requires disclosure of the nature and terms of grants, the accounting policies applied, and significant conditions.

The amendments in this ASU can be applied on a modified prospective or retrospective basis upon adoption.

The Company is evaluating the impact of the adoption of this guidance on the Company’s Consolidated Financial Statements.

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following tables present revenue disaggregated by timing of recognition and major product lines for the years ended December 31, 2024, 2023, and 2022 (in millions).

The following tables present revenue disaggregated by timing of recognition and reportable segments and subsegments for the years ended December 31, 2025, 2024, and 2023 (in millions).

Year Ended December 31, 2025

16 unchanged sentences

Total Revenues $ 24,181 $ 775 $ 24,956 $ 55,313 $ 80,269

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ARCHER-DANIELS-MIDLAND COMPANY

37 unchanged sentences

(1) Topic 815 revenue relates to the physical delivery or the settlement of the Company’s sales contracts accounted for as derivatives and are outside the scope of Topic 606.

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ARCHER-DANIELS-MIDLAND COMPANY

1 unchanged sentence

Ag Services and Oilseeds

The Ag Services and Oilseeds segment generates revenue from the sale of commodities, from service fees for the transportation of goods, from the sale of products manufactured in its global processing facilities, and from its structured trade finance activities.

The Company engages in various structured trade finance activities to leverage its global trade flows whereby the Company obtains letters of credit (LCs) to guarantee payments on both global purchases and sales of grain.

LCs guaranteeing payment on grain sales are sold on a non-recourse basis with no continuing involvement.

The Company earns returns from the difference in interest rates between the LCs that guarantee payment on the underlying purchases and sales of grain given the differing risk profiles of the underlying transactions.

The net return related to structured trade finance activities is included in revenue and was not significant for the years ended December 31, 2024, 2023, and 2022.

The Ag Services and Oilseeds segment generates revenue from commodity sales, service fees related to the transportation of goods, sales of products manufactured in its global processing facilities, and structured trade finance activities.

Revenue from physically settled derivative sales contracts primarily relates to forward sales of commodities where such contracts meet the definition of a derivative under ASC 815.

Revenue from such commodities contracts is recognized at a point in time, upon transferring control of the commodity to the customer, consistent with the recognition principles under Topic 606.

Revenue for deferred price contracts that allow for pricing to be determined after title of the goods has passed to the customer is recognized when the price is determined.

For transportation service contracts, the Company recognizes revenue over time as the transportation service is performed in accordance with the transfer of control guidance of Topic 606.

Carbohydrate Solutions

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Revenue is recognized when control over products is transferred to the customer.

Products are shipped to customers from the Company’s various facilities and from its network of storage terminals.

The amount of revenue recognized is based on the consideration specified in the contract which could include freight and other costs depending on the specific shipping terms of each contract.

1 unchanged sentence

Revenue is recognized when control over products is transferred to the customer.

The amount of revenue recognized follows the contracted price or the mutually agreed price of the product.

Other Business

Other Business includes the Company’s futures commission business whose primary sources of revenue are commissions and brokerage income generated from executing orders and clearing futures contracts and options on futures contracts on behalf of its customers.

Other Business includes the Company’s futures commission merchant business whose primary sources of revenue are commissions and brokerage income generated from trade execution and clearing settlement of futures contracts and options on futures contracts on behalf of its customers.

Commissions and brokerage revenue are recognized on the date the transaction is executed.

Other Business also includes the Company’s captive insurance business which generates third party revenue through its proportionate share of premiums from third-party reinsurance pools.

Reinsurance premiums are recognized on a straight-line basis over the period underlying the policy.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

During the year ended December 31, 2024, the Company acquired Revela Foods, LLC (“Revela”), a Wisconsin-based developer and manufacturer of innovative dairy flavor ingredients and solutions, Fuerst Day Lawson Ltd.

(“FDL”), a UK-based leading developer and producer of premium flavor and functional ingredient systems, PT Trouw Nutrition Indonesia (“PT”), a leading provider of functional and nutritional solutions for livestock farming in Indonesia, and Totally Natural Solutions Ltd.

(“TNS”), a UK-based hops flavoring producer, for an aggregate cash consideration of $ 948 million.

The aggregate cash consideration of these acquisitions, net of $ 21 million in cash acquired, was allocated as follows, subject to final measurement period adjustments (in millions).

Revela FDL PT TNS Total

Other Business also includes the Company’s captive insurance business, which provides captive insurance services to the Company's reportable segments.

During the year ended December 31, 2025, the Company acquired Vandamme Hugaria Kft (“Vandamme”), a 700 metric ton/day non-genetically modified crush and extraction facility based in Hungary for an aggregate cash consideration of $ 125 million.

This acquisition adds capabilities to the Company’s Ag Services and Oilseeds and Carbohydrate Solutions segments.

The aggregate cash consideration, net of $ 28 million in cash acquired, was allocated as follows (in millions):

Working capital, net of cash acquired $ 24

Property, plant, and equipment 27

Goodwill 409 136 3 9 557

Other intangible assets (1)

Other long-term assets 28 10 — — 38

Long-term liabilities ( 42 ) ( 41 ) — — ( 83 )

Deferred tax liabilities ( 3 )

Aggregate cash consideration, net of cash acquired $ 97

Goodwill recorded in connection with the acquisitions is primarily attributable to the synergies expected to arise after the Company’s acquisition of the businesses.

Of the $ 557 million allocated to goodwill, $ 373 million is expected to be deductible for tax purposes.

These acquisitions add capabilities to the Company’s Nutrition segment.

The Company’s Consolidated Statements of Earnings for the year ended December 31, 2024 includes the post-acquisition results of the acquired businesses which were immaterial.

The following table sets forth the fair values and the useful lives of the other intangible assets acquired as of December 31, 2024.

Useful Lives Revela

(In years) (In millions)

Intangible assets with finite lives:

Customer lists 10 to 18 $ 124 $ 73 $ 8 $ 205

Recipes and others 10 to

21 42 20 2 64

Total other intangible assets acquired $ 166 $ 93 $ 10 $ 269

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(1) Primarily represents customer lists with an expected useful life of 13 years.

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Goodwill recorded in connection with the acquisition is primarily attributable to the synergies expected to arise after the Company’s acquisition of the business.

This goodwill is not expected to be deductible for tax purposes.

The Company’s Consolidated Statements of Earnings for the year ended December 31, 2025 includes the post-acquisition results of the acquired business which were insignificant.

Fair Value Measurements

8 unchanged sentences

Marketable securities 32 — — 32

Segregated investments 1,681 — — 1,681

Segregated investments and restricted cash equivalents 1,771 — — 1,771

Total Assets $ 2,083 $ 3,984 $ 3,185 $ 9,252

4 unchanged sentences

Total Liabilities $ — $ 1,158 $ 329 $ 1,487

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Fair Value Measurements at December 31, 2024

3 unchanged sentences

Foreign currency contracts — 272 — 272

Interest rate contracts — 5 — 5

Cash equivalents 70 — — 70

Segregated investments 1,362 — — 1,362

Marketable securities 246 — — 246

Segregated investments and restricted cash equivalents 1,681 — — 1,681

Total Assets $ 1,997 $ 4,611 $ 3,458 $ 10,066

4 unchanged sentences

Total Liabilities $ — $ 1,221 $ 493 $ 1,714

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Inventories Carried at Market and Inventory-Related Payables

4 unchanged sentences

Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these basis adjustments.

In some cases, the basis adjustments are unobservable because they are supported by little to no market activity.

When unobservable inputs have a significant impact (more than 10%) on the measurement of fair value, the inventory is classified in Level 3.

In certain cases, the basis adjustments are unobservable because they are supported by little to no market activity.

When unobservable inputs have a significant impact (more than 10%) on the measurement of fair value, the inventory is classified as Level 3.

Changes in the fair value of inventories and inventory-related payables are recognized in the Consolidated Statements of Earnings as a component of Cost of products sold.

4 unchanged sentences

Market valuations for the Company’s forward commodity purchase and sale contracts are adjusted for location (basis) because the exchange-quoted prices represent contracts that have standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade.

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The basis adjustments are generally determined using inputs from competitor and broker quotations or market transactions and are considered observable.

1 unchanged sentence

Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these basis adjustments.

In some cases, the basis adjustments are unobservable because they are supported by little to no market activity.

In certain cases, the basis adjustments are unobservable because they are supported by little to no market activity.

When observable inputs are available for substantially the full term of the contract, it is classified in Level 2.

1 unchanged sentence

Except for certain derivatives designated as cash flow hedges, changes in the fair value of commodity-related derivatives are recognized in the Consolidated Statements of Earnings as a component of Cost of products sold.

Changes in the fair value of foreign currency-related derivatives are recognized in the Consolidated Statements of Earnings as a component of revenues, cost of products sold, and other (income) expense - net, depending upon the purpose of the contract.

The changes in the fair value of derivatives designated as effective cash flow hedges are recognized in the Consolidated Balance Sheets as a component of AOCI until the hedged items are recorded in earnings or it is probable the hedged transaction will no longer occur.

Except for certain derivatives designated as net investment hedges, changes in the fair value of foreign currency-related derivatives are recognized in the Consolidated Statements of Earnings as a component of Revenues, Cost of products sold, and Other (income) - net, depending upon the purpose of the contract.

Cash Equivalents

1 unchanged sentence

Marketable Securities

The Company's marketable securities are comprised of foreign government securities.

Government securities are valued using quoted market prices and are classified as Level 1.

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The Company's marketable securities are comprised of foreign government securities and foreign term deposits with original maturities greater than 90 days.

These securities are valued using quoted market prices and are classified as Level 1.

Segregated Investments and Restricted Cash Equivalents

The Company’s segregated investments and restricted cash equivalents are primarily comprised of U.S.

Treasury securities purchased using ADM Investor Services customer funds and segregated to meet regulatory requirements.

Treasury securities are valued using quoted market prices and are classified as Level 1.

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Segregated Investments

The Company’s segregated investments are comprised of U.S.

Treasury securities.

Treasury securities are valued using quoted market prices and are classified as Level 1.

Level 3 Assets and Liabilities

The following tables present a rollforward of the activity of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2025 and 2024 (in millions).

Level 3 Fair Value Assets Measurements at

December 31, 2024

Assets Liabilities

December 31, 2025 December 31, 2025

Market Commodity

Gains Total Assets Inventory-related Payables Commodity

Opening balance, January 1, 2025 $ 3,031 $ 427 $ 3,458 $ 88 $ 405 $ 493

Total increase (decrease) in net realized/unrealized gains included in cost of products sold 646 1,010 1,656

Increase (decrease) in unrealized gains included in Cost of products sold ( 1,021 ) 1,075 54 — — —

Increase (decrease) in unrealized losses included in Cost of products sold — — — — 13 852 865

Realized increases (decreases) included in Cost of products sold 28 — 28 ( 15 ) — ( 15 )

Purchases 18,640 — 18,640 21 — 21

4 unchanged sentences

Closing balance, December 31, 2025 $ 2,673 $ 512 $ 3,185 $ 16 $ 313 $ 329

$ 3,031 $ 427 $ 3,458

(1) Includes increase in unrealized gains of $ 1.7 billion relating to Level 3 assets still held at December 31, 2024.

Level 3 Fair Value Liabilities Measurements at

December 31, 2024

Payables Commodity

Assets Liabilities

December 31, 2024 December 31, 2024

Market Commodity

Gains Total Assets Inventory-related Payables Commodity

Opening balance, January 1, 2024 $ 2,713 $ 731 $ 3,444 $ 101 $ 457 $ 558

Total increase (decrease) in net realized/unrealized losses included in cost of products sold and interest expense ( 12 ) 1,124 1,112

Increase (decrease) in unrealized gains included in Cost of products sold 697 1,010 1,707 — — —

Increase (decrease) in unrealized losses included in Cost of products sold — — — — 17 1,124 1,141

Realized increases (decreases) included in Cost of products sold ( 51 ) — ( 51 ) ( 29 ) — ( 29 )

Purchases 16,296 — 16,296 79 — 79

4 unchanged sentences

Closing balance, December 31, 2024 $ 3,031 $ 427 $ 3,458 $ 88 $ 405 $ 493

$ 88 $ 405 $ 493

(1) Includes increase in unrealized losses of $ 1.1 billion relating to Level 3 liabilities still held at December 31, 2024.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Level 3 Fair Value Assets Measurements at

December 31, 2023

Market Commodity

Opening balance, January 1, 2023 $ 2,760 $ 541 $ 3,301

Total increase (decrease) in net realized/unrealized gains included in cost of products sold 432 1,460 1,892

Purchases 29,929 — 29,929

Sales ( 30,038 ) — ( 30,038 )

Settlements ( 4 ) ( 1,559 ) ( 1,563 )

Transfers into Level 3 1,584 371 1,955

Transfers out of Level 3 ( 1,950 ) ( 82 ) ( 2,032 )

Closing balance, December 31, 2023 (1)

$ 2,713 $ 731 $ 3,444

(1) Includes increase in unrealized gains of $ 2.1 billion relating to Level 3 assets still held at December 31, 2023.

Level 3 Fair Value Liabilities Measurements at

December 31, 2023

Payables Commodity

Losses Debt Conversion Option Total

Opening balance, January 1, 2023 $ 89 $ 603 $ 6 $ 698

Total increase (decrease) in net realized/unrealized losses included in cost of products sold and interest expense 5 1,303 ( 6 ) 1,302

Purchases 49 — — 49

Settlements ( 35 ) ( 1,583 ) — ( 1,618 )

Transfers into Level 3 1 157 — 158

Transfers out of Level 3 ( 8 ) ( 23 ) — ( 31 )

Closing balance, December 31, 2023 (1)

$ 101 $ 457 $ — $ 558

(1) Includes increase in unrealized losses of $ 1.3 billion relating to Level 3 liabilities still held at December 31, 2023.

Transfers into Level 3 of assets and liabilities previously classified in Level 2 were due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts rising above the 10% threshold.

Transfers out of Level 3 were primarily due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts falling below the 10% threshold and thus permitting reclassification to Level 2.

In some cases, the price components that result in differences between exchange-traded prices and local prices for inventories and commodity purchase and sale contracts are observable based upon available quotations for these pricing components, and in some cases, the differences are unobservable.

These price components primarily include transportation costs and other adjustments required due to location, quality, or other contract terms.

In the table below, these other adjustments are referred to as basis.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

In some cases, the price components that result in differences between exchange-traded prices and local prices for inventories and physical commodity purchase and sale contracts are observable based upon available quotations for these pricing components, and in some cases, the differences are unobservable.

These price components primarily include transportation costs and other basis adjustments required due to location, quality, or other contract terms.

The changes in unobservable price components are determined by specific local supply and demand characteristics at each location and the overall market.

Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these unobservable price components.

The following table sets forth the weighted average percentage of the unobservable price components included in the Company’s Level 3 valuations as of December 31, 2025 and 2024.

The Company’s Level 3 measurements may include basis only, transportation cost only, or both price components.

As an example, for Level 3 inventories with basis, the unobservable component as of December 31, 2024 was a weighted average 24.9 % of the total price for assets and 31.3 % of the total price for liabilities.

Weighted Average % of Total Price

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The majority of the Company’s derivative instruments have not been designated as hedging instruments.

The Company uses exchange-traded futures and exchange-traded and OTC options contracts to manage its net position of merchandisable agricultural product inventories and forward cash purchase and sales contracts to reduce price risk caused by market fluctuations in agricultural commodities and foreign currencies.

The Company also uses exchange-traded futures and exchange-traded and OTC options contracts as components of merchandising strategies designed to enhance margins.

The results of these strategies can be significantly impacted by factors such as the correlation between the value of exchange-traded commodities futures contracts and the value of the underlying commodities, counterparty contract defaults, and volatility of freight markets.

Derivatives, including exchange traded contracts and forward commodity purchase or sale contracts, and inventories of certain merchandisable agricultural products, which include amounts acquired under deferred pricing contracts, are stated at fair value or market value.

The Company uses exchange-traded and OTC commodity instruments to manage its net position of merchandisable agricultural product inventories and forward cash purchase and sales contracts to reduce price risk caused by market fluctuations in agricultural commodities and foreign currencies.

The Company also uses exchange-traded and OTC commodity instruments as components of merchandising strategies designed to enhance margins.

The results of these strategies can be significantly impacted by factors such as the correlation between the value of exchange-traded commodities futures and the value of the underlying commodities, counterparty contract defaults, and volatility of freight markets.

The Company recognizes changes in market value of inventories of certain merchandisable agricultural commodities, inventory-related payables, forward cash purchase and sales contracts, and exchange-traded and OTC instruments in earnings immediately as a component of Cost of products sold.

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Fair Value of Derivatives Not Designated as Hedging Instruments

Derivatives, including exchange traded contracts and physical commodity purchase or sale contracts, and inventories of certain merchandisable agricultural products, which include amounts acquired under deferred pricing contracts, are stated at fair value.

Inventory is not a derivative and therefore fair values of and changes in fair values of inventories are not included in the tables below.

5 unchanged sentences

Total $ 930 $ 667 $ 1,100 $ 862

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Changes in the fair value of foreign currency-related derivatives are recognized in the Consolidated Statements of Earnings as a component of Revenues, Cost of products sold, and Other (income) - net, depending on the purpose of the contract.

Changes in the fair value of commodity contracts are recognized in the Consolidated Statements of Earnings as a component of Cost of products sold.

The following table sets forth the pre-tax gains (losses) on derivatives not designated as hedging instruments that have been included in the Consolidated Statements of Earnings for the years ended December 31, 2025, 2024, and 2023 (in millions).

19 unchanged sentences

Total gain (loss) recognized in earnings $ ( 33 ) $ 941 $ 6 $ 43 $ 957

Changes in the market value of inventories of certain merchandisable agricultural commodities, inventory-related payables, forward cash purchase and sales contracts, exchange-traded futures, and exchange-traded and OTC options contracts are recognized in earnings immediately as a component of cost of products sold.

Derivatives Designated as Hedging Instruments

The Company had certain derivatives designated as cash flow and net investment hedges as of December 31, 2024 and 2023.

In addition, the Company had certain derivatives designated as fair value hedges as of December 31, 2024.

Cash Flow Hedges

For derivative instruments that are designated and qualify as highly-effective cash flow hedges (i.e., hedging the exposure to variability in expected future cash flow that is attributable to a particular risk), the gain or loss on the derivative instrument is reported as a component of AOCI and as an operating activity in the statement of cash flows and reclassified into earnings in the same line item affected by the hedged transaction and in the same period or periods during which the hedged transaction affects earnings.

Hedge components excluded from the assessment of effectiveness and gains and losses related to discontinued hedges are recognized in the Consolidated Statements of Earnings during the relevant period.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Derivatives Designated as Hedging Instruments

The Company had certain derivatives designated as cash flow, fair value, and net investment hedges as of December 31, 2025 and 2024.

Cash Flow Hedges

For derivative instruments that are designated and qualify as highly-effective cash flow hedges (i.e., hedging the exposure to variability in expected future cash flow that is attributable to a particular risk), the gain or loss on the derivative instrument is reported as a component of Accumulated other comprehensive income (AOCI) and as an operating activity in the Consolidated Statements of Cash Flows, and is reclassified into earnings in the same line item affected by the hedged transaction in the same period or periods during which the hedged transaction affects earnings.

Hedge components excluded from the assessment of effectiveness, if any, and gains and losses related to discontinued hedges are recognized in the Consolidated Statements of Earnings during the relevant period.

For each of the hedge programs described below, the derivatives are designated as cash flow hedges.

1 unchanged sentence

Once the hedged item is recognized in earnings, the gains and losses arising from the hedge are reclassified from AOCI to either Revenues or Cost of products sold, as applicable.

The Company uses futures or options contracts to hedge the purchase price of anticipated volumes of corn to be purchased and processed in a future month.

The Company uses exchange-traded futures and options contracts to hedge the purchase price of anticipated volumes of corn to be purchased and processed in a future month.

The objective of this hedging program is to reduce the variability of cash flows associated with the Company’s forecasted purchases of corn.

2 unchanged sentences

At December 31, 2025, the Company had designated hedges representing between 7 % to 26 % of its anticipated monthly grind of corn for the next 12 months.

The Company uses futures and options contracts to hedge the purchase price of anticipated volumes of soybeans to be purchased and processed in a future month for certain of its U.S.

The Company uses exchange-traded futures and options contracts to hedge the purchase price of anticipated volumes of soybeans to be purchased and processed in a future month for certain of its U.S.

soybean crush facilities, subject to certain program limits.

The Company also uses futures or options contracts to hedge the sales prices of anticipated soybean meal and soybean oil sales proportionate to the soybean crushing process at these facilities, subject to certain program limits.

During the past 12 months, the Company hedged between 76 % and 100 % of the anticipated monthly soybean crush for soybean purchases and soybean meal and oil sales at the designated facilities.

The Company also uses exchange-traded futures and options contracts to hedge the sales prices of anticipated soybean meal and soybean oil sales proportionate to the soybean crushing process at these facilities, subject to certain program limits.

During the past 12 months, the Company hedged between 94 % and 100 % of the anticipated monthly soybean crush for soybean purchases and soybean meal and soybean oil sales at the designated facilities.

At December 31, 2025, the Company had designated hedges representing between 0 % and 100 % of the anticipated monthly soybean crush for soybean purchases and soybean meal and oil sales at the designated facilities over the next 12 months.

The Company uses futures and OTC swaps to hedge the purchase price of anticipated volumes of natural gas consumption in a future month for certain of its facilities in North America and Europe, subject to certain program limits.

The Company uses exchange-traded futures and OTC swaps to hedge the purchase price of anticipated volumes of natural gas consumption in a future month for certain of its facilities in North America and Europe, subject to certain program limits.

During the past 12 months, the Company hedged between 38 % and 59 % of the anticipated monthly natural gas consumption at the designated facilities.

At December 31, 2025, the Company had designated hedges representing between 8 % and 32 % of the anticipated monthly natural gas consumption over the next 12 months.

As of December 31, 2024 and 2023, the Company had after-tax losses of $ 13 million and after-tax gains of $ 42 million in AOCI, respectively, related to gains and losses from these programs.

The Company expects to recognize $ 13 million of the 2024 after-tax losses in its Consolidated Statements of Earnings during the next 12 months.

As of December 31, 2025 and 2024, the Company had after-tax gains (losses) of $ 13 million and $( 13 ) million in AOCI, respectively, related to gains and losses from these programs.

The Company expects to recognize $ 13 million of the 2025 after-tax gains in its Consolidated Statements of Earnings during the next 12 months.

Fair Value Hedges

2 unchanged sentences

The terms of the interest rate swaps match the terms of the underlying debt.

The Company executed fixed-to-floating rate interest rate swaps with an aggregate notional amount of $ 500 million as of December 31, 2024.

As of December 31, 2024, the Company had pre-tax gains of $ 5 million in other current assets related to interest rate swaps and a corresponding offset to the underlying debt for the same amount, with no net impact to earnings.

Net Investment Hedges

The Company uses cross-currency swaps and foreign exchange forwards designated as net investment hedges to protect the Company’s investment in a foreign subsidiary against changes in foreign currency exchange rates.

The Company had USD-fixed to Euro-fixed cross-currency swaps with an aggregate notional amount of $ 394 million and $ 805 million as of December 31, 2024 and 2023, respectively, and foreign exchange forwards with an aggregate notional amount of $ 2.1 billion as of each of December 31, 2024 and 2023.

Amounts excluded from the assessment of hedge effectiveness are immaterial for all periods presented.

As of December 31, 2024 and 2023, the Company had after-tax losses of $ 99 million and $ 5 million in AOCI, respectively, related to foreign exchange gains and losses from net investment hedge transactions.

The amount is deferred in AOCI until the underlying investment is divested.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

As of December 31, 2025 and December 31, 2024, the Company had pre-tax gains of $ 17 million and $ 5 million, respectively, in Other current assets related to interest rate swaps with an aggregate notional amount of $ 500 million.

A corresponding offset to the underlying debt is recorded for the same amount, with no net impact to earnings.

Net Investment Hedges

The Company executed USD-fixed to Euro-fixed cross-currency swaps with an aggregate notional amount of $ 447 million and $ 394 million as of December 31, 2025 and 2024, respectively, and foreign exchange forwards with an aggregate notional amount of $ 2.6 billion and $ 2.1 billion as of each of December 31, 2025 and 2024, respectively.

As of December 31, 2025 and 2024, the Company had net investment hedge related after-tax (losses) gains of $( 171 ) million and $ 99 million in AOCI, respectively.

The amount is deferred in AOCI until the underlying investments are divested.

The Company had previously designated its € 650 million outstanding long-term debt and commercial paper borrowings as a hedge of its net investment in a foreign subsidiary.

This long-term debt matured in September 2025 and was paid in full in the year ended December 31, 2025.

As of December 31, 2025 and 2024, the Company had after-tax gains of $ 176 million and $ 251 million in AOCI, respectively, related to foreign exchange gains and losses from the net investment hedge transactions.

The amount is deferred in AOCI until the underlying investments are divested.

Fair Value of Derivatives Designated as Hedging Instruments

The following table sets forth the fair value of derivatives designated as hedging instruments as of December 31, 2025 and 2024 (in millions).

2 unchanged sentences

Commodity Contracts $ — $ — $ 3 $ —

Interest Rate Contracts 5 — — —

Foreign Currency Contracts — 90 — 110

Interest Rate Contracts 17 — 5 —

Total $ 17 $ 90 $ 8 $ 110

The following table sets forth the pre-tax gains (losses) on derivatives designated as cash flow hedging instruments that have been included in the Consolidated Statements of Earnings for the years ended December 31, 2024, 2023, and 2022 (in millions).

Cost of products sold

For the Year Ended December 31, 2024

Pre-tax gains (losses) on:

Commodity Contracts $ ( 77 )

For the Year Ended December 31, 2023

Pre-tax gains (losses) on:

Commodity Contracts $ 322

For the Year Ended December 31, 2022

Pre-tax gains (losses) on:

The following table sets forth the pre-tax gains (losses) on derivatives designated as cash flow hedging instruments that have been recognized in Cost of products sold in the Consolidated Statements of Earnings for the years ended December 31, 2025, 2024, and 2023 (in millions).

2025 2024 2023

Pre-tax losses on:

Commodity Contracts $ ( 4 ) $ ( 77 ) $ 322

The Company has also designated $ 674 million (€ 650 million) of its outstanding long-term debt and commercial paper borrowings at each of December 31, 2024 and 2023, as hedges of its net investment in a foreign subsidiary.

As of December 31, 2024 and 2023, the Company had after-tax gains of $ 251 million and $ 212 million in AOCI, respectively, related to foreign exchange gains and losses from the net investment hedge transactions.

The amount is deferred in AOCI until the underlying investment is divested.

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ARCHER-DANIELS-MIDLAND COMPANY

4 unchanged sentences

Unrealized gains on derivative contracts $ 947 $ 1,108

Margin deposits and grain accounts 516 560

Customer omnibus receivable

Margin deposits and grain accounts 575 516

Financing receivables - net 256 258

1 unchanged sentence

Prepaid expenses 263 279

Biodiesel tax credit 104 119

Tax receivables 583 539

2 unchanged sentences

$ 3,796 $ 4,369

(1) Interest earned on financing receivables of $ 18 million, $ 21 million, and $ 15 million for the years ended December 31, 2024, 2023, and 2022, respectively, is included in Interest and investment income in the Consolidated Statements of Earnings.

Accrued Expenses and Other Payables

13 unchanged sentences

Revenues recognized in the year ended December 31, 2025 from contract liabilities as of December 31, 2024 were $ 529 million.

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Revenues recognized in the year ended December 31, 2024 from contract liabilities as of December 31, 2023 were $ 529 million.

ARCHER-DANIELS-MIDLAND COMPANY

3 unchanged sentences

Wilmar Investment

The Company had a 22.5 % share ownership in Wilmar as of December 31, 2024 and 2023.

During the year ended December 31, 2024, the Company’s investment in Wilmar was written down to its fair value, resulting in a pre-tax impairment charge of $ 461 million recorded in asset impairment, exit, and restructuring costs within the Consolidated Statement of Earnings.

Subsequent to this impairment, the Company continues to monitor its investment in Wilmar for impairment.

The Company had a 22.5 % share ownership in Wilmar International Limited (“Wilmar”) as of December 31, 2025 and 2024.

The Company records its share of Wilmar’s financial results on a three-month lag basis, with the exception of transactions or events that occur during the intervening period that materially affect Wilmar’s financial position or results of operations.

On November 19th, 2025, Wilmar completed the purchase of additional equity shares of AWL Agri Business Limited (formerly known as Adani Wilmar Limited) ("AWL") from Adani Commodities LLP, representing 13 % of the existing paid-up equity share capital of AWL.

As a result of Wilmar obtaining control of AWL by increasing shareholding to 57 %, Wilmar announced it expects to record a remeasurement gain related to Wilmar's previously held equity interest in AWL to fair value.

The Company recorded its proportionate share of this one-time non-cash gain of $ 254 million, in Equity in loss (earnings) of unconsolidated affiliates within the Consolidated Statements of Earnings, for the Ag Services and Oilseeds segment, presented as a specified item.

In addition, during the year ended December 31, 2025, the Company recorded a charge related to its share of a penalty imposed on Wilmar by the September 25, 2025 decision of the Indonesian Supreme Court, on appeal by the Indonesian Attorney General’s Office.

The Company recorded $ 163 million of losses in Equity in loss (earnings) of unconsolidated affiliates within the Consolidated Statements of Earnings, for the Ag Services and Oilseeds segment, presented as a specified item.

The Company’s investment in Wilmar had a carrying value of $ 4.0 billion as of December 31, 2025, and a market value of $ 3.4 billion based on the quoted Singapore Exchange market price, converted to U.S.

dollars at the applicable exchange rate, at December 31, 2024.

dollars at the applicable exchange rate, at

December 31, 2025.

In accordance with its accounting policy, as of December 31, 2025, the Company evaluated several factors in its determination of whether an other-than-temporary impairment of its investment in Wilmar had occurred as of that date.

This included consideration of the short duration of the carrying value being above Wilmar's stock price, the recent performance of Wilmar’s stock price as quoted on the Singapore Exchange, latest consensus analyst forecasts, Wilmar’s long history of earnings and dividends and the Company’s continued representation on Wilmar’s Board.

This included consideration of the severity and duration of the carrying value being above Wilmar's stock price, the recent performance of Wilmar’s stock price as quoted on the Singapore Exchange, including stock price performance subsequent to the balance sheet date, Wilmar's financial condition and near-term performance prospects, and latest consensus analyst forecasts.

The Company considers its investment in Wilmar a significant and strategic relationship and has the intent and ability to retain its investment in Wilmar for a period of time sufficient to allow for any anticipated recovery in market value.

Based on the evaluation of the factors above, the Company does not consider the investment to be other-than temporarily impaired at December 31, 2025.

The Company will continue to reassess its investment in Wilmar which may result in the recognition of an other-than-temporary impairment in the future.

Other Investments

As of December 31, 2024, the Company also holds equity method investments in Pacificor ( 32.2 %), Stratas Foods LLC ( 50.0 %), Edible Oils Limited ( 50.0 %), Olenex ( 37.5 %), SoyVen ( 50.0 %), Hungrana Ltd ( 50.0 %), Almidones Mexicanos S.A.

( 50.0 %), Terminal de Grãos Ponta da Montanha S.A.

( 50.0 %), Gradable, LLC ( 50.0 %), Aston Foods and Food Ingredients ( 50.0 %), Red Star Yeast Company, LLC ( 40.0 %), LSCP, LLLP ( 22.1 %), Vimison S.A.

( 45.3 %), ADM Matsutani LLC ( 50 %), Matsutani Singapore Pte.

( 50 %), ADM Vland Biotech Shandong Co., Ltd.

As of December 31, 2025, the Company also holds equity method investments in Pacificor, LLC ( 32.2 %), Olenex Holdings B.V.

( 37.5 %), Hungrana Ltd ( 50.0 %), SoyVen Holding B.V.

( 50.0 %), Almidones Mexicanos S.A.

( 50.0 %), Vimison S.A.

( 45.3 %), Aston Foods and Food Ingredients ( 50.0 %), Edible Oils Limited ( 50.0 %), Stratas Foods LLC ( 50.0 %), LSCP, LLC ( 22.1 %), Red Star Yeast Company, LLC ( 40.0 %), Plainsman Company, LLC ( 40.0 %), Gradable, LLC ( 50.0 %), Terminal de Grãos Ponta da Montanha S.A.

( 50.0 %), Dusial S.A.

( 42.8 %), and Vitafort ZRT ( 34.3 %).

( 42.8 %), Vitafort ZRT ( 34.3 %), Novial SAS ( 26.2 %) ADM Matsutani LLC ( 50.0 %),and Matsutani Singapore Pte.

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Summarized Financial Information

The Company had 69 and 73 unconsolidated domestic and foreign affiliates as of December 31, 2024 and 2023, respectively.

The Company had 64 and 69 unconsolidated affiliates as of December 31, 2025 and 2024, respectively.

The following tables summarize the aggregated balance sheets as of December 31, 2025 and 2024, and the aggregated statements of earnings of the Company’s unconsolidated affiliates for the years ended December 31, 2025, 2024, and 2023 (in millions).

5 unchanged sentences

Net assets $ 23,741 $ 23,399

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Year Ended December 31

7 unchanged sentences

Accounts receivable due from unconsolidated affiliates as of December 31, 2025 and 2024 was $ 270 million and $ 342 million, respectively.

The Company provides credit facilities totaling $ 142 million to seven unconsolidated affiliates.

One facility that bears interest at 5.9 % has an outstanding balance of $ 2 million, one facility that bears interest at 6.9 % has an outstanding balance of $ 7.5 million, and one facility that bears interest at 4.2 % has an outstanding balance of $ 7.5 million while the remaining facilities have no outstanding balance as of December 31, 2024.

The Company provides credit facilities to six unconsolidated affiliates of $ 128 million.

As of December 31, 2025, these facilities had an outstanding balance of $ 4 million, with interest rates ranging between 3.5 % and 6.9 %.

The outstanding balance is included in Other current assets in the Company's Consolidated Balance Sheets.

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Goodwill and Other Intangible Assets

5 unchanged sentences

— — 557 — $ 557

— — ( 137 ) — ( 137 )

Currency translation adjustments and other

2 unchanged sentences

19 7 10 — $ 36

Acquisitions — — 557 — 557

Currency translation adjustments and other

Balance at December 31, 2024

13 15 197 ( 1 ) $ 224

Balance at December 31, 2025 $ 250 $ 238 $ 4,277 $ 4 $ 4,769

As of each of December 31, 2025 and 2024, accumulated impairment for goodwill was $ 156 million.

During the year ended December 31, 2024, the Company evaluated goodwill for impairment using a qualitative assessment for two reporting units and using a quantitative assessment for five reporting units.

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During the year ended December 31, 2025, the Company evaluated goodwill for impairment using a qualitative assessment for six reporting units and using a quantitative assessment for the Animal Nutrition reporting unit within the Nutrition segment.

The estimated fair value of the Animal Nutrition reporting unit was evaluated to be approximately 15 % in excess of its carrying value and no impairment was recorded.

The Company used a combination of the income and market approaches when performing the quantitative assessment of goodwill for the Animal Nutrition reporting unit.

The Company weighted the income approach with a probability weight of 75 %, as it is based on the future business plans and growth estimates for the Company’s Animal Nutrition business and considers short-term and long-term cash flow expectations for the business.

The market approach was weighted at 25 %, as it represents an estimate of fair value based on market guideline companies for which future growth expectations are not precisely known.

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Per the results of the impairment testing within the Ag Services and Oilseeds (AS&O) reportable segment for the year ended December 31, 2024, the estimated fair value of the Ag Services, Crushing, and RPO reporting units evaluated for impairment using a quantitative assessment was in excess of 128 %, 191 % and 209 % of its carrying value, respectively, and no impairment was recorded for any of the AS&O reporting units.

Per the results of the impairment testing within the Nutrition reportable segment for the year ended December 31, 2024, the estimated fair value of the Animal Nutrition and Human Nutrition reporting units evaluated for impairment using a quantitative assessment was in excess of 7 % and 32 % of its carrying value, respectively, and no impairment was recorded for either of the Nutrition reporting units.

The Company used a combination of the income and market approaches when performing the quantitative assessment of goodwill for the Animal Nutrition reporting unit.

The Company weighted the income approach with a probability weight of 75 %, as it is based on the future business plans and growth estimates for the Company’s Animal Nutrition business and thus considers short-term and long-term cash flow expectations for the business.

The market approach was weighted less heavily at 25 %, as it represents an estimate of fair value based on market guideline companies for which future growth expectations are not precisely known.

During the year ended December 31, 2023, the Company recorded a goodwill impairment charge of $ 137 million related to the Animal Nutrition reporting unit that was evaluated for impairment using a quantitative assessment.

The decline in the fair value of the Animal Nutrition reporting unit was primarily driven by a higher discount rate due to changes in the underlying business performance and industry conditions as well as the macroeconomic environment, causing a decline in the projected cash flows.

Following the recording of the impairment charge, the remaining carrying value of goodwill in the Animal Nutrition reporting unit as of December 31, 2023 was $ 946 million.

There was no goodwill impairment charge recorded for the year ended December 31, 2022.

Other Intangible Assets

6 unchanged sentences

Trademarks/brands $ 315 $ — $ 315 $ 290 $ — $ 290

Other — — — 58 — 58

Intangible assets with definite lives:

7 unchanged sentences

Total $ 4,146 $ ( 2,170 ) $ 1,976 $ 4,130 $ ( 1,870 ) $ 2,260

The changes in the gross amounts during the year ended December 31, 2024 were primarily related to acquisitions of $ 269 million, and additions to capitalized software and intangible assets in process of $ 134 million, partially offset by foreign currency and other adjustments of $ 122 million and impairments of $ 43 million.

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During the year ended December 31, 2025, the Company recorded an impairment charge of $ 179 million related to previously capitalized software, within Corporate.

Asset Impairment, Exit, and Restructuring Costs for further information.

Other changes in the gross amounts during the year ended December 31, 2025 were primarily related to additions to capitalized software and intangible assets in process of $ 56 million, acquisitions of $ 23 million, and foreign currency adjustments of $ 162 million.

Aggregate amortization expense was $ 249 million, $ 266 million, and $ 234 million for the years ended December 31, 2025, 2024, and 2023, respectively, of which $ 82 million, $ 89 million, and $ 72 million, respectively, were for amortization of capitalized software and related costs.

The estimated future annual amortization expense for each of the next five years for intangible assets recorded at December 31, 2025 is $ 250 million, $ 244 million, $ 224 million, $ 199 million, and $ 149 million, respectively.

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Aggregate amortization expense was $ 266 million, $ 234 million, and $ 235 million for the years ended December 31, 2024, 2023, and 2022, respectively, of which $ 89 million, $ 72 million, and $ 69 million, respectively, were for amortization of capitalized software and related costs.

The estimated future annual amortization expense for the next five years for intangible assets recorded at December 31, 2024 is $ 285 million, $ 284 million, $ 272 million, $ 266 million, and $ 205 million, respectively.

Debt Financing Arrangements

26 unchanged sentences

Total long-term debt $ 6,606 $ 7,580

Discount amortization expense, net of premium amortization, of $ 13 million, $ 15 million, and $ 6 million for the years ended December 31, 2024, 2023, and 2022, respectively, are included in interest expense related to the Company’s long-term debt.

At December 31, 2025, the fair value of the Company’s long-term debt, excluding current portion, was $ 6.3 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards), compared to a carrying value of $ 6.6 billion.

1 unchanged sentence

The Company was in compliance with these covenants as of December 31, 2025.

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ARCHER-DANIELS-MIDLAND COMPANY

10 unchanged sentences

Of the Company’s total lines of credit, $ 5.1 billion supported the combined U.S.

and European commercial paper borrowing programs, against which there was $ 1.7 billion of commercial paper outstanding at December 31, 2024.

and European commercial paper borrowing programs, against which there was $ 715 million of commercial paper outstanding at December 31, 2025.

Credit Ratings

6 unchanged sentences

These options are issued at market value on the date of grant, vest incrementally over one year to five years , and expire ten years after the date of grant.

The fair value of each option grant is estimated as of the date of grant using the Black-Scholes single option pricing model.

The volatility assumption used in the Black-Scholes single option pricing model is based on the historical volatility of the Company’s stock.

The volatility of the Company’s stock was calculated based upon the monthly closing price of the Company’s stock for the period immediately prior to the date of grant corresponding to the average expected life of the grant.

The average expected life represents the period of time that option grants are expected to be outstanding.

The risk-free rate is based on the rate of U.S.

Treasury zero-coupon issues with a remaining term equal to the expected life of option grants.

No options were granted in 2024, 2023, and 2022.

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There were no options granted in 2025, 2024, and 2023.

The weighted-average remaining contractual term of options outstanding and exercisable at December 31, 2025, was less than 1 year.

There were 595,000 and 1,047,000 shares (all of which were exercisable) under outstanding stock options as of December 31, 2025 and 2024, respectively, and 452,000 options were exercised during the year ended December 31, 2025.

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

A summary of option activity during 2024 is presented below (in thousands, except per share amounts):

Shares Weighted-Average

Exercise Price

Shares under option at December 31, 2023 1,614 $ 37.11

Exercised ( 567 ) 44.38

Shares under option at December 31, 2024 1,047 $ 33.18

Exercisable at December 31, 2024 1,047 $ 33.18

The weighted-average remaining contractual term of options outstanding and exercisable at December 31, 2024, was 1 year.

The aggregate intrinsic value of options outstanding and exercisable at December 31, 2024, was $ 19 million.

The total intrinsic values of options exercised during the years ended December 31, 2024, 2023, and 2022, were $ 9 million, $ 20 million, and $ 117 million, respectively.

Cash proceeds received from options exercised during the years ended December 31, 2024, 2023, and 2022, were $ 25 million, $ 20 million, and $ 90 million, respectively, and are presented as financing activities within the Consolidated Statements of Cash Flows under Other - net.

Restricted Stock Awards and PSUs

The Company’s 2020 Incentive Compensation Plan provides for the granting of restricted stock and restricted stock units at no cost to certain officers and key employees.

In addition, the Company’s 2020 Incentive Compensation Plan also provides for the granting of PSUs at no cost to certain officers and key employees.

Restricted Stock Awards are made in common stock or stock units with equivalent rights and vest at the end of a restriction period of three years .

The Company’s 2020 Incentive Compensation Plan provides for the granting of Restricted Stock Awards at no cost to certain officers and key employees.

Restricted Stock Awards are made in common stock or stock units with equivalent rights.

Prior to the February 2023 grant, Restricted Stock Awards vested at the end of a restriction period of three years .

Starting with the February 2023 grant, Restricted Stock Awards have a three-year graded vesting schedule and vest at 33.33 % each year.

In addition, the Company’s 2020 Incentive Compensation Plan also provides for the granting of PSUs at no cost to certain officers and key employees.

The awards for PSUs are made in common stock units and vest at the end of a vesting period of three years subject to the attainment of certain future service and Company performance criteria.

2 unchanged sentences

The fair value of Restricted Stock Awards and PSUs is determined based on the market value of the Company’s shares on the grant date.

The weighted-average grant-date fair values of awards granted during the years ended December 31, 2024, 2023, and 2022 were $ 55.16 , $ 78.90 , and $ 70.13 , respectively.

The weighted-average grant-date fair values per share of awards granted during the years ended December 31, 2025, 2024, and 2023 were $ 45.82 , $ 55.16 , and $ 78.90 , respectively.

A summary of Restricted Stock Awards and PSUs activity during 2025 is presented below (in thousands, except per share amounts):

6 unchanged sentences

Non-vested at December 31, 2025 5,398 $ 54.66

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

At December 31, 2024, there was $ 89 million of total unrecognized compensation expense related to Restricted Stock Awards and PSUs.

Amounts to be recognized as compensation expense during the years ended December 31, 2025, 2026, and 2027 are expected to be $ 58 million, $ 27 million, and $ 4 million, respectively, based on expected Company performance and award service conditions.

The total grant-date fair value of Restricted Stock Awards and PSU's that vested during the year ended December 31, 2025 was $ 177 million.

At December 31, 2025, there was $ 72 million of total unrecognized compensation expense related to Restricted Stock Awards and PSUs.

Amounts to be recognized as compensation expense during the years ended December 31, 2026, 2027, and 2028 are expected to be $ 46 million, $ 24 million, and $ 2 million, respectively.

Other (Income) Expense – Net

4 unchanged sentences

Other – net ( 73 ) ( 224 ) ( 138 )

Total other (income) expense - net

$ ( 150 ) $ ( 251 ) $ ( 176 )

Other - net in the year ended December 31, 2024 included the non-service components of net pension benefit income of $ 18 million, net foreign exchange gains of $ 46 million, third party insurance recoveries of $ 133 million, and net other income.

Other - net for the year ended December 31, 2023 included the non-service components of net pension benefit income of $ 18 million, net foreign exchange gains of $ 85 million, and net other income.

Other - net for the year ended December 31, 2022 included a legal recovery related to the 2019 and 2020 closure of the Company’s export facility in Reserve, Louisiana of $ 110 million, net foreign exchange gains of $ 105 million, a $ 50 million one-time payment from the USDA Biofuel Producer Recovery Program, and the non-service components of net pension benefit income of $ 25 million, partially offset by net other expense.

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ARCHER-DANIELS-MIDLAND COMPANY

10 unchanged sentences

2025 2024 2023

Current expense

Current expense (benefit)

Federal $ ( 102 ) $ 108 $ 291

2 unchanged sentences

$ 227 $ 606 $ 851

Deferred expense (benefit)

Deferred (benefit) expense

Federal ( 46 ) ( 99 ) ( 52 )

4 unchanged sentences

$ 182 $ 476 $ 828

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ARCHER-DANIELS-MIDLAND COMPANY

16 unchanged sentences

Foreign tax loss carryforwards 503 386

Capital loss carryforwards 41 42

Foreign capital loss carryforwards

State tax attributes 32 23

5 unchanged sentences

The net deferred tax liabilities are classified as follows:

Noncurrent assets

Noncurrent liabilities ( 1,268 ) ( 1,309 )

Non-current assets

Non-current liabilities

( 1,135 ) ( 1,268 )

$ ( 786 ) $ ( 916 )

Net Operating Losses and Valuation Allowances

3 unchanged sentences

The Company has recorded a valuation allowance of $ 233 million and $ 166 million against these tax assets at December 31, 2025 and 2024, respectively, due to the uncertainty of their realization.

The Company had $ 41 million of tax assets related to foreign capital loss carryforwards at each of December 31, 2024 and 2023.

The Company recorded a valuation allowance of $ 41 million against these tax assets at each of December 31, 2024 and 2023 due to the uncertainty of their realization.

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The Company had $ 45 million and $ 41 million of tax assets related to foreign capital loss carryforwards as of December 31, 2025 and 2024, respectively.

The Company recorded a valuation allowance of $ 45 million and $ 41 million against these tax assets as of December 31, 2025 and 2024, respectively, due to the uncertainty of their realization.

ARCHER-DANIELS-MIDLAND COMPANY

1 unchanged sentence

The Company had $ 113 million of tax assets related to U.S.

income tax attributes at December 31, 2024, of which $ 39 million will expire between 2029 and 2034, $ 89 million will expire in 2044, and the remaining $ 68 million have no expiration date.

income tax attributes at December 31, 2025, of which $ 72 million will expire between 2029 and 2034, and the remaining $ 41 million will expire in 2044.

The Company had $ 32 million and $ 23 million of tax assets related to state income tax attributes (incentive credits and net operating loss carryforwards), net of federal tax benefit, at December 31, 2025 and 2024, respectively, a majority of which will expire between 2026 and 2030.

Due to the uncertainty of realization, the Company recorded a valuation allowance of $ 14 million and $ 16 million related to state income tax assets net of federal tax benefit as of December 31, 2025 and 2024, respectively.

The change in the valuation allowance was related to the increase in the state income tax attributes over what was reserved in prior years.

In assessing the need for a valuation allowance, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized.

8 unchanged sentences

$ 292 $ 223 $ 216

Income Tax Rate Reconciliation

Reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate on earnings is as follows:

Income Tax Rate Reconciliations

The table below provides additional details per the requirements of ASU 2023-09 for the year ended December 31, 2025.

Summary of Significant Accounting Policies for additional details on the adoption of ASU 2023-09.

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Year Ended December 31, 2025

2024 2023 2022

US Federal Statutory rate

21.0 % 21.0 % 21.0 %

Provision for income taxes at U.S.

federal statutory rate $ 264 21.0 %

State and local income tax, net of federal (national) income tax effect ( 6 ) ( 0.5 )

Foreign Tax Effects:

Singapore - Non-taxable Equity Earning ( 65 ) ( 5.2 )

Singapore - Other ( 21 ) ( 1.7 )

Japan - Non-deductible Impairment 40 3.2

Japan - Other ( 15 ) ( 1.2 )

Brazil - Valuation Allowance 53 4.2

Brazil - Other ( 2 ) ( 0.1 )

Switzerland - Foreign Rate Differential ( 35 ) ( 2.8 )

Switzerland - Other 22 1.8

Other Foreign Tax Effects 68 5.4

Tax benefit on U.S.

railroad credits ( 63 ) ( 5.0 )

Other tax credits ( 27 ) ( 2.1 )

Effects of cross-border tax laws Amended 2017 tax return - transition tax ( 24 ) ( 2.0 )

Change in unrecognized tax benefits ( 17 ) ( 1.4 )

Other adjustments ( 3 ) ( 0.2 )

Total tax expense and effective tax rate $ 182 14.5 %

The Company’s effective tax rate for 2025 was 14.5 % compared to 21.1 % for 2024 .

The change in the effective rate was driven primarily by tax treatment of non-recurring items and the Company's geographic mix of earnings.

The state and local income tax category reflects income taxes imposed at the state or local level in the jurisdiction of domicile.

For the year ended December 31, 2025, state taxes in California, Pennsylvania and Indiana comprised the majority (greater than 50%) of the tax effect in this category.

As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows:

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Year Ended December 31

Federal Statutory rate 21.0 % 21.0 %

State income taxes, net of federal tax benefit 0.2 0.9

9 unchanged sentences

railroad credits ( 2.5 ) ( 1.5 )

( 2.5 ) ( 1.5 ) ( 1.2 )

tax on foreign earnings 0.6 1.2

1 unchanged sentence

Effective income tax rate 21.1 % 19.3 %

The effective tax rates for 2024 and 2023 were impacted by the tax impact of impairments on investments and the Company's geographic mix of earnings.

The effective tax rate for 2022 was impacted by the Company's geographic mix of earnings and discrete tax items.

ADM’s operations in foreign jurisdictions accounted for 71 %, 57 %, and 48 % of the Company’s total pre-tax earnings in fiscal years 2024, 2023, and 2022, respectively.

The foreign rate differential was primarily due to various tax rates applicable to the income earned from the Company’s operations in Europe, Asia, South America and the Caribbean.

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The following table presents supplemental cash flow information related to income taxes paid (net of refunds received):

Year Ended December 31

US State and Local 15

Philippines 26

Switzerland 25

Total cash taxes paid, net of refunds received $ 389

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S.

The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions, including the energy tax credit policy.

The legislation has multiple effective dates between 2025 and 2027.

The OBBBA provisions that were effective for 2025 did not have a significant impact on the Consolidated Financial Statements for the year ended December 31, 2025.

The Company is evaluating the impact of the adoption of OBBBA on future tax years as additional guidance is issued.

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Legislative Changes

On August 16, 2022, the U.S.

government enacted the Inflation Reduction Act of 2022 (the “Inflation Act”), which includes, among other provisions, changes to the U.S.

corporate income tax system, including a 15% minimum tax based on “adjusted financial statement income,” and a one percent excise tax on net repurchases of stock for tax years beginning after December 31, 2022.

While the Inflation Act has no immediate impact and is not expected to have a material adverse effect on ADM’s results of operations going forward, the Company will continue to evaluate its impact as further information becomes available.

Other Matters

It is not practicable to determine the amount of unrecognized deferred tax liability related to any remaining undistributed earnings of foreign subsidiaries and corporate joint ventures not subject to the transition tax.

The Company has elected to pay the one-time transition tax on accumulated foreign earnings over eight years.

As of December 31, 2024, the Company’s remaining transition tax liability was $ 61 million, which will be paid in 2025.

The Company is indefinitely reinvested with respect to its historical undistributed earnings of certain foreign subsidiaries and undistributed earnings for other foreign subs and corporate joint ventures at December 31, 2025.

It is not practicable to determine the amount of unrecognized deferred tax liability related to any remaining undistributed earnings of foreign subsidiaries and corporate joint ventures.

The Company incurred U.S.

10 unchanged sentences

Additions (adjustments) related to acquisitions — 2

Reductions related to prior years’ tax positions ( 13 ) —

Reductions related to lapse of statute of limitations ( 8 ) ( 6 )

4 unchanged sentences

At December 31, 2025 and 2024, the Company had accrued interest and penalties on unrecognized tax benefits of $ 61 million and $ 59 million, respectively.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The Company is subject to income taxation and routine examinations in many jurisdictions around the world and frequently faces challenges regarding the amount of taxes due.

1 unchanged sentence

In its routine evaluations of the exposure associated with various tax filing positions, the Company recognizes a liability, when necessary, for estimated potential tax owed by the Company in accordance with applicable accounting standards.

Resolution of the related tax positions, through negotiations with relevant tax authorities or through litigation, may take years to complete.

Therefore, it is difficult to predict the timing for resolution of tax positions and the Company cannot predict or provide assurance as to the ultimate outcome of these ongoing or future examinations.

However, the Company does not anticipate that the total amount of unrecognized tax benefits will increase or decrease significantly in the next twelve months.

Given the long periods of time involved in resolving tax positions, the Company does not expect that the recognition of unrecognized tax benefits will have a material impact on the Company’s effective income tax rate in any given period.

1 unchanged sentence

The Company remains subject to federal examination in the U.S.

for the calendar tax years 2018 through 2024.

In the year ended December 31, 2014, the Company’s wholly-owned subsidiary in the Netherlands, ADM Europe B.V., received a tax assessment of $ 122 million, including interest, from the Netherlands tax authority challenging the transfer pricing aspects of a business reorganization implemented in the year ended December 31, 2009.

On July 11, 2024, the Tax Court of Appeals issued a ruling decreasing the assessment to $ 52 million, including interest.

The Company decided not to appeal the decision further, and therefore the Tax Court of Appeals order is final.

As of December 31, 2024, the Company has paid the final assessed amount, and the issue is considered settled.

for the calendar tax years 2017, and 2022 through 2025.

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table sets forth the amounts relating to the Company’s total lease cost and other information (in millions).

6 unchanged sentences

Operating lease liability principal payments $ 415 $ 397 $ 374

$ 397 $ 374 $ 339

Right-of-use assets obtained in exchange for new operating lease liabilities $ 278 $ 437 $ 327

1 unchanged sentence

Weighted average discount rate - operating leases 4.8 % 4.5 %

(1) Operating lease payments are presented as operating activities within the Consolidated Statements of Cash Flows.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The aggregate future lease payments for operating leases as of December 31, 2025 are as follows (in millions):

3 unchanged sentences

(1) Calculated using the implicit rate of the lease, if available, or the incremental borrowing rate that is appropriate for the tenor and geography of the lease.

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Employee Benefit Plans

3 unchanged sentences

employees who retire under qualifying conditions with subsidized postretirement health care coverage or Health Care Reimbursement Accounts.

Defined contribution plans

The Company maintains 401(k) plans covering substantially all U.S.

2 unchanged sentences

Assets of the Company’s 401(k) plans consist primarily of listed common stocks and pooled funds.

Defined contribution plan expenses for U.S.

and Canadian employees were $ 63 million, $ 76 million, $ 73 million for the years ended December 31, 2025, 2024, and 2023, respectively.

The Company’s 401(k) plans held 5 million shares of Company common stock at December 31, 2025, with a market value of $ 301 million.

Cash dividends received on shares of Company common stock by these plans during the year ended December 31, 2025 were $ 11 million.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table sets forth the components of retirement plan expense for the years ended December 31, 2024, 2023, and 2022 (in millions).

Pension Benefits Postretirement Benefits

Year Ended December 31 Year Ended December 31

Defined benefit plans

The following table sets forth the components of pension benefits expense for the years ended December 31, 2025, 2024, and 2023 (in millions).

Pension Benefits

Year Ended December 31

2025 2024 2023

Retirement plan expense

Defined benefit plans:

Service cost (benefits earned during the period) $ 46 $ 41 $ 48 $ — $ — $ 1

Service cost (1)

$ 48 $ 46 $ 41

Interest cost (1)

1 unchanged sentence

Settlement charges ( 3 ) 2 —

Curtailments — — ( 2 ) — — —

Amortization of actuarial loss 5 5 3

Amortization of prior service cost (credit) ( 20 ) ( 20 ) ( 20 ) — — —

Amortization of prior service (credit)

( 19 ) ( 20 ) ( 20 )

Net periodic defined benefit plan expense 30 23 17

Defined contribution plans 76 73 67 — — —

Total retirement plan expense $ 99 $ 90 $ 79 $ 8 $ 8 $ 9

Net actuarial loss (gain)

Net actuarial (gain) loss

$ ( 46 ) $ ( 38 ) $ 46

Prior service cost

26 19 20 — — —

Total pre-tax comprehensive loss (income)

$ ( 27 ) $ ( 12 ) $ 65

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(1) Service and interest costs are recorded within Cost of products sold and Selling, general, and administrative expenses, in the Consolidated Statements of Earnings, based on the functional responsibilities of employees.

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following tables set forth changes in the defined benefit obligation and the fair value of defined benefit plan assets for the years ended December 31, 2024 and 2023 (in millions).

Pension Benefits Postretirement Benefits

2024 December 31

2023 December 31

The following tables set forth changes in the defined benefit obligation and the fair value of defined benefit plan assets for the Company's pension benefits for the years ended December 31, 2025 and 2024 (in millions).

Pension Benefits

2025 December 31

Change in benefit obligations:

Change in defined benefit obligations:

Benefit obligation, beginning $ 1,673 $ 1,765

1 unchanged sentence

Interest cost 82 79

Actuarial loss (gain) ( 111 ) 83 ( 3 ) 6

Actuarial (gain)

( 25 ) ( 111 )

Employee contributions 4 4

2 unchanged sentences

Foreign currency effects and Other

( 54 ) 28 1 —

Benefit obligation, ending $ 1,756 $ 1,673

Change in plan assets

Change in defined plan assets

Fair value of plan assets, beginning $ 1,351 $ 1,415

4 unchanged sentences

Foreign currency effects and Other 16 ( 39 )

( 39 ) 21 — —

Fair value of plan assets, ending $ 1,475 $ 1,351

Funded status $ ( 281 ) $ ( 322 )

Amounts recognized in the Consolidated Balance Sheets consist of:

Amounts recognized in the Consolidated Balance Sheets

Other assets (non-current)

$ 68 $ 63 $ — $ —

Accrued expenses and other payables

2 unchanged sentences

( 339 ) ( 371 )

Net amount recognized in the Consolidated Balance Sheets

$ ( 322 ) $ ( 350 ) $ ( 102 ) $ ( 113 )

In 2024, the actuarial gains in the pension plans were primarily driven by increases in the global bond yields, which were partially offset by unfavorable asset performances in the funded plans in the U.S.

Net liabilities recognized in the Consolidated Balance Sheets $ ( 281 ) $ ( 322 )

The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the pension plans with projected benefit obligations in excess of plan assets were $ 1.5 billion, $ 1.4 billion, and $ 1.1 billion, respectively, as of December 31, 2025, and $ 1.4 billion, $ 1.4 billion, and $ 1.0 billion, respectively, as of December 31, 2024.

Other Postretirement benefits

The Company recorded $ 8 million of postretirement benefits expenses for each of the years ended December 31, 2025, 2024, and 2023.

The benefit obligation for the postretirement benefits plans totaled $ 99 million and $ 102 million as of December 31, 2025 and 2024, respectively.

Supplemental information

The Company uses the corridor approach when amortizing actuarial losses.

3 unchanged sentences

The amortization periods range from 5 to 27 years for the Company’s defined benefit pension plans and from 5 to 18 years for the Company’s postretirement benefit plans.

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Included in AOCI for pension benefits at December 31, 2025, are the following amounts that have not yet been recognized in net periodic pension cost:

2 unchanged sentences

unrecognized prior service cost of $ 1 million and unrecognized actuarial loss of $ 18 million.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Future Contributions and Expected Benefit Payments

Based on actuarial calculations, the Company expects to contribute $ 30 million to the pension plans and $ 12 million to the postretirement benefit plans during 2026.

The Company may elect to make additional discretionary contributions during this period.

The following benefit payments, which reflect expected future service, are expected to be paid by the benefit plans (in millions):

2031-2035 652

Significant assumptions

The following table sets forth the principal assumptions used in developing net periodic benefit cost:

Pension Benefits Postretirement Benefits

2024 December 31

2023 December 31

Pension Benefits

2025 December 31

Discount rate 4.5 % 4.8 % 4.9 % 5.1 %

Expected return on plan assets 6.0 % 6.0 % N/A N/A

Rate of compensation increase 4.8 % 4.3 % N/A N/A

Interest crediting rate 4.0 % 3.9 % N/A N/A

Discount rate for service cost 4.7 % 4.5 %

Expected return on plan assets 6.1 % 6.0 %

Rate of compensation increase 4.8 % 4.8 %

Interest crediting rate 4.6 % 4.0 %

The following table sets forth the principal assumptions used in developing the year-end actuarial present value of the projected benefit obligations:

Pension Benefits Postretirement Benefits

2024 December 31

2023 December 31

Pension Benefits

2025 December 31

Discount rate 5.1 % 5.0 %

Rate of compensation increase 4.8 % 4.8 % N/A N/A

Interest crediting rate 4.6 % 4.0 % N/A N/A

The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the pension plans with projected benefit obligations in excess of plan assets were $ 1.4 billion, $ 1.4 billion, and $ 1.0 billion, respectively, as of December 31, 2024, and $ 1.5 billion, $ 1.5 billion, and $ 1.0 billion, respectively, as of December 31, 2023.

Rate of compensation increase 4.6 % 4.8 %

Interest crediting rate 4.7 % 4.6 %

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For postretirement benefit measurement purposes, a 8.4 % annual rate of increase in the per capita cost of covered health care benefits was assumed for the year ended December 31, 2025.

6 unchanged sentences

Common Collective Trust (CCT) Funds:

The fair values of the CCTs are valued using net asset value (NAV).

The investments in CCTs are comprised of U.S.

and international equity, fixed income, and other securities.

The investments are valued at NAV provided by administrators of the funds.

and international equity, fixed income, and other securities, including certain equity index funds.

These investments are generally valued at the net asset value (NAV) provided by the administrators of the funds.

To the extent a CCT’s NAV is determined and published daily and is the basis for current transactions, the investment is measured at fair value and classified within Level 1 of the fair value hierarchy.

Other CCTs, whose NAV is not considered a readily determinable fair value, are measured using the NAV practical expedient and are therefore not included within the fair value hierarchy.

Corporate Debt Instruments:

2 unchanged sentences

Treasury instruments are valued at the closing price reported on the active market on which they are traded and are classified within Level 1 of the valuation hierarchy.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Government Agency, State, and Local Government Bonds:

3 unchanged sentences

The following tables set forth, by level within the fair value hierarchy, the fair value of plan assets as of December 31, 2025 and 2024 (in millions).

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Fair Value Measurements at December 31, 2025

Level 1 Level 2 Level 3 Total

Common stock $ 37 $ — $ — $ 37

Mutual funds 154 — — 154

Common collective trusts / Mutual funds 162 — — 162

Corporate bonds — 550 — 550

8 unchanged sentences

Fair Value Measurements at December 31, 2024

Level 1 Level 2 Level 3 Total

Common stock $ 36 $ — $ — $ 36

Mutual funds 147 — — 147

Common collective trusts / Mutual funds 154 — — 154

Corporate bonds — 517 — 517

9 unchanged sentences

therefore there are no gains or losses associated with Level 3 assets.

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ARCHER-DANIELS-MIDLAND COMPANY

29 unchanged sentences

Adjustments are made to the expected long-term rate of return assumption when deemed necessary based upon revised expectations of future investment performance of the overall investment markets.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Future Contributions and Expected Benefit Payments

Based on actuarial calculations, the Company expects to contribute $ 25 million to the pension plans and $ 13 million to the postretirement benefit plan during 2025.

The Company may elect to make additional discretionary contributions during this period.

The following benefit payments, which reflect expected future service, are expected to be paid by the benefit plans (in millions):

Benefits Postretirement

2025 $ 76 $ 13

2030-2034 590 39

Shareholders’ Equity

The Company has authorized one billion shares of common stock and 500,000 shares of preferred stock, each with zero par value.

The Company has authorized one billion shares of common stock and 500,000 shares of preferred stock, each with no par value.

No preferred stock has been issued.

At December 31, 2024 and 2023, the Company had approximately 237.6 million shares and 202.5 million shares, respectively, of its common shares in treasury.

Treasury stock of $ 4.8 billion and $ 4.9 billion at December 31, 2024 and 2023, respectively, is recorded at cost as a reduction of common stock, and treasury stock of $ 2.3 billion and $ 2.7 billion at December 31, 2024 and 2023, respectively, is recorded at cost as a reduction of reinvested earnings.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Treasury Stock

At December 31, 2025 and 2024, the Company had approximately 235.5 million shares and 237.6 million shares, respectively, of its common shares in treasury.

Treasury stock is recorded at cost as a reduction of equity.

Repurchase Program

On December 11, 2024, the Company's Board of Directors approved a second extension of its existing stock repurchase program through December 31, 2029 and the repurchase of up to an additional 100 million shares under the extended program.

As of December 31, 2025, the Company had 115 million shares remaining under its share repurchase program until December 31, 2029.

Accumulated Other Comprehensive Income

The following tables set forth the changes in AOCI by component and the reclassifications out of AOCI for the years ended December 31, 2025, 2024, and 2023 (in millions).

4 unchanged sentences

Other comprehensive income (loss) before reclassifications 204 337 ( 46 ) 16 511

Gain (loss) from net investment hedges 328 — — — 328

(Loss) from net investment hedges ( 153 ) — — — ( 153 )

Amounts reclassified from AOCI — ( 322 ) ( 42 ) — ( 364 )

3 unchanged sentences

Other comprehensive income (loss) before reclassifications ( 607 ) ( 118 ) ( 27 ) ( 16 ) ( 768 )

Gain (loss) on net investment hedges ( 153 ) — — — ( 153 )

Gain on net investment hedges 192 — — — 192

Amounts reclassified from AOCI — 77 42 — 119

3 unchanged sentences

Other comprehensive income (loss) before reclassifications 803 ( 11 ) 36 ( 4 ) 824

Gain (loss) on net investment hedges 192 — — 192

(Loss) on net investment hedges ( 463 ) — — — ( 463 )

Amounts reclassified from AOCI — 4 ( 12 ) — ( 8 )

2 unchanged sentences

Balance at December 31, 2025 $ ( 2,549 ) $ 119 $ ( 82 ) $ ( 19 ) $ ( 2,531 )

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Amounts reclassified from AOCI

4 unchanged sentences

Deferred loss (gain) on hedging activities

$ — $ — $ ( 1 ) Revenues

$ 4 $ 77 $ ( 322 ) Cost of products sold

77 ( 322 ) ( 352 ) Earnings before income taxes

( 1 ) ( 20 ) 77 Income tax expense

$ 3 $ 57 $ ( 245 ) Net earnings

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Segment and Geographic Information

8 unchanged sentences

therefore, the total asset disclosure by segment has not been included.

Operating profit for each segment is based on net sales less identifiable operating expenses.

Also included in operating profit for each segment is equity in earnings of affiliates based on the equity method of accounting.

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, and the crushing and further processing of oilseeds such as soybeans and soft seeds (cottonseed, sunflower seed, canola, rapeseed, and flaxseed) into vegetable oils and protein meals.

Oilseeds products produced and marketed by the segment include ingredients for food, feed, energy, and industrial customers.

Crude vegetable oils produced by the segment’s crushing activities are sold “as is” to manufacturers of renewable green diesel and other customers or are further processed by refining, blending, bleaching, and deodorizing into salad oils.

Salad oils are sold “as is” or are further processed by hydrogenating and/or interesterifying into margarine, shortening, and other food products.

Partially refined oils are used to produce biodiesel and glycols or are sold to other manufacturers for use in chemicals, paints, and other industrial products.

Oilseed protein meals are principally sold to third parties to be used as ingredients in commercial livestock and poultry feeds.

The Ag Services and Oilseeds segment is also a major supplier of peanuts and peanut-derived ingredients to both the U.S.

and export markets.

In North America, cotton cellulose pulp is manufactured and sold to the chemical, paper, and other industrial markets.

The Ag Services and Oilseeds segment’s grain sourcing, handling, and transportation network (including barge, ocean-going vessel, truck, rail, and container freight services) provides reliable and efficient services to the Company’s customers and agricultural processing operations.

The Ag Services and Oilseeds segment also includes agricultural commodity and feed product import, export, and global distribution, and structured trade finance activities.

The Company 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, Stratas Foods LLC, Edible Oils Limited, Olenex, SoyVen, and Gradable.

The Carbohydrate Solutions segment is engaged in corn and wheat wet and dry milling and other activities.

The Carbohydrate Solutions segment converts corn and wheat into products and ingredients used in the food and beverage industry including sweeteners, corn and wheat starches, syrup, glucose, wheat flour, and dextrose.

Dextrose and starch are used by the Carbohydrate Solutions segment as feedstocks in other downstream processes.

By fermentation of dextrose, the Carbohydrate Solutions segment produces alcohol and other food and animal feed ingredients.

Ethyl alcohol is produced by the Company for industrial use in products such as hand sanitizers and ethanol for use in gasoline due to its ability to increase octane as an extender and oxygenate.

Corn gluten feed and meal, as well as distillers’ grains, are produced for use as animal feed ingredients.

Corn germ, a by-product of the wet milling process, is further processed into vegetable oil and protein meal.

Other Carbohydrate Solutions products include citric acids which are used in various food and industrial products.

The Carbohydrate Solutions segment is a leader in carbon capture and sequestration.

This segment also includes the Company’s share of the results of its equity investments in Hungrana Ltd., Almidones Mexicanos S.A., Aston Foods and Food Ingredients, Red Star Yeast Company, LLC, and LSCP, LLLP.

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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, 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 as an octane enhancer and oxygenate in gasoline.

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 sequestration 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 Ltd., Almidones Mexicanos S.A.

de CV, Aston Foods and Food Ingredients, Red Star Yeast Company, LLC, and LSCP, LLC.

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The Nutrition segment serves various end markets including food, beverages, and nutritional supplements for humans, and complete feed, feed premix and additives, petfood 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, natural flavors, flavor systems, natural colors, emulsifiers, soluble fiber, polyols, hydrocolloids, probiotics, prebiotics, postbiotics, enzymes, botanical extracts, and other specialty food and feed ingredients and systems.

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 Vimison S.A.

de C.V., ADM Matsutani LLC, Matsutani Singapore Pte.

Ltd., ADM Vland Biotech Shandong Co., Ltd., Dusial S.A., and Vitafort ZRT.

de C.V., Dusial S.A., Vitafort ZRT, Novial, ADM Matsutani LLC and Matsutani Singapore Pte.

Other Business results include the Company’s financial business units related to futures commission and insurance activities.

Corporate results principally include unallocated corporate expenses, interest cost net of interest income, and revaluation gains and losses on cost method investments and the share of the results of equity investments in early-stage start-up companies.

Intersegment sales have been recorded using principles consistent with ASC 606, Revenue from Contracts with Customers .

Intersegment sales have been recorded using principles consistent with Topic 606.

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Segment Information for the Years ended December 31, 2025, 2024 and 2023

4 unchanged sentences

Revenue from external customers $ 61,571 $ 10,737 $ 7,512 $ 79,820

$ 66,516 $ 11,234 $ 7,349 $ 85,099

Other Business 449

3 unchanged sentences

Selling, general, and administrative expenses 847 327 1,126

919 326 1,166

Other segment items (1)

7 unchanged sentences

Asset impairment, restructuring, and net settlement contingencies ( 435 )

Gain on contract termination 69

ADM's share of equity method investment non-recurring (gains) and charges, net (3)

Earnings Before Income Taxes $ 1,255

(1) Other segment items for each reportable segment include:

Ag Services and Oilseeds:

Equity in the earnings of affiliates;

interest and investment income, interest expense;

and other income/expense.

Carbohydrate Solutions:

Equity in the earnings of affiliates and other income/expense.

Equity in the earnings of affiliates;

asset impairment, exit, and restructuring charges;

and other income/expense.

(2) These charges primarily include a $ 461 million impairment charge related to the Company's investment in Wilmar, within the Ag Services and Oilseeds segment, and a $ 43 million impairment charge related to the discontinued animal nutrition trademarks, within the Nutrition segment, partially offset by reversals of certain contingency liabilities in the Ag Services and Oilseeds segment.

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(1) Other segment items for each reportable segment include Equity in the earnings of affiliates, Interest and investment (income), Interest expense, and Other (income) - net.

(2) Includes a $ 179 million impairment charge related to previously capitalized software and a $ 254 million impairment related to certain investments, presented as specified items.

Asset Impairment, Exit, and Restructuring Costs for further information.

(3) Represents the Company's share of Wilmar's non-recurring gains related to remeasurement of Wilmar's previously held equity interest in AWL to fair value, and the penalty imposed on Wilmar during the year ended December 31, 2025.

Investments in and Advances to Affiliates for further information.

ARCHER-DANIELS-MIDLAND COMPANY

21 unchanged sentences

Earnings Before Income Taxes $ 2,255

(1) Other segment items for each reportable segment include:

Ag Services and Oilseeds:

Equity in the earnings of affiliates;

interest and investment income;

and other income/expense.

Carbohydrate Solutions:

Equity in the earnings of affiliates and other income/expense.

Equity in the earnings of affiliates;

interest and investment income;

and other income/expense.

(2) These charges were related to the impairment of certain long-lived assets, goodwill, intangibles, and an equity investment, restructuring, and a contingency related to import duties, partially offset by settlement/contingency adjustments.

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(1) Other segment items for each reportable segment include Equity in the earnings of affiliates, Interest and investment (income) expense, Interest expense, and Other (income) - net.

(2) Includes a $ 461 million impairment charge related to the Company's investment in Wilmar, within the Ag Services and Oilseeds segment.

ARCHER-DANIELS-MIDLAND COMPANY

4 unchanged sentences

Revenue from external customers $ 73,426 $ 12,874 $ 7,211 $ 93,511

$ 79,563 $ 13,961 $ 7,636 $ 101,160

Other Business 424

3 unchanged sentences

Selling, general, and administrative expenses 880 323 1,034

839 338 1,040

Other segment items (1)

8 unchanged sentences

Earnings Before Income Taxes $ 4,294

(1) Other segment items for each reportable segment include:

Ag Services and Oilseeds:

Equity in the earnings of affiliates;

interest and investment income;

and other income/expense.

Carbohydrate Solutions:

Equity in the earnings of affiliates and other income/expense.

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(1) Other segment items for each reportable segment include Equity in the earnings of affiliates, Interest and investment (income) expense, Interest expense, and Other (income) - net.

(2) Includes charges related to the impairment of certain long-lived assets, goodwill, intangibles.

ARCHER-DANIELS-MIDLAND COMPANY

39 unchanged sentences

Corporate ( 6 ) ( 9 ) ( 5 )

Total equity in earnings of affiliates

Total equity in earnings of unconsolidated affiliates

$ 648 $ 621 $ 551

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ARCHER-DANIELS-MIDLAND COMPANY

11 unchanged sentences

Other Foreign 15,227 15,697 16,443

Total Revenues

$ 80,269 $ 85,530 $ 93,935

10 unchanged sentences

$ 1,322 $ 1,358

Total long-lived assets

$ 12,195 $ 11,719

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ARCHER-DANIELS-MIDLAND COMPANY

1 unchanged sentence

Asset Impairment, Exit, and Restructuring Costs

The following table sets forth the charges included in asset impairment, exit, and restructuring costs (in millions).

The following table sets forth the charges included in asset impairment, exit, and restructuring costs, presented as specified items (in millions).

Year Ended December 31

5 unchanged sentences

Total asset impairment, exit, and restructuring costs $ 473 $ 545 $ 342

(1) The year ended December 31, 2024 includes restructuring charges of $ 23 million, within Corporate, presented as a specified item.

The year ended December 31, 2023 includes several individually insignificant restructuring charges totaling $ 27 million presented as specified items across the Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition segments, and $ 6 million within Corporate.

The year ended December 31, 2022 includes several individually insignificant restructuring charges totaling $ 28 million presented as specified items and restructuring charges of $ 1 million within Corporate.

(2) The year ended December 31, 2024 includes impairments of discontinued Animal Nutrition trademarks of $ 43 million, within the Nutrition segment, presented as specified items.

The year ended December 31, 2023 includes impairments related to goodwill of $ 137 million and customer list and discontinued Animal Nutrition trademarks totaling $ 64 million, within the Nutrition segment, presented as specified items.

The year ended December 31, 2022 includes customer list impairment of $ 2 million, within the Nutrition segment presented as specified items.

(3) The year ended December 31, 2024 includes $ 461 million impairment charge related to the Company’s investment in Wilmar, within the Ag Services and Oilseeds segment, presented as a specified item.

The year ended December 31, 2023 includes impairments related to certain long-lived assets of $ 10 million, $ 33 million, and $ 65 million, within the Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition segments, respectively, presented as specified items.

The year ended December 31, 2022 includes impairments related to certain long-lived assets of $ 15 million and $ 20 million, within the Carbohydrate Solutions and Nutrition segments, respectively, presented as specified items.

(1) On February 4, 2025, the Company announced targeted actions expected to deliver in excess of $ 500 million of cost savings by fiscal 2029.

These include cost optimization and portfolio simplification initiatives designed to help the Company achieve cost efficiencies.

Charges associated with these actions, as well as similar initiatives in prior periods, are reflected as restructuring charges.

The year ended December 31, 2025 included restructuring charges (primarily impairment of long-lived assets, impairment of intangible assets, and employee termination benefits) of $ 207 million, $ 46 million, $ 8 million, and $ 22 million within the Nutrition segment, the Ag Services and Oilseeds segment, the Carbohydrate Solutions segment, and Corporate, respectively.

The year ended December 31, 2024 included restructuring charges of $ 3 million within the Nutrition segment and $ 23 million, within Corporate.

The year ended December 31, 2023 included several individually insignificant restructuring charges of $ 18 million, $ 5 million, $ 4 million, and $ 6 million within the Nutrition segment, Ag Services and Oilseeds segment, Carbohydrate Solutions segment, and Corporate, respectively.

(2) The year ended December 31, 2025 included an impairment charge of $ 179 million, related to previously capitalized software, within Corporate.

The year ended December 31, 2024 included impairments of discontinued Animal Nutrition trademarks of $ 43 million, within the Nutrition segment.

The year ended December 31, 2023 included impairments related to goodwill of $ 137 million and customer list and discontinued Animal Nutrition trademarks totaling $ 64 million, within the Nutrition segment.

(3) The year ended December 31, 2025 included an impairment charge of $ 11 million related to a certain long-lived asset within the Nutrition segment.

The year ended December 31, 2024 included $ 461 million impairment charge related to the Company’s investment in Wilmar, within the Ag Services and Oilseeds segment.

The year ended December 31, 2023 included impairments related to certain long-lived assets of $ 10 million, $ 33 million, and $ 65 million, within the Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition segments, respectively.

Sale of Accounts Receivable

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In exchange, ADM Ireland Receivables receives a cash payment of up to $ 1.3 billion (€ 1.1 billion) for the accounts receivables transferred.

The Second Program terminates on April 18, 2025, unless extended.

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The Second Program terminates on May 19, 2026, unless extended.

ARCHER-DANIELS-MIDLAND COMPANY

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The Company acts as a servicer for the transferred receivables.

At December 31, 2024 and 2023, the Company did not record a servicing asset or liability related to its retained responsibility, based on its assessment of the servicing fee, market values for similar transactions, and its cost of servicing the receivables sold.

As of December 31, 2025 and 2024, the fair value of trade receivables transferred to the Purchasers under the Programs and derecognized from the Company’s Consolidated Balance Sheets was $ 2.1 billion and $ 2.0 billion, respectively.

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All cash flows under the Programs are classified as operating activities because the cash received from the Purchasers upon both the sale and the collection of the receivables is not subject to significant interest rate risk, given the short-term nature of the Company’s trade receivables.

Receivables pledged as collateral to the Purchasers were $ 0.7 billion and $ 1.1 billion as of December 31, 2024 and 2023, respectively.

Transfers of receivables under the Programs resulted in an expense for the loss on sale of $ 95 million, $ 56 million, and $ 21 million, for the years ended December 31, 2024, 2023, and 2022, respectively, which is classified as selling, general, and administrative expenses in the Consolidated Statements of Earnings.

Receivables pledged as collateral to the Purchasers were $ 290 million and $ 693 million as of December 31, 2025 and 2024, respectively.

Transfers of receivables under the Programs resulted in an expense of $ 48 million, $ 95 million, and $ 56 million, for the years ended December 31, 2025, 2024, and 2023, respectively, which is classified as selling, general, and administrative expenses in the Consolidated Statements of Earnings.

The Company also has uncommitted Receivable Purchase Agreements (RPAs) with global financial institutions under which eligible trade accounts receivable may be sold at a discount.

Accounts receivable sold under the RPAs are accounted for as sales.

Discount fees in relation to the sale of trade accounts receivable under the RPAs are not significant.

Legal Proceedings

The Company is routinely involved in a number of actual or threatened legal actions, including those involving alleged personal injuries, employment law, product liability, intellectual property, environmental issues, alleged tax liability (see Note 13.

Income Taxes for information on income tax matters), and class actions.

The Company also routinely receives inquiries from regulators and other government authorities relating to various aspects of its business, and at any given time, the Company has matters at various stages of resolution.

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If a material loss contingency is reasonably possible but not known or probable, and can be reasonably estimated, the estimated loss or range of loss is disclosed in the notes to the Consolidated Financial Statements.

When determining the estimated loss or range of loss, significant judgment is required to estimate the amount and timing of a loss to be recorded.

When determining the estimated loss or range of loss, significant judgment is required to estimate the amount and timing of a loss to be recorded or disclosed.

Estimates of probable losses resulting from litigation and governmental proceedings involving the Company are inherently difficult to predict, particularly when the matters are in early procedural stages, with incomplete facts or legal discovery;

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While the Company continues to work with parties with respect to potential resolution, no assurance can be given that it will be successful in doing so and the Company cannot predict the outcome of these matters.

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ARCHER-DANIELS-MIDLAND COMPANY

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On July 23, 2020, Midwest Renewable Energy, LLC (“MRE”) filed a putative class action in federal court in Illinois alleging substantially the same operative facts and asserting claims under the Sherman Act.

On November 11, 2020, United Wisconsin Grain Producers LLC (“UWGP”) and five other ethanol producers filed a lawsuit in federal court in Illinois alleging substantially the same facts and asserting claims under the Sherman Act and Illinois, Iowa, and Wisconsin law.

On November 11, 2020, United Wisconsin Grain Producers LLC and several other ethanol producers (collectively, “UWGP”) filed a lawsuit in federal court in Illinois alleging substantially the same facts and asserting claims under the Sherman Act and Illinois, Iowa, and Wisconsin law.

The court granted ADM’s motion to dismiss the MRE and UWGP complaints without prejudice on August 9, 2021 and September 28, 2021, respectively.

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The court denied ADM’s motion to dismiss on September 26, 2023.

On May 17, 2024, the court stayed MRE’s case pending a decision in UWGP’s appeal, described below.

UWGP filed an amended complaint on October 19, 2021, which the court dismissed on July 12, 2022.

UWGP has appealed the dismissal to the United States Court of Appeals for the Seventh Circuit.

UWGP appealed the dismissal to the United States Court of Appeals for the Seventh Circuit (the “Seventh Circuit”).

On October 26, 2021, GP filed a new complaint in Nebraska federal district court, alleging substantially the same facts and asserting a claim for tortious interference with contractual relations.

On March 18, 2022, the Nebraska federal district court granted ADM’s motion to transfer the GP case back to the Central District of Illinois for further proceedings.

ADM moved to dismiss the complaint on May 20, 2022 and on December 30, 2022, the court dismissed GP’s complaint with prejudice.

GP appealed the dismissal.

On January 12, 2024, the appellate court vacated the dismissal and remanded the case to the district court for further proceedings.

The case was transferred back to the Central District of Illinois, and on December 30, 2022, the court dismissed GP’s complaint with prejudice.

GP appealed the dismissal, and on January 12, 2024, the appellate court vacated the dismissal and remanded the case to the district court for further proceedings.

On March 8, 2024, GP filed an amended complaint, which ADM moved to dismiss.

On December 3, 2024, the court issued a decision on ADM’s motion to dismiss GP’s amended complaint, denying one ground for dismissal and certifying a question of law to the Nebraska Supreme Court before deciding the other ground.

On July 18, 2025, the Seventh Circuit affirmed the dismissal of UWGP’s amended complaint.

Following that decision, the district court ordered that ADM may file a renewed motion to dismiss MRE’s amended complaint, which ADM filed on October 6, 2025.

Separately, on September 26, 2025, UWGP filed a complaint against ADM in Wisconsin state court asserting one claim for tortious interference with contractual relations.

ADM moved to dismiss UWGP's complaint in Wisconsin state court on November 24, 2025.

The Company denies liability, and is vigorously defending itself in these actions.

As these actions are in pretrial proceedings, the Company is unable at this time to predict the final outcome with any reasonable degree of certainty, but believes the outcome will not have a material adverse effect on its financial condition, results of operations, or cash flows.

Government Investigations

As previously disclosed, the Company is under investigation by the United States Securities and Exchange Commission (“SEC”) and the Department of Justice (“DOJ”) relating to, among other things, intersegment sales between the Company’s Nutrition reporting segment and the Company’s Ag Services and Oilseeds and Carbohydrate Solutions reporting segments.

The Company is continuing to cooperate with the SEC and DOJ investigations and is unable to predict the outcome of these investigations.

Shareholder Litigation

As previously disclosed, on January 24, 2024, following the Company’s announcement of an investigation relating to intersegment sales, a purported stockholder of the Company filed a putative securities fraud class action in the U.S.

District Court for the Northern District of Illinois against the Company and certain of its current and former officers.

Defendants filed motions to dismiss, which remain pending and are set for argument on March 6, 2025.

District Court for the Northern District of Illinois against the Company and certain of its current and former officers (collectively, the “Defendants”).

On March 12, 2025, the court denied Defendants’ motions to dismiss.

The Company intends to continue to vigorously defend against these claims.

However, given the uncertainty of litigation, the Company is unable to predict the final outcome of this proceeding with any reasonable degree of certainty, nor does it currently have sufficient information to estimate a reasonably possible loss or range of loss with respect to this matter.

Also as previously disclosed, beginning on March 29, 2024, purported stockholders of the Company filed a number of related derivative lawsuits against certain current and former officers and directors of the Company, seeking unspecified damages.

The derivative litigation is now consolidated in the U.S.

District Court for the District of Delaware.

Defendants filed a motion to dismiss the consolidated complaint, which remains pending.

The Company is unable to predict the final outcome of this proceeding with any reasonable degree of certainty.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Subsequent Event

On January 31, 2025, the Company completed the acquisition of Vandamme Hugaria Kft, a 700 metric ton/day non-genetically modified crush and extraction facility based in Hungary, for an aggregate consideration of $ 123 million, subject to working capital adjustments.

Also, as previously disclosed, beginning on March 29, 2024, purported stockholders of the Company filed a number of related derivative lawsuits against certain current and former officers and directors of the Company, seeking unspecified damages.

The initial actions were consolidated in the U.S.

District Court for the District of Delaware.

Separately, on January 14, 2025, a purported stockholder served a litigation demand on the Company’s Board of Directors, demanding that legal proceedings be brought against certain current and former officers and directors of the Company.

On March 28, 2025, this stockholder filed a derivative lawsuit in the Court of Chancery of the State of Delaware (the “Court of Chancery”) against such current and former officers and directors of the Company (the “Litigation Demand Action”).

Several other purported stockholders who did not make pre-suit demands filed additional derivative lawsuits in the Chancery Court of Delaware against certain current and former officers and directors of the Company, seeking unspecified damages;

these actions have been consolidated in the Court of Chancery.

The Litigation Demand Action was not included in the consolidation.

On April 14, 2025, a purported stockholder filed a derivative lawsuit in the U.S.

District Court for the Northern District of Illinois against certain current and former officers and directors of the Company, seeking unspecified damages;

that action has been transferred to and consolidated with the action in the U.S.

District Court for the District of Delaware.

On July 3, 2025, a purported stockholder filed a lawsuit to compel inspection of ADM’s books and records.

The Company is unable to predict the final outcome of these proceedings with any reasonable degree of certainty.

Report of Independent Registered Public Accounting Firm

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Opinion on the Financial Statements

We have audited the accompanying Consolidated Balance Sheets of Archer-Daniels-Midland Company (the Company) as of December 31, 2024 and 2023, the related Consolidated Statements of Earnings, Comprehensive Income (Loss), Shareholders’ Equity and Cash Flows for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the “Consolidated Financial Statements”).

We have audited the accompanying consolidated balance sheets of Archer-Daniels-Midland Company (the Company) as of December 31, 2025 and 2024, the related consolidated statements of earnings, comprehensive income (loss), cash flows and shareholders’ equity for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S.

generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 20, 2025 expressed an adverse opinion thereon.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 17, 2026 expressed an unqualified opinion thereon.

Basis for Opinion

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As discussed in Note 1 and Note 9 of the consolidated financial statements, goodwill is tested at the reporting unit level for impairment at least annually on October 1, or when events or circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying amount.

The Company uses an income and market approach in its quantitative impairment tests and determined the fair value of the Animal Nutrition reporting unit exceeded its carrying value by 7% at the assessment date.

Auditing the Company’s Animal Nutrition goodwill impairment charge was complex and highly judgmental due to the significant estimation required in determining the fair value of the reporting unit.

In particular, the fair value estimate using a weighted income and market approach was sensitive to significant assumptions such as revenue growth rates, projected EBITDA margins, and the discount rate.

In particular, the fair value estimate determined using a weighted income and market approach was sensitive to significant assumptions such as revenue growth rates and projected EBITDA margins.

These significant assumptions are forward-looking and could be affected by future economic and market conditions and the performance of the Animal Nutrition reporting unit.

How We Addressed the Matter in Our Audit To test the estimated fair value used in the Company’s Animal Nutrition reporting unit goodwill impairment charge, we performed audit procedures that included, among others, assessing the methodologies used to determine the fair value of the reporting unit and testing the significant assumptions discussed above and the underlying data used by the Company in its analysis.

How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s goodwill impairment evaluation process, including controls over management’s review of the assumptions described above.

To test the estimated fair value used in the Company’s Animal Nutrition reporting unit, we performed audit procedures that included, among others, assessing the methodologies used to determine the fair value of the reporting unit and testing the significant assumptions discussed above and the underlying data used by the Company in its analysis.

As it pertains to revenue growth rates and projected EBITDA margins, we compared the significant assumptions used by management to historical results and current industry and economic trends, as applicable.

We assessed the historical accuracy of management’s estimates.

In addition, we involved our valuation specialists to assist with our evaluation of the methodology used by the Company to determine the fair value of reporting unit and testing of the significant assumptions used by management, including the discount rate.

Specifically, we evaluated the components of the discount rate used by the Company with the involvement of our valuation specialists.

In addition, we involved our valuation specialists to assist with our evaluation of the methodology used by the Company to determine the fair value of the reporting unit and testing of certain significant assumptions.

Investment in Wilmar Impairment Evaluation

Description of the Matter As explained in Notes 1 and 8 to the consolidated financial statements, the Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable, recognizing an impairment loss when a decline in fair value is determined to be other-than-temporary.

As of December 31, 2025, the Company’s equity method investment in Wilmar had a carrying value of $4.0 billion and a fair value of $3.4 billion, based on the market price quoted on the Singapore Exchange, converted to U.S.

dollars at the applicable exchange rate.

Auditing the Company’s assessment of whether the decline in the fair value of its investment in Wilmar is other-than-temporary is complex due to the judgment involved in evaluating both the severity and duration of the decline in fair value and the ability of the investment to recover the carrying amount in the near-term.

How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s impairment assessment of its investment in Wilmar.

To test whether the Company’s investment in Wilmar was other-than-temporarily impaired, our audit procedures included, among others, evaluating (i) the Company’s intent and ability to hold the investment until recovery in market value, (ii) financial condition and near-term prospects of Wilmar, (iii) the severity and duration of the decline in the investment’s fair value below its carrying amount, and (iv) the ability of the investment to recover its carrying amount in the near-term.

For example, we evaluated the historical price performance of Wilmar’s stock (including such performance subsequent to the balance sheet date), analyzed trends in the magnitude of the difference between the investment’s fair value and its carrying amount over time, and considered analyst coverage of Wilmar’s stock to understand both company-specific and industry factors relevant to management’s impairment assessment.

Finally, we evaluated the adequacy of the Company’s financial statement disclosures related to its impairment assessment of the investment in Wilmar.

/s/ Ernst & Young LLP

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We have audited Archer-Daniels-Midland Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).

In our opinion, because of the effect of the material weakness described below on the achievement of the objectives of the control criteria, Archer-Daniels-Midland Company (the Company) has not maintained effective internal control over financial reporting as of December 31, 2024, based on the COSO criteria.

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.

The following material weakness has been identified and included in management’s assessment.

Management has identified a material weakness related to the Company’s accounting practices and procedures for segment disclosures.

Appropriate controls were not in place for the reporting of intersegment sales and for the application of disclosure requirements within ASC 280, Segment Reporting .

The absence of adequate controls with respect to the reporting of intersegment sales impacted the completeness and accuracy of the Company’s segment disclosures and review controls over key inputs and assumptions utilized by the Company when performing the goodwill and long-lived asset impairment tests.

(FDL), PT Trouw Nutrition Indonesia (PT) and Totally Natural Solutions Ltd.

(TNS), which are included in the 2024 consolidated financial statements of the Company and constituted 1.0% of total assets, after excluding goodwill and intangibles assets recorded, as of December 31, 2024, and 0.4% and 1.1% of revenues and net earnings attributable to controlling interests, respectively, for the year then ended.

Our audit of internal control over financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of Revela, FDL, PT, and TNS.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Consolidated Balance Sheets of the Company as of December 31, 2024 and 2023, the related Consolidated Statements of Earnings, Comprehensive Income (Loss), Shareholders’ Equity and Cash Flows for each of the three years in the period ended December 31, 2024, and the related notes.

This material weakness was considered in determining the nature, timing and extent of audit tests applied in our audit of the 2024 Consolidated Financial Statements, and this report does not affect our report dated February 20, 2025, which expressed an unqualified opinion thereon.

In our opinion, Archer-Daniels-Midland Company (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria.

As indicated in the accompanying Management’s Report on Internal Control over Financial Reporting, management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of Vandamme Hugaria Kft (Vandamme) which are included in the 2025 consolidated financial statements of the Company and constituted 0.2% of total assets, after excluding goodwill and intangibles assets recorded, as of December 31, 2025, and 0.1% and 0.3% of revenues and net earnings attributable to controlling interests, respectively, for the year then ended.

Our audit of internal control over financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of Vandamme .

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of earnings, comprehensive income (loss), cash flows and shareholders’ equity for each of the three years in the period ended December 31, 2025, and the related notes and our report dated February 17, 2026 expressed an unqualified opinion thereon.

Basis for Opinion

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data