Archer-Daniels-Midland Co 10-K

Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Financial Statements Page No. Consolidated Statements of Earnings 45 Consolidated Statements of Comprehensive Income (Loss) 46 Consolidated Balance Sheets 47 Consolidated Statements of Cash Flows 48 Consolidated Statements of Shareholders’ Equity 49 Notes to Consolidated Financial Statements 50 Reports of Independent Registered Public Accounting Firm PCAOB ID: 42 104 44 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY CONSOLIDATED STATEMENTS OF EARNINGS Year Ended December 31 2025 2024 2023 (In millions, except per share amounts) Revenues $ 80,269 $ 85,530 $ 93,935 Cost of products sold 75,236 79,752 86,422 Gross Profit 5,033 5,778 7,513 Selling, general, and administrative expenses 3,609 3,706 3,456 Asset impairment, exit, and restructuring costs 473 545 342 Equity in (earnings) of unconsolidated affiliates ( 648 ) ( 621 ) ( 551 ) Interest and investment (income) ( 118 ) ( 562 ) ( 499 ) Interest expense 612 706 647 Other (income) - net ( 150 ) ( 251 ) ( 176 ) Earnings Before Income Taxes 1,255 2,255 4,294 Income tax expense 182 476 828 Net Earnings Including Non-controlling Interests 1,073 1,779 3,466 Net loss attributable to non-controlling interests ( 5 ) ( 21 ) ( 17 ) Net Earnings Attributable to Controlling Interests $ 1,078 $ 1,800 $ 3,483 Weighted average number of shares outstanding – basic 484 492 541 Weighted average number of shares outstanding – diluted 484 493 542 Basic earnings per common share $ 2.23 $ 3.66 $ 6.44 Diluted earnings per common share $ 2.23 $ 3.65 $ 6.43 The accompanying notes are an integral part of these Consolidated Financial Statements. 45 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Year Ended December 31 2025 2024 2023 (In millions) Net Earnings Including Non-controlling Interests $ 1,073 $ 1,779 $ 3,466 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment 340 ( 415 ) 48 Tax effect 110 ( 45 ) 32 Net of tax amount 450 ( 460 ) 80 Pension and other postretirement benefit liabilities adjustment 24 15 ( 88 ) Tax effect ( 6 ) ( 7 ) 2 Net of tax amount 18 8 ( 86 ) Deferred (loss) on hedging activities ( 7 ) ( 41 ) 15 Tax effect — 9 ( 5 ) Net of tax amount ( 7 ) ( 32 ) 10 Unrealized (loss) on investments ( 4 ) ( 16 ) 16 Tax effect — ( 1 ) ( 1 ) Net of tax amount ( 4 ) ( 17 ) 15 Total other comprehensive income (loss), net of tax 457 ( 501 ) 19 Total comprehensive income 1,530 1,278 3,485 Less: 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. 46 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY CONSOLIDATED BALANCE SHEETS December 31, 2025 December 31, 2024 (In millions) Assets Current Assets Cash and cash equivalents $ 1,015 $ 611 Short-term marketable securities 32 246 Segregated cash and investments 8,432 7,212 Trade receivables - net 3,021 3,708 Inventories 10,369 11,572 Other current assets 3,796 4,369 Total Current Assets 26,665 27,718 Non-Current Assets Investments in affiliates 5,560 5,276 Goodwill 4,769 4,509 Intangible assets, net 1,976 2,260 Right of use assets 1,322 1,358 Other non-current assets 918 1,313 Property, plant, and equipment, net 11,179 10,837 Total Non-Current Assets 25,724 25,553 Total Assets $ 52,389 $ 53,271 Liabilities, Temporary Equity, and Shareholders’ Equity Current Liabilities 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 Accrued expenses and other payables 3,313 3,730 Current lease liabilities 303 324 Total Current Liabilities 19,534 19,938 Long-Term Liabilities Long-term debt 6,606 7,580 Deferred income taxes 1,135 1,268 Non-current lease liabilities 1,045 1,057 Other 1,042 997 Total Long-Term Liabilities 9,828 10,902 Commitments and contingencies (See Note 20) Temporary Equity - Redeemable non-controlling interest 287 253 Shareholders’ Equity Common stock 3,281 3,223 Reinvested earnings 21,983 21,933 Accumulated other comprehensive income (loss) ( 2,531 ) ( 2,988 ) Non-controlling interests 7 10 Total Shareholders’ Equity 22,740 22,178 Total Liabilities, Temporary Equity, and Shareholders’ Equity $ 52,389 $ 53,271 The accompanying notes are an integral part of these Consolidated Financial Statements. 47 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Year Ended December 31 2025 2024 2023 Cash flows from operating activities Net earnings including non-controlling interests $ 1,073 $ 1,779 $ 3,466 Adjustments to reconcile net earnings to net cash provided by operating activities Depreciation and amortization 1,181 1,141 1,059 Asset impairment charges 361 519 309 Deferred income taxes ( 45 ) ( 130 ) ( 23 ) Equity in earnings of unconsolidated affiliates, net of dividends ( 224 ) ( 180 ) ( 143 ) Stock compensation expense 83 74 112 (Gain) loss on asset sales / investment revaluations, net 285 ( 12 ) 38 Other – net ( 25 ) 91 ( 91 ) Changes in operating assets and liabilities, net of acquisitions and dispositions Segregated investments ( 43 ) ( 693 ) ( 194 ) Trade receivables 855 447 737 Inventories 1,511 162 2,889 Other current assets 672 665 694 Trade payables ( 473 ) ( 719 ) ( 1,544 ) Payables to brokerage customers 1,064 ( 78 ) ( 2,059 ) Accrued expenses and other payables ( 823 ) ( 276 ) ( 790 ) Net cash provided by operating activities 5,452 2,790 4,460 Cash flows from investing activities Capital expenditures ( 1,248 ) ( 1,563 ) ( 1,494 ) Net assets of businesses acquired ( 108 ) ( 927 ) ( 23 ) Proceeds from sales of assets, businesses and investments 111 66 60 Purchases of marketable securities ( 43 ) ( 308 ) — Proceeds from sales of marketable securities 277 84 — Other – net ( 6 ) ( 54 ) ( 39 ) Net cash used in investing activities ( 1,017 ) ( 2,702 ) ( 1,496 ) Cash flows from financing activities Long-term debt borrowings 11 27 501 Long-term debt payments ( 772 ) ( 1 ) ( 963 ) 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 ) Net cash used in financing activities ( 2,887 ) ( 1,530 ) ( 4,604 ) Effect of exchange rate on cash, cash equivalents, restricted cash, and restricted cash equivalents 33 ( 24 ) ( 3 ) Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents 1,581 ( 1,466 ) ( 1,643 ) 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 Cash paid for interest and income taxes were as follows: Interest $ 629 $ 710 $ 711 Income taxes $ 389 $ 658 $ 742 The accompanying notes are an integral part of these Consolidated Financial Statements. 48 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY Accumulated Other Non-controlling Total Common Stock Reinvested Comprehensive Shareholders’ (In millions, except per share amounts) Shares Amount Earnings Income (Loss) Interests Equity 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 income (loss) 22 ( 3 ) 19 Cash dividends paid - $ 1.80 per share ( 977 ) ( 977 ) Share repurchases ( 36 ) ( 2,697 ) ( 2,697 ) Stock compensation expense 3 112 112 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) ( 501 ) — ( 501 ) Cash dividends paid - $ 2.00 per share ( 985 ) ( 985 ) Share repurchases ( 37 ) ( 2,347 ) ( 2,347 ) Stock compensation expense 2 74 74 Stock option exercises, net of taxes — ( 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) 457 — 457 Cash dividends paid - $ 2.04 per share ( 987 ) ( 987 ) Share repurchases — 1 1 Stock compensation expense 2 83 83 Stock option exercises, net of taxes ( 31 ) ( 31 ) Other — 6 ( 42 ) ( 1 ) ( 37 ) Balance, December 31, 2025 480 $ 3,281 $ 21,983 $ ( 2,531 ) $ 7 $ 22,740 The accompanying notes are an integral part of these Consolidated Financial Statements. 49 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 1. Summary of Significant Accounting Policies Company Overview 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 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. See Note 17. 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 Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. The Company consolidates all entities, including variable interest entities (VIEs), in which it has a controlling financial interest. For VIEs, the Company assesses whether it is the primary beneficiary as defined under the applicable accounting standard. Investments in affiliates, including VIEs through which the Company exercises significant influence but does not control the investee and is not the primary beneficiary of the investee’s activities, are carried at cost plus equity in undistributed earnings since acquisition and are adjusted, where appropriate, for basis differences between the investment balance and the underlying net assets of the investee. The Company’s portion of the results of certain affiliates and results of certain VIEs are included using the most recent available financial statements. In each case, the financial statements are within 93 days of the Company’s year-end and are consistent from period to period. Use of Estimates The preparation of Consolidated Financial Statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect amounts reported in its Consolidated Financial Statements and accompanying notes. Actual results could differ from those estimates. Cash Equivalents 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. 50 Table of Contents 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 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. 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). December 31, 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 The Company principally generates revenue from merchandising and transporting agricultural commodities, and manufacturing products for use in food, beverages, feed, energy, and industrial applications, and ingredients and solutions for human and animal nutrition. 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 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. See Note 4. Fair Value Measurements and Note 5. Derivative Instruments & Hedging Activities for further information. 51 Table of Contents 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. The Company follows a policy of recognizing revenue at a single point in time when it satisfies its performance obligation by transferring control over a product or service to a customer. 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. The amount of revenue recognized follows the contractually specified price which may include freight or other contractually specified cost components. The majority of the Company’s contracts with customers have one performance obligation and a contract duration of one year or less. The Company applies the practical expedient in Topic 606, and does not disclose information about remaining performance obligations that have original expected durations of one year or less. See Note 2. Revenues for further information. Shipping and Handling Costs Shipping and handling costs related to contracts with customers for the sale of goods are accounted for as a fulfillment activity and are included in Cost of Products Sold. Accordingly, amounts billed to customers for such costs are included as a component of Revenues. Taxes Collected from Customers and Remitted to Governmental Authorities 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. Receivables The Company records accounts receivable at net realizable value. This value includes an allowance for estimated uncollectible accounts to reflect any loss anticipated on the accounts receivable balances including any accrued interest receivables thereon. The Company estimates uncollectible accounts by pooling receivables according to type, region, credit risk rating, and age. 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. ADM manages its exposure to counter-party credit risk through credit analysis and approvals, credit limits, and monitoring procedures. Long-term receivables recorded in other assets were not material to the Company’s overall receivables portfolio. 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): Year Ended December 31 2025 2024 Opening balance, January 1 $ 167 $ 215 Provisions (reversals), net 27 ( 16 ) Write-offs against allowance ( 39 ) ( 32 ) Recoveries and other 5 — Closing balance, December 31 $ 160 $ 167 Inventories 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. 52 Table of Contents 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). December 31, 2025 December 31, 2024 Raw materials and supplies (1) $ 1,740 $ 1,922 Finished goods 2,407 2,689 Market inventories 6,222 6,961 Total inventories $ 10,369 $ 11,572 (1) Includes work in process inventories which were not material as of December 31, 2025 and 2024. Fair Value Measurements The Company measures the fair value of certain assets and liabilities in accordance with ASC Topic 820, Fair Value Measurements and Disclosures , which defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Company uses the market approach valuation technique to measure the majority of its assets and liabilities carried at fair value. Three levels are established within the fair value hierarchy that may be used to report fair value: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Observable inputs, including Level 1 prices that have been adjusted; quoted prices for similar assets or liabilities; quoted prices in markets that are less active than traded exchanges; and other inputs that are observable or can be substantially corroborated by observable market data. Level 3: Unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities. The fair value hierarchy gives the lowest priority to Level 3 inputs. In evaluating the significance of fair value inputs, the Company generally classifies assets or liabilities as Level 3 when their fair value is determined using unobservable inputs that individually or when aggregated with other unobservable inputs, represent more than 10% of the fair value of the assets or liabilities. Judgment is required in evaluating both quantitative and qualitative factors in the determination of significance for purposes of fair value level classification. In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy. The lowest level of input that is a significant component of the fair value measurement determines the placement of the entire fair value measurement in the hierarchy. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the classification of fair value assets and liabilities within the fair value hierarchy levels. Level 3 amounts can include assets and liabilities whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as assets and liabilities for which the determination of fair value requires significant management judgment or estimation. Based on historical experience with the Company’s suppliers and customers, the Company’s own credit risk and knowledge of current market conditions, the Company does not view non-performance risk to be a significant input to fair value for the majority of its forward commodity purchase and sale contracts. However, in certain cases, if the Company believes the non-performance risk to be a significant input, the Company records estimated fair value adjustments, and classifies the measurement in Level 3. 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. 53 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Derivatives 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. 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. See Note 5. Derivative Instruments & Hedging Activities for further information. Equity Method Investments The Company uses the equity method of accounting for equity investments if the investment provides the ability to exercise significant influence, but not control, over operating and financial policies of the investee. The Company’s proportionate share of the net income or loss of these investees is included in consolidated net earnings. Judgment regarding the level of influence over each equity method investment includes considering key factors such as the Company’s ownership interest, the legal form of the investee, any representation on the board of directors, and any participation in policy-making decisions. The Company evaluates equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. Factors considered by the Company when reviewing an equity method investment for impairment include the length of time (duration) and the extent (severity) to which the fair value of the equity method investment has been less than cost, the investee’s financial condition and near-term prospects, and the intent and ability to hold the investment for a period of time sufficient to allow for anticipated recovery. An impairment that is other-than- temporary is recognized in the period identified. See Note 8. Investments in and Advances to Affiliates for further information. Cost Method Investments 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 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, 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. 54 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Property, Plant, and Equipment Property, plant, and equipment are recorded at cost. Repair and maintenance costs are expensed as incurred. The Company uses the straight-line method in computing depreciation for financial reporting purposes and generally uses accelerated methods for income tax purposes. The annual provisions for depreciation have been computed principally in accordance with the following ranges of asset lives: Buildings - 15 to 40 years; and Machinery and equipment - 3 to 40 years. 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. The Company evaluates long-lived assets for impairment whenever indicators of impairment exist. In addition, assets are written down to fair value after consideration of the Company’s ability to utilize the assets for their intended purpose, employ the assets in alternative uses, or sell the assets to recover the carrying value. 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 Leases 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 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. Certain leases also include index and non-index escalation clauses and options to purchase the leased property. Leases accounted for as finance leases were immaterial at December 31, 2025. As an accounting policy election, the Company does not apply the recognition requirements of ASC Topic 842 to short-term leases in all of its underlying asset categories. The Company recognizes short-term lease payments in earnings on a straight-line basis over the lease term, and variable lease payments in the period in which the obligation for those payments is incurred. The Company also combines lease and non-lease contract components in all of its underlying asset categories as an accounting policy election. Income Taxes The Company accounts for income taxes in accordance with the liability method. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and reported amounts in the Consolidated Financial Statements using statutory rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recorded in the results of operations in the period that includes the enactment date under the law. Applicable accounting standards prescribe a minimum threshold a tax position is required to meet before being recognized in the Consolidated Financial Statements. 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. 55 Table of Contents 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. Income tax effects from AOCI are released when the individual units of account are sold, terminated, or extinguished. Goodwill and Other Intangible Assets 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 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. See Note 9. Goodwill and Other Intangible Assets for further information. Supplier Payable Programs The Company has Supplier Payable Programs (“SPP”) with financial institutions which act as its paying agents for payables due to certain of its suppliers. The Company has neither an economic interest in a supplier’s participation in the SPP nor a direct financial relationship with the financial institutions, and has concluded its obligations to the suppliers, including amounts due and scheduled payment terms, are not impacted by their participation in the SPP. Accordingly, amounts associated with the SPP are classified as trade payables in the Company’s Consolidated Balance Sheets and in operating activities in the Consolidated Statements of Cash Flows. The supplier invoices that have been confirmed as valid under the program require payment in full generally within 90 days of the invoice date. As of December 31, 2025 and 2024, the Company's outstanding payment obligations that suppliers had elected to sell to the financial institutions were $ 301 million and $ 222 million, respectively. Changes to the outstanding payment obligations for the years ended December 31, 2025 and 2024 were as follows (in millions): Year Ended December 31, 2025 2024 Opening balance, January 1 $ 222 $ 274 Obligations confirmed 974 948 Obligations paid ( 895 ) ( 1,000 ) Closing balance, December 31 $ 301 $ 222 Payables to Brokerage Customers Payables to brokerage customers represent the total of customer accounts at the Company’s futures commission merchant with credit or positive balances. 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. Stock Compensation The Company recognizes expense for its stock compensation based on the fair value of the awards that are granted. The Company’s stock compensation plans provide for the granting of restricted stock and restricted stock units (Restricted Stock Awards), performance stock units (PSUs), and stock options. The fair values of stock options are estimated at the date of grant using the Black-Scholes option valuation model, which requires the input of subjective assumptions. The fair values of Restricted Stock Awards and PSUs are determined based on the market value of the Company's shares on the grant date. Measured compensation cost, net of forfeitures, is recognized ratably over the vesting period of the related stock compensation award. 56 Table of Contents 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. Certain of the Company’s option grants, Restricted Stock Awards, and PSUs continue to vest upon the recipient’s retirement from the Company and compensation expense related to option grants and Restricted Stock Awards granted to retirement-eligible employees is recognized in earnings on the date of grant. Compensation expense for PSUs is based on the probability of meeting the performance criteria. The Company recognizes forfeitures as they occur. Research and Development Costs associated with research and development are expensed as incurred and recorded within selling, general, and administrative expenses. 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. 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, 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 The Company’s acquisitions are accounted for in accordance with ASC Topic 805, Business Combinations, as amended . The consideration transferred is allocated to various assets acquired and liabilities assumed at their estimated fair values as of the acquisition date with the residual allocated to goodwill. Fair values allocated to assets acquired and liabilities assumed in business combinations require management to make significant judgments, estimates, and assumptions, especially with respect to intangible assets. Management makes estimates of fair values based upon assumptions it believes to be reasonable. These estimates are based upon historical experience and information obtained from the management of the acquired companies and are inherently uncertain. The estimated fair values related to intangible assets primarily consist of customer relationships, trademarks, and developed technology which are determined primarily using discounted cash flow models. Estimates in the discounted cash flow models include, but are not limited to, certain assumptions that form the basis of the forecasted results (e.g. revenue growth rates, customer attrition rates, and royalty rates). These significant assumptions are forward looking and could be affected by future economic and market conditions. During the measurement period, which may take up to one year from the acquisition date, adjustments due to changes in the estimated fair value of assets acquired and liabilities assumed may be recorded as adjustments to the consideration transferred and the related allocations. 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. 57 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Redeemable Non-controlling Interests The Company presents any redeemable non-controlling interests in temporary equity within the Consolidated Balance Sheets at redemption value with period changes recorded in reinvested earnings. The Company reports the portion of its earnings or loss for redeemable non-controlling interests as Net earnings (losses) attributable to non-controlling interests in the Consolidated Statements of Earnings. Changes to the Company's redeemable non-controlling interests for the years ended December 31, 2025, 2024, and 2023 are as follows (in millions): Year Ended December 31, 2025 2024 2023 Opening balance, January 1 $ 253 $ 320 $ 299 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 Adoption of New Accounting Pronouncements 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. 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 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. 58 Table of Contents 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 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. 59 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 2. Revenues 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 Topic 606 Revenue Topic 815 (1) Total Point in Time Over Time Total Revenue Revenues Ag Services and Oilseeds Ag Services 3,797 $ 775 $ 4,572 $ 35,791 $ 40,363 Crushing 375 — 375 9,978 10,353 Refined Products and Other 3,545 — 3,545 7,310 10,855 Total Ag Services and Oilseeds 7,717 775 8,492 53,079 61,571 Carbohydrate Solutions Starches and Sweeteners 5,748 — 5,748 2,234 7,982 Vantage Corn Processors 2,755 — 2,755 — 2,755 Total Carbohydrate Solutions 8,503 — 8,503 2,234 10,737 Nutrition Human Nutrition 4,187 — 4,187 — 4,187 Animal Nutrition 3,325 — 3,325 — 3,325 Total Nutrition 7,512 — 7,512 — 7,512 Total Segment Revenues 23,732 775 24,507 55,313 79,820 Other Business 449 — 449 — 449 Total Revenues $ 24,181 $ 775 $ 24,956 $ 55,313 $ 80,269 60 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Year Ended December 31, 2024 Topic 606 Revenue Topic 815 (1) Total Point in Time Over Time Total Revenue Revenues Ag Services and Oilseeds Ag Services 3,779 $ 923 $ 4,702 $ 39,381 $ 44,083 Crushing 462 — 462 11,374 11,836 Refined Products and Other 2,447 — 2,447 8,150 10,597 Total Ag Services and Oilseeds 6,688 923 7,611 58,905 66,516 Carbohydrate Solutions Starches and Sweeteners 6,335 — 6,335 2,252 8,587 Vantage Corn Processors 2,647 — 2,647 — 2,647 Total Carbohydrate Solutions 8,982 — 8,982 2,252 11,234 Nutrition Human Nutrition 3,944 — 3,944 — 3,944 Animal Nutrition 3,405 — 3,405 — 3,405 Total Nutrition 7,349 — 7,349 — 7,349 Total Segment Revenues 23,019 923 23,942 61,157 85,099 Other Business 431 — 431 — 431 Total Revenues $ 23,450 $ 923 $ 24,373 $ 61,157 $ 85,530 Year Ended December 31, 2023 Topic 606 Revenue Topic 815 (1) Total Point in Time Over Time Total Revenue Revenues Ag Services and Oilseeds Ag Services $ 4,110 $ 761 $ 4,871 $ 42,549 $ 47,420 Crushing 470 — 470 13,550 14,020 Refined Products and Other 2,295 — 2,295 9,691 11,986 Total Ag Services and Oilseeds 6,875 761 7,636 65,790 73,426 Carbohydrate Solutions Starches and Sweeteners 7,431 — 7,431 2,454 9,885 Vantage Corn Processors 2,989 — 2,989 — 2,989 Total Carbohydrate Solutions 10,420 — 10,420 2,454 12,874 Nutrition Human Nutrition 3,634 — 3,634 — 3,634 Animal Nutrition 3,577 — 3,577 — 3,577 Total Nutrition 7,211 — 7,211 — 7,211 Total Segment Revenues 24,506 761 25,267 68,244 93,511 Other Business 424 — 424 — 424 Total Revenues $ 24,930 $ 761 $ 25,691 $ 68,244 $ 93,935 (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. 61 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ag Services and Oilseeds 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 The Carbohydrate Solutions segment generates revenue from the sale of products manufactured at the Company’s global corn and wheat milling facilities around the world. Revenue is recognized when control over products is transferred to the customer. 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. Nutrition The Nutrition segment sells ingredients and solutions including plant-based proteins, natural flavors, flavor systems, natural colors, emulsifiers, soluble fiber, polyols, hydrocolloids, probiotics, prebiotics, postbiotics, enzymes, botanical extracts, edible beans, formula feeds, animal health and nutrition products, pet food and treats, and other specialty food and feed ingredients. Revenue is recognized when control over products is transferred to the customer. Other Business 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 provides captive insurance services to the Company's reportable segments. Note 3. Acquisitions 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): Vandamme Working capital, net of cash acquired $ 24 Property, plant, and equipment 27 Goodwill 26 Other intangible assets (1) 23 Deferred tax liabilities ( 3 ) Aggregate cash consideration, net of cash acquired $ 97 (1) Primarily represents customer lists with an expected useful life of 13 years. 62 Table of Contents 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. Note 4. Fair Value Measurements The following tables set forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2025 and 2024 (in millions). Fair Value Measurements at December 31, 2025 Level 1 Level 2 Level 3 Total Assets: Inventories carried at market $ — $ 3,549 $ 2,673 $ 6,222 Unrealized derivative gains: Commodity contracts — 310 512 822 Foreign exchange contracts — 108 — 108 Interest rate contracts — 17 — 17 Cash equivalents 280 — — 280 Marketable securities 32 — — 32 Segregated investments and restricted cash equivalents 1,771 — — 1,771 Total Assets $ 2,083 $ 3,984 $ 3,185 $ 9,252 Liabilities: Unrealized derivative losses: Commodity contracts $ — $ 300 $ 313 $ 613 Foreign exchange contracts — 144 — 144 Inventory-related payables — 714 16 730 Total Liabilities $ — $ 1,158 $ 329 $ 1,487 63 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Fair Value Measurements at December 31, 2024 Level 1 Level 2 Level 3 Total Assets: Inventories carried at market $ — $ 3,930 $ 3,031 $ 6,961 Unrealized derivative gains: Commodity contracts — 404 427 831 Foreign currency contracts — 272 — 272 Interest rate contracts — 5 — 5 Cash equivalents 70 — — 70 Marketable securities 246 — — 246 Segregated investments and restricted cash equivalents 1,681 — — 1,681 Total Assets $ 1,997 $ 4,611 $ 3,458 $ 10,066 Liabilities: Unrealized derivative losses: Commodity contracts $ — $ 355 $ 405 $ 760 Foreign currency contracts — 212 — 212 Inventory-related payables — 654 88 742 Total Liabilities $ — $ 1,221 $ 493 $ 1,714 Inventories Carried at Market and Inventory-Related Payables Estimated fair values of inventories and inventory-related payables stated at market are based on exchange-quoted prices, adjusted for differences in local markets and quality, referred to as basis. Market valuations for the Company’s inventories are adjusted for location and quality (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. The basis adjustments are generally determined using inputs from competitor and broker quotations or market transactions and are considered observable. Basis adjustments are impacted by specific local supply and demand characteristics at each facility and the overall market. Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these basis adjustments. 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. Unrealized Derivative Gains and Losses Derivative contracts include exchange-traded commodity futures and options contracts, forward commodity purchase and sale contracts, and over-the-counter (OTC) instruments related primarily to agricultural commodities, energy, interest rates, and foreign currencies. Substantially all of the Company’s exchange-traded commodity futures and options contracts are cash-settled on a daily basis and, therefore, are not included in these tables. Fair value for forward commodity purchase and sale contracts is estimated based on exchange-quoted prices adjusted for differences in local markets. 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. 64 Table of Contents 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. Basis adjustments are impacted by specific local supply and demand characteristics at each facility and the overall market. Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these basis adjustments. 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. When unobservable inputs have a significant impact (more than 10%) on the measurement of fair value, the contract is classified in Level 3. 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. 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 The Company’s cash equivalents are comprised of money market funds valued using quoted market prices and are classified as Level 1. Marketable Securities 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. U.S. Treasury securities are valued using quoted market prices and are classified as Level 1. 65 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 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). Assets Liabilities December 31, 2025 December 31, 2025 Inventories Carried at Market Commodity Derivative Contracts Gains Total Assets Inventory-related Payables Commodity Derivative Contracts Losses Total Liabilities Opening balance, January 1, 2025 $ 3,031 $ 427 $ 3,458 $ 88 $ 405 $ 493 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 Sales ( 17,761 ) — ( 17,761 ) ( 91 ) — ( 91 ) Settlements — ( 1,106 ) ( 1,106 ) — ( 985 ) ( 985 ) Transfers into Level 3 1,616 241 1,857 — 72 72 Transfers out of Level 3 ( 1,860 ) ( 125 ) ( 1,985 ) — ( 31 ) ( 31 ) Closing balance, December 31, 2025 $ 2,673 $ 512 $ 3,185 $ 16 $ 313 $ 329 Assets Liabilities December 31, 2024 December 31, 2024 Inventories Carried at Market Commodity Derivative Contracts Gains Total Assets Inventory-related Payables Commodity Derivative Contracts Losses Total Liabilities Opening balance, January 1, 2024 $ 2,713 $ 731 $ 3,444 $ 101 $ 457 $ 558 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 Sales ( 16,609 ) — ( 16,609 ) ( 81 ) — ( 81 ) Settlements — ( 1,369 ) ( 1,369 ) — ( 1,142 ) ( 1,142 ) Transfers into Level 3 1,416 241 1,657 1 68 69 Transfers out of Level 3 ( 1,431 ) ( 186 ) ( 1,617 ) — ( 102 ) ( 102 ) Closing balance, December 31, 2024 $ 3,031 $ 427 $ 3,458 $ 88 $ 405 $ 493 66 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 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 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. Weighted Average % of Total Price December 31, 2025 December 31, 2024 Component Type Assets Liabilities Assets Liabilities Inventories and Related Payables Basis 21.1 % 9.0 % 24.9 % 31.3 % Transportation cost 22.4 % — % 10.8 % — % Commodity Derivative Contracts Basis 23.3 % 23.6 % 21.8 % 23.4 % Transportation cost 25.7 % — % 10.8 % 10.8 % In certain of the Company’s principal markets, the Company relies on price quotes from third parties to value its inventories and physical commodity purchase and sale contracts. These price quotes are generally not further adjusted by the Company in determining the applicable market price. In some cases, availability of third-party quotes is limited to only one or two independent sources. In these situations, absent other corroborating evidence, the Company considers these price quotes as 100% unobservable and, therefore, the fair value of these items is reported in Level 3. Note 5. Derivative Instruments & Hedging Activities Derivatives Not Designated as Hedging Instruments The majority of the Company’s derivative instruments have not been designated as hedging instruments. 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. 67 Table of Contents 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. The following table sets forth the fair value of derivatives not designated as hedging instruments as of December 31, 2025 and 2024 (in millions). December 31, 2025 December 31, 2024 Assets Liabilities Assets Liabilities Foreign Currency Contracts $ 108 $ 54 $ 272 $ 102 Commodity Contracts 822 613 828 760 Total $ 930 $ 667 $ 1,100 $ 862 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). Cost of Other expense (income) - net products Interest Revenues sold Expense Total For the Year Ended December 31, 2025 Pre-tax gains (losses) on: Foreign Currency Contracts $ ( 66 ) $ 269 $ — $ ( 144 ) Commodity Contracts — 478 — — Total gain (loss) recognized in earnings $ ( 66 ) $ 747 $ — $ ( 144 ) $ 537 For the Year Ended December 31, 2024 Pre-tax gains (losses) on: Foreign Currency Contracts $ 29 $ ( 388 ) $ — $ 142 Commodity Contracts — 391 — — Debt Conversion Option — — — — Total gain (loss) recognized in earnings $ 29 $ 3 $ — $ 142 $ 174 For the Year Ended December 31, 2023 Pre-tax gains (losses) on: Foreign Currency Contracts $ ( 33 ) $ 322 $ — $ 43 Commodity Contracts — 619 — — Debt Conversion Option — — 6 — Total gain (loss) recognized in earnings $ ( 33 ) $ 941 $ 6 $ 43 $ 957 68 Table of Contents 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. The changes in the market value of such derivative contracts have historically been, and are expected to continue to be, highly effective at offsetting changes in price movements of the hedged item. 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 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. The Company’s corn processing plants normally grind approximately 56 million bushels per month. During the past 12 months, the Company hedged between 12 % and 30 % of its monthly grind. 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 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 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 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, 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 The Company uses interest rate swaps designated as fair value hedges to protect the fair value of fixed-rate debt due to changes in interest rates. The changes in the fair value of the interest rate swaps and the underlying fixed-rate debt is recognized in the Consolidated Statements of Earnings during the current period. The terms of the interest rate swaps match the terms of the underlying debt. 69 Table of Contents 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 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 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). December 31, 2025 December 31, 2024 Assets Liabilities Assets Liabilities Commodity Contracts $ — $ — $ 3 $ — 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 recognized in Cost of products sold in the Consolidated Statements of Earnings for the years ended December 31, 2025, 2024, and 2023 (in millions). December 31, 2025 2024 2023 Pre-tax losses on: Commodity Contracts $ ( 4 ) $ ( 77 ) $ 322 70 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 6. Other Current Assets The following table sets forth the items in other current assets (in millions): December 31, 2025 December 31, 2024 Unrealized gains on derivative contracts $ 947 $ 1,108 Customer omnibus receivable 573 872 Margin deposits and grain accounts 575 516 Financing receivables - net 256 258 Insurance premiums receivable 106 76 Prepaid expenses 263 279 Tax receivables 583 539 Non-trade receivables 268 393 Other current assets 225 328 $ 3,796 $ 4,369 Note 7. Accrued Expenses and Other Payables The following table sets forth the items in accrued expenses and other payables (in millions). December 31, 2025 December 31, 2024 Unrealized losses on derivative contracts $ 757 $ 972 Accrued compensation 419 346 Income tax payable 83 167 Other taxes payable 181 138 Accrued interest payable 158 153 Insurance liabilities 165 172 Contract liabilities (1) 333 534 Other deferred income 191 156 Other accruals and payables 1,026 1,092 $ 3,313 $ 3,730 (1) Contract liabilities relate to advance payments from customers for goods and services the Company has yet to provide. Revenues recognized in the year ended December 31, 2025 from contract liabilities as of December 31, 2024 were $ 529 million. Revenues recognized in the year ended December 31, 2024 from contract liabilities as of December 31, 2023 were $ 529 million. 71 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 8. Investments in and Advances to Affiliates The Company applies the equity method of accounting for investments in investees over which the Company has the ability to exercise significant influence. Wilmar Investment 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, 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 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. 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. 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, 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. de C.V. ( 50.0 %), Vimison S.A. de C.V. ( 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 %), Vitafort ZRT ( 34.3 %), Novial SAS ( 26.2 %) ADM Matsutani LLC ( 50.0 %),and Matsutani Singapore Pte. Ltd. ( 50.0 %). 72 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Summarized Financial Information 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). December 31, 2025 2024 Current assets $ 37,343 $ 33,065 Non-current assets 29,982 28,962 Current liabilities ( 31,846 ) ( 27,357 ) Non-current liabilities ( 9,068 ) ( 8,772 ) Non-controlling interests ( 2,670 ) ( 2,499 ) Net assets $ 23,741 $ 23,399 Year Ended December 31 2025 2024 2023 Revenues $ 83,895 $ 77,251 $ 85,754 Gross profit 4,088 3,673 4,261 Net earnings 1,199 2,036 2,452 The Company’s share of the undistributed earnings of its unconsolidated affiliates as of December 31, 2025 was $ 6.3 billion. Transactions and Balances with Investees Net sales to unconsolidated affiliates during the years ended December 31, 2025, 2024, and 2023 were $ 6.0 billion, $ 6.7 billion, and $ 7.0 billion, respectively. 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 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. 73 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 9. Goodwill and Other Intangible Assets Goodwill Changes in the carrying amount of goodwill by reportable segment and Other Business for the years ended December 31, 2025 and 2024 are as follows (in millions): Ag Services & Oilseeds Carbohydrate Solutions Nutrition Other Business Total Balance at December 31, 2023 $ 235 $ 224 $ 3,640 $ 4 $ 4,103 Acquisitions — — 557 — $ 557 Currency translation adjustments and other ( 17 ) ( 8 ) ( 127 ) 1 $ ( 151 ) Balance at December 31, 2024 218 216 4,070 5 4,509 Acquisitions 19 7 10 — $ 36 Currency translation adjustments and other 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, 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. 74 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Other Intangible Assets The following table sets forth the detail on other intangible assets. December 31, 2025 December 31, 2024 Useful Gross Accumulated Gross Accumulated Life Amount Amortization Net Amount Amortization Net (In years) (In millions) Intangible assets with indefinite lives: Trademarks/brands $ 315 $ — $ 315 $ 290 $ — $ 290 Intangible assets with definite lives: Trademarks/brands 8 to 20 93 ( 56 ) 37 86 ( 42 ) 44 Customer lists 7 to 30 1,827 ( 850 ) 977 1,687 ( 708 ) 979 Capitalized software and related costs 3 to 5 985 ( 694 ) 291 964 ( 612 ) 352 Land rights 20 to 65 97 ( 34 ) 63 89 ( 27 ) 62 Other intellectual property 6 to 15 196 ( 165 ) 31 187 ( 142 ) 45 Recipes and other 1 to 35 568 ( 371 ) 197 620 ( 339 ) 281 Intangible assets in process 65 — 65 207 — 207 Total $ 4,146 $ ( 2,170 ) $ 1,976 $ 4,130 $ ( 1,870 ) $ 2,260 During the year ended December 31, 2025, the Company recorded an impairment charge of $ 179 million related to previously capitalized software, within Corporate. See Note 18. 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. 75 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 10. Debt Financing Arrangements The Company’s long-term debt consisted of the following (in millions, except as noted): Debt Instrument Interest Rate Face Amount Due Date December 31, 2025 December 31, 2024 1.000 % Notes € 650 million 2025 $ — $ 672 2.500 % Notes $ 1 billion 2026 999 999 7.500 % Debentures $ 147 million 2027 147 147 6.750 % Debentures $ 103 million 2027 103 103 6.625 % Debentures $ 144 million 2029 144 144 3.250 % Notes $ 1 billion 2030 999 993 7.000 % Debentures $ 160 million 2031 165 161 2.900 % Notes $ 750 million 2032 746 745 5.935 % Debentures $ 336 million 2032 341 337 4.500 % Notes $ 500 million 2033 494 493 5.375 % Debentures $ 432 million 2035 427 426 6.450 % Debentures $ 103 million 2038 102 103 5.765 % Debentures $ 297 million 2041 297 297 4.535 % Debentures $ 383 million 2042 294 291 4.016 % Debentures $ 371 million 2043 269 266 3.750 % Notes $ 408 million 2047 403 403 4.500 % Notes $ 600 million 2049 590 589 2.700 % Notes $ 750 million 2051 733 732 6.950 % Debentures $ 157 million 2097 154 154 Other 205 199 Total long-term debt including current maturities 7,612 8,254 Current maturities ( 1,006 ) ( 674 ) Total long-term debt $ 6,606 $ 7,580 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. The Company’s credit facilities and certain debentures require the Company to comply with specified financial and non-financial covenants including maintenance of minimum tangible net worth as well as limitations related to incurring liens, secured debt, and certain other financing arrangements. The Company was in compliance with these covenants as of December 31, 2025. 76 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The aggregate future maturities of long-term debt as of December 31, 2025 are as follows (in millions): Amount 2026 $ 1,006 2027 266 2028 — 2029 145 2030 1,006 Thereafter 5,442 Total estimated future maturities $ 7,865 At December 31, 2025, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $ 12.3 billion, of which $ 9.4 billion was unused. The Company had outstanding standby letters of credit and surety bonds at December 31, 2025 and 2024, totaling $ 1.2 billion and $ 1.4 billion, respectively. The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $ 3.0 billion in funding resulting from the sale of accounts receivable. As of December 31, 2025, the Company utilized $ 2.1 billion of its facility under the Programs. See Note 19. Sale of Accounts Receivable for further information on the Programs. The weighted average interest rates on short-term borrowings outstanding at December 31, 2025 and 2024, were 4.0 % and 4.7 %, respectively. 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 $ 715 million of commercial paper outstanding at December 31, 2025. Credit Ratings As of December 31, 2025, the three major credit rating agencies maintained the Company’s credit ratings at investment grade levels with a negative outlook. Note 11. Stock Compensation Total compensation expense for Stock Option Grants, Restricted Stock Awards, and PSUs recognized during the years ended December 31, 2025, 2024, and 2023 was $ 83 million, $ 74 million, and $ 112 million, respectively. Changes in incentive compensation expense from period to period are primarily caused by the level of attainment of the PSU performance criteria described below. Stock Option Grants The Company’s employee stock compensation plans provide for the granting of options to employees to purchase common stock of the Company pursuant to the Company’s 2020 Incentive Compensation Plan. 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. 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. 77 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Restricted Stock Awards and PSUs 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. During the years ended December 31, 2025, 2024, and 2023, 3.0 million, 2.6 million, and 1.7 million common stock or stock units, respectively, were granted as Restricted Stock Awards and PSUs. At December 31, 2025, there were 7.5 million shares available for future grants pursuant to the 2020 Incentive Compensation Plan. 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 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): Restricted Stock Awards and PSUs Weighted Average Grant-Date Fair Value Per Share Non-vested at January 1, 2025 5,285 $ 68.77 Granted 3,002 $ 45.82 Vested ( 2,456 ) $ 72.26 Forfeited ( 433 ) $ 41.92 Non-vested at December 31, 2025 5,398 $ 54.66 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. Note 12. Other (Income) Expense – Net The following table sets forth the items in other (income) expense (in millions). Year Ended December 31 2025 2024 2023 Gains on sale of assets $ ( 77 ) $ ( 27 ) $ ( 38 ) Other – net ( 73 ) ( 224 ) ( 138 ) Total other (income) expense - net $ ( 150 ) $ ( 251 ) $ ( 176 ) 78 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 13. Income Taxes The following table sets forth the geographic split of earnings before income taxes (in millions). Year Ended December 31 2025 2024 2023 United States $ ( 192 ) $ 656 $ 1,844 Foreign 1,447 1,599 2,450 Total Earnings Before Income Taxes $ 1,255 $ 2,255 $ 4,294 Significant components of income tax expense are as follows (in millions): Year Ended December 31 2025 2024 2023 Current expense (benefit) Federal $ ( 102 ) $ 108 $ 291 State 19 8 47 Foreign 310 490 513 $ 227 $ 606 $ 851 Deferred (benefit) expense Federal ( 46 ) ( 99 ) ( 52 ) State ( 27 ) 6 ( 10 ) Foreign 28 ( 37 ) 39 $ ( 45 ) $ ( 130 ) $ ( 23 ) Income tax expense $ 182 $ 476 $ 828 79 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Significant components of deferred tax liabilities and assets are as follows (in millions): December 31, 2025 December 31, 2024 Deferred tax liabilities Property, plant, and equipment $ 758 $ 808 Intangibles 330 343 Right of use assets 313 317 Equity in earnings of affiliates 195 236 Debt exchange 47 49 Reserves and other accruals 28 133 Other 36 30 $ 1,707 $ 1,916 Deferred tax assets Pension and postretirement benefits $ 85 $ 95 Inventories 12 12 Lease liabilities 320 323 Stock compensation 22 36 Foreign tax loss carryforwards 503 386 Foreign capital loss carryforwards 45 41 State tax attributes 32 23 US carryforwards 113 196 Other 81 111 Gross deferred tax assets 1,213 1,223 Valuation allowances ( 292 ) ( 223 ) Net deferred tax assets $ 921 $ 1,000 Net deferred tax liabilities $ 786 $ 916 The net deferred tax liabilities are classified as follows: Non-current assets $ 349 $ 352 Non-current liabilities ( 1,135 ) ( 1,268 ) $ ( 786 ) $ ( 916 ) Net Operating Losses and Valuation Allowances The Company had $ 503 million and $ 386 million of tax assets related to net operating loss carryforwards of certain international subsidiaries at December 31, 2025 and 2024, respectively. As of December 31, 2025, approximately $ 436 million of these assets have no expiration date, and the remaining $ 67 million expire at various times through fiscal 2034. The annual usage of certain of these assets is limited to a percentage of taxable income of the respective foreign subsidiary for the year. 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 $ 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. 80 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The Company had $ 113 million of tax assets related to U.S. 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. 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. During 2025, the Company increased valuation allowances primarily related to net operating loss carryforwards. The activity related to the income tax valuation allowance for the years ended December 31, 2025, 2024, and 2023 was as follows (in millions): Year Ended December 31 2025 2024 2023 Opening balance, January 1 $ 223 $ 216 $ 209 Additions 92 40 58 Deductions ( 23 ) ( 33 ) ( 51 ) Ending balance, December 31 $ 292 $ 223 $ 216 Income Tax Rate Reconciliations The table below provides additional details per the requirements of ASU 2023-09 for the year ended December 31, 2025. See Note 1. Summary of Significant Accounting Policies for additional details on the adoption of ASU 2023-09. 81 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Year Ended December 31, 2025 $ % 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 Credits: 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 ) Other 13 1.1 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: 82 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Year Ended December 31 2024 2023 U.S. Federal Statutory rate 21.0 % 21.0 % State income taxes, net of federal tax benefit 0.2 0.9 Foreign earnings taxed at rates other than the U.S. statutory rate 2.2 ( 0.3 ) Foreign currency effects/remeasurement ( 4.8 ) 0.5 Withholding Tax 1.8 0.1 Impairment of Investments 4.3 0.5 Change in Uncertain Tax Position 3.2 0.1 Tax benefit on U.S. biodiesel credits ( 2.9 ) ( 1.7 ) Second-generation biofuel credit ( 1.2 ) — U.S. railroad credits ( 2.5 ) ( 1.5 ) U.S. tax on foreign earnings 0.6 1.2 Other ( 0.8 ) ( 1.5 ) Effective income tax rate 21.1 % 19.3 % The following table presents supplemental cash flow information related to income taxes paid (net of refunds received): Year Ended December 31 2025 U.S. Federal $ 48 US State and Local 15 Foreign: Argentina 30 Canada 44 Germany 21 Mexico 58 Philippines 26 Switzerland 25 Other 122 Total cash taxes paid, net of refunds received $ 389 OBBBA 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. 83 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Other Matters 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. taxable income of $ 210 million, $ 674 million, and $ 425 million related to Global Intangible Low-Taxed Income (GILTI) and deducted $ 0 million, $ 16 million, and $ 77 million related to Foreign Derived Intangible Income Deduction in fiscal years 2025, 2024, and 2023, respectively. The Company made an accounting policy election to treat GILTI as a period cost. The Company has recorded and will continue to record the impact of tax reform items as U.S. tax authorities issue Treasury Regulations and other guidance addressing tax reform-related changes. The additional guidance, along with the potential for additional global tax legislation changes, may affect significant deductions and income inclusions and could have a material adverse effect on the Company’s net income or cash flow. Unrecognized Tax Benefits The following table sets forth a rollforward of activity of unrecognized tax benefits for the year ended December 31, 2025 and 2024 (in millions). December 31, 2025 2024 Opening balance, January 1 $ 185 $ 168 Net additions related to current year’s tax positions 9 12 Net additions related to prior years’ tax positions — 57 Additions (adjustments) related to acquisitions — 2 Reductions related to prior years’ tax positions ( 13 ) — Reductions related to lapse of statute of limitations ( 8 ) ( 6 ) Settlements with tax authorities ( 35 ) ( 48 ) Ending balance, December 31 $ 138 $ 185 The additions and reductions in unrecognized tax benefits shown in the table included effects related to net income and shareholders’ equity. The changes in unrecognized tax benefits did not have a material effect on the Company’s net income or cash flow. At December 31, 2025 and 2024, the Company had accrued interest and penalties on unrecognized tax benefits of $ 61 million and $ 59 million, respectively. 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. These challenges include positions taken by the Company related to the timing, nature, and amount of deductions and the allocation of income among various jurisdictions. 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. 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. If the total amount of unrecognized tax benefits were recognized by the Company at one time, there would be a reduction of $ 138 million on the tax expense for that period. The Company remains subject to federal examination in the U.S. for the calendar tax years 2017, and 2022 through 2025. 84 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 14. Leases The following table sets forth the amounts relating to the Company’s total lease cost and other information (in millions). Year Ended December 31 2025 2024 2023 Lease cost: Operating lease cost $ 430 $ 410 $ 390 Short-term lease cost 105 135 126 Total lease cost $ 535 $ 545 $ 516 Other information: Operating lease liability principal payments $ 415 $ 397 $ 374 Right-of-use assets obtained in exchange for new operating lease liabilities $ 278 $ 437 $ 327 December 31 2025 2024 Weighted-average remaining lease term - operating leases (in years) 7 7 Weighted average discount rate - operating leases 4.8 % 4.5 % The aggregate future lease payments for operating leases as of December 31, 2025 are as follows (in millions): Undiscounted Cash Flows 2026 $ 357 2027 294 2028 241 2029 175 2030 118 Thereafter 411 Total undiscounted minimum lease payments 1,596 Less: Interest (1) ( 248 ) Lease liability $ 1,348 (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. 85 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 15. Employee Benefit Plans The Company provides substantially all U.S. employees and employees at certain foreign subsidiaries with retirement benefits including defined benefit pension plans and defined contribution plans. The Company also provides certain eligible U.S. 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. employees. The Company contributes cash to the plans to match qualifying employee contributions, and also provides a non-matching employer contribution of 1 % of pay to eligible participants. Under an employee stock ownership component of the 401(k) plans, employees may choose to invest in the Company’s stock as part of their own investment elections. 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. 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 Defined benefit plans: Service cost (1) $ 48 $ 46 $ 41 Interest cost (1) 82 79 76 Expected return on plan assets ( 83 ) ( 89 ) ( 83 ) Settlement charges ( 3 ) 2 — Amortization of actuarial loss 5 5 3 Amortization of prior service (credit) ( 19 ) ( 20 ) ( 20 ) Net periodic defined benefit plan expense 30 23 17 Net actuarial (gain) loss $ ( 46 ) $ ( 38 ) $ 46 Prior service cost 19 26 19 Total pre-tax comprehensive loss (income) $ ( 27 ) $ ( 12 ) $ 65 (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. 86 Table of Contents 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 Company's pension benefits for the years ended December 31, 2025 and 2024 (in millions). Pension Benefits December 31 2025 December 31 2024 Change in defined benefit obligations: Benefit obligation, beginning $ 1,673 $ 1,765 Service cost 48 46 Interest cost 82 79 Actuarial (gain) ( 25 ) ( 111 ) Employee contributions 4 4 Benefits paid ( 70 ) ( 62 ) Plan amendments — 6 Foreign currency effects and Other 44 ( 54 ) Benefit obligation, ending $ 1,756 $ 1,673 Change in defined plan assets Fair value of plan assets, beginning $ 1,351 $ 1,415 Actual return on plan assets 105 7 Employer contributions 69 26 Employee contributions 4 4 Benefits paid ( 70 ) ( 62 ) Foreign currency effects and Other 16 ( 39 ) Fair value of plan assets, ending $ 1,475 $ 1,351 Funded status $ ( 281 ) $ ( 322 ) Amounts recognized in the Consolidated Balance Sheets Other assets (non-current) $ 78 $ 68 Accrued expenses and other payables ( 20 ) ( 19 ) Other long-term liabilities ( 339 ) ( 371 ) 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. Under the corridor approach, net unrecognized actuarial losses in excess of 10% of the greater of the projected benefit obligation or the market related value of plan assets are amortized over future periods. For plans with little to no active participants, the amortization period is the remaining average life expectancy of the participants. For plans with active participants, the amortization period is the remaining average service period of the active participants. 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. 87 Table of Contents 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: unrecognized prior service credit of $ 10 million and unrecognized actuarial loss of $ 188 million. Included in AOCI for postretirement benefits at December 31, 2025, are the following amounts that have not yet been recognized in net periodic postretirement benefit cost: unrecognized prior service cost of $ 1 million and unrecognized actuarial loss of $ 18 million. 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): Pension Benefits 2026 $ 90 2027 95 2028 101 2029 109 2030 115 2031-2035 652 Significant assumptions The following table sets forth the principal assumptions used in developing net periodic benefit cost: Pension Benefits December 31 2025 December 31 2024 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 December 31 2025 December 31 2024 Discount rate 5.1 % 5.0 % Rate of compensation increase 4.6 % 4.8 % Interest crediting rate 4.7 % 4.6 % 88 Table of Contents 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. The rate was assumed to decrease gradually to 4.5 % by 2035 and remain at that level thereafter. Plan Assets The Company’s employee benefit plan assets are principally comprised of the following types of investments: Common Stock: Equity securities are valued based on quoted exchange prices and are classified within Level 1 of the valuation hierarchy. Mutual Funds: Mutual funds 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. Common Collective Trust (CCT) Funds: The investments in CCTs are comprised of U.S. 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: Corporate debt instruments are valued using third-party pricing services and are classified within Level 2 of the valuation hierarchy. U.S. Treasury Instruments: U.S. 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. U.S. Government Agency, State, and Local Government Bonds: U.S. government agency obligations and state and municipal debt securities are valued using third-party pricing services and are classified within Level 2 of the valuation hierarchy. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants’ methods, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. 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). 89 Table of Contents 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 Common collective trusts / Mutual funds 162 — — 162 Corporate bonds — 550 — 550 U.S. Treasury instruments 152 — — 152 U.S. government agency, state and local government bonds — 5 — 5 Other 38 19 — 57 Total assets $ 389 $ 574 $ — $ 963 Common collective trust funds at NAV U.S. equity 56 International equity 81 Fixed income 327 Other 48 Total assets at fair value $ 1,475 Fair Value Measurements at December 31, 2024 Level 1 Level 2 Level 3 Total Common stock $ 36 $ — $ — $ 36 Common collective trusts / Mutual funds 154 — — 154 Corporate bonds — 517 — 517 U.S. Treasury instruments 161 — — 161 U.S. government agency, state and local government bonds — 4 — 4 Other 13 18 — 31 Total assets $ 364 $ 539 $ — $ 903 Common collective trust funds at NAV U.S. equity 30 International equity 67 Fixed income 298 Other 53 Total assets at fair value $ 1,351 There are no Plan assets classified as Level 3 in the fair value hierarchy; therefore there are no gains or losses associated with Level 3 assets. 90 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The following table sets forth the actual asset allocation for the Company’s global pension plan assets as of the measurement date. December 31 2025 (1)(2) December 31 2024 (2) Equity securities 23 % 21 % Debt securities 66 % 68 % Other 11 % 11 % Total 100 % 100 % (1) The Company’s U.S. pension plans contain approximately 68 % of the Company’s global pension plan assets. The actual asset allocation for the Company’s U.S. pension plans as of the measurement date consists of 24 % equity securities, 70 % debt securities, and 6 % other. The target asset allocation for the Company’s U.S. pension plans is approximately the same as the actual asset allocation. The actual asset allocation for the Company’s foreign pension plans as of the measurement date consists of 20 % equity securities, 59 % debt securities, and 21 % other. The target asset allocation for the Company’s foreign pension plans is approximately the same as the actual asset allocation. (2) The Company’s pension plans did not directly hold any shares of Company common stock as of the December 31, 2025 and 2024 measurement dates. Investment objectives for the Company’s plan assets are to: – Optimize the long-term return on plan assets in consideration of funded status risk. – Maintain a broad diversification of assets and appropriate risk exposure across asset classes. – Maintain careful control of the risk level within each asset class. Asset allocation targets promote optimal expected return and volatility characteristics given the long-term time horizon for fulfilling the obligations of the pension plans. Selection of the targeted asset allocation for plan assets was based upon a review of the expected return and risk characteristics of each asset class, as well as the correlation of returns among asset classes. The U.S. pension plans target asset allocation is also based on an asset and liability study that is updated periodically. Investment guidelines are established with each investment manager. These guidelines provide the parameters within which the investment managers agree to operate, including criteria that determine eligible and ineligible securities, diversification requirements, and credit quality standards, where applicable. In some countries, derivatives may be used to gain market exposure in an efficient and timely manner; however, derivatives may not be used to leverage the portfolio beyond the market value of underlying investments. The Company uses external consultants to assist in monitoring the investment strategy and asset mix for the Company’s plan assets. To develop the Company’s expected long-term rate of return assumption on plan assets, the Company generally uses long-term historical return information for the targeted asset mix identified in asset and liability studies. 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. Note 16. Shareholders’ Equity 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. 91 Table of Contents 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). Foreign Currency Translation Adjustments Deferred Gain (Loss) on Hedging Activities Pension and Other Postretirement Benefit Liabilities Unrealized Gain (Loss) on Investments Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2022 $ ( 2,622 ) $ 148 $ ( 22 ) $ ( 13 ) $ ( 2,509 ) Other comprehensive income (loss) before reclassifications 204 337 ( 46 ) 16 511 (Loss) from net investment hedges ( 153 ) — — — ( 153 ) Amounts reclassified from AOCI — ( 322 ) ( 42 ) — ( 364 ) Tax effect 32 ( 5 ) 2 ( 1 ) 28 Net of tax amount 83 10 ( 86 ) 15 22 Balance at December 31, 2023 ( 2,539 ) 158 ( 108 ) 2 ( 2,487 ) Other comprehensive income (loss) before reclassifications ( 607 ) ( 118 ) ( 27 ) ( 16 ) ( 768 ) Gain on net investment hedges 192 — — — 192 Amounts reclassified from AOCI — 77 42 — 119 Tax effect ( 45 ) 9 ( 7 ) ( 1 ) ( 44 ) Net of tax amount ( 460 ) ( 32 ) 8 ( 17 ) ( 501 ) Balance at December 31, 2024 ( 2,999 ) 126 ( 100 ) ( 15 ) ( 2,988 ) Other comprehensive income (loss) before reclassifications 803 ( 11 ) 36 ( 4 ) 824 (Loss) on net investment hedges ( 463 ) — — — ( 463 ) Amounts reclassified from AOCI — 4 ( 12 ) — ( 8 ) Tax effect 110 — ( 6 ) — 104 Net of tax amount 450 ( 7 ) 18 ( 4 ) 457 Balance at December 31, 2025 $ ( 2,549 ) $ 119 $ ( 82 ) $ ( 19 ) $ ( 2,531 ) 92 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Amounts reclassified from AOCI Year Ended December 31, Affected line item in the Consolidated Statements of Details about AOCI components 2025 2024 2023 Earnings Deferred loss (gain) on hedging activities $ 4 $ 77 $ ( 322 ) Cost of products sold ( 1 ) ( 20 ) 77 Income tax expense $ 3 $ 57 $ ( 245 ) Net earnings Note 17. Segment and Geographic Information The Company’s operations are organized, managed, and classified into three reportable business segments: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition. Each of these segments is organized based upon the nature of products and services offered. The Company’s remaining operations are not reportable segments, as defined by the applicable accounting standard , and are classified within either Corporate or Other Business. The reportable segments have been identified based on financial data utilized by the Chief Operating Decision Maker (CODM), which is the Company’s Chief Executive Officer, who is also the Company’s Chair of the Board. The CODM uses segment operating profit as the measurement of segment profit or loss. Separate financial information for the Company’s three reportable segments is evaluated by the CODM on a monthly basis to allocate resources and assess performance. The CODM does not use total assets by segment to make decisions regarding resources; therefore, the total asset disclosure by segment has not been included. 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, 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. 93 Table of Contents 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, 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., Dusial S.A., Vitafort ZRT, Novial, ADM Matsutani LLC and Matsutani Singapore Pte. Ltd. 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 Topic 606. 94 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Segment Information for the Years ended December 31, 2025, 2024 and 2023 The following tables present data by segment (in millions). Year Ended December 31, 2025 Ag Services and Oilseeds Carbohydrate Solutions Nutrition Total Revenue from external customers $ 61,571 $ 10,737 $ 7,512 $ 79,820 Other Business 449 Total revenues $ 80,269 Less: Cost of materials 56,128 6,679 4,644 Manufacturing costs 3,545 2,657 1,306 Selling, general, and administrative expenses 847 327 1,126 Other segment items (1) ( 563 ) ( 137 ) 19 Segment operating profit $ 1,614 $ 1,211 $ 417 $ 3,242 Reconciliation of segment operating profit Other Business 298 Corporate (2) ( 2,049 ) Specified items: Gains on sales of assets and businesses 39 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) 91 Earnings Before Income Taxes $ 1,255 (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. See Note 18. 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. See Note 8. Investments in and Advances to Affiliates for further information. 95 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Year Ended December 31, 2024 Ag Services and Oilseeds Carbohydrate Solutions Nutrition Total Revenue from external customers $ 66,516 $ 11,234 $ 7,349 $ 85,099 Other Business 431 Total revenues $ 85,530 Less: Cost of materials 60,378 7,170 4,651 Manufacturing costs 3,436 2,592 1,249 Selling, general, and administrative expenses 919 326 1,166 Other segment items (1) ( 664 ) ( 230 ) ( 103 ) Segment operating profit $ 2,447 $ 1,376 $ 386 $ 4,209 Reconciliation of segment operating profit Other Business 247 Corporate ( 1,721 ) Specified items: Gains on sales of assets and businesses 10 Asset impairment, restructuring, and net settlement contingencies (2) ( 490 ) Earnings Before Income Taxes $ 2,255 (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. 96 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Year Ended December 31, 2023 Ag Services and Oilseeds Carbohydrate Solutions Nutrition Total Revenue from external customers $ 73,426 $ 12,874 $ 7,211 $ 93,511 Other Business 424 Total revenues $ 93,935 Less: Cost of materials 65,751 8,729 4,608 Manufacturing costs 3,338 2,550 1,136 Selling, general, and administrative expenses 880 323 1,034 Other segment items (1) ( 610 ) ( 103 ) 6 Segment operating profit $ 4,067 $ 1,375 $ 427 $ 5,869 Reconciliation of segment operating profit Other Business 375 Corporate ( 1,606 ) Specified items: Gains on sales of assets and businesses 17 Asset impairment, restructuring, and net settlement contingencies (2) ( 361 ) Earnings Before Income Taxes $ 4,294 (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. 97 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In millions) Year Ended December 31 2025 2024 2023 Intersegment revenue Ag Services and Oilseeds $ 1,759 $ 1,716 $ 2,108 Carbohydrate Solutions 805 889 918 Nutrition 57 68 48 Total intersegment revenue $ 2,621 $ 2,673 $ 3,074 Depreciation expense Ag Services and Oilseeds $ 413 $ 376 $ 350 Carbohydrate Solutions 315 305 304 Nutrition 158 151 132 Total segment depreciation expense 886 832 786 Other Business 9 9 10 Corporate 37 34 29 Total depreciation expense $ 932 $ 875 $ 825 Amortization expense Ag Services and Oilseeds $ 12 $ 14 $ 17 Carbohydrate Solutions 5 6 8 Nutrition 156 158 136 Total segment amortization expense 173 178 161 Corporate 76 88 73 Total amortization expense $ 249 $ 266 $ 234 Interest and investment income Ag Services and Oilseeds $ 54 $ 84 $ 54 Nutrition ( 115 ) — ( 18 ) Total segment interest and investment income ( 61 ) 84 36 Other Business 395 463 499 Corporate ( 216 ) 15 ( 36 ) Total interest and investment income $ 118 $ 562 $ 499 Equity in earnings of unconsolidated affiliates Ag Services and Oilseeds $ 521 $ 474 $ 459 Carbohydrate Solutions 104 127 76 Nutrition 29 29 21 Total segment equity in earnings of unconsolidated affiliates 654 630 556 Corporate ( 6 ) ( 9 ) ( 5 ) Total equity in earnings of unconsolidated affiliates $ 648 $ 621 $ 551 98 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Geographic Information for the Company for Years ended December 31, 2025, 2024 and 2023 The following geographic data include revenues from external customers attributed to the countries based on the location of the subsidiary making the sale (in millions). Year Ended December 31 2025 2024 2023 Revenues United States $ 31,175 $ 33,550 $ 38,783 Switzerland 17,793 19,877 19,898 Cayman Islands 6,093 5,603 7,646 Brazil 3,358 3,353 3,361 Mexico 2,741 3,209 3,185 Canada 1,767 2,055 2,400 United Kingdom 2,115 2,186 2,219 Other Foreign 15,227 15,697 16,443 Total Revenues $ 80,269 $ 85,530 $ 93,935 Long-lived assets represent the net book value of property, plant, and equipment and right-of-use (ROU) assets based on physical location (in millions). December 31 2025 2024 Property, plant, and equipment, net United States $ 7,007 $ 6,965 Brazil 899 872 Other Foreign 3,273 3,000 Total property, plant, and equipment, net $ 11,179 $ 10,837 ROU assets United States $ 1,063 $ 1,063 Other Foreign 259 295 Total ROU assets $ 1,322 $ 1,358 99 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 18. Asset Impairment, Exit, and Restructuring Costs 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 2025 2024 2023 Restructuring and exit costs (1) $ 283 $ 26 $ 33 Impairment charge - goodwill and other intangible assets (2) 179 43 201 Impairment charge - other long-lived assets (3) 11 476 108 Total asset impairment, exit, and restructuring costs $ 473 $ 545 $ 342 (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. Note 19. Sale of Accounts Receivable The Company has an accounts receivable securitization program (the “First Program”) with certain commercial paper conduit purchasers and committed purchasers (collectively, the “First Purchasers”). Under the First Program, certain U.S.-originated trade accounts receivable are sold to a wholly-owned bankruptcy-remote entity, ADM Receivables, LLC (“ADM Receivables”). ADM Receivables transfers certain of the purchased accounts receivable to each of the First Purchasers together with a security interest in all of its right, title, and interest in the remaining purchased accounts receivable. In exchange, ADM Receivables receives a cash payment of up to $ 1.7 billion for the accounts receivable transferred. The First Program terminates on May 15, 2026, unless extended. The Company also has an accounts receivable securitization program (the “Second Program”) with certain commercial paper conduit purchasers and committed purchasers (collectively, the “Second Purchasers”). Under the Second Program, certain non-U.S.-originated trade accounts receivable are sold to a wholly-owned bankruptcy-remote entity, ADM Ireland Receivables Company ("ADM Ireland Receivables"). ADM Ireland Receivables transfers certain of the purchased accounts receivable to each of the Second Purchasers together with a security interest in all of its right, title, and interest in the remaining purchased accounts receivable. 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 May 19, 2026, unless extended. 100 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Under the First and Second Programs (collectively, the “Programs”), ADM Receivables and ADM Ireland Receivables use the cash proceeds from the transfer of receivables to the First Purchasers and Second Purchasers (collectively, the “Purchasers”) and other consideration, as applicable, to finance the purchase of receivables from the Company and the ADM subsidiaries originating the receivables. The Company accounts for these transfers as sales of accounts receivable. The Company acts as a servicer for the transferred receivables. 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. Total receivables sold were $ 44.3 billion , $ 46.9 billion, and $ 54.8 billion for the years ended December 31, 2025, 2024, and 2023, respectively. Cash collections from customers on receivables sold were $ 44.7 billion , $ 47.0 billion, and $ 53.6 billion for the years ended December 31, 2025, 2024, and 2023, respectively. 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 $ 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. Note 20. 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, 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. The outcomes of these matters are not within the Company’s complete control and may not be known for prolonged periods of time. In some actions, claimants seek damages, as well as other relief including injunctive relief, that could require significant expenditures or result in lost revenues. In accordance with applicable accounting standards, the Company records a liability in its Consolidated Financial Statements for material loss contingencies when a loss is known or considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. 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 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; involve unsubstantiated or indeterminate claims for damages; potentially involve penalties, fines, disgorgement, or punitive damages; or could result in a change in business practice. The Company’s estimated loss or range of loss with respect to loss contingencies may change from time to time, and it is reasonably possible the Company will incur actual losses in excess of the amounts currently accrued and such additional amounts may be material. 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. 101 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Commodities Class Actions On September 4, 2019, AOT Holding AG (“AOT”) filed a putative class action under the U.S. Commodities Exchange Act in federal district court in Urbana, Illinois, alleging that the Company sought to manipulate the benchmark price used to price and settle ethanol derivatives traded on futures exchanges. On March 16, 2021, AOT filed an amended complaint adding a second named plaintiff Maize Capital Group, LLC (“Maize”). AOT and Maize allege that members of the putative class collectively suffered damages calculated to be between approximately $ 500 million to over $ 2.0 billion as a result of the Company’s alleged actions. On July 14, 2020, Green Plains Inc. and its related entities (“GP”) filed a putative class action lawsuit, alleging substantially the same operative facts, in federal court in Nebraska, seeking to represent sellers of ethanol. 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 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. On August 16, 2021, the court granted ADM’s motion to dismiss the GP complaint, dismissing one claim with prejudice and declining jurisdiction over the remaining state law claim. MRE filed an amended complaint on August 30, 2021, which ADM moved to dismiss on September 27, 2021. The court denied ADM’s motion to dismiss on September 26, 2023. UWGP filed an amended complaint on October 19, 2021, which the court dismissed on July 12, 2022. 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. 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. 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 (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. 102 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 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. 103 Table of Contents Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of Archer-Daniels-Midland Company Opinion on the 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, 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 These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matters The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate. 104 Table of Contents Market or Fair Values of Certain Merchandisable Agricultural Commodity Inventories, Inventory-Related Payables, and Forward Commodity Purchase and Sales Contracts Description of the Matter As explained in Notes 1 and 4 to the consolidated financial statements, certain merchandisable agricultural commodity inventory and inventory-related payables are stated at market or fair value. Forward commodity purchase and sales contracts that qualify as derivative contracts are also stated at market or fair value. The merchandisable agricultural commodity inventory, inventory-related payables, and forward commodity purchase and sales contracts are considered level 2 and 3 fair value instruments. As of December 31, 2025, the market or fair values for certain merchandisable agricultural commodity inventories, inventory-related payables, forward commodity contracts in an asset position, and forward commodity contracts in a liability position were $6,222 million, $730 million, $822 million, and $613 million, respectively. Auditing the estimated market or fair values for merchandisable agricultural commodity inventories, inventory-related payables, and forward commodity purchase and sale contracts is complex due to the judgment involved in determining market or fair value, specifically related to determining the estimated basis adjustments, which represent the adjustment made to exchange quoted prices to arrive at the market or fair values for certain merchandisable agricultural commodity inventories, inventory-related payables, and forward commodity purchase and sales contracts. The basis adjustments are generally determined using inputs from competitor or broker quotations or market transactions and are impacted by specific local supply and demand characteristics at each facility and the overall market. Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact these basis adjustments. 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 determination of the estimated market or fair values for certain merchandisable agricultural commodity inventories, inventory-related payables, and forward commodity purchase and sale contracts. Our tests included controls over the estimation process supporting the basis adjustments. To test the estimated market or fair values of certain merchandisable agricultural commodity inventories, inventory-related payables, and forward commodity purchase and sale contracts, our audit procedures included, among others, evaluating (i) the Company’s selection of the principal market, (ii) the inputs for the basis adjustments, and (iii) the completeness and accuracy of the underlying data supporting the basis adjustments. For example, we evaluated management’s methodology for determining the basis adjustment including assessing the principal market identified and sources utilized by management to support the basis adjustment. Specifically, we compared the basis adjustments used by management to competitor and broker quotations, trade publications, and/or recently executed transactions. Further, we investigated, to the extent necessary, basis adjustments that were inconsistent with third party available information. Finally, we evaluated the adequacy of the Company’s financial statement disclosures related to the estimated market or fair values of certain merchandisable agricultural inventories, inventory-related payables, and forward commodity purchase and sale contracts. Animal Nutrition Goodwill Impairment Evaluation Description of the Matter At December 31, 2025, the Company’s total goodwill was $4.8 billion of which $1.0 billion was assigned to the Animal Nutrition reporting unit. Goodwill is assigned to the Company’s reporting units as of the acquisition date. 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 approximately 15% 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 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. 105 Table of Contents 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 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 We have served as the Company’s auditor since 1930. Saint Louis, Missouri February 17, 2026 106 Table of Contents Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of Archer-Daniels-Midland Company Opinion on Internal Control Over Financial Reporting 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, 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 The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 107 Table of Contents /s/ Ernst & Young LLP Saint Louis, Missouri February 17, 2026 108 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY PART II Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE None.