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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission file number 1-44
ARCHER-DANIELS-MIDLAND COMPANY
(Exact name of registrant as specified in its charter)

Delaware |  | 41-0129150
(State or other jurisdiction of incorporation or organization) |  | (I. R. S. Employer Identification No.)
77 West Wacker Drive, Suite 4600 |  |
Chicago, | Illinois |  | 60601
(Address of principal executive offices) |  | (Zip Code)

(312) 634-8100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:

Title of each class | Trading Symbol(s) | Name of each exchange on which registered
Common Stock, no par value | ADM | NYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | Emerging Growth Company | ☐
Non-accelerated Filer | ☐ | Smaller Reporting Company | ☐ |  |

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒.
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock, no par value – 480,569,735 shares
(October 27, 2025)

SAFE HARBOR STATEMENT
This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical or current fact included in this Quarterly Report on Form 10-Q, are forward-looking statements. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “outlook,” “will,” “should,” “can have,” “likely,” “goals,” “objectives,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. For example, all statements the Company makes relating to its future results of operations, growth opportunities, operational improvements, changes to the margin environment, future demand, policy changes, global trade clarity, and pending litigation and investigations are forward-looking statements. All forward-looking statements are subject to significant risks, uncertainties and changes in circumstances that could cause actual results and outcomes to differ materially from those expressed or implied in the forward-looking statements, including, without limitation, (1) operational risks related to equipment failure, natural disasters, epidemics, pandemics, severe weather conditions, accidents, explosions, fires, cybersecurity incidents or other unexpected outages; (2) risks related to the availability and prices of agricultural commodities, agricultural commodity products, other raw materials and energy, including impacts from factors outside the Company’s control such as changes in market conditions, weather conditions, crop disease, plantings, climate change, competition and changes in global demand; (3) risks related to compliance with, and changes in, government programs, policies, laws, and regulations, including trade policies, tariffs, the U.S. federal government shutdown, sustainability regulatory compliance and reporting requirements, environmental regulations, tax laws and regulations, financial market regulations and biofuels policies and rules; (4) risks related to international conflicts, acts of terrorism or war, sanctions, maritime piracy and other geopolitical events or economic disruptions; (5) the outcome of pending, threatened and future legal proceedings, investigations and other contingencies, including the previously disclosed ongoing government investigations by the United States Securities and Exchange Commission and the Department of Justice; (6) risks and uncertainties relating to acquisitions, equity investments, joint ventures, integrations, divestitures, and other transactions; and (7) other risks, assumptions and uncertainties that are described in Item 1A, "Risk Factors" included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as may be updated in subsequent Quarterly Reports on Form 10-Q. For these statements, the Company claims the protection of the safe harbor for forward-looking statements in the Private Securities Litigation Reform Act. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Except to the extent required by law, the Company does not undertake, and expressly disclaims, any duty or obligation to update publicly any forward-looking statement whether as a result of new information, future events, changes in assumptions or otherwise.

ARCHER-DANIELS-MIDLAND COMPANY
FORM 10-Q FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025
TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION |
| Item 1. | Consolidated Financial Statements (Unaudited) | 1
|  | a) | Statements of Earnings | 1
|  | b) | Statements of Comprehensive Income (Loss) | 2
|  | c) | Balance Sheets | 3
|  | d) | Statements of Cash Flows | 4
|  | e) | Statements of Shareholders’ Equity | 5
|  | f) | Notes to Financial Statements | 6
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 3 9
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 5 8
| Item 4. | Controls and Procedures | 5 9
PART II. OTHER INFORMATION |
| Item 1. | Legal Proceedings | 60
| Item 1A. | Risk Factors | 60
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 6 0
| Item 5. | Other Information | 6 0
| Item 6. | Exhibits | 6 1
| Signatures | 6 2

Table of Contents
PART I - FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
ARCHER-DANIELS-MIDLAND COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In millions, except per share amounts)
Revenues | $ | 20,372 |  |  | $ | 19,937 |  |  | $ | 61,713 |  |  | $ | 64,032 |
Cost of products sold | 19,102 |  |  | 18,572 |  |  | 57,893 |  |  | 59,612 |
Gross Profit | 1,270 |  |  | 1,365 |  |  | 3,820 |  |  | 4,420 |
Selling, general, and administrative expenses | 873 |  |  | 905 |  |  | 2,716 |  |  | 2,763 |
Asset impairment, exit, and restructuring costs | 246 |  |  | 507 |  |  | 421 |  |  | 532 |
Equity in loss (earnings) of unconsolidated affiliates | 41 |  |  | (134) |  |  | (237) |  |  | (498) |
Interest and investment (income) expense | (121) |  |  | (137) |  |  | (189) |  |  | (400) |
Interest expense | 153 |  |  | 174 |  |  | 470 |  |  | 527 |
Other (income) – net | (69) |  |  | (58) |  |  | (140) |  |  | (92) |
Earnings Before Income Taxes | 147 |  |  | 108 |  |  | 779 |  |  | 1,588 |
Income tax expense | 37 |  |  | 90 |  |  | 160 |  |  | 370 |
Net Earnings Including Non-controlling Interests | 110 |  |  | 18 |  |  | 619 |  |  | 1,218 |
Net earnings (loss) attributable to non-controlling interests | 2 |  |  | — |  |  | (3) |  |  | (15) |
Net Earnings Attributable to Archer-Daniels-Midland Company | $ | 108 |  |  | $ | 18 |  |  | $ | 622 |  |  | $ | 1,233 |
Average number of shares outstanding – basic | 484 |  |  | 482 |  |  | 484 |  |  | 496 |
Average number of shares outstanding – diluted | 484 |  |  | 483 |  |  | 484 |  |  | 497 |
Basic earnings per common share | $ | 0.22 |  |  | $ | 0.04 |  |  | $ | 1.29 |  |  | $ | 2.49 |
Diluted earnings per common share | $ | 0.22 |  |  | $ | 0.04 |  |  | $ | 1.29 |  |  | $ | 2.48 |
Dividends per common share | $ | 0.51 |  |  | $ | 0.50 |  |  | $ | 1.53 |  |  | $ | 1.50 |

The accompanying notes are an integral part of these Consolidated Financial Statements.
1

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ARCHER-DANIELS-MIDLAND COMPANY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In millions)
Net Earnings Including Non-controlling Interests | $ | 110 |  |  | $ | 18 |  |  | $ | 619 |  |  | $ | 1,218 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |
Foreign currency translation adjustment | 135 |  |  | 2 |  |  | 284 |  |  | (255) |
Tax effect | (4) |  |  | 34 |  |  | 109 |  |  | 8 |
Net of tax amount | 131 |  |  | 36 |  |  | 393 |  |  | (247) |
Deferred gain (loss) on hedging activities | 67 |  |  | 3 |  |  | 3 |  |  | (115) |
Tax effect | (14) |  |  | 8 |  |  | (2) |  |  | 25 |
Net of tax amount | 53 |  |  | 11 |  |  | 1 |  |  | (90) |
Pension and other postretirement benefit liabilities adjustment | (1) |  |  | (8) |  |  | (15) |  |  | (15) |
Tax effect | (1) |  |  | 2 |  |  | 3 |  |  | 4 |
Net of tax amount | (2) |  |  | (6) |  |  | (12) |  |  | (11) |
Unrealized (loss) on investments | — |  |  | — |  |  | (4) |  |  | (7) |
Tax effect | — |  |  | — |  |  | — |  |  | (1) |
Net of tax amount | — |  |  | — |  |  | (4) |  |  | (8) |
Total other comprehensive income (loss), net of tax | 182 |  |  | 41 |  |  | 378 |  |  | (356) |
Total comprehensive income | 292 |  |  | 59 |  |  | 997 |  |  | 862 |
Less: Comprehensive income (loss) attributable to non-controlling interests | 3 |  |  | 1 |  |  | (2) |  |  | (18) |
Comprehensive income attributable to Archer-Daniels-Midland Company | $ | 289 |  |  | $ | 58 |  |  | $ | 999 |  |  | $ | 880 |

The accompanying notes are an integral part of these Consolidated Financial Statements.
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ARCHER-DANIELS-MIDLAND COMPANY
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

| September 30, 2025 |  | December 31, 2024
| (In millions)
Assets |  |  |
Current Assets |  |  |
Cash and cash equivalents | $ | 1,235 |  |  | $ | 611 |
Short-term marketable securities | — |  |  | 246 |
Segregated cash and investments | 8,426 |  |  | 7,212 |
Trade receivables - net | 3,634 |  |  | 3,708 |
Inventories | 8,700 |  |  | 11,572 |
Other current assets | 4,437 |  |  | 4,369 |
Total Current Assets | 26,432 |  |  | 27,718 |
Non-Current Assets |  |  |
Investments in affiliates | 5,205 |  |  | 5,276 |
Goodwill | 4,764 |  |  | 4,509 |
Intangible assets | 2,043 |  |  | 2,260 |
Right of use assets | 1,326 |  |  | 1,358 |
Other non-current assets | 1,056 |  |  | 1,313 |
Property, plant, and equipment, net | 11,092 |  |  | 10,837 |
Total Non-Current Assets | 25,486 |  |  | 25,553 |
Total Assets | $ | 51,918 |  |  | $ | 53,271 |
Liabilities, Temporary Equity, and Shareholders’ Equity |  |  |
Current Liabilities |  |  |
Short-term debt | $ | 246 |  |  | $ | 1,903 |
Current maturities of long-term debt | 1,001 |  |  | 674 |
Trade payables | 4,988 |  |  | 5,535 |
Payables to brokerage customers | 9,651 |  |  | 7,772 |
Accrued expenses and other payables | 3,070 |  |  | 3,730 |
Current lease liabilities | 312 |  |  | 324 |
Total Current Liabilities | 19,268 |  |  | 19,938 |
Long-Term Liabilities |  |  |
Long-term debt | 6,609 |  |  | 7,580 |
Deferred income taxes | 1,136 |  |  | 1,268 |
Non-current lease liabilities | 1,039 |  |  | 1,057 |
Other | 1,114 |  |  | 997 |
Total Long-Term Liabilities | 9,898 |  |  | 10,902 |
Temporary Equity - Redeemable non-controlling interest | 250 |  |  | 253 |
Shareholders’ Equity |  |  |
Common stock | 3,291 |  |  | 3,223 |
Reinvested earnings | 21,813 |  |  | 21,933 |
Accumulated other comprehensive (loss) | (2,610) |  |  | (2,988) |
Non-controlling interests | 8 |  |  | 10 |
Total Shareholders’ Equity | 22,502 |  |  | 22,178 |
Total Liabilities, Temporary Equity, and Shareholders’ Equity | $ | 51,918 |  |  | $ | 53,271 |

The accompanying notes are an integral part of these Consolidated Financial Statements.
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ARCHER-DANIELS-MIDLAND COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

| Nine Months Ended September 30,
| 2025 |  | 2024
| (In millions)
Cash flows from operating activities |  |  |
Net earnings including non-controlling interests | $ | 619 |  |  | $ | 1,218 |
Adjustments to reconcile net earnings to net cash provided by operating activities |  |  |
Depreciation and amortization | 874 |  |  | 854 |
Asset impairment charges | 337 |  |  | 517 |
Deferred income taxes | (54) |  |  | (107) |
Equity in earnings of unconsolidated affiliates, net of dividends | 125 |  |  | (151) |
Stock compensation expense | 93 |  |  | 74 |
Loss on asset sales / investment revaluation, net | 103 |  |  | 9 |
Other – net | (10) |  |  | (73) |
Changes in operating assets and liabilities |  |  |
Segregated investments | 113 |  |  | (257) |
Trade receivables | 231 |  |  | 476 |
Inventories | 3,165 |  |  | 1,233 |
Other current assets | (190) |  |  | 745 |
Trade payables | (637) |  |  | (1,418) |
Payables to brokerage customers | 1,798 |  |  | (249) |
Accrued expenses and other payables | (802) |  |  | (403) |
Net cash provided by operating activities | 5,765 |  |  | 2,468 |
Cash flows from investing activities |  |  |
Capital expenditures | (892) |  |  | (1,071) |
Net assets of businesses acquired | (108) |  |  | (936) |
Proceeds from sales of assets | 78 |  |  | 31 |
Purchases of marketable securities | (11) |  |  | — |
Proceeds from sales of marketable securities | 276 |  |  | — |
Other – net | 13 |  |  | (26) |
Net cash used in investing activities | (644) |  |  | (2,002) |
Cash flows from financing activities |  |  |
Long-term debt payments | (763) |  |  | (1) |
Net (repayments) borrowings under lines of credit agreements | (1,666) |  |  | 1,627 |
Share repurchases, net of tax | — |  |  | (2,327) |
Cash dividends | (743) |  |  | (744) |
Acquisition of non-controlling interest | (4) |  |  | — |
Other – net | (21) |  |  | (20) |
Net cash used in financing activities | (3,197) |  |  | (1,465) |
Effect of exchange rate on cash, cash equivalents, restricted cash, and restricted cash equivalents | 27 |  |  | 6 |
Increase (Decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents | 1,951 |  |  | (993) |
Cash, cash equivalents, restricted cash, and restricted cash equivalents - beginning of period | 3,924 |  |  | 5,390 |
Cash, cash equivalents, restricted cash, and restricted cash equivalents - end of period | $ | 5,875 |  |  | $ | 4,397 |

The accompanying notes are an integral part of these Consolidated Financial Statements.
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ARCHER-DANIELS-MIDLAND COMPANY
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(UNAUDITED)

| Equity Attributable to Archer-Daniels-Midland Company |  |  |  |
| Common Stock |  | Reinvested Earnings |  | Accumulated Other Comprehensive Income (Loss) |  | Non-controlling Interests |  | Total Shareholders’ Equity
(In millions, except per share amounts) | Shares |  | Amount |  |  |  |
Balance, June 30, 2025 | 480 |  |  | $ | 3,270 |  |  | $ | 21,952 |  |  | $ | (2,792) |  |  | $ | 8 |  |  | $ | 22,438 |
Comprehensive income |  |  |  |  |  |  |  |  |  |  |
Net earnings |  |  |  |  | 108 |  |  |  |  | 1 |  |  | 109 |
Other comprehensive income |  |  |  |  |  |  | 182 |  |  | — |  |  | 182 |
Cash dividends paid - $0.51 per share |  |  |  |  | (248) |  |  |  |  |  |  | (248) |
Share repurchases | — |  |  |  |  | 1 |  |  |  |  |  |  | 1 |
Stock compensation expense | — |  |  | 21 |  |  |  |  |  |  |  |  | 21 |
Stock option exercises, net of taxes | — |  |  | (3) |  |  |  |  |  |  | — |  |  | (3) |
Other | — |  |  | 3 |  |  | — |  |  | — |  |  | (1) |  |  | 2 |
Balance, September 30, 2025 | 480 |  |  | $ | 3,291 |  |  | $ | 21,813 |  |  | $ | (2,610) |  |  | $ | 8 |  |  | $ | 22,502 |
Balance, December 31, 2024 | 478 |  |  | $ | 3,223 |  |  | $ | 21,933 |  |  | $ | (2,988) |  |  | $ | 10 |  |  | $ | 22,178 |
Comprehensive income |  |  |  |  |  |  |  |  |  |  |
Net earnings (loss) |  |  |  |  | 622 |  |  |  |  | (1) |  |  | 621 |
Other comprehensive income |  |  |  |  |  |  | 378 |  |  | — |  |  | 378 |
Cash dividends paid - $1.53 per share |  |  |  |  | (743) |  |  |  |  |  |  | (743) |
Share repurchases | — |  |  |  |  | 1 |  |  |  |  |  |  | 1 |
Stock compensation expense | 2 |  |  | 93 |  |  |  |  |  |  |  |  | 93 |
Stock option exercises, net of taxes | — |  |  | (31) |  |  |  |  |  |  | — |  |  | (31) |
Other | — |  |  | 6 |  |  | — |  |  | — |  |  | (1) |  |  | 5 |
Balance, September 30, 2025 | 480 |  |  | $ | 3,291 |  |  | $ | 21,813 |  |  | $ | (2,610) |  |  | $ | 8 |  |  | $ | 22,502 |
Balance, June 30, 2024 | 478 |  |  | $ | 3,200 |  |  | $ | 21,828 |  |  | $ | (2,880) |  |  | $ | 11 |  |  | $ | 22,159 |
Comprehensive income |  |  |  |  |  |  |  |  |  |  |
Net earnings |  |  |  |  | 18 |  |  |  |  | — |  |  | 18 |
Other comprehensive income |  |  |  |  |  |  | 40 |  |  | 1 |  |  | 41 |
Cash dividends paid - $0.50 per share |  |  |  |  | (240) |  |  |  |  |  |  | (240) |
Stock compensation expense | — |  |  | (10) |  |  |  |  |  |  |  |  | (10) |
Stock option exercises, net of taxes | — |  |  | 18 |  |  |  |  |  |  | — |  |  | 18 |
Other | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | (2) |
Balance, September 30, 2024 | 478 |  |  | $ | 3,208 |  |  | $ | 21,606 |  |  | $ | (2,840) |  |  | $ | 10 |  |  | $ | 21,984 |
Balance, December 31, 2023 | 513 |  |  | $ | 3,154 |  |  | $ | 23,465 |  |  | $ | (2,487) |  |  | $ | 13 |  |  | $ | 24,145 |
Comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |
Net earnings |  |  |  |  | 1,233 |  |  |  |  | (15) |  |  | 1,218 |
Other comprehensive loss |  |  |  |  |  |  | (353) |  |  | (3) |  |  | (356) |
Cash dividends paid - $1.50 per share |  |  |  |  | (744) |  |  |  |  |  |  | (744) |
Share repurchases | (37) |  |  |  |  | (2,348) |  |  |  |  |  |  | (2,348) |
Stock compensation expense | 2 |  |  | 74 |  |  |  |  |  |  |  |  | 74 |
Stock option exercises, net of taxes | — |  |  | (23) |  |  |  |  |  |  |  |  | (23) |
Other | — |  |  | 3 |  |  | — |  |  | — |  |  | 15 |  |  | 18 |
Balance, September 30, 2024 | 478 |  |  | $ | 3,208 |  |  | $ | 21,606 |  |  | $ | (2,840) |  |  | $ | 10 |  |  | $ | 21,984 |

The accompanying notes are an integral part of these Consolidated Financial Statements.
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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 1. Basis of Presentation
The Consolidated Financial Statements of Archer-Daniels-Midland Company and its subsidiaries (“ADM” or the “Company”) included herein have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these statements do not include all of the information and footnotes required by GAAP for audited financial statements.
In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results reported in these Consolidated Financial Statements are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. For further information, refer to the Consolidated Financial Statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2024.
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.
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 merchant and commodity brokerage services, cash margins and securities pledged to commodity exchange clearinghouses, 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.
Segregated cash and investments also include restricted cash collateral for the various insurance programs of the Company’s captive insurance business. To the degree these segregated balances are comprised of cash and cash equivalents, they are considered restricted cash and cash equivalents on the Consolidated Statements of Cash Flows.
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 September 30, 2025 and 2024 (in millions).

| September 30,
| 2025 |  | 2024
Cash and cash equivalents | $ | 1,235 |  |  | $ | 784 |
Restricted cash and restricted cash equivalents (included in segregated cash and investments) | 4,640 |  |  | 3,613 |
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | $ | 5,875 |  |  | $ | 4,397 |

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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Receivables
The Company records accounts receivable at net realizable value, including an allowance for estimated uncollectible accounts to reflect any loss anticipated on the accounts receivable balances and 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 co-efficient to arrive at a general reserve based on historical write-offs adjusted, as needed, for regional, economic, and other forward-looking factors. Long-term receivables recorded in Other assets were not material to the Company’s overall receivables portfolio.
Changes to the allowance for estimated uncollectible accounts were as follows (in millions).

| Three Months Ended September 30,
| 2025 |  | 2024
Opening balance, July 1 | $ | 153 |  |  | $ | 194 |
Provisions (reversals), net | 3 |  |  | (21) |
Write-offs against allowance | (6) |  |  | (4) |
Recoveries and other | — |  |  | 2 |
Closing balance, September 30 | $ | 150 |  |  | $ | 171 |
| Nine Months Ended September 30,
| 2025 |  | 2024
Opening balance, January 1 | $ | 167 |  |  | $ | 215 |
Provisions (reversals), net | 11 |  |  | (28) |
Write-offs against allowance | (33) |  |  | (20) |
Recoveries and other | 5 |  |  | 4 |
Closing balance, September 30 | $ | 150 |  |  | $ | 171 |

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.
The following table sets forth the Company’s inventories as of September 30, 2025 and December 31, 2024 (in millions).

| September 30, 2025 |  | December 31, 2024
Raw materials and supplies (1) | $ | 1,614 |  |  | $ | 1,922 |
Finished goods | 2,281 |  |  | 2,689 |
Market inventories | 4,805 |  |  | 6,961 |
Total inventories | $ | 8,700 |  |  | $ | 11,572 |

(1) Includes work in process inventories which were not material as of September 30, 2025 and December 31, 2024.
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.
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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Cost method investments of $326 million and $439 million as of September 30, 2025 and December 31, 2024, respectively, were included in Other non-current assets in the Company’s Consolidated Balance Sheets.
Revaluation gains and losses, including impairment losses, are recorded in Interest and investment (income) expense in the Company’s Consolidated Statements of Earnings. During the nine months ended September 30, 2025, the Company recognized impairment losses of $187 million. Impairment losses are recognized when the Company identifies events or changes in circumstances that suggest the carrying amount of an investment might exceed its fair value. As of September 30, 2025, the lifetime cumulative amounts of upward and downward adjustments on cost method investments were $114 million and $263 million, respectively.
Investments in Affiliates
The Company applies the equity method of accounting for investments in investees over which the Company has the ability to exercise significant influence.
The Company had a 22.5% share ownership in Wilmar International Limited (“Wilmar”) as of September 30, 2025 and December 31, 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. During the three months ended September 30, 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 Statement 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 $3.7 billion as of September 30, 2025, and a market value of $3.1 billion based on the quoted Singapore Exchange market price, converted to U.S. dollars at the applicable exchange rate, at September 30, 2025. In accordance with its accounting policy, as of September 30, 2025, the Company evaluated several factors in its determination of whether an other-than-temporary impairment of its investment in Wilmar had occurred as of that date. This included consideration of the short duration of the carrying value being above Wilmar's stock price, the recent performance of Wilmar’s stock price as quoted on the Singapore Exchange, latest consensus analyst forecasts, Wilmar’s long history of earnings and dividends and the Company’s continued representation on Wilmar’s Board. 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 September 30, 2025. The Company will continue to reassess its investment in Wilmar, which may result in the recognition of an other-than-temporary impairment in the future
As of September 30, 2025, the Company also held equity method investments in Pacificor (32.2%), SoyVen (50.0%), Hungrana Ltd (50.0%), Olenex (37.5%), 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%), Red Star Yeast Company, LLC (40.0%), Terminal de Grãos Ponta da Montanha S.A. (50.0%), Gradable, LLC (50.0%), Plainsman Company, LLC (40.0%), LSCP, LLLP (22.1%), Dusial S.A. (42.8%), ADM Matsutani LLC (50%), Vitafort ZRT (34.3%), and Matsutani Singapore Pte. Ltd. (50%).
8

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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Property, Plant, and Equipment
The Company’s property, plant, and equipment consisted of the following as of September 30, 2025 and December 31, 2024 (in millions).

| September 30, 2025 |  | December 31, 2024
Land | $ | 606 |  |  | $ | 566 |
Buildings | 6,385 |  |  | 6,143 |
Machinery and equipment | 21,590 |  |  | 20,636 |
Construction in progress | 1,347 |  |  | 1,553 |
| 29,928 |  |  | 28,898 |
Accumulated depreciation | (18,836) |  |  | (18,061) |
Property, Plant, and Equipment, Net | $ | 11,092 |  |  | $ | 10,837 |

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 three and nine months ended September 30, 2025 and 2024 were as follows (in millions):

| Three Months Ended September 30,
| 2025 |  | 2024
Opening balance, July 1 | $ | 249 |  |  | $ | 302 |
Net earnings attributable to redeemable non-controlling interests | 1 |  |  | — |
Currency translation adjustments and other | — |  |  | (18) |
Closing balance, September 30 | $ | 250 |  |  | $ | 284 |
| Nine Months Ended September 30,
| 2025 |  | 2024
Opening balance, January 1 | $ | 253 |  |  | $ | 320 |
Net (loss) attributable to redeemable non-controlling interests | (2) |  |  | (15) |
Currency translation adjustments and other | (1) |  |  | (21) |
Closing balance, September 30 | $ | 250 |  |  | $ | 284 |

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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 2. New Accounting Pronouncements
Effective December 31, 2025, the Company will be required to adopt Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which 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 amendments in this ASU are required to be applied on a prospective basis, and retrospective adoption is permitted. The adoption of the amended guidance will result in expanded disclosures in the Company’s income taxes footnote but is not expected to have a significant impact on the Company's Consolidated Financial Statements.
Effective January 1, 2026, the Company will be required to adopt ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which simplifies the application of the current expected credit loss model for current accounts receivable and current contract assets under Accounting Standards Codification (ASC) 606, Contracts with Customers. The 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 2025-07, 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. It also clarifies that the revenue guidance in ASC 606, Contracts with Customers, initially 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.
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.
10

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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 3. Revenues
The following tables present revenue disaggregated by timing of recognition and major product lines for the three and nine months ended September 30, 2025 and 2024 (in millions).

| Three Months Ended September 30, 2025
| Topic 606 Revenue | Topic 815 | Total
| Point in Time | Over Time | Total | Revenue (1) | Revenues
Ag Services and Oilseeds |  |  |  |  |
Ag Services | $ | 1,034 |  | $ | 187 |  | $ | 1,221 |  | $ | 9,055 |  | $ | 10,276 |
Crushing | 130 |  | — |  | 130 |  | 2,450 |  | 2,580 |
Refined Products and Other | 875 |  | — |  | 875 |  | 1,882 |  | 2,757 |
Total Ag Services and Oilseeds | 2,039 |  | 187 |  | 2,226 |  | 13,387 |  | 15,613 |
Carbohydrate Solutions |  |  |  |  |
Starches and Sweeteners | 1,436 |  | — |  | 1,436 |  | 569 |  | 2,005 |
Vantage Corn Processors | 729 |  | — |  | 729 |  | — |  | 729 |
Total Carbohydrate Solutions | 2,165 |  | — |  | 2,165 |  | 569 |  | 2,734 |
Nutrition |  |  |  |  |
Human Nutrition | 1,067 |  | — |  | 1,067 |  | — |  | 1,067 |
Animal Nutrition | 849 |  | — |  | 849 |  | — |  | 849 |
Total Nutrition | 1,916 |  | — |  | 1,916 |  | — |  | 1,916 |
Total Segment Revenues | 6,120 |  | 187 |  | 6,307 |  | 13,956 |  | 20,263 |
Other Business | 109 |  | — |  | 109 |  | — |  | 109 |
Total Revenues | $ | 6,229 |  | $ | 187 |  | $ | 6,416 |  | $ | 13,956 |  | $ | 20,372 |

11

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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

| Three Months Ended September 30, 2024
| Topic 606 Revenue | Topic 815 | Total
| Point in Time | Over Time | Total | Revenue (1) | Revenues
Ag Services and Oilseeds |  |  |  |  |
Ag Services | $ | 824 |  | $ | 249 |  | $ | 1,073 |  | $ | 8,580 |  | $ | 9,653 |
Crushing | 97 |  | — |  | 97 |  | 2,772 |  | 2,869 |
Refined Products and Other | 529 |  | — |  | 529 |  | 2,038 |  | 2,567 |
Total Ag Services and Oilseeds | 1,450 |  | 249 |  | 1,699 |  | 13,390 |  | 15,089 |
Carbohydrate Solutions |  |  |  |  |
Starches and Sweeteners | 1,633 |  | — |  | 1,633 |  | 559 |  | 2,192 |
Vantage Corn Processors | 716 |  | — |  | 716 |  | — |  | 716 |
Total Carbohydrate Solutions | 2,349 |  | — |  | 2,349 |  | 559 |  | 2,908 |
Nutrition |  |  |  |  |
Human Nutrition | 1,004 |  | — |  | 1,004 |  | — |  | 1,004 |
Animal Nutrition | 827 |  | — |  | 827 |  | — |  | 827 |
Total Nutrition | 1,831 |  | — |  | 1,831 |  | — |  | 1,831 |
Total Segment Revenues | 5,630 |  | 249 |  | 5,879 |  | 13,949 |  | 19,828 |
Other Business | 109 |  | — |  | 109 |  | — |  | 109 |
Total Revenues | $ | 5,739 |  | $ | 249 |  | $ | 5,988 |  | $ | 13,949 |  | $ | 19,937 |

| Nine Months Ended September 30, 2025
| Topic 606 Revenue | Topic 815 | Total
| Point in Time | Over Time | Total | Revenue (1) | Revenues
Ag Services and Oilseeds |  |  |  |  |
Ag Services | $ | 2,895 |  | $ | 598 |  | $ | 3,493 |  | $ | 28,215 |  | $ | 31,708 |
Crushing | 316 |  | — |  | 316 |  | 7,531 |  | 7,847 |
Refined Products and Other | 2,622 |  | — |  | 2,622 |  | 5,380 |  | 8,002 |
Total Ag Services and Oilseeds | 5,833 |  | 598 |  | 6,431 |  | 41,126 |  | 47,557 |
Carbohydrate Solutions |  |  |  |  |
Starches and Sweeteners | 4,359 |  | — |  | 4,359 |  | 1,683 |  | 6,042 |
Vantage Corn Processors | 2,054 |  | — |  | 2,054 |  | — |  | 2,054 |
Total Carbohydrate Solutions | 6,413 |  | — |  | 6,413 |  | 1,683 |  | 8,096 |
Nutrition |  |  |  |  |
Human Nutrition | 3,226 |  | — |  | 3,226 |  | — |  | 3,226 |
Animal Nutrition | 2,500 |  | — |  | 2,500 |  | — |  | 2,500 |
Total Nutrition | 5,726 |  | — |  | 5,726 |  | — |  | 5,726 |
Total Segment Revenues | 17,972 |  | 598 |  | 18,570 |  | 42,809 |  | 61,379 |
Other Business | 334 |  | — |  | 334 |  | — |  | 334 |
Total Revenues | $ | 18,306 |  | $ | 598 |  | $ | 18,904 |  | $ | 42,809 |  | $ | 61,713 |

12

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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

| Nine Months Ended September 30, 2024
| Topic 606 Revenue | Topic 815 | Total
| Point in Time | Over Time | Total | Revenue (1) | Revenues
Ag Services and Oilseeds |  |  |  |  |
Ag Services | $ | 2,772 |  | $ | 694 |  | $ | 3,466 |  | $ | 29,131 |  | $ | 32,597 |
Crushing | 317 |  | — |  | 317 |  | 8,729 |  | 9,046 |
Refined Products and Other | 1,599 |  | — |  | 1,599 |  | 6,400 |  | 7,999 |
Total Ag Services and Oilseeds | 4,688 |  | 694 |  | 5,382 |  | 44,260 |  | 49,642 |
Carbohydrate Solutions |  |  |  |  |
Starches and Sweeteners | 4,881 |  | — |  | 4,881 |  | 1,678 |  | 6,559 |
Vantage Corn Processors | 1,925 |  | — |  | 1,925 |  | — |  | 1,925 |
Total Carbohydrate Solutions | 6,806 |  | — |  | 6,806 |  | 1,678 |  | 8,484 |
Nutrition |  |  |  |  |
Human Nutrition | 3,029 |  | — |  | 3,029 |  | — |  | 3,029 |
Animal Nutrition | 2,546 |  | — |  | 2,546 |  | — |  | 2,546 |
Total Nutrition | 5,575 |  | — |  | 5,575 |  | — |  | 5,575 |
Total Segment Revenues | 17,069 |  | 694 |  | 17,763 |  | 45,938 |  | 63,701 |
Other Business | 331 |  | — |  | 331 |  | — |  | 331 |
Total Revenues | $ | 17,400 |  | $ | 694 |  | $ | 18,094 |  | $ | 45,938 |  | $ | 64,032 |

(1) Topic 815 revenue relates to the physical delivery or the settlement of the Company’s sales contracts that are accounted for as derivatives and are outside the scope of Topic 606.
Ag Services and Oilseeds
The Ag Services and Oilseeds segment generates revenue from the sale of commodities, from service fees for the transportation of goods, from the sale of products manufactured in its global processing facilities, and from its structured trade finance activities.
The Company engages in various structured trade finance activities to leverage its global trade flows whereby the Company obtains letters of credit (LCs) to guarantee payments on both global purchases and sales of grain. LCs guaranteeing payment on grain sales are sold on a non-recourse basis with no continuing involvement. The Company earns returns from the difference in interest rates between the LCs that guarantee payment on the underlying purchases and sales of grain given the differing risk profiles of the underlying transactions.
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. Products are shipped to customers from the Company’s various facilities and from its network of storage terminals. The amount of revenue recognized is based on the consideration specified in the contract which could include freight and other costs depending on the specific shipping terms of each contract.
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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
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. The amount of revenue recognized follows the contracted price or the mutually agreed price of the product.
Other Business
Other Business includes the Company’s futures commission business whose primary sources of revenue are commissions and brokerage income generated from executing orders and clearing futures contracts and options on futures contracts on behalf of its customers. 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 4. Acquisitions
On January 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 cash acquired, was allocated as follows, subject to final measurement period adjustments (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 expected useful lives of 10 years to 18 years.
During the three months ended September 30, 2025, the Company recorded certain measurement period adjustments to its initial allocation of the purchase price related to the Vandamme acquisition. There was no impact on the Consolidated Statements of Earnings from measurement period adjustments.
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 three and nine months ended September 30, 2025 includes the post-acquisition results of the acquired business which were immaterial.
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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 5. 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.
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 September 30, 2025 and December 31, 2024 (in millions).

| Fair Value Measurements at September 30, 2025
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Inventories carried at market | $ | — |  |  | $ | 2,389 |  |  | $ | 2,416 |  |  | $ | 4,805 |
Unrealized derivative gains: |  |  |  |  |  |  |
Commodity contracts | — |  |  | 420 |  |  | 539 |  |  | 959 |
Foreign currency contracts | — |  |  | 133 |  |  | — |  |  | 133 |
Interest rate contracts | — |  |  | 20 |  |  | — |  |  | 20 |
Cash equivalents | 557 |  |  | — |  |  | — |  |  | 557 |
Segregated investments and restricted cash equivalents | 1,623 |  |  | — |  |  | — |  |  | 1,623 |
Total Assets | $ | 2,180 |  |  | $ | 2,962 |  |  | $ | 2,955 |  |  | $ | 8,097 |
Liabilities: |  |  |  |  |  |  |
Unrealized derivative losses: |  |  |  |  |  |  |
Commodity contracts | $ | — |  |  | $ | 306 |  |  | $ | 258 |  |  | $ | 564 |
Foreign currency contracts | — |  |  | 238 |  |  | — |  |  | 238 |
Inventory-related payables | — |  |  | 939 |  |  | 22 |  |  | 961 |
Total Liabilities | $ | — |  |  | $ | 1,483 |  |  | $ | 280 |  |  | $ | 1,763 |

15

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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

| 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 for 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 with 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, physical 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 physical commodity purchase and sale contracts is estimated based on exchange-quoted prices adjusted for differences in local markets. Market valuations for the Company’s physical 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.
16

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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
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
The Company’s segregated investments 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.
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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Level 3 Assets and Liabilities
The following table presents a roll forward of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended September 30, 2025 (in millions).

| Assets |  | Liabilities
| September 30, 2025 |  | September 30, 2025
| Inventories Carried at Market |  | Commodity Derivative Contracts Gains |  | Total Assets |  | Inventory-related Payables |  | Commodity Derivative Contracts Losses |  | Total Liabilities
Opening balance, July 1, 2025 | $ | 2,707 |  |  | $ | 596 |  |  | $ | 3,303 |  |  | $ | 41 |  |  | $ | 385 |  |  | $ | 426 |
Increase (decrease) in unrealized gains included in Cost of products sold | (340) |  |  | 275 |  |  | (65) |  |  | — |  |  | — |  |  | — |
Increase (decrease) in unrealized losses included in Cost of products sold | — |  |  | — |  |  | — |  |  | 7 |  |  | 162 |  |  | 169 |
Realized increases (decreases) included in Cost of products sold | (42) |  |  | — |  |  | (42) |  |  | (5) |  |  | — |  |  | (5) |
Purchases | 4,956 |  |  | — |  |  | 4,956 |  |  | 7 |  |  | — |  |  | 7 |
Sales | (4,499) |  |  | — |  |  | (4,499) |  |  | (28) |  |  | — |  |  | (28) |
Settlements | — |  |  | (359) |  |  | (359) |  |  | — |  |  | (293) |  |  | (293) |
Transfers into Level 3 | 415 |  |  | 42 |  |  | 457 |  |  | — |  |  | 8 |  |  | 8 |
Transfers out of Level 3 | (781) |  |  | (15) |  |  | (796) |  |  | — |  |  | (4) |  |  | (4) |
Closing balance, September 30, 2025 | $ | 2,416 |  |  | $ | 539 |  |  | $ | 2,955 |  |  | $ | 22 |  |  | $ | 258 |  |  | $ | 280 |

The following table presents a roll forward of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended September 30, 2024 (in millions).

| Assets |  | Liabilities
| September 30, 2024 |  | September 30, 2024
| Inventories Carried at Market |  | Commodity Derivative Contracts Gains |  | Total Assets |  | Inventory-related Payables |  | Commodity Derivative Contracts Losses |  | Total Liabilities
Opening balance, July 1, 2024 | $ | 2,546 |  |  | $ | 395 |  |  | $ | 2,941 |  |  | $ | 34 |  |  | $ | 367 |  |  | $ | 401 |
Increase (decrease) in unrealized gains included in Cost of products sold | 221 |  |  | 215 |  |  | 436 |  |  | — |  |  | — |  |  | — |
Increase (decrease) in unrealized losses included in Cost of products sold | — |  |  | — |  |  | — |  |  | 3 |  |  | 343 |  |  | 346 |
Realized increases (decreases) included in Cost of products sold | (313) |  |  | — |  |  | (313) |  |  | (6) |  |  | — |  |  | (6) |
Purchases | 4,174 |  |  | — |  |  | 4,174 |  |  | 8 |  |  | — |  |  | 8 |
Sales | (3,736) |  |  | — |  |  | (3,736) |  |  | (12) |  |  | — |  |  | (12) |
Settlements | — |  |  | (288) |  |  | (288) |  |  | — |  |  | (251) |  |  | (251) |
Transfers into Level 3 | 265 |  |  | 158 |  |  | 423 |  |  | — |  |  | 22 |  |  | 22 |
Transfers out of Level 3 | (529) |  |  | (4) |  |  | (533) |  |  | — |  |  | (7) |  |  | (7) |
Closing balance, September 30, 2024 | $ | 2,628 |  |  | $ | 476 |  |  | $ | 3,104 |  |  | $ | 27 |  |  | $ | 474 |  |  | $ | 501 |

18

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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The following table presents a roll forward of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2025 (in millions).

| Assets |  | Liabilities
| September 30, 2025 |  | September 30, 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 | (1,273) |  |  | 841 |  |  | (432) |  |  | — |  |  | — |  |  | — |
Increase (decrease) in unrealized losses included in Cost of products sold | — |  |  | — |  |  | — |  |  | 11 |  |  | 617 |  |  | 628 |
Realized increases (decreases) included in Cost of products sold | (32) |  |  | — |  |  | (32) |  |  | (8) |  |  | — |  |  | (8) |
Purchases | 13,661 |  |  | — |  |  | 13,661 |  |  | 14 |  |  | — |  |  | 14 |
Sales | (12,945) |  |  | — |  |  | (12,945) |  |  | (83) |  |  | — |  |  | (83) |
Settlements | — |  |  | (808) |  |  | (808) |  |  | — |  |  | (806) |  |  | (806) |
Transfers into Level 3 | 1,534 |  |  | 191 |  |  | 1,725 |  |  | — |  |  | 62 |  |  | 62 |
Transfers out of Level 3 | (1,560) |  |  | (112) |  |  | (1,672) |  |  | — |  |  | (20) |  |  | (20) |
Closing balance, September 30, 2025 | $ | 2,416 |  |  | $ | 539 |  |  | $ | 2,955 |  |  | $ | 22 |  |  | $ | 258 |  |  | $ | 280 |

The following table presents a roll forward of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2024 (in millions).

| Assets |  | Liabilities
| September 30, 2024 |  | September 30, 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 | 512 |  |  | 788 |  |  | 1,300 |  |  | — |  |  | — |  |  | — |
Increase (decrease) in unrealized losses included in Cost of products sold | — |  |  | — |  |  | — |  |  | 17 |  |  | 875 |  |  | 892 |
Realized increases (decreases) included in Cost of products sold | (515) |  |  | — |  |  | (515) |  |  | (26) |  |  | — |  |  | (26) |
Purchases | 11,600 |  |  | — |  |  | 11,600 |  |  | 10 |  |  | — |  |  | 10 |
Sales | (11,813) |  |  | — |  |  | (11,813) |  |  | (75) |  |  | — |  |  | (75) |
Settlements | — |  |  | (1,077) |  |  | (1,077) |  |  | — |  |  | (823) |  |  | (823) |
Transfers into Level 3 | 1,339 |  |  | 214 |  |  | 1,553 |  |  | — |  |  | 50 |  |  | 50 |
Transfers out of Level 3 | (1,208) |  |  | (180) |  |  | (1,388) |  |  | — |  |  | (85) |  |  | (85) |
Closing balance, September 30, 2024 | $ | 2,628 |  |  | $ | 476 |  |  | $ | 3,104 |  |  | $ | 27 |  |  | $ | 474 |  |  | $ | 501 |

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.
19

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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
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 adjustments required due to location, quality, or other contract terms. In the table below, these other adjustments are referred to as basis. The changes in unobservable price components are determined 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 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 September 30, 2025 and December 31, 2024. The Company’s Level 3 measurements may include basis only, transportation cost only, or both price components.

| Weighted Average % of Total Price
| September 30, 2025 |  | December 31, 2024
Component Type | Assets |  | Liabilities |  | Assets |  | Liabilities
Inventories and Inventory-Related Payables |  |  |  |  |  |  |
Basis | 20.7 | % |  | 17.0 | % |  | 24.9 | % |  | 31.3 | %
Transportation cost | 10.5 | % |  | — | % |  | 10.8 | % |  | — | %
Commodity Derivative Contracts |  |  |  |  |  |  |
Basis | 30.6 | % |  | 37.4 | % |  | 21.8 | % |  | 23.4 | %
Transportation cost | 22.8 | % |  | 21.1 | % |  | 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 6. Derivative Instruments and 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.
20

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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
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 September 30, 2025 and December 31, 2024 (in millions).

| September 30, 2025 |  | December 31, 2024
| Assets |  | Liabilities |  | Assets |  | Liabilities
Foreign Currency Contracts | $ | 133 |  |  | $ | 56 |  |  | $ | 272 |  |  | $ | 102 |
Commodity Contracts | 959 |  |  | 564 |  |  | 828 |  |  | 760 |
Total | $ | 1,092 |  |  | $ | 620 |  |  | $ | 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 three and nine months ended September 30, 2025 and 2024 (in millions).

|  |  | Cost of |  | Other |  |  |  |
|  |  | products |  | (income) - |  |  |  |
| Revenues |  | sold |  | net |  |  |  | Total
Three Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |
Foreign Currency Contracts | $ | (19) |  |  | $ | 73 |  |  | $ | 4 |  |  |  |  |
Commodity Contracts | — |  |  | 115 |  |  | — |  |  |  |  |
Total gain (loss) recognized in earnings | $ | (19) |  |  | $ | 188 |  |  | $ | 4 |  |  |  |  | $ | 173 |
Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |
Foreign Currency Contracts | $ | (7) |  |  | $ | 20 |  |  | $ | (63) |  |  |  |  |
Commodity Contracts | — |  |  | (17) |  |  | — |  |  |  |  |
Total gain (loss) recognized in earnings | $ | (7) |  |  | $ | 3 |  |  | $ | (63) |  |  |  |  | $ | (67) |

21

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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

|  |  | Cost of |  | Other |  |  |  |
|  |  | products |  | (income) - |  |  |  |
| Revenues |  | sold |  | net |  |  |  | Total
Nine Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |
Foreign Currency Contracts | $ | (65) |  |  | $ | 304 |  |  | $ | (154) |  |  |  |  |
Commodity Contracts | — |  |  | 513 |  |  | — |  |  |  |  |
Total gain (loss) recognized in earnings | $ | (65) |  |  | $ | 817 |  |  | $ | (154) |  |  |  |  | $ | 598 |
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |
Pre-tax gains (losses) on: |  |  |  |  |  |  |  |  |
Foreign Currency Contracts | $ | 11 |  |  | $ | (197) |  |  | $ | (2) |  |  |  |  |
Commodity Contracts | — |  |  | 158 |  |  | — |  |  |  |  |
Total gain (loss) recognized in earnings | $ | 11 |  |  | $ | (39) |  |  | $ | (2) |  |  |  |  | $ | (30) |

Derivatives Designated As Hedging Instruments
The Company had certain derivatives designated as cash flow, fair value, and net investment hedges as of September 30, 2025 and December 31, 2024.
Cash Flow Hedges
For derivative instruments that are designated and qualify as highly-effective cash flow hedges (i.e., hedging the exposure to variability in expected future cash flow that is attributable to a particular risk), the gain or loss on the derivative instrument is reported as a component of 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 59 million bushels of corn per month. During the past 12 months, the Company hedged between 13% and 30% of its monthly grind. At September 30, 2025, the Company had designated hedges representing between 1% and 23% 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 the 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 100% of the anticipated monthly soybean crush for soybean purchases and soybean meal and soybean oil sales at the designated facilities. At September 30, 2025, the Company had designated hedges representing between 0% and 100% of the anticipated monthly soybean crush for soybean purchases and soybean meal and soybean oil sales at the designated facilities over the next 12 months.
22

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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
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 39% and 59% of the anticipated monthly natural gas consumption at the designated facilities. At September 30, 2025, the Company had designated hedges representing between 6% and 38% of the anticipated monthly natural gas consumption over the next 12 months.
As of September 30, 2025 and December 31, 2024, the Company had after-tax losses of $19 million and $13 million, respectively, in AOCI related to these programs. The Company expects to recognize $19 million of the September 30, 2025 after-tax losses 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.
As of September 30, 2025 and December 31, 2024, the Company had pre-tax gains of $20 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 foreign subsidiaries 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 September 30, 2025 and December 31, 2024, respectively, and foreign exchange forwards with an aggregate notional amount of $2.6 billion and $2.1 billion as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025 and December 31, 2024, the Company had net investment hedge related after-tax foreign exchange (losses) gains of $(162) million and $99 million, recorded within AOCI, respectively. These amounts are deferred in AOCI until the underlying investments are divested.
The Company had previously designated its €650 million outstanding long-term debt 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 three months ended September 30, 2025. As of September 30, 2025 and December 31, 2024, the Company had after-tax gains of $73 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 investment is 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 September 30, 2025 and December 31, 2024 (in millions).

| September 30, 2025 |  | December 31, 2024
| Assets |  | Liabilities |  | Assets |  | Liabilities
Commodity Contracts | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |
Foreign Currency Contracts | — |  |  | 182 |  |  | — |  |  | 110 |
Interest Rate Contracts | 20 |  |  | — |  |  | 5 |  |  | — |
Total | $ | 20 |  |  | $ | 182 |  |  | $ | 8 |  |  | $ | 110 |

23

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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The following table sets forth the pre-tax losses on derivatives designated as hedging instruments that have been recognized in Cost of products sold in the Consolidated Statements of Earnings for the three and nine months ended September 30, 2025 and 2024 (in millions).

| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Pre-tax losses on: |  |  |  |  |  |  |
Commodity Contracts | $ | (22) |  |  | $ | (49) |  |  | $ | (16) |  |  | $ | (52) |

Note 7. Other Current Assets
The following table sets forth the items in other current assets (in millions).

| September 30, |  | December 31,
| 2025 |  | 2024
Unrealized gains on derivative contracts | $ | 1,112 |  |  | $ | 1,108 |
Customer omnibus receivable | 1,326 |  |  | 872 |
Margin deposits and grain accounts | 504 |  |  | 516 |
Financing receivables - net | 206 |  |  | 258 |
Insurance premiums receivable | 96 |  |  | 76 |
Prepaid expenses | 284 |  |  | 279 |
Tax receivables | 521 |  |  | 539 |
Non-trade receivables | 305 |  |  | 393 |
Other current assets | 83 |  |  | 328 |
| $ | 4,437 |  |  | $ | 4,369 |

24

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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 8. Accrued Expenses and Other Payables
The following table sets forth the items in accrued expenses and other payables (in millions).

| September 30, |  | December 31,
| 2025 |  | 2024
Unrealized losses on derivative contracts | $ | 802 |  |  | $ | 972 |
Accrued compensation | 414 |  |  | 346 |
Income tax payable | 84 |  |  | 167 |
Other taxes payable | 184 |  |  | 138 |
Insurance liabilities | 135 |  |  | 172 |
Accrued interest payable | 108 |  |  | 153 |
Other deferred income | 110 |  |  | 156 |
Contract liabilities (1) | 199 |  |  | 534 |
Other accruals and payables | 1,034 |  |  | 1,092 |
| $ | 3,070 |  |  | $ | 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 three and nine months ended September 30, 2025 from contract liabilities as of December 31, 2024 were $44 million and $524 million, respectively. Revenues recognized in the three and nine months ended September 30, 2024 from contract liabilities as of December 31, 2023 were $120 million and $355 million, respectively.
Note 9. Debt and Financing Arrangements
At September 30, 2025 and December 31, 2024, the fair value of the Company’s long-term debt, excluding current portion, was $6.3 billion and $7.1 billion, respectively, as estimated using market values that utilize observable inputs, where available (a Level 2 measurement under applicable accounting standards), compared to a carrying value of $6.6 billion and $7.6 billion as of September 30, 2025 and December 31, 2024, respectively.
At September 30, 2025 and December 31, 2024, the Company had lines of credit, including the accounts receivable securitization programs described in Note 15. Sale of Accounts Receivable, totaling $12.2 billion and $13.0 billion, respectively, of which $9.8 billion and $9.1 billion, respectively, was unused.
At each of September 30, 2025 and December 31, 2024, $5.1 billion of the Company’s total lines of credit supported the combined U.S. and European commercial paper borrowing programs. The weighted average interest rates on short-term borrowings outstanding at September 30, 2025 and December 31, 2024, were 4.6% and 4.7%, respectively. As of September 30, 2025 and December 31, 2024, there was $190 million and $1.7 billion of commercial paper outstanding, respectively.
Note 10. Income Taxes
The Company’s effective tax rate was 25.2% and 20.5% for the three and nine months ended September 30, 2025, respectively, compared to 83.3% and 23.3% for the three and nine months ended September 30, 2024, respectively. The decrease in effective tax rates for the three and nine months ended September 30, 2025 compared to the prior year is primarily related to the recognition of the impairment of the Company’s investment in Wilmar and other discrete tax items specific to each period in the three and nine months ended September 30, 2024.
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 Company is evaluating the impact of the adoption of OBBBA, on future tax years, while the OBBA provision effective for 2025 have been considered in the current quarter and did not have a significant impact on the current year Consolidated Financial Statements.
25

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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 11. Shareholders’ Equity
The Company has authorized one billion shares of common stock and 500,000 shares of preferred stock, each with zero par value. No preferred stock has been issued.
Treasury stock
At September 30, 2025 and December 31, 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 with $4.7 billion at each of September 30, 2025 and December 31, 2024 as a reduction of common stock, and $2.3 billion at each of September 30, 2025 and December 31, 2024 as a reduction of reinvested earnings.
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 September 30, 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 for the three and nine months ended September 30, 2025 and 2024 (in millions).

| Three Months Ended September 30, 2025
| Foreign Currency Translation Adjustment |  | Deferred Gain (Loss) on Cash Flow Hedging Activities |  | Pension and Other Postretirement Benefit Liabilities |  | Unrealized Gain (Loss) on Investments |  | Accumulated Other Comprehensive Income (Loss)
Balance at July 1, 2025 | $ | (2,737) |  |  | $ | 74 |  |  | $ | (110) |  |  | $ | (19) |  |  | $ | (2,792) |
Other comprehensive income (loss) before reclassifications | 120 |  |  | 45 |  |  | 2 |  |  | — |  |  | 167 |
Gain (loss) on net investment hedges | 15 |  |  | — |  |  | — |  |  | — |  |  | 15 |
Amounts reclassified from AOCI | — |  |  | 22 |  |  | (3) |  |  | — |  |  | 19 |
Tax effect | (4) |  |  | (14) |  |  | (1) |  |  | — |  |  | (19) |
Net of tax amount | 131 |  |  | 53 |  |  | (2) |  |  | — |  |  | 182 |
Balance at September 30, 2025 | $ | (2,606) |  |  | $ | 127 |  |  | $ | (112) |  |  | $ | (19) |  |  | $ | (2,610) |
| Nine Months Ended September 30, 2025
| Foreign Currency Translation Adjustment |  | Deferred Gain (Loss) on Cash Flow Hedging Activities |  | Pension and Other Postretirement Benefit Liabilities |  | Unrealized Gain (Loss) on Investments |  | Accumulated Other Comprehensive Income (Loss)
Balance at January 1, 2025 | $ | (2,999) |  |  | $ | 126 |  |  | $ | (100) |  |  | $ | (15) |  |  | $ | (2,988) |
Other comprehensive income (loss) before reclassifications | 744 |  |  | (13) |  |  | (6) |  |  | (4) |  |  | 721 |
Gain (loss) on net investment hedges | (460) |  |  | — |  |  | — |  |  | — |  |  | (460) |
Amounts reclassified from AOCI | — |  |  | 16 |  |  | (9) |  |  | — |  |  | 7 |
Tax effect | 109 |  |  | (2) |  |  | 3 |  |  | — |  |  | 110 |
Net of tax amount | 393 |  |  | 1 |  |  | (12) |  |  | (4) |  |  | 378 |
Balance at September 30, 2025 | $ | (2,606) |  |  | $ | 127 |  |  | $ | (112) |  |  | $ | (19) |  |  | $ | (2,610) |

26

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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

| Three Months Ended September 30, 2024
| Foreign Currency Translation Adjustment |  | Deferred Gain (Loss) on Cash Flow Hedging Activities |  | Pension and Other Postretirement Benefit Liabilities |  | Unrealized Gain (Loss) on Investments |  | Accumulated Other Comprehensive Income (Loss)
Balance at July 1, 2024 | $ | (2,818) |  |  | $ | 57 |  |  | $ | (113) |  |  | $ | (6) |  |  | $ | (2,880) |
Other comprehensive (loss) before reclassifications | 143 |  |  | (46) |  |  | (5) |  |  | — |  |  | 92 |
Loss on net investment hedges | (142) |  |  | — |  |  | — |  |  | — |  |  | (142) |
Amounts reclassified from AOCI | — |  |  | 49 |  |  | (3) |  |  | — |  |  | 46 |
Tax effect | 34 |  |  | 8 |  |  | 2 |  |  | — |  |  | 44 |
Net of tax amount | 35 |  |  | 11 |  |  | (6) |  |  | — |  |  | 40 |
Balance at September 30, 2024 | $ | (2,783) |  |  | $ | 68 |  |  | $ | (119) |  |  | $ | (6) |  |  | $ | (2,840) |
| Nine Months Ended September 30, 2024
| Foreign Currency Translation Adjustment |  | Deferred Gain (Loss) on Cash Flow Hedging Activities |  | Pension and Other Postretirement Benefit Liabilities |  | Unrealized Gain (Loss) on Investments |  | Accumulated Other Comprehensive Income (Loss)
Balance at January 1, 2024 | $ | (2,539) |  |  | $ | 158 |  |  | $ | (108) |  |  | $ | 2 |  |  | $ | (2,487) |
Other comprehensive income (loss) before reclassifications | (219) |  |  | (167) |  |  | (6) |  |  | (7) |  |  | (399) |
Gain (loss) on net investment hedges | (33) |  |  | — |  |  | — |  |  | — |  |  | (33) |
Amounts reclassified from AOCI | — |  |  | 52 |  |  | (9) |  |  | — |  |  | 43 |
Tax effect | 8 |  |  | 25 |  |  | 4 |  |  | (1) |  |  | 36 |
Net of tax amount | (244) |  |  | (90) |  |  | (11) |  |  | (8) |  |  | (353) |
Balance at September 30, 2024 | $ | (2,783) |  |  | $ | 68 |  |  | $ | (119) |  |  | $ | (6) |  |  | $ | (2,840) |

The following table sets forth the reclassifications out of AOCI related to deferred (gains) losses on cash flow hedging activities for the three and nine months ended September 30, 2025 and 2024 (in millions).

Affected line item in the Consolidated Statements of Earnings | Three Months Ended |  | Nine Months Ended |
September 30, |  | September 30,
2025 |  | 2024 |  | 2025 |  | 2024
Cost of products sold | $ | 22 |  |  | $ | 48 |  |  | $ | 16 |  |  | $ | 52 |  |
Earnings before income tax | 22 |  |  | 48 |  |  | 16 |  |  | 52 |  |
Income tax expense | (5) |  |  | (14) |  |  | (4) |  |  | (14) |  |
Net earnings | $ | 17 |  |  | $ | 34 |  |  | $ | 12 |  |  | $ | 38 |  |

The Company’s accounting policy is to release the income tax effects from AOCI when the individual units of account are sold, terminated, or extinguished.
27

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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 12. Other Income – Net
The following table sets forth the items in Other income - net for the three and nine months ended September 30, 2025 and 2024 (in millions).

| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Gains on sale of assets | $ | (47) |  |  | $ | — |  |  | $ | (74) |  |  | $ | (7) |
Other – net | (22) |  |  | (58) |  |  | (66) |  |  | (85) |
Other Income – Net | $ | (69) |  |  | $ | (58) |  |  | $ | (140) |  |  | $ | (92) |

Note 13. Segment Information
The Company’s operations are organized, managed, and classified into three reportable segments: Ag Services and Oilseeds (AS&O), 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. Operating profit for each segment is based on net sales less identifiable operating expenses. Also included in operating profit for each segment is equity in earnings of affiliates based on the equity method of accounting. Specified items and certain corporate items are not allocated to the Company’s individual business segments because operating performance of each business segment is evaluated by the CODM exclusive of these items.
The Ag Services and Oilseeds segment includes global activities related to the origination, merchandising, transportation, and storage of agricultural raw materials, and the crushing and further processing of oilseeds such as soybeans and soft seeds (cottonseed, sunflower seed, canola, rapeseed, and flaxseed) into vegetable oils and protein meals. Oilseeds products produced and marketed by the segment include ingredients for food, feed, energy, and industrial customers. Crude vegetable oils produced by the segment’s crushing activities are sold “as is” to manufacturers of renewable green diesel and other customers or are further processed by refining, deodorizing, bleaching, and blending, as applicable, into salad oils. Salad oils are sold “as is” or are further processed by hydrogenating and/or interesterifying into margarine, shortening, and other food products. Partially refined oils are used to produce biodiesel and glycols or are sold to other manufacturers for use in chemicals, paints, and other industrial products. Oilseed protein meals are principally sold to third parties to be used as ingredients in commercial livestock and poultry feeds. The Ag Services and Oilseeds segment is also a major supplier of peanuts and peanut-derived ingredients to both the U.S. and export markets. In North America, cotton cellulose pulp is manufactured and sold to the chemical, paper, and other industrial markets. The Ag Services and Oilseeds segment’s grain sourcing, handling, and transportation network (including barge, ocean-going vessel, truck, rail, and container freight services) provides reliable and efficient services to the Company’s customers and agricultural processing operations. The Ag Services and Oilseeds segment also includes agricultural commodity and feed product import, export, and global distribution, and structured trade finance activities. The Company engages in various structured trade finance activities to leverage its global trade flows. This segment also includes the Company’s share of the results of its equity investments in Wilmar, Pacificor, LLC, SoyVen Holding BV, Olenex Holdings BV, Edible Oils Limited, Stratas Foods LLC, Terminal de Grãos Ponta da Montanha S.A., Gradable, LLC, and Plainsman Company, LLC.
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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The Carbohydrate Solutions segment is engaged in corn and wheat wet and dry milling and other activities. The Carbohydrate Solutions segment converts corn and wheat into products and ingredients used in the food and beverage industry including sweeteners, corn and wheat starches, syrup, glucose, wheat flour, and dextrose. Dextrose and starch are used by the Carbohydrate Solutions segment as feedstocks in other downstream processes. By fermentation of dextrose, the Carbohydrate Solutions segment produces alcohol and other food and animal feed ingredients. Ethanol is produced by the Company for use in gasoline due to its ability to increase octane as an extender and oxygenate. Corn gluten feed and meal, as well as distillers’ grains, are produced for use as animal feed ingredients. Corn germ, a by-product of the wet milling process, is further processed into vegetable oil and protein meal. Other Carbohydrate Solutions products include citric acids which are used in various food and industrial products. The Carbohydrate Solutions segment is a leader in carbon capture and sequestration. This segment also includes the Company’s share of the results of its equity investments in Hungrana Ltd., Almidones Mexicanos S.A. de C.V., Aston Foods and Food Ingredients, Red Star Yeast Company, LLC, and LSCP, LLP.
The Nutrition segment serves various end markets including food, beverages, and nutritional supplements for humans, and complete feed, feed premix and additives, petfood and pet treats for livestock, aquaculture, and pets. The segment engages in the creation, manufacturing, sale, and distribution of a wide array of ingredients and solutions including plant-based proteins, natural flavors, flavor systems, natural colors, emulsifiers, soluble fiber, polyols, hydrocolloids, probiotics, prebiotics, postbiotics, enzymes, botanical extracts, and other specialty food and feed ingredients and systems. The Nutrition segment 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., ADM Matsutani LLC, Vitafort ZRT, 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 ASC 606, Revenue from Contracts with Customers.
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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Segment Information for the Three and Nine Months ended September 30, 2025 and 2024
The following tables present data by reportable segment (in millions).

|  | Three Months Ended September 30, 2025
|  | Ag Services and Oilseeds |  | Carbohydrate Solutions |  | Nutrition |  | Total
Revenue from external customers |  | $ | 15,613 |  |  | $ | 2,734 |  |  | $ | 1,916 |  |  | $ | 20,263 |
Other Business |  |  |  |  |  |  |  | 109 |
Total consolidated revenue |  |  |  |  |  |  |  | $ | 20,372 |
Less: |  |  |  |  |  |  |  |
Cost of materials |  | 14,238 |  |  | 1,700 |  |  | 1,181 |  |  |
Manufacturing costs |  | 879 |  |  | 652 |  |  | 332 |  |  |
Selling, general, and administrative expenses |  | 216 |  |  | 80 |  |  | 277 |  |  |
Other segment items (1) |  | (99) |  |  | (34) |  |  | (4) |  |  |
Segment operating profit |  | $ | 379 |  |  | $ | 336 |  |  | $ | 130 |  |  | $ | 845 |
Reconciliation of segment operating profit |  |  |  |  |  |  |  |
Other Business |  |  |  |  |  |  |  | 55 |
Corporate (2) |  |  |  |  |  |  |  | (532) |
Specified items: |  |  |  |  |  |  |  |
Gains on sales of assets and businesses |  |  |  |  |  |  |  | 31 |
Impairment, exit, restructuring charges, and settlement contingencies |  |  |  |  |  |  |  | (89) |
ADM's share of equity method investment penalty charge (3) |  |  |  |  |  |  |  | (163) |
Earnings Before Income Taxes |  |  |  |  |  |  |  | $ | 147 |

(1) Other segment items for each reportable segment include:
Ag Services and Oilseeds: Equity in the earnings of affiliates; interest and investment income/expense, and other income/expense.
Carbohydrate Solutions: Equity in the earnings of affiliates and other income/expense.
Nutrition: Equity in the earnings of affiliates; interest and investment income/expense; and other income/expense.
(2) Includes a $173 million impairment charge related to previously capitalized internal-use software, presented as a specified item. See Note 14. Asset Impairment, Exit, and Restructuring Costs for further information.
(3) Represents a charge recorded by the Company related to its share of a penalty imposed on Wilmar during the three months ended September 30, 2025. See Note 1. Basis of Presentation for further information.
30

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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

|  | Nine Months Ended September 30, 2025
|  | Ag Services and Oilseeds |  | Carbohydrate Solutions |  | Nutrition |  | Total
Revenue from external customers |  | $ | 47,557 |  |  | $ | 8,096 |  |  | $ | 5,726 |  |  | $ | 61,379 |
Other Business |  |  |  |  |  |  |  | 334 |
Total consolidated revenue |  |  |  |  |  |  |  | $ | 61,713 |
Less: |  |  |  |  |  |  |  |
Cost of materials |  | 43,518 |  |  | 5,046 |  |  | 3,535 |  |  |
Manufacturing costs |  | 2,626 |  |  | 1,977 |  |  | 977 |  |  |
Selling, general, and administrative expenses |  | 631 |  |  | 245 |  |  | 839 |  |  |
Other segment items (1) |  | (388) |  |  | (84) |  |  | 35 |  |  |
Segment operating profit |  | $ | 1,170 |  |  | $ | 912 |  |  | $ | 340 |  |  | $ | 2,422 |
Reconciliation of segment operating profit |  |  |  |  |  |  |  |
Other Business |  |  |  |  |  |  |  | 245 |
Corporate (2) |  |  |  |  |  |  |  | (1,472) |
Specified items: |  |  |  |  |  |  |  |
Gains on sales of assets and businesses |  |  |  |  |  |  |  | 39 |
Impairment, exit, restructuring charges, and settlement contingencies |  |  |  |  |  |  |  | (361) |
Gain on contract termination |  |  |  |  |  |  |  | 69 |
ADM's share of equity method investment penalty charge (3) |  |  |  |  |  |  |  | (163) |
Earnings Before Income Taxes |  |  |  |  |  |  |  | $ | 779 |

(1) Other segment items for each reportable segment include:
Ag Services and Oilseeds: Equity in the earnings of affiliates; interest and investment income/expense; and other income/expense.
Carbohydrate Solutions: Equity in the earnings of affiliates and other income/expense.
Nutrition: Equity in the earnings of affiliates; interest and investment income/expense; and other income/expense.
(2) Includes a $173 million impairment charge related to previously capitalized internal-use software, presented as a specified item. See Note 14. Asset Impairment, Exit, and Restructuring Costs for further information.
(3) Represents a charge recorded by the Company related to its share of a penalty imposed on Wilmar during the nine months ended September 30, 2025. See Note 1. Basis of Presentation for further information.
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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

|  | Three Months Ended September 30, 2024
|  | Ag Services and Oilseeds |  | Carbohydrate Solutions |  | Nutrition |  | Total
Revenue from external customers |  | $ | 15,089 |  |  | $ | 2,908 |  |  | $ | 1,831 |  |  | $ | 19,828 |
Other Business |  |  |  |  |  |  |  | 109 |
Total consolidated revenue |  |  |  |  |  |  |  | $ | 19,937 |
Less: |  |  |  |  |  |  |  |
Cost of materials |  | 13,680 |  |  | 1,815 |  |  | 1,160 |  |  |
Manufacturing costs |  | 853 |  |  | 660 |  |  | 315 |  |  |
Selling, general, and administrative expenses |  | 216 |  |  | 73 |  |  | 288 |  |  |
Other segment items (1) |  | (140) |  |  | (92) |  |  | (37) |  |  |
Segment operating profit |  | $ | 480 |  |  | $ | 452 |  |  | $ | 105 |  |  | $ | 1,037 |
Reconciliation of segment operating profit |  |  |  |  |  |  |  |
Other Business |  |  |  |  |  |  |  | (17) |
Corporate |  |  |  |  |  |  |  | (409) |
Specified items: |  |  |  |  |  |  |  |
Gains on sales of assets and businesses |  |  |  |  |  |  |  | 1 |
Impairment, exit, restructuring charges, and settlement contingencies (2) |  |  |  |  |  |  |  | (504) |
Earnings Before Income Taxes |  |  |  |  |  |  |  | $ | 108 |

(1) Other segment items for each reportable segment include:
Ag Services and Oilseeds: Equity in the earnings of affiliates; interest and investment income/expense; and other income/expense.
Carbohydrate Solutions: Equity in the earnings of affiliates and other income/expense.
Nutrition: Equity in the earnings of affiliates and other income/expense.
(2) Includes a $461 million impairment charge related to the Company’s investment in Wilmar.
32

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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

|  | Nine Months Ended September 30, 2024
|  | Ag Services and Oilseeds |  | Carbohydrate Solutions |  | Nutrition |  | Total
Revenue from external customers |  | $ | 49,642 |  |  | $ | 8,484 |  |  | $ | 5,575 |  |  | $ | 63,701 |
Other Business |  |  |  |  |  |  |  | 331 |
Total consolidated revenue |  |  |  |  |  |  |  | $ | 64,032 |
Less: |  |  |  |  |  |  |  |
Cost of materials |  | 45,103 |  |  | 5,408 |  |  | 3,520 |  |  |
Manufacturing costs |  | 2,529 |  |  | 1,940 |  |  | 925 |  |  |
Selling, general, and administrative expenses |  | 677 |  |  | 243 |  |  | 877 |  |  |
Other segment items (1) |  | (470) |  |  | (164) |  |  | (45) |  |  |
Segment operating profit |  | $ | 1,803 |  |  | $ | 1,057 |  |  | $ | 298 |  |  | $ | 3,158 |
Reconciliation of segment operating profit |  |  |  |  |  |  |  |
Other Business |  |  |  |  |  |  |  | 200 |
Corporate |  |  |  |  |  |  |  | (1,254) |
Specified items: |  |  |  |  |  |  |  |
Gains on sales of assets and businesses |  |  |  |  |  |  |  | 1 |
Impairment, exit, restructuring charges, and settlement contingencies (2) |  |  |  |  |  |  |  | (517) |
Earnings Before Income Taxes |  |  |  |  |  |  |  | $ | 1,588 |

(1) Other segment items for each reportable segment include:
Ag Services and Oilseeds: Equity in the earnings of affiliates; interest and investment income/expense; and other income/expense.
Carbohydrate Solutions: Equity in the earnings of affiliates and other income/expense.
Nutrition: Equity in the earnings of affiliates and other income/expense.
(2) Includes a $461 million impairment charge related to the Company’s investment in Wilmar.
33

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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

(In millions) | Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Intersegment sales |  |  |  |  |  |  |
Ag Services and Oilseeds | $ | 418 |  |  | $ | 463 |  |  | $ | 1,345 |  |  | $ | 1,320 |
Carbohydrate Solutions | 223 |  |  | 247 |  |  | 629 |  |  | 680 |
Nutrition | 16 |  |  | 23 |  |  | 48 |  |  | 55 |
Total intersegment sales | $ | 657 |  |  | $ | 733 |  |  | $ | 2,022 |  |  | $ | 2,055 |
Depreciation expense |  |  |  |  |  |  |
Ag Services and Oilseeds | $ | 105 |  |  | $ | 94 |  |  | $ | 308 |  |  | $ | 280 |
Carbohydrate Solutions | 75 |  |  | 77 |  |  | 225 |  |  | 229 |
Nutrition | 42 |  |  | 40 |  |  | 117 |  |  | 113 |
Total segment depreciation expense | 222 |  |  | 211 |  |  | 650 |  |  | 622 |
Other Business | 2 |  |  | 2 |  |  | 7 |  |  | 7 |
Corporate | 10 |  |  | 8 |  |  | 29 |  |  | 25 |
Total depreciation expense | $ | 234 |  |  | $ | 221 |  |  | $ | 686 |  |  | $ | 654 |
Amortization expense |  |  |  |  |  |  |
Ag Services and Oilseeds | $ | 3 |  |  | $ | 3 |  |  | $ | 9 |  |  | $ | 10 |
Carbohydrate Solutions | 1 |  |  | 1 |  |  | 4 |  |  | 4 |
Nutrition | 39 |  |  | 40 |  |  | 117 |  |  | 120 |
Total segment amortization expense | 43 |  |  | 44 |  |  | 130 |  |  | 134 |
Corporate | 18 |  |  | 22 |  |  | 58 |  |  | 66 |
Total amortization expense | $ | 61 |  |  | $ | 66 |  |  | $ | 188 |  |  | $ | 200 |
Interest and investment income (expense) |  |  |  |  |  |  |
Ag Services and Oilseeds | $ | 10 |  |  | $ | 14 |  |  | $ | 40 |  |  | $ | 35 |
Nutrition | — |  |  | — |  |  | (88) |  |  | — |
Total segment interest and investment income (expense) | 10 |  |  | 14 |  |  | (48) |  |  | 35 |
Other Business | 109 |  |  | 115 |  |  | 306 |  |  | 357 |
Corporate | 2 |  |  | 8 |  |  | (69) |  |  | 8 |
Total interest and investment income (expense) | $ | 121 |  |  | $ | 137 |  |  | $ | 189 |  |  | $ | 400 |
Equity in (losses) earnings of unconsolidated affiliates |  |  |  |  |  |  |
Ag Services and Oilseeds(1) | $ | (77) |  |  | $ | 89 |  |  | $ | 142 |  |  | $ | 387 |
Carbohydrate Solutions | 27 |  |  | 37 |  |  | 77 |  |  | 99 |
Nutrition | 9 |  |  | 9 |  |  | 21 |  |  | 21 |
Total segment equity in (losses) earnings of unconsolidated affiliates | (41) |  |  | 135 |  |  | 240 |  |  | 507 |
Corporate | — |  |  | (1) |  |  | (3) |  |  | (9) |
Total equity in (losses) earnings of unconsolidated affiliates | $ | (41) |  |  | $ | 134 |  |  | $ | 237 |  |  | $ | 498 |
(1) Includes the Company’s share of a penalty imposed on Wilmar for the three and nine months ended September 30, 2025. See Note 1. Basis of Presentation for further information.

34

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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 14. Asset Impairment, Exit, and Restructuring Costs
The following table sets forth the charges for the three and nine months ended September 30, 2025 and 2024 (in millions).

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Restructuring and exit costs (1) | $ | 73 |  |  | $ | — |  |  | $ | 237 |  |  | $ | 15 |
Impairment charge - goodwill and other intangible assets (2) | 173 |  |  | 43 |  |  | 173 |  |  | 43 |
Impairment charge - other long-lived assets (3) | — |  |  | 464 |  |  | 11 |  |  | 474 |
Total asset impairment, exit, and restructuring costs | $ | 246 |  |  | $ | 507 |  |  | $ | 421 |  |  | $ | 532 |

(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 three months ended September 30, 2025 included restructuring charges (primarily impairment of long-lived assets and employee termination benefits) of $67 million, $5 million and $1 million within the Nutrition segment, Ag Services and Oilseeds segment, and Corporate, respectively, presented as specified items. The nine months ended September 30, 2025 included restructuring charges (primarily impairment of long-lived assets, impairment of intangible assets, and employee termination benefits) of $190 million, $34 million, $5 million, and $8 million within the Nutrition segment, the Ag Services and Oilseeds segment, the Carbohydrate Solutions segment, and Corporate, respectively, presented as specified items. The nine months ended September 30, 2024 included restructuring charges of $3 million and $12 million within the Nutrition segment and Corporate, respectively, both presented as specified items.
(2)During the three and nine months ended September 30, 2025, the Company recognized an impairment charge of $173 million, related to previously capitalized internal-use software, within Corporate, presented as a specified item. During the three and nine months ended September 30, 2024, the Company recognized an impairment charge of $43 million related to certain discontinued trademarks, within Nutrition segment, presented as a specified item.
(3)During the nine months ended September 30, 2025, the Company recorded an impairment of $11 million related to a certain long-lived asset within the Nutrition segment, presented as a specified item. During the three and nine months ended September 30, 2024, the Company recorded an impairment of $461 million related to the Company’s investment in Wilmar, within the Ag Services and Oilseeds segment, presented as a specified item.
Note 15. 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.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
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. At September 30, 2025 and December 31, 2024, the Company did not record a servicing asset or liability related to its retained responsibility, based on its assessment of the servicing fee, market values for similar transactions, and its cost of servicing the receivables sold.
As of September 30, 2025 and December 31, 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 $33.5 billion and $34.9 billion for the nine months ended September 30, 2025 and 2024, respectively. Cash collections from customers on receivables sold were $33.7 billion and $34.0 billion for the nine months ended September 30, 2025 and 2024, 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. As of September 30, 2025 and December 31, 2024, receivables pledged as collateral to the Purchasers was $401 million and $693 million, respectively.
Transfers of receivables under the Programs resulted in an expense of $6 million and $42 million for the three and nine months ended September 30, 2025, respectively, and $22 million and $76 million for the three and nine months ended September 30, 2024, respectively, which are 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 16. Supplier Finance 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 that 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 continue to be classified in trade payables in the Company’s Consolidated Balance Sheets and in operating activities in its Consolidated Statements of Cash Flows. The supplier invoices that have been confirmed as valid under the program require payment in full generally within 120 days of the invoice date.
Changes to the outstanding payment obligations were as follows (in millions).

| Nine Months Ended September 30,
| 2025 |  | 2024
Opening balance, January 1 | $ | 222 |  |  | $ | 274 |
Obligations confirmed | 699 |  |  | 799 |
Obligations paid | (639) |  |  | (780) |
Closing balance, September 30 | $ | 282 |  |  | $ | 293 |

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ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 17. 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. 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.
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. Separately, on September 26, 2025, UWGP filed a complaint against ADM in Wisconsin state court asserting one claim for tortious interference with contractual relations.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The Company denies liability, and is vigorously defending itself in these actions. As these actions are in pretrial proceedings, the Company is unable at this time to predict the final outcome with any reasonable degree of certainty, but believes the outcome will not have a material adverse effect on its financial condition, results of operations, or cash flows.
Government Investigations
As previously disclosed, the Company is under investigation by the United States Securities and Exchange Commission (“SEC”) and the Department of Justice (“DOJ”) relating to, among other things, intersegment sales between the Company’s Nutrition segment and the Company’s Ag Services and Oilseeds and Carbohydrate Solutions segments. The Company is continuing to cooperate with the SEC and DOJ investigations and is unable to predict the outcome of these investigations.
Shareholder Litigation
As previously disclosed, on January 24, 2024, following the Company’s announcement of an investigation relating to intersegment sales, a purported stockholder of the Company filed a putative securities fraud class action in the U.S. District Court for the Northern District of Illinois against the Company and certain of its current and former officers (collectively, the “Defendants”). On March 12, 2025, the court denied Defendants’ motions to dismiss. The Company intends to continue to vigorously defend against these claims. However, given the uncertainty of litigation, the Company is unable to predict the final outcome of this proceeding with any reasonable degree of certainty, nor does it currently have sufficient information to estimate a reasonably possible loss or range of loss with respect to this matter.
Also, as previously disclosed, beginning on March 29, 2024, purported stockholders of the Company filed a number of related derivative lawsuits against certain current and former officers and directors of the Company, seeking unspecified damages. The 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.
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ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) should be read in conjunction with the accompanying unaudited Consolidated Financial Statements, which can be found in Part I. Item 1. Consolidated Financial Statements.
Company Overview
Archer-Daniels-Midland Company and its subsidiaries (the "Company" or "ADM") unlock the power of nature to enrich the quality of life. The Company is an essential global agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities. ADM is a premier human and animal nutrition provider, offering one of the industry’s broadest portfolios of ingredients and solutions from nature. The Company is a trailblazer in health and well-being, with an industry-leading range of products for consumers looking for new ways to live healthier lives. ADM is a cutting-edge innovator, guiding the way to a future of new bio-based consumer and industrial solutions. ADM is a leader in business-driven sustainability efforts that support a strong agricultural sector, resilient supply chains, and a vast and growing bioeconomy. Around the globe, the Company’s expertise and innovation are meeting critical needs from harvest to home.
Reportable Segments
The Company’s operations are organized, managed, and classified into three reportable segments: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition. 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.
See Part I. Item 1. Note 13. Segment Information of “Notes to Consolidated Financial Statements” for further details on the nature of our business and our reportable operating segments.
2025 Strategy
The Company’s goal is to continue to build and sustain long-term value for its shareholders and customers. The Company established the following priorities to help achieve its goal:
•Focus on execution and cost management – ADM seeks to prioritize operational excellence and driving targeted cost reductions through: (1) boosting plant efficiencies and restoring operations at the Decatur East plant; (2) optimizing operating leverage within the Nutrition segment; and (3) reducing third party spend and selling, general, and administrative expenses.
•Strategic simplification – ADM seeks to enhance returns on invested capital by executing a pipeline of simplification opportunities to optimize our portfolio and organizational structure, including: (1) addressing performance, demand, and capacity challenges; (2) reducing capital expenditures that do not meet the Company’s return objectives; and (3) reducing capability overlaps through synergies, closures, and divestitures.
•Targeted growth investment – ADM seeks to prioritize organic investment in key strategic initiatives, while also ensuring our businesses are ready for the future, including: (1) plant modernization investments; (2) cost optimization investments; and (3) enterprise system and process enhancements.
•Deploy capital with discipline – ADM seeks to prudently invest in opportunities. The Company also expects to continue returning cash to shareholders through dividends and share repurchases as appropriate.
ADM has refined its digital strategy and is pivoting away from large global implementations and directing resources to prioritize regional, more agile projects. The Company is accelerating its data journey while continuing to invest the appropriate amount in cybersecurity and network and application resilience. As a result of this strategy adaptation, during the three months ended September 30, 2025, the Company recognized an impairment charge of $173 million related to previously capitalized internal-use software. See Part I. Item 1. Note 14. Asset Impairment, Exit, and Restructuring Costs for further information.
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MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Sustainability
For more than 120 years, ADM has built its business on the strength of agriculture, innovation, and responsible stewardship. Today, sustainability is a core driver of ADM’s growth strategy, powering innovation, improving resilience, and unlocking new value across the global food system. The crops that ADM turns into an expansive array of products depend on healthy soil, water and air, and as the Company looks to the future, it is advancing efforts that enable and support agriculture and farmers, drive innovation and long-term value, and protect and strengthen vital supply chains.
ADM is reimagining agriculture by scaling regenerative practices in partnership with farmers, supporting them with tools, insights, and financial incentives to help their operations thrive. ADM is innovating to meet growing demand for sustainably sourced, bio-based products, creating new market opportunities for farmers whose crops deliver health, transparency, and environmental benefits. The Company is modernizing its own operations to improve efficiency, enhance competitiveness, reduce emissions, and build a more resilient supply chain that starts on the farm.
Significant Portfolio Actions and Targeted Actions to Deliver Cost Savings
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. See Note 14. Asset Impairment, Exit, and Restructuring Costs of “Notes to Consolidated Financial Statements” included in Item 1. Consolidated Financial Statements for additional information regarding restructuring related charges.
ADM’s recent significant portfolio actions and announcements included:
•The acquisition in January 2025 of Vandamme Hugaria Kft, a 700 metric ton/day non-genetically modified crush and extraction facility based in Hungary. See Note 4. Acquisitions of “Notes to Consolidated Financial Statements” included in Item 1. Consolidated Financial Statements for further information.
•The closure of the Tres Corações facility based in Brazil, in July 2025. Preparation for the closure resulted in exit and restructuring costs, including impairment of certain assets.
•The launch in September 2025 of a joint venture with PYCO Industries, Inc., a leader in the local agricultural communities it serves, combining its and ADM’s Lubbock, Texas, cottonseed processing capabilities.
•The execution of a definitive agreement in September 2025 with Alltech Inc., a global leader in agriculture, to launch a North American animal feed joint venture to offer an industry-leading range of products and solutions for livestock, equine, backyard and leisure animals.
Government Investigation
As previously disclosed, the Company is under investigation by the United States Securities and Exchange Commission (“SEC”) and the Department of Justice (“DOJ”) relating to, among other things, intersegment sales between the Company’s Nutrition reporting segment and the Company’s Ag Services and Oilseeds and Carbohydrate Solutions reporting segments. The Company is continuing to cooperate with the SEC and DOJ investigations and is unable to predict the outcome of these investigations.
Material Weakness
As previously disclosed, the Company had identified a material weakness in the Company’s internal control over financial reporting related to its accounting practices and procedures for segment disclosures which has been remediated. For more information, see “Controls and Procedures” in Part I. Item 4 herein.
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ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Operating Performance Indicators
The Company’s Ag Services and Oilseeds and Carbohydrate Solutions segments are principally agricultural commodity-based businesses where changes in selling prices move in relationship to changes in prices of the commodity-based agricultural raw materials. As a result, changes in agricultural commodity prices have relatively equal impacts on both Revenues and Cost of products sold. Therefore, margins per volume or metric ton generally are meaningful as performance indicators in these businesses.
The Nutrition segment also utilizes agricultural commodities (or products derived from agricultural commodities) as raw materials. However, in these operations, agricultural commodity market price changes do not necessarily correlate to changes in Cost of products sold. Therefore, changes in revenues of these businesses may correspond to changes in margins and margins rates generally are meaningful as a performance indicator in these businesses.
The Company has consolidated subsidiaries in approximately 78 countries. For the majority of the Company’s subsidiaries located outside the United States, the local currency is the functional currency except for certain significant subsidiaries in Switzerland where Euro is the functional currency, and Brazil and Argentina where U.S. dollar is the functional currency. Revenues and expenses denominated in foreign currencies are translated into U.S. dollars at the weighted average exchange rates for the applicable periods. For the majority of the Company’s business activities in Brazil and Argentina, the functional currency is the U.S. dollar; however, certain transactions, including taxes, occur in local currency and require remeasurement to the functional currency. Changes in revenues are expected to be correlated to changes in expenses reported by the Company caused by fluctuations in the exchange rates of foreign currencies, primarily the Euro, British pound, Canadian dollar, and Brazilian real, as compared to the U.S. dollar.
The Company measures its performance using key financial metrics including net earnings, adjusted diluted earnings per share (EPS), margins, segment operating profit, total segment operating profit, earnings before interest and taxes (EBIT), earnings before interest, taxes, depreciation, and amortization (EBITDA), and adjusted EBITDA. Some of these metrics are not defined by generally accepted accounting principles in the United States (GAAP) and should be considered in addition to, and not in lieu of, GAAP financial measures. For further information, see the “Non-GAAP Financial Measures” section below.
The Company’s financial results can vary significantly due to changes in factors such as fluctuations in energy prices, weather conditions, crop plantings, government programs and policies, trade policies, changes in global demand, general global economic conditions, changes in standards of living, global production of similar and competitive crops, and geopolitical developments. Due to the unpredictable nature of these and other factors, the Company undertakes no responsibility for updating any forward-looking information contained within this Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Market Factors Influencing Operations, Results, and Comparability in the Three and Nine Months Ended September 30, 2025
The Company is subject to a variety of market factors which affect the Company's operating results.
In the Ag Services and Oilseeds segment, increased global supplies of grains and oilseeds, higher projected ending stocks-to-use ratios, the deferral of U.S. biofuel policy, the evolving global trade landscape, and competitive meal exports from Argentina resulted in compressed margins. Ag Services volumes in North America were positively impacted by solid executions, including larger than expected corn exports on stronger European demand, despite headwinds of uncertainty and low water concerns. In Crushing and Refined Products and Other (RPO), increased industry seasonal downtime tightened stocks and supported meal values, and the deferral of U.S. biofuel and trade policy evolution negatively impacted biodiesel and refining margins.
In the Carbohydrate Solutions segment, solid domestic and export demand for ethanol along with lower industry production, helped improve the imbalance between production and domestic demand. For Starches and Sweeteners, North America saw demand softness in the sweeteners, paper, and corrugated markets. Europe, the Middle East, and Africa (EMEA) saw higher corn costs and increased competition.
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MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
In the Nutrition segment, Human Nutrition continued to see growth trends in Flavors market as high value categories such as energy drinks and ready to drink beverages continue to perform strongly. Similarly, the Dietary Supplements market continues to grow in line with historical rates and shows expansion opportunities as customer acceptance of postbiotics (heat-stable version of probiotics) allows sales in a larger variety of segments (food and beverage). While tariffs and inflation continue to pose challenges to the Human Nutrition market, clean label and healthier categories are outpacing the broader industry. In Animal Nutrition, declining commodity prices continue to support feed ration commodities as well as additive markets.
Three Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024
Results of Operations
Earnings before income taxes was $147 million compared to $108 million in the prior year quarter. Results in the current year quarter were primarily driven by a decrease in impairment charges compared to the prior year quarter, partially offset by lower execution margins. The current year quarter included an impairment charge of $173 million, related to previously capitalized internal-use software, and $163 million of Wilmar International Limited (“Wilmar”) related penalty charges, compared to a $461 million impairment of the Company’s investment in Wilmar in the prior year quarter.
Total segment operating profit (a non-GAAP measure) decreased $192 million from $1.0 billion to $845 million driven by lower results in the Ag Services and Oilseeds segment and the Carbohydrate Solutions segment. Total segment operating profit (a non-GAAP measure) in the three months ended September 30, 2025 excluded specified items of $220 million that were primarily comprised of portfolio optimization and impairment charges, as well as the non-recurring penalty charge related to Wilmar. Total segment operating profit (a non-GAAP measure) in the three months ended September 30, 2024 excluded asset impairment charges of $504 million.
Total segment operating profit (a non-GAAP measure) is reconciled to earnings before income taxes, the most directly comparable GAAP measure, in the "Non-GAAP Financial Measures" section below.
Processed volumes by certain products for the three months ended September 30, 2025 and 2024 were as follows (in thousand metric tons).

| Three Months Ended |  |
| September 30, |  |
| 2025 |  | 2024 |  | Change
Oilseeds | 8,803 |  |  | 8,410 |  |  | 393 |
Corn | 4,666 |  |  | 4,943 |  |  | (277) |

The Company generally operates its production facilities, on an overall basis, at or near capacity, adjusting facilities individually, as needed, to react to the current margin environment and seasonal local supply and demand conditions. The increase in processed oilseeds volumes in the current year quarter was primarily related to improved North America crush volumes due to improved utilization after the restoration of operations at the Company’s Decatur, Illinois facility, in addition to higher volumes in South America due to increased plant reliability. The decrease in processed corn volumes was primarily related to lower utilization in the current year quarter due to increased unplanned plant downtime when compared to the prior year quarter.
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MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Revenues for the three months ended September 30, 2025 and 2024, were as follows (in millions):

| Three Months Ended |  |
| September 30, |  |
| 2025 |  | 2024 |  | Change
Ag Services and Oilseeds |  |  |  |  |
Ag Services | $ | 10,276 |  |  | $ | 9,653 |  |  | $ | 623 |
Crushing | 2,580 |  |  | 2,869 |  |  | (289) |
Refined Products and Other | 2,757 |  |  | 2,567 |  |  | 190 |
Total Ag Services and Oilseeds | 15,613 |  |  | 15,089 |  |  | 524 |
Carbohydrate Solutions |  |  |  |  |
Starches and Sweeteners | 2,005 |  |  | 2,192 |  |  | (187) |
Vantage Corn Processors | 729 |  |  | 716 |  |  | 13 |
Total Carbohydrate Solutions | 2,734 |  |  | 2,908 |  |  | (174) |
Nutrition |  |  |  |  |
Human Nutrition | 1,067 |  |  | 1,004 |  |  | 63 |
Animal Nutrition | 849 |  |  | 827 |  |  | 22 |
Total Nutrition | 1,916 |  |  | 1,831 |  |  | 85 |
Total Segment Revenues | 20,263 |  |  | 19,828 |  |  | 435 |
Other Business | 109 |  |  | 109 |  |  | — |
Total Revenues | $ | 20,372 |  |  | $ | 19,937 |  |  | $ | 435 |

Revenues and cost of products sold in agricultural merchandising and processing businesses are significantly correlated to the underlying commodity prices and volumes. In periods of significant changes in market prices, the underlying performance of the Company is better evaluated by looking at margins since both revenues and cost of products sold, particularly in the Ag Services and Oilseeds segment, generally have a relatively equal impact from market price changes which generally result in an insignificant impact to gross profit.
Revenues increased $435 million to $20.4 billion, driven by higher sales prices ($285 million) and higher sales volumes ($150 million). Higher sales prices of corn and oils were partially offset by lower sales prices of meal and soybeans. Higher sales volumes of soybeans were partially offset by lower sales volumes of corn, farming materials, sorghum and milo. Ag Services and Oilseeds revenues increased 3% to $15.6 billion, driven by higher sales prices ($320 million) and higher sales volumes ($203 million). Carbohydrate Solutions revenues decreased 6% to $2.7 billion, driven by lower sales prices ($111 million) and lower sales volumes ($62 million). Nutrition revenues increased 5% to $1.9 billion, driven by higher sales prices ($42 million) and foreign exchange gains ($34 million). Foreign exchange gains accounted for approximately $23 million of the increase in Human Nutrition revenue, and approximately $11 million of the increase in Animal Nutrition revenue.
Cost of products sold increased $530 million to $19.1 billion primarily driven by higher average commodity costs. Manufacturing expenses increased $23 million to $1.9 billion, driven by higher employee compensation costs and an increase in energy costs due to higher EMEA natural gas pricing, partially offset by lower maintenance expenses.
Gross profit decreased $95 million, or 7%, to $1.3 billion primarily driven by a decrease in margins of $85 million for Ag Services and Oilseeds and $51 million for Carbohydrate Solutions, partially offset by an increase in margins of $46 million in Nutrition.
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MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Selling, general, and administrative (SG&A) expenses decreased $32 million to $873 million, primarily driven by lower third party service costs, partially offset by higher employee compensation costs.
Asset impairment, exit, and restructuring costs decreased $261 million to $246 million. Charges in the current year quarter primarily consisted of an impairment charge of $173 million related to previously capitalized internal-use software within Corporate and $67 million of restructuring charges within the Nutrition segment. Charges in the prior year quarter included a $461 million impairment charge related to the Company’s investment in Wilmar, within the Ag Services and Oilseeds segment, and a $43 million impairment charge related to certain discontinued Animal Nutrition trademarks, within the Nutrition segment.
Equity in loss (earnings) of unconsolidated affiliates decreased $175 million to a loss of $41 million driven by lower earnings from the Company’s investments in Wilmar, due to the $163 million penalty charge, and in Almidones Mexicanos S.A. de C.V., Terminal de Grãos Ponta da Montanha S.A., and Stratas Foods, partially offset by higher earnings from the Company’s investment in Olenex.
Interest and investment income decreased $16 million to $121 million, primarily driven by lower interest income at ADM Investor Services due to lower interest rates.
Interest expense decreased $21 million to $153 million, driven by lower financing costs and lower interest rates.
Other income — net increased $11 million to $69 million, driven by gains on sales of certain assets, partially offset by lower foreign exchange gains.
Income tax expense decreased $53 million to $37 million. The Company’s effective tax rate for the quarter ended September 30, 2025 was 25.2% compared to 83.3% for the quarter ended September 30, 2024. The decrease in the effective tax rate for the three months ended September 30, 2025 compared to the prior year quarter is related to the recognition of the impairment of the Company’s investment in Wilmar in the prior year quarter and other discrete tax items specific to each period.
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ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Segment operating profit for the three months ended September 30, 2025 and 2024 was as follows (in millions):

| Three Months Ended |  |
| September 30, |  |
| 2025 |  | 2024 |  | Change
Segment Operating Profit |  |  |  |  |
Ag Services and Oilseeds |  |  |  |  |
Ag Services | $ | 190 |  |  | $ | 107 |  |  | $ | 83 |
Crushing | 13 |  |  | 187 |  |  | (174) |
Refined Products and Other | 120 |  |  | 124 |  |  | (4) |
Wilmar | 56 |  |  | 62 |  |  | (6) |
Total Ag Services and Oilseeds | $ | 379 |  |  | $ | 480 |  |  | $ | (101) |
Carbohydrate Solutions |  |  |  |  |
Starches and Sweeteners | $ | 293 |  |  | $ | 455 |  |  | $ | (162) |
Vantage Corn Processors | 43 |  |  | (3) |  |  | 46 |
Total Carbohydrate Solutions | $ | 336 |  |  | $ | 452 |  |  | $ | (116) |
Nutrition |  |  |  |  |
Human Nutrition | $ | 96 |  |  | $ | 86 |  |  | $ | 10 |
Animal Nutrition | 34 |  |  | 19 |  |  | 15 |
Total Nutrition | $ | 130 |  |  | $ | 105 |  |  | $ | 25 |

In the Ag Services and Oilseeds segment, segment operating profit decreased 21%. The Ag Services subsegment had higher operating profit compared to the prior year quarter, primarily driven by improved North America and South America Origination results. North American Origination results improved in the current year quarter due to strong corn exports. South American Origination results improved primarily due to lower costs related to logistics take-or-pay contracts, partially offset by the temporary disruption at a key port facility in Brazil. Global Trade results improved driven by higher ocean freight margins. The Ag Services subsegment had approximately $4 million of net positive mark-to-market timing impacts during the quarter, compared to approximately $50 million of net negative impacts in the prior year quarter. The Crushing subsegment had lower operating profit compared to prior year quarter, driven by lower soybean and canola crush margins in North America and EMEA and higher manufacturing costs. The prior year quarter benefitted from the receipt of $24 million of insurance proceeds for the partial settlement of the Decatur East and West insurance claims. The Crushing subsegment had approximately $41 million of net positive mark-to-market timing impacts during the quarter, compared to approximately zero of net impacts in the prior year quarter. The Refined Products and Other (RPO) subsegment operating profit decreased (3)% when compared to the prior year quarter, as U.S. biofuel and trade policy evolution negatively impacted biodiesel and refining margins in North America. RPO had approximately $8 million of net negative mark-to-market timing impacts during the quarter, compared to approximately $20 million of net negative impacts in the prior year quarter. Wilmar earnings decreased by $6 million to $56 million in the current year quarter.
In the Carbohydrate Solutions segment, segment operating profit decreased 26% compared to the prior year quarter. The Starches and Sweeteners subsegment operating profit was lower compared to the prior year quarter. In North America, results were driven by lower liquid sweetener and starch volumes and margins and lower wet mill ethanol margins. North American prior year quarter results benefitted from the receipt of $47 million of insurance proceeds for the partial settlement of the Decatur West insurance claims. In EMEA, lower Starches and Sweeteners volumes and margins were driven by persistent high corn costs due to crop quality issues. Global Wheat Milling margins and volumes were fairly stable relative to the prior year quarter. The Vantage Corn Processors subsegment operating profit was higher than the prior year quarter as improved ethanol volumes and margins were partially offset by certain mark-to-market positions.
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ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
In the Nutrition segment, segment operating profit increased 24%. Human Nutrition subsegment operating profit was 12% higher compared to prior year quarter, mainly due to Flavors, which continued to see strong sales growth among multiple product categories. Health and Wellness results were also higher due to revenue and margin growth, led by the Biotics business, partially offset by reduced tolling margins due to a contract cancellation. Specialty Ingredients results were lower, with higher raw material and insurance costs due to the restoration of operations at the Company’s Decatur, Illinois facility. The prior year quarter also benefited from approximately $25 million of insurance proceed gains as compared to $9 million in the current year quarter. Animal Nutrition subsegment operating profit was 79% higher compared to the prior year quarter due to higher margin product mix, cost optimization, and progress with on-going portfolio streamlining initiatives.
Other Business and Corporate Results
Other Business contribution of operating profit increased from a loss of $17 million to a profit of $55 million, driven by improved Captive Insurance results driven by lower claim settlements.
Corporate results for the three months ended September 30, 2025 and 2024 were as follows (in millions):

| Three Months Ended |  |  |  |
| September 30, |  |  |  |
| 2025 |  | 2024 |  | Change |  |
Interest expense - net (1) | (98) |  |  | (113) |  |  | 15 |  |  |
Unallocated corporate function costs (2) | (265) |  |  | (306) |  |  | 41 |  |  |
Revaluation losses, including impairment, and restructuring charges (3) | (174) |  |  | — |  |  | (174) |  |  |
Other income - net | 5 |  |  | 10 |  |  | (5) |  |  |
Total Corporate | $ | (532) |  |  | $ | (409) |  |  | $ | (123) |  |  |

(1)Interest expense - net decreased, primarily driven by lower balances of outstanding commercial paper and lower interest rates.
(2)Unallocated corporate function costs decreased, primarily driven by lower financing costs and select corporate function costs, partially offset by higher incentive compensation.
(3)Revaluation losses, including impairment, and restructuring charges includes an impairment charge related to previously capitalized internal-use software.
Non-GAAP Financial Measures
The Company uses certain “non-GAAP” financial measures as defined by the SEC. These are measures of performance not defined by accounting principles generally accepted in the United States, and should be considered in addition to, not in lieu of, GAAP reported measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this section.
The Company uses adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit, non-GAAP financial measures as defined by the SEC, to evaluate the Company’s financial performance.
Adjusted net earnings is defined as net earnings adjusted for the effects on net earnings of specified items as more fully described in the reconciliation tables. Adjusted diluted EPS is defined as diluted EPS adjusted for the effects on reported diluted EPS of specified items as more fully described in the reconciliation tables.
EBITDA is defined as earnings before interest on borrowings, taxes, and depreciation and amortization. Adjusted EBITDA is defined as earnings before interest on borrowings, taxes, depreciation, and amortization, adjusted to exclude the impact of specified items as more fully described in the reconciliation tables.
Total segment operating profit is defined as ADM’s consolidated earnings before income taxes, adjusted for Other Business, Corporate, and specified items as more fully described in the reconciliation tables.
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ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Management believes that adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit are useful measures of the Company’s performance because they provide investors additional information about the Company’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. Adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit are not intended to replace or be an alternative to net earnings, diluted EPS, and earnings before income taxes, the most directly comparable amounts reported under GAAP.
The table below provides a reconciliation of net earnings (the most directly comparable GAAP measure) to adjusted net earnings (a non-GAAP measure) and diluted EPS (the most directly comparable GAAP measure) to adjusted diluted EPS (a non-GAAP measure) for the three months ended September 30, 2025 and 2024.

| Three Months Ended September 30,
| 2025 |  | 2024
| In millions |  | Per share |  | In millions |  | Per share
Average number of shares outstanding - diluted | 484 |  |  |  |  | 483 |  |  |
Net earnings and reported EPS (diluted) | $ | 108 |  |  | $ | 0.22 |  |  | $ | 18 |  |  | $ | 0.04 |
Adjustments: (1) |  |  |  |  |  |  |
(Gain) on sale of assets and businesses (net of tax of $7 million in 2025) | (24) |  |  | (0.05) |  |  | (1) |  |  | — |
Impairment, exit, restructuring charges, and settlement contingencies (net of tax of $60 million in 2025 and $4 million in 2024) | 201 |  |  | 0.41 |  |  | 500 |  |  | 1.03 |
ADM's share of equity method investment penalty charge | 163 |  |  | 0.34 |  |  | — |  |  | — |
Certain discrete tax adjustments | — |  |  | — |  |  | 13 |  |  | 0.02 |
Total adjustments | 340 |  |  | 0.70 |  |  | 512 |  |  | 1.05 |
Adjusted net earnings and adjusted diluted EPS | $ | 448 |  |  | $ | 0.92 |  |  | $ | 530 |  |  | $ | 1.09 |

(1) Tax effected using the U.S. and other applicable tax rates.
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ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The table below provides a reconciliation of net earnings (the most directly comparable GAAP measure) to EBITDA (a non-GAAP measure) and adjusted EBITDA (a non-GAAP measure) for the three months ended September 30, 2025 and 2024 (in millions).

| Three Months Ended |  |
| September 30, |  |
| 2025 |  | 2024 |  |
Net Earnings Attributable to Archer-Daniels-Midland Company | $ | 108 |  |  | $ | 18 |  |  |
Net earnings attributable to non-controlling interests | 2 |  |  | — |  |  |
Income tax expense | 37 |  |  | 90 |  |  |
Earnings Before Income Taxes | 147 |  |  | 108 |  |  |
Interest expense (1) | 106 |  |  | 124 |  |  |
Depreciation and amortization (2) | 295 |  |  | 288 |  |  |
EBITDA | 548 |  |  | 520 |  |  |
(Gain) on sales of assets and businesses | (31) |  |  | (1) |  |  |
Impairment, exit, restructuring charges and settlement contingencies | 261 |  |  | 504 |  |  |
ADM's share of equity method investment penalty charge | 163 |  |  | — |  |  |
Railroad maintenance expenses | 12 |  |  | 28 |  |  |
Adjusted EBITDA | $ | 954 |  |  | $ | 1,051 |  |  |

(1) Represents interest expense on borrowings and therefore excludes ADM Investor Services related interest expense.
(2) Excludes $3 million of accelerated depreciation recorded within restructuring charges as a specified item for the three months ended September 30, 2025.
The table below provides a reconciliation of earnings before income taxes (the most directly comparable GAAP measure) to total segment operating profit (a non-GAAP measure) for the three months ended September 30, 2025 and 2024 (in millions).

| Three Months Ended |  |
| September 30, |  |
| 2025 |  | 2024 |  |
Earnings Before Income Taxes | $ | 147 |  |  | $ | 108 |  |  |
Other Business (earnings) loss | (55) |  |  | 17 |  |  |
Corporate | 532 |  |  | 409 |  |  |
Specified Items: |  |  |  |  |
(Gain) on sale of assets and businesses | (31) |  |  | (1) |  |  |
Impairment, exit, restructuring charges and settlement contingencies | 89 |  |  | 504 |  |  |
ADM's share of equity method investment penalty charge | 163 |  |  | — |  |  |
Total Segment Operating Profit | $ | 845 |  |  | $ | 1,037 |  |  |

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ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024
Results of Operations
Earnings before income taxes decreased $809 million from $1.6 billion to $779 million. Results in the current year period were primarily driven by lower pricing and execution margins. In the current year period, the Company recorded asset impairment, exit, and restructuring costs of $237 million, $187 million of impairments pursuant the Company’s updated investment strategy for startup or development stage companies, $173 million related to impairment of previously capitalized internal-use software, and $163 million of Wilmar related penalty charges. In the prior year period, the Company recorded a $461 million impairment of its investment in Wilmar and $43 million of asset impairment charges in Nutrition.
Total segment operating profit (a non-GAAP measure) decreased $736 million from $3.2 billion to $2.4 billion, primarily driven by lower results in the Ag Services and Oilseeds segment and the Carbohydrate Solutions segment. Total segment operating profit (a non-GAAP measure) in the nine months ended September 30, 2025 excluded specified items of $416 million that were primarily comprised of portfolio optimization and impairment charges, as well as the penalty charge related to Wilmar. Total segment operating profit (a non-GAAP measure) in the nine months ended September 30, 2024 excluded asset impairment charges of $517 million.
Total segment operating profit (a non-GAAP measure) is reconciled to earnings before income taxes, the most directly comparable GAAP measure, in the "Non-GAAP Financial Measures" section below.
Processed volumes by product for the nine months ended September 30, 2025 and 2024 were as follows (in thousand metric tons).

| Nine Months Ended |  |
| September 30, |  |
| 2025 |  | 2024 |  | Change
Oilseeds | 26,944 |  |  | 26,669 |  |  | 275 |
Corn | 13,861 |  |  | 13,833 |  |  | 28 |

The Company generally operates its production facilities, on an overall basis, at or near capacity, adjusting facilities individually, as needed, to react to the current margin environment and seasonal local supply and demand conditions. The increase in processed oilseeds volumes in the current year period was primarily related to improved North America crush volumes due to improved utilization after the restoration of operations at the Company’s Decatur, Illinois facility, in addition to higher volumes in South America due to increased plant reliability. The processed corn volumes were consistent year over year.
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ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Revenues for the nine months ended September 30, 2025 and 2024 were as follows (in millions):

| Nine Months Ended |  |
| September 30, |  |
| 2025 |  | 2024 |  | Change
Ag Services and Oilseeds |  |  |  |  |
Ag Services | $ | 31,708 |  |  | $ | 32,597 |  |  | $ | (889) |
Crushing | 7,847 |  |  | 9,046 |  |  | (1,199) |
Refined Products and Other | 8,002 |  |  | 7,999 |  |  | 3 |
Total Ag Services and Oilseeds | 47,557 |  |  | 49,642 |  |  | (2,085) |
Carbohydrate Solutions |  |  |  |  |
Starches and Sweeteners | 6,042 |  |  | 6,559 |  |  | (517) |
Vantage Corn Processors | 2,054 |  |  | 1,925 |  |  | 129 |
Total Carbohydrate Solutions | 8,096 |  |  | 8,484 |  |  | (388) |
Nutrition |  |  |  |  |
Human Nutrition | 3,226 |  |  | 3,029 |  |  | 197 |
Animal Nutrition | 2,500 |  |  | 2,546 |  |  | (46) |
Total Nutrition | 5,726 |  |  | 5,575 |  |  | 151 |
Total Segment Revenues | 61,379 |  |  | 63,701 |  |  | (2,322) |
Other Business | 334 |  |  | 331 |  |  | 3 |
Total Revenues | $ | 61,713 |  |  | $ | 64,032 |  |  | $ | (2,319) |

Revenues and cost of products sold in agricultural merchandising and processing businesses are significantly correlated to the underlying commodity prices and volumes. In periods of significant changes in market prices, the underlying performance of the Company is better evaluated by looking at margins since both revenues and cost of products sold, particularly in the Ag Services and Oilseeds segment, generally have a relatively equal impact from market price changes which generally result in an insignificant impact to gross profit.
Revenues decreased $2.3 billion to $61.7 billion, driven by lower sales prices ($2.4 billion), partially offset by higher sales volumes ($102 million). Lower sales prices of meal and soybeans were partially offset by higher sales prices of corn. Higher sales volumes of soybeans and oils were partially offset by lower sales volumes of sorghum and milo and wheat. Ag Services and Oilseeds revenues decreased 4% to $47.6 billion, driven by lower sales prices ($2.1 billion). Carbohydrate Solutions revenues decreased 5% to $8.1 billion, driven by lower sales prices ($342 million). Nutrition revenues increased 3% to $5.7 billion, driven by higher sales volumes ($103 million) and the benefit of a contract cancellation in Health and Wellness ($55 million).
Cost of products sold decreased $1.7 billion to $57.9 billion, primarily driven by lower average commodity costs. Manufacturing expenses increased $194 million to $5.8 billion driven by higher employee compensation costs and EMEA energy costs.
Gross profit decreased $600 million, or 14%, to $3.8 billion driven by a decrease in margins of $628 million for Ag Services and Oilseeds and $64 million for Carbohydrate Solutions, partially offset by an increase in margins of $83 million in Nutrition.
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ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Selling, general, and administrative expenses decreased $47 million to $2.7 billion primarily driven by lower third party service costs, partially offset by higher employee compensation costs.
Asset impairment, exit, and restructuring costs decreased $111 million to $421 million. Charges in the current year period included $237 million of restructuring charges, primarily driven by $190 million and $34 million of charges within the Nutrition segment and the Ag Services and Oilseeds segment, respectively, and an impairment charge of $173 million, related to previously capitalized internal-use software, within Corporate. Charges in the prior year period included a $461 million impairment charge related to the Company’s investment in Wilmar within the Ag Services and Oilseeds segment, a $43 million impairment charge related to certain discontinued Animal Nutrition trademarks within the Nutrition segment, and $12 million of restructuring costs within Corporate.
Equity in earnings of unconsolidated affiliates decreased $261 million to $237 million driven by lower earnings from the Company’s investments in Wilmar, reflecting the $163 million penalty charge, and in Terminal de Grãos Ponta da Montanha S.A., Hungrana Ltd, and Almidones Mexicanos S.A. de C.V., partially offset by higher earnings from the Company’s investment in Olenex.
Interest and investment income decreased $211 million to $189 million, driven by revaluation losses, including impairment losses of $99 million and $88 million within Corporate and the Nutrition segment, respectively, in addition to lower interest income at ADM Investor Services due to lower interest rates. Prior year period results were driven by a revaluation loss related to an investment in alternative protein and precision fermentation and lower interest rates for ADM Investor Services, partially offset by higher interest income within Corporate driven by higher interest rates and balances within money-market accounts.
Interest expense decreased $57 million to $470 million driven by decreased expense within Corporate driven by lower financing costs and favorable settlements of international tax audits, and lower interest rates at ADM Investor Services.
Other income — net increased $48 million to $140 million driven by gains on sale of assets and benefits from termination of a supply agreement, partially offset by lower foreign exchange gains and provisions for contingent losses.
Income tax expense decreased $210 million to $160 million. The Company’s effective tax rate for the nine months ended September 30, 2025 was 20.5% compared to 23.3% for the nine months ended September 30, 2024. The decrease in the effective tax rate for the nine months ended September 30, 2025 compared to the prior year period is related to the recognition of the impairment of the Company’s investment in Wilmar in the prior year and other discrete tax items specific to each period.
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ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Segment operating profit for the nine months ended September 30, 2025 and 2024 was as follows (in millions):

| Nine Months Ended |  |
| September 30, |  |
| 2025 |  | 2024 |  | Change
Segment Operating Profit (1) |  |  |  |  |
Ag Services and Oilseeds |  |  |  |  |
Ag Services | $ | 462 |  |  | $ | 461 |  |  | $ | 1 |
Crushing | 93 |  |  | 632 |  |  | (539) |
Refined Products and Other | 410 |  |  | 431 |  |  | (21) |
Wilmar | 205 |  |  | 279 |  |  | (74) |
Total Ag Services and Oilseeds | $ | 1,170 |  |  | $ | 1,803 |  |  | $ | (633) |
Carbohydrate Solutions |  |  |  |  |
Starches and Sweeteners | $ | 804 |  |  | $ | 1,039 |  |  | $ | (235) |
Vantage Corn Processors | 108 |  |  | 18 |  |  | 90 |
Total Carbohydrate Solutions | $ | 912 |  |  | $ | 1,057 |  |  | $ | (145) |
Nutrition |  |  |  |  |
Human Nutrition | $ | 263 |  |  | $ | 265 |  |  | $ | (2) |
Animal Nutrition | 77 |  |  | 33 |  |  | 44 |
Total Nutrition | $ | 340 |  |  | $ | 298 |  |  | $ | 42 |

(1) For the nine months ended September 30, 2025, segment operating profit for the Ag Services and Oilseeds, Carbohydrate Solutions and Nutrition segments included a positive impact of timing-related adjustments for incentive compensation payouts of $45 million, $12 million, and $20 million, respectively. The offsetting adjustment of $77 million was recorded in Corporate with no net impact to the Consolidated Financial Statements.
In the Ag Services and Oilseeds segment, segment operating profit decreased 35%. The Ag Services subsegment had similar operating profit compared to the prior year period. Global Trade results decreased driven by lower margins due to negative freight timing and weaker trading results. Ag Services results were further impacted by a decrease in volumes, the impact of certain export duties, and the temporary disruption at a key port facility in Brazil. These impacts were partially offset by North America Origination with improved results due to a strong corn exports, lower costs related to logistics take-or-pay contracts that negatively impacted the prior year period, productivity actions leading to decreased expenses, and improved Transportation results. The Ag Services subsegment had approximately $36 million of net positive mark-to-market timing impacts during the current year period, compared to approximately $15 million of net negative impacts in the prior year period. The Crushing subsegment had lower operating profit versus the prior year period, driven by lower soy and canola crush margins in North America and EMEA and higher manufacturing costs. South America Crushing results improved, driven by increased margins and volumes. The Crushing subsegment had approximately $66 million of net positive mark-to-market timing impacts during the current year period, compared to approximately $24 million of net positive impacts in the prior year period. The RPO subsegment operating profit was slightly lower than the prior year period, as lower vegetable oil demand and biofuel and trade policy evolution negatively impacted biodiesel and refining margins in Europe and North America. The RPO subsegment had approximately $24 million of net positive mark-to-market timing impacts during the current year period, compared to approximately $142 million of net negative impacts in the prior year period. Wilmar earnings decreased by $74 million to $205 million in the current year period.
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ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
In the Carbohydrate Solutions segment, segment operating profit decreased 14% compared to the prior year period. The Starches and Sweeteners subsegment operating profit was lower compared to the prior year period. In North America, results were driven by lower ethanol and starch margins and higher manufacturing costs. North American prior year period results benefitted from the receipt of $47 million of insurance proceeds for the partial settlement of the Decatur West insurance claims. In EMEA, results were driven by lower volumes and margins due to the competitive pricing environment and crop quality issues. Global Wheat Milling margins improved due to higher wheat basis gains. The Vantage Corn Processors subsegment operating profit increased compared to the prior year period, driven by improved margins resulting from improved risk management and higher ethanol volumes.
In the Nutrition segment, segment operating profit increased 14%. Human Nutrition results were fairly consistent relative to the prior year period. Specialty Ingredients results were lower compared to the prior year period driven by higher raw material and insurance costs due to the restoration of operations at the Company’s Decatur, Illinois facility. The prior year period also benefited from approximately $25 million of insurance proceed gains as compared to $9 million in the current year period. In Health and Wellness, results were lower, as decreased margins, driven by certain negative valuation adjustments and reduced tolling margins due to a contract cancellation, were partially offset by higher Biotics margins. Flavors saw a significant increase in operating profit compared to prior year period, driven by higher volumes and margins due to an increase in sales among existing key customers across multiple product categories. Animal Nutrition operating profit was 133% higher compared to the prior year period, driven by cost optimization efforts and improved margins due to higher margin product mix.
Other Business and Corporate Results
Other Business contribution of operating profit increased 23%, from $200 million to $245 million, driven by improved Captive Insurance results due to lower claim settlements, partially offset by lower net interest income in ADM Investor Services due to lower interest rates.
Corporate results for the nine months ended September 30, 2025 and 2024 were as follows (in millions):

| Nine Months Ended |  |
| September 30, |  |
| 2025 |  | 2024 |  | Change
Interest expense — net (1) | $ | (311) |  |  | $ | (351) |  |  | 40 |
Unallocated corporate function costs (2) | (912) |  |  | (903) |  |  | (9) |
Expenses related to acquisitions | — |  |  | (4) |  |  | 4 |
Revaluation losses, including impairment, and restructuring charges (3) | (278) |  |  | (12) |  |  | (266) |
Other income — net (4) | 29 |  |  | 16 |  |  | 13 |
Total Corporate | $ | (1,472) |  |  | $ | (1,254) |  |  | $ | (218) |

(1)Interest expense - net decreased, primarily driven by reduced reliance on external credit facilities and reduced short-term borrowings, partially offset by higher average balances on the commercial paper program and absence of prior period interest cost on tax settlement.
(2)Unallocated corporate function costs increased, primarily driven by higher incentive compensation adjustments, partially offset by lower financing costs and select corporate function costs.
(3)Revaluation losses, including impairment, and restructuring charges includes an impairment charge related to previously capitalized internal-use software and impairment losses on certain investments.
(4)Other income - net increased, primarily driven by timing of railroad maintenance expenses.
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ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Non-GAAP Financial Measures
The Company uses certain “non-GAAP” financial measures as defined by the SEC. These are measures of performance not defined by accounting principles generally accepted in the United States, and should be considered in addition to, not in lieu of, GAAP reported measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this section.
The Company uses adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit, non-GAAP financial measures as defined by the SEC, to evaluate the Company’s financial performance.
Adjusted net earnings is defined as net earnings adjusted for the effects on net earnings of specified items as more fully described in the reconciliation tables. Adjusted diluted EPS is defined as diluted EPS adjusted for the effects on reported diluted EPS of specified items as more fully described in the reconciliation tables.
EBITDA is defined as earnings before interest on borrowings, taxes, and depreciation and amortization. Adjusted EBITDA is defined as earnings before interest on borrowings, taxes, depreciation, and amortization, adjusted to exclude the impact of specified items as more fully described in the reconciliation tables.
Total segment operating profit is defined as ADM’s consolidated earnings before income taxes, adjusted for Other Business, Corporate, and specified items as more fully described in the reconciliation tables.
Management believes that adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit are useful measures of the Company’s performance because they provide investors additional information about the Company’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. Adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit are not intended to replace or be an alternative to net earnings, diluted EPS, and earnings before income taxes, the most directly comparable amounts reported under GAAP.
The table below provides a reconciliation of net earnings (the most directly comparable GAAP measure) to adjusted net earnings (a non-GAAP measure) and diluted EPS (the most directly comparable GAAP measure) to adjusted diluted EPS (a non-GAAP measure) for the nine months ended September 30, 2025 and 2024.

| Nine Months Ended September 30,
| 2025 |  |  | 2024
| In millions |  | Per share |  |  | In millions |  | Per share
Average number of shares outstanding - diluted | 484 |  |  |  |  |  | 497 |  |  |
Net earnings and reported EPS (diluted) | $ | 622 |  |  | $ | 1.29 |  |  |  | $ | 1,233 |  |  | $ | 2.48 |
Adjustments: (1) |  |  |  |  |  |  |  |
(Gain) on sale of assets and businesses (net of tax of $9 million in 2025) | (30) |  |  | (0.06) |  |  |  | (1) |  |  | — |
Impairment, exit, restructuring charges, and settlement contingencies (net of tax of $103 million in 2025 and $6 million in 2024) | 535 |  |  | 1.10 |  |  |  | 523 |  |  | 1.06 |
ADM's share of equity method investment penalty charge | 163 |  |  | 0.34 |  |  |  | — |  |  | — |
Expenses related to acquisitions (net of tax of $1 million in 2024) | — |  |  | — |  |  |  | 3 |  |  | 0.01 |
(Gain) on contract termination (net of tax of $17 million in 2025) | (52) |  |  | (0.11) |  |  |  | — |  |  | — |
Certain discrete tax adjustments | — |  |  | — |  |  |  | 30 |  |  | 0.06 |
Total adjustments | 616 |  |  | 1.27 |  |  |  | 555 |  |  | 1.13 |
Adjusted net earnings and adjusted diluted EPS | $ | 1,238 |  |  | $ | 2.56 |  |  |  | $ | 1,788 |  |  | $ | 3.61 |

(1) Tax effected using the U.S. and other applicable tax rates.
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ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The table below provides a reconciliation of net earnings (the most directly comparable GAAP measure) to EBITDA (a non-GAAP measure) and adjusted EBITDA (a non-GAAP measure) for the nine months ended September 30, 2025 and 2024 (in millions).

| Nine Months Ended |  |
| September 30, |  |
| 2025 |  | 2024 |  |
Net Earnings Attributable to Archer-Daniels-Midland Company | $ | 622 |  |  | $ | 1,233 |  |  |
Net (losses) attributable to non-controlling interests | (3) |  |  | (15) |  |  |
Income tax expense | 160 |  |  | 370 |  |  |
Earnings Before Income Taxes | 779 |  |  | 1,588 |  |  |
Interest expense (1) | 338 |  |  | 375 |  |  |
Depreciation and amortization (2) | 865 |  |  | 854 |  |  |
EBITDA | 1,982 |  |  | 2,817 |  |  |
(Gain) on sales of assets and businesses | (39) |  |  | (1) |  |  |
Impairment, exit, restructuring charges and settlement contingencies | 638 |  |  | 529 |  |  |
ADM's share of equity method investment penalty charge | 163 |  |  | — |  |  |
(Gain) on contract termination | (69) |  |  | — |  |  |
Expenses related to acquisitions | — |  |  | 4 |  |  |
Railroad maintenance expenses | 16 |  |  | 32 |  |  |
Adjusted EBITDA | $ | 2,692 |  |  | $ | 3,381 |  |  |

(1) Represents interest expense on borrowings and therefore excludes ADM Investor Services related interest expense.
(2) Excludes $11 million of accelerated depreciation recorded within restructuring charges as a specified item for the nine months ended September 30, 2025.
The table below provides a reconciliation of earnings before income taxes (the most directly comparable GAAP measure) to total segment operating profit (a non-GAAP measure) for the nine months ended September 30, 2025 and 2024 (in millions).

| Nine Months Ended |  |
| September 30, |  |
| 2025 |  | 2024 |  |
Earnings Before Income Taxes | $ | 779 |  |  | $ | 1,588 |  |  |
Other Business (earnings) | (245) |  |  | (200) |  |  |
Corporate | 1,472 |  |  | 1,254 |  |  |
Specified Items: |  |  |  |  |
(Gain) on sale of assets and businesses | (39) |  |  | (1) |  |  |
Impairment, exit, restructuring charges and settlement contingencies | 361 |  |  | 517 |  |  |
(Gain) on contract termination | (69) |  |  | — |  |  |
ADM's share of equity method investment penalty charge | 163 |  |  | — |  |  |
Total Segment Operating Profit | $ | 2,422 |  |  | $ | 3,158 |  |  |

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ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
The Company’s objective is to have sufficient liquidity, balance sheet strength, and financial flexibility to fund the operating and capital requirements of a capital-intensive agricultural commodity-based business. The Company depends on access to credit markets, which can be impacted by its credit rating and factors outside of the Company’s control, to fund its working capital needs and capital expenditures.
The primary source of funds to finance the Company’s operations, capital expenditures, and advancement of its growth strategy is cash generated by operations and lines of credit, including a commercial paper borrowing facility and accounts receivable securitization programs. In addition, the Company believes it has access to funds from public and private equity and debt capital markets in both U.S. and international markets.
At September 30, 2025, the Company’s capital resources included shareholders’ equity of $22.5 billion and lines of credit, including the accounts receivable securitization programs described below, totaling $12.2 billion, of which $9.8 billion was unused. Of the Company’s total lines of credit, $5.1 billion supported the combined U.S. and European commercial paper borrowing programs. At September 30, 2025, there was $190 million of commercial paper outstanding.
As of September 30, 2025, the Company had $1.2 billion of cash and cash equivalents, $629 million of which was cash held by foreign subsidiaries whose undistributed earnings are considered indefinitely reinvested. Based on the Company’s historical ability to generate sufficient cash flows from its U.S. operations and unused and available U.S. credit capacity of $5.6 billion, the Company has asserted that these funds are indefinitely reinvested outside the U.S.
As of September 30, 2025, the Company had total available liquidity of $11.0 billion comprised of cash and cash equivalents and unused lines of credit. The Company believes that cash flows from operations, cash and cash equivalents on hand, and unused lines of credit will be sufficient to meet its ongoing liquidity requirements for at least the next twelve months.
Operating Cash Flows
Cash provided by operating activities was $5.8 billion and $2.5 billion for the nine months ended September 30, 2025 and 2024, respectively.
The increase in cash provided by operating activities was primarily driven by changes in operating assets and liabilities, partially offset by lower earnings for the nine months ended September 30, 2025. Changes in net working capital were driven by changes in segregated investments, payables to brokerage customers, inventory, trade payables, and other current assets.
Segregated investments decreased $113 million in the current year period compared to an increase of $257 million in the prior year period, driven by business conditions and change in mix of investment portfolio.
Brokerage payables increased $1.8 billion in the current year period compared to a decrease of $249 million in the prior year period, driven by changes in customer balances in the brokerage business due to changes in business conditions.
Inventories decreased $3.2 billion i n the current year period compared to a decrease of $1.2 billion in the prior year period, largely driven by the Company’s sharpening of its inventory management practices.
Trade payables decreased by $637 million in the current year period compared to a decrease of $1.4 billion in the prior year period, primarily driven by changing market conditions and improved payment terms.
Other current assets increased by $190 million in the current year period compared to a decrease of $745 million in the prior year perio d, primarily driven by changes in ADM Investor Services customer related receivables and the valuation of derivative contracts.
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ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Investing Cash Flows
Net cash used in investing activities was $644 million and $2.0 billion for the nine months ended September 30, 2025 and 2024, respectively.
Net cash used in investing activities for the nine months ended September 30, 2025 included additions to property, plant, and equipment of $892 million and business acquisitions, net of cash acquired, of $108 million, partially offset by proceeds from sales of marketable securities of $276 million and proceeds from the sale of assets of $78 million.
Net cash used in investing activities for the nine months ended September 30, 2024 included business acquisitions, net of cash acquired, of $936 million and additions to property, plant, and equipment of $1.1 billion.
Financing Cash Flows
Net cash used in financing activities was $3.2 billion and $1.5 billion for the nine months ended September 30, 2025 and 2024, respectively.
In the three and nine months ended September 30, 2025, the Company repaid in full €650 million of 1.000% notes, previously included within Current maturities of long-term debt. Net cash used in financing activities for the nine months ended September 30, 2025 and September 30, 2024 also included net (repayments) borrowings under short-term credit agreements of $(1.7) billion and $1.6 billion, respectively.
No share repurchases were made in the nine months ended September 30, 2025. Share repurchases for the nine months ended September 30, 2024 were $2.3 billion.
Dividends paid for the nine months ended September 30, 2025 and 2024 were $743 million and $744 million, respectively.
Stock Repurchase Program
On March 12, 2024, the Company entered into an accelerated share repurchase (“ASR”) transaction agreement with Merrill Lynch International, an affiliate of BofA Securities, Inc., to repurchase $1.0 billion of ADM common stock as part of ADM’s existing share repurchase program.
On March 28, 2024, the Company received an interim delivery of 8,880,986 shares at an average share price of $60.596, or $538 million in aggregate. On April 15, 2024, the Company received a final delivery of 7,325,733 shares at an average share price of $63.045, or $462 million in aggregate, as final settlement of the ASR transaction.
On December 11, 2024, the Company's Board of Directors approved a second extension of the stock repurchase program through December 31, 2029 and the repurchase of up to an additional 100 million shares under the extended program.
As of September 30, 2025, the Company had 115 million remaining shares under its share repurchase program until December 31, 2029.
Accounts Receivable Securitization Programs
The Company has accounts receivable securitization programs (the “Programs”) with certain commercial paper conduit purchasers and committed purchasers. The Programs provide the Company with up to $3.0 billion in funding against accounts receivable transferred into the Programs and expands the Company’s access to liquidity through efficient use of its balance sheet assets (see Note 15. Sale of Accounts Receivable within “Notes to Consolidated Financial Statements” included in Item 1. Consolidated Financial Statements for further information). As of September 30, 2025, the Company had $866 million unused capacity of its facility under the Programs.
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ARCHER-DANIELS-MIDLAND COMPANY
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Contractual Obligations and Commercial Commitments
The Company’s purchase obligations as of September 30, 2025 and December 31, 2024 were $13.2 billion and $12.4 billion, respectively. As of September 30, 2025, the Company expects to make payments related to purchase obligations of $10.6 billion within the next twelve months. There were no other material changes in the Company’s contractual obligations during the three months ended September 30, 2025.
Critical Accounting Estimates
There were no material changes in the Company’s critical accounting estimates during the three months ended September 30, 2025. For a description of the Company’s critical accounting estimates and assumptions used in the preparation of the Company’s financial statements, see Part II. Item 7 and Note 1 of “Notes to Consolidated Financial Statements” included in Part II. Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The market risk inherent in the Company’s market risk sensitive instruments and positions is the potential loss arising from adverse changes in: commodity market prices as they relate to the Company’s net commodity position, foreign currency exchange rates, equity price and interest rates.
For detailed information regarding the Company’s market risk sensitive instruments and positions, see Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
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ARCHER-DANIELS-MIDLAND COMPANY
CONTROLS AND PROCEDURES
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
As of September 30, 2025, an evaluation was performed under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s “disclosure controls and procedures” (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)). Based on that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded the Company’s disclosure controls and procedures were effective as of September 30, 2025.
Internal Control Over Financial Reporting
As disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, during the fourth quarter of 2023, in connection with the Company’s investigation relating to intersegment sales, the Company identified a material weakness in its internal control over financial reporting related to the Company’s accounting practices and procedures for segment disclosures. The material weakness resulted from inadequate controls that allowed for certain intersegment sales to be reported at amounts that were not in accordance with ASC 606, Revenue from Contracts with Customers. Specifically, the Company did not have adequate controls in place around measurement of certain intersegment sales between the Company’s reporting segments. In addition, appropriate controls were not in place for the reporting of intersegment sales and for the application of disclosure requirements within ASC 280, Segment Reporting. The absence of adequate controls with respect to the reporting of intersegment sales impacted the completeness and accuracy of the Company’s segment disclosures and review controls over projected financial information utilized in goodwill and other long-lived asset impairment tests.
Remediation of Previously Disclosed Material Weakness in Internal Control over Financial Reporting
In response to the material weakness referred to above, under the oversight of the Audit Committee of the Company's Board of Directors, the Company implemented changes to its internal control over financial reporting, related to the Company’s accounting practices and procedures for intersegment sales and to enhance the reliability of its financial statements with respect to the pricing and reporting of such sales. Specifically, the Company has (i) enhanced the Company’s procedures and accounting policies with respect to the measurement of intersegment sales and (ii) improved its documentation of the Company’s pricing guidelines for intersegment sales. In addition, the design and documentation of the execution of pricing and measurement controls for segment disclosure purposes and projected financial information used in impairment analyses have been enhanced. Further, training for relevant personnel on the measurement of intersegment sales and application of relevant accounting guidance to intersegment sales and segment disclosures has been provided and continues to be an integral part of the Company’s on-going annual training program.
Based on evidence validating the operational effectiveness of the Company’s new implemented controls, as previously disclosed, the Company concluded that the previously disclosed material weakness was fully remediated as of June 30, 2025. Management will continue testing of these controls through the end of the fiscal year, at which time the internal controls will be evaluated by Management and Ernst & Young LLP in connection with the Company’s report on, and audit of, the internal control over financial reporting.
Changes in Internal Control Over Financial Reporting
The Company is undertaking upgrades to its IT platforms on a worldwide basis. The Company did not have any material changes to its IT platforms during the three months ended September 30, 2025.
There have been no changes in internal control over financial reporting during the three months ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
During the nine months ended September 30, 2025, the Company completed the acquisition of Vandamme Hugaria Kft. As a result of the acquisition, the Company is in the process of reviewing the internal control structures of the business and, if necessary, will make appropriate changes as the Company incorporates its controls and procedures into the acquired business.
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ARCHER-DANIELS-MIDLAND COMPANY
PART II — OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
For information regarding certain legal proceedings involving the Company, see Part I. Item 1. Note 17. Legal Proceedings of “Notes to Consolidated Financial Statements”, which is incorporated herein by reference.
ITEM 1A. RISK FACTORS
In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Issuer Purchases of Equity Securities
The following table provides information about purchases by the Company during the three months ended September 30, 2025 of equity securities that are registered by the Company pursuant to Section 12 of the Exchange Act. Under the Company’s current stock repurchase program, subject to applicable law, share repurchases may be made from time to time in open market transactions or privately negotiated transactions.

Period |  | Total Number of Shares Purchased(1) |  | Average Price Paid per Share |  | Total Number of Shares Purchased as Part of a Publicly Announced Program(2) |  | Number of Shares Remaining to be Purchased Under the Program(2)
July 1, 2025 to July 31, 2025 |  | 9,657 |  |  | $ | 54.89 |  |  | — |  |  | 114,764,049 |
August 1, 2025 to August 31, 2025 |  | 27,353 |  |  | 54.43 |  |  | — |  |  | 114,764,049 |
September 1, 2025 to September 30, 2025 |  | 11,091 |  |  | 61.94 |  |  | — |  |  | 114,764,049 |
Total |  | 48,101 |  | $ | 56.25 |  |  |  |  | 114,764,049 |

(1)Total shares purchased represent shares received as payments for the withholding taxes on vested restricted stock awards.
(2)On November 5, 2014, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to 100,000,000 shares of the Company’s common stock during the period commencing January 1, 2015 and ending December 31, 2019. On August 7, 2019, the Company’s Board of Directors approved the extension of the stock repurchase program through December 31, 2024 and the repurchase of up to an additional 100,000,000 shares under the extended program. On December 11, 2024, the Company's Board of Directors approved a second extension of the stock repurchase program through December 31, 2029 and the repurchase of up to an additional 100,000,000 shares under the extended program.
ITEM 5. OTHER INFORMATION
Insider Trading Arrangements
None of the Company’s directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, modified or terminated any contract, instruction, or written plan for the purchase or sale of ADM’s securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act or any non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the three months ended September 30, 2025.
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ARCHER-DANIELS-MIDLAND COMPANY
PART II — OTHER INFORMATION
ITEM 6. EXHIBITS

Exhibit No. |  | Description |  | SEC Document Reference
(3.1) |  | Composite Certificate of Incorporation, as amended. |  | Incorporated by reference to Exhibit 3(i) to the Company’s Quarterly Report on Form 10-Q filed on November 13, 2001.
(3.2) |  | Bylaws, as amended through November 2, 2022. |  | Incorporated by reference to Exhibit 3(ii) to the Company’s Annual Report on Form 10-K filed on February 14, 2023).
(31.1) |  | Certification of Principal Executive Officer pursuant to Rule 13a–14(a) and Rule 15d–14(a) of the Securities Exchange Act of 1934, as amended. |  | Filed herewith.
(31.2) |  | Certification of Principal Financial Officer pursuant to Rule 13a–14(a) and Rule 15d–14(a) of the Securities Exchange Act of 1934, as amended. |  | Filed herewith.
(32.1) |  | Certification of Principal Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |  | Furnished herewith.
(32.2) |  | Certification of Principal Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |  | Furnished herewith.
(101) |  | Inline XBRL file set for the Consolidated Financial Statements and accompanying notes in Part I, Item 1, “Financial Statements” and for the information under Part II, Item 5, “Other Information” of this Quarterly Report on Form 10-Q. |  | Filed herewith.
(104) |  | Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL file set. |  | Filed herewith.

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

|  | ARCHER-DANIELS-MIDLAND COMPANY
|  | (Registrant)
Dated: | November 4, 2025 | /s/ M. Patolawala
|  | M. Patolawala
|  | Chief Financial Officer
|  | (Principal Financial Officer and Duly Authorized Officer)

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