Archer-daniels-midland Company · NYSE:ADM
Archer-daniels-midland — Q4 2025 Earnings Presentation
23 slides from Archer-daniels-midland's earnings presentation, Feb 3, 2026
Slide 1: Fourth Quarter and Full Year 2025 Earnings Conference Call
Fourth Quarter and Full Year 2025 Earnings Conference Call February 3, 2026
Slide 2: Cautionary Note Regarding Forward-Looking Statements
2 Proprietary business information of ADM. Cautionary Note Regarding Forward-Looking Statements This presentation 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 t
Slide 3: Non-GAAP Financial Measures
3 Proprietary business information of ADM. Non-GAAP Financial Measures The Company uses certain “Non-GAAP” financial measures as defined by the Securities and Exchange Commission. These are measures of performance not defined by accounting principles generally accepted in the United States (GAAP), a
Slide 4: Performance Highlights
4 Performance Highlights Proprietary business information of ADM. 4Q and FY 2025 4Q25 Highlights 4Q 2025 4Q 2025 TRAILING 4-QUARTER • Results in line with previously Adjusted Earnings Per Share1,2,5 Total Segment Operating Profit1,3 Adjusted ROIC1,6 disclosed expectations • Delivered record crush vo
Slide 5: Self Help: Balancing Cost, Simplification, Investment, and Capital Discipline
Proprietary business information of ADM. 5 Self Help: Balancing Cost, Simplification, Investment, and Capital Discipline On-track to deliver aggregate cost savings of $500 - $750 million over the next 3 - 5 years, which began in 2025 Execution Simplification Targeted Organic Capital and Cost Focus F
Slide 6: Value Creation over the Long Term
Proprietary business information of ADM. 6 Value Creation over the Long Term Leveraging technology, assets and expertise to deliver the next wave of growth Enhanced Precision Biotics Decarbonization Biosolutions Nutrition Fermentation Expanding high-value, Scaling proprietary biotics Driving margin
Slide 7: Ag Services & Oilseeds Segment Performance
7 Ag Services & Oilseeds Segment Performance Proprietary business information of ADM. Segment Operating Profit (in millions of dollars) Segment Operating Profit Decreased 31% 4Q25 vs 4Q24 and 34% 2025 vs 2024 primarily due to lower exports in dynamic global trade environment, and weaker crush and re
Slide 8: Carbohydrate Solutions Segment Performance
8 Carbohydrate Solutions Segment Performance Proprietary business information of ADM. Segment Operating Profit (in millions of dollars) Segment Operating Profit Decreased 6% 4Q25 vs 4Q24 and 12% 2025 vs 2024 primarily due to lower global starches and sweeteners demand, partially offset by higher eth
Slide 9: Nutrition Segment Performance
9 Nutrition Segment Performance Proprietary business information of ADM. Revenue and Segment Operating Profit (in millions of dollars) Overall Segment 4Q25: Revenue remained flat; Operating profit decreased 11%, with Revenue decline primarily attributable to a reduction of insurance proceeds receive
Slide 10: Cash Flows from Operations and Cash Deployment
10 Cash Flows from Operations and Cash Deployment Proprietary business information of ADM. 2025 versus 2024 Solid cash position despite challenging commodities environment Cash flows from operating activities: Cash from Operations Before Working Capital 1 Cash flows from operations before working ca
Slide 11: Company Outlook
11 Company Outlook Proprietary business information of ADM. Growth expected to accelerate throughout 2026 FY26 Planning Assumptions • FY 2026: Expect soybean crush margins to strengthen, driven by improved policy clarity • Crush execution margin improvement dependent on timing of U.S. biofuel policy
Slide 12: 2026 Guidance
12 2026 Guidance Proprietary business information of ADM. Metric 2025 2026 Guidance Adjusted EPS1,3,4 $3.43 $3.60 - $4.25 Capital Expenditures $1.2 billion $1.3 - $1.5 billion Diluted Weighted Avg. Shares Outstanding ~484 million shares ~484 million shares Adjusted Net Debt/Adjusted EBITDA1,2,4 1.9x
Slide 13: Positioned for growth as an increasingly constructive operating environment emerges
13 Proprietary business information of ADM. Positioned for growth as an increasingly Execution Long-term constructive and Cost Focus Value Creation operating environment emerges Targeted Organic Capital Growth Investment Discipline
Slide 14: Appendix
14 Proprietary business information of ADM. Appendix
Slide 15: Total Segment Operating Profit Reconciliation and Corporate Results
15 Total Segment Operating Profit Reconciliation and Corporate Results Proprietary business information of ADM. Quarter Ended Dec. 31 Year Ended Dec. 31 (Amounts in millions) 2025 2024 Change 2025 2024 Change Earnings before income taxes $ 476 $ 667 $ (191) $ 1,255 $ 2,255 $ (1,000) Other Business (
Slide 16: Balance Sheet Highlights
16 Balance Sheet Highlights Proprietary business information of ADM. December 31, (Amounts in millions) 2025 2024 Cash 1,015 611 Short-term marketable securities 32 246 Net property, plant, and equipment 11,179 10,837 Operating working capital (1) 7,888 9,501 - Total inventories 10,369 11,572 Total
Slide 17: Cash Flow Highlights
17 Cash Flow Highlights Proprietary business information of ADM. Year Ended December 31, (Amounts in millions) 2025 2024 Cash from operations before working capital changes(1,2) $ 2,689 $ 3,282 Changes in working capital 2,763 (492) Purchases of property, plant, and equipment (1,248) (1,563) Net ass
Slide 18: GAAP Statement of Earnings Summary
18 GAAP Statement of Earnings Summary Proprietary business information of ADM. Quarter ended December 31, Year ended December 31, (Amounts in millions except per share data) 2025 2024 Change 2025 2024 Change Revenues $ 18,556 $ 21,498 $ (2,942) $ 80,269 $ 85,530 $ (5,261) Cost of products sold $ 17,
Slide 19: Reconciliation of Adjusted Net Earnings and Adjusted EPS
19 Proprietary business information of ADM. Reconciliation of Adjusted Net Earnings and Adjusted Earnings Per Share (EPS)(1) Quarter ended December 31, Year ended December 31, 2025 2024 2025 2024 In millions Per share In millions Per share In millions Per share In millions Per share Net earnings and
Slide 20: ROIC versus WACC Q4 CY25
20 ROIC versus WACC Q4 Proprietary business information of ADM. CY25 LT Adjusted ROIC Objective: 10% Trailing 4Q Average ROIC (1) 4.5 % Trailing 4Q Average Adjusted ROIC(1) 6.3 % Annual WACC 8.3 % Long-Term WACC 7.0 % Trailing 4Q Average Adjusted EVA $(0.6)B 1. Non-GAAP measure - see notes on page 3
Slide 21: Reconciliation of ROIC and Adjusted ROIC
21 Reconciliation of ROIC and Adjusted ROIC Proprietary business information of ADM. ROIC Earnings (Amounts in millions) Four Quarters Quarter Ended Ended Mar. 31, 2025 Jun. 30, 2025 Sep. 30, 2025 Dec. 31, 2025 Dec. 31, 2025 Net earnings attributable to ADM $ 295 $ 219 $ 108 $ 456 $ 1,078 Adjustment
Slide 22: Reconciliation of Adjusted EBITDA
22 Reconciliation of Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization Proprietary business information of ADM. (EBITDA)(1) (Amounts in millions) Four Quarters Four Quarters Quarter Ended Ended Ended Mar. 31, 2025 Jun. 30, 2025 Sep. 30, 2025 Dec. 31, 2025 Dec. 31, 2025 Dec. 31,
Slide 23: Reconciliation of Adjusted Net Debt to Total Debt
23 Reconciliation of Adjusted Net Debt(1) to Total Debt and Adjusted Net Debt(1) / Adjusted Proprietary business information of ADM. EBITDA(1) Quarter ended December 31, Year ended December 31, 2025 2024 2025 2024 In millions Per share In millions Per share In millions Per share In millions Per shar
Archer-Daniels-Midland Company — Q4 2025 Earnings Presentation on 6ix