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Archer Daniels Midland (ADM) stock

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NYSE: ADM NYSE Agricultural Products & Services Next results ~November 3, 2026

B Fundamentals grade

Archer-Daniels-Midland (ADM) is a global agricultural supply-chain manager and processor. It buys crops from thousands of farmers worldwide and uses its origination, logistics and manufacturing network to turn raw commodities into products for the food, feed, fuel and industrial sectors. Its output ranges from vegetable oils, oilseed meals, sweeteners, starches, syrups, wheat flour and ethanol to plant-based proteins, natural colours and flavours, probiotics, enzymes and supplements, alongside biofuels made from agricultural feedstocks.

Customers include food and beverage makers, livestock and poultry feed producers, renewable diesel manufacturers and buyers of health and nutrition products; ADM earns revenue chiefly by selling these processed commodities and ingredients. It also provides commodity brokerage through ADM Investor Services and insurance through its Agrinational subsidiary. Soybeans, soybean meal and corn are its largest products by sales.

The business runs through three segments: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition. ADM operates across North America, Latin America, EMEA and Asia-Pacific, employing 41,496 people at the end of 2025, and holds a 22.5% stake in Singapore-listed Wilmar International.

Based on Archer Daniels Midland's 10-K filed February 17, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$110

Cash-flow model

Base case. Range ~$75–$140 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 28% below our base value.

Price used: $75.77, November 2, 2026

Archer Daniels Midland valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Archer Daniels Midland files

Where Archer Daniels Midland stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $82.1bn, down 0.8% on a year earlier, faster than -3.9% a quarter earlier. That puts it 848 of 931 for growth among all the companies we cover. Free-cash-flow margin fell to 2.0% from 5.0% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 4 of our 5 financial-health checks. Our cash-flow model value is $84.42 a share, against a share price of $80.70. At that price, our model says the market is pricing in about 1.3% a year of cash-flow growth for five years, faster than the -0.8% a year revenue growth it has delivered.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

Archer Daniels Midland's trailing-twelve-month revenue fell 0.8% year on year, with a free-cash-flow margin of 2.0%. Where it stands out: days sales outstanding of 15 days ranks 1 of 15 agricultural products & services companies we cover.

Our discounted-cash-flow model values the business at ~$110 per share in the base case (~$75–$140 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 59.2% while net income grew 61.1%: a 120pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $75.77 is 39% below our value per share of $110.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Revenue shrinking. Revenue fell 0.8% over the last 12 months.
  • Below peers: gross margin. Gross margin of 6.9% ranks 15 of 19 agricultural products & services companies we cover (median 11.4%).

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$1.84 against an average estimate of $1.44: beat by 28.0%
Revenue
$22.68bn, up 7.2% on a year earlier
Share reaction
-0.6% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Guidance given
adjusted EPS $5.15 to $5.6 (2026); capital expenditures $1.3bn to $1.5bn (2026)
Next report
November 3, 2026; average EPS estimate $1.60

Archer Daniels Midland's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.5%
  • 1 week-4.1%
  • 1 month-5.8%
  • This year+34.5%
  • 1 year+28.8%
  • 5 years+34.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$82.1B
Net margin
2.2%
EPS (TTM, diluted)
$3.65

Growth

Revenue growth
−0.8%
Change in growth rate
+3.1 pts
Share count change
+0.3%

Cash

Free cash flow (TTM)
$1.7B
FCF margin
2.0%
Stock pay % of revenue
0.2%

Earnings

Last results
November 3, 2026
Next results (est.)
February 2, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Announcement
  3. Partnership
  4. Results
  5. Announcement
  6. Partnership
  7. Announcement
  8. Announcement
  9. Leadership
  10. Dividend
  11. Results
  12. Guidance
  13. Product
  14. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Archer Daniels Midland valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 2.5% a year for five years.That is close to the -0.8% a year revenue growth Archer Daniels Midland has delivered.

  • Priced in-2.5%
  • Last 12 months-0.8%
  • 3 years a year-6.3%
  • 5 years a year-0.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($72.38, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$110
Price used
$72.38close November 3, 2026
Implied change
▲ +45%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Archer Daniels Midland's free cash flow after stock-based pay with after-tax interest added back ($3.3B, FY2026 Q2 TTM), growing 6.4% and 3% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$75–~$140 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Archer Daniels Midland's free cash flow after stock-based pay ( $3.3B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Archer Daniels Midland as an operating company, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.46 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$110 ~$75–$140 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$59 ~$48–$82 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$84 ~$57–$130 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$100 ~$80–$130 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$91 ~$59–$110 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Archer Daniels Midland with Agricultural Products & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −31%
  • Revenue growth 5 points higher ▲ +41%
  • Free-cash-flow margin 1 point lower ▼ −48%
  • Last year's free-cash-flow margin change, if it persists ▼ −58%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $83$118$165$226$305$408
8.5% $61$86$119$163$220$293
10% $47$66$92$125$169$224

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$26.67$34.24$31.00$32.63$38.21$42.97$59.01$82.60$65.73$47.64$56.33$75.77
Market value$16.6bn$20.2bn$17.7bn$18.5bn$21.6bn$24.3bn$33.4bn$46.5bn$35.6bn$23.5bn$27.3bn$36.7bn
+ Net debt (− = net cash)$5.0bn$6.3bn−$804m$6.4bn$8.0bn$9.3bn$8.6bn$8.1bn$7.0bn$9.5bn$7.4bn$7.0bn
Enterprise value$21.5bn$26.5bn$16.9bn$24.9bn$29.6bn$33.5bn$42.0bn$54.6bn$42.6bn$33.0bn$34.7bn$43.7bn
Multiples
Price / sales 0.2x0.3x0.3x0.3x0.3x0.4x0.4x0.5x0.4x0.3x0.3x0.4x
Price / earnings 9.0x15.8x11.1x10.2x15.7x13.7x12.3x10.7x10.2x13.0x25.3x20.7x
Price / free cash flow 28.6x—————6.2x21.5x12.0x19.1x6.5x21.9x
EV / EBITDA ————————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

44 /100

Weak moat

How hard Archer Daniels Midland's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 3 / 20

    Cash operating profit has been a median 4.1% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 6.8%, moving by 0.5 percentage points (standard deviation) across 10 years.

  • Durability 7 / 20

    Net margin has been a median 2.8%; its worst year was 1.3%.

  • Cash conversion 7 / 20

    Free cash flow was positive in 6 of 10 years, at a median 1.0% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 14.4% over five years; stock-based pay has been a median 0.1% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, before the open. Analysts expect revenue of $23.5bn and EPS of $1.60 (range $1.45 to $1.71) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $5.54 +62% $86.8bn +8%
Next $5.68 +3% $91.2bn +5%

Next year's EPS estimate has moved +3.8% in 90 days, across 11 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +17.4% on 90 days ago. In the last 30 days, 1 analyst raised Archer Daniels Midland's forecast and 0 cut it.

Consensus EPS forecast Archer Daniels Midland, last 90 days
$4.50 $5.00 $5.50 $6.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.72 Current fiscal year, 60 days ago: $5.50 Current fiscal year, 30 days ago: $5.50 Current fiscal year, 7 days ago: $5.53 Current fiscal year, Now: $5.54 $5.54 Next fiscal year, 90 days ago: $5.47 Next fiscal year, 60 days ago: $5.64 Next fiscal year, 30 days ago: $5.67 Next fiscal year, 7 days ago: $5.67 Next fiscal year, Now: $5.68 $5.68

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.72$5.47
60 days ago $5.50$5.64
30 days ago $5.50$5.67
7 days ago $5.53$5.67
Now $5.54$5.68

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.44 $1.84 +28.0%
Mar 2026 $0.66 $0.71 +7.8%
Dec 2025 $0.80 $0.87 +9.2%
Sept 2025 $0.85 $0.92 +7.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • adjusted EPS 2026 $5.15 to $5.60 Non-GAAP Raised
    “ADM now expects 2026 adjusted EPS 1,2 of approximately $5.15 to $5.60, up from the prior adjusted EPS 1,2 guidance range of $4.15 to $4.70” source
  • Capital expenditures 2026 $1.3bn to $1.5bn Maintained
    “Capital expenditures continue to be projected to be in the range of $1.3 billion to $1.5 billion” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Archer Daniels Midland's revenue by +6.4% next year and +3.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+8.5%, weight 67%) and the company's own record (+2.0%, weight 33%) . How the weights are set.

Analyst recommendations

11 analysts, Oct 2026
Buy19%
Hold873%
Sell218%

Monthly trend

  1. Oct 202618211
  2. Sep 202618211
  3. Aug 202618211
  4. Jul 2026171211

Counts of recommendations published by analysts covering Archer Daniels Midland, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.3%
of tradable shares
Days to cover
3.6
at average volume
Short interest, 1 month
−17%
to October 15, 2026
Held by institutions
89%
of shares
Held by insiders
0.7%
of shares
Employees
40,798
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +28.8%

$58.81 on October 31, 2025 to $75.77

ThenNowEffect
Revenue (last 12 months) $82.8bn $82.1bn −0.8%
Net margin 1.3% 2.2% +62.4%
P/E multiple 25.8x 20.7x −19.8%
Share count 483m 485m −0.3%

Biggest factor: net margin.

Last 3 years +14.9%

$65.95 on November 3, 2023 to $75.77

ThenNowEffect
Revenue (last 12 months) $99.9bn $82.1bn −17.8%
Net margin 4.2% 2.2% −48.1%
P/E multiple 8.8x 20.7x +135.7%
Share count 553m 485m +14.2%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ADM+37%+40%−20%−28%+18%+35%
Industry peers (median)+1%−26%−15%+1%−13%−9%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ADM67%67%33%25%67%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ADM−17%−27%−24%−30%−19%−14%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 54% from November 22, 2022 to April 8, 2025. Getting back needed a 118% gain, reached on September 10, 2026, 520 days after the low.

Price behaviour

52-week range
$54.41 – $88.09
From 52-week high
−14.0%
vs 50-day average
−7.4%
vs 200-day average
−0.3%
Volatility (1 year)
28%
Beta vs S&P 500
-0.08

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
3 up, 8 down
typical move ±3.0%
After a week
7 up, 4 down
typical move ±4.8%
After a month
3 up, 8 down
typical move ±4.8%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 −0.6% +1.6% +3.1% +10.1%
May 5, 2026 +2.3% +2.2% +5.8% +10.0%
February 3, 2026 −1.1% −1.3% +0.8% −1.5%
November 4, 2025 −6.3% −0.8% −4.1% −0.4%
August 5, 2025 +4.4% +0.3% +7.7% +14.9%
May 6, 2025 +0.8% −0.4% +6.7% −0.1%
February 4, 2025 −7.1% +1.1% −7.2% −2.8%
November 18, 2024 −0.7% +0.8% +0.3% −5.7%
November 5, 2024 −3.7% +3.7% −7.0% −4.6%
July 30, 2024 −2.0% +1.1% −8.4% −2.9%
April 30, 2024 −3.8% −1.9% +1.5% −0.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Archer Daniels Midland’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.30× the last 60 days’ realised volatility .
  • Puts and calls are priced at about the same implied volatility.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Archer Daniels Midland in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Archer Daniels Midland
$80B $85B $90B $95B $100B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $96.9B Revenue (TTM), FY23 Q4: $93.9B Revenue (TTM), FY24 Q1: $91.7B Revenue (TTM), FY24 Q2: $88.8B Revenue (TTM), FY24 Q3: $87B Revenue (TTM), FY24 Q4: $85.5B Revenue (TTM), FY25 Q1: $83.9B Revenue (TTM), FY25 Q2: $82.8B Revenue (TTM), FY25 Q3: $83.2B Revenue (TTM), FY25 Q4: $80.3B Revenue (TTM), FY26 Q1: $80.6B Revenue (TTM), FY26 Q2: $82.1B $82.1B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $96.9B
FY23 Q4 $93.9B
FY24 Q1 $91.7B
FY24 Q2 $88.8B
FY24 Q3 $87B
FY24 Q4 $85.5B
FY25 Q1 $83.9B
FY25 Q2 $82.8B
FY25 Q3 $83.2B
FY25 Q4 $80.3B
FY26 Q1 $80.6B
FY26 Q2 $82.1B
Revenue growth, TTM YoY Archer Daniels Midland
-15% -10% -5% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -1.8% Revenue growth, TTM YoY, FY23 Q4: -7.5% Revenue growth, TTM YoY, FY24 Q1: -10.1% Revenue growth, TTM YoY, FY24 Q2: -11.1% Revenue growth, TTM YoY, FY24 Q3: -10.2% Revenue growth, TTM YoY, FY24 Q4: -8.9% Revenue growth, TTM YoY, FY25 Q1: -8.6% Revenue growth, TTM YoY, FY25 Q2: -6.8% Revenue growth, TTM YoY, FY25 Q3: -4.4% Revenue growth, TTM YoY, FY25 Q4: -6.2% Revenue growth, TTM YoY, FY26 Q1: -3.9% Revenue growth, TTM YoY, FY26 Q2: -0.8% -0.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -1.8%
FY23 Q4 -7.5%
FY24 Q1 -10.1%
FY24 Q2 -11.1%
FY24 Q3 -10.2%
FY24 Q4 -8.9%
FY25 Q1 -8.6%
FY25 Q2 -6.8%
FY25 Q3 -4.4%
FY25 Q4 -6.2%
FY26 Q1 -3.9%
FY26 Q2 -0.8%
FCF margin (TTM) Archer Daniels Midland
0% 2% 4% 6% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 0.5% FCF margin (TTM), FY23 Q4: 3.2% FCF margin (TTM), FY24 Q1: 5.8% FCF margin (TTM), FY24 Q2: 3.6% FCF margin (TTM), FY24 Q3: 4.1% FCF margin (TTM), FY24 Q4: 1.4% FCF margin (TTM), FY25 Q1: 0.3% FCF margin (TTM), FY25 Q2: 5.0% FCF margin (TTM), FY25 Q3: 5.7% FCF margin (TTM), FY25 Q4: 5.2% FCF margin (TTM), FY26 Q1: 5.9% FCF margin (TTM), FY26 Q2: 2.0% 2.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 0.5%
FY23 Q4 3.2%
FY24 Q1 5.8%
FY24 Q2 3.6%
FY24 Q3 4.1%
FY24 Q4 1.4%
FY25 Q1 0.3%
FY25 Q2 5.0%
FY25 Q3 5.7%
FY25 Q4 5.2%
FY26 Q1 5.9%
FY26 Q2 2.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-KT, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Jun 2009 2010 Jun 2010 2011 Jun 2011 2012 Jun 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 69.2 61.7 80.7 89.0 89.8 81.2 67.7 62.3 60.8 64.3 64.7 64.4 85.2 101.6 93.9 85.5 80.3 82.1
Gross profit 4.1 3.8 4.3 3.7 3.9 4.8 4.0 3.6 3.5 4.2 4.1 4.5 6.0 7.6 7.5 5.8 5.0 5.6
Net income 1.7 1.9 2.0 1.2 1.3 2.2 1.8 1.3 1.6 1.8 1.4 1.8 2.7 4.3 3.5 1.8 1.1 1.8
Diluted EPS $2.62 $3.00 $3.13 $1.84 $2.02 $3.43 $2.98 $2.16 $2.79 $3.19 $2.44 $3.15 $4.79 $7.71 $6.43 $3.65 $2.23 $3.65
Growth (year on year)
Revenue −0.9% −10.9% +30.8% +10.4% +0.9% −9.6% −16.6% −7.9% −2.4% +5.8% +0.5% −0.5% +32.5% +19.1% −7.5% −8.9% −6.2% −0.8%
Net income −5.4% +14.6% +5.5% −39.9% — — −17.7% −30.8% +24.7% +13.5% −23.8% +28.5% +52.9% +60.2% −19.7% −48.3% −40.1% —
Diluted EPS −4.7% +14.5% +4.3% −41.2% — — −13.1% −27.5% +29.2% +14.3% −23.5% +29.1% +52.1% +61.0% −16.6% −43.2% −38.9% —
Margins
Gross margin 5.9% 6.2% 5.3% 4.1% 4.3% 5.9% 5.9% 5.8% 5.8% 6.5% 6.4% 6.9% 7.0% 7.5% 8.0% 6.8% 6.3% 6.9%
Net margin 2.4% 3.1% 2.5% 1.4% 1.5% 2.8% 2.7% 2.1% 2.6% 2.8% 2.1% 2.8% 3.2% 4.3% 3.7% 2.1% 1.3% 2.2%
Free-cash-flow margin 5.0% 1.7% −4.4% 1.6% 4.8% 5.0% 0.9% −11.9% −11.5% −8.7% −9.7% −5.0% 6.4% 2.1% 3.2% 1.4% 5.2% 2.0%
Cash flow
Cash from operations 5.3 2.7 −2.3 2.9 5.2 4.9 1.7 −6.5 −6.0 −4.8 −5.5 −2.4 6.6 3.5 4.5 2.8 5.5 2.8
Capital spending 1.9 1.6 1.2 1.5 0.9 0.9 1.1 0.9 1.0 0.8 0.8 0.8 1.2 1.3 1.5 1.6 1.2 1.1
Free cash flow 3.4 1.1 −3.6 1.4 4.3 4.0 0.6 −7.4 −7.0 −5.6 −6.3 −3.2 5.4 2.2 3.0 1.2 4.2 1.7
Stock-based pay 0.1 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 3.4 1.0 −3.6 1.4 4.3 4.0 0.5 −7.5 −7.1 −5.7 −6.4 −3.4 5.3 2.0 2.9 1.2 4.1 1.5
Balance sheet
Cash — — — — 3.1 1.1 0.9 0.6 0.8 2.0 0.9 0.7 0.9 1.0 1.4 0.6 1.0 1.1
Total debt 8.0 7.5 10.3 10.3 6.9 5.7 5.9 6.9 — 8.4 8.9 9.9 9.5 9.2 8.4 10.2 8.4 8.0
Net debt (negative = net cash) — — — — 3.7 4.6 5.0 6.3 −0.8 6.4 8.0 9.3 8.6 8.1 7.0 9.5 7.4 7.0
Diluted shares 644m 644m 654m 666m 663m 656m 621m 591m 572m 567m 565m 565m 566m 563m 542m 493m 484m 485m
Returned to shareholders
Dividends 0.3 0.4 0.4 0.5 0.5 0.6 0.7 0.7 0.7 0.8 0.8 0.8 0.8 0.9 1.0 1.0 1.0 1.0
Buybacks 0.1 0.1 0.3 0.5 0.1 1.2 2.0 1.0 0.8 0.1 0.2 0.1 0.0 1.5 2.7 2.3 0.0 —
Total returned 0.4 0.5 0.7 1.0 0.6 1.8 2.7 1.7 1.5 0.8 0.9 0.9 0.8 2.3 3.7 3.3 1.0 1.0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 5 checks passed · June 30, 2026
What it owns · $53.5bn
Short-term assets $27.8bnLonger-term assets $25.7bn
What it owes, and who funded it · $43.6bn
Short-term liabilities $20.0bnShareholders' equity $23.6bn
  • Short-term assets cover short-term liabilities $27.8bn of assets due within a year against $20.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $1.1bn of cash against $7.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 32% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 36% to 32% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.8bn of operating cash flow against $7.6bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Archer Daniels Midland's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$0
Dividends (TTM)
$1B
Returned to shareholders
23%
of free cash flow
Buybacks, last 3 fiscal years
$5B
Diluted share count
+0.3%
year over year
Total shareholder yield
2.7%
dividends 2.7% + buybacks 0.0% of market value
Dividend payout ratio
57%
of net income paid out
Sales & admin spending
4.6%
of revenue
Days sales outstanding
15 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in agricultural products & services
Last 12 months unless stated ADM BG CHSCL ANDE INGR DAR Median
Revenue, last 12 months $82.1bn $93.5bn $37.4bn $10.9bn $7.2bn $6.5bn $149m
Revenue growth, last 12 months −0.8% 55.5% 3.8% −5.2% −1.4% 14.9% −1.1%
Revenue growth, 3-year average −6.3% 15.1% −8.9% −13.3% −4.2% −2.5% −0.1%
Revenue growth, latest quarter 7.2% 7.4% 18.6% −1.2% 0.9% 16.4% 6.8%
Gross margin 6.9% 5.1% 3.1% 7.2% 23.7% 26.3% 17.6%
Operating margin — — 0.1% — 11.9% 14.5% −5.9%
Operating margin, 3-year average — — 0.7% — 12.2% 9.9% 2.8%
Net margin 2.2% 1.2% 1.5% 1.6% 8.2% 9.1% −0.2%
Cash from operations / revenue 3.4% −1.0% 3.9% 2.9% 11.2% 20.6% 3.2%
Free-cash-flow margin 2.0% −2.8% 2.5% 0.5% 4.9% 12.6% 2.3%
Free-cash-flow margin, 3-year average 3.5% −0.9% 1.2% 2.1% 9.7% 8.2% 3.0%
Stock pay / revenue 0.2% 0.1% — 0.1% 0.5% 0.6% 0.7%
Change in share count 0.3% 28.6% — −0.1% −2.5% 0.5% 2.3%

Median of all 20 companies we cover in agricultural products & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

20 agricultural products & services companies
Measure Company Peer median Rank
Revenue growth Growth -0.8% -0.8% 10 of 20
Change in growth rate Growth +3.1pp -0.5pp 7 of 20
Gross margin Profitability 6.9% 11.4% 15 of 19
Net margin Profitability 2.2% 0.1% 6 of 20
Free-cash-flow margin Cash generation 2.0% 2.5% 11 of 20
Stock pay as % of revenue Cash generation 0.2% 0.8% 4 of 17
Long-term debt as % of assets Balance sheet 12.1% 16.2% 7 of 18
Change in share count Balance sheet 0.3% 2.4% 6 of 17
Days sales outstanding Balance sheet 15 days 56 days 1 of 15

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $31.2B 38.8% ▼ 7.1%
Switzerland $17.8B 22.2% ▼ 10.5%
Other Foreign $15.2B 19.0% ▼ 3.0%
KY $6.1B 7.6% ▲ 8.7%
Brazil $3.4B 4.2% ▲ 0.1%
Mexico $2.7B 3.4% ▼ 14.6%
United Kingdom $2.1B 2.6% ▼ 3.2%
Canada $1.8B 2.2% ▼ 14.0%

From Archer Daniels Midland's 10-K filed February 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$32.2B
Institutions reporting
1,155
Shares held vs prior quarter
▲ 4.5%
Positions opened / closed
124 / 78

Top buyers and sellers, Q2 2026: 566 institutions bought and 454 sold ; the biggest buyer was Capital Wealth Planning, LLC (+4.2M shares) and the biggest seller Dodge & Cox (−1.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
State Farm Mutual Automobile Insurance Co $3.6B 46.8M 11.1% 0.0%
Blackrock, Inc. $3.4B 44.6M 10.6% ▲ 4.1%
State Street Corp $2.6B 33.6M 8.0% ▼ 0.1%
Vanguard Capital Management LLC $2.4B 31.5M 7.5% ▲ 0.8%
Vanguard Portfolio Management LLC $2.1B 26.9M 6.4% ▲ 3.4%
Wellington Management Group LLP $1.4B 17.7M 4.2% ▲ 2.2%
Charles Schwab Investment Management Inc $1.3B 16.6M 3.9% ▲ 8.5%
Dodge & Cox $1.1B 14.2M 3.4% ▼ 10.0%
Geode Capital Management, LLC $1B 13.3M 3.1% ▲ 2.1%
Northern Trust Corp $875M 11.5M 2.7% ▼ 5.3%
Morgan Stanley $537M 7.0M 1.7% ▼ 8.0%
Norges Bank $521M 6.8M 1.6% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Archer Daniels Midland's complete shareholder register. Values are as reported by the filers ; 9 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $486,720 1 trade by 1 insider, last 12 months Insider sales History → $10.1M 4 trades by 4 insiders · 0% under pre-set plans
Net ▼ $9.6M net selling
Insider Date Trade Shares Price Value
Pinner Ian R Senior Vice President March 13, 2026 Sell 34,106 $71.53 $2.4M
Cuddy Christopher M Senior Vice President March 13, 2026 Sell 35,000 $73.50 $2.6M
Morris Gregory A Senior Vice President March 10, 2026 Sell 50,000 $68.48 $3.4M
Weber Jennifer L Senior Vice President February 17, 2026 Sell 25,000 $67.04 $1.7M
Mcatee David R Ii Director February 5, 2026 Buy 7,500 $64.90 $486,720

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 23 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 1 sale of Archer Daniels Midland shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $50,001 - $100,000, traded March 20, 2026, filed April 7, 2026
  • Robert P. Bresnahan, Jr.(R-PA 8):Purchase, $1,001 - $15,000, traded April 8, 2025, filed May 8, 2025
  • Daniel S. Goldman(D-NY 10):Sale (full), $50,001 - $100,000, traded July 12, 2023, filed August 13, 2023

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 2, 2027 estimated from the company's past filing pattern, not announced

  • November 3, 2026
  • August 4, 2026
  • May 5, 2026
  • February 3, 2026
  • November 4, 2025
  • August 5, 2025

Recent SEC filings

Data status

When each part of this page on Archer Daniels Midland was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Archer Daniels Midland in brief

What does Archer Daniels Midland do?
Archer Daniels Midland is a US-listed company in the agricultural products & services industry. Its financial year ends in December.
What is Archer Daniels Midland's stock ticker?
Archer Daniels Midland trades under the ticker ADM on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Archer Daniels Midland's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Archer Daniels Midland reported revenue of $82.1B, 0.8% lower than a year earlier, according to its SEC filings.
What is Archer Daniels Midland's free cash flow?
Archer Daniels Midland's free-cash-flow margin is 2.0% of revenue over the trailing twelve months, ranking 11 of the 20 agricultural products & services companies we cover.
What is Archer Daniels Midland's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Archer Daniels Midland's free cash flow after stock-based pay gives ~$110 per share in the base case, and ~$75–$140 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Archer Daniels Midland's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are State Farm Mutual Automobile Insurance Co, Blackrock, Inc. and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Archer Daniels Midland buying back stock, and does it pay a dividend?
Archer Daniels Midland spent $0 on share repurchases over the trailing twelve months, and its diluted share count still rose 0.3% over the year.
What is Archer Daniels Midland's market cap?
On November 2, 2026, Archer Daniels Midland's market capitalisation was about $36.7B, with a price-to-earnings ratio of 20.7 and net debt of $7B. Market figures come from third-party market data and may be delayed.
Does Archer Daniels Midland pay a dividend?
Yes: Archer Daniels Midland paid $1B in dividends over the trailing twelve months, a dividend yield of 2.73% and a payout ratio of 56.6%.
How much debt does Archer Daniels Midland have?
Archer Daniels Midland's debt-to-equity ratio is 32.2%, from its latest balance sheet (35.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Archer Daniels Midland's competitors?
In our Agricultural Products & Services peer group, the companies closest to Archer Daniels Midland are Bunge Global, CHS Inc, Andersons, Inc., Ingredion Inc and Darling Ingredients Inc. The side-by-side comparison below sets their revenue, margins and growth against Archer Daniels Midland's.
Are insiders buying or selling Archer Daniels Midland stock?
Over the last 12 months, Archer Daniels Midland's directors and officers reported 1 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.
When is Archer Daniels Midland's next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Archer Daniels Midland announces its own schedule.