ADM is a global leader in agricultural supply chain management and processing, offering a diverse range of products and solutions across three main business segments: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition. The company is involved in the origination, merchandising, transportation, and storage of agricultural raw materials, and processes oilseeds into vegetable oils and protein meals . ADM also converts corn and wheat into sweeteners, starches, syrups, glucose, and dextrose, and produces industrial alcohol . Additionally, ADM provides plant-based proteins, natural flavors, probiotics, and animal health and nutrition products .
- Ag Services and Oilseeds - Manages the origination, merchandising, transportation, and storage of agricultural raw materials, and processes oilseeds into vegetable oils and protein meals. Supplies peanuts and peanut-derived ingredients and engages in structured trade finance activities .
- Carbohydrate Solutions - Converts corn and wheat into products such as sweeteners, starches, syrups, glucose, and dextrose, and produces alcohol for industrial use. Involved in carbon capture and sequestration initiatives .
- Nutrition - Provides ingredients and solutions including plant-based proteins, natural flavors, and probiotics, and processes and distributes animal health and nutrition products .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Juan R. Luciano ExecutiveBoard | Chair of the Board, CEO, and President | Lead Director at Eli Lilly and Company; Director at Rush University Medical Center; Board Member at Intersect Illinois; Member of Economic Club of Chicago, Commercial Club of Chicago, and The Business Roundtable | Joined ADM in 2011 as EVP and COO; became President in 2014, CEO in 2015, and Chair in 2016. Led ADM's transformation into a global nutrition business and spearheaded sustainability and innovation strategies. | View Report → |
Carrie Nichol Executive | Vice President and Chief Accounting Officer | None available | Appointed in 2025. Previously SVP and CAO at Cargill and CAO at Zimmer Biomet. Oversees ADM's accounting, reporting, and risk management functions. | |
Christopher M. Cuddy Executive | Senior Vice President and President, Carbohydrate Solutions | None available | Joined ADM over 25 years ago. Leads the Carbohydrate Solutions business unit. Achieved record earnings in North America Starch and Corn Syrups and advanced decarbonization initiatives. | |
Gregory A. Morris Executive | Senior Vice President and President, Agricultural Services and Oilseeds | None available | Joined ADM in 2014. Leads the Agricultural Services and Oilseeds business unit. Previously President of Global Oilseeds Processing. | |
Monish Patolawala Executive | Executive Vice President and CFO | Board Member at Biogen Inc. | Joined ADM in 2024 as CFO. Previously held leadership roles at 3M and GE, including CFO of GE Healthcare. Oversees global finance, accounting, technology, and strategy at ADM. | |
Regina Bynote Jones Executive | Senior Vice President, General Counsel | None available | Appointed in 2023. Previously Chief Legal Officer at Baker Hughes and EVP, General Counsel at Delek US Holdings. Oversees ADM's legal and compliance functions. | |
David R. McAtee II Board | Director | None available | Joined ADM's Board in 2024. Former Senior EVP and General Counsel at AT&T Inc., overseeing legal matters, governance, and strategic planning. | |
Kelvin R. Westbrook Board | Director | Director at T-Mobile US, Inc., Mosaic Company, and Camden Property Trust; Board Member at Boys and Girls Clubs of Greater St. Louis and BioSTL; Advisory Board Chair at University of Washington Foster School of Business | Joined ADM's Board in 2003. President and CEO of KRW Advisors, LLC. Former Chairman and CEO of Millennium Digital Media Systems. |
- Given the material weaknesses identified in your internal controls and financial reporting, can you elaborate on the specific steps you are taking to remediate these issues and ensure integrity moving forward?
- You've lowered your full year 2024 adjusted earnings per share guidance due to internal operational challenges and slow market demand; can you provide more detail on these challenges and how you plan to address them?
- With regulatory uncertainty impacting canola crush margins and delays in new nutrition projects due to customer cost management, what strategies are you implementing to mitigate these headwinds and drive growth in these areas?
- Considering your plans to optimize the portfolio through targeted divestitures or rationalizations, can you specify which areas or assets you're evaluating and how these actions will enhance shareholder value?
- As you focus on capital allocation and mentioned capital expenditures of approximately $1.5 billion, how are you balancing necessary maintenance investments with opportunities in digital enhancements and operational improvements in a challenging market environment?
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Start Date is cited from. **[0000007084-24-000009_adm-20231231.htm:144]**
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Vandamme Hugaria Kft | 2025 | Completed on January 31, 2025, this acquisition involved a $123 million deal (subject to working capital adjustments) for a 700 metric ton/day non-genetically modified crush and extraction facility in Hungary. |
Revela Foods | 2024 | Acquired in January 2024 for $656 million (subject to working capital adjustments), Revela Foods is a Wisconsin-based developer and manufacturer of innovative dairy flavor ingredients that strengthens ADM’s Nutrition segment. |
Fuerst Day Lawson Ltd. (FDL) | 2024 | Completed in January 2024, FDL (a UK-based leading developer of premium flavor and functional ingredient systems) was acquired as part of a broader $948 million cash consideration, with approximately $250 million allocated to FDL, enhancing ADM’s sustainability-driven innovation portfolio. |
PT Trouw Nutrition Indonesia | 2024 | Acquired in February 2024 for $18 million (subject to working capital adjustments), this deal added a leading provider of functional and nutritional solutions for livestock farming in Indonesia to ADM’s Human and Animal Nutrition businesses. |
Totally Natural Solutions (TNS) | 2024 | Completed in the first half of 2024 for an aggregate cash consideration of $22 million, the acquisition of this UK-based hops flavoring producer expanded ADM’s innovative flavor solutions in the Nutrition segment. |
D.C.A. Finance B.V. | 2023 | Announced in May 2023 for a commodity derivative brokerage service provider, this acquisition is pending completion subject to required regulatory approvals, reflecting ADM’s strategic move into derivative services. |
Comhan | 2022 | Completed in February 2022, this acquisition of a leading South African flavor distributor aligns with ADM’s strategy to expand its portfolio in the flavor and specialty ingredients market. |
Recent press releases and 8-K filings for ADM.
- In Q2 2025, ADM delivered $0.93 adjusted EPS, down 10% YoY, and $830 million total segment operating profit, down 10% YoY; trailing-4-quarter adjusted ROIC was 6.9%
- Ag Services & Oilseeds segment operating profit declined 17% YoY in Q2 2025, with weakness across Wilmar, RPO, Crushing, and Ag Services due to trade and policy uncertainty
- Nutrition segment revenue rose ~5% YoY in Q2 2025 (Animal Nutrition $832 M, Human Nutrition $1,161 M), driving total Nutrition segment operating profit of $114 M, up $5 M YoY
- Cash from operations before working capital for 1H 2025 was $1.2 B, down $459 M YoY; capex of $596 M in 1H 2025 with full-year guidance reduced to $1.3–1.5 B; returned $495 M via dividends; leverage ratio at 2.1x
- Full-year 2025 adjusted EPS guidance narrowed to ~$4.00, with expected YoY declines in Ag Services & Oilseeds and Carbohydrate Solutions profits and growth in Nutrition profits
- $0.92 adjusted EPS; $845 million total segment operating profit; 6.7% trailing four-quarter ROIC; $2.1 billion cash flow from operations before working capital YTD
- Full-year 2025 adjusted EPS guidance lowered to $3.25–$3.50, down from approximately $4.00 per share
- Ag Services & Oilseeds operating profit $379 million (-21% YoY); Carbohydrate Solutions $336 million (-26%); Nutrition revenues $1.9 billion (+5%) and operating profit $130 million (+24%)
- Self-help initiatives on track for $200–$300 million in cost savings in 2025 and $500–$750 million over the next 3–5 years
- Inventory down $3.2 billion YTD; full-year CapEx expected $1.3–$1.5 billion; net leverage at 1.8× as of Sept. 30
- ADM reported adjusted EPS of $0.92 and $845 million in total segment operating profit for Q3 2025.
- AS&O segment profit was $379 million (–21% YoY), Carbohydrate Solutions profit was $336 million (–26% YoY), and Nutrition revenue of $1.9 billion with operating profit of $130 million (+24% YoY) in Q3 2025.
- Lowered full-year 2025 adjusted EPS guidance to $3.25–$3.50 (from ~$4.00) due to sustained crush margin softness and biofuel policy delays.
- Generated $2.1 billion of YTD cash flow from operations and reduced inventory by $3.2 billion, with net leverage at 1.8× as of September.
- Adjusted EPS of $0.92 and total segment operating profit of $845 million in Q3 2025; segment profits: AS&O $379 million (-21% y/y), Carbohydrate Solutions $336 million (-26% y/y), Nutrition $130 million (+24% y/y).
- Full-year 2025 adjusted EPS guidance lowered to $3.25–$3.50 from ~$4.00, reflecting continued crush‐margin pressure and deferred U.S. biofuel policy.
- YTD cash flow from operations before working capital of $2.1 billion, inventory reduced by $3.2 billion, net leverage at 1.8x, and CapEx expected at $1.3–$1.5 billion for 2025.
- On track for $200–$300 million in 2025 cost savings (and $500–$750 million over 3–5 years) via plant efficiency improvements, portfolio optimization, and streamlining initiatives.
- Announced 375th consecutive quarterly dividend and a 2026 Animal Nutrition JV with Alltech to shift toward higher-margin specialty ingredients.
- Generated adjusted EPS of $0.92 and total segment operating profit of $845 million; trailing four-quarter adjusted ROIC was 6.7% and cash flow from operations before working capital changes was $2.1 billion year-to-date.
- AS&O segment operating profit declined 21% to $379 million, Carbohydrate Solutions profit fell 26% to $336 million, while Nutrition revenue rose 5% to $1.9 billion and operating profit increased 24% to $130 million year-over-year.
- Lowered full year 2025 adjusted EPS guidance to $3.25–$3.50 (from approximately $4.00) due to softer crush margins and continued deferral of U.S. biofuel policy clarity.
- On track to deliver $200–$300 million of cost savings in 2025 and $500–$750 million over the next 3–5 years; reduced inventory by $3.2 billion year-to-date and improved net leverage to 1.8× as of September 30.
- Awaiting final U.S. biofuel policy (RVO/RIN) decisions to drive domestic soybean oil demand and crush margins; ADM’s plants are optimized to ramp volumes once policy is enacted.
- ADM lowered its 2025 adjusted EPS forecast to $3.25–$3.50 (from ~$4.00), marking the third consecutive quarterly cut.
- The Agricultural Services & Oilseeds segment saw a 21% drop in Q3 operating profit, with crushing earnings down 93%.
- Q3 revenue missed estimates despite beating EPS, as U.S. biofuel policy uncertainty and global trade disruptions pressured margins.
- Shares fell 8–10% pre-market, and only 2 of 12 analysts rate the stock a buy, with a median 12-month target of $57 vs. a $60.09 close.
- ADM delivered Q3 GAAP EPS of $0.22 and adjusted EPS of $0.92, down 16% year-over-year on an adjusted basis.
- Total segment operating profit was $845 million, a 19% decline versus Q3 2024, with Nutrition up 24% while Ag Services & Oilseeds and Carbohydrate Solutions saw double-digit decreases.
- Year-to-date cash flows from operating activities reached $5.8 billion, with cash flows before working capital improvements of $2.1 billion.
- Full-year 2025 adjusted EPS guidance was revised down to $3.25 – $3.50 per share from approximately $4.00, reflecting softer crush margins and biofuel demand dynamics.
- Third quarter adjusted net earnings of $448 million and adjusted EPS of $0.92; GAAP net earnings of $108 million and GAAP EPS of $0.22
- Year-to-date cash flow from operating activities of $5.8 billion, with cash flows before working capital of $2.1 billion
- Total Q3 segment operating profit of $845 million (–19% YoY); Ag Services & Oilseeds $379 million (–21%), Carbohydrate Solutions $336 million (–26%), Nutrition $130 million (+24%)
- Full-year 2025 adjusted EPS guidance revised to $3.25–$3.50 (from ~$4.00); outlook supported by anticipated biofuel policy clarity and global trade evolution
- ADM and Alltech will form a North American animal feed joint venture combining ADM’s 11 U.S. feed mills with Alltech’s 18 U.S. and 15 Canadian mills, set to launch in Q1 2026.
- The joint venture will be majority-owned by Alltech but governed by a board with equal representation from both companies.
- Both firms will retain certain business units to continue supplying the joint venture, with no material impact on ADM’s 2025 financial results.
- The partnership supports ADM’s strategic shift toward higher-margin specialty ingredients and portfolio optimization amid growing global demand.
- Delivered $0.93 EPS in Q2, outpacing expectations, and maintained $4.00 FY 2025 EPS guidance, citing stronger Q4 crush margins from finalized RVOs and peak U.S. harvest export logistics.
- Targeting $500–750 million in aggregate cost reductions over the next 3–5 years, with $200–300 million expected in FY 2025 alone, driven by portfolio simplification and productivity initiatives.
- Prioritizing capital toward asset productivity and internal innovation, funded a 2% dividend increase (50th consecutive year) while balancing share buybacks and strategic M&A.
- Nutrition segment’s Decatur East protein plant is back online, providing an incremental $20–25 million per quarter in operational EBITDA and enabling a rebuild of market share through network optimization.