Total Revenue Q4 2024

–6.4% (from $22,978M to $21,498M)

Total Revenue declined by approximately $1.48B driven by softer commodity price environments and lower demand for key segments. This follows previous periods where higher commodity prices supported revenues, and the current period’s decline reflects ongoing market pressures on pricing. " "

Net Income Q4 2024

Essentially flat (+0.4%)

Net Income remained essentially unchanged at $567M compared to $565M in Q4 2023. This stability suggests that cost management and operational efficiencies likely offset the revenue decline experienced earlier, aligning with strategies that counterbalance lower sales with reduced expenses. " "

Basic EPS Q4 2024

+8% (from $1.08 to $1.17)

Basic EPS increased by 8% despite flat net income, which indicates that a reduction in diluted share count (possibly driven by share repurchases or other capital management efforts) improved per-share performance relative to prior periods. " "

Ag Services and Oilseeds Segment Revenue Q4 2024

–9% (from $18,524M to $16,875M)

Segment revenue fell by roughly 9% primarily due to lower sales prices on key agricultural commodities such as oils, soybeans, and meals. The decline reflects market shifts from previous periods where higher commodity prices and favorable margins prevailed, and current conditions show continued pressure on pricing and margins in this critical segment. " " "

Adjusted EPS

FY 2025

no prior guidance

$4.00 to $4.75 "

no prior guidance

Capital Expenditures (CapEx)

FY 2025

no prior guidance

$1.5B to $1.7B "

no prior guidance

Depreciation & Amortization (D&A)

FY 2025

no prior guidance

~$1.2B "

no prior guidance

Effective Tax Rate

FY 2025

no prior guidance

21% to 23% "

no prior guidance

Corporate Costs

FY 2025

no prior guidance

$1.7B to $1.8B "

no prior guidance

Insurance Recoveries

FY 2025

no prior guidance

~$60M "

no prior guidance

Soybean Crush Margins

FY 2025

no prior guidance

$45 to $55 per ton "

no prior guidance

Canola Crush Margins

FY 2025

no prior guidance

$50 to $70 per ton "

no prior guidance

AS&O Segment Operating Profit

FY 2025

no prior guidance

below to similar with 2024 levels "

no prior guidance

Nutrition Segment Revenue Growth

FY 2025

no prior guidance

low to mid single-digit "

no prior guidance

Carbohydrate Solutions Segment

FY 2025

no prior guidance

lower relative to the prior year "

no prior guidance

Animal Nutrition

FY 2025

no prior guidance

continued mix benefits "

no prior guidance

AS&O Segment Operating Profit

Q1 2025

no prior guidance

down ~50% versus prior year "

no prior guidance

Carbohydrate Solutions Segment

Q1 2025

no prior guidance

down 5% to 15% versus prior year "

no prior guidance

Nutrition Segment Operating Profit

Q1 2025

no prior guidance

down 50% versus prior year "

no prior guidance

Cost Savings and Operational Efficiencies

Q1–Q3 calls consistently described initiatives including productivity actions, zero‐based reviews, automation/digitization and portfolio optimization with clear cost targets (e.g. $500M savings). " " "

Q4 maintained focus with detailed cost savings plans involving targeted role cuts, manufacturing efficiencies, vendor cost reductions and a defined portfolio simplification strategy. " " "

Recurring emphasis with increased specificity in Q4. The sentiment remains bullish on cost reduction as a strategic lever, with a more aggressive and multi-pronged initiative being articulated in Q4. " " " " "

Nutrition Segment Performance and Recovery

Q1–Q3 discussed mixed performance with headwinds (Decatur East downtime, lower pricing) offset by recovery in certain subsegments, highlighting incremental improvements and pipeline execution. " " "

Q4 detailed continued challenges—especially due to Decatur East downtime impacting operating profit—while noting some improvements in mix and insurance recoveries, with expectations for recovery in 2025. " "

Recurring but with a cautious tone. While recovery efforts are ongoing, the sentiment remains mixed as operational challenges persist, signaling that resolution remains critical for future profitability. " " " " "

Decatur East Facility Downtime and Recovery

Q1–Q3 consistently reported unplanned downtime causing headwinds in Specialty Ingredients and Human Nutrition, with initial expectations for recovery in Q4 or Q1 2025. " " "

Q4 now confirms extended downtime with expectations pushed to Q2 2025, continuing to negatively affect margins and operational performance. " " "

Negatively trending. Extended delays have worsened sentiment around recovery of a critical asset, deepening concerns about near-term performance in affected segments. " " " " "

Global Trade and Tariff Uncertainties

Q3 introduced scenario planning around potential tariff impositions and noted structural shifts in trade flows, though Q1 and Q2 provided limited detail. " "

Q4 provided detailed discussion on tariff impacts and trade policy uncertainty—especially U.S. versus retaliatory measures—highlighting ongoing unpredictability in global trade. " " "

Emerging prominence with negative overtones. While present in Q3, Q4 deepened the discussion, emphasizing a sustained uncertain environment that could materially affect margins. " " " " "

Regulatory Policy Uncertainties

Q1–Q3 calls detailed uncertainties around biofuels policy, tax credit transitions, and impacts on margins (including LCFS credits and biodiesel tax credit concerns). " " "

Q4 re-emphasized regulatory challenges surrounding U.S. biofuel policy and tax credit guidance, noting that final clarity may only come in Q1 2025, thus affecting short-term margins. " " "

Consistently challenging. The persistent regulatory uncertainty continues to pressure margins, although Q4’s detailed guidance points to a possible future stabilization once policies are clarified. " " " " " "

Crush Operations and Vegetable Oil Demand Trends

Q1–Q3 provided detailed breakdowns of crush margins by region, cited regional demand drivers (renewable diesel, biodiesel mandates) and described variable global execution amid market pressures. " " "

Q4 reported lower soybean and canola crush margins relative to the prior year, with vegetable oil demand still influenced by policy uncertainty and offset partly by expectations of margin recovery in the latter half of 2025. " " "

Recurring with a slight deterioration. Operational challenges persist, and margins are down compared to previous periods, reflecting negative near-term sentiment while underpinning expectations of recovery as policy clarity and production adjustments take hold. " " " " " "

Financial Reporting and Controls Improvements

Little detail in Q1; Q2 noted CFO transition; Q3 introduced remediation of material weaknesses and CFO-led initiatives for improved process controls and digital transformation. " "

Q4 deepened the focus with detailed remediation plans for material weaknesses, new Chief Accounting Officer onboarding, and extensive training and process improvements to bolster financial reporting and controls. " "

Strengthening focus over time. While emerging in Q2/Q3, Q4 shows increased emphasis and actionable measures in internal controls, yielding positive outlook for transparency and compliance improvements. " " " "

Specialty Ingredients Demand and Operational Challenges

Q1–Q3 consistently flagged weak demand (especially for texturants) and operational issues such as Decatur East downtime affecting Specialty Ingredients, with calls for integration and simplification. " " "

Q4 reiterated challenges with lower texturants pricing and persistent operational issues stemming from plant downtime, continuing to hinder the segment’s performance. " "

Recurring challenges with continued negative sentiment. Despite ongoing remedial actions, the operational and demand headwinds in this segment have not improved, maintaining a cautious outlook. " " " " "

Health & Wellness and Biotics Growth

Q1 reported strong biotics performance with high operating profit growth; Q2 showed 22% year-over-year increase and Q3 cited 14% revenue growth in probiotics, indicating robust performance in this segment. " " "

Q4 reported 10% revenue growth in biotics and improved Health & Wellness outcomes that partially offset other segment challenges, confirming the segment's resilience. " "

Consistent positive performance. The bullish trend in Health & Wellness and Biotics is maintained across periods, underpinning a confident outlook in this high-growth area despite broader market headwinds. " " " "

Sustainability Initiatives and Regenerative Agriculture

Q1 set ambitious acreage expansion targets and detailed innovative sustainability programs; Q2 highlighted expanded partnerships and traceable sourcing, while Q3 noted record program volumes and decarbonization efforts. " " "

Q4 mentioned global partnerships in regenerative agriculture as part of strategic investments supporting farmers’ resiliency, continuing the commitment to sustainability initiatives. "

Consistently bullish and evolving. Sustainability efforts remain a key strategic priority with increasing scale and innovation, positioning ADM favorably in long-term environmental trends. " " " "

Ag Services and Oilseeds Transition Challenges

Q1 showed lower operating profits due to commodity price headwinds and trade flow stabilization; Q2 described it as a rebalancing year with challenges in origination margins; Q3 reported significant declines in operating profit and volumes. " " "

Q4 continued to highlight challenges, with lower crush margins, reduced operating profits and ongoing pressures from market oversupply and competitive dynamics affecting the segment. " "

Recurring negative trend. Persistent challenges remain with little improvement across periods, contributing to continued concerns over the segment’s profitability in the near term. " " " " "

Soymeal Demand Forecasting Uncertainty

Q1 emphasized a transition from tight to ample supplies with mixed signals; Q2 noted robust demand offset by uncertainties due to farmer selling patterns in Argentina; Q3 underlined regulatory and market-related uncertainties. " " "

Q4 discussed forecasting uncertainty driven by policy factors and livestock sector dynamics while remaining optimistic about long-term demand fundamentals. " "

Recurring uncertainty with cautious optimism. While near-term forecasting remains challenged by market and regulatory variations, strong fundamentals in the livestock sector offer a potential upside in the medium term. " " " " "

China's Impact on Global Commodity Trade

Q1 offered limited detail; Q2 noted shifts in UCO exports and potential benefits to soybean oil demand; Q3 provided robust analysis on structural shifts, including increased local production and challenges in soy imports. " "

Q4 expanded the discussion to include impacts of retaliatory trade measures and historical precedents (e.g. 9 million ton corn import reduction in 2018), emphasizing continued and significant global trade challenges. " "

Increasingly influential and concerning. Discussion of China's impact has grown stronger, with deeper analytical focus in Q3 and Q4, highlighting structural challenges in global commodity flows and sustained geopolitical risks. " " " "