Archer-Daniels-Midland (ADM) 10-K risk factor changes: FY2025 vs FY2024

The Company is exposed to potential business disruption [added: risks] which could adversely affect the Company’s operating [removed: results.][added: results and could result in increased expenses and liabilities.]

[removed: The assets and operations of the Company could be subject to unplanned downtime or extensive property damage and business disruption from various] [added: These] events [removed: which] [added: and factors] include, but are not limited to, equipment failure, raw material shortages, natural disasters, [removed: severe] [added: adverse] weather conditions, accidents, explosions, fires, [added: environmental events, strikes] or other [added: labor or industrial disputes, war or acts of terrorism, cybersecurity attacks, or other] unexpected outages.

The Company may not be able to resolve [removed: emergencies] [added: disruptions] timely or effectively, and the associated liability which could result from these risks may not always be covered by or could exceed liability [removed: insurance.][added: insurance, and any insurance proceeds may not be received for several years after an event occurrence.]

The Company’s transportation operations are partially dependent upon rail access, diesel fuel and other petroleum-based [removed: products.][added: products, as well as on the availability and cost of ocean freight and port operations.]

Significant increases in the cost or access of these items, including any consequences of [added: inflationary impacts,] regulation or taxation of greenhouse gases, [added: has and] could [added: in the future] adversely affect the Company’s production costs and operating results.

*[Table of [removed: Contents](#i731d6810529548b4b43db02179f7869f_10)*][added: Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*]

The Company may fail to realize the benefits of or experience delays in the execution of its [removed: growth strategy.][added: strategic priorities.]

[removed: As the] [added: The] Company [removed: executes its growth strategy, through both] [added: is also focused on] organic and inorganic [removed: growth, it may encounter] [added: growth and its success in achieving growth could be adversely affected by a broad range of] risks [removed: which] [added: that] could result in increased costs, decreased revenues, and delayed synergies.

Due diligence performed prior to an acquisition may not identify a material liability or issue that could impact the Company’s reputation or adversely [added: its] affect results of operations resulting in a reduction of the anticipated acquisition [removed: benefits.][added: benefits or an increase in unexpected liabilities.]

The Company has limited control [removed: over and] [added: over,] may not realize the expected benefits [removed: of] [added: of, and may be required to write down,] its equity investments and joint [removed: ventures] [added: ventures,] and may not be able to monetize the investments at an attractive value when the Company decides to exit the investments.

Risks related to these investments may include: the financial strength of the investment partner; loss of revenues and cash [removed: flows to the investment partner] [added: flows,] and related gross [removed: profit;] [added: profit, to] the [added: investment partner; the] inability to implement beneficial management strategies, including risk management and compliance monitoring, with respect to the investment’s activities; the risk that the Company may not be able to resolve disputes with the partners; [added: the continued fit of such investments relative to the Company’s strategies;] and the risk that the Company may not realize the operational or financial benefits expected from the investment.

The Company faces risks related to international conflicts, acts of [removed: terrorism or] [added: terrorism,] war, [removed: or] other geopolitical events, such as the ongoing Russia-Ukraine [removed: war, Israel-Hamas war, sanctions,] [added: conflict,] maritime piracy, and other economic disruptions.

[removed: The] [added: For example, ADM’s] assets and operations located in the region affected by the [removed: war] [added: conflict] between Russia and Ukraine are at an increased risk of property damage, inventory loss, business disruption, and expropriation.

[removed: Political instability and changes in trade policies] [added: Geopolitical risks] could [added: disrupt global markets and] negatively impact the Company’s [added: business and] financial results.

The Company’s operating results could be affected by political instability and by changes in monetary, fiscal, trade, and environmental policies, laws, regulations, and acquisition [removed: approvals,] [added: approval schemes,] creating risks including, but not limited to: changes in a country’s or region’s economic or political conditions; [added: burdensome] local labor conditions and regulations, and safety and environmental regulations; reduced protection of intellectual property rights; changes in the regulatory or legal environment; restrictions on currency exchange activities; currency exchange fluctuations; burdensome taxes and trade tariffs; [added: limited] enforceability of legal agreements and judgments; adverse [removed: tax,] [added: tax audit assessments,] administrative agency or judicial outcomes; and regulation or taxation of greenhouse gases.

Increases in tariff and restrictive trade policies around the world [removed: could] [added: has, and could,] negatively impact the Company’s ability to enter certain markets or the price of products may become less competitive in those markets.

[removed: –the] [added: As of December 31, 2025, the] three major credit rating agencies [removed: have] maintained the Company’s credit ratings at investment grade levels with a negative [removed: outlook; however, if the ratings are downgraded, the Company’s access to the credit markets and its ability to fund its working capital and capital expenditures may be affected.][added: outlook.]

Negative publicity has [added: in the past] and [added: in the future] may [removed: continue to] adversely affect the Company and the market price of its common stock.

Negative publicity and unfavorable [removed: perception] [added: perceptions] of the Company [removed: has] [added: have] caused and could in the future cause significant declines in the price of the Company’s common stock.

[removed: Food or feed risks derived from quality issues or off label product usage,] [added: The Company is subject to a wide range of food safety and quality, manufacturing and labeling,] occupational health and [removed: safety issues,] [added: safety, environmental,] and [removed: ineffective diversification programs] [added: other regulatory requirements which] may expose the Company to certain regulatory or reputational risks.

The [added: Company’s] liability which could result from noncompliance and other risks may not [removed: always] be covered by, or could exceed liability insurance related to product liability and food safety [removed: matters maintained by the Company.][added: matters.]

The Company’s carbon capture and [removed: sequestration operations] [added: storage (CCS) operations, through which ADM is able to capture and store CO2,] are also subject to potential risks and uncertainties, including complying with complex and evolving regulations, obtaining and maintaining permits and regulatory approvals, and managing operational [removed: challenges.][added: challenges, which could have an adverse effect on its reputation, business and results of operations.]

The availability and prices of agricultural commodities are subject to wide fluctuations, including impacts from factors outside the Company’s control such as changes in market conditions, weather conditions, crop disease, plantings, government programs and policies, [added: including global trade, renewable energy/biofuel policies and other regulatory considerations,] climate change, competition, and changes in global demand, which could adversely affect the Company’s operating results.

[removed: High and volatile] commodity and non-agricultural commodity prices can place more pressures on short-term working capital funding.

The Company is subject to [removed: economic downturns] [added: risks relating to global] and regional economic [removed: volatilities,] [added: downturns,] which could adversely affect the Company’s operating results.

[removed: While 64% of the Company’s long-lived assets are in] [added: Beyond] the United States, the Company [removed: also] has significant operations in both developed areas [removed: (such as Western Europe] and [removed: Canada) and] emerging market areas.

Political fiscal instability could generate intrusive regulations in emerging markets, potentially creating unanticipated assessments of taxes, fees, increased risks of corruption, etc. Economic downturns and volatile market conditions could adversely affect the Company’s operating results and ability to execute its long-term business [removed: strategies, although the nature of many of the Company’s products (i.e. food and feed ingredients) is less sensitive to demand reductions in any economic downcycle.][added: strategies.]

The Company is [added: also] subject to industry-specific risks which include but are not limited to: launch of new products by other industries that can replace the functionalities of the Company’s production; shifting consumer preferences; and product safety and quality.

The Company has a Chief Risk Officer who oversees the [removed: ERM] [added: Enterprise Risk Management (ERM)] Program and regularly reports to the Board of Directors through the Audit Committee, which assists the Board in its oversight of the Company's ERM program, on the myriad of risks facing the Company and the Company’s strategies for mitigating those risks.

The Company’s business is affected [removed: by] [added: by, among other things, geopolitical and market risks, including] fluctuations in agricultural commodity cash prices and derivative prices, transportation costs, energy prices, interest rates, foreign currency exchange rates, and equity [removed: markets.][added: markets, as well as operational and other disruptions, and compliance and regulatory exposures.]

The Company’s risk [removed: monitoring] [added: management] efforts may not be successful at detecting a significant risk exposure, and such exposure could adversely affect the Company’s operating results.

[removed: Legislatures] [added: Further, legislatures] and taxing authorities in many jurisdictions in which ADM operates may enact changes to their tax rules.

The Organization for Economic Cooperation and Development (the “OECD”), the European Union, and other countries (including countries in which the Company operates) have [removed: committed to enacting] [added: enacted] substantial changes to numerous long-standing tax principles impacting how large multinational enterprises are taxed.

In particular, the OECD’s Pillar Two initiative [removed: introduces] [added: introduced] a 15% global minimum tax applied on a country-by-country basis.

[removed: Regulations] [added: Risks relating to regulations] specifically affecting the agricultural sector and related [removed: industries; regulatory policies or matters] [added: industries, as well as those] that affect [removed: a variety of businesses;] [added: the Company’s other business] and [removed: taxation polices] [added: practices,] could adversely affect the Company’s [added: business, reputation and] operating results.

For example, changes in government policies, tax credits, and/or regulation of ethanol and biodiesel, including, but not limited to, the Clean Fuels Production Tax Credit and the [added: related "45Z" tax credit and the] Renewable Fuel Standard under the Energy Independence and Security Act of 2007 in the United States, including the treatment of small refinery exemptions, can have an impact on the Company’s operating results.

The Company’s strategy involves expanding the volume and diversity of crops it merchandises and processes, expanding the global reach of its core model, expanding its value-added product portfolio, and expanding the sustainable agriculture programs and partnerships [added: in which] it [removed: participates in.][added: participates.]

Government policies including, but not limited to, antitrust and competition law, trade restrictions, food safety regulations, sustainability requirements, and traceability, can impact the Company’s ability to [added: successfully] execute this [removed: strategy successfully.][added: aspect of its strategy.]

The Company’s inability to successfully [removed: complete its ongoing implementations of new enterprise resource planning (ERP) systems and upgrades of] [added: upgrade] its information [removed: technology (IT) systems] [added: and operational technology systems] could have a material and adverse effect on the Company’s business, financial condition, and operational results.

The Company is currently upgrading its [removed: IT] [added: technology] platforms, including certain ERP systems, [removed: on a global scale,] with these upgrades expected to occur in phases over the next several years.

The Company engages in manufacturing and distribution activities across numerous markets and geographies.

As a result, the Company is subject to risks inherent in such activities and from time to time has experienced unplanned downtime or extensive property damage and business disruption from various events and external factors, some of which are beyond the Company’s control.

These events could result in personal injury, loss of life, and environmental damage.

In some cases, the Company is dependent on a single plant or facility to manufacture or process certain products in a geographical region or otherwise.

The impact of these events and factors has and could in the future require significant investments and expenditures to repair damaged facilities or equipment and require management attention and other resources, which has and could adversely impact the Company’s results of operations.

As part of its broader strategy, the Company is focused on operational excellence and driving targeted cost reductions.

The Company has implemented plans to improve the performance of its manufacturing and production facilities, increase operating leverage within the Nutrition segment, and reduce third party spend and selling, general, and administrative expenses.

The success of these plans, and any future related plans, depend on a broad range of factors.

The Company’s ability to improve its cost structure depends on reducing its manufacturing, delivery and administrative costs, as well as having cost-effective purchasing programs for raw materials, energy and related manufacturing requirements, all of which are subject to risks and uncertainties and may not be successful.

The Company’s working capital requirements are directly affected by the price of global commodities, which may fluctuate significantly and change quickly.

The implementation of these plans may be more difficult, costly, or time-consuming than expected, and may not result in any or all of the anticipated benefits, which could adversely affect the Company’s business, results of operations and financial condition.

In addition, ADM proactively reviews its portfolio of businesses to identify opportunities to simplify and optimize its portfolio and enhance shareholder value.

As a result, from time to time, the Company seeks to divest certain of its assets or businesses by selling them or entering into joint ventures.

The Company’s ability to successfully complete a divestiture or joint venture transaction will depend on, among other things, its ability to identify buyers or joint venture partners that are prepared to acquire and successfully operate such assets or businesses on acceptable terms, and on the Company's ability to adjust and optimize its retained businesses following the divestiture.

These transactions may involve unanticipated delays, costs, and other problems, and senior management may be required to divert attention away from other aspects of ADM’s businesses to address these problems.

ADM’s growth also depends in part on innovation in products, processes and services.

The Company’s ability to realize the anticipated benefits of its R&D efforts and other investments depends on a variety of factors, and may not result in new products and services at a rate or of a quality sufficient to gain market acceptance.

In addition, the markets for these products may not develop or grow as the Company anticipates.

*[Table of Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*

These events can disrupt trade flows, damage infrastructure, limit access to raw materials, reduce customer demand, or impede the Company’s ability to operate facilities or move product.

They also may trigger macroeconomic volatility, including fluctuations in commodity prices, interest rates, and foreign exchange rates, which can negatively affect margins, inventory values, and hedging positions.

Further, compliance with rapidly evolving sanction regimes may require operational adjustments and could increase the risk of inadvertent violations.

The Company is subject to geopolitical, economic and other risks of doing business globally.

*[Table of Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*

For example, the Company’s results of operations were impacted by changes in and uncertainty relating to global trade and tariffs in 2025, and the resulting trade flow disruptions, such as U.S. soybean trade with China, as well as the deferral of U.S. biofuel policy with respect to renewable volume obligations (RVO), and the resulting uncertainty which impacted demand for soybean oil and other feedstocks.

The Company’s business depends on the quality and safety of the agricultural commodities, ingredients, food, feed, nutritional products, and other products it sources, manufactures, processes, stores, transports, and sells.

As a result, the Company is exposed to a wide range of food quality and safety risks.

ADM must comply with U.S. and non-U.S. federal, state, and local regulations on food safety, quality, manufacturing and labeling.

Certain of the Company’s products may require regulatory approvals, pre‑market notifications, or ongoing compliance with evolving or uncertain regulatory frameworks in multiple jurisdictions.

Further, regulatory scrutiny and standards in the food, feed, and nutrition sectors continue to evolve, such as the ongoing review by regulatory authorities in the EU and other jurisdictions of the safety and permitted uses of specified chemicals.

Any failure to comply with applicable laws and regulations or changes in regulatory interpretations, standards, or enforcement priorities could restrict the Company’s ability to manufacture, market, or sell certain products, increase compliance costs, or require product reformulation or withdrawal from certain markets, and could subject ADM to substantial fines, administrative sanctions, criminal penalties, litigation, and other liabilities, as well as damage to its reputation.

The Company also is subject to extensive U.S. and non-U.S. federal, state, and local occupational health and safety, environmental and other regulatory requirements.

Any failure to comply with applicable laws and regulations may subject ADM to substantial fines, administrative sanctions, criminal penalties, revocations of operating permits and/or shutdowns of its facilities, litigation, and other liabilities, as well as damage to its reputation.

Further, ADM may be subject to environmental liabilities for past operations at current facilities and in some cases to liabilities for past operations at facilities that it no longer owns, operates or uses.

The Company may also be subject to liabilities for operations of acquired companies.

The Company’s operational activities can also result in serious accidents that could result in personal injuries, facility shutdowns, reputational harm to our business and/or require the expenditure of significant amounts to remediate safety issues or repair damaged facilities.

The Company is subject to various evolving regulations related to ESG matters which impacts the Company’s business and strategies, and could adversely affect its reputation, business and results of operations.

The Company is subject to various evolving, and sometimes inconsistent, United States federal, state, local and non-U.S. regulations related to ESG matters, including regulations related to the production of greenhouse gas (GHG) emissions.

Some of these regulations establish specific metrics, targets, and disclosure frameworks for a variety of ESG issues, including environmental sustainability, supply chain labor practices, deforestation, workforce health and safety, proper handling of chemicals or materials, among others.

Compliance with these changing and sometimes divergent ESG laws in a timely manner could, among other things, increase raw material, administrative, compliance or other costs, require the Company to make changes to its business operations or strategies, or require the Company to make additional investments in its facilities or equipment.

Item 8.

In addition, the Company may not be able to realize any financial or other benefits from its investments in Russia due to ongoing sanctions or actions of the Russian government.

The risk to ADM’s business from the war in Israel could increase if it expands into other countries.

Investigation Risks

The Investigation and related events have had and may continue to have a material adverse impact on the Company.

As previously disclosed, following a voluntary document request from the SEC relating to intersegment sales between the Company’s Nutrition reporting segment and the Company’s Ag Services and Oilseeds and Carbohydrate Solutions reporting segments, the Company conducted an internal investigation into certain accounting practices and procedures with respect to its Nutrition reporting segment, including as related to certain intersegment sales (the “Investigation”).

The Company had historically disclosed in the footnotes to its financial statements that intersegment sales have been recorded at amounts approximating market.

In connection with the Investigation, the Company identified certain intersegment sales that occurred between the Company’s Nutrition reporting segment and the Company’s Ag Services and Oilseeds and Carbohydrate Solutions reporting segments that were not recorded at amounts approximating market.

The Company corrected those errors in its fiscal year 2023 Form 10-K, along with subsequently identified errors that the Company corrected in an amendment to its Annual Report on Form 10‑K for the fiscal year ended December 31, 2023 (the “FY2023 10-K/A”), and its Form 10-Qs for the first and second quarters of 2024, all of which were filed on November 18, 2024, to restate the segment disclosures included in those filings.

As a result of the Investigation, correction of identified errors and related events, the Company has experienced, and may continue to experience, a number of adverse impacts and risks, including, but not limited to:

–the Company’s Board of Directors and senior management have been required to devote significant time to the Investigation, the correction of certain segment-specific historical financial information and related matters, resulting in potential management distraction from the operation of the business;

–the price of the Company’s common stock has declined significantly, has been subject to fluctuations and could continue to fluctuate upon further announcements or actions;

–the Company is facing securities litigation and could face additional litigation under federal and state securities laws or other claims arising from the Investigation, such litigation can be costly to defend, and if decided against the Company, such litigation could require the Company to pay substantial judgments or settlements;

–the Company could discover additional material or immaterial errors in its financial statements; and

The risks described above have had and may in the future have a material adverse effect on the Company’s business, results of operations, financial condition and liquidity.

In addition, although the Company has taken certain actions in response to the findings of the Investigation, the Company could take new or different actions in addition to those taken to date if it determines those actions are appropriate.

Such actions are uncertain and could have a material adverse impact on the Company’s business and the price of its common stock.

The Company is subject to ongoing government investigations, and the timing for their resolution and outcome cannot be predicted.

As previously disclosed, and as described more fully in Part II.

Note 20.

Legal Proceedings of this report, 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 cannot predict when the SEC and DOJ investigations will be completed, nor can it predict the results of these investigations with any reasonable degree of certainty.

Expenses incurred in connection with these investigations (which include substantial fees of lawyers and other professional advisors and potential obligations to indemnify officers and directors who are parties to these investigations) could adversely affect the Company’s results of operations and liquidity position.

The Company may be required to pay material fines, consent to injunctions on future conduct or be subject to other penalties, each of which could have a material adverse effect on its business, results of operations, financial condition and liquidity.

These government investigations also may adversely affect the Company’s ability to obtain, and/or increase the cost of obtaining, directors’ and officers’ liability insurance and/or other types of insurance.

In addition, the findings and outcomes of the Investigation as well as the government investigations could result in additional litigation or actions taken by third parties against the Company.

The effects and results of such other litigation or actions may have a materially adverse effect on the Company’s business, results of operations, financial condition and liquidity.

The Company identified a material weakness in the Company’s internal control over financial reporting, which could impact the Company’s ability to report its results of operations and financial condition accurately and in a timely manner.

During the fourth quarter of 2023, in connection with the Investigation, 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*.

For a more detailed description of this material weakness, see Part II.

Item 9A.

Controls and Procedures of this report.

While the Company has implemented a remediation plan, the Company will not be able to conclude whether the steps the Company has taken will remediate the material weakness until a sustained period of time has passed to allow management to test the design and operational effectiveness of the new and enhanced controls.

The material weakness, if not fully addressed, could result in additional accounting errors, such as those resulting in the restatement of certain segment-specific historical financial information as described in the FY2023 10-K/A.

The Company may be unable to remediate this material weakness in a timely manner, which could adversely impact the accuracy and timeliness of future reports and filings the Company makes with the SEC.

Further, additional errors may be identified as a result of the Company's remediation efforts, or additional material weaknesses could be identified, any of which could result in additional corrections or adjustments, which may be material, or could impact the Company's ability to report its results of operations and financial condition in an accurate and timely manner.

The Company has become subject to negative publicity as a result of the Investigation and related events.

This MD&A generally discusses [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] items and year-to-year comparisons between [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

Discussions of [removed: 2022] [added: 2023] items and year-to-year comparisons between [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] are not included in this Form 10-K and can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II.

Item 7 of the Company’s Annual Report on Form [removed: 10-K/A] [added: 10-K] for the fiscal year ended December 31, [removed: 2023,] [added: 2024,] filed on [removed: November 18, 2024.][added: February 20, 2025.]

Archer-Daniels-Midland Company and its subsidiaries (the "Company" or "ADM") [removed: unlock] [added: unlocks] the power of nature to enrich the quality of life.

Financial Statements and Supplementary [removed: Data, Note 17.][added: Data.]

Segment and Geographic Information for further [removed: details] [added: information] on the nature of our business and our reportable [removed: operating] segments.

[removed: *Strategy*][added: *2025 Strategy*]

*[Table of [removed: Contents](#i731d6810529548b4b43db02179f7869f_10)*][added: Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*]

[removed: *Significant] [added: *Recent Significant] Portfolio Actions*

Note [removed: 3.][added: 4.]

[removed: Acquisitions of “Notes to] Consolidated Financial [removed: Statements”] [added: Statements] for further information.

The Company's Nutrition segment [removed: also] [added: primarily] utilizes agricultural commodities (or products derived from agricultural commodities) as raw materials.

However, in these operations, agricultural commodity market price changes do not necessarily [added: strongly] correlate to changes in cost of products sold.

As a result, changes in revenues [removed: of these businesses] may correspond to changes in margins.

The Company has consolidated subsidiaries in [removed: approximately 80] [added: 75] countries.

Revenues and expenses denominated in foreign currencies are translated into U.S. dollars at the [removed: weighted] average exchange rates for the applicable periods.

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 [added: interest and taxes (EBIT), earnings before] interest, taxes, depreciation, and amortization (EBITDA), [removed: adjusted EBITDA, return on invested capital, adjusted economic value added,] and [removed: operating cash flows before working capital.][added: adjusted EBITDA.]

For more information, see the “[Non-GAAP Financial [removed: Measures](#i731d6810529548b4b43db02179f7869f_61)”] [added: Measures](#i4b140cf16e8341a3966ff52fc2b85bda_58)”] section below.

Year Ended December 31, [removed: 2024] [added: 2025] Compared to Year Ended December 31, [removed: 2023][added: 2024]

*Market Factors Influencing Operations [removed: or] [added: and] Results in the Twelve Months Ended December 31, [removed: 2024*][added: 2025*]

The Company is subject to a variety of market factors which affect the Company’s [removed: operating] [added: operations and] results, including those discussed below related to [removed: 2024.][added: 2025.]

[removed: Strong] [added: In the Carbohydrate Solutions segment, solid domestic and] export demand for [removed: ethanol helped offset higher] [added: ethanol, along with lower] industry [removed: production to minimize the imbalance] [added: production, helped improve imbalances] between [removed: supply] [added: production] and [added: domestic] demand.

Processed volumes by product for the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023 are] [added: 2024 were] as follows (in metric tons):

| (In thousands) | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | Change | | |

| Corn | | | [removed: 18,541] [added: 18,525] | | | | | | [removed: 18,067] [added: 18,541] | | | | | | [removed: 474] [added: (16)] | | |

*Federal [added: Clean Fuel Production Credits and Federal] Blenders’ and Producers’ Credits*

The [removed: Blenders' Tax Credit (BTC) is] [added: BTC was previously] the primary regulation, applicable to qualifying biodiesel.

The Inflation Reduction Act of 2022 extended the BTC through December 31, 2024 and established [removed: a new Clean Fuel Production Credit (CFPC)] [added: the 45Z] effective January 1, [removed: 2025.][added: 2025, as discussed above.]

For the year ended December 31, 2024, the Company recorded [removed: a benefit] [added: benefits] of $316 million related to the BTC.

[removed: *Analysis of Results] [added: *Results] of Operations*

Total segment operating profit (a non-GAAP measure) in [removed: 2024] [added: 2025] decreased [removed: 28%] [added: 23%] or [removed: $1.7] [added: $1.0] billion, to [removed: $4.2] [added: $3.2] billion, [added: primarily] driven by lower results in the Ag Services and Oilseeds segment and the [removed: Nutrition] [added: Carbohydrate Solutions] segment.

Total segment operating profit (a non-GAAP measure) in [added: the year ended December 31,] 2024 excluded asset impairment, [removed: restructuring] [added: restructuring,] and net settlement contingencies of $490 [removed: million, and a gain on the sale of certain assets of $10] 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 [removed: Measures](#i731d6810529548b4b43db02179f7869f_61)"] [added: Measures](#i4b140cf16e8341a3966ff52fc2b85bda_58)"] section below.

Revenues for the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] were as follows (in millions):

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | Change | | |

| Refined Products and Other | | | [removed: 10,597] [added: 10,855] | | | | | | [removed: 11,986] [added: 10,597] | | | | | | [removed: (1,389)] [added: 258] | | |

| Total Ag Services and Oilseeds | | | [removed: 66,516] [added: 61,571] | | | | | | [removed: 73,426] [added: 66,516] | | | | | | [removed: (6,910)] [added: (4,945)] | | |

| Starches and Sweeteners | | | [removed: 8,587] [added: 7,982] | | | | | | [removed: 9,885] [added: 8,587] | | | | | | [removed: (1,298)] [added: (605)] | | |

| Vantage Corn Processors | | | [removed: 2,647] [added: 2,755] | | | | | | [removed: 2,989] [added: 2,647] | | | | | | [removed: (342)] [added: 108] | | |

| Total Carbohydrate Solutions | | | [removed: 11,234] [added: 10,737] | | | | | | [removed: 12,874] [added: 11,234] | | | | | | [removed: (1,640)] [added: (497)] | | |

ADM is also a premier human and animal nutrition provider, as well as a leader in health and well-being products.

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.

Note 17.

The Company’s goal is to continue to build and sustain long-term value for its shareholders and customers.

The Company has established the following priorities to help achieve its goal:

- Focus on execution and cost management – ADM seeks to prioritize operational excellence and drive targeted cost reductions through: (1) boosting plant efficiencies; (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 while continuing to return value to shareholders through dividends.

The successful execution of the above priorities is expected to afford ADM the ability to continue investing in future growth that creates value over the long-term.

ADM is investing in several key areas such as enhanced nutrition, biotics, biosolutions, precision fermentation, and decarbonization.

Each of these development pathways has a different growth profile and timeline for value creation, and each complements our core business and presents the potential for compelling, enduring returns.

ADM has refined its digital strategy and has pivoted away from large global implementations and toward prioritizing regional, more agile projects.

The Company is accelerating its data journey while continuing to invest in cybersecurity and network and application resilience.

As a result of this strategy refinement, during the year ended December 31, 2025, the Company recognized an impairment charge of $179 million related to previously capitalized internal-use software.

Financial Statements and Supplementary Data.

Note 18.

Asset Impairment, Exit, and Restructuring Costs for further information.

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 focused on 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 help build a more resilient supply chain.

*Targeted Actions to Deliver Cost Savings*

On February 4, 2025, the Company announced targeted actions expected to deliver in excess of a $500 million of cumulative cost savings in the next 3 to 5 years.

These include cost optimization and portfolio simplification initiatives designed to help the Company achieve cost efficiencies.

See Note 18.

Asset Impairment, Exit, and Restructuring Costs of “Notes to Consolidated Financial Statements” included in Part II.

Financial Statements and Supplementary Data 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 3.

Acquisitions of “Notes to Consolidated Financial Statements” included in Item 1.

- 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, Plainsman Company, with PYCO Industries, Inc., a leader in the local agricultural communities it serves, combining its and ADM’s Lubbock, Texas, cottonseed processing capabilities.

- Entered into 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.

- Entered into a definitive agreement in December 2025 with Planters Cotton Oil Mill, Inc. (Planters), a premier cottonseed processor, to launch a new cottonseed joint venture.

Planters is expected to contribute its crush plant in Pine Bluff, Arkansas, as well as additional origination and storage facilities located in the region, to the joint venture.

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 consumer and industrial solutions.

ADM is a leader in sustainability, scaling across entire value chains to help decarbonize the multiple industries it serves.

Around the globe, the Company's innovation and expertise are meeting critical needs while nourishing quality of life and supporting a healthier planet.

The Company’s strategic transformation is focused on three strategic pillars: Productivity, Innovation, and Culture.

The Productivity pillar includes (1) partnering across various global teams including procurement, supply chain, operations, and commercial to optimize costs and improve both production volumes and demand fulfillment across the enterprise; (2) implementation of improved standardized business processes and aggressive management of selling, general, and administrative expenses and Corporate costs; (3) portfolio simplification to improve operational performance; and (4) increased use of technology, data analytics, and automation at production facilities, in offices, and with customers to improve efficiencies and customer service.

The Innovation pillar includes expansions and investments in (1) the modernization and digitization of our operations network; (2) sustainability-driven innovation, which encompasses the full range of products, solutions, capabilities, and commitments to serve both customer needs and farmer resilience; and (3) growth initiatives, including organic growth with additional capacity to meet growing market demand and strategic objectives.

The Culture pillar focuses on building capabilities and enabling collaboration, teamwork, and agility from process standardization and digitalization, and bringing new perspectives and expertise to the Company’s decision-making.

ADM plans to support the three pillars with investments in technology, which include expanding digital capabilities and investing further in research and development.

ARCHER-DANIELS-MIDLAND COMPANY

Sustainability is a key driver in ADM’s expanding portfolio of environmentally responsible, plant-derived products.

Consumers today increasingly expect their food and drink to come from sustainable ingredients, produced by companies that share their values, and ADM is continually finding new ways to meet those needs through its portfolio actions.

The Company’s significant portfolio actions and announcements during 2024 include the following acquisitions:

- Revela Foods, a Wisconsin-based developer and manufacturer of innovative dairy flavor ingredients and solutions;

- FDL, a UK-based leading developer and producer of premium flavor and functional ingredient systems;

- PT Trouw Nutrition Indonesia, a leading provider of functional and nutritional solutions for livestock farming in Indonesia; and

- Totally Natural Solutions Ltd., a UK-based hops flavoring producer.

*Internal and Government Investigation*

The Company has historically disclosed in the footnotes to its financial statements that intersegment sales have been recorded at amounts approximating market.

In connection with the Company’s previously disclosed internal investigation regarding certain accounting practices and procedures with respect to its Nutrition reporting segment, including as related to certain intersegment sales (the “Investigation”) the Company identified certain intersegment sales that occurred between the Company’s Nutrition reporting segment and the Company’s Ag Services and Oilseeds and Carbohydrate Solutions reporting segments that were not recorded at amounts approximating market.

The Company corrected those errors in its fiscal year 2023 Form 10-K, along with subsequently identified errors that the Company corrected in an amendment to its Annual Report on Form 10‑K for the fiscal year ended December 31, 2023 (the “FY2023 10-K/A”), and its Form 10-Qs for the first and second quarters of 2024, all of which were filed on November 18, 2024, to restate the segment information disclosure included in those filings.

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*

In connection with the Investigation, the Company identified a material weakness in the Company’s internal control over financial reporting related to its accounting practices and procedures for segment disclosures.

For more information, see “Controls and Procedures” in Part II, Item 9A herein.

Therefore, margins per volume or metric ton generally are meaningful as a performance indicator in these businesses.

Therefore margin rates generally are meaningful as a performance indicator in these businesses.

In the Ag Services and Oilseeds segment, following two years of very favorable market conditions, several headwinds in the agriculture cycle, including fewer market dislocations and high cost inflation, led to more normalized results throughout the entire value chain.

Ag Services benefited from improved river conditions and an excellent crop in North America, which improved export volumes, while South America Origination margins were negatively impacted by take or pay contracts with railroads.

Global Trade market conditions were driven by solid trading and continued structured trade finance opportunities.

Crushing saw depressed vegetable oil demand and lower prices primarily driven by increased market supply, imports of used cooking oil, uncertainty with the Producer Tax Credit policy change, and the delay of the European Union's Deforestation Regulation requirements.

In Refined Products and Other, North America margins were pressured by an increase in the supply of low carbon intensity feedstock and limited forward sales opportunities caused by the uncertainty around Producers Tax Credit policy transition.

In the Carbohydrate Solutions segment, demand for starches and sweeteners remained solid with margins remaining steady across the entire portfolio.

In the Nutrition segment, demand was mixed in a few food and beverage product categories driven by shifts in consumer discretionary spend and preferences.

Human Nutrition was impacted by inflation, which drove lower demand and decreased volumes for alternative proteins in some regions.

Demand started to recover in the food, beverage, and dietary supplement categories.

In Animal Nutrition, a soft amino acids market driven by price weakness in North America was partially offset by an improved market in EMEA.

The global feed market saw some modest improvement with continued price weakness of main feed ration commodities, while key livestock prices remained steady.

[removed: Additionally, the] [added: The] Company [added: also] uses exchange-traded [removed: futures] and [removed: exchange-traded and over-the-counter option contracts] [added: 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 [removed: contracts] and the [removed: cash prices] [added: value] of the underlying commodities, counterparty contract defaults, and volatility of freight markets.

In addition, the [removed: Company, from time-to-time,] [added: Company] enters into [removed: derivative] [added: futures] contracts [added: and over-the-counter swaps] which are designated as hedges of specific volumes of commodities that will be purchased and processed, or sold, in a future month.

The Company’s commodity position consists of merchandisable agricultural commodity inventories, related purchase and sales contracts, energy and freight contracts, and exchange-traded [removed: futures] and [removed: exchange-traded and] over-the-counter [removed: option contracts] [added: commodity instruments,] including contracts used to hedge anticipated transactions.

The Company [removed: has established metrics to monitor the amount of] [added: monitors] market risk [removed: exposure, which consist of] [added: exposure through various metrics such as] volumetric [removed: limits,] [added: limits] and [added: the] value-at-risk (VaR) limits.

Volumetric limits are monitored [added: on a] daily [removed: and VaR calculations and sensitivity analysis are monitored weekly.][added: basis.]

[removed: The Company performs] [added: VaR and related] sensitivity [removed: analyses] [added: analysis,] measuring the potential loss in fair value resulting from a hypothetical 10% adverse change in market [removed: prices.][added: prices, is monitored on a weekly basis.]

The [added: weekly] highest, lowest, and average [removed: weekly] long (short) [removed: position] [added: positions,] for the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] together with [removed: the market] [added: a] risk [removed: from] [added: of] a hypothetical 10% adverse price change [added: in market prices] is as follows (in millions):

| | | | | | | December 31, [removed: 2024] [added: 2025] | | | | | | | | | | | | December 31, [removed: 2023] [added: 2024] | | | | | | | | |

| Highest position | | | | | | $ | [removed: 543] [added: 541] | | | | | $ | 54 | | | | | [removed: $] [added: $] | [removed: 498] [added: 543] | | | | | [removed: $] [added: $] | [removed: 50] [added: 54] | |

| Lowest position | | | | | | [removed: (265)] [added: (37)] | | | | | | [removed: (27)] [added: (4)] | | | | | | [removed: (6)] [added: (265)] | | | | | | [removed: (1)] [added: (27)] | | |

| Average position | | | | | | [removed: 168] [added: 279] | | | | | | [removed: 17] [added: 28] | | | | | | [removed: 125] [added: 168] | | | | | | [removed: 13] [added: 17] | | |

*[Table of [removed: Contents](#i731d6810529548b4b43db02179f7869f_10)*][added: Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*]

The Company has consolidated subsidiaries in more than [removed: 80] [added: 75] countries.

| | | | December 31, [removed: 2024] [added: 2025] | | | | | | December 31, [removed: 2023] [added: 2024] | | |

| Fair value of long-term debt | | | $ | [removed: 7,055] [added: 6,309] | | | | | $ | [removed: 8,557] [added: 7,055] | |

| Fair value amount [removed: over] (under) carrying value | | | [removed: (501)] [added: (271)] | | | | | | [removed: 298] [added: (501)] | | |

| Market risk | | | [removed: 271] [added: 317] | | | | | | [removed: 378] [added: 271] | | |

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.

*[Table of Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*

The Company manages its exposure to adverse price movements of agricultural commodities used for, and produced in, its business operations, by entering into derivative and non-derivative contracts which reduce the Company’s overall short or long commodity position.

VaR measures the potential loss, at a 95% confidence level, that could be incurred over a one year period.

The change in fair value of the average position was due to the overall decrease in average quantities of certain commodities.

The decrease in the fair value of long-term debt at December 31, 2024 is due to an increase in corporate bond interest rates.

Archer-Daniels-Midland Company [added: and its subsidiaries] (the "Company" or "ADM") unlocks the power of nature to enrich the quality of life.

[removed: The Company is] [added: It offers] a [removed: trailblazer in] [added: wide range of] health and [removed: well-being, with an industry-leading range] [added: well-being products, such as probiotics, enzymes, and supplements to meet the needs] of [removed: products for] consumers looking for new ways to live healthier lives.

Around the globe, [removed: the Company's innovation and] [added: ADM's] expertise [added: and innovation] are meeting critical needs [removed: while nourishing quality of life and supporting a healthier planet.][added: from harvest to home.]

The Company [added: partners with thousands of farmers around the world to purchase their crops and] uses its integrated global [removed: network of elevators, trucks, railcars, barges] [added: origination, logistics,] and [removed: ships to move those crops from areas of supply] [added: manufacturing network] to [removed: areas of demand, and transforms] [added: transform] many of those raw commodities into [removed: a broad] [added: an expansive] array of products serving [removed: customers spanning] [added: the] food, feed, fuel, [removed: industrial,] and [added: industrial and] consumer [removed: products.][added: products sectors.]

[removed: From] [added: The Company offers a broad portfolio of food and beverage products, from] staple [removed: foods,] [added: foods to innovative alternatives,] such as [removed: flour, oils,] [added: natural colors] and [removed: sweeteners, to innovative alternatives like] [added: flavors,] plant-based [removed: meat and dairy] [added: proteins,] and lower-sugar, [removed: fat] [added: fat,] and salt [removed: solutions, ADM offers the industry’s broadest portfolio of food and beverage] solutions.

ADM also has significant investments [added: in certain entities] and joint [removed: ventures] [added: venture arrangements] that aim to expand or enhance the market for its products or offer other benefits including, but not limited to, geographic or product-line expansion.

*[Table of [removed: Contents](#i731d6810529548b4b43db02179f7869f_10)*][added: Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*]

The Company’s operations are organized, managed, and classified into three reportable [removed: business] segments: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition.

The Company’s remaining operations are not reportable [removed: business] segments, as defined by the applicable accounting standard, and are classified within either Corporate or Other Business.

Financial information with respect to the Company’s reportable [removed: business] segments is set forth in Part II.

The Ag Services and Oilseeds segment includes global activities related to the origination, merchandising, transportation, and storage of agricultural raw materials, [removed: and] [added: as well as] the crushing and [removed: further] processing of [removed: oilseeds such as] [added: oilseeds, including] soybeans and soft seeds [removed: (cottonseed,] [added: such as cottonseed,] sunflower seed, canola, rapeseed, and [removed: flaxseed) into vegetable oils and protein meals.][added: flaxseed.]

[removed: Salad] [added: Crude and partially refined vegetable] oils are sold [removed: “as is”] [added: to third parties, including renewable diesel manufacturers,] or [removed: are] further processed [removed: by hydrogenating and/or interesterifying] into [added: salad oils,] margarine, shortening, [added: biodiesel, glycols,] and other food [added: and industrial] products.

Oilseed protein meals are [removed: principally] [added: primarily] sold [removed: to third parties to be used] as ingredients [removed: in] [added: for] commercial livestock and poultry feeds.

The [removed: Ag Services and Oilseeds] segment is also a major supplier of peanuts and [removed: peanut-derived] [added: peanut‑derived] ingredients [removed: to both the U.S.] and [removed: export] [added: manufactures cotton cellulose pulp in North America for chemical, paper, and other industrial] markets.

The Company [added: also] engages in various structured trade finance activities [added: through this segment] to leverage its global trade flows.

The Company is a supplier of raw materials to Wilmar, [removed: Stratas Foods LLC,] [added: SoyVen, Olenex Sarl,] Edible Oils Limited, [removed: SoyVen,] and [removed: Olenex.][added: Stratas Foods LLC.]

The Carbohydrate Solutions segment [removed: is engaged] [added: engages] in corn and wheat wet and dry milling and [removed: other] [added: related processing] activities.

The [removed: Carbohydrate Solutions] segment converts corn and wheat into products and ingredients used in [removed: the] food and beverage [removed: industry] [added: applications,] including sweeteners, [removed: corn and wheat] starches, [removed: syrup,] [added: syrups,] glucose, wheat flour, and dextrose.

[removed: Corn gluten feed and meal, as well as] [added: In addition, the segment produces] distillers’ grains, [removed: are produced] [added: corn gluten feed, and corn gluten meal] for use as animal feed ingredients.

Corn germ, a [removed: by-product] [added: by‑product] of [removed: the] wet [removed: milling process,] [added: milling,] is further processed into vegetable oil and protein [removed: meal.][added: meal, and citric acids are produced for food and industrial applications.]

[removed: Agrinational,] [added: Agrinational Insurance Company (Agrinational),] a wholly owned subsidiary of ADM, [removed: provides] [added: and its subsidiaries, provide] insurance coverage for certain property, casualty, marine, medical, and other miscellaneous risks of the Company.

The Company has developed a comprehensive transportation capability [added: that it uses] to efficiently [removed: move] [added: distribute] both commodities and processed products [removed: virtually] [added: nearly] anywhere in the world.

The Company owns or leases trucks, trailers, railroad tank and hopper cars, river barges, towboats, and ocean-going vessels used to transport the Company’s products to its [removed: customers.][added: customers, co-manufacturers and distributors.]

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Soybeans | | | [removed: 19%] [added: 17%] | | | | | | [removed: 18%] [added: 19%] | | | | | | [removed: 17%] [added: 18%] | | |

| Soybean Meal | | | [removed: 12%] [added: 11%] | | | | | | [removed: 13%] [added: 12%] | | | | | | [removed: 12%] [added: 13%] | | |

| Corn | | | [removed: 12%] [added: 13%] | | | | | | 12% | | | | | | [removed: 14%] [added: 12%] | | |

The Company’s raw materials are procured from thousands of growers, grain elevators, and wholesale merchants in North America, South America, Europe, Middle East, and Africa (EMEA), [removed: Asia,] and [removed: Australia,] [added: Asia-Pacific,] pursuant primarily to short-term (less than one year) agreements or on a spot basis.

[removed: In 2022,] ADM [removed: launched its “re: generations”] [added: has a regenerative agricultural] program to engage and encourage growers in its supply chain to implement regenerative agriculture practices.

Under the stewardship of [removed: ADM’s] [added: its] Board of Directors, the Company has established several key social and environmental policies that collectively outline expectations for its employees, business partners and contractors, and the [removed: Company] [added: Company,] as a whole with respect to its sourcing operations.

These policies set the standards that govern the Company’s approach to environmental stewardship, employee conduct, and raw material sourcing, among other areas, and [removed: outline ADM’s positions] [added: are available] on [removed: issues of widespread public interest.][added: the Company’s website.]

The Company owns trademarks, brands, recipes, and other intellectual property including patents, with a net book value of [removed: $660] [added: $579] million as of December 31, [removed: 2024.][added: 2025.]

More than [removed: 90%] [added: 95%] of these intangibles are in the Nutrition segment which is not materially dependent upon any individual trademark, brand, recipe or other intellectual property.

The Company’s Nutrition business is a vertically integrated business that provides ingredients and solutions for [removed: humans, animals,] [added: humans] and [removed: pets] [added: animals] in a highly competitive environment with a variety of companies offering the same products and services.

[removed: Research, Creation, Design,] [added: Research] and Development (R&D)

R&D expense, net of reimbursements of government grants, for the year ended December 31, [removed: 2024] [added: 2025] was [removed: $269] [added: $246] million.

[removed: ADM’s] [added: The Company’s] R&D efforts focus on creating science-based products, solutions, and technologies aligned with macro trends in food security, sustainable processes, health, and personalized nutrition.

[added: Within innovation centers across three continents, the] R&D [removed: teams are] [added: team is] closely connected to customers and the global markets.

[removed: Targeted] [added: Its targeted] product development leverages innovative ingredients and [removed: ADM’s] [added: ADM's] existing portfolio across different segments.

The Company [removed: knows] [added: recognizes] that the health of our natural resources is [removed: critical to] [added: important for] our [removed: future,] [added: future] and [removed: that its commitment] [added: it endeavors] to [added: implement] sustainable practices [added: that] will result in a stronger ADM and a [removed: better world.][added: more resilient global food system.]

ADM is also a premier human and animal nutrition provider, as well as a leader in health and well-being products.

ADM provides human and animal nutrition ingredients and solutions that support health, productivity, and sustainability.

ADM is a key producer of biofuels, converting agricultural feedstocks into renewable fuels used in transportation and industrial applications.

ADM is a cutting-edge innovator, investing in research, application development, and process improvement to deliver value-added products, enhance supply chain efficiency, and advance sustainable agricultural and nutrition solutions.

It continues to develop a broad range of new bio-based consumer and industrial solutions as well as advance and scale its carbon capture and sequestration capabilities and other initiatives.

ADM is a leader in business-driven sustainability efforts that support a strong agricultural sector, resilient supply chains, and a vast and growing bioeconomy.

The segment produces and markets vegetable oils and oilseed protein meals used by food, feed, energy, and industrial customers.

In addition, its integrated grain sourcing, handling, and multimodal transportation network supports global import, export, and distribution activities and provides essential services to customers and the Company’s processing operations.

The Company also has equity interests in the following entities that engage in activities that fall within the Ag Services and Oilseeds segment: Pacificor, SoyVen Holding B.V., Olenex Holdings B.V., Edible Oils Limited, Stratas Foods LLC, Terminal de Grãos Ponta da Montanha S.A., Gradable, LLC, and Plainsman Company, LLC.

Dextrose and starches are also utilized as feedstocks in downstream processes, including fermentation to produce alcohol and other food and animal feed ingredients.

Ethanol is produced for use as an octane enhancer and oxygenate in gasoline.

The Carbohydrate Solutions segment also advances carbon capture and sequestration and other emissions‑reduction initiatives, positioning the business to support lower‑carbon operations and the growing use of plant‑based alternatives to fossil‑derived materials.

The Company has equity interests in the following entities that engage in activities that fall within the Carbohydrate Solutions segment: Hungrana Ltd, Almidones Mexicanos S.A. de CV, Aston Foods and Food Ingredients, Red Star Yeast Company, LLC, and LSCP, LLC.

The Company has equity interests in the following entities that engage in activities that fall within the Nutrition segment: Vimison S.A. de C.V., Vitafort ZRT, Dusial S.A., Novial SAS, ADM Matsutani LLC and Matsutani Singapore Pte.

Ltd.

*[Table of Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*

*[Table of Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*

*[Table of Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*

The Company's sustainability initiatives are managed by senior leadership and overseen by the Sustainability and Technology Committee of the Board of Directors.

See *Available Information* section below for more information.

The Company focuses on attracting, developing, and retaining a skilled, engaged, and diverse workforce aligned with its values and business objectives.

The Company’s human capital priorities, which are managed by senior leadership and overseen by the Compensation and Succession Committee of the Board of Directors, include workplace safety; talent development and capability building; competitive pay and benefits; fostering a diverse and inclusive global workforce; employee engagement; and compliance with applicable labor and employment laws.

ADM provides market-competitive pay, benefits, and offerings that promote employee well‑being, including health, wellness, and retirement programs.

The Company invests in training and development programs designed to enhance technical, leadership, and professional skills and support internal talent mobility and succession planning.

ADM also monitors workforce engagement, turnover, and other important people metrics to inform human capital priorities and drive continuous improvement.

Safety is a core operational priority, and the Company maintains policies, standards, and training intended to promote safe working conditions across its operations.

The Company has made progress on implementing best practices and enhancing its systems and processes, and it monitors leading and lagging indicators to enable continuous improvement.

Through these efforts, ADM achieved a 2025 Total Recordable Incident Rate, as defined by OSHA, that was the lowest in recent Company history.

*[Table of Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*

| North America | | | 8,802 | | | | | | 9,904 | | | | | | 145 | | | | | | 18,851 | | |

| Latin America (LATAM) | | | 3,836 | | | | | | 5,677 | | | | | | 15 | | | | | | 9,528 | | |

| Europe, the Middle East, and Africa (EMEA) | | | 5,460 | | | | | | 4,214 | | | | | | 528 | | | | | | 10,202 | | |

| Asia-Pacific (APAC) | | | 2,021 | | | | | | 884 | | | | | | 10 | | | | | | 2,915 | | |

| Total | | | 20,119 | | | | | | 20,679 | | | | | | 698 | | | | | | 41,496 | | |

*[Table of Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*

| Carrie A. Nichol | | | | | | Vice President and Chief Accounting Officer since March 2025. Senior Vice President, Chief Accounting Officer, and Global Process Leader at Cargill from December 2021 to February 2025. Vice President, Controller, and Chief Accounting Officer at Zimmer Biomet from October 2019 to December 2021. | | | | | | 46 | | |

*[Table of Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*

ADM is a premier human and animal nutrition provider, offering one of the industry's broadest portfolios of ingredients and solutions from nature.

ADM is a cutting-edge innovator, guiding the way to a future of new consumer and industrial solutions.

ADM is a leader in sustainability, scaling across entire value chains to help decarbonize the multiple industries it serves.

The Company works with thousands of growers in the world’s most productive agricultural regions to purchase their crops.

ADM is a pillar of the global food supply system, playing a critical role in helping billions of people to obtain access to the fundamental nutrition they need.

The Company is also a leader in animal nutrition, innovating in a world where more and more people want to feed their pets with the same kind of clean, simple, and healthy products that they eat themselves, and consumers expect livestock and poultry to be fed and raised naturally, humanely, and sustainably.

ADM is a global leader in health and well-being, with an industry-leading range of probiotics, enzymes, supplements, and more to meet the needs of consumers looking for new ways to live healthier lives.

The Company is also leading the way to a future of new consumer and industrial solutions from nature.

With unparalleled expertise and capacity in precision fermentation, ADM is reimagining the world of lubricants, adhesives, home and personal care products, and more.

The continued demand from customers for sustainably sourced products is a growth driver for ADM, and the Company invests in and supports sustainability efforts to enhance the long-term resilience of farmers, agriculture and critical supply chains, including the global food system.

ADM’s Board of Directors actively oversees the Company’s sustainability strategy through a board-level Sustainability and Technology Committee (Sustainability Committee), and ADM’s Chief Sustainability Officer is part of the core strategy team and reports to the Chief Executive Officer and Chair of the Board.

Utilizing ADM’s unique position in the agricultural value chain, including relationships with farmers around the globe and an unparalleled origination, transportation, and processing network, the Company works with growers by supporting them with personalized services and innovative technologies and partnering with them to develop and enhance conservation practices, including a goal of enrolling five million regenerative agriculture acres by the end of 2025.

The Company is actively working to improve the efficiency of its facilities and vehicles, finding alternative uses for waste, reusing and recycling water, and sequestering carbon at its onsite capture and storage facility.

These efforts are helping advance ADM’s Strive 35 commitments to, by 2035, reduce absolute Scope 1 and 2 greenhouse gas (GHG) emissions by 25% from a 2019 baseline, reduce absolute Scope 3 GHG emissions by 25% from a 2021 baseline, increase use of low-carbon energy sources to 25% of total energy used, reduce absolute water withdrawal by 10%, and achieve a 90% landfill diversion rate.

As a global organization, the Company is strongly committed to a culture of inclusion and belonging.

ADM fundamentally values the differences between individuals and believes a variety of perspectives and backgrounds support innovation, growth, and value creation.

ARCHER-DANIELS-MIDLAND COMPANY

PART I

The Company’s innovation and expertise are helping people live healthier lives and support a stronger future.

The Company’s globally-integrated footprint combines with local insights to give ADM capabilities few other companies have to meet critical global needs.

Oilseeds products produced and marketed by the segment include ingredients for food, feed, fuel, and industrial customers.

Crude vegetable oils produced by the segment’s crushing activities are sold “as is” to manufacturers of renewable diesel and other customers or are further processed by refining, blending, bleaching, and deodorizing into salad oils.

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.

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 has a 32.2% equity interest in Pacificor.

Pacificor owns and operates grain export elevators in Kalama, Washington and Portland, Oregon.

The Company has a 50.0% equity interest in SoyVen, a joint venture between ADM and Cargill to provide soybean meal and oil for customers in Egypt.

The Company has a 37.5% equity interest in Olenex Sarl ("Olenex"), a joint venture between ADM and Wilmar that produces and sells a comprehensive portfolio of edible oils and fats to customers around the globe.

In addition, Olenex markets refined oils and fats from the Company’s plants in the Czech Republic, Germany, the Netherlands, Poland, and the U.K.

The Company has a 50.0% equity interest in Stratas Foods LLC, a joint venture between ADM and ACH Jupiter, LLC, a subsidiary of Associated British Foods, that procures, packages, and sells edible oils in North America.

The Company has a 50.0% equity interest in Edible Oils Limited, a joint venture between ADM and Princes Limited to procure, package, and sell edible oils in the United Kingdom.

The Company also formed a joint venture with Princes Limited in Poland to procure, package, and sell edible oils in Poland, the Czech Republic, Slovakia, Hungary, and Austria.

The Company has a 50.0% equity interest in Terminal de Grãos Ponta da Montanha S.A., a joint venture between ADM and Viterra, that provides grain receiving, storage, and shipping services for the Agribusiness segment in Brazil.

The Company has a 50.0% equity interest in Gradable, LLC, a joint venture between ADM and Farmers Business Network, offering a digital grain procurement platform that enables farmers and buyers to confidently pursue and derive value from grain produced using sustainable and regenerative practices.

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.

Ethyl alcohol is produced by the Company for industrial use in products such as hand sanitizers and ethanol for use in gasoline due to its ability to increase octane as an extender and oxygenate.

Other Carbohydrate Solutions products include citric acids, which are used in various food and industrial products.

*[Table of Contents](#i731d6810529548b4b43db02179f7869f_10)*

ARCHER-DANIELS-MIDLAND COMPANY

PART I

For the fiscal year ended December 31, [removed: 2024][added: 2025]

[removed: ][added: ]

Common Stock, no par [removed: value—$28.8] [added: value—$25.2] billion

Common Stock, no par [removed: value—479,707,071] [added: value—481,201,844] shares

Portions of the Registrant’s definitive proxy statement relating to its [removed: 2025] [added: 2026] annual meeting of stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated.

All statements, other than statements of historical [added: or current] fact included in this Annual Report on Form 10-K, are forward-looking statements.

These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “outlook,” “will,” “should,” “can have,” “likely,” [added: “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.

Except to the extent required by law, [removed: Archer-Daniels-Midland] [added: 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 [removed: otherwise.][added: otherwise]

FORM 10-K FOR THE YEAR ENDED DECEMBER 31, [removed: 2024][added: 2025]

| | | | Item 1. | | | [removed: [Business](#i731d6810529548b4b43db02179f7869f_16)] [added: [Business](#i4b140cf16e8341a3966ff52fc2b85bda_13)] | | | [removed: [5](#i731d6810529548b4b43db02179f7869f_16)] [added: [5](#i4b140cf16e8341a3966ff52fc2b85bda_13)] | | |

| | | | Item 1A. | | | [Risk [removed: Factors](#i731d6810529548b4b43db02179f7869f_19)] [added: Factors](#i4b140cf16e8341a3966ff52fc2b85bda_16)] | | | [removed: [16](#i731d6810529548b4b43db02179f7869f_19)] [added: [12](#i4b140cf16e8341a3966ff52fc2b85bda_16)] | | |

| | | | Item 1B. | | | [Unresolved Staff [removed: Comments](#i731d6810529548b4b43db02179f7869f_22)] [added: Comments](#i4b140cf16e8341a3966ff52fc2b85bda_19)] | | | [removed: [26](#i731d6810529548b4b43db02179f7869f_22)] [added: [22](#i4b140cf16e8341a3966ff52fc2b85bda_19)] | | |

| | | | Item 1C. | | | [removed: [Cybersecurity](#i731d6810529548b4b43db02179f7869f_25)] [added: [Cybersecurity](#i4b140cf16e8341a3966ff52fc2b85bda_22)] | | | [removed: [26](#i731d6810529548b4b43db02179f7869f_25)] [added: [22](#i4b140cf16e8341a3966ff52fc2b85bda_22)] | | |

| | | | Item 2. | | | [removed: [Properties](#i731d6810529548b4b43db02179f7869f_28)] [added: [Properties](#i4b140cf16e8341a3966ff52fc2b85bda_25)] | | | [removed: [28](#i731d6810529548b4b43db02179f7869f_28)] [added: [24](#i4b140cf16e8341a3966ff52fc2b85bda_25)] | | |

| | | | Item 3. | | | [Legal [removed: Proceedings](#i731d6810529548b4b43db02179f7869f_31)] [added: Proceedings](#i4b140cf16e8341a3966ff52fc2b85bda_28)] | | | [removed: [28](#i731d6810529548b4b43db02179f7869f_31)] [added: [24](#i4b140cf16e8341a3966ff52fc2b85bda_28)] | | |

| | | | Item 4. | | | [Mine Safety [removed: Disclosures](#i731d6810529548b4b43db02179f7869f_34)] [added: Disclosures](#i4b140cf16e8341a3966ff52fc2b85bda_31)] | | | [removed: [29](#i731d6810529548b4b43db02179f7869f_34)] [added: [24](#i4b140cf16e8341a3966ff52fc2b85bda_31)] | | |

| | | | Item 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity [removed: Securities](#i731d6810529548b4b43db02179f7869f_40)] [added: Securities](#i4b140cf16e8341a3966ff52fc2b85bda_37)] | | | [removed: [30](#i731d6810529548b4b43db02179f7869f_40)] [added: [25](#i4b140cf16e8341a3966ff52fc2b85bda_37)] | | |

| | | | Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i731d6810529548b4b43db02179f7869f_46)] [added: Operations](#i4b140cf16e8341a3966ff52fc2b85bda_43)] | | | [removed: [32](#i731d6810529548b4b43db02179f7869f_46)] [added: [27](#i4b140cf16e8341a3966ff52fc2b85bda_43)] | | |

| | | | Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i731d6810529548b4b43db02179f7869f_88)] [added: Risk](#i4b140cf16e8341a3966ff52fc2b85bda_85)] | | | [removed: [48](#i731d6810529548b4b43db02179f7869f_88)] [added: [42](#i4b140cf16e8341a3966ff52fc2b85bda_85)] | | |

| | | | Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i731d6810529548b4b43db02179f7869f_91)] [added: Data](#i4b140cf16e8341a3966ff52fc2b85bda_88)] | | | [removed: [50](#i731d6810529548b4b43db02179f7869f_91)] [added: [44](#i4b140cf16e8341a3966ff52fc2b85bda_88)] | | |

| | | | Item 9. | | | [Changes in and Disagreements With Accountants on Accounting and Financial [removed: Disclosure](#i731d6810529548b4b43db02179f7869f_187)] [added: Disclosure](#i4b140cf16e8341a3966ff52fc2b85bda_181)] | | | [removed: [113](#i731d6810529548b4b43db02179f7869f_187)] [added: [109](#i4b140cf16e8341a3966ff52fc2b85bda_181)] | | |

| | | | Item 9A. | | | [Controls and [removed: Procedures](#i731d6810529548b4b43db02179f7869f_190)] [added: Procedures](#i4b140cf16e8341a3966ff52fc2b85bda_184)] | | | [removed: [113](#i731d6810529548b4b43db02179f7869f_190)] [added: [109](#i4b140cf16e8341a3966ff52fc2b85bda_184)] | | |

| | | | Item 9B. | | | [Other [removed: Information](#i731d6810529548b4b43db02179f7869f_193)] [added: Information](#i4b140cf16e8341a3966ff52fc2b85bda_187)] | | | [removed: [114](#i731d6810529548b4b43db02179f7869f_193)] [added: [110](#i4b140cf16e8341a3966ff52fc2b85bda_187)] | | |

| | | | Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i731d6810529548b4b43db02179f7869f_196)] [added: Inspections](#i4b140cf16e8341a3966ff52fc2b85bda_190)] | | | [removed: [114](#i731d6810529548b4b43db02179f7869f_196)] [added: [110](#i4b140cf16e8341a3966ff52fc2b85bda_190)] | | |

| | | | Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i731d6810529548b4b43db02179f7869f_202)] [added: Governance](#i4b140cf16e8341a3966ff52fc2b85bda_196)] | | | [removed: [115](#i731d6810529548b4b43db02179f7869f_202)] [added: [111](#i4b140cf16e8341a3966ff52fc2b85bda_196)] | | |

| | | | Item 11. | | | [Executive [removed: Compensation](#i731d6810529548b4b43db02179f7869f_205)] [added: Compensation](#i4b140cf16e8341a3966ff52fc2b85bda_199)] | | | [removed: [115](#i731d6810529548b4b43db02179f7869f_205)] [added: [111](#i4b140cf16e8341a3966ff52fc2b85bda_199)] | | |

| | | | Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i731d6810529548b4b43db02179f7869f_208)] [added: Matters](#i4b140cf16e8341a3966ff52fc2b85bda_202)] | | | [removed: [115](#i731d6810529548b4b43db02179f7869f_208)] [added: [111](#i4b140cf16e8341a3966ff52fc2b85bda_202)] | | |

| | | | Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i731d6810529548b4b43db02179f7869f_211)] [added: Independence](#i4b140cf16e8341a3966ff52fc2b85bda_205)] | | | [removed: [115](#i731d6810529548b4b43db02179f7869f_211)] [added: [111](#i4b140cf16e8341a3966ff52fc2b85bda_205)] | | |

| | | | Item 14. | | | [Principal Accounting Fees and [removed: Services](#i731d6810529548b4b43db02179f7869f_214)] [added: Services](#i4b140cf16e8341a3966ff52fc2b85bda_208)] | | | [removed: [115](#i731d6810529548b4b43db02179f7869f_214)] [added: [111](#i4b140cf16e8341a3966ff52fc2b85bda_208)] | | |

| | | | Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#i731d6810529548b4b43db02179f7869f_220)] [added: Schedules](#i4b140cf16e8341a3966ff52fc2b85bda_214)] | | | [removed: [116](#i731d6810529548b4b43db02179f7869f_220)] [added: [112](#i4b140cf16e8341a3966ff52fc2b85bda_214)] | | |

| | | | Item 16. | | | [Form 10-K [removed: Summary](#i731d6810529548b4b43db02179f7869f_223)] [added: Summary](#i4b140cf16e8341a3966ff52fc2b85bda_217)] | | | [removed: [120](#i731d6810529548b4b43db02179f7869f_223)] [added: [116](#i4b140cf16e8341a3966ff52fc2b85bda_217)] | | |

*[Table [removed: of](#i731d6810529548b4b43db02179f7869f_10) [Contents](#i731d6810529548b4b43db02179f7869f_10)*][added: of Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*]

as of June 30, 2025)

(as of February 10, 2026)

For example, all statements the Company makes relating to its future results of operations, liquidity, growth opportunities, operational improvements, changes to the margin environment, future demand, policy changes, global trade clarity, potential benefits available under biodiesel tax incentives, expected capital expenditures, and other expected uses of cash 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; (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 this Annual Report on Form 10-K, 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.

| | | | Item 6. | | | [Reserved](#i4b140cf16e8341a3966ff52fc2b85bda_40) | | | [26](#i4b140cf16e8341a3966ff52fc2b85bda_40) | | |

| | | | | | | [Signatures](#i4b140cf16e8341a3966ff52fc2b85bda_220) | | | [117](#i4b140cf16e8341a3966ff52fc2b85bda_220) | | |

| 1.000% Notes due 2025 | | | | | | NYSE | | |

as of June 28, 2024)

(February 14, 2025)

For example, all statements the Company makes relating to its future results and operations, growth opportunities, pending litigation and investigations, and timing of the remediation of the Company’s material weakness in the Company’s internal control over financial reporting 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 the forward-looking statements.

These forward-looking statements are not guarantees of future performance and involve risks, assumptions and uncertainties, including, without limitation, those that are described in Item 1A, "Risk Factors" included in this Annual Report on Form 10-K, as may be updated in subsequent Quarterly Reports on Form 10-Q.

Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated or anticipated by such forward-looking statements.

| | | | Item 6. | | | [Reserv](#i731d6810529548b4b43db02179f7869f_43)[ed](#i731d6810529548b4b43db02179f7869f_43) | | | [31](#i731d6810529548b4b43db02179f7869f_43) | | |

| | | | | | | [Signatures](#i731d6810529548b4b43db02179f7869f_226) | | | [121](#i731d6810529548b4b43db02179f7869f_226) | | |

The Company faces significant and persistent cybersecurity risks due to: the breadth of geographies, networks, and systems ADM must defend against cybersecurity [removed: attacks] [added: attacks,] such as exploitation of vulnerabilities, ransomware, denial of service, supply chain attacks, or other similar threats; the attractiveness of the Company’s systems and processes to threat actors (including state-sponsored organizations) seeking to inflict harm on ADM or its customers; the substantial level of harm that could occur to the Company and its customers in case of a material cybersecurity incident; and ADM’s use of third-party products, services and components.

[removed: During the year ended December 31, 2024,] [added: To date,] the Company has not identified risks from cybersecurity threats, including as a result of [removed: prior] [added: previous] cybersecurity incidents, that have materially affected or are reasonably [removed: anticipated] [added: likely] to materially affect the Company, including its business strategy, results of operations, or financial condition.

*[Table of [removed: Contents](#i731d6810529548b4b43db02179f7869f_10)*][added: Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*]

The Board of Directors is assisted by the Sustainability and Technology Committee, which regularly reviews the cybersecurity program with management and reports to the Board of [removed: Directors and the Audit Committee, which assists the Board in its oversight of the Company's ERM program.][added: Directors.]

In recent years, the Board added a director who had [added: previously] served as [added: the] Chief Information Officer for a large public company with [removed: sensitive] [added: complex] information [added: security requirements] to [removed: assist] [added: enhance] the [removed: Board] [added: Board's] and Sustainability and Technology [removed: Committee in overseeing] [added: Committee's oversight of] cybersecurity risks.

The Company’s cybersecurity program is led by the Chief Information Security Officer (CISO), who reports to the Senior Vice President and Chief [removed: Technology] [added: Information and Digital] Officer [removed: (CTO).][added: (CIDO).]

The CISO [removed: is informed about and] monitors [added: the Company's] prevention, detection, mitigation, and remediation efforts through regular communication and reporting from professionals in the information security team, many of whom hold cybersecurity certifications in Information Systems Security or Information Security Management, and through the use of technological tools and software and results from third party audits.

[removed: The] [added: Additionally, the CISO directs the Company's Global Information and Cyber Security] Council [added: (the “Council”), which] includes [removed: management] [added: representatives] from [added: key functions such as] global technology, compliance, privacy, controlling, operations, security, automation, ERM, and internal audit.

The [removed: CTO and] CISO [added: and CIDO] report information about such risks to the Board of Directors, the Sustainability and Technology Committee, or the Audit Committee during the regular cybersecurity reviews.

The CISO and [removed: CTO] [added: CIDO] have extensive experience assessing and managing cybersecurity programs and cybersecurity risk.

The CISO has served in that position since 2018 [removed: and,] [added: and] was previously the Vice President, Head of Enterprise Security, Americas at Worldpay and a Security Principal/Strategist for Hewlett Packard Enterprises for a combined [removed: cybersecurity experience of] 20 [removed: years.][added: years of cybersecurity experience.]

However, the Company is subject to ongoing risks from cybersecurity threats that could materially affect the Company, including its business strategy, results of operations, or financial condition, as further described in Item 1A.

The Board is also assisted by the Audit Committee in its oversight of the Company's ERM program.

The CIDO joined the Company effective January 14, 2026, replacing the Company's former Chief Technology Officer.

Prior to joining ADM, the CIDO served as the Chief Information Technology and Data Officer for the Americas & Global Sales Technology at Danone for approximately six years, and, prior to Danone, held senior IT and data leadership roles at Gillette, Procter & Gamble and Nike since 2007.

Through these roles, the CIDO has extensive experience overseeing, managing, and working on cybersecurity programs.

*[Table of Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*

Nevertheless, the Company recognizes cybersecurity threats are ongoing and evolving.

For more information on the Company's cybersecurity risks, refer to Item 1A.

Additionally, the CISO directs the Global Information and Cyber Security Council (the “Council”), which includes a diverse range of relevant experts.

The CTO joined ADM in 2016 and was previously Senior Vice President and Chief Information Officer at Dow Corning Corporation for approximately 6 years.

[removed: The] [added: A majority of the] Company’s operations are such that most products are efficiently processed near the source of raw materials.

The Company owns [removed: approximately 150] [added: 147] warehouses and terminals primarily used as bulk storage facilities and has [removed: 68] [added: 71] innovation centers.

The daily capacities of the processing [removed: plants] [added: facilities] and [added: the] storage capacities of the procurement facilities that the Company owns or leases, under operating leases, are as follows:

| | | | Processing [removed: Facilities (in] [added: Facilities (in] '000 metric tons) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| North America | | | [removed: 85] [added: 83] | | | [removed: 88] [added: 87] | | | [removed: 101] [added: 8] | | | [removed: 274] [added: 178] | | | | | | | | | — | | | — | | | [removed: 74] [added: 1] | | | [removed: 74] [added: 1] | | | | | | | | |

| North America | | | [removed: 12,922] [added: 11,949] | | | [removed: 589] [added: 541] | | | 62 | | | [removed: 13,573] [added: 12,552] | | | | | | | | | 766 | | | 68 | | | — | | | 834 | | | | | | | | |

| Total storage capacity | | | [removed: 16,609] [added: 15,512] | | | [removed: 589] [added: 541] | | | 62 | | | [removed: 17,260] [added: 16,115] | | | | | | | | | 1,078 | | | 86 | | | 4 | | | 1,168 | | | | | | | | |

| LATAM | | | 33 | | | 1 | | | 4 | | | 38 | | | | | | | | | 1 | | | — | | | — | | | 1 | | | | | | | | |

| EMEA | | | 51 | | | 5 | | | 4 | | | 60 | | | | | | | | | — | | | 1 | | | — | | | 1 | | | | | | | | |

| APAC | | | — | | | — | | | 3 | | | 3 | | | | | | | | | 1 | | | — | | | 1 | | | 2 | | | | | | | | |

| Total daily capacity | | | 167 | | | 93 | | | 19 | | | 279 | | | | | | | | | 2 | | | 1 | | | 2 | | | 5 | | | | | | | | |

| LATAM | | | 2,107 | | | — | | | — | | | 2,107 | | | | | | | | | 231 | | | — | | | — | | | 231 | | | | | | | | |

| EMEA | | | 1,381 | | | — | | | — | | | 1,381 | | | | | | | | | — | | | 18 | | | — | | | 18 | | | | | | | | |

| APAC | | | 75 | | | — | | | — | | | 75 | | | | | | | | | 81 | | | — | | | 4 | | | 85 | | | | | | | | |

The annual volume of commodities processed will vary depending upon availability of raw materials and demand for finished products.

To enhance the efficiency of transporting large quantities of raw materials and finished products between the Company’s procurement facilities and processing plants and also the final delivery of products to its customers around the world, the Company owns approximately 1,900 barges, 9,500 rail cars, 360 trucks, 1,210 trailers, 140 boats, and 3 oceangoing vessels; and leases, under operating leases, approximately 700 barges, 22,450 rail cars, 250 trucks, 530 trailers, 31 boats, and 20 oceangoing vessels.

| South America | | | 32 | | | — | | | 3 | | | 35 | | | | | | | | | 1 | | | — | | | 3 | | | 4 | | | | | | | | |

| Europe | | | 50 | | | 6 | | | 13 | | | 69 | | | | | | | | | — | | | 1 | | | — | | | 1 | | | | | | | | |

| Asia-Pacific | | | 1 | | | — | | | 31 | | | 32 | | | | | | | | | 1 | | | — | | | 10 | | | 11 | | | | | | | | |

| Total daily capacity | | | 168 | | | 94 | | | 148 | | | 410 | | | | | | | | | 2 | | | 1 | | | 87 | | | 90 | | | | | | | | |

| South America | | | 2,134 | | | — | | | — | | | 2,134 | | | | | | | | | 231 | | | — | | | — | | | 231 | | | | | | | | |

| Europe | | | 1,478 | | | — | | | — | | | 1,478 | | | | | | | | | — | | | 18 | | | — | | | 18 | | | | | | | | |

| Asia-Pacific | | | 75 | | | — | | | — | | | 75 | | | | | | | | | 81 | | | — | | | 4 | | | 85 | | | | | | | | |

*[Table of [removed: Contents](#i731d6810529548b4b43db02179f7869f_10)*][added: Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*]

The number of registered stockholders of the Company’s common stock at February [removed: 14, 2025,] [added: 10, 2026,] was [removed: 7,524.][added: 7,228.]

| December 1, [removed: 2024] [added: 2025] to December 31, [removed: 2024] [added: 2025] | | | | | | — | | | | | | — | | | | | | — | | | | | | 114,764,049 | | |

| Total | | | | | | [removed: 1,110] [added: 980] | | | | | | $ | [removed: 52.333] [added: 59.233] | | | | | — | | | | | | 114,764,049 | | |

[removed: During the three-month period ended December 31, 2024, there were 1,110] [added: (1)The] shares [added: shown in this column represent shares] received as payments for the withholding taxes on vested restricted stock awards.

*[Table of [removed: Contents](#i731d6810529548b4b43db02179f7869f_10)*][added: Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*]

The graph below compares the Company’s common stock with those of the S&P [removed: 500] [added: 100] Index and the S&P Consumer Staples Index.

The graph assumes an initial investment of $100 on December 31, [removed: 2019] [added: 2020] and assumes all dividends have been reinvested through December 31, [removed: 2024.][added: 2025.]

COMPARISON OF [removed: 60 MONTH] [added: 5 YEAR] CUMULATIVE TOTAL RETURNS

[removed: ][added: ]

| October 1, 2025 to October 31, 2025 | | | | | | 183 | | | | | | $ | 67.628 | | | | | — | | | | | | 114,764,049 | | |

| November 1, 2025 to November 30, 2025 | | | | | | 797 | | | | | | 57.306 | | | | | | — | | | | | | 114,764,049 | | |

| October 1, 2024 to October 31, 2024 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | 14,764,049 | | |

| November 1, 2024 to November 30, 2024 | | | | | | 1,110 | | | | | | 52.333 | | | | | | — | | | | | | 14,764,049 | | |

(1)Total shares purchased represent those shares purchased in the open market as part of the Company’s publicly announced stock repurchase program described below, shares received as payment for the exercise price of stock option exercises, and shares received as payment for the withholding taxes on vested restricted stock awards.

*[Table of [removed: Contents](#i731d6810529548b4b43db02179f7869f_10)*][added: Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*]

| [Consolidated Statements of [removed: Earnings](#i731d6810529548b4b43db02179f7869f_94)] [added: Earnings](#i4b140cf16e8341a3966ff52fc2b85bda_91)] | | | | | | | | | | | | [removed: [51](#i731d6810529548b4b43db02179f7869f_94)] [added: [45](#i4b140cf16e8341a3966ff52fc2b85bda_91)] | | |

| [Consolidated Statements of Comprehensive Income [removed: (Loss)](#i731d6810529548b4b43db02179f7869f_97)] [added: (Loss)](#i4b140cf16e8341a3966ff52fc2b85bda_94)] | | | | | | | | | | | | [removed: [52](#i731d6810529548b4b43db02179f7869f_97)] [added: [46](#i4b140cf16e8341a3966ff52fc2b85bda_94)] | | |

| [Consolidated Balance [removed: Sheets](#i731d6810529548b4b43db02179f7869f_100)] [added: Sheets](#i4b140cf16e8341a3966ff52fc2b85bda_97)] | | | | | | | | | | | | [removed: [53](#i731d6810529548b4b43db02179f7869f_100)] [added: [47](#i4b140cf16e8341a3966ff52fc2b85bda_97)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i731d6810529548b4b43db02179f7869f_103)] [added: Flows](#i4b140cf16e8341a3966ff52fc2b85bda_100)] | | | | | | | | | | | | [removed: [54](#i731d6810529548b4b43db02179f7869f_103)] [added: [48](#i4b140cf16e8341a3966ff52fc2b85bda_100)] | | |

| [Consolidated Statements of Shareholders’ [removed: Equity](#i731d6810529548b4b43db02179f7869f_106)] [added: Equity](#i4b140cf16e8341a3966ff52fc2b85bda_103)] | | | | | | | | | | | | [removed: [55](#i731d6810529548b4b43db02179f7869f_106)] [added: [49](#i4b140cf16e8341a3966ff52fc2b85bda_103)] | | |

[removed: | [Notes to Consolidated Financial Statements](#i731d6810529548b4b43db02179f7869f_109) | | | | | | | | | | | | [56](#i731d6810529548b4b43db02179f7869f_112) | | |][added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS]

| [Reports of Independent Registered Public Accounting [removed: Firm](#i731d6810529548b4b43db02179f7869f_184)] [added: Firm](#i4b140cf16e8341a3966ff52fc2b85bda_178)] | | | PCAOB ID: | | | 42 | | | | | | [removed: [108](#i731d6810529548b4b43db02179f7869f_184)] [added: [104](#i4b140cf16e8341a3966ff52fc2b85bda_178)] | | |

*[Table of [removed: Contents](#i731d6810529548b4b43db02179f7869f_10)*][added: Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*]

| | | | [removed: 2024] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Revenues | | | $ | [removed: 85,530] [added: 80,269] | | | | | $ | [removed: 93,935] [added: 85,530] | | | | | $ | [removed: 101,556] [added: 93,935] | |

| Cost of products sold | | | [removed: 79,752] [added: 75,236] | | | | | | [removed: 86,422] [added: 79,752] | | | | | | [removed: 93,986] [added: 86,422] | | |

| Gross Profit | | | [removed: 5,778] [added: 5,033] | | | | | | [removed: 7,513] [added: 5,778] | | | | | | [removed: 7,570] [added: 7,513] | | |

| Selling, general, and administrative expenses | | | [removed: 3,706] [added: 3,609] | | | | | | [removed: 3,456] [added: 3,706] | | | | | | [removed: 3,358] [added: 3,456] | | |

| Asset impairment, exit, and restructuring costs | | | [removed: 545] [added: 473] | | | | | | [removed: 342] [added: 545] | | | | | | [removed: 66] [added: 342] | | |

| Equity in [removed: earnings] [added: (earnings)] of unconsolidated affiliates | | | [removed: (621)] [added: (648)] | | | | | | [removed: (551)] [added: (621)] | | | | | | [removed: (832)] [added: (551)] | | |

| Interest and investment [removed: income] [added: (income)] | | | [removed: (562)] [added: (118)] | | | | | | [removed: (499)] [added: (562)] | | | | | | [removed: (293)] [added: (499)] | | |

| Interest expense | | | [removed: 706] [added: 612] | | | | | | [removed: 647] [added: 706] | | | | | | [removed: 396] [added: 647] | | |

| [removed: Other] [added: Total other] (income) expense - [removed: net] [added: net] | | | [removed: (251)] [added: $] | [added: (150)] | | | | | [removed: (176)] [added: $] | [added: (251)] | | | | | [removed: (358)] [added: $] | [added: (176)] | |

| Earnings Before Income Taxes | | | [removed: 2,255] [added: 1,255] | | | | | | [removed: 4,294] [added: 2,255] | | | | | | [removed: 5,233] [added: 4,294] | | |

| Income tax expense | | | [removed: 476] [added: 182] | | | | | | [removed: 828] [added: 476] | | | | | | [removed: 868] [added: 828] | | |

| Net Earnings Including Non-controlling Interests | | | [removed: 1,779] [added: 1,073] | | | | | | [removed: 3,466] [added: 1,779] | | | | | | [removed: 4,365] [added: 3,466] | | |

| Net [removed: earnings (losses)] [added: loss] attributable to non-controlling interests | | | [removed: (21)] [added: (5)] | | | | | | [removed: (17)] [added: (21)] | | | | | | [removed: 25] [added: (17)] | | |

| Net Earnings Attributable to Controlling Interests | | | $ | [removed: 1,800] [added: 1,078] | | | | | $ | [removed: 3,483] [added: 1,800] | | | | | $ | [removed: 4,340] [added: 3,483] | |

| Weighted average number of shares outstanding – basic | | | [removed: 492] [added: 484] | | | | | | [removed: 541] [added: 492] | | | | | | [removed: 562] [added: 541] | | |

| Weighted average number of shares outstanding – diluted | | | [removed: 493] [added: 484] | | | | | | [removed: 542] [added: 493] | | | | | | [removed: 563] [added: 542] | | |

| Basic earnings per common share | | | $ | [removed: 3.66] [added: 2.23] | | | | | $ | [removed: 6.44] [added: 3.66] | | | | | $ | [removed: 7.72] [added: 6.44] | |

| Diluted earnings per common share | | | $ | [removed: 3.65] [added: 2.23] | | | | | $ | [removed: 6.43] [added: 3.65] | | | | | $ | [removed: 7.71] [added: 6.43] | |

| [removed: Net earnings including non-controlling interests] [added: Net Earnings Including Non-controlling Interests] | | | $ | [removed: 1,779] [added: 1,073] | | | | | $ | [removed: 3,466] [added: 1,779] | | | | | $ | [removed: 4,365] [added: 3,466] | |

| Foreign currency translation adjustment | | | [removed: (415)] [added: 340] | | | | | | [removed: 48] [added: (415)] | | | | | | [removed: (301)] [added: 48] | | |

| Tax effect | | | [removed: (45)] [added: (6)] | | | | | | [removed: 32] [added: (7)] | | | | | | [removed: (93)] [added: 2] | | |

| Net of tax amount | | | [removed: (460)] [added: 450] | | | | | | [removed: 80] [added: (460)] | | | | | | [removed: (394)] [added: 80] | | |

| Pension and other postretirement benefit liabilities adjustment | | | [removed: 15] [added: 24] | | | | | | [removed: (88)] [added: 15] | | | | | | [removed: 140] [added: (88)] | | |

| Tax effect | | | [removed: (7)] [added: —] | | | | | | [removed: 2] [added: 9] | | | | | | [removed: (15)] [added: (5)] | | |

| Net of tax amount | | | [removed: 8] [added: 18] | | | | | | [removed: (86)] [added: 8] | | | | | | [removed: 125] [added: (86)] | | |

| Deferred [removed: gain] (loss) on hedging activities | | | [removed: (41)] [added: (7)] | | | | | | [removed: 15] [added: (41)] | | | | | | [removed: (84)] [added: 15] | | |

| Tax effect | | | [removed: 9] [added: —] | | | | | | [removed: (5)] [added: (1)] | | | | | | [removed: 7] [added: (1)] | | |

| Net of tax amount | | | [removed: (32)] [added: (7)] | | | | | | [removed: 10] [added: (32)] | | | | | | [removed: (77)] [added: 10] | | |

| Unrealized [removed: gain] (loss) on investments | | | [removed: (16)] [added: (4)] | | | | | | [removed: 16] [added: (16)] | | | | | | [removed: (12)] [added: 16] | | |

| Tax effect | | | [removed: (1)] [added: (45)] | | | | | | [added: 9 | | | | | | (7) | | | | | |] (1) | | | | | | [removed: 1] [added: (44)] | | |

| Net of tax amount | | | [removed: (17)] [added: (4)] | | | | | | [removed: 15] [added: (17)] | | | | | | [removed: (11)] [added: 15] | | |

| [Notes to Consolidated Financial Statements](#i4b140cf16e8341a3966ff52fc2b85bda_106) | | | | | | | | | | | | [50](#i4b140cf16e8341a3966ff52fc2b85bda_109) | | |

| Other (income) - net | | | (150) | | | | | | (251) | | | | | | (176) | | |

*[Table of Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*

| Comprehensive income attributable to Archer-Daniels-Midland-Company | | | $ | 1,534 | | | | | $ | 1,299 | | | | | $ | 3,505 | |

*[Table of Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*

| Goodwill | | | 4,769 | | | | | | 4,509 | | |

| Intangible assets, net | | | 1,976 | | | | | | 2,260 | | |

| Total Non-Current Assets | | | 25,724 | | | | | | 25,553 | | |

*[Table of Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*

| Net earnings including non-controlling interests | | | $ | 1,073 | | | | | $ | 1,779 | | | | | $ | 3,466 | |

| Asset impairment charges | | | 361 | | | | | | 519 | | | | | | 309 | | |

| (Gain) loss on asset sales / investment revaluations, net | | | 285 | | | | | | (12) | | | | | | 38 | | |

| Net (repayments) borrowings under lines of credit agreements | | | (1,114) | | | | | | 1,800 | | | | | | (390) | | |

*[Table of Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*

| Comprehensive income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Comprehensive income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Acquisition of noncontrolling interests | | | | | | | | | (3) | | | | | | | | | | | | | | | | | | (1) | | | | | | (4) | | |

| Comprehensive income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Net earnings | | | | | | | | | | | | | | | 1,078 | | | | | | | | | | | | (2) | | | | | | 1,076 | | |

| Other comprehensive income (loss) | | | | | | | | | | | | | | | | | | | | | 457 | | | | | | — | | | | | | 457 | | |

| Balance, December 31, 2025 | | | 480 | | | | | | $ | 3,281 | | | | | $ | 21,983 | | | | | $ | (2,531) | | | | | $ | 7 | | | | | $ | 22,740 | |

*[Table of Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*

ADM is also a premier human and animal nutrition provider, as well as a leader in health and well-being products.

Certain prior period data has been reclassified in the Consolidated Financial Statements and accompanying notes to conform to the current period presentation.

*[Table of Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*

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 December 31, 2025, 2024, and 2023 (in millions).

| | | | December 31, | | | | | | | | | | | | | | |

*[Table of Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*

*[Table of Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*

*[Table of Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*

See Note 5.

Derivative Instruments & Hedging Activities for further information.

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.

Revaluation losses of $372 million for the year ended December 31, 2025 were primarily related to investments in alternative protein.

As of December 31, 2025, the cumulative of upward and downward adjustments were $114 million and $448 million, respectively.

*[Table of Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*

The Company’s property, plant, and equipment consisted of the following as of December 31, 2025 and 2024 (in millions).

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Comprehensive income (loss) attributable to controlling interests | | | $ | 1,299 | | | | | $ | 3,505 | | | | | $ | 4,003 | |

| Total Investments and Other Assets | | | 14,716 | | | | | | 14,356 | | |

| Land and land improvements | | | 566 | | | | | | 573 | | |

| | | | 28,898 | | | | | | 28,032 | | |

| Impairment of goodwill, intangibles, long-lived assets, and investments | | | 519 | | | | | | 309 | | | | | | 37 | | |

| Deferred cash flow hedges | | | (40) | | | | | | 15 | | | | | | (84) | | |

| Cost method investments | | | — | | | | | | — | | | | | | (155) | | |

| Net change in short-term debt | | | 1,800 | | | | | | (390) | | | | | | (428) | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balance, December 31, 2021 | | | 560 | | | | | | $ | 2,994 | | | | | $ | 21,655 | | | | | $ | (2,172) | | | | | $ | 31 | | | | | $ | 22,508 | |

| Other comprehensive (loss), net of tax | | | | | | | | | | | | | | | | | | | | | (337) | | | | | | (20) | | | | | | (357) | | |

*[Tab](#i731d6810529548b4b43db02179f7869f_10)[le of Contents](#i731d6810529548b4b43db02179f7869f_10)*

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 consumer and industrial solutions.

ADM is a leader in sustainability, scaling across entire value chains to help decarbonize the multiple industries it serves.

Around the globe, the Company's innovation and expertise are meeting critical needs while nourishing quality of life and supporting a healthier planet.

| Recoveries | | | 9 | | | | | | 2 | | |

| Other | | | (9) | | | | | | 36 | | |

Provisions (reversals), net in the years ended December 31, 2024 and 2023 included reversals of prior general provisions for economic factors related to the COVID pandemic.

Write-offs against allowance in the year ended December 31, 2024 were primarily related to uncollectable trade receivables in the normal course of business.

Write-offs against allowance in the year ended December 31, 2023 were primarily related to a customer in Brazil and allowance on receivables that were subsequently sold.

Exchange traded instruments are cash-settled daily with the settlement reflected within Other current assets.

For those derivative instruments that are designated and qualify as hedging instruments, the Company designates the hedging instrument, based upon the exposure being hedged, as a cash flow hedge, fair value hedge or a net investment hedge.

For derivative instruments that are designated and qualify as net investment hedges, foreign exchange gains and losses related to changes in foreign currency exchange rates are deferred in AOCI until the underlying investment is divested.

For derivative instruments that are designated and qualify as fair value hedges, changes in the fair value of the hedging instrument and changes in the fair value of the hedged item are recognized in the Consolidated Statements of Earnings in the same financial statement caption as the hedged items.

Revaluation gains of $37 million for the year ended December 31, 2022 were in connection with observable third-party transactions (a Level 2 measurement under applicable accounting standards).

| Net income (loss) attributable to redeemable non-controlling interests | | | (21) | | | | | | (6) | | | | | | 21 | | |

| Acquisition of redeemable non-controlling interests | | | (18) | | | | | | — | | | | | | — | | |

(1) As of December 31, 2024, redeemable non-controlling interests includes $136 million related to the 25% non-controlling interest for PetDine, LLC.

The Company has the option to acquire this remaining 25% interest in PetDine, LLC by March 31, 2025.

The non-controlling interest holders also have the option to put the 25% interest to the Company by the same date.

Effective January 1, 2024, the Company adopted the amended guidance of Accounting Standards Codification (ASC) 848, *Reference Rate Reform*, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met.

The guidance applies only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform.

The expedients and exceptions provided by the guidance do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2024, except for hedging relationships existing as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship.

ADM has completed the transition of its financing, funding, and hedging portfolios from LIBOR to alternative reference rates.

Effective December 31, 2024, the Company adopted Accounting Standards Update (ASU) 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*, which improves disclosures about a public entity’s reportable segments and addresses requests from investors and other allocators of capital for more detailed information about a reportable segment’s expenses.

The amended guidance improves reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses and permits entities to disclose more than one measure of a reportable segment’s profitability used by the Chief Operating Decision Maker.

Segment and Geographic Information in this report but did not have an impact on the Company's Consolidated Financial Statements.

[removed: An] [added: As of December 31, 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 [removed: disclosure] [added: "disclosure] controls and [removed: procedures, as such term is] [added: procedures" (as] defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange [removed: Act”), as of December 31, 2024.][added: Act”)).]

Based on that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded [removed: that] the Company’s disclosure controls and procedures were [removed: not] effective as of December 31, [removed: 2024, due to the material weakness described below.][added: 2025.]

Management’s assessment of the effectiveness of the Company’s internal control over financial reporting did not include the internal controls of [removed: Revela Foods, LLC (“Revela”), Fuerst Day Lawson Ltd. (“FDL”), PT Trouw Nutrition Indonesia (“PT”) and Totally Natural Solutions Ltd. (“TNS”),] [added: Vandamme Hugaria Kft (Vandamme),] which [removed: were] [added: was] acquired in the year ended December 31, [removed: 2024.][added: 2025.]

[removed: Revela, FDL, PT and TNS are] [added: Vandamme is] included in the Company’s Consolidated Financial Statements and constituted [removed: 1.0%] [added: 0.2%] of total assets, after excluding goodwill and intangibles assets recorded, as of December 31, [removed: 2024,] [added: 2025,] and [removed: 0.4%] [added: 0.1%] and [removed: 1.1%] [added: 0.3%] of revenues and net earnings attributable to controlling interests, respectively, for the year ended December 31, [removed: 2024.][added: 2025.]

Under the supervision and with the participation of management, including the Company’s Chief Executive Officer and Chief Financial Officer, the Company’s management assessed the design and operating effectiveness of the Company’s internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on the framework set forth in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework).

Based on this assessment, management concluded that the Company’s internal control over financial reporting [removed: was not] [added: were] effective as of December 31, [removed: 2024, due to the material weakness described below.][added: 2025.]

[removed: During] [added: As previously disclosed, during] the fourth quarter of 2023, in connection with the [removed: Investigation,] [added: 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.

*[Table of [removed: Contents](#i731d6810529548b4b43db02179f7869f_10)*][added: Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*]

Ernst & Young LLP, an independent registered public accounting firm, has issued an attestation report on the Company’s internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

[removed: The Company continues to implement enhancements to its internal controls] [added: In response] to [removed: remediate] the [removed: identified] material weakness [removed: in] [added: 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 [removed: reporting] [added: 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 [removed: has] (i) enhanced the Company’s [added: 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 [removed: have been enhanced, and testing of these controls will continue as part of the regular internal control over financial reporting process.][added: were 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 [removed: remains ongoing.][added: continues to be an integral part of the Company’s on-going annual training program.]

[removed: Except for the material weakness described above and the related implementation of remediation measures, there] [added: There] have been no changes in internal control over financial reporting during the [removed: year] [added: quarter] ended December 31, [removed: 2024] [added: 2025] that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

As a result of the [removed: acquisitions,] [added: acquisition,] the Company is in the process of reviewing the internal control structures of [removed: these businesses] [added: this business] and, if necessary, will make appropriate changes as the Company incorporates its controls and procedures into the acquired [removed: businesses.][added: business.]

Remediation of Previously Disclosed Material Weakness in Internal Control over Financial Reporting

Based on evidence validating the operational effectiveness of the Company’s newly implemented controls, as previously disclosed, the Company concluded that the previously disclosed material weakness was fully remediated as of June 30, 2025.

The operational effectiveness of these implemented controls has been tested effectively through the end of the fiscal year.

As described above, during the year ended December 31, 2025, the Company completed the acquisition of Vandamme.

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of a company’s annual or interim financial statements will not be prevented or detected on a timely basis.

Because the control deficiency described below could have resulted in a material misstatement of its annual or interim financial statements, the Company determined that this deficiency constitutes a material weakness.

Notwithstanding such material weakness in internal control over financial reporting, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that the Company’s Consolidated Financial Statements included in this Annual Report on Form 10-K present fairly, in all material respects, the Company’s financial position, results of operations, and cash flows for the periods presented in conformity with GAAP.

Remediation Plan

While the Company believes that these efforts have improved its internal control over financial reporting, the Company will not be able to conclude whether the steps the Company has taken will remediate the material weakness in internal control over financial reporting until a sustained period of time has passed to allow management to test the design and operational effectiveness of the new and enhanced controls.

The Company is undertaking upgrades to its IT platforms and, in particular, certain of its enterprise resource planning (ERP) systems on a worldwide basis, which is expected to occur in phases over the next several years.

The Company did not have any further deployments of updated ERP systems during the year ended December 31, 2024.

During the year ended December 31, 2024, the Company completed the acquisitions of Revela, FDL, PT, and TNS.

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 quarter ended December 31, [removed: 2024.][added: 2025.]

*Insider Trading Arrangements*

*Disclosure Under Iran Threat Reduction and Syria Human Rights Act of 2012*

In fiscal 2025, ADM International Sarl (“ADMI”), a wholly-owned subsidiary of the Company, engaged CCIC Singapore PTE.

Ltd. (“CCIC Singapore”) to provide inspection and fumigation-related services for certain agricultural commodities delivered to China between March 2025 and May 2025.

On May 13, 2025, the U.S. Department of Treasury Office of Foreign Assets Control (“OFAC”) designated CCIC Singapore as a Specially Designated Global Terrorist organization.

At the time of OFAC’s designation, ADMI had invoices payable to CCIC Singapore for the aforementioned services provided, aggregating to $38,971.

No payments have been made by the Company to CCIC Singapore since the OFAC’s designation.

Moreover, the Company has not entered into any new engagements with CCIC Singapore since the OFAC's designation, and it does not intend to enter into any further engagements with CCIC Singapore in the future.

*[Table of [removed: Contents](#i731d6810529548b4b43db02179f7869f_10)*][added: Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*]

The other information required by this Item is set forth in “Proposal No. 1 - Election of Directors for a One-Year Term,” “Code of Conduct,” “Information Concerning Committees and Meetings – Audit Committee,” “Report of the Audit Committee,” "Delinquent Section 16(a) Reports", [added: if there are any such delinquencies to report,] and "Insider Trading Policy" of the definitive proxy statement for the Company’s annual meeting of stockholders to be filed on or before April 30, [removed: 2025,] [added: 2026,] and is incorporated herein by reference.

The information required by this Item is set forth in “Compensation Discussion and Analysis,” “Executive Compensation,” “Compensation and Succession Committee Report,” “Compensation and Succession Committee Interlocks and Insider Participation,” and “Director Compensation” of the definitive proxy statement for the Company’s annual meeting of stockholders to be filed on or before April 30, [removed: 2025] [added: 2026] and is incorporated herein by reference.

The information required by this Item is set forth in “Principal Holders of Voting Securities,” “Proposal No. 1 - Election of Directors for a One-Year Term,” “Executive Officer Stock Ownership,” and “Equity Compensation Plan Information at December 31, [removed: 2024”] [added: 2025”] of the definitive proxy statement for the Company’s annual meeting of stockholders to be filed on or before April 30, [removed: 2025] [added: 2026] and is incorporated herein by reference.

The information required by this Item is set forth in [removed: “Certain Relationships and Related Transactions,”] “Review and Approval of Certain Relationships and Related [removed: Transactions,”] [added: Transactions”] and “Independence of Directors” of the definitive proxy statement for the Company’s annual meeting of stockholders to be filed on or before April 30, [removed: 2025] [added: 2026] and is incorporated herein by reference.

The information required by this Item is set forth in “Fees Paid to Independent Auditors” and “Audit Committee Pre-Approval Policies” of the definitive proxy statement for the Company’s annual meeting of stockholders to be filed on or before April 30, [removed: 2025] [added: 2026] and is incorporated herein by reference.

*[Table of [removed: Contents](#i731d6810529548b4b43db02179f7869f_10)*][added: Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*]

| [removed: [(3](https://www.sec.gov/Archives/edgar/data/7084/000000708401500056/adm10q_3i.htm)[.1](https://www.sec.gov/Archives/edgar/data/7084/000000708401500056/adm10q_3i.htm)[)](https://www.sec.gov/Archives/edgar/data/7084/000000708401500056/adm10q_3i.htm)] [added: [(3.1)](https://www.sec.gov/Archives/edgar/data/7084/000000708401500056/adm10q_3i.htm)] | | | | | | 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. | | |

| [removed: [(3](https://www.sec.gov/Archives/edgar/data/7084/000000708423000010/adm-ex3ii_20221231x10k.htm)[.2](https://www.sec.gov/Archives/edgar/data/7084/000000708423000010/adm-ex3ii_20221231x10k.htm)[)](https://www.sec.gov/Archives/edgar/data/7084/000000708423000010/adm-ex3ii_20221231x10k.htm)] [added: [(3.2)](https://www.sec.gov/Archives/edgar/data/7084/000000708423000010/adm-ex3ii_20221231x10k.htm)] | | | | | | 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. | | |

| [removed: [(](https://www.sec.gov/Archives/edgar/data/7084/000000708425000011/adm-ex4i_20241231x10k.htm)[4.1](https://www.sec.gov/Archives/edgar/data/7084/000000708425000011/adm-ex4i_20241231x10k.htm)[)](https://www.sec.gov/Archives/edgar/data/7084/000000708425000011/adm-ex4i_20241231x10k.htm)] [added: [(4.1)](https://www.sec.gov/Archives/edgar/data/7084/000000708426000011/adm-ex4i_20251231x10k.htm)] | | | | | | Description of Securities of Registrant | | | | | | Filed herewith. | | |

| (4.2.1) (4.2.2) | | | | | | Indenture, dated as of June 1, 1986, by and between the Company and The Bank of New York Mellon (successor to JPMorgan Chase, The Chase Manhattan Bank, Chemical Bank, and Manufacturers Hanover Trust Company), as Trustee, as amended and supplemented by Supplemental Indenture, dated as of August 1, 1989, by and between the Company and The Bank of New York Mellon (successor to JPMorgan Chase, The Chase Manhattan Bank, Chemical Bank and Manufacturers Hanover Trust Company), as Trustee, relating to: the $350,000,000 – [removed: 7 1/2%] [added: 7.500%] Debentures due March 15, 2027, the $200,000,000 – [removed: 6 3/4%] [added: 6.750%] Debentures due December 15, 2027, the $300,000,000 – [removed: 6 5/8%] [added: 6.625%] Debentures due May 1, 2029, the $400,000,000 – [removed: 7%] [added: 7.000%] Debentures due February 1, 2031, the $500,000,000 – 5.935% Debentures due October 1, 2032, the $600,000,000 – 5.375% Debentures due September 15, 2035, and the $250,000,000 – [removed: 6.95%] [added: 6.950%] Debentures due December 15, 2097. | | | | | | Indenture (Exhibit (4.2.1)) incorporated by reference to Exhibit 4(a) to the Company’s Registration Statement on Form S-3 filed on June 30, 1986 (File No. 03-306721). Supplemental Indenture (Exhibit (4.2.2)) incorporated by reference to Exhibit 4(c) to Post Effective Amendment No. 3 to the Company’s Registration Statement on Form S-3 filed on June 30, 1986 (File No. 03-306721). | | |

| [removed: [(](https://www.sec.gov/Archives/edgar/data/7084/000095013406018139/c08600exv4.htm)[4](https://www.sec.gov/Archives/edgar/data/7084/000095013406018139/c08600exv4.htm)[.3.1](https://www.sec.gov/Archives/edgar/data/7084/000095013406018139/c08600exv4.htm)[)](https://www.sec.gov/Archives/edgar/data/7084/000095013406018139/c08600exv4.htm) [(4](https://www.sec.gov/Archives/edgar/data/7084/000095013708008113/c27162exv4w6.htm)[.3.2](https://www.sec.gov/Archives/edgar/data/7084/000095013708008113/c27162exv4w6.htm)[)](https://www.sec.gov/Archives/edgar/data/7084/000095013708008113/c27162exv4w6.htm) [(4](https://www.sec.gov/Archives/edgar/data/7084/000095012310109766/c61586exv4w3.htm)[.3.3](https://www.sec.gov/Archives/edgar/data/7084/000095012310109766/c61586exv4w3.htm)[)](https://www.sec.gov/Archives/edgar/data/7084/000095012310109766/c61586exv4w3.htm) [(4](https://www.sec.gov/Archives/edgar/data/7084/000095012311034052/c63929exv4w4.htm)[.3.4](https://www.sec.gov/Archives/edgar/data/7084/000095012311034052/c63929exv4w4.htm)[)](https://www.sec.gov/Archives/edgar/data/7084/000095012311034052/c63929exv4w4.htm)] [added: [(4.3.1)](https://www.sec.gov/Archives/edgar/data/7084/000095013406018139/c08600exv4.htm) [(4.3.2)](https://www.sec.gov/Archives/edgar/data/7084/000095013708008113/c27162exv4w6.htm) [(4.3.3)](https://www.sec.gov/Archives/edgar/data/7084/000095012310109766/c61586exv4w3.htm) [(4.3.4)](https://www.sec.gov/Archives/edgar/data/7084/000095012311034052/c63929exv4w4.htm)] | | | | | | Indenture, dated as of September 20, 2006, by and between the Company and The Bank of New York Mellon, as successor to JPMorgan Chase Bank, N.A., as Trustee, as amended and supplemented by First Supplemental Indenture, dated as of June 3, 2008, by and between the Company and The Bank of New York Mellon (formerly known as The Bank of New York), Second Supplemental Indenture, dated as of November 29, 2010, by and between the Company and The Bank of New York Mellon, and Third Supplemental Indenture, dated as of April 4, 2011, between the Company and The Bank of New York Mellon, relating to: the $500,000,000 – [removed: 6.45%] [added: 6.450%] Debentures due January 15, 2038, the $1,000,000,000 – 5.765% Debentures due March 1, 2041, and the $527,688,000 – 4.535% Debentures due March 26, 2042. | | | | | | Indenture (Exhibit (4.3.1)) incorporated by reference to Exhibit 4 to the Company’s Registration Statement on Form S-3 filed on September 22, 2006. First Supplemental Indenture (Exhibit (4.3.2)) incorporated by reference to Exhibit 4.6 to the Company’s Current Report on Form 8-K filed on June 3, 2008. Second Supplemental Indenture (Exhibit (4.3.3)) incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed on November 30, 2010. Third Supplemental Indenture (Exhibit (4.3.4)) incorporated by reference to Exhibit 4.4 to the Company’s Current Report on Form 8-K filed on April 8, 2011. | | |

*[Table of [removed: Contents](#i731d6810529548b4b43db02179f7869f_10)*][added: Contents](#i4b140cf16e8341a3966ff52fc2b85bda_7)*]

| [removed: [(](https://www.sec.gov/Archives/edgar/data/7084/000119312512424786/d425050dex41.htm)[4](https://www.sec.gov/Archives/edgar/data/7084/000119312512424786/d425050dex41.htm)[.4](https://www.sec.gov/Archives/edgar/data/7084/000119312512424786/d425050dex41.htm)[)](https://www.sec.gov/Archives/edgar/data/7084/000119312512424786/d425050dex41.htm)] [added: [(4.4)](https://www.sec.gov/Archives/edgar/data/7084/000119312512424786/d425050dex41.htm)] | | | | | | Indenture, dated as of October 16, 2012, by and between the Company and The Bank of New York Mellon, as Trustee, relating to: the $570,425,000 – 4.016% Debentures due April 16, 2043, the €600,000,000 – 1.750% Notes due June 23, 2023, the $1,000,000,000 – 2.500% Notes due August 11, 2026, the $500,000,000 – 3.750% Notes due September 15, 2047, the [removed: €650,000,000 – 1.00% Notes due September 12, 2025, the] $600,000,000 – 4.500% Notes due March 15, 2049, the $1,000,000,000 – 3.250% Notes due March 27, 2030, the $750,000,000 – 3.250% Notes due September 15, 2051, the $750,000,000 – 2.900% Notes due March 1, 2032, and the $500,000,000 – 4.500% Notes due August 15, 2033 | | | | | | Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on October 17, 2012. | | |

| [removed: [(](https://www.sec.gov/Archives/edgar/data/7084/000119312523194612/d451147dex43.htm)[4](https://www.sec.gov/Archives/edgar/data/7084/000119312523194612/d451147dex43.htm)[.5](https://www.sec.gov/Archives/edgar/data/7084/000119312523194612/d451147dex43.htm)[)](https://www.sec.gov/Archives/edgar/data/7084/000119312523194612/d451147dex43.htm)] [added: [(4.5)](https://www.sec.gov/Archives/edgar/data/7084/000119312523194612/d451147dex43.htm)] | | | | | | Indenture, dated as of July 26, 2023, by and between the Company and Deutsche Bank Trust Company Americas, as Trustee. | | | | | | Incorporated by reference to Exhibit 4.3 to the Company’s Registration Statement on Form S-3 filed on July 26, 2023. | | |

| [removed: [(10](https://www.sec.gov/Archives/edgar/data/7084/000000708410000043/exhibit10iii.htm)[.1](https://www.sec.gov/Archives/edgar/data/7084/000000708410000043/exhibit10iii.htm)[)](https://www.sec.gov/Archives/edgar/data/7084/000000708410000043/exhibit10iii.htm)] [added: [(10.1)](https://www.sec.gov/Archives/edgar/data/7084/000000708410000043/exhibit10iii.htm)] | | | | | | The Archer-Daniels-Midland Company Deferred Compensation Plan for Selected Management Employees I, as amended. | | | | | | Incorporated by reference to Exhibit 10(iii) to the Company’s Annual Report on Form 10-K for the year ended June 30, 2010. | | |

| [removed: [(](https://www.sec.gov/Archives/edgar/data/7084/000000708414000011/adm-ex10ii_20131231x10k.htm)[10](https://www.sec.gov/Archives/edgar/data/7084/000000708414000011/adm-ex10ii_20131231x10k.htm)[.2](https://www.sec.gov/Archives/edgar/data/7084/000000708414000011/adm-ex10ii_20131231x10k.htm)[)](https://www.sec.gov/Archives/edgar/data/7084/000000708414000011/adm-ex10ii_20131231x10k.htm)] [added: [(10.2)](https://www.sec.gov/Archives/edgar/data/7084/000000708414000011/adm-ex10ii_20131231x10k.htm)] | | | | | | The Archer-Daniels-Midland Company Deferred Compensation Plan for Selected Management Employees II, as amended and restated. | | | | | | Incorporated by reference to Exhibit 10(ii) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | | |

| [removed: [(](https://www.sec.gov/Archives/edgar/data/7084/000000708410000043/exhibit10vi.htm)[10](https://www.sec.gov/Archives/edgar/data/7084/000000708410000043/exhibit10vi.htm)[.3](https://www.sec.gov/Archives/edgar/data/7084/000000708410000043/exhibit10vi.htm)[)](https://www.sec.gov/Archives/edgar/data/7084/000000708410000043/exhibit10vi.htm)] [added: [(10.3)](https://www.sec.gov/Archives/edgar/data/7084/000000708410000043/exhibit10vi.htm)] | | | | | | The Archer-Daniels-Midland Company Supplemental Retirement Plan, as amended and restated. | | | | | | Incorporated by reference to Exhibit 10(vi) to the Company’s Annual Report on Form 10-K for the year ended June 30, 2010. | | |

| [removed: [(](https://www.sec.gov/Archives/edgar/data/7084/000000708411000007/exhibit101.htm)[10](https://www.sec.gov/Archives/edgar/data/7084/000000708411000007/exhibit101.htm)[.4](https://www.sec.gov/Archives/edgar/data/7084/000000708411000007/exhibit101.htm)[)](https://www.sec.gov/Archives/edgar/data/7084/000000708411000007/exhibit101.htm)] [added: [(10.4)](https://www.sec.gov/Archives/edgar/data/7084/000000708411000007/exhibit101.htm)] | | | | | | Second Amendment to ADM Supplemental Retirement Plan. | | | | | | Incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2010. | | |

| [removed: [(](https://www.sec.gov/Archives/edgar/data/7084/000000708417000008/adm-ex10v_20161231x10k.htm)[10](https://www.sec.gov/Archives/edgar/data/7084/000000708417000008/adm-ex10v_20161231x10k.htm)[.5](https://www.sec.gov/Archives/edgar/data/7084/000000708417000008/adm-ex10v_20161231x10k.htm)[)](https://www.sec.gov/Archives/edgar/data/7084/000000708417000008/adm-ex10v_20161231x10k.htm)] [added: [(10.5)](https://www.sec.gov/Archives/edgar/data/7084/000000708417000008/adm-ex10v_20161231x10k.htm)] | | | | | | The Archer-Daniels-Midland Company Amended and Restated Stock Unit Plan for Nonemployee Directors, as amended. | | | | | | Incorporated by reference to Exhibit 10(v) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. | | |

| [removed: [(10](https://www.sec.gov/Archives/edgar/data/7084/000095012309045905/c52558def14a.htm)[.](https://www.sec.gov/Archives/edgar/data/7084/000095012309045905/c52558def14a.htm)[6](https://www.sec.gov/Archives/edgar/data/7084/000095012309045905/c52558def14a.htm)[)](https://www.sec.gov/Archives/edgar/data/7084/000095012309045905/c52558def14a.htm)] [added: [(10.6)](https://www.sec.gov/Archives/edgar/data/7084/000095012309045905/c52558def14a.htm)] | | | | | | The Archer-Daniels-Midland Company 2009 Incentive Compensation Plan. | | | | | | Incorporated by reference to Exhibit A to the Company’s Definitive Proxy Statement filed on September 25, 2009. | | |