Item 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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Item 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ARCHER-DANIELS-MIDLAND COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

(UNAUDITED)

Three Months Ended March 31,
20262025
(In millions, except per share amounts)
Revenues$20,490$20,175
Cost of products sold19,26818,995
Gross Profit1,2221,180
Selling, general, and administrative expenses961932
Asset impairment, exit, and restructuring costs1238
Equity in (earnings) of unconsolidated affiliates(89)(144)
Interest and investment (income)(125)(138)
Interest expense149158
Other (income) – net(70)(19)
Earnings Before Income Taxes384353
Income tax expense8161
Net Earnings Including Non-controlling Interests303292
Net earnings (loss) attributable to non-controlling interests5(3)
Net Earnings Attributable to Archer-Daniels-Midland Company$298$295
Weighted average number of shares outstanding – basic484483
Weighted average number of shares outstanding – diluted484483
Basic earnings per common share$0.62$0.61
Diluted earnings per common share$0.62$0.61
Dividends per common share$0.52$0.51

The accompanying notes are an integral part of these Consolidated Financial Statements.

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ARCHER-DANIELS-MIDLAND COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

Three Months Ended March 31,
20262025
(In millions)
Net Earnings Including Non-controlling Interests$303$292
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment72(133)
Tax effect(14)38
Net of tax amount58(95)
Deferred (loss) on hedging activities(52)(5)
Tax effect17(1)
Net of tax amount(35)(6)
Pension and other postretirement benefit liabilities adjustment(2)(22)
Tax effect16
Net of tax amount(1)(16)
Unrealized (loss) on investments(4)(3)
Tax effect——
Net of tax amount(4)(3)
Total other comprehensive income (loss), net of tax18(120)
Total comprehensive income321172
Less: Comprehensive income (loss) attributable to non-controlling interests3(3)
Comprehensive income attributable to Archer-Daniels-Midland Company$318$175

The accompanying notes are an integral part of these Consolidated Financial Statements.

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ARCHER-DANIELS-MIDLAND COMPANY

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

March 31, 2026December 31, 2025
(In millions)
Assets
Current Assets
Cash and cash equivalents$591$1,015
Short-term marketable securities3332
Segregated cash and investments9,5268,432
Trade receivables - net3,7053,021
Inventories11,74110,369
Other current assets4,3983,796
Total Current Assets29,99426,665
Non-Current Assets
Investments in affiliates5,8005,560
Goodwill4,6544,769
Intangible assets1,9061,976
Right of use assets1,3021,322
Other non-current assets970918
Property, plant, and equipment, net10,97211,179
Total Non-Current Assets25,60425,724
Total Assets$55,598$52,389
Liabilities, Temporary Equity, and Shareholders’ Equity
Current Liabilities
Short-term debt$1,719$798
Current maturities of long-term debt1,1531,006
Trade payables5,4575,195
Payables to brokerage customers10,1998,919
Accrued expenses and other payables4,0513,313
Current lease liabilities300303
Total Current Liabilities22,87919,534
Long-Term Liabilities
Long-term debt6,4576,606
Deferred income taxes1,0641,135
Non-current lease liabilities1,0281,045
Other1,0671,042
Total Long-Term Liabilities9,6169,828
Commitments and contingencies (See Note 16)
Temporary Equity - Redeemable non-controlling interest292287
Shareholders’ Equity
Common stock3,2963,281
Reinvested earnings22,01921,983
Accumulated other comprehensive income (loss)(2,511)(2,531)
Non-controlling interests77
Total Shareholders’ Equity22,81122,740
Total Liabilities, Temporary Equity, and Shareholders’ Equity$55,598$52,389

The accompanying notes are an integral part of these Consolidated Financial Statements.

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ARCHER-DANIELS-MIDLAND COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

Three Months Ended March 31,
20262025
(In millions)
Cash flows from operating activities
Net earnings including non-controlling interests$303$292
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization293287
Deferred income taxes(112)(42)
Equity in earnings of unconsolidated affiliates, net of dividends(10)(28)
Stock compensation expense6450
(Gain) on asset contributions, sales and investment revaluation, net(57)(26)
Other – net(39)(94)
Changes in operating assets and liabilities, net of acquisitions and dispositions
Segregated investments(64)220
Trade receivables(726)(655)
Inventories(1,447)137
Other current assets(552)263
Trade payables245(423)
Payables to brokerage customers1,312(79)
Accrued expenses and other payables940(244)
Net cash provided by (used in) operating activities150(342)
Cash flows from investing activities
Capital expenditures(194)(291)
Net assets of businesses acquired—(90)
Proceeds from sales of assets, businesses and investments2610
Purchases of marketable securities—(11)
Proceeds from sales of marketable securities4248
Other – net365
Net cash used in investing activities(128)(129)
Cash flows from financing activities
Net borrowings under lines of credit agreements919863
Cash dividends(254)(247)
Other – net(53)(29)
Net cash provided by financing activities612587
Effect of exchange rate on cash, cash equivalents, restricted cash, and restricted cash equivalents(27)16
Increase in cash, cash equivalents, restricted cash, and restricted cash equivalents607132
Cash, cash equivalents, restricted cash, and restricted cash equivalents - beginning of period5,5053,924
Cash, cash equivalents, restricted cash, and restricted cash equivalents - end of period$6,112$4,056

The accompanying notes are an integral part of these Consolidated Financial Statements.

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ARCHER-DANIELS-MIDLAND COMPANY

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(UNAUDITED)

Equity Attributable to Archer-Daniels-Midland Company
Common StockReinvested EarningsAccumulated Other Comprehensive Income (Loss)Non-controlling InterestsTotal Shareholders’ Equity
(In millions, except per share amounts)SharesAmount
Balance, December 31, 2025480$3,281$21,983$(2,531)$7$22,740
Comprehensive income
Net earnings298—298
Other comprehensive income20—20
Cash dividends paid - $0.52 per share(254)(254)
Stock compensation expense26464
Stock option exercises, net of taxes—(52)—(52)
Other—3(8)——(5)
Balance, March 31, 2026482$3,296$22,019$(2,511)$7$22,811
Balance, December 31, 2024478$3,223$21,933$(2,988)$10$22,178
Comprehensive income (loss)
Net earnings295(1)294
Other comprehensive loss(120)—(120)
Cash dividends paid - $0.51 per share(247)(247)
Stock compensation expense25050
Stock option exercises, net of taxes—(30)(30)
Other—3——(1)2
Balance, March 31, 2025480$3,246$21,981$(3,108)$8$22,127

The accompanying notes are an integral part of these Consolidated Financial Statements.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 1. Basis of Presentation

The Consolidated Financial Statements of Archer-Daniels-Midland Company and its subsidiaries (“ADM” or the “Company”) included herein have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these statements do not include all of the information and footnotes required by GAAP for audited financial statements.

In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results reported in these Consolidated Financial Statements are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. For further information, refer to the Consolidated Financial Statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2025.

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

Principles of Consolidation

The Consolidated Financial Statements include the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. The Company consolidates entities in which it has a controlling financial interest, including variable interest entities (“VIEs”), for which the Company is a primary beneficiary. Investments in affiliates, including certain VIEs, over which the Company has significant influence but does not control and for which the Company is not the primary beneficiary are accounted for under the equity method. Under the equity method, such investments are carried at cost and adjusted for the Company’s share of investees’ earnings or losses, dividends or other distributions, and where appropriate, for basis differences between the investment balance and the underlying net assets of the investee. The Company’s portion of the results of affiliates, including certain VIEs, are included using the most recent available financial statements, which are generally no more than 93 days prior to the Company’s period-end and are applied consistently from period to period.

Segregated Cash and Investments

The Company segregates certain cash, cash equivalents, and investment balances in accordance with regulatory requirements, commodity exchange requirements, and insurance arrangements. These balances include deposits received from customers of ADM Investor Services, the Company’s registered futures commission merchant and provider of commodity brokerage services, cash margins and securities pledged to commodity exchange clearinghouses or other brokers, and cash pledged as security under certain insurance arrangements. The payables to brokerage customers have a corresponding balance in segregated cash and investments and segregated customer omnibus receivable in other current assets.

Segregated cash and investments also include restricted cash collateral for the various insurance programs of the Company’s captive insurance business.

Reconciliation of Total Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents

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 March 31, 2026 and 2025 (in millions).

March 31,
20262025
Cash and cash equivalents$591$864
Restricted cash and restricted cash equivalents (included in segregated cash and investments)5,5213,192
Total cash, cash equivalents, restricted cash, and restricted cash equivalents$6,112$4,056

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Receivables

The Company records accounts receivable at net realizable value, including an allowance for estimated uncollectible accounts to reflect any loss anticipated on the accounts receivable balances and any accrued interest receivables thereon. The Company estimates uncollectible accounts by pooling receivables according to type, region, credit risk rating, and age. Each pool is assigned an expected loss co-efficient to arrive at a general reserve based on historical write-offs adjusted, as needed, for regional, economic, and other forward-looking factors. Long-term receivables recorded in Other assets were not material to the Company’s overall receivables portfolio.

Changes to the allowance for estimated uncollectible accounts were as follows (in millions).

Three Months Ended March 31,
20262025
Opening balance, January 1$160$167
Provisions (reversals), net82
Write-offs against allowance(6)(14)
Recoveries and other—3
Closing balance, March 31$162$158

Inventories

Certain merchandisable agricultural commodity inventories, which include inventories acquired under deferred pricing contracts, are stated at market value. In addition, the Company values certain inventories using the first-in, first-out (“FIFO”) method at the lower of cost and net realizable value.

The following table sets forth the Company’s inventories as of March 31, 2026 and December 31, 2025 (in millions).

March 31, 2026December 31, 2025
Raw materials and supplies (1)$1,666$1,740
Finished goods2,5052,407
Market inventories7,5706,222
Total inventories$11,741$10,369

(1) Includes work in process inventories which were not material as of March 31, 2026 and December 31, 2025.

Cost Method Investments

Cost method investments represent investments in private companies and private equity funds to diversify the Company’s 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.

Cost method investments of $159 million and $143 million as of March 31, 2026 and December 31, 2025, respectively, were included in Other non-current assets in the Company’s Consolidated Balance Sheets.

Revaluation gains and losses are recorded in Interest and investment (income) expense in the Company’s Consolidated Statements of Earnings. As of March 31, 2026, the annual upward and downward adjustments were $12 million and $1 million, respectively. As of March 31, 2026, the cumulative amounts of upward and downward adjustments on cost method investments were $128 million and $449 million, respectively.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Investments in Affiliates

The Company applies the equity method of accounting for investments in investees over which the Company has the ability to exercise significant influence.

Wilmar Investment

The Company had a 22.5% share ownership in Wilmar International Limited (“Wilmar”) as of March 31, 2026 and December 31, 2025. The Company records its share of Wilmar’s financial results on a three-month lag basis, with the exception of transactions or events that occur during the intervening period that materially affect Wilmar’s financial position or results of operations. The Company’s investment in Wilmar had a carrying value of $4.1 billion as of March 31, 2026, and a market value of $4.2 billion based on the Level 1 quoted Singapore Exchange market price, converted to U.S. dollars at the applicable exchange rate, at March 31, 2026. The Company will continue to reassess its investment in Wilmar which may result in the recognition of an other-than-temporary impairment in the future.

Other Investments

As of March 31, 2026, the Company also holds equity method investments in Pacificor, LLC (32.2%), Akralos Holding Company LLC (49.0%), SoyVen Holding B.V. (50.0%), Olenex Holdings B.V. (37.5%), Hungrana Kft (50.0%), Almidones Mexicanos, S.A. de C.V. (50.0%), Vimison, S.A. de C.V. (45.3%), Aston Krahmalo-Produkty, LLC (50.0%), Edible Oils Limited (50.0%), Gradable, LLC (50.0%), LSCP, LLC (22.1%), Stratas Foods LLC (50.0%), Red Star Yeast Company, LLC (40.0%), Terminal de Grãos Ponta da Montanha S.A. (50.0%), Plainsman Company LLC (40.0%),Two Rivers Premium Oils, LLC (60.0%), Dusial S.A. (42.8%), ADM / Matsutani LLC (50.0%), Vitafort Zrt (34.3%), and Novial SAS (26.2%).

Property, Plant, and Equipment

The Company’s property, plant, and equipment consisted of the following as of March 31, 2026 and December 31, 2025 (in millions).

March 31, 2026December 31, 2025
Land$600$607
Buildings6,3766,440
Machinery and equipment22,00322,042
Construction in progress9951,110
29,97430,199
Accumulated depreciation(19,002)(19,020)
Property, Plant, and Equipment, Net$10,972$11,179

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Redeemable Non-controlling Interests

The Company presents any redeemable non-controlling interests in temporary equity within the Consolidated Balance Sheets at redemption value with period changes recorded in reinvested earnings. The Company reports the portion of its earnings or loss for redeemable non-controlling interests as Net earnings (losses) attributable to non-controlling interests in the Consolidated Statements of Earnings.

Changes to the Company's redeemable non-controlling interests for the three months ended March 31, 2026 and 2025 were as follows (in millions):

Three Months Ended March 31,
20262025
Opening balance, January 1$287$253
Net income (loss)5(2)
Remeasurement8—
Currency translation adjustments and other(8)4
Closing balance, March 31$292$255

Note 2. New Accounting Pronouncements

Adoption of New Accounting Pronouncements

Effective January 1, 2026, the Company adopted Accounting Standards Update (“ASU”) 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which simplifies the application of the current expected credit loss model for current accounts receivable and current contract assets under Accounting Standards Codification (ASC) 606, Contracts with Customers. The adoption of the guidance did not have a significant impact on the Company's Consolidated Financial Statements.

Effective January 1, 2026, the Company adopted ASU 2025-09, Derivatives and Hedging (Topic 815): Targeted Improvements to Hedge Accounting. The amended guidance within this ASU is intended to simplify cash flow hedge accounting and enhance the hedging of variable price-components of nonfinancial forecasted transactions. Among other changes, the amendments eliminate the requirement for contractually specified price components in order to qualify for risk componentization for a cash flow hedge program for forecasted nonfinancial transactions. The amendments better align hedge accounting with the Company’s commodity risk management activities and improved the operability of its commodity cash flow hedge program. The adoption did not have a significant effect on the Company’s Consolidated Financial Statements.

New Accounting Pronouncements Not Yet Adopted

Effective January 1, 2027, the Company will be required to adopt ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract, which expands the scope of contracts that are excluded from derivative accounting to include certain non-exchange traded contracts. It also clarifies that the revenue guidance in ASC 606, Contracts with Customers, initially applies to share-based noncash consideration received from a customer for the transfer of goods or services. The Company is evaluating the impact of the adoption of this guidance on the Company’s Consolidated Financial Statements and related disclosures.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Effective January 1, 2027, the Company will be required to adopt ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which amends the existing framework for identifying the accounting acquirer in business combinations when the legal acquiree is a VIE by requiring entities to consider the general accounting acquirer factors in ASC 805-10, Business Combination-Overall, when the transaction is primarily effected by the exchange of equity interests. The new guidance is required to be applied prospectively to any acquisition transaction that occurs after the initial application date. The Company is evaluating the impact of the adoption of this guidance on the Company’s Consolidated Financial Statements.

Effective December 31, 2027, the Company will be required to adopt ASU 2024-03, Income Statement—Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of income statement expenses, which will require tabular disclosure of certain operating expenses disaggregated into categories, such as purchases of inventory, employee compensation, depreciation, and intangible asset amortization. The amendments in this ASU can be applied on a prospective basis or retrospective basis upon adoption. The adoption of the amended guidance will result in expanded disclosures in the Company’s footnotes but is not expected to have a significant impact on the Company's Consolidated Financial Statements.

Effective January 1, 2028, the Company will be required to adopt ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software by removing all references to software development project stages so that the guidance is neutral to different software development methods and provides new guidance on how to evaluate whether the probable-to-completion recognition threshold has been met. The amendments in this ASU can be applied on a prospective basis or retrospective basis upon adoption. The Company is evaluating the impact of the adoption of this guidance on the Company’s Consolidated Financial Statements.

Effective January 1, 2029, the Company will be required to adopt ASU 2025-10, Accounting for Government Grants Received by Business Entities (Topic 832), which establishes authoritative guidance under U.S. GAAP for the recognition, measurement, presentation, and disclosure of government grants received by business entities. Under this ASU, government grants are recognized when it is probable that the entity will comply with the grant’s conditions and will receive the grant. Grants related to income may be presented either as a separate line item or as a reduction of the related expenses. Grants related to assets may reduce the carrying amount of the related asset or be presented as deferred income. This ASU also requires disclosure of the nature and terms of grants, the accounting policies applied, and significant conditions. The amendments in this ASU can be applied on a modified prospective or retrospective basis upon adoption. The Company is evaluating the impact of the adoption of this guidance on the Company’s Consolidated Financial Statements.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 3. Revenues

The following tables present revenue disaggregated by timing of recognition and reportable segments and subsegments for the three months ended March 31, 2026 and 2025 (in millions).

Three Months Ended March 31, 2026
Topic 606 RevenueTopic 815Total
Point in TimeOver TimeTotalRevenue (1)Revenues
Ag Services and Oilseeds
Ag Services$981$182$1,163$9,441$10,604
Crushing137—1372,5582,695
Refined Products and Other872—8721,8302,702
Total Ag Services and Oilseeds1,9901822,17213,82916,001
Carbohydrate Solutions
Starches and Sweeteners1,409—1,4095221,931
Vantage Corn Processors628—628—628
Total Carbohydrate Solutions2,037—2,0375222,559
Nutrition
Human Nutrition1,025—1,025—1,025
Animal Nutrition780—780—780
Total Nutrition1,805—1,805—1,805
Total Segment Revenues5,8321826,01414,35120,365
Other Business125—125—125
Total Revenues$5,957$182$6,139$14,351$20,490

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Three Months Ended March 31, 2025
Topic 606 RevenueTopic 815Total
Point in TimeOver TimeTotalRevenue (1)Revenues
Ag Services and Oilseeds
Ag Services$1,041$207$1,248$9,288$10,536
Crushing100—1002,5392,639
Refined Products and Other851—8511,6492,500
Total Ag Services and Oilseeds1,9922072,19913,47615,675
Carbohydrate Solutions
Starches and Sweeteners1,384—1,3845531,937
Vantage Corn Processors634—634—634
Total Carbohydrate Solutions2,018—2,0185532,571
Nutrition
Human Nutrition998—998—998
Animal Nutrition819—819—819
Total Nutrition1,817—1,817—1,817
Total Segment Revenues5,8272076,03414,02920,063
Other Business112—112—112
Total Revenues$5,939$207$6,146$14,029$20,175

(1) Topic 815 revenue relates to the physical delivery or the settlement of the Company’s sales contracts that are accounted for as derivatives and are outside the scope of Topic 606.

Ag Services and Oilseeds

The Ag Services and Oilseeds segment generates revenue from commodity sales, service fees related to the transportation of goods, sales of products manufactured in its global processing facilities, and structured trade finance activities. Revenue from physically settled derivative sales contracts primarily relates to forward sales of commodities where such contracts meet the definition of a derivative under ASC 815. Revenue from such commodities contracts is recognized at a point in time, upon transferring control of the commodity to the customer, consistent with the recognition principles under Topic 606. Revenue for deferred price contracts that allow for pricing to be determined after title of the goods has passed to the customer may be recognized when the price is determined. For transportation service contracts, the Company recognizes revenue over time as the transportation service is performed in accordance with the transfer of control guidance of Topic 606.

Carbohydrate Solutions

The Carbohydrate Solutions segment generates revenue from the sale of products manufactured at the Company’s corn and wheat milling facilities around the world. Revenue is recognized when control over products is transferred to the customer. The amount of revenue recognized is based on the consideration specified in the contract which could include freight and other costs depending on the specific shipping terms of each contract.

Nutrition

The Nutrition segment sells ingredients and solutions including plant-based proteins, natural flavors, flavor systems, natural colors, emulsifiers, soluble fiber, polyols, hydrocolloids, probiotics, prebiotics, postbiotics, enzymes, botanical extracts, edible beans, formula feeds, animal health and nutrition products, pet food and treats, and other specialty food and feed ingredients. Revenue is recognized when control over products is transferred to the customer.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Other Business

Other Business includes ADM Investor Services, the Company’s futures commission business, which primarily generates its revenue through commissions and brokerage income generated from executing orders and clearing futures contracts and options on futures contracts on behalf of its customers. Commissions and brokerage revenue are recognized on the date the transaction is executed.

Other Business also includes the Company’s captive insurance business, which provides captive insurance services to the Company's reportable segments.

Note 4. Fair Value Measurements

The Company measures the fair value of certain assets and liabilities in accordance with ASC Topic 820, Fair Value Measurements and Disclosures, which defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Company uses the market approach valuation technique to measure the majority of its assets and liabilities carried at fair value.

Three levels are established within the fair value hierarchy that may be used to report fair value:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

Level 2: Observable inputs, including Level 1 prices that have been adjusted; quoted prices for similar assets or liabilities; quoted prices in markets that are less active than traded exchanges; and other inputs that are observable or can be substantially corroborated by observable market data.

Level 3: Unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities. The fair value hierarchy gives the lowest priority to Level 3 inputs.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following tables set forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 (in millions).

Fair Value Measurements at March 31, 2026
Level 1Level 2Level 3Total
Assets:
Inventories carried at market$—$4,328$3,242$7,570
Unrealized derivative gains:
Commodity contracts—333540873
Foreign currency contracts—314—314
Interest rate contracts—13—13
Cash equivalents65——65
Marketable securities33——33
Segregated investments and restricted cash equivalents1,583——1,583
Total Assets$1,681$4,988$3,782$10,451
Liabilities:
Unrealized derivative losses:
Commodity contracts$—$568$634$1,202
Foreign currency contracts—166—166
Inventory-related payables—1,467301,497
Total Liabilities$—$2,201$664$2,865
Fair Value Measurements at December 31, 2025
Level 1Level 2Level 3Total
Assets:
Inventories carried at market$—$3,549$2,673$6,222
Unrealized derivative gains:
Commodity contracts—310512822
Foreign currency contracts—108—108
Interest rate contracts—17—17
Cash equivalents280——280
Marketable securities32——32
Segregated investments and restricted cash equivalents1,771——1,771
Total Assets$2,083$3,984$3,185$9,252
Liabilities:
Unrealized derivative losses:
Commodity contracts$—$300$313$613
Foreign currency contracts—144—144
Inventory-related payables—71416730
Total Liabilities$—$1,158$329$1,487

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Inventories Carried at Market and Inventory-Related Payables

Estimated fair values for inventories and inventory-related payables stated at market are based on exchange-quoted prices, adjusted for differences in local markets and quality, referred to as basis. Market valuations for the Company’s inventories are adjusted for location and quality (basis) because the exchange-quoted prices represent contracts with standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade. The basis adjustments are generally determined using inputs from competitor and broker quotations or market transactions and are considered observable. Basis adjustments are impacted by specific local supply and demand characteristics at each facility and the overall market. Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these basis adjustments.

Inventory is classified as Level 2, except in certain cases, where the basis adjustments are unobservable, and unobservable inputs have a significant impact (more than 10%) on the measurement of fair value. In such cases the inventory is classified as Level 3.

Changes in the fair value of inventories and inventory-related payables are recognized in the Consolidated Statements of Earnings as a component of Cost of products sold.

Unrealized Derivative Gains and Losses

Derivative contracts include exchange-traded commodity futures and options contracts, forward physical commodity purchase and sale contracts, and over-the-counter (“OTC”) instruments related primarily to agricultural commodities, energy, interest rates, and foreign currencies. Substantially all of the Company’s exchange-traded commodity futures and options contracts are cash-settled on a daily basis and, therefore, are not included in these tables.

Fair value for forward commodity purchase and sale contracts is estimated based on exchange-quoted prices adjusted for differences in local markets. Market valuations for the Company’s physical commodity purchase and sale contracts are adjusted for location (basis) because the exchange-quoted prices represent contracts that have standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade. The basis adjustments are generally determined using inputs from competitor and broker quotations or market transactions and are considered observable. Basis adjustments are impacted by specific local supply and demand characteristics at each facility and the overall market. Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these basis adjustments.

Physical commodity purchase and sale contracts are classified as Level 2, except in certain cases, where the basis adjustments are unobservable, and unobservable inputs have a significant impact (more than 10%) on the measurement of fair value. In such cases the contract is classified as Level 3.

Except for certain derivatives designated as cash flow hedges, changes in the fair value of commodity-related derivatives are recognized in the Consolidated Statements of Earnings as a component of Cost of products sold.

Except for certain derivatives designated as net investment hedges, changes in the fair value of foreign currency-related derivatives are recognized in the Consolidated Statements of Earnings as a component of Revenues, Cost of products sold, and Other (income) - net, depending upon the purpose of the contract.

Cash Equivalents

The Company’s cash equivalents are comprised of money market funds valued using quoted market prices and are classified as Level 1.

Marketable Securities

The Company's marketable securities are comprised of foreign government securities and foreign term deposits with original maturities greater than 90 days. These securities are valued using quoted market prices and are classified as Level 1.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Segregated Investments and Restricted Cash Equivalents

The Company’s segregated investments and restricted cash equivalents are primarily comprised of U.S. Treasury securities purchased using ADM Investor Services customer funds and segregated to meet regulatory requirements. U.S. Treasury securities are valued using quoted market prices and are classified as Level 1.

Level 3 Assets and Liabilities

The following table presents a roll forward of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2026 (in millions).

AssetsLiabilities
March 31, 2026March 31, 2026
Inventories Carried at MarketCommodity Derivative Contracts GainsTotal AssetsInventory-related PayablesCommodity Derivative Contracts LossesTotal Liabilities
Opening balance, January 1, 2026$2,673$512$3,185$16$313$329
Increase in unrealized gains included in Cost of products sold375290665———
Increase in unrealized losses included in Cost of products sold———1554555
Realized (decreases) included in Cost of products sold(246)—(246)(2)—(2)
Purchases4,550—4,55015—15
Sales(4,421)—(4,421)(1)—(1)
Settlements—(249)(249)—(222)(222)
Transfers into Level 34951050512829
Transfers out of Level 3(184)(23)(207)—(39)(39)
Closing balance, March 31, 2026$3,242$540$3,782$30$634$664

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following table presents a roll forward of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2025 (in millions).

AssetsLiabilities
March 31, 2025March 31, 2025
Inventories Carried at MarketCommodity Derivative Contracts GainsTotal AssetsInventory-related PayablesCommodity Derivative Contracts LossesTotal Liabilities
Opening balance, January 1, 2025$3,031$427$3,458$88$405$493
Increase in unrealized gains included in Cost of products sold97213310———
Increase (decrease) in unrealized losses included in Cost of products sold———(1)194193
Realized increases (decreases) included in Cost of products sold55—55(2)—(2)
Purchases4,086—4,0863—3
Sales(4,578)—(4,578)(36)—(36)
Settlements—(228)(228)—(277)(277)
Transfers into Level 3571113684—3535
Transfers out of Level 3(159)(17)(176)—(5)(5)
Closing balance, March 31, 2025$3,103$508$3,611$52$352$404

Transfers into Level 3 of assets and liabilities previously classified in Level 2 were due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts rising above the 10% threshold. Transfers out of Level 3 were primarily due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts falling below the 10% threshold and thus permitting reclassification to Level 2.

In some cases, the price components that result in differences between exchange-traded prices and local prices for inventories and physical commodity purchase and sale contracts are observable based upon available quotations for these pricing components, and in some cases, the differences are unobservable. These price components primarily include transportation costs and other basis adjustments required due to location, quality, or other contract terms. The changes in unobservable price components are determined by specific local supply and demand characteristics at each location and the overall market. Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these unobservable price components.

The following table sets forth the weighted average percentage of the unobservable price components included in the Company’s Level 3 valuations as of March 31, 2026 and December 31, 2025. The Company’s Level 3 measurements may include basis only, transportation cost only, or both price components.

Weighted Average % of Total Price
March 31, 2026December 31, 2025
Component TypeAssetsLiabilitiesAssetsLiabilities
Inventories and Inventory-Related Payables
Basis19.4%11.4%21.1%9.0%
Transportation cost14.4%—%22.4%—%
Commodity Derivative Contracts
Basis20.0%20.5%23.3%23.6%
Transportation cost20.4%23.3%25.7%—%

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

In certain of the Company’s principal markets, the Company relies on price quotes from third parties to value its inventories and physical commodity purchase and sale contracts. These price quotes are generally not further adjusted by the Company in determining the applicable market price. In some cases, availability of third-party quotes is limited to only one or two independent sources. In these situations, absent other corroborating evidence, the Company considers these price quotes as 100% unobservable and, therefore, the fair value of these items is reported in Level 3.

Note 5. Derivative Instruments and Hedging Activities

Derivatives Not Designated As Hedging Instruments

The majority of the Company’s derivative instruments have not been designated as hedging instruments.

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.

The Company also uses exchange-traded and 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 and the value of the underlying commodities, counterparty contract defaults, and volatility of freight markets.

The Company recognizes changes in market value of inventories of certain merchandisable agricultural commodities, inventory-related payables, forward cash purchase and sales contracts, and exchange-traded and OTC instruments in earnings immediately as a component of Cost of products sold.

Fair Value of Derivatives Not Designated as Hedging Instruments

Derivatives, including exchange-traded contracts and physical commodity purchase and sale contracts, and inventories of certain merchandisable agricultural products, which include amounts acquired under deferred pricing contracts, are stated at fair value. Inventory is not a derivative and therefore fair values of and changes in fair values of inventories are not included in the tables below.

The following table sets forth the fair value of derivatives not designated as hedging instruments as of March 31, 2026 and December 31, 2025 (in millions).

March 31, 2026December 31, 2025
AssetsLiabilitiesAssetsLiabilities
Foreign Currency Contracts$265$137$108$54
Commodity Contracts8731,202822613
Total$1,138$1,339$930$667

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following table sets forth the pre-tax gains (losses) on derivatives not designated as hedging instruments that have been included in the Consolidated Statements of Earnings for the three months ended March 31, 2026 and 2025 (in millions).

Cost ofOther
products(income) -
RevenuessoldnetTotal
Three Months Ended March 31, 2026
Pre-tax gains (losses) on:
Foreign Currency Contracts$(24)$164$18
Commodity Contracts—(874)—
Total gains (loss) recognized in earnings$(24)$(710)$18$(716)
Three Months Ended March 31, 2025
Pre-tax gains (losses) on:
Foreign Currency Contracts$(25)$150$(68)
Commodity Contracts—112—
Total gains (loss) recognized in earnings$(25)$262$(68)$169

Changes in the fair value of foreign currency-related derivatives are recognized in the Consolidated Statements of Earnings as a component of Revenues, Cost of products sold, and Other (income) - net, depending on the purpose of the contract.

Changes in the fair value of commodity contracts are recognized in the Consolidated Statements of Earnings as a component of Cost of products sold.

Derivatives Designated As Hedging Instruments

The Company had certain derivatives designated as cash flow, fair value, and net investment hedges as of March 31, 2026 and December 31, 2025.

Cash Flow Hedges

For derivative instruments that are designated and qualify as highly-effective cash flow hedges (i.e., hedging the exposure to variability in expected future cash flow that is attributable to a particular risk), the gain or loss on the derivative instrument is reported as a component of Accumulated other comprehensive income (“AOCI”) and as an operating activity in the Consolidated Statements of Cash Flows, and is reclassified into earnings in the same line item affected by the hedged transaction in the same period or periods during which the hedged transaction affects earnings. Hedge components excluded from the assessment of effectiveness, if any, and gains and losses related to discontinued hedges are recognized in the Consolidated Statements of Earnings during the relevant period.

For each of the hedge programs described below, the derivatives are designated as cash flow hedges. The changes in the market value of such derivative contracts have historically been, and are expected to continue to be, highly effective at offsetting changes in price movements of the hedged item. Once the hedged item is recognized in earnings, the gains and losses arising from the hedge are reclassified from AOCI to either Revenues or Cost of products sold, as applicable.

The Company uses exchange-traded futures and options contracts to hedge the purchase price of anticipated volumes of corn to be purchased and processed in a future month. The objective of this hedging program is to reduce the variability of cash flows associated with the Company’s forecasted purchases of corn. The Company’s corn processing plants normally grind approximately 56 million bushels of corn per month. During the past 12 months, the Company hedged between 12% and 30% of its monthly grind. At March 31, 2026, the Company had designated hedges representing between 0% and 32% of its anticipated monthly grind of corn for the next 12 months.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The Company uses exchange-traded futures and options contracts to hedge the purchase price of the anticipated volumes of soybeans to be purchased and processed in a future month for certain of its U.S. soybean crush facilities, subject to certain program limits. The Company also uses exchange-traded futures and options contracts to hedge the sales prices of anticipated soybean meal and soybean oil sales proportionate to the soybean crushing process at these facilities, subject to certain program limits. During the past 12 months, the Company hedged between 22% and 100% of the anticipated monthly soybean crush for soybean purchases and soybean meal and soybean oil sales at the designated facilities. At March 31, 2026, the Company had designated hedges representing between 0% and 100% of the anticipated monthly soybean crush for soybean purchases and soybean meal and soybean oil sales at the designated facilities over the next 12 months.

The Company uses exchange-traded futures and OTC swaps to hedge the purchase price of anticipated volumes of natural gas consumption in a future month for certain of its facilities in North America and Europe, subject to certain program limits. During the past 12 months, the Company hedged between 24% and 73% of the anticipated monthly natural gas consumption at the designated facilities. At March 31, 2026, the Company had designated hedges representing between 13% and 74% of the anticipated monthly natural gas consumption over the next 12 months.

As of March 31, 2026 and December 31, 2025, the Company had after-tax (losses) gains of $(39) million and $13 million, respectively, in AOCI related to gains and losses from these programs. The Company expects to recognize $39 million of the March 31, 2026 after-tax losses in its Consolidated Statements of Earnings during the next 12 months.

Fair Value Hedges

The Company uses interest rate swaps designated as fair value hedges to protect the fair value of fixed-rate debt due to changes in interest rates. The changes in the fair value of the interest rate swaps and the underlying fixed-rate debt is recognized in the Consolidated Statements of Earnings during the current period. The terms of the interest rate swaps match the terms of the underlying debt.

As of March 31, 2026 and December 31, 2025, the Company had pre-tax gains of $13 million and $17 million, respectively, in Other current assets related to interest rate swaps with an aggregate notional amount of $500 million. A corresponding offset to the underlying debt is recorded for the same amount, with no net impact to earnings.

Net Investment Hedges

The Company uses cross-currency swaps and foreign exchange forwards designated as net investment hedges to protect the Company’s investment in foreign subsidiaries against changes in foreign currency exchange rates.

The Company executed USD-fixed to Euro-fixed cross-currency swaps with an aggregate notional amount of $439 million and $447 million as of March 31, 2026 and December 31, 2025, respectively, and foreign exchange forwards with an aggregate notional amount of $2.5 billion and $2.6 billion as of March 31, 2026 and December 31, 2025, respectively. As of March 31, 2026 and December 31, 2025, the Company had net investment hedge related after-tax foreign exchange (losses) gains of $(126) million and $(171) million, recorded within AOCI, respectively. These amounts are deferred in AOCI until the underlying investments are divested.

The Company had previously designated its €650 million outstanding long-term debt and commercial paper borrowings as a hedge of its net investment in a foreign subsidiary. This long-term debt matured in September 2025 and was paid in full in the year ended December 31, 2025. As of March 31, 2026 and December 31, 2025, the Company had after-tax gains of $176 million in AOCI related to foreign exchange gains and losses from the net investment hedge transactions. The amount is deferred in AOCI until the underlying investments are divested.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Fair Value of Derivatives Designated as Hedging Instruments

The following table sets forth the fair value of derivatives designated as hedging instruments as of March 31, 2026 and December 31, 2025 (in millions).

March 31, 2026December 31, 2025
AssetsLiabilitiesAssetsLiabilities
Foreign Currency Contracts$49$29$—$90
Interest Rate Contracts13—17—
Total$62$29$17$90

The following table sets forth the pre-tax losses on derivatives designated as hedging instruments that have been recognized in Cost of products sold in the Consolidated Statements of Earnings for the three months ended March 31, 2026 and 2025 (in millions).

Three Months Ended
March 31,
20262025
Pre-tax losses on:
Commodity Contracts$4$17

Note 6. Other Current Assets

The following table sets forth the items in other current assets (in millions).

March 31,December 31,
20262025
Unrealized gains on derivative contracts$1,200$947
Customer omnibus receivable832573
Margin deposits and grain accounts729575
Financing receivables - net163256
Insurance premiums receivable29106
Prepaid expenses331321
Tax receivables489583
Non-trade receivables461268
Other current assets164167
$4,398$3,796

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 7. Accrued Expenses and Other Payables

The following table sets forth the items in accrued expenses and other payables (in millions).

March 31,December 31,
20262025
Unrealized losses on derivative contracts$1,368$757
Accrued compensation311419
Income tax payable14383
Other taxes payable192181
Insurance liabilities80165
Accrued interest payable110158
Other deferred income156191
Contract liabilities (1)371333
Other accruals and payables1,3201,026
$4,051$3,313

(1) Contract liabilities relate to advance payments from customers for goods and services the Company has yet to provide. Revenues recognized in the three months ended March 31, 2026 from contract liabilities as of December 31, 2025 were $222 million.

Note 8. Debt and Financing Arrangements

At March 31, 2026 and December 31, 2025, the fair value of the Company’s long-term debt, excluding the current portion, was $6.1 billion and $6.3 billion, respectively, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards), compared to carrying values of $6.5 billion and $6.6 billion as of March 31, 2026 and December 31, 2025, respectively.

At March 31, 2026 and December 31, 2025, the Company had lines of credit, including accounts receivable securitization programs, totaling $12.4 billion and $12.3 billion, respectively, of which $8.4 billion and $9.4 billion, respectively, was unused. See Note 15. Sale of Accounts Receivable for further information on the account receivable securitization programs.

The weighted average interest rates on short-term borrowings outstanding at March 31, 2026 and December 31, 2025, was 4.0%. Of the Company’s total lines of credit, $5.1 billion supported the combined U.S. and European commercial paper borrowing programs. As of March 31, 2026 and December 31, 2025, there was $1.6 billion and $715 million of commercial paper outstanding, respectively.

Note 9. Income Taxes

The Company’s effective tax rate was 21.1% for the three months ended March 31, 2026 compared to 17.3% for the three months ended March 31, 2025. The increase in the effective tax rate for the three months ended March 31, 2026 compared to the prior year quarter is primarily related to the impact of discrete tax items.

The One Big Beautiful Bill Act (“OBBBA”) of 2025 includes significant provisions such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions including the energy tax credit policy. The Company has incorporated the effects of these provisions into its estimated annual effective tax rate for 2026.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 10. Shareholders’ Equity

The Company has authorized one billion shares of common stock and 500,000 shares of preferred stock, each with zero par value. No preferred stock has been issued.

Treasury stock

At March 31, 2026 and December 31, 2025, the Company had approximately 234.2 million shares and 235.5 million shares, respectively, of its common shares in treasury. Treasury stock is recorded at cost as a reduction of equity.

Repurchase Program

On December 11, 2024, the Company's Board of Directors approved a second extension of its existing stock repurchase program through December 31, 2029 and the repurchase of up to an additional 100 million shares under the extended program. As of March 31, 2026, the Company had 115 million shares remaining under its share repurchase program until December 31, 2029.

Accumulated Other Comprehensive Income

The following tables set forth the changes in AOCI by component for the three months ended March 31, 2026 and 2025 (in millions).

Three Months Ended March 31, 2026
Foreign Currency Translation AdjustmentDeferred Gain (Loss) on Cash Flow Hedging ActivitiesPension and Other Postretirement Benefit LiabilitiesUnrealized (Loss) on InvestmentsAccumulated Other Comprehensive Income (Loss)
Balance at January 1, 2026$(2,549)$119$(82)$(19)$(2,531)
Other comprehensive income (loss) before reclassifications13(48)—(4)(39)
Gain on net investment hedges61———61
Amounts reclassified from AOCI—(4)(2)—(6)
Tax effect(14)171—4
Net of tax amount60(35)(1)(4)20
Balance at March 31, 2026$(2,489)$84$(83)$(23)$(2,511)
Three Months Ended March 31, 2025
Foreign Currency Translation AdjustmentDeferred Gain (Loss) on Cash Flow Hedging ActivitiesPension and Other Postretirement Benefit LiabilitiesUnrealized (Loss) on InvestmentsAccumulated Other Comprehensive Income (Loss)
Balance at January 1, 2025$(2,999)$126$(100)$(15)$(2,988)
Other comprehensive income (loss) before reclassifications2512(20)(3)14
(Loss) on net investment hedges(158)———(158)
Amounts reclassified from AOCI—(17)(2)—(19)
Tax effect38(1)6—43
Net of tax amount(95)(6)(16)(3)(120)
Balance at March 31, 2025$(3,094)$120$(116)$(18)$(3,108)

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following table sets forth the reclassifications out of AOCI related to deferred (gains) losses on cash flow hedging activities for the three months ended March 31, 2026 and 2025 (in millions).

Affected line item in the Consolidated Statements of EarningsThree Months Ended
March 31,
20262025
Cost of products sold$(4)$(17)
Earnings before income tax(4)(17)
Income tax expense14
Net earnings$(3)$(13)

The Company’s accounting policy is to release the income tax effects from AOCI when the individual units of account are sold, terminated, or extinguished.

Note 11. Other Income – Net

The following table sets forth the items in Other income - net for the three months ended March 31, 2026 and 2025 (in millions).

Three Months Ended
March 31,
20262025
Gains on sale of assets (1)$(42)$(8)
Other – net(28)(11)
Other Income – Net$(70)$(19)

(1) Includes gains related to the contribution of assets in relation to the launch of Two Rivers Premium Oils, LLC and Akralos Holding Company LLC for the three months ended March 31, 2026.

Note 12. Segment Information

The Company’s operations are organized, managed, and classified into three reportable segments: Ag Services and Oilseeds (“AS&O”), Carbohydrate Solutions, and Nutrition.

Each of these segments is organized based upon the nature of products and services offered. 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.

The reportable segments have been identified based on financial data utilized by the Chief Operating Decision Maker (“CODM”), which is the Company’s Chief Executive Officer, who is also the Company’s Chair of the Board. The CODM uses segment operating profit as the measurement of segment profit or loss. Separate financial information for the Company’s three reportable segments is evaluated by the CODM on a monthly basis to allocate resources and assess performance. The CODM does not use total assets by segment to make decisions regarding resources; therefore, the total asset disclosure by segment has not been included. Segment operating profit is based on net sales less identifiable operating expenses. Also included in segment operating profit is equity in (loss) earnings of affiliates based on the equity method of accounting. Specified items and certain corporate items are not allocated to the Company’s individual business segments because operating performance of each business segment is evaluated by the CODM exclusive of these items.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The Ag Services and Oilseeds segment includes global activities related to the origination, merchandising, transportation, and storage of agricultural raw materials, as well as the crushing and processing of oilseeds, including soybeans and soft seeds such as cottonseed, sunflower seed, canola, rapeseed, and flaxseed. The segment produces and markets vegetable oils and oilseed protein meals used by food, feed, energy, and industrial customers. Crude and partially refined vegetable oils are sold to third parties, including renewable diesel manufacturers, or further processed into salad oils, margarine, shortening, biodiesel, glycols, and other food and industrial products. Oilseed protein meals are primarily sold as ingredients for commercial livestock and poultry feeds. The segment is also a major supplier of peanuts and peanut‑derived ingredients and manufactures cotton cellulose pulp in North America for chemical, paper, and other industrial markets. 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 engages in various structured trade finance activities to leverage its global trade flows. This segment also includes the Company’s share of the results of its equity investments in Wilmar, Pacificor, LLC, SoyVen Holding B.V., Olenex Holdings B.V., Edible Oils Limited, Stratas Foods LLC, Terminal de Grãos Ponta da Montanha S.A., Gradable, LLC, Two Rivers Premium Oils, LLC, and Plainsman Company LLC.

The Carbohydrate Solutions segment engages in corn and wheat wet and dry milling and related processing activities. The segment converts corn and wheat into products and ingredients used in food and beverage applications, including sweeteners, starches, syrups, glucose, wheat flour, and dextrose. 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. In addition, the segment produces distillers’ grains, corn gluten feed, and corn gluten meal for use as animal feed ingredients. Corn germ, a by‑product of wet milling, is further processed into vegetable oil and protein meal, and citric acids are produced for food and industrial applications. The Carbohydrate Solutions segment also advances carbon capture and storage 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. This segment also includes the Company’s share of the results of its equity investments in Hungrana Kft, Almidones Mexicanos, S.A. de CV, Aston Krahmalo-Produkty, LLC, Red Star Yeast Company, LLC, and LSCP, LLC.

The Nutrition segment serves various end markets including food, beverages, and nutritional supplements for humans, and complete feed, feed premix and additives, pet food and pet treats for livestock, aquaculture, and pets. The segment engages in the creation, manufacturing, sale, and distribution of a wide array of ingredients and solutions including plant-based proteins, flavors and colors derived from nature, flavor systems, emulsifiers, soluble fiber, polyols, hydrocolloids, probiotics, prebiotics, postbiotics, enzymes, botanical extracts, and other specialty food and feed ingredients and systems. The Nutrition segment also includes activities related to the procurement, processing, and distribution of edible beans, the processing and distribution of formula feeds and animal health and nutrition products and the manufacture of contract and private label pet treats and foods. This segment also includes the Company’s share of the results of its equity investments in Akralos Holding Company LLC, Vimison, S.A. de C.V., Dusial S.A., Vitafort Zrt., Novial SAS, and ADM / Matsutani LLC.

Other Business results include the results of ADM Investor Services and the Company’s captive insurance business. Corporate results principally include unallocated corporate expenses, interest, and revaluation results for investments in early-stage start-up companies.

Intersegment sales have been recorded using principles consistent with ASC 606, Revenue from Contracts with Customers.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Segment Information for the Three Months ended March 31, 2026 and 2025

The following tables present data by reportable segment (in millions).

Three Months Ended March 31, 2026
Ag Services and OilseedsCarbohydrate SolutionsNutritionTotal
Revenue from external customers$16,001$2,559$1,805$20,365
Other Business125
Total consolidated revenue$20,490
Less:
Cost of materials14,7651,4611,054
Manufacturing costs894692330
Selling, general, and administrative expenses21091292
Other segment items (1)(141)(41)(6)
Segment operating profit$273$356$135$764
Reconciliation of segment operating profit
Other Business53
Corporate(423)
Specified items:
Gains on sales of assets and businesses62
Impairment, exit, restructuring charges, and settlement contingencies(17)
ADM's share of equity method investment non-recurring (charges)(55)
Earnings Before Income Taxes$384

(1) Other segment items for each reportable segment include:

Ag Services and Oilseeds: Equity in the earnings of affiliates; interest and investment income/expense; and other income/expense.

Carbohydrate Solutions: Equity in the earnings of affiliates and other income/expense.

Nutrition: Equity in the earnings of affiliates; interest and investment income/expense; and other income/expense.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Three Months Ended March 31, 2025
Ag Services and OilseedsCarbohydrate SolutionsNutritionTotal
Revenue from external customers$15,675$2,571$1,817$20,063
Other Business112
Total consolidated revenue$20,175
Less:
Cost of materials14,3391,6021,139
Manufacturing costs881677319
Selling, general, and administrative expenses19382278
Other segment items (1)(150)(30)(14)
Segment operating profit$412$240$95$747
Reconciliation of segment operating profit
Other Business96
Corporate(441)
Specified items:
Impairment, exit, restructuring charges, and settlement contingencies(49)
Earnings Before Income Taxes$353

(1) Other segment items for each reportable segment include:

Ag Services and Oilseeds: Equity in the earnings of affiliates; interest and investment income/expense; and other income/expense.

Carbohydrate Solutions: Equity in the earnings of affiliates and other income/expense.

Nutrition: Equity in the earnings of affiliates and other income/expense.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(In millions)Three Months Ended March 31,
20262025
Intersegment sales
Ag Services and Oilseeds$422$421
Carbohydrate Solutions198199
Nutrition1519
Total intersegment sales$635$639
Depreciation expense
Ag Services and Oilseeds$102$100
Carbohydrate Solutions7975
Nutrition4237
Total segment depreciation expense223212
Other Business22
Corporate910
Total depreciation expense$234$224
Amortization expense
Ag Services and Oilseeds$3$3
Carbohydrate Solutions11
Nutrition3939
Total segment amortization expense4343
Corporate1620
Total amortization expense$59$63
Interest and investment income
Ag Services and Oilseeds$24$21
Carbohydrate Solutions1—
Total segment interest and investment income2521
Other Business9497
Corporate620
Total interest and investment income$125$138
Equity in (losses) earnings of unconsolidated affiliates
Ag Services and Oilseeds$49$110
Carbohydrate Solutions3429
Nutrition47
Total segment equity in (losses) earnings of unconsolidated affiliates87146
Corporate2(2)
Total equity in (losses) earnings of unconsolidated affiliates$89$144

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 13. Asset Impairment, Exit, and Restructuring Costs

The following table sets forth the charges included in asset impairment, exit, and restructuring costs, presented as specified items (in millions).

Three Months Ended March 31,
20262025
Total asset impairment, exit, and restructuring costs (1)$12$38

(1)On February 4, 2025, the Company announced targeted actions expected to deliver in excess of $500 million of aggregate 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. Charges associated with these actions, as well as similar initiatives in prior periods, are reflected as restructuring charges. The three months ended March 31, 2026 included restructuring charges (primarily employee termination benefits) of $5 million, $4 million, $2 million and $1 million within Corporate, the Nutrition segment, the Ag Services and Oilseeds segment, and the Carbohydrate Solutions segment, respectively. The three months ended March 31, 2025 included restructuring charges (primarily employee termination benefits) of $23 million, $5 million, $4 million, and $4 million within the Ag Services and Oilseeds segment, the Carbohydrate Solutions segment, the Nutrition segment and Corporate, respectively.

Note 14. Sale of Accounts Receivable

The Company has an accounts receivable securitization program (the “First Program”) with certain commercial paper conduit purchasers and committed purchasers (collectively, the “First Purchasers”). Under the First Program, certain U.S. originated trade accounts receivable are sold to a wholly-owned, bankruptcy-remote entity, ADM Receivables, LLC (“ADM Receivables”). ADM Receivables transfers certain of the purchased accounts receivable to each of the First Purchasers together with a security interest in all of its right, title, and interest in the remaining purchased accounts receivable. In exchange, ADM Receivables receives a cash payment of up to $1.7 billion for the accounts receivable transferred. The First Program terminates on May 15, 2026, unless extended.

The Company also has an accounts receivable securitization program (the “Second Program”) with certain commercial paper conduit purchasers and committed purchasers (collectively, the “Second Purchasers”). Under the Second Program, certain non-U.S. originated trade accounts receivable are sold to a wholly-owned, bankruptcy-remote entity, ADM Ireland Receivables Company (“ADM Ireland Receivables”). ADM Ireland Receivables transfers certain of the purchased accounts receivable to each of the Second Purchasers together with a security interest in all of its right, title, and interest in the remaining purchased accounts receivable. In exchange, ADM Ireland Receivables receives a cash payment of up to $1.3 billion (€1.1 billion) for the accounts receivables transferred. The Second Program terminates on May 19, 2026, unless extended.

Under the First and Second Programs (collectively, the “Programs”), ADM Receivables and ADM Ireland Receivables use the cash proceeds from the transfer of receivables to the First Purchasers and Second Purchasers (collectively, the “Purchasers”) and other consideration, as applicable, to finance the purchase of receivables from the Company and the ADM subsidiaries originating the receivables. The Company accounts for these transfers as sales of accounts receivable. The Company acts as a servicer for the transferred receivables.

As of March 31, 2026 and December 31, 2025, the fair value of trade receivables transferred to the Purchasers under the Programs and derecognized from the Company’s Consolidated Balance Sheets was $2.2 billion and $2.1 billion, respectively. Total receivables sold were $11.0 billion and $11.3 billion for the three months ended March 31, 2026 and 2025, respectively. Cash collections from customers on receivables sold were $10.7 billion and $11.3 billion for the three months ended March 31, 2026 and 2025, respectively. All cash flows under the Programs are classified as operating activities because the cash received from the Purchasers upon both the sale and the collection of the receivables is not subject to significant interest rate risk given the short-term nature of the Company’s trade receivables. As of March 31, 2026 and December 31, 2025, receivables pledged as collateral to the Purchasers was $450 million and $290 million, respectively.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Transfers of receivables under the Programs resulted in an expense of $10 million and $20 million for the three months ended March 31, 2026 and 2025, respectively, which are classified as Selling, general, and administrative expenses in the Consolidated Statements of Earnings.

The Company also has uncommitted Receivable Purchase Agreements (“RPAs”) with global financial institutions under which eligible trade accounts receivable may be sold at a discount. Accounts receivable sold under the RPAs are accounted for as sales. Discount fees in relation to the sale of trade accounts receivable under the RPAs are not significant.

Note 15. Supplier Payable Programs

The Company has Supplier Payable Programs (“SPP”) with financial institutions which act as its paying agents for payables due to certain of its suppliers. The Company has neither an economic interest in a supplier’s participation in the SPP nor a direct financial relationship with the financial institutions, and has concluded that its obligations to the suppliers, including amounts due and scheduled payment terms, are not impacted by their participation in the SPP. Accordingly, amounts associated with the SPP continue to be classified in trade payables in the Company’s Consolidated Balance Sheets and in operating activities in its Consolidated Statements of Cash Flows. The supplier invoices that have been confirmed as valid under the program require payment in full generally within 120 days of the invoice date.

Changes to the outstanding payment obligations were as follows (in millions).

Three Months Ended March 31,
20262025
Opening balance, January 1$301$222
Obligations confirmed295275
Obligations paid(205)(221)
Closing balance, March 31$391$276

Note 16. Legal Proceedings

The Company is routinely involved in a number of actual or threatened legal actions, including those involving alleged personal injuries, employment law, product liability, intellectual property, environmental issues, alleged tax liability, and class actions. The Company also routinely receives inquiries from regulators and other government authorities relating to various aspects of its business, and at any given time, the Company has matters at various stages of resolution. The outcomes of these matters are not within the Company’s complete control and may not be known for prolonged periods of time. In some actions, claimants seek damages, as well as other relief including injunctive relief, that could require significant expenditures or result in lost revenues.

In accordance with applicable accounting standards, the Company records a liability in its Consolidated Financial Statements for material loss contingencies when a loss is known or considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a material loss contingency is reasonably possible but not known or probable, and can be reasonably estimated, the estimated loss or range of loss is disclosed in the notes to the Consolidated Financial Statements. When determining the estimated loss or range of loss, significant judgment is required to estimate the amount and timing of a loss to be recorded. Estimates of probable losses resulting from litigation and governmental proceedings involving the Company are inherently difficult to predict, particularly when the matters are in early procedural stages, with incomplete facts or legal discovery; involve unsubstantiated or indeterminate claims for damages; potentially involve penalties, fines, disgorgement, or punitive damages; or could result in a change in business practice.

The Company’s estimated loss or range of loss with respect to loss contingencies may change from time to time, and it is reasonably possible the Company will incur actual losses in excess of the amounts currently accrued and such additional amounts may be material. While the Company continues to work with parties with respect to potential resolution, no assurance can be given that it will be successful in doing so and the Company cannot predict the outcome of these matters.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Commodities Class Actions

On September 4, 2019, AOT Holding AG (“AOT”) filed a putative class action under the U.S. Commodities Exchange Act in federal district court in Urbana, Illinois, alleging that the Company sought to manipulate the benchmark price used to price and settle ethanol derivatives traded on futures exchanges. On March 16, 2021, AOT filed an amended complaint adding a second named plaintiff Maize Capital Group, LLC (“Maize”). AOT and Maize allege that members of the putative class collectively suffered damages calculated to be between approximately $500 million to over $2.0 billion as a result of the Company’s alleged actions. On July 14, 2020, Green Plains Inc. and its related entities (“GP”) filed a putative class action lawsuit, alleging substantially the same operative facts, in federal court in Nebraska, seeking to represent sellers of ethanol. On July 23, 2020, Midwest Renewable Energy, LLC (“MRE”) filed a putative class action in federal court in Illinois alleging substantially the same operative facts and asserting claims under the Sherman Act. On November 11, 2020, United Wisconsin Grain Producers LLC and several other ethanol producers (collectively, “UWGP”) filed a lawsuit in federal court in Illinois alleging substantially the same facts and asserting claims under the Sherman Act and Illinois, Iowa, and Wisconsin law. The court granted ADM’s motion to dismiss the MRE and UWGP complaints without prejudice on August 9, 2021 and September 28, 2021, respectively. On August 16, 2021, the court granted ADM’s motion to dismiss the GP complaint, dismissing one claim with prejudice and declining jurisdiction over the remaining state law claim. MRE filed an amended complaint on August 30, 2021, which ADM moved to dismiss on September 27, 2021. The court denied ADM’s motion to dismiss on September 26, 2023. UWGP filed an amended complaint on October 19, 2021, which the court dismissed on July 12, 2022. UWGP appealed the dismissal to the United States Court of Appeals for the Seventh Circuit (the “Seventh Circuit”). On October 26, 2021, GP filed a new complaint in Nebraska federal district court, alleging substantially the same facts and asserting a claim for tortious interference with contractual relations. The case was transferred back to the Central District of Illinois, and on December 30, 2022, the court dismissed GP’s complaint with prejudice. GP appealed the dismissal, and on January 12, 2024, the appellate court vacated the dismissal and remanded the case to the district court for further proceedings. On March 8, 2024, GP filed an amended complaint, which ADM moved to dismiss. On December 3, 2024, the court issued a decision on ADM’s motion to dismiss GP’s amended complaint, denying one ground for dismissal and certifying a question of law to the Nebraska Supreme Court before deciding the other ground. On July 18, 2025, the Seventh Circuit affirmed the dismissal of UWGP’s amended complaint. Following that decision, the district court ordered that ADM may file a renewed motion to dismiss MRE’s amended complaint, which ADM filed on October 6, 2025. Separately, on September 26, 2025, UWGP filed a complaint against ADM in Wisconsin state court asserting one claim for tortious interference with contractual relations. ADM moved to dismiss UWGP’s complaint in Wisconsin state court on November 24, 2025. On February 27, 2026, the Nebraska Supreme Court issued an opinion on the certified question regarding GP’s amended complaint, and the Illinois federal district court subsequently dismissed GP’s case with prejudice on March 12, 2026.

The Company denies liability and is vigorously defending itself in these actions. As these actions are in pretrial proceedings, the Company is unable at this time to predict the final outcome with any reasonable degree of certainty, but believes the outcome will not have a material adverse effect on its financial condition, results of operations, or cash flows.

Shareholder Litigation

As previously disclosed, on January 24, 2024, following the Company’s announcement of an investigation relating to intersegment sales, a purported stockholder of the Company filed a putative securities fraud class action in the U.S. District Court for the Northern District of Illinois against the Company and certain of its current and former officers (collectively, the “Defendants”). On March 12, 2025, the court denied Defendants’ motions to dismiss. The Company intends to continue to vigorously defend against these claims. However, given the uncertainty of litigation, the Company is unable to predict the final outcome of this proceeding with any reasonable degree of certainty, nor does it currently have sufficient information to estimate a reasonably possible loss or range of loss with respect to this matter.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Also, as previously disclosed, beginning on March 29, 2024, purported stockholders of the Company filed a number of related derivative lawsuits against certain current and former officers and directors of the Company, seeking unspecified damages. The initial actions were consolidated in the U.S. District Court for the District of Delaware (the “District of Delaware Consolidated Action”). Separately, on January 14, 2025, a purported stockholder served a litigation demand on the Company’s Board of Directors, demanding that legal proceedings be brought against certain current and former officers and directors of the Company. On March 28, 2025, this stockholder filed a derivative lawsuit in the Court of Chancery of the State of Delaware (the “Court of Chancery”) against such current and former officers and directors of the Company (the “Litigation Demand Action”). Several other purported stockholders who did not make pre-suit demands filed additional derivative lawsuits in the Court of Chancery against certain current and former officers and directors of the Company, seeking unspecified damages; these actions have been consolidated in the Court of Chancery. The Litigation Demand Action was not included in the consolidation. On April 14, 2025, a purported stockholder filed a derivative lawsuit in the U.S. District Court for the Northern District of Illinois against certain current and former officers and directors of the Company, seeking unspecified damages; that action has been transferred to and consolidated with the District of Delaware Consolidated Action. On July 3, 2025, a purported stockholder filed a lawsuit to compel inspection of ADM’s books and records. The Company is unable to predict the final outcome of these proceedings with any reasonable degree of certainty, nor does it currently have sufficient information to estimate a reasonably possible loss or range of loss with respect to this matter.

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ARCHER-DANIELS-MIDLAND COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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