Item 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ARCHER-DANIELS-MIDLAND COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

(UNAUDITED)

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
			(In millions, except per share amounts)
Revenues			$	22,681					$	21,166					$	43,171					$	41,341
Cost of products sold			20,746						19,796						40,014						38,791
Gross Profit			1,935						1,370						3,157						2,550
Selling, general, and administrative expenses			1,026						911						1,987						1,843
Asset impairment, exit, and restructuring costs			13						137						25						175
Equity in (earnings) of unconsolidated affiliates			(142)						(134)						(231)						(278)
Interest and investment (income) expense			(116)						70						(241)						(68)
Interest expense			148						159						297						317
Other (income) – net			(82)						(52)						(152)						(71)
Earnings Before Income Taxes			1,088						279						1,472						632
Income tax expense			176						62						257						123
Net Earnings Including Non-controlling Interests			912						217						1,215						509
Net earnings (loss) attributable to non-controlling interests			4						(2)						9						(5)
Net Earnings Attributable to Archer-Daniels-Midland Company			$	908					$	219					$	1,206					$	514
Weighted average number of shares outstanding – basic			485						484						485						483
Weighted average number of shares outstanding – diluted			485						484						485						484
Basic earnings per common share			$	1.87					$	0.45					$	2.49					$	1.06
Diluted earnings per common share			$	1.87					$	0.45					$	2.49					$	1.06
Dividends per common share			$	0.52					$	0.51					$	1.04					$	1.02

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 June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
			(In millions)
Net Earnings Including Non-controlling Interests			$	912					$	217					$	1,215					$	509
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment			79						282						151						149
Tax effect			(6)						75						(20)						113
Net of tax amount			73						357						131						262
Deferred (loss) on hedging activities			(25)						(59)						(77)						(64)
Tax effect			(5)						13						12						12
Net of tax amount			(30)						(46)						(65)						(52)
Pension and other postretirement benefit liabilities adjustment			(2)						8						(4)						(14)
Tax effect			—						(2)						1						4
Net of tax amount			(2)						6						(3)						(10)
Unrealized gain (loss) on investments			3						(1)						(1)						(4)
Tax effect			1						—						1						—
Net of tax amount			4						(1)						—						(4)
Total other comprehensive income, net of tax			45						316						63						196
Total comprehensive income			957						533						1,278						705
Less: Comprehensive income (loss) attributable to non-controlling interests			5						(2)						8						(5)
Comprehensive income attributable to Archer-Daniels-Midland Company			$	952					$	535					$	1,270					$	710

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

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ARCHER-DANIELS-MIDLAND COMPANY

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

			June 30, 2026						December 31, 2025
			(In millions)
Assets
Current Assets
Cash and cash equivalents			$	1,060					$	1,015
Short-term marketable securities			33						32
Segregated cash and investments			8,516						8,432
Trade receivables, net			3,348						3,021
Inventories			10,586						10,369
Other current assets			4,256						3,796
Total Current Assets			27,799						26,665
Non-Current Assets
Investments in affiliates			5,901						5,560
Goodwill			4,653						4,769
Intangible assets			1,845						1,976
Right of use assets			1,303						1,322
Other non-current assets			1,047						918
Property, plant, and equipment, net			10,979						11,179
Total Non-Current Assets			25,728						25,724
Total Assets			$	53,527					$	52,389
Liabilities, Temporary Equity, and Shareholders’ Equity
Current Liabilities
Short-term debt			$	407					$	798
Current maturities of long-term debt			1,153						1,006
Trade payables			4,990						5,195
Payables to brokerage customers			9,175						8,919
Accrued expenses and other payables			3,982						3,313
Current lease liabilities			305						303
Total Current Liabilities			20,012						19,534
Long-Term Liabilities
Long-term debt			6,451						6,606
Deferred income taxes			1,104						1,135
Non-current lease liabilities			1,026						1,045
Other			1,062						1,042
Total Long-Term Liabilities			9,643						9,828
Commitments and contingencies (See Note 16)
Temporary Equity - Redeemable non-controlling interest			292						287
Shareholders’ Equity
Common stock			3,369						3,281
Reinvested earnings			22,671						21,983
Accumulated other comprehensive income (loss)			(2,467)						(2,531)
Non-controlling interests			7						7
Total Shareholders’ Equity			23,580						22,740
Total Liabilities, Temporary Equity, and Shareholders’ Equity			$	53,527					$	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)

			Six Months Ended June 30,
			2026						2025
			(In millions)
Cash flows from operating activities
Net earnings including non-controlling interests			$	1,215					$	509
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization			586						578
Asset impairment charges			5						105
Deferred income taxes			(112)						(59)
Equity in earnings of unconsolidated affiliates, net of dividends			(8)						(18)
Stock compensation expense			138						72
(Gain) loss on asset contributions, sales and investment revaluation, net			(85)						150
Other – net			20						(104)
Changes in operating assets and liabilities, net of acquisitions and dispositions
Segregated investments			(177)						1,261
Trade receivables			(379)						197
Inventories			(298)						2,152
Other current assets			(549)						(41)
Trade payables			(185)						(1,157)
Payables to brokerage customers			276						708
Accrued expenses and other payables			852						(397)
Net cash provided by operating activities			1,299						3,956
Cash flows from investing activities
Capital expenditures			(466)						(596)
Net assets of businesses acquired			—						(95)
Proceeds from sales of assets, businesses and investments			56						41
Purchases of marketable securities			—						(11)
Proceeds from sales of marketable securities			6						267
Other – net			31						3
Net cash used in investing activities			(373)						(391)
Cash flows from financing activities
Long-term debt payments			(5)						—
Net repayments under lines of credit agreements			(389)						(1,057)
Cash dividends			(510)						(495)
Acquisition of non-controlling interest			—						(4)
Other – net			(51)						(23)
Net cash used in financing activities			(955)						(1,579)
Effect of exchange rate on cash, cash equivalents, restricted cash, and restricted cash equivalents			(19)						34
(Decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents			(48)						2,020
Cash, cash equivalents, restricted cash, and restricted cash equivalents - beginning of period			5,505						3,924
Cash, cash equivalents, restricted cash, and restricted cash equivalents - end of period			$	5,457					$	5,944

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 Stock												Reinvested Earnings						Accumulated Other Comprehensive Income (Loss)						Non-controlling Interests						Total Shareholders’ Equity
(In millions, except per share amounts)			Shares						Amount
Balance, March 31, 2026			482						$	3,296					$	22,019					$	(2,511)					$	7					$	22,811
Comprehensive income
Net earnings															908												1						909
Other comprehensive income																					44						—						44
Cash dividends paid - $0.52 per share															(256)																		(256)
Share repurchases			—												—																		—
Stock compensation expense			—						74																								74
Stock option exercises, net of taxes			—						(1)																		—						(1)
Other			—						—						—												(1)						(1)
Balance, June 30, 2026			482						$	3,369					$	22,671					$	(2,467)					$	7					$	23,580
Balance, December 31, 2025			480						$	3,281					$	21,983					$	(2,531)					$	7					$	22,740
Comprehensive income
Net earnings															1,206												1						1,207
Other comprehensive income																					64						—						64
Cash dividends paid - $1.04 per share															(510)																		(510)
Stock compensation expense			2						138																								138
Stock option exercises, net of taxes			—						(53)																		—						(53)
Other			—						3						(8)												(1)						(6)
Balance, June 30, 2026			482						$	3,369					$	22,671					$	(2,467)					$	7					$	23,580
Balance, March 31, 2025			480						$	3,246					$	21,981					$	(3,108)					$	8					$	22,127
Comprehensive income
Net earnings															219												(1)						218
Other comprehensive income																					316						—						316
Cash dividends paid - $0.51 per share															(248)																		(248)
Share repurchases			—						—						—																		—
Stock compensation expense			—						22																								22
Stock option exercises, net of taxes			—						2																		—						2
Other			—						—						—						—						1						1
Balance, June 30, 2025			480						$	3,270					$	21,952					$	(2,792)					$	8					$	22,438
Balance, December 31, 2024			478						$	3,223					$	21,933					$	(2,988)					$	10					$	22,178
Comprehensive income
Net earnings															514												(2)						512
Other comprehensive income																					196						—						196
Cash dividends paid - $1.02 per share															(495)																		(495)
Stock compensation expense			2						72																								72
Stock option exercises, net of taxes			—						(28)																								(28)
Other			—						3						—						—						—						3
Balance, June 30, 2025			480						$	3,270					$	21,952					$	(2,792)					$	8					$	22,438

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, Principles of Consolidation, and Summary of Significant Accounting Policies

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 clearinghouse requirements, and insurance arrangements.

Within ADM Investor Services, the Company’s registered futures commission merchant and provider of commodity brokerage services, deposits received from customers, cash margins and securities pledged to commodity exchange clearinghouses or other brokers, and cash pledged as security under certain insurance arrangements are classified as segregated balances. To the extent these segregated balances are comprised of cash and cash equivalents, they are considered restricted cash and restricted cash equivalents on the Consolidated Statements of Cash Flows. 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.

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 June 30, 2026 and 2025 (in millions).

			June 30,
			2026						2025
Cash and cash equivalents			$	1,060					$	1,057
Restricted cash and restricted cash equivalents (included in segregated cash and investments)			4,397						4,887
Total cash, cash equivalents, restricted cash, and restricted cash equivalents			$	5,457					$	5,944

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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 June 30,
			2026						2025
Opening balance, April 1			$	162					$	158
Provisions (reversals), net			8						5
Write-offs against allowance			(14)						(13)
Recoveries and other			—						3
Closing balance, June 30			$	156					$	153
			Six Months Ended June 30,
			2026						2025
Opening balance, January 1			$	160					$	167
Provisions (reversals), net			16						7
Write-offs against allowance			(20)						(26)
Recoveries and other			—						5
Closing balance, June 30			$	156					$	153

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 June 30, 2026 and December 31, 2025 (in millions).

			June 30, 2026						December 31, 2025
Raw materials and supplies (1)			$	1,594					$	1,740
Finished goods			2,408						2,407
Market inventories			6,584						6,222
Total inventories			$	10,586					$	10,369

(1) Includes work in process inventories which were not material.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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 $163 million and $143 million as of June 30, 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 June 30, 2026, the annual upward and downward adjustments were $12 million and $1 million, respectively. As of June 30, 2026, the cumulative amounts of upward and downward adjustments on cost method investments were $126 million and $449 million, respectively.

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 June 30, 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 June 30, 2026, and a market value of $3.9 billion based on the Level 1 quoted Singapore Exchange market price, converted to U.S. dollars at the applicable exchange rate, at June 30, 2026.

In accordance with its accounting policy, as of June 30, 2026, the Company evaluated several factors in its determination of whether an other-than-temporary impairment of its investment in Wilmar had occurred as of that date. This included consideration of the severity and duration of the carrying value being above Wilmar's stock price, the recent performance of Wilmar’s stock price as quoted on the Singapore Exchange, including stock price performance subsequent to the balance sheet date, Wilmar's financial condition and near-term performance prospects, and latest consensus analyst forecasts. The Company considers its investment in Wilmar a significant and strategic relationship and has the intent and ability to retain its investment in Wilmar for a period of time sufficient to allow for any anticipated recovery in market value. Based on the evaluation of the factors above, the Company does not consider the investment to be other-than temporarily impaired at June 30, 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 June 30, 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%).

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Property, Plant, and Equipment

The Company’s property, plant, and equipment consisted of the following as of June 30, 2026 and December 31, 2025 (in millions).

			June 30, 2026						December 31, 2025
Land			$	604					$	607
Buildings			6,384						6,440
Machinery and equipment			22,066						22,042
Construction in progress			1,043						1,110
			30,097						30,199
Accumulated depreciation			(19,118)						(19,020)
Property, Plant, and Equipment, Net			$	10,979					$	11,179

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 (loss) attributable to non-controlling interests in the Consolidated Statements of Earnings.

Changes to the Company's redeemable non-controlling interests for the three and six months ended June 30, 2026 and 2025 were as follows (in millions):

			Three Months Ended June 30,
			2026						2025
Opening balance, April 1			$	292					$	255
Net income (loss) attributable to redeemable non-controlling interests			3						(1)
Currency translation adjustments and other			(3)						(5)
Closing balance, June 30			$	292					$	249
			Six Months Ended June 30,
			2026						2025
Opening balance, January 1			$	287					$	253
Net income (loss) attributable to redeemable non-controlling interests			8						(3)
Currency translation adjustments and other			(3)						(1)
Closing balance, June 30			$	292					$	249

Clean Fuel Production Credits

The Inflation Reduction Act of 2022 introduced the Clean Fuel Production Credit (“Section 45Z”) for qualifying fuel produced and sold between January 1, 2025 and December 31, 2029.

The Company elected to account for Section 45Z credits as government grants in the period qualifying fuel is produced and sold, and when it becomes probable that the Company will meet the eligibility requirements to earn and receive the credit. Section 45Z credits are initially measured at estimated fair value reflecting the credit value upon monetization. Subsequently, changes in assumptions impacting the credit value are accounted for prospectively as changes in accounting estimates. Unmonetized Section 45Z credits are recorded within Other current assets on the Consolidated Balance Sheets, while the recognized benefit and related transaction costs are recorded within Cost of products sold in the Consolidated Statements of Earnings.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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.

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.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Effective January 1, 2028, the Company will be required to adopt ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818), which amends the existing framework for identifying and disclosing qualitative information about how it obtained and intends to use its environmental credits, accounting policies used, and significant estimates and judgments used in applying the guidance. The amendments in this ASU also require separate presentation of environmental credit assets from environmental credit obligations on the balance sheet. The amendments in this ASU are required to be applied retrospectively. 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.

Note 3. Revenues

The following tables present revenue disaggregated by category and reportable segments and subsegments for the three and six months ended June 30, 2026 and 2025 (in millions).

									Three Months Ended June 30, 2026												Three Months Ended June 30, 2025
									Topic 606			Topic 815			Total						Topic 606			Topic 815			Total
									Revenue			Revenue			Revenues						Revenue			Revenue			Revenues
Ag Services and Oilseeds
Ag Services									$	1,113		$	10,423		$	11,536					$	1,024		$	9,872		$	10,896
Crushing									132			2,950			3,082						86			2,543			2,629
Refined Products and Other									953			2,345			3,298						895			1,849			2,744
Total Ag Services and Oilseeds									2,198			15,718			17,916						2,005			14,264			16,269
Carbohydrate Solutions
Starches and Sweeteners									1,503			577			2,080						1,539			561			2,100
Vantage Corn Processors									677			—			677						692			—			692
Total Carbohydrate Solutions									2,180			577			2,757						2,231			561			2,792
Nutrition
Human Nutrition									1,118			—			1,118						1,161			—			1,161
Animal Nutrition									784			—			784						832			—			832
Total Nutrition									1,902			—			1,902						1,993			—			1,993
Total Segment Revenues									6,280			16,295			22,575						6,229			14,825			21,054
Other Business									106			—			106						112			—			112
Total Revenues									$	6,386		$	16,295		$	22,681					$	6,341		$	14,825		$	21,166

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

									Six Months Ended June 30, 2026												Six Months Ended June 30, 2025
									Topic 606			Topic 815			Total						Topic 606			Topic 815			Total
									Revenue			Revenue			Revenues						Revenue			Revenue			Revenues
Ag Services and Oilseeds
Ag Services									$	2,275		$	19,864		$	22,139					$	2,272		$	19,160		$	21,432
Crushing									269			5,508			5,777						185			5,082			5,267
Refined Products and Other									1,827			4,174			6,001						1,747			3,498			5,245
Total Ag Services and Oilseeds									4,371			29,546			33,917						4,204			27,740			31,944
Carbohydrate Solutions
Starches and Sweeteners									2,912			1,098			4,010						2,923			1,114			4,037
Vantage Corn Processors									1,306			—			1,306						1,325			—			1,325
Total Carbohydrate Solutions									4,218			1,098			5,316						4,248			1,114			5,362
Nutrition
Human Nutrition									2,142			—			2,142						2,159			—			2,159
Animal Nutrition									1,565			—			1,565						1,651			—			1,651
Total Nutrition									3,707			—			3,707						3,810			—			3,810
Total Segment Revenues									12,296			30,644			42,940						12,262			28,854			41,116
Other Business									231			—			231						225			—			225
Total Revenues									$	12,527		$	30,644		$	43,171					$	12,487		$	28,854		$	41,341

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. Physically settled derivative sales contracts primarily relate to forward commodity sales that meet the definition of a derivative under Topic 815.

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 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.

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, consistent with the recognition principles under Topic 606. 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 generates revenue from the sale of 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, consistent with the recognition principles under Topic 606. 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.

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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.

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.

Table of Contents

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 June 30, 2026 and December 31, 2025 (in millions).

			Fair Value Measurements at June 30, 2026
			Level 1						Level 2						Level 3						Total
Assets:
Inventories carried at market			$	—					$	3,222					$	3,362					$	6,584
Unrealized derivative gains:
Commodity contracts			—						343						598						941
Foreign currency contracts			—						266						—						266
Interest rate contracts			—						6						—						6
Cash equivalents			192						—						—						192
Marketable securities			33						—						—						33
Segregated investments and restricted cash equivalents			2,592						—						—						2,592
Total Assets			$	2,817					$	3,837					$	3,960					$	10,614
Liabilities:
Unrealized derivative losses:
Commodity contracts			$	—					$	501					$	488					$	989
Foreign currency contracts			—						145						—						145
Inventory-related payables			—						867						40						907
Total Liabilities			$	—					$	1,513					$	528					$	2,041

			Fair Value Measurements at December 31, 2025
			Level 1						Level 2						Level 3						Total
Assets:
Inventories carried at market			$	—					$	3,549					$	2,673					$	6,222
Unrealized derivative gains:
Commodity contracts			—						310						512						822
Foreign currency contracts			—						108						—						108
Interest rate contracts			—						17						—						17
Cash equivalents			280						—						—						280
Marketable securities			32						—						—						32
Segregated investments and restricted cash equivalents			1,771						—						—						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			—						714						16						730
Total Liabilities			$	—					$	1,158					$	329					$	1,487

Table of Contents

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, 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 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.

Table of Contents

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 June 30, 2026 (in millions).

			Assets																		Liabilities
			June 30, 2026																		June 30, 2026
			Inventories Carried at Market						Commodity Derivative Contracts Gains						Total Assets						Inventory-related Payables						Commodity Derivative Contracts Losses						Total Liabilities
Opening balance, April 1, 2026			$	3,242					$	540					$	3,782					$	30					$	634					$	664
Increase (decrease) in unrealized gains included in Cost of products sold			(1,162)						322						(840)						—						—						—
Increase in unrealized losses included in Cost of products sold			—						—						—						2						305						307
Realized (decreases) included in Cost of products sold			(1,015)						—						(1,015)						(1)						—						(1)
Purchases			5,266						—						5,266						14						—						14
Sales			(3,032)						—						(3,032)						(5)						—						(5)
Settlements			—						(277)						(277)						—						(401)						(401)
Transfers into Level 3			554						16						570						—						17						17
Transfers out of Level 3			(491)						(3)						(494)						—						(67)						(67)
Closing balance, June 30, 2026			$	3,362					$	598					$	3,960					$	40					$	488					$	528

Table of Contents

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 June 30, 2025 (in millions).

			Assets																		Liabilities
			June 30, 2025																		June 30, 2025
			Inventories Carried at Market						Commodity Derivative Contracts Gains						Total Assets						Inventory-related Payables						Commodity Derivative Contracts Losses						Total Liabilities
Opening balance, April 1, 2025			$	3,103					$	508					$	3,611					$	52					$	352					$	404
Increase (decrease) in unrealized gains included in Cost of products sold			(1,030)						353						(677)						—						—						—
Increase in unrealized losses included in Cost of products sold			—						—						—						5						261						266
Realized (decreases) included in Cost of products sold			(46)						—						(46)						(1)						—						(1)
Purchases			4,620						—						4,620						4						—						4
Sales			(3,868)						—						(3,868)						(19)						—						(19)
Settlements			—						(221)						(221)						—						(237)						(237)
Transfers into Level 3			548						36						584						—						19						19
Transfers out of Level 3			(620)						(80)						(700)						—						(10)						(10)
Closing balance, June 30, 2025			$	2,707					$	596					$	3,303					$	41					$	385					$	426

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 six months ended June 30, 2026 (in millions).

			Assets																		Liabilities
			June 30, 2026																		June 30, 2026
			Inventories Carried at Market						Commodity Derivative Contracts Gains						Total Assets						Inventory-related Payables						Commodity Derivative Contracts Losses						Total Liabilities
Opening balance, January 1, 2026			$	2,673					$	512					$	3,185					$	16					$	313					$	329
Increase (decrease) in unrealized gains included in Cost of products sold			(787)						612						(175)						—						—						—
Increase in unrealized losses included in Cost of products sold			—						—						—						3						859						862
Realized (decreases) included in Cost of products sold			(1,260)						—						(1,260)						(4)						—						(4)
Purchases			9,816						—						9,816						29						—						29
Sales			(7,454)						—						(7,454)						(6)						—						(6)
Settlements			—						(526)						(526)						—						(623)						(623)
Transfers into Level 3			1,049						26						1,075						2						45						47
Transfers out of Level 3			(675)						(26)						(701)						—						(106)						(106)
Closing balance, June 30, 2026			$	3,362					$	598					$	3,960					$	40					$	488					$	528

Table of Contents

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 six months ended June 30, 2025 (in millions).

			Assets																		Liabilities
			June 30, 2025																		June 30, 2025
			Inventories Carried at Market						Commodity Derivative Contracts Gains						Total Assets						Inventory-related Payables						Commodity Derivative Contracts Losses						Total Liabilities
Opening balance, January 1, 2025			$	3,031					$	427					$	3,458					$	88					$	405					$	493
Increase (decrease) in unrealized gains included in Cost of products sold			(933)						566						(367)						—						—						—
Increase in unrealized losses included in Cost of products sold			—						—						—						4						455						459
Realized increases (decreases) included in Cost of products sold			10						—						10						(3)						—						(3)
Purchases			8,705						—						8,705						7						—						7
Sales			(8,446)						—						(8,446)						(55)						—						(55)
Settlements			—						(449)						(449)						—						(513)						(513)
Transfers into Level 3			1,119						149						1,268						—						54						54
Transfers out of Level 3			(779)						(97)						(876)						—						(16)						(16)
Closing balance, June 30, 2025			$	2,707					$	596					$	3,303					$	41					$	385					$	426

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.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following table sets forth the weighted average percentage of the unobservable price components included in the Company’s Level 3 valuations as of June 30, 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
			June 30, 2026												December 31, 2025
Component Type			Assets						Liabilities						Assets						Liabilities
Inventories and Inventory-Related Payables
Basis			21.9		%				15.3		%				21.1		%				9.0		%
Transportation cost			16.3		%				—		%				22.4		%				—		%
Commodity Derivative Contracts
Basis			19.9		%				25.9		%				23.3		%				23.6		%
Transportation cost			20.8		%				22.1		%				25.7		%				—		%

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 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.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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 June 30, 2026 and December 31, 2025 (in millions).

			June 30, 2026												December 31, 2025
			Assets						Liabilities						Assets						Liabilities
Foreign Currency Contracts			$	216					$	143					$	108					$	54
Commodity Contracts			941						989						822						613
Total			$	1,157					$	1,132					$	930					$	667

Table of Contents

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 and six months ended June 30, 2026 and 2025 (in millions).

									Cost of						Other
									products						(income) -
			Revenues						sold						net												Total
Three Months Ended June 30, 2026
Pre-tax gains (losses) on:
Foreign Currency Contracts			$	(13)					$	61					$	34
Commodity Contracts			—						574						—
Total gains (loss) recognized in earnings			$	(13)					$	635					$	34											$	656
Three Months Ended June 30, 2025
Pre-tax gains (losses) on:
Foreign Currency Contracts			$	(22)					$	81					$	(90)
Commodity Contracts			—						327						—
Total gains (loss) recognized in earnings			$	(22)					$	408					$	(90)											$	296

									Cost of						Other
									products						(income) -
			Revenues						sold						net												Total
Six Months Ended June 30, 2026
Pre-tax gains (losses) on:
Foreign Currency Contracts			$	(37)					$	225					$	51
Commodity Contracts			—						(300)						—
Total gains (loss) recognized in earnings			$	(37)					$	(75)					$	51											$	(61)
Six Months Ended June 30, 2025
Pre-tax gains (losses) on:
Foreign Currency Contracts			$	(46)					$	231					$	(158)
Commodity Contracts			—						440						—
Total gains (loss) recognized in earnings			$	(46)					$	671					$	(158)											$	467

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 June 30, 2026 and December 31, 2025.

Table of Contents

ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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 11% and 32% of its monthly grind. At June 30, 2026, the Company had designated hedges representing between 0% and 26% of its anticipated monthly grind of corn for the next 12 months.

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 June 30, 2026, the Company had designated hedges representing between 0% and 99% 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 74% of the anticipated monthly natural gas consumption at the designated facilities. At June 30, 2026, the Company had designated hedges representing between 16% and 58% of the anticipated monthly natural gas consumption over the next 12 months.

As of June 30, 2026 and December 31, 2025, the Company had after-tax (losses) gains of $(22) million and $13 million, respectively, in AOCI related to gains and losses from these programs. The Company expects to recognize $22 million of the June 30, 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 June 30, 2026 and December 31, 2025, the Company had pre-tax gains of $6 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.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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 $435 million and $447 million as of June 30, 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 June 30, 2026 and December 31, 2025, respectively. As of June 30, 2026 and December 31, 2025, the Company had net investment hedge related after-tax foreign exchange (losses) of $(110) 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 June 30, 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.

Fair Value of Derivatives Designated as Hedging Instruments

The following table sets forth the fair value of derivatives designated as hedging instruments as of June 30, 2026 and December 31, 2025 (in millions).

			June 30, 2026												December 31, 2025
			Assets						Liabilities						Assets						Liabilities
Foreign Currency Contracts			$	50					$	2					$	—					$	90
Interest Rate Contracts			6						—						17						—
Total			$	56					$	2					$	17					$	90

The following table sets forth the pre-tax gain (loss) on derivatives designated as hedging instruments that have been recognized in Cost of products sold in the Consolidated Statements of Earnings for the three and six months ended June 30, 2026 and 2025 (in millions).

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2026						2025						2026						2025
Pre-tax gain (loss) on:
Commodity Contracts			$	(111)					$	(11)					$	(107)					$	6

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 6. Other Current Assets

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

			June 30,						December 31,
			2026						2025
Unrealized gains on derivative contracts			$	1,213					$	947
Customer omnibus receivable			763						573
Margin deposits and grain accounts			609						575
Financing receivables - net			158						256
Insurance premiums receivable			33						106
Prepaid expenses			340						321
Tax receivables			479						583
Non-trade receivables			313						268
Other current assets			348						167
			$	4,256					$	3,796

Note 7. Accrued Expenses and Other Payables

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

			June 30,						December 31,
			2026						2025
Unrealized losses on derivative contracts			$	1,134					$	757
Accrued compensation			409						419
Income tax payable			224						83
Other taxes payable			189						181
Insurance liabilities			92						165
Accrued interest payable			152						158
Other deferred income			135						191
Contract liabilities (1)			180						333
Other accruals and payables			1,467						1,026
			$	3,982					$	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 and six months ended June 30, 2026 from contract liabilities as of December 31, 2025 were $87 million and $309 million, respectively. Revenues recognized in the three and six months ended June 30, 2025 from contract liabilities as of December 31, 2024 were $201 million and $480 million, respectively.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 8. Debt and Financing Arrangements

At June 30, 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 June 30, 2026 and December 31, 2025, respectively.

At June 30, 2026 and December 31, 2025, the Company had lines of credit, including accounts receivable securitization programs, totaling $12.6 billion and $12.3 billion, respectively, of which $10.0 billion and $9.4 billion, respectively, was unused. See Note 14. Sale of Accounts Receivable for further information on the account receivable securitization programs.

The weighted average interest rates on short-term borrowings outstanding at June 30, 2026 and December 31, 2025, were 4.4% and 4.0%, respectively. Of the Company’s total lines of credit, $5.1 billion supported the combined U.S. and European commercial paper borrowing programs. As of June 30, 2026 and December 31, 2025, there was $30 million and $715 million of commercial paper outstanding, respectively.

Note 9. Income Taxes

The Company’s effective tax rate was 16.2% and 17.5% for the three and six months ended June 30, 2026, respectively, compared to 22.2% and 19.5% for the three and six months ended June 30, 2025, respectively. The decrease in the effective tax rates is primarily driven by non-taxable benefits associated with Section 45Z, recognized during the three and six months ended June 30, 2026, as well as the tax effects of certain impairment charges recognized during the corresponding periods of 2025.

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.

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 June 30, 2026 and December 31, 2025, the Company had approximately 234.1 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 June 30, 2026, the Company had 115 million shares remaining under its share repurchase program until December 31, 2029.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Accumulated Other Comprehensive Income

The following tables set forth the changes in AOCI by component for the three and six months ended June 30, 2026 and 2025 (in millions).

			Three Months Ended June 30, 2026
			Foreign Currency Translation Adjustment						Deferred Gain (Loss) on Cash Flow Hedging Activities						Pension and Other Postretirement Benefit Liabilities						Unrealized (Loss) on Investments						Accumulated Other Comprehensive Income (Loss)
Balance at April 1, 2026			$	(2,489)					$	84					$	(83)					$	(23)					$	(2,511)
Other comprehensive income (loss) before reclassifications			56						(136)						—						3						(77)
Gain on net investment hedges			22						—						—						—						22
Amounts reclassified from AOCI			—						111						(2)						—						109
Tax effect			(6)						(5)						—						1						(10)
Net of tax amount			72						(30)						(2)						4						44
Balance at June 30, 2026			$	(2,417)					$	54					$	(85)					$	(19)					$	(2,467)
			Six Months Ended June 30, 2026
			Foreign Currency Translation Adjustment						Deferred Gain (Loss) on Cash Flow Hedging Activities						Pension and Other Postretirement Benefit Liabilities						Unrealized Gain (Loss) on Investments						Accumulated Other Comprehensive Income (Loss)
Balance at January 1, 2026			$	(2,549)					$	119					$	(82)					$	(19)					$	(2,531)
Other comprehensive income (loss) before reclassifications			69						(184)						—						(1)						(116)
Gain on net investment hedges			83						—						—						—						83
Amounts reclassified from AOCI			—						107						(4)						—						103
Tax effect			(20)						12						1						1						(6)
Net of tax amount			132						(65)						(3)						—						64
Balance at June 30, 2026			$	(2,417)					$	54					$	(85)					$	(19)					$	(2,467)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

			Three Months Ended June 30, 2025
			Foreign Currency Translation Adjustment						Deferred Gain (Loss) on Cash Flow Hedging Activities						Pension and Other Postretirement Benefit Liabilities						Unrealized (Loss) on Investments						Accumulated Other Comprehensive Income (Loss)
Balance at April 1, 2025			$	(3,094)					$	120					$	(116)					$	(18)					$	(3,108)
Other comprehensive income (loss) before reclassifications			599						(70)						12						(1)						540
(Loss) on net investment hedges			(317)						—						—						—						(317)
Amounts reclassified from AOCI			—						11						(4)						—						7
Tax effect			75						13						(2)						—						86
Net of tax amount			357						(46)						6						(1)						316
Balance at June 30, 2025			$	(2,737)					$	74					$	(110)					$	(19)					$	(2,792)
			Six Months Ended June 30, 2025
			Foreign Currency Translation Adjustment						Deferred Gain (Loss) on Cash Flow Hedging Activities						Pension and Other Postretirement Benefit Liabilities						Unrealized Gain (Loss) on Investments						Accumulated Other Comprehensive Income (Loss)
Balance at January 1, 2025			$	(2,999)					$	126					$	(100)					$	(15)					$	(2,988)
Other comprehensive income (loss) before reclassifications			624						(58)						(8)						(4)						554
Gain (loss) on net investment hedges			(475)						—						—						—						(475)
Amounts reclassified from AOCI			—						(6)						(6)						—						(12)
Tax effect			113						12						4						—						129
Net of tax amount			262						(52)						(10)						(4)						196
Balance at June 30, 2025			$	(2,737)					$	74					$	(110)					$	(19)					$	(2,792)

The following table sets forth the reclassifications out of AOCI related to deferred (gains) losses on cash flow hedging activities for the three and six months ended June 30, 2026 and 2025 (in millions).

Affected line item in the Consolidated Statements of Earnings			Three Months Ended												Six Months Ended
June 30,												June 30,
2026						2025						2026						2025
Cost of products sold			$	111					$	11					$	107					$	(6)
Earnings before income tax			111						11						107						(6)
Income tax expense			(27)						(3)						(26)						1
Net earnings			$	84					$	8					$	81					$	(5)

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.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 11. Other (Income) – Net

The following table sets forth the items in Other (income) - net for the three and six months ended June 30, 2026 and 2025 (in millions).

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2026						2025						2026						2025
Gains on sale of assets			$	(27)					$	(19)					$	(69)					$	(27)
Other – net			(55)						(33)						(83)						(44)
			$	(82)					$	(52)					$	(152)					$	(71)

Note 12. Segment Information

The Company’s operations are organized, managed, and classified into three reportable segments: Ag Services and Oilseeds, 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.

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.

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ARCHER-DANIELS-MIDLAND COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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 in transportation fuel and industrial applications, and the associated production process also generates corn oil, distillers’ grains and other co-products for food, feed, and industrial markets. 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, which provides captive insurance services to the Company's reportable segments. 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 and Six Months Ended June 30, 2026 and 2025

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

						Three Months Ended June 30, 2026
						Ag Services and Oilseeds						Carbohydrate Solutions						Nutrition						Total
Revenue from external customers						$	17,916					$	2,757					$	1,902					$	22,575
Other Business																								106
Total consolidated revenue																								$	22,681
Less:
Cost of materials						16,031						1,591						1,115
Manufacturing costs						940						691						326
Selling, general, and administrative expenses						229						96						300
Other segment items (1)						(151)						(32)						(11)
Segment operating profit						$	867					$	411					$	172					$	1,450
Reconciliation of segment operating profit
Other Business																								80
Corporate																								(460)
Specified items:
Gains on sales of assets and businesses																								21
Impairment, exit, restructuring charges, and settlement contingencies																								(3)
Earnings Before Income Taxes																								$	1,088

(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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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

						Six Months Ended June 30, 2026
						Ag Services and Oilseeds						Carbohydrate Solutions						Nutrition						Total
Revenue from external customers						$	33,917					$	5,316					$	3,707					$	42,940
Other Business																								231
Total consolidated revenue																								$	43,171
Less:
Cost of materials						30,793						3,052						2,169
Manufacturing costs						1,834						1,383						655
Selling, general, and administrative expenses						439						186						592
Other segment items (1)						(289)						(72)						(16)
Segment operating profit						$	1,140					$	767					$	307					$	2,214
Reconciliation of segment operating profit
Other Business																								133
Corporate																								(883)
Specified items:
Gains on sales of assets and businesses																								83
Impairment, exit, restructuring charges, and settlement contingencies																								(20)
ADM's share of equity method investment non-recurring (charges)																								(55)
Earnings Before Income Taxes																								$	1,472

(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 June 30, 2025
						Ag Services and Oilseeds						Carbohydrate Solutions						Nutrition						Total
Revenue from external customers						$	16,269					$	2,792					$	1,993					$	21,054
Other Business																								112
Total consolidated revenue																								$	21,166
Less:
Cost of materials						14,940						1,745						1,214
Manufacturing costs						867						647						326
Selling, general, and administrative expenses						223						83						284
Other segment items (1)						(140)						(20)						55
Segment operating profit						$	379					$	337					$	114					$	830
Reconciliation of segment operating profit
Other Business																								94
Corporate																								(498)
Specified items:
Gains on sales of assets and businesses																								8
Impairment, exit, restructuring charges, and settlement contingencies																								(224)
Gain on contract termination																								69
Earnings Before Income Taxes																								$	279

(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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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

						Six Months Ended June 30, 2025
						Ag Services and Oilseeds						Carbohydrate Solutions						Nutrition						Total
Revenue from external customers						$	31,944					$	5,362					$	3,810					$	41,116
Other Business																								225
Total consolidated revenue																								$	41,341
Less:
Cost of materials						29,280						3,347						2,354
Manufacturing costs						1,747						1,325						645
Selling, general, and administrative expenses						415						165						562
Other segment items (1)						(289)						(51)						39
Segment operating profit						$	791					$	576					$	210					$	1,577
Reconciliation of segment operating profit
Other Business																								190
Corporate																								(939)
Specified items:
Gains on sales of assets and businesses																								8
Impairment, exit, restructuring charges, and settlement contingencies																								(273)
Gain on contract termination																								69
Earnings Before Income Taxes																								$	632

(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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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(In millions)			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Intersegment sales
Ag Services and Oilseeds			$	488					$	506					$	910					$	927
Carbohydrate Solutions			194						207						392						406
Nutrition			13						14						28						33
Total intersegment sales			$	695					$	727					$	1,330					$	1,366
Depreciation expense
Ag Services and Oilseeds			$	103					$	104					$	204					$	203
Carbohydrate Solutions			76						75						155						150
Nutrition			41						38						83						75
Total segment depreciation expense			220						217						442						428
Other Business			3						2						6						5
Corporate			10						9						19						19
Total depreciation expense			$	233					$	228					$	467					$	452
Amortization expense
Ag Services and Oilseeds			$	3					$	3					$	6					$	6
Carbohydrate Solutions			1						1						2						2
Nutrition			38						39						77						78
Total segment amortization expense			42						43						85						86
Corporate			18						20						34						40
Total amortization expense			$	60					$	63					$	119					$	126
Interest and investment (income) expense
Ag Services and Oilseeds			$	10					$	9					$	34					$	31
Carbohydrate Solutions			—						—						1						—
Nutrition			—						(88)						—						(88)
Total segment interest and investment (income) expense			10						(79)						35						(57)
Other Business			99						100						193						197
Corporate			7						(91)						13						(72)
Total interest and investment (income) expense			$	116					$	(70)					$	241					$	68
Equity in earnings of unconsolidated affiliates
Ag Services and Oilseeds			$	102					$	109					$	151					$	219
Carbohydrate Solutions			31						21						65						50
Nutrition			8						5						13						12
Total segment equity in earnings of unconsolidated affiliates			141						135						229						281
Corporate			1						(1)						2						(3)
Total equity in earnings of unconsolidated affiliates			$	142					$	134					$	231					$	278

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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 June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Restructuring and exit costs (1)			$	10					$	126					$	22					$	164
Impairment charge - other long-lived assets			3						11						3						11
Total asset impairment, exit, and restructuring costs			$	13					$	137					$	25					$	175

(1)On February 4, 2025, the Company announced targeted actions expected to deliver in excess of $500 million of aggregate cost savings in 3 to 5 years, which commenced in 2025. 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, which primarily include severance charges and impairment of long-lived assets and intangible assets.

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 14, 2027, 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 November 18, 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 June 30, 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 $24.2 billion and $22.7 billion for the six months ended June 30, 2026 and 2025, respectively. Cash collections from customers on receivables sold were $23.7 billion and $22.7 billion for the six months ended June 30, 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 June 30, 2026 and December 31, 2025, receivables pledged as collateral to the Purchasers was $669 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 $9 million and $19 million for the three and six months ended June 30, 2026, respectively, and $16 million and $36 million for the three and six months ended June 30, 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).

			Six Months Ended June 30,
			2026						2025
Opening balance, January 1			$	301					$	222
Obligations confirmed			579						434
Obligations paid			(453)						(371)
Closing balance, June 30			$	427					$	285

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. On April 28, 2026, the Wisconsin state court granted ADM’s motion and dismissed UWGP’s case with prejudice. UWGP appealed the dismissal to the Wisconsin Court of Appeals on May 19, 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”). 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. 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 July 3, 2025, a purported stockholder filed a lawsuit to compel inspection of ADM’s books and records. Plaintiff voluntarily dismissed the books and records action on May 1, 2026. 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

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS