OR UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 Commission file number 1-44 ARCHER-DANIELS-MIDLAND COMPANY (Exact name of registrant as specified in its charter) DE 41-0129150 (State or other jurisdiction of incorporation or organization) (I. R. S. Employer Identification No.) 77 West Wacker Drive, Suite 4600 Chicago, IL 60601 (Address of pr ...

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Core Insights - Archer-Daniels-Midland Company (ADM) is recognized as one of the 13 cheapest Dividend Aristocrats to invest in [1] - BMO Capital raised its price target for ADM to $63 from $57 following the company's fourth-quarter results, maintaining a Market Perform rating [2] - The adjusted EPS for ADM was reported at $0.87 for Q4 and $3.43 for the full year, with total segment operating profit of $821 million for the quarter and $3.2 billion for the year [3] Financial Performance - The company emphasized working capital discipline, which contributed to a cash flow benefit of $1.5 billion due to lower inventory levels [4] - ADM achieved record crush volumes in South America and steady performance in the ethanol segment, alongside improved execution in the Nutrition segment [4] - Portfolio simplification was a priority, with over 20 projects completed that generated approximately $200 million in cost savings [5] Operational Highlights - ADM operates as a global agricultural supply chain manager and processor, connecting crops and raw materials to food, feed, and fuel markets [6] - The company reported the lowest injury rate in its history, indicating improvements in safety metrics [5]

Core Viewpoint - Admiral Group has announced the acquisition of Flock, a digital commercial fleet insurance provider, valued at £80 million, pending regulatory approval [1][2]. Group 1: Acquisition Details - The acquisition aims to enhance Admiral's focus on commercial motor customers and is part of a strategy to evolve and futureproof its motor insurance offerings [2][5]. - Flock's technology platform will integrate into Admiral's fleet insurance proposition, with Flock's CEO joining Admiral Pioneer’s leadership team [5][6]. Group 2: Flock's Technology and Market Position - Flock utilizes AI-driven risk models based on extensive real-world driving data to provide personalized safety guidance to commercial fleet customers [3][13]. - The company has established itself as a leader in the motor fleet insurance sector, having raised over £40 million from notable venture capital investors [13]. Group 3: Strategic Implications - The acquisition is expected to provide Admiral with immediate access to a high-growth segment and enhance its existing strengths in data, technology, and customer service [2][7]. - The transaction is projected to complete in Q2 2026, with a minimal impact on Admiral's solvency ratio, ensuring the company remains above target levels [6].

Core Insights - Archer-Daniels-Midland Company's (ADM) Nutrition segment is a key growth pillar, but is currently facing challenges due to shifting demand patterns and inflationary pressures [2][3] - The Nutrition segment includes flavors, specialty ingredients, proteins, and health-focused solutions, benefiting from trends like clean-label products and plant-based diets [3] - Recent demand softness has led to flat revenues of $1.8 billion in Q4 2025, with Human Nutrition growing by 5% and Animal Nutrition declining by 4% [3][8] Segment Performance - The Nutrition segment has historically helped stabilize earnings volatility and improve margins compared to ADM's traditional Ag Services and Oilseeds businesses [3] - Despite recent challenges, ADM has optimized its portfolio and maintained disciplined capital allocation, resulting in a 66% operating profit growth in the Animal Nutrition segment for 2025 [4] - Management remains confident in the Nutrition segment's ability to sustain organic growth, with expectations for continued progress beyond 2026 [5][8] Future Outlook - ADM anticipates ongoing momentum in the Nutrition segment, driven by growth in Flavors, recovery in Specialty Ingredients, and increasing demand for Health and Wellness products [6] - The company expects margin expansion in Animal Nutrition as it shifts towards higher-margin products and benefits from optimization initiatives [6] - ADM's shares have gained 13.8% over the past six months, outperforming the industry growth of 0.2% [7]

Leadership Changes - Kenta Kon has been promoted to president and CEO of Toyota Motor, effective April 1, succeeding Koji Sato, who will become vice chairman and chief industry officer [2] - Prashanth Mahendra-Rajah will step down as CFO of Uber on February 16, 2026, and will be replaced by Balaji Krishnamurthy, currently vice president of strategic finance at Uber [3] - Peer Bueller has been promoted to CEO of Kayak, succeeding cofounder Steve Hafner, who will become executive chair and focus on AI innovation at Booking Holdings [4] - Liz Coddington, CFO of Peloton, is leaving for a similar role at Palmetto, with her departure effective March 30 [5] - Anubhav Mittal's employment offer to become CFO of Universal Corp. has been withdrawn, and Johan Kroner will continue as CFO until a successor is named [6] Background of Key Individuals - Kenta Kon has been with Toyota since 1991 and served as CFO since July 2025 [2] - Balaji Krishnamurthy joined Uber in 2019 and has held various leadership roles, including head of investor relations [3] - Peer Bueller joined Kayak in 2016 as CFO and took on the COO role in 2021 [4] - Liz Coddington joined Peloton as CFO in June 2022, previously working at Amazon and other notable companies [5] - Anubhav Mittal has worked at ADM for 10 years, most recently as CFO of ADM Nutrition, a $8 billion business [6] Company Implications - Toyota's leadership transition may signal a strategic shift under new management [2] - Uber's CFO change could impact its financial strategy and investor relations [3] - Kayak's new CEO may drive innovation and operational changes within the company [4] - Peloton's CFO transition could affect its financial management and strategic direction [5] - Universal Corp.'s withdrawal of Mittal's offer may create uncertainty in its financial leadership [6]

Chicago, Illinois-based Archer-Daniels-Midland Company (ADM) procures, transports, stores, processes, and merchandises agricultural commodities, ingredients, flavors, and solutions. With a market cap of $32.4 billion, the company processes oilseeds, corn, milo, oats, barley, peanuts, and wheat, as well as produce products which have primarily two end uses including food or feed ingredients. Shares of this global grain giant have notably outperformed the broader market over the past year. ADM has gained 4 ...

Group 1 - Brett Ashcroft Green is a CERTIFIED FINANCIAL PLANNER™ advocating for early retirement through disciplined, tax-efficient investing [1] - He has a background in private credit and commercial real estate mezzanine financing, having worked as a business director at a large family office [1] - His experience includes working with high-net-worth and ultra-high-net-worth families across the U.S. and Asia, with significant time spent in China [1] - Brett is fluent in Mandarin Chinese and has served as a court interpreter, enhancing his ability to operate in business and legal settings [1] - He has collaborated with notable commercial real estate developers such as The Witkoff Group, Kushner Companies, The Durst Organization, and Fortress Investment Group [1]

Key Takeaways ADM posted Q4 adjusted EPS of 87 cents, topping estimates, while revenues fell 13.7% year over year.Archer Daniels saw Ag Services & Oilseeds revenues drop 16.9%, with Carbohydrate Solutions down 3.9%.ADM raised its quarterly dividend 2% to 52 cents per share and guided 2026 adjusted EPS of $3.60-$4.25.Archer Daniels Midland Company (ADM) posted fourth-quarter 2025 results, wherein the top line fell short of the Zacks Consensus Estimate and declined year over year. Meanwhile, earnings surpasse ...

Financial Data and Key Metrics Changes - The company reported fourth quarter adjusted earnings per share of $0.87 and full year adjusted earnings per share of $3.43 [5] - Total segment operating profit was $821 million for the fourth quarter and $3.2 billion for the full year [5] - The trailing fourth quarter adjusted return on invested capital (ROIC) was 6.3% [5] - Cash flow from operations before working capital changes was $2.7 billion for 2025, with a $1.5 billion cash flow benefit from inventory reduction [5][22] Business Line Data and Key Metrics Changes - The Ag Services and Oilseeds (AS&O) segment operating profit for the fourth quarter was $444 million, down 31% year-over-year, and $1.6 billion for the full year, down 34% [14] - The Carbohydrate Solutions segment operating profit was $299 million for the fourth quarter, down 6% year-over-year, and $1.2 billion for the full year, down 12% [17] - The Nutrition segment revenues were $1.8 billion for the fourth quarter, remaining flat year-over-year, with human nutrition revenue increasing by 5% and animal nutrition revenue decreasing by 4% [19] Market Data and Key Metrics Changes - The company noted that the operating environment throughout 2025 was challenging, but there are expectations for a more constructive market environment in 2026 due to improved trade relations with China and anticipated clarity in U.S. biofuel policy [11][12] - The company expects segment operating profit for Carbohydrate Solutions to remain relatively flat, with lower starches and sweeteners volumes offset by higher ethanol margins [12] Company Strategy and Development Direction - The company is focusing on five key growth areas: enhanced nutrition, biotics, biosolutions, precision fermentation, and decarbonization [9] - The company executed over 20 projects as part of portfolio optimization and simplification initiatives, achieving approximately $200 million in cost savings [8] - The company aims to achieve targeted aggregate cost savings of $500-$750 million over three to five years, which began in 2025 [27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the potential for growth driven by improved market conditions and strategic initiatives [11][12] - The outlook for adjusted EPS in 2026 is projected to be between $3.60 and $4.25, reflecting growth over 2025 [12][23] Other Important Information - The company paid its 376th consecutive quarterly dividend [6] - The joint venture with Alltech has commenced operations, although it is not expected to have a material impact on nutrition operating profit in 2026 [25] Q&A Session Summary Question: Comments on the RVO and its impact on operating rates - Management acknowledged the uncertainty surrounding the Renewable Volume Obligation (RVO) and its timing, but expressed confidence in positive outcomes once clarity is achieved [33][34] Question: Update on Nutrition segment performance and customer recovery - Management noted strong performance in flavors and biotics, with ongoing efforts to regain market share lost during the Decatur East plant downtime [41][42] Question: Insights on crush margins and demand for Starches and Sweeteners - Management indicated that the softness in demand is influenced by consumer behavior changes and pricing pressures, but they are focused on offsetting these trends [66][67] Question: Clarification on corporate expenses and tax rates - Management provided guidance on an expected effective tax rate between 18% and 20% and noted that corporate costs would increase due to reinvestment in R&D and digital platforms [72] Question: Discussion on the impact of RVO on future earnings - Management emphasized that multiple factors will influence future earnings, including RVO clarity, consumer demand, and operational efficiency [80][81]