Archer-Daniels-Midland Co
For the period ended Dec 31, 2025. Filed Feb 17, 2026.
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FY2025 · Filed Feb 17, 2026
ADM$69.30-0.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| (In millions) | Year Ended December 31 | ||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities | |||
| Net earnings including non-controlling interests | $1,073 | $1,779 | $3,466 |
| Adjustments to reconcile net earnings to net cash provided by operating activities | |||
| Depreciation and amortization | 1,181 | 1,141 | 1,059 |
| Asset impairment charges | 361 | 519 | 309 |
| Deferred income taxes | (45) | (130) | (23) |
| Equity in earnings of unconsolidated affiliates, net of dividends | (224) | (180) | (143) |
| Stock compensation expense | 83 | 74 | 112 |
| (Gain) loss on asset sales / investment revaluations, net | 285 | (12) | 38 |
| Other – net | (25) | 91 | (91) |
| Changes in operating assets and liabilities, net of acquisitions and dispositions | |||
| Segregated investments | (43) | (693) | (194) |
| Trade receivables | 855 | 447 | 737 |
| Inventories | 1,511 | 162 | 2,889 |
| Other current assets | 672 | 665 | 694 |
| Trade payables | (473) | (719) | (1,544) |
| Payables to brokerage customers | 1,064 | (78) | (2,059) |
| Accrued expenses and other payables | (823) | (276) | (790) |
| Net cash provided by operating activities | 5,452 | 2,790 | 4,460 |
| Cash flows from investing activities | |||
| Capital expenditures | (1,248) | (1,563) | (1,494) |
| Net assets of businesses acquired | (108) | (927) | (23) |
| Proceeds from sales of assets, businesses and investments | 111 | 66 | 60 |
| Purchases of marketable securities | (43) | (308) | — |
| Proceeds from sales of marketable securities | 277 | 84 | — |
| Other – net | (6) | (54) | (39) |
| Net cash used in investing activities | (1,017) | (2,702) | (1,496) |
| Cash flows from financing activities | |||
| Long-term debt borrowings | 11 | 27 | 501 |
| Long-term debt payments | (772) | (1) | (963) |
| Net (repayments) borrowings under lines of credit agreements | (1,114) | 1,800 | (390) |
| Share repurchases, net of tax | — | (2,327) | (2,673) |
| Cash dividends | (987) | (985) | (977) |
| Acquisition of non-controlling interests | (4) | (8) | — |
| Other – net | (21) | (36) | (102) |
| Net cash used in financing activities | (2,887) | (1,530) | (4,604) |
| Effect of exchange rate on cash, cash equivalents, restricted cash, and restricted cash equivalents | 33 | (24) | (3) |
| Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents | 1,581 | (1,466) | (1,643) |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents – beginning of year | 3,924 | 5,390 | 7,033 |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents – end of year | $5,505 | $3,924 | $5,390 |
| Cash paid for interest and income taxes were as follows: | |||
| Interest | $629 | $710 | $711 |
| Income taxes | $389 | $658 | $742 |
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