ARCHER-DANIELS-MIDLAND CO, 10-K filed on 2/17/2026
Annual Report
v3.25.4
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 10, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 1-44    
Entity Registrant Name ARCHER-DANIELS-MIDLAND CO    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 41-0129150    
Entity Address, Address Line One 77 West Wacker Drive, Suite 4600    
Entity Address, City or Town Chicago,    
Entity Address, State or Province IL    
Entity Address, Postal Zip Code 60601    
City Area Code 312    
Local Phone Number 634-8100    
Title of 12(b) Security Common Stock, no par value    
Trading Symbol ADM    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 25.2
Entity Common Stock, Shares Outstanding   481,201,844  
Documents Incorporated by Reference
Portions of the Registrant’s definitive proxy statement relating to its 2026 annual meeting of stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such proxy statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
    
Entity Central Index Key 0000007084    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location Saint Louis, Missouri
v3.25.4
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Revenues $ 80,269 $ 85,530 $ 93,935
Cost of products sold 75,236 79,752 86,422
Gross Profit 5,033 5,778 7,513
Selling, general, and administrative expenses 3,609 3,706 3,456
Asset impairment, exit, and restructuring costs 473 545 342
Equity in (earnings) of unconsolidated affiliates (648) (621) (551)
Interest and investment (income) (118) (562) (499)
Interest expense 612 706 647
Other (income) - net (150) (251) (176)
Earnings Before Income Taxes 1,255 2,255 4,294
Income tax expense 182 476 828
Net Earnings Including Non-controlling Interests 1,073 1,779 3,466
Net loss attributable to non-controlling interests (5) (21) (17)
Net Earnings Attributable to Controlling Interests $ 1,078 $ 1,800 $ 3,483
Weighted average number of shares outstanding – basic (in shares) 484 492 541
Weighted average number of shares outstanding – diluted (in shares) 484 493 542
Basic earnings per common share (in dollars per share) $ 2.23 $ 3.66 $ 6.44
Diluted earnings per common share (in dollars per share) $ 2.23 $ 3.65 $ 6.43
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net Earnings Including Non-controlling Interests $ 1,073 $ 1,779 $ 3,466
Other comprehensive income (loss), net of tax:      
Foreign currency translation adjustment 340 (415) 48
Tax effect 110 (45) 32
Net of tax amount 450 (460) 80
Pension and other postretirement benefit liabilities adjustment 24 15 (88)
Tax effect (6) (7) 2
Net of tax amount 18 8 (86)
Deferred (loss) on hedging activities (7) (41) 15
Tax effect 0 9 (5)
Net of tax amount (7) (32) 10
Unrealized (loss) on investments (4) (16) 16
Tax effect 0 (1) (1)
Net of tax amount (4) (17) 15
Total other comprehensive income (loss), net of tax 457 (501) 19
Total comprehensive income 1,530 1,278 3,485
Less: Comprehensive (loss) attributable to non-controlling interests (4) (21) (20)
Comprehensive income attributable to Archer-Daniels-Midland-Company $ 1,534 $ 1,299 $ 3,505
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current Assets    
Cash and cash equivalents $ 1,015 $ 611
Short-term marketable securities 32 246
Segregated cash and investments 8,432 7,212
Trade receivables - net 3,021 3,708
Inventories 10,369 11,572
Other current assets 3,796 4,369
Total Current Assets 26,665 27,718
Non-Current Assets    
Investments in affiliates 5,560 5,276
Goodwill 4,769 4,509
Intangible assets, net 1,976 2,260
Right of use assets 1,322 1,358
Other non-current assets 918 1,313
Property, plant, and equipment, net 11,179 10,837
Total Non-Current Assets 25,724 25,553
Total Assets 52,389 53,271
Current Liabilities    
Short-term debt 798 1,903
Current maturities of long-term debt 1,006 674
Trade payables 5,195 5,535
Payables to brokerage customers 8,919 7,772
Accrued expenses and other payables 3,313 3,730
Current lease liabilities 303 324
Total Current Liabilities 19,534 19,938
Long-Term Liabilities    
Long-term debt 6,606 7,580
Deferred income taxes 1,135 1,268
Non-current lease liabilities 1,045 1,057
Other 1,042 997
Total Long-Term Liabilities 9,828 10,902
Commitments and contingencies (See Note 20)
Temporary Equity - Redeemable non-controlling interest 287 253
Shareholders’ Equity    
Common stock 3,281 3,223
Reinvested earnings 21,983 21,933
Accumulated other comprehensive income (loss) (2,531) (2,988)
Non-controlling interests 7 10
Total Shareholders’ Equity 22,740 22,178
Total Liabilities, Temporary Equity, and Shareholders’ Equity $ 52,389 $ 53,271
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 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) 0
Proceeds from sales of marketable securities 277 84 0
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 0 (2,327) (2,673)
Cash dividends (987) (985) (977)
Acquisition of non-controlling interests (4) (8) 0
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
v3.25.4
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Reinvested Earnings
  Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interests
Balance (in shares) at Dec. 31, 2022   547      
Balance at Dec. 31, 2022 $ 24,317 $ 3,147 $ 23,646 $ (2,509) $ 33
Comprehensive income          
Net earnings 3,466   3,483   (17)
Other comprehensive income (loss) 19     22 (3)
Cash dividends paid (977)   (977)    
Share repurchases (in shares)   (36)      
Share repurchases (2,697)   (2,697)    
Stock compensation expense (in shares)   3      
Stock compensation expense 112 $ 112      
Stock option exercises, net of taxes (in shares)   (1)      
Stock option exercises, net of taxes (110) $ (110)      
Other 15 $ 5 10    
Balance (in shares) at Dec. 31, 2023   513      
Balance at Dec. 31, 2023 24,145 $ 3,154 23,465 (2,487) 13
Comprehensive income          
Net earnings 1,800   1,800    
Other comprehensive income (loss) (501)     (501)  
Cash dividends paid (985)   (985)    
Share repurchases (in shares)   (37)      
Share repurchases (2,347)   (2,347)    
Stock compensation expense (in shares)   2      
Stock compensation expense 74 $ 74      
Stock option exercises, net of taxes (23) (23)      
Acquisition of noncontrolling interests (4) (3)     (1)
Other 19 $ 21     (2)
Balance (in shares) at Dec. 31, 2024   478      
Balance at Dec. 31, 2024 22,178 $ 3,223 21,933 (2,988) 10
Comprehensive income          
Net earnings 1,076   1,078   (2)
Other comprehensive income (loss) 457     457  
Cash dividends paid (987)   (987)    
Share repurchases 1   1    
Stock compensation expense (in shares)   2      
Stock compensation expense 83 $ 83      
Stock option exercises, net of taxes (31) (31)      
Other (37) $ 6 (42)   (1)
Balance (in shares) at Dec. 31, 2025   480      
Balance at Dec. 31, 2025 $ 22,740 $ 3,281 $ 21,983 $ (2,531) $ 7
v3.25.4
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]      
Cash dividends paid (dollars per share) $ 2.04 $ 2 $ 1.8
v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Company Overview

Archer-Daniels-Midland Company and its subsidiaries (the "Company" or "ADM") unlocks the power of nature to enrich the quality of life. The Company is an essential global agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities. ADM is also a premier human and animal nutrition provider, as well as a leader in health and well-being products.

ADM has three reportable segments: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition. See Note 17.    Segment and Geographic Information for further information on the nature of the Company's business and its reportable segments.

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 all entities, including variable interest entities (VIEs), in which it has a controlling financial interest. For VIEs, the Company assesses whether it is the primary beneficiary as defined under the applicable accounting standard. Investments in affiliates, including VIEs through which the Company exercises significant influence but does not control the investee and is not the primary beneficiary of the investee’s activities, are carried at cost plus equity in undistributed earnings since acquisition and are adjusted, 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 certain affiliates and results of certain VIEs are included using the most recent available financial statements. In each case, the financial statements are within 93 days of the Company’s year-end and are consistent from period to period.

Use of Estimates

The preparation of Consolidated Financial Statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect amounts reported in its Consolidated Financial Statements and accompanying notes. Actual results could differ from those estimates.

Cash Equivalents

The Company considers all non-segregated, highly-liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents.

Short-Term Marketable Securities

Short-term marketable securities include foreign government securities with maturities greater than three months and less than one year and are recorded at fair value with gains and losses on these investments included in Other income in the Consolidated Statements of Earnings.
Segregated Cash and Investments

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

To the degree 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.

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

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

The following represents a reconciliation of cash and cash equivalents in the Consolidated Balance Sheets to total cash, cash equivalents, restricted cash, and restricted cash equivalents in the Consolidated Statements of Cash Flows as of December 31, 2025, 2024, and 2023 (in millions).

December 31,
202520242023
Cash and cash equivalents$1,015 $611 $1,368 
Restricted cash and restricted cash equivalents (included in segregated cash and investments)4,490 3,313 4,022 
Total cash, cash equivalents, restricted cash, and restricted cash equivalents$5,505 $3,924 $5,390 

Revenue Recognition

The Company principally generates revenue from merchandising and transporting agricultural commodities, and manufacturing products for use in food, beverages, feed, energy, and industrial applications, and ingredients and solutions for human and animal nutrition.

The Company’s revenue that is generated from physically settled derivative sales contracts is accounted for under ASC 815, Derivatives and Hedging (Topic 815), and revenue from sales of other products and services is accounted for under ASC 606, Revenue from Contracts with Customers (Topic 606).

Revenue from physically settled derivative sales contracts primarily relates to forward sales of commodities where such contracts meet the definition of a derivative under ASC 815. Revenue from such commodities contracts is recognized at a point in time, upon transferring control of the commodity to the customer, consistent with the recognition principles under Topic 606. Prior to settlement, these contracts are recognized at fair value within current assets and liabilities, with the unrealized gains or losses primarily recorded within Cost of Products Sold. See Note 4. Fair Value Measurements and Note 5. Derivative Instruments & Hedging Activities for further information.
Revenue from sales of other products and services is measured based on the consideration specified in the contract with a customer, in accordance with Topic 606. The Company follows a policy of recognizing revenue at a single point in time when it satisfies its performance obligation by transferring control over a product or service to a customer. Revenue for deferred price contracts that allow for pricing to be determined after title of the goods has passed to the customer is recognized when the price is determined. For transportation service contracts, the Company recognizes revenue over time as the transportation service is performed in accordance with the transfer of control guidance of Topic 606. The amount of revenue recognized follows the contractually specified price which may include freight or other contractually specified cost components. The majority of the Company’s contracts with customers have one performance obligation and a contract duration of one year or less. The Company applies the practical expedient in Topic 606, and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

See Note 2. Revenues for further information.

Shipping and Handling Costs

Shipping and handling costs related to contracts with customers for the sale of goods are accounted for as a fulfillment activity and are included in Cost of Products Sold. Accordingly, amounts billed to customers for such costs are included as a component of Revenues.

Taxes Collected from Customers and Remitted to Governmental Authorities

The Company does not include taxes assessed by governmental authorities that are (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers, in the measurement of transactions prices or as a component of Revenues and Cost of Products Sold.

Receivables

The Company records accounts receivable at net realizable value. This value includes an allowance for estimated uncollectible accounts to reflect any loss anticipated on the accounts receivable balances including 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 rate to arrive at a general reserve derived from historical write-offs adjusted, as needed, for regional, economic, and other forward-looking factors. The Company minimizes credit risk due to the large and diversified nature of its worldwide customer base. ADM manages its exposure to counter-party credit risk through credit analysis and approvals, credit limits, and monitoring procedures. Long-term receivables recorded in other assets were not material to the Company’s overall receivables portfolio. The Company recorded bad debt provisions (reversals) in selling, general, and administrative expenses of $27 million, $(16) million, and $6 million in the years ended December 31, 2025, 2024, and 2023, respectively.

Changes to the allowance for estimated uncollectible accounts for the years ended December 31, 2025 and 2024 are as follows (in millions):
Year Ended December 31
20252024
Opening balance, January 1 $167 $215 
Provisions (reversals), net27 (16)
Write-offs against allowance(39)(32)
Recoveries and other5 — 
Closing balance, December 31$160 $167 
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 or net realizable value.
The following table sets forth the Company’s inventories as of December 31, 2025 and 2024 (in millions).

December 31, 2025December 31, 2024
Raw materials and supplies (1)
$1,740 $1,922 
Finished goods2,407 2,689 
Market inventories6,222 6,961 
Total inventories$10,369 $11,572 

(1) Includes work in process inventories which were not material as of December 31, 2025 and 2024.

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.

In evaluating the significance of fair value inputs, the Company generally classifies assets or liabilities as Level 3 when their fair value is determined using unobservable inputs that individually or when aggregated with other unobservable inputs, represent more than 10% of the fair value of the assets or liabilities. 

Judgment is required in evaluating both quantitative and qualitative factors in the determination of significance for purposes of fair value level classification. In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy. The lowest level of input that is a significant component of the fair value measurement determines the placement of the entire fair value measurement in the hierarchy. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the classification of fair value assets and liabilities within the fair value hierarchy levels. Level 3 amounts can include assets and liabilities whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as assets and liabilities for which the determination of fair value requires significant management judgment or estimation.

Based on historical experience with the Company’s suppliers and customers, the Company’s own credit risk and knowledge of current market conditions, the Company does not view non-performance risk to be a significant input to fair value for the majority of its forward commodity purchase and sale contracts. However, in certain cases, if the Company believes the non-performance risk to be a significant input, the Company records estimated fair value adjustments, and classifies the measurement in Level 3.

The Company’s policy regarding the timing of transfers between levels, including both transfers into and transfers out of Level 3, is to measure and record the transfers at the end of the reporting period. 
Derivatives

The Company recognizes its financial and non-financial derivative instruments, excluding exchange-traded instruments, as either assets or liabilities at fair value in its Consolidated Balance Sheets. Unrealized gains are reported as Other current assets and unrealized losses are reported as Accrued expenses and other payables.

The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and on the type of hedging relationship. The majority of the Company’s derivatives have not been designated as hedging instruments, and as such, changes in fair value of these derivatives are recognized in earnings immediately, within Revenue or Cost of products sold, as appropriate. 

See Note 5. Derivative Instruments & Hedging Activities for further information.

Equity Method Investments

The Company uses the equity method of accounting for equity investments if the investment provides the ability to exercise significant influence, but not control, over operating and financial policies of the investee. The Company’s proportionate share of the net income or loss of these investees is included in consolidated net earnings. Judgment regarding the level of influence over each equity method investment includes considering key factors such as the Company’s ownership interest, the legal form of the investee, any representation on the board of directors, and any participation in policy-making decisions.

The Company evaluates equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. Factors considered by the Company when reviewing an equity method investment for impairment include the length of time (duration) and the extent (severity) to which the fair value of the equity method investment has been less than cost, the investee’s financial condition and near-term prospects, and the intent and ability to hold the investment for a period of time sufficient to allow for anticipated recovery. An impairment that is other-than- temporary is recognized in the period identified.

See Note 8. Investments in and Advances to Affiliates for further information.

Cost Method Investments

Cost method investments represent investments in private companies and private equity funds to diversify the overall investment portfolio. These investments are generally in companies in the startup or development stages and the markets for products these companies are developing are typically in the early stages. The Company’s evaluation of privately held investments is based on the fundamentals of the businesses invested in. The Company periodically reviews the carrying value of such investments to determine if any valuation adjustments are appropriate under the applicable accounting pronouncements.

Cost method investments of $143 million and $439 million as of December 31, 2025 and 2024, respectively, are included in other non-current assets in the Company’s Consolidated Balance Sheets.

Revaluation losses of $372 million for the year ended December 31, 2025 were primarily related to investments in alternative protein. Revaluation losses of $16 million for the year ended December 31, 2024 were related to an investment in alternative protein and precision fermentation. Revaluation losses of $76 million for the year ended December 31, 2023 investments in the alternative protein category and precision fermentation.

Revaluation gains and losses are recorded in Interest and investment income in the Company’s Consolidated Statements of Earnings. As of December 31, 2025, the annual upward and downward adjustments were $1 million and $373 million, respectively. As of December 31, 2025, the cumulative of upward and downward adjustments were $114 million and $448 million, respectively.
Property, Plant, and Equipment

Property, plant, and equipment are recorded at cost. Repair and maintenance costs are expensed as incurred. The Company uses the straight-line method in computing depreciation for financial reporting purposes and generally uses accelerated methods for income tax purposes.

The annual provisions for depreciation have been computed principally in accordance with the following ranges of asset lives: Buildings - 15 to 40 years; and Machinery and equipment - 3 to 40 years. 

The Company capitalized interest on major construction projects in progress of $35 million, $32 million, and $32 million for the years ended December 31, 2025, 2024, and 2023, respectively.

The Company evaluates long-lived assets for impairment whenever indicators of impairment exist. In addition, assets are written down to fair value after consideration of the Company’s ability to utilize the assets for their intended purpose, employ the assets in alternative uses, or sell the assets to recover the carrying value. Fair value is generally based on a discounted cash flow analysis which relies on management’s estimate of market participant assumptions or estimated selling price for assets considered held for sale (a Level 3 measurement under applicable accounting standards).

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

December 31, 2025December 31, 2024
Land$607 $566 
Buildings6,440 6,143 
Machinery and equipment22,042 20,636 
Construction in progress1,110 1,553 
 30,199 28,898 
Accumulated depreciation(19,020)(18,061)
Property, Plant, and Equipment, Net$11,179 $10,837 

Leases

The Company leases certain transportation equipment, plant equipment, office equipment, land, buildings, and storage facilities. Most leases include options to renew, with renewal terms that can extend the lease term from 1 month to 95 years. The renewal options are not included in the measurement of the right of use assets and lease liabilities unless the Company is reasonably certain to exercise the optional renewal periods. Certain leases also include index and non-index escalation clauses and options to purchase the leased property. Leases accounted for as finance leases were immaterial at December 31, 2025.

As an accounting policy election, the Company does not apply the recognition requirements of ASC Topic 842 to short-term leases in all of its underlying asset categories. The Company recognizes short-term lease payments in earnings on a straight-line basis over the lease term, and variable lease payments in the period in which the obligation for those payments is incurred. The Company also combines lease and non-lease contract components in all of its underlying asset categories as an accounting policy election.

Income Taxes

The Company accounts for income taxes in accordance with the liability method. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and reported amounts in the Consolidated Financial Statements using statutory rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recorded in the results of operations in the period that includes the enactment date under the law. Applicable accounting standards prescribe a minimum threshold a tax position is required to meet before being recognized in the Consolidated Financial Statements. The Company recognizes in its Consolidated Financial Statements tax positions determined more likely than not to be sustained upon examination, based on the technical merits of the position.
The Company classifies interest on income tax-related balances as interest expense and classifies tax-related penalties as selling, general, and administrative expenses. Income tax effects from AOCI are released when the individual units of account are sold, terminated, or extinguished.

Goodwill and Other Intangible Assets

Goodwill and other intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests. Definite-lived intangible assets, including previously capitalized software such as third-party configuration costs and internal labor, are amortized over their estimated useful lives of 1 to 65 years and are reviewed for impairment whenever there are indicators the carrying value of the assets may not be fully recoverable.

The Company’s accounting policy is to evaluate goodwill and other intangible assets with indefinite lives for impairment on October 1 of each fiscal year or whenever there are indicators the carrying value of the assets may not be fully recoverable. See Note 9. Goodwill and Other Intangible Assets for further information.

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 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 are classified as trade payables in the Company’s Consolidated Balance Sheets and in operating activities in the Consolidated Statements of Cash Flows. The supplier invoices that have been confirmed as valid under the program require payment in full generally within 90 days of the invoice date. As of December 31, 2025 and 2024, the Company's outstanding payment obligations that suppliers had elected to sell to the financial institutions were $301 million and $222 million, respectively.

Changes to the outstanding payment obligations for the years ended December 31, 2025 and 2024 were as follows (in millions):

Year Ended December 31,
20252024
Opening balance, January 1$222 $274 
Obligations confirmed974 948 
Obligations paid(895)(1,000)
Closing balance, December 31$301 $222 

Payables to Brokerage Customers

Payables to brokerage customers represent the total of customer accounts at the Company’s futures commission merchant with credit or positive balances. Customer accounts are used primarily in connection with commodity transactions and include gains and losses on open commodity trades as well as securities and other deposits made for margins or other purposes as required by the Company or the exchange-clearing organizations or counterparties. Payables to brokerage customers have a corresponding balance in segregated cash and investments.

Stock Compensation

The Company recognizes expense for its stock compensation based on the fair value of the awards that are granted. The Company’s stock compensation plans provide for the granting of restricted stock and restricted stock units (Restricted Stock Awards), performance stock units (PSUs), and stock options. The fair values of stock options are estimated at the date of grant using the Black-Scholes option valuation model, which requires the input of subjective assumptions. The fair values of Restricted Stock Awards and PSUs are determined based on the market value of the Company's shares on the grant date. Measured compensation cost, net of forfeitures, is recognized ratably over the vesting period of the related stock compensation award.
Compensation expense for stock option grants, Restricted Stock Awards, and PSUs granted to employees is generally recognized on a straight-line basis during the service period of the respective grant. Certain of the Company’s option grants, Restricted Stock Awards, and PSUs continue to vest upon the recipient’s retirement from the Company and compensation expense related to option grants and Restricted Stock Awards granted to retirement-eligible employees is recognized in earnings on the date of grant. Compensation expense for PSUs is based on the probability of meeting the performance criteria. The Company recognizes forfeitures as they occur.

Research and Development

Costs associated with research and development are expensed as incurred and recorded within selling, general, and administrative expenses. Such costs incurred, net of expenditures subsequently reimbursed by government grants, were $246 million, $269 million, and $256 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Earnings Per Share

Basic earnings per common share are determined by dividing net earnings attributable to controlling interests by the weighted average number of common shares outstanding. In computing diluted earnings per common share, the average number of common shares outstanding is increased by dilutive potential common shares, including unvested restricted stock units, PSUs and common shares underlying stock options outstanding with exercise prices lower than the average market price of common shares using the treasury stock method.

Business Combinations

The Company’s acquisitions are accounted for in accordance with ASC Topic 805, Business Combinations, as amended. The consideration transferred is allocated to various assets acquired and liabilities assumed at their estimated fair values as of the acquisition date with the residual allocated to goodwill.

Fair values allocated to assets acquired and liabilities assumed in business combinations require management to make significant judgments, estimates, and assumptions, especially with respect to intangible assets. Management makes estimates of fair values based upon assumptions it believes to be reasonable. These estimates are based upon historical experience and information obtained from the management of the acquired companies and are inherently uncertain. The estimated fair values related to intangible assets primarily consist of customer relationships, trademarks, and developed technology which are determined primarily using discounted cash flow models. Estimates in the discounted cash flow models include, but are not limited to, certain assumptions that form the basis of the forecasted results (e.g. revenue growth rates, customer attrition rates, and royalty rates). These significant assumptions are forward looking and could be affected by future economic and market conditions.

During the measurement period, which may take up to one year from the acquisition date, adjustments due to changes in the estimated fair value of assets acquired and liabilities assumed may be recorded as adjustments to the consideration transferred and the related allocations. Upon the conclusion of the measurement period or the final determination of the values of assets acquired and liabilities assumed, whichever comes first, any such adjustments are charged to the Consolidated Statements of Earnings.
Redeemable Non-controlling Interests

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

Changes to the Company's redeemable non-controlling interests for the years ended December 31, 2025, 2024, and 2023 are as follows (in millions):
Year Ended December 31,
202520242023
Opening balance, January 1$253 $320 $299 
Net income (loss)(3)(21)(6)
Acquisitions— (18)— 
Remeasurement42 — — 
Currency translation adjustments and other(5)(28)27 
Closing balance, December 31$287 $253 $320 

Adoption of New Accounting Pronouncements

Effective December 31, 2025, the Company adopted Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, on a prospective basis. This ASU enhances the transparency and decision usefulness of income tax disclosures. The amendments address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The adoption of the amended guidance resulted in expanded disclosures in Note. 13 Income Taxes in this report but did not have a significant impact on the Company's Consolidated Financial Statements.

New Accounting Pronouncements Not Yet Adopted

Effective January 1, 2026, the Company will be required to adopt 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 amended guidance is not expected to have a significant impact on the Company’s Consolidated Financial Statements and related disclosures.

Effective January 1, 2027, the Company will be required to adopt ASU 2025-07, 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, with limited exceptions. It also clarifies that the noncash consideration guidance in ASC 606, Contracts with Customers, 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 January 1, 2027, the Company will be required to adopt 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 Company is considering early adopting the amendments in the first quarter of 2026 in accordance with the transition guidance. The Company expects the amendments to better align hedge accounting with the Company’s commodity risk management activities and improving the operability of its commodity cash flow hedge program. The Company does not expect the adoption to have a material effect on its financial position or results of operations.

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 providing new guidance on how to evaluate whether the probable-to-completion recognition threshold has been met. The amendments in this ASU can be applied on a prospective basis or retrospective basis upon adoption. The Company is evaluating the impact of the adoption of this guidance on the Company’s Consolidated Financial Statements.

Effective January 1, 2029, the Company will be required to adopt ASU 2025-10, Accounting for Government Grants Received by Business Entities, 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.
v3.25.4
Revenues
 12 Months Ended
Dec. 31, 2025
Revenues [Abstract]  
Revenues Revenues
The following tables present revenue disaggregated by timing of recognition and reportable segments and subsegments for the years ended December 31, 2025, 2024, and 2023 (in millions).

Year Ended December 31, 2025
Topic 606 Revenue
Topic 815 (1)
Total
Point in TimeOver TimeTotalRevenueRevenues
Ag Services and Oilseeds
Ag Services3,797 $775 $4,572 $35,791 $40,363 
Crushing375 — 375 9,978 10,353 
Refined Products and Other3,545 — 3,545 7,310 10,855 
Total Ag Services and Oilseeds7,717 775 8,492 53,079 61,571 
Carbohydrate Solutions
Starches and Sweeteners5,748 — 5,748 2,234 7,982 
Vantage Corn Processors2,755 — 2,755 — 2,755 
Total Carbohydrate Solutions8,503 — 8,503 2,234 10,737 
Nutrition
Human Nutrition4,187 — 4,187 — 4,187 
Animal Nutrition3,325 — 3,325 — 3,325 
Total Nutrition7,512 — 7,512 — 7,512 
Total Segment Revenues23,732 775 24,507 55,313 79,820 
Other Business449 — 449 — 449 
Total Revenues$24,181 $775 $24,956 $55,313 $80,269 
Year Ended December 31, 2024
Topic 606 Revenue
Topic 815 (1)
Total
Point in TimeOver TimeTotalRevenueRevenues
Ag Services and Oilseeds
Ag Services3,779 $923 $4,702 $39,381 $44,083 
Crushing462 — 462 11,374 11,836 
Refined Products and Other2,447 — 2,447 8,150 10,597 
Total Ag Services and Oilseeds6,688 923 7,611 58,905 66,516 
Carbohydrate Solutions
Starches and Sweeteners6,335 — 6,335 2,252 8,587 
Vantage Corn Processors2,647 — 2,647 — 2,647 
Total Carbohydrate Solutions8,982 — 8,982 2,252 11,234 
Nutrition
Human Nutrition3,944 — 3,944 — 3,944 
Animal Nutrition3,405 — 3,405 — 3,405 
Total Nutrition7,349 — 7,349 — 7,349 
Total Segment Revenues23,019 923 23,942 61,157 85,099 
Other Business431 — 431 — 431 
Total Revenues$23,450 $923 $24,373 $61,157 $85,530 

Year Ended December 31, 2023
Topic 606 Revenue
Topic 815 (1)
Total
Point in TimeOver TimeTotalRevenueRevenues
Ag Services and Oilseeds
Ag Services$4,110 $761 $4,871 $42,549 $47,420 
Crushing470 — 470 13,550 14,020 
Refined Products and Other2,295 — 2,295 9,691 11,986 
Total Ag Services and Oilseeds6,875 761 7,636 65,790 73,426 
Carbohydrate Solutions
Starches and Sweeteners7,431 — 7,431 2,454 9,885 
Vantage Corn Processors2,989 — 2,989 — 2,989 
Total Carbohydrate Solutions10,420 — 10,420 2,454 12,874 
Nutrition
Human Nutrition3,634 — 3,634 — 3,634 
Animal Nutrition3,577 — 3,577 — 3,577 
Total Nutrition7,211 — 7,211 — 7,211 
Total Segment Revenues24,506 761 25,267 68,244 93,511 
Other Business424 — 424 — 424 
Total Revenues$24,930 $761 $25,691 $68,244 $93,935 

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

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

Carbohydrate Solutions

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

Nutrition

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

Other Business

Other Business includes the Company’s futures commission merchant business whose primary sources of revenue are commissions and brokerage income generated from trade execution and clearing settlement of futures contracts and options on futures contracts on behalf of its customers. Commissions and brokerage revenue are recognized on the date the transaction is executed.
Other Business also includes the Company’s captive insurance business, which provides captive insurance services to the Company's reportable segments.
v3.25.4
Acquisitions
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
During the year ended December 31, 2025, the Company acquired Vandamme Hugaria Kft (“Vandamme”), a 700 metric ton/day non-genetically modified crush and extraction facility based in Hungary for an aggregate cash consideration of $125 million. This acquisition adds capabilities to the Company’s Ag Services and Oilseeds and Carbohydrate Solutions segments.

The aggregate cash consideration, net of $28 million in cash acquired, was allocated as follows (in millions):

Vandamme
Working capital, net of cash acquired$24 
Property, plant, and equipment27 
Goodwill26 
Other intangible assets (1)
23 
Deferred tax liabilities(3)
Aggregate cash consideration, net of cash acquired$97 

(1) Primarily represents customer lists with an expected useful life of 13 years.
Goodwill recorded in connection with the acquisition is primarily attributable to the synergies expected to arise after the Company’s acquisition of the business. This goodwill is not expected to be deductible for tax purposes.
The Company’s Consolidated Statements of Earnings for the year ended December 31, 2025 includes the post-acquisition results of the acquired business which were insignificant.
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
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 December 31, 2025 and 2024 (in millions).

 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 exchange contracts
— 108 — 108 
Interest rate contracts— 17 — 17 
Cash equivalents280 — — 280 
Marketable securities32 — — 32 
Segregated investments and restricted cash equivalents1,771 — — 1,771 
Total Assets$2,083 $3,984 $3,185 $9,252 
Liabilities:    
Unrealized derivative losses:    
Commodity contracts$— $300 $313 $613 
Foreign exchange contracts
— 144 — 144 
Inventory-related payables— 714 16 730 
Total Liabilities$— $1,158 $329 $1,487 
 Fair Value Measurements at December 31, 2024
Level 1
Level 2
Level 3
Total
Assets:    
Inventories carried at market$— $3,930 $3,031 $6,961 
Unrealized derivative gains:    
Commodity contracts— 404 427 831 
Foreign currency contracts— 272 — 272 
Interest rate contracts— 5 — 5 
Cash equivalents70 — — 70 
Marketable securities246 — — 246 
Segregated investments and restricted cash equivalents1,681 — — 1,681 
Total Assets$1,997 $4,611 $3,458 $10,066 
Liabilities:    
Unrealized derivative losses:    
Commodity contracts$— $355 $405 $760 
Foreign currency contracts— 212 — 212 
Inventory-related payables— 654 88 742 
Total Liabilities$— $1,221 $493 $1,714 
 
Inventories Carried at Market and Inventory-Related Payables

Estimated fair values of 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 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. In certain cases, the basis adjustments are unobservable because they are supported by little to no market activity. When unobservable inputs have a significant impact (more than 10%) on the measurement of fair value, the inventory is classified as Level 3.

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

Unrealized Derivative Gains and Losses

Derivative contracts include exchange-traded commodity futures and options contracts, forward commodity purchase and sale contracts, and over-the-counter (OTC) instruments related primarily to agricultural commodities, energy, interest rates, and foreign currencies.

Substantially all of the Company’s exchange-traded commodity futures and options contracts are cash-settled on a daily basis and, therefore, are not included in these tables. 

Fair value for forward commodity purchase and sale contracts is estimated based on exchange-quoted prices adjusted for differences in local markets. Market valuations for the Company’s forward 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.

In certain cases, the basis adjustments are unobservable because they are supported by little to no market activity. When observable inputs are available for substantially the full term of the contract, it is classified in Level 2. When unobservable inputs have a significant impact (more than 10%) on the measurement of fair value, the contract is classified in 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.

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 tables present a rollforward of the activity of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2025 and 2024 (in millions).

 AssetsLiabilities
December 31, 2025December 31, 2025
Inventories
Carried at
Market		Commodity
Derivative
Contracts
Gains		Total AssetsInventory-related PayablesCommodity
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(1,021)1,075 54 — — — 
Increase (decrease) in unrealized losses included in Cost of products sold— — — — 13 852 865 
Realized increases (decreases) included in Cost of products sold28 — 28 (15)— (15)
Purchases18,640 — 18,640 21 — 21 
Sales(17,761)— (17,761)(91)— (91)
Settlements— (1,106)(1,106)— (985)(985)
Transfers into Level 31,616 241 1,857 — 72 72 
Transfers out of Level 3(1,860)(125)(1,985)— (31)(31)
Closing balance, December 31, 2025$2,673 $512 $3,185 $16 $313 $329 

 AssetsLiabilities
December 31, 2024December 31, 2024
Inventories
Carried at
Market		Commodity
Derivative
Contracts
Gains		Total AssetsInventory-related PayablesCommodity
Derivative
Contracts
Losses
 
Total 
Liabilities
Opening balance, January 1, 2024$2,713 $731 $3,444 $101 $457 $558 
Increase (decrease) in unrealized gains included in Cost of products sold697 1,010 1,707 — — — 
Increase (decrease) in unrealized losses included in Cost of products sold— — — — 17 1,124 1,141 
Realized increases (decreases) included in Cost of products sold(51)— (51)(29)— (29)
Purchases16,296 — 16,296 79 — 79 
Sales(16,609)— (16,609)(81)— (81)
Settlements— (1,369)(1,369)— (1,142)(1,142)
Transfers into Level 31,416 241 1,657 1 68 69 
Transfers out of Level 3(1,431)(186)(1,617)— (102)(102)
Closing balance, December 31, 2024$3,031 $427 $3,458 $88 $405 $493 
Transfers into Level 3 of assets and liabilities previously classified in Level 2 were due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts rising above the 10% threshold. Transfers out of Level 3 were primarily due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts falling below the 10% threshold and thus permitting reclassification to Level 2.

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

The following table sets forth the weighted average percentage of the unobservable price components included in the Company’s Level 3 valuations as of December 31, 2025 and 2024. The Company’s Level 3 measurements may include basis only, transportation cost only, or both price components. 

Weighted Average % of Total Price
 December 31, 2025December 31, 2024
Component TypeAssetsLiabilitiesAssetsLiabilities
Inventories and Related Payables    
Basis21.1%9.0%24.9%31.3%
Transportation cost22.4%—%10.8%—%
Commodity Derivative Contracts    
Basis23.3%23.6%21.8%23.4%
Transportation cost25.7%—%10.8%10.8%

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.
v3.25.4
Derivative Instruments & Hedging Activities
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments & Hedging Activities Derivative Instruments & Hedging Activities
Derivatives Not Designated as Hedging Instruments

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

The Company uses exchange-traded and OTC commodity instruments to manage its net position of merchandisable agricultural product inventories and forward cash purchase and sales contracts to reduce price risk caused by market fluctuations in agricultural commodities and foreign currencies. 

The Company also uses exchange-traded and OTC commodity instruments as components of merchandising strategies designed to enhance margins. The results of these strategies can be significantly impacted by factors such as the correlation between the value of exchange-traded commodities futures and the value of the underlying commodities, counterparty contract defaults, and volatility of freight markets. 

The Company recognizes changes in market value of inventories of certain merchandisable agricultural commodities, inventory-related payables, forward cash purchase and sales contracts, and exchange-traded and OTC instruments in earnings immediately as a component of Cost of products sold.
Fair Value of Derivatives Not Designated as Hedging Instruments

Derivatives, including exchange traded contracts and physical commodity purchase or 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 December 31, 2025 and 2024 (in millions).
 December 31, 2025December 31, 2024
 AssetsLiabilitiesAssetsLiabilities
Foreign Currency Contracts$108 $54 $272 $102 
Commodity Contracts822 613 828 760 
Total$930 $667 $1,100 $862 

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.

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 years ended December 31, 2025, 2024, and 2023 (in millions).
Cost of Other expense (income) - net
productsInterest
RevenuessoldExpense
Total
For the Year Ended December 31, 2025
Pre-tax gains (losses) on:
Foreign Currency Contracts$(66)$269 $— $(144)
Commodity Contracts— 478 — — 
Total gain (loss) recognized in earnings$(66)$747 $— $(144)$537 
For the Year Ended December 31, 2024
Pre-tax gains (losses) on:
Foreign Currency Contracts$29 $(388)$— $142 
Commodity Contracts— 391 — — 
Debt Conversion Option— — — — 
Total gain (loss) recognized in earnings$29 $3 $— $142 $174 
For the Year Ended December 31, 2023
Pre-tax gains (losses) on:
Foreign Currency Contracts$(33)$322 $— $43 
Commodity Contracts— 619 — — 
Debt Conversion Option— — 6 — 
Total gain (loss) recognized in earnings$(33)$941 $6 $43 $957 
Derivatives Designated as Hedging Instruments

The Company had certain derivatives designated as cash flow, fair value, and net investment hedges as of December 31, 2025 and 2024.

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 per month. During the past 12 months, the Company hedged between 12% and 30% of its monthly grind. At December 31, 2025, the Company had designated hedges representing between 7% to 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 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 94% and 100% of the anticipated monthly soybean crush for soybean purchases and soybean meal and soybean oil sales at the designated facilities. At December 31, 2025, the Company had designated hedges representing between 0% and 100% of the anticipated monthly soybean crush for soybean purchases and soybean meal and 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 38% and 59% of the anticipated monthly natural gas consumption at the designated facilities. At December 31, 2025, the Company had designated hedges representing between 8% and 32% of the anticipated monthly natural gas consumption over the next 12 months.

As of December 31, 2025 and 2024, the Company had after-tax gains (losses) of $13 million and $(13) million in AOCI, respectively, related to gains and losses from these programs. The Company expects to recognize $13 million of the 2025 after-tax gains 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 December 31, 2025 and December 31, 2024, the Company had pre-tax gains of $17 million and $5 million, respectively, in Other current assets related to interest rate swaps with an aggregate notional amount of $500 million. A corresponding offset to the underlying debt is recorded for the same amount, with no net impact to earnings.

Net Investment Hedges

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

The Company executed USD-fixed to Euro-fixed cross-currency swaps with an aggregate notional amount of $447 million and $394 million as of December 31, 2025 and 2024, respectively, and foreign exchange forwards with an aggregate notional amount of $2.6 billion and $2.1 billion as of each of December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, the Company had net investment hedge related after-tax (losses) gains of $(171) million and $99 million in AOCI, respectively. The amount is 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 December 31, 2025 and 2024, the Company had after-tax gains of $176 million and $251 million in AOCI, respectively, 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 December 31, 2025 and 2024 (in millions).
 December 31, 2025December 31, 2024
 AssetsLiabilitiesAssetsLiabilities
Commodity Contracts$— $— $3 $— 
Foreign Currency Contracts— 90 — 110 
Interest Rate Contracts17 — 5 — 
Total$17 $90 $8 $110 

The following table sets forth the pre-tax gains (losses) on derivatives designated as cash flow hedging instruments that have been recognized in Cost of products sold in the Consolidated Statements of Earnings for the years ended December 31, 2025, 2024, and 2023 (in millions).

December 31,
202520242023
Pre-tax losses on:
Commodity Contracts$(4)$(77)$322 
v3.25.4
Other Current Assets
 12 Months Ended
Dec. 31, 2025
Other Assets [Abstract]  
Other Current Assets Other Current Assets
The following table sets forth the items in other current assets (in millions):
December 31, 2025December 31, 2024
Unrealized gains on derivative contracts$947 $1,108 
Customer omnibus receivable
573 872 
Margin deposits and grain accounts575 516 
Financing receivables - net256 258 
Insurance premiums receivable106 76 
Prepaid expenses263 279 
Tax receivables583 539 
Non-trade receivables268 393 
Other current assets225 328 
 $3,796 $4,369 
v3.25.4
Accrued Expenses And Other Payables
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Accrued Expenses And Other Payables Accrued Expenses and Other Payables
The following table sets forth the items in accrued expenses and other payables (in millions).
 
December 31, 2025December 31, 2024
Unrealized losses on derivative contracts$757 $972 
Accrued compensation419 346 
Income tax payable83 167 
Other taxes payable181 138 
Accrued interest payable
158 153 
Insurance liabilities
165 172 
Contract liabilities (1)
333 534 
Other deferred income
191 156 
Other accruals and payables1,026 1,092 
 $3,313 $3,730 

(1) Contract liabilities relate to advance payments from customers for goods and services the Company has yet to provide. Revenues recognized in the year ended December 31, 2025 from contract liabilities as of December 31, 2024 were $529 million. Revenues recognized in the year ended December 31, 2024 from contract liabilities as of December 31, 2023 were $529 million.
v3.25.4
Investments in and Advances to Affiliates
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investments in and Advances to Affiliates Investments in and Advances to 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 December 31, 2025 and 2024. 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. On November 19th, 2025, Wilmar completed the purchase of additional equity shares of AWL Agri Business Limited (formerly known as Adani Wilmar Limited) ("AWL") from Adani Commodities LLP, representing 13% of the existing paid-up equity share capital of AWL. As a result of Wilmar obtaining control of AWL by increasing shareholding to 57%, Wilmar announced it expects to record a remeasurement gain related to Wilmar's previously held equity interest in AWL to fair value. The Company recorded its proportionate share of this one-time non-cash gain of $254 million, in Equity in loss (earnings) of unconsolidated affiliates within the Consolidated Statements of Earnings, for the Ag Services and Oilseeds segment, presented as a specified item. In addition, during the year ended December 31, 2025, the Company recorded a charge related to its share of a penalty imposed on Wilmar by the September 25, 2025 decision of the Indonesian Supreme Court, on appeal by the Indonesian Attorney General’s Office. The Company recorded $163 million of losses in Equity in loss (earnings) of unconsolidated affiliates within the Consolidated Statements of Earnings, for the Ag Services and Oilseeds segment, presented as a specified item.

The Company’s investment in Wilmar had a carrying value of $4.0 billion as of December 31, 2025, and a market value of $3.4 billion based on the quoted Singapore Exchange market price, converted to U.S. dollars at the applicable exchange rate, at
December 31, 2025. In accordance with its accounting policy, as of December 31, 2025, 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 December 31, 2025. During the year ended December 31, 2024, the Company’s investment in Wilmar was written down to its fair value, resulting in a pre-tax impairment charge of $461 million recorded in asset impairment, exit, and restructuring costs within the Consolidated Statement of Earnings. 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 December 31, 2025, the Company also holds equity method investments in Pacificor, LLC (32.2%), Olenex Holdings B.V. (37.5%), Hungrana Ltd (50.0%), SoyVen Holding B.V. (50.0%), Almidones Mexicanos S.A. de C.V. (50.0%), Vimison S.A. de C.V. (45.3%), Aston Foods and Food Ingredients (50.0%), Edible Oils Limited (50.0%), Stratas Foods LLC (50.0%), LSCP, LLC (22.1%), Red Star Yeast Company, LLC (40.0%), Plainsman Company, LLC (40.0%), Gradable, LLC (50.0%), Terminal de Grãos Ponta da Montanha S.A. (50.0%), Dusial S.A. (42.8%), Vitafort ZRT (34.3%), Novial SAS (26.2%) ADM Matsutani LLC (50.0%),and Matsutani Singapore Pte. Ltd. (50.0%).
Summarized Financial Information

The Company had 64 and 69 unconsolidated affiliates as of December 31, 2025 and 2024, respectively. The following tables summarize the aggregated balance sheets as of December 31, 2025 and 2024, and the aggregated statements of earnings of the Company’s unconsolidated affiliates for the years ended December 31, 2025, 2024, and 2023 (in millions).
December 31,
20252024
Current assets$37,343 $33,065 
Non-current assets29,982 28,962 
Current liabilities(31,846)(27,357)
Non-current liabilities(9,068)(8,772)
Non-controlling interests(2,670)(2,499)
Net assets$23,741 $23,399 

Year Ended December 31
202520242023
Revenues$83,895 $77,251 $85,754 
Gross profit4,088 3,673 4,261 
Net earnings1,199 2,036 2,452 

The Company’s share of the undistributed earnings of its unconsolidated affiliates as of December 31, 2025 was $6.3 billion. 

Transactions and Balances with Investees

Net sales to unconsolidated affiliates during the years ended December 31, 2025, 2024, and 2023 were $6.0 billion, $6.7 billion, and $7.0 billion, respectively.

Accounts receivable due from unconsolidated affiliates as of December 31, 2025 and 2024 was $270 million and $342 million, respectively.
The Company provides credit facilities to six unconsolidated affiliates of $128 million. As of December 31, 2025, these facilities had an outstanding balance of $4 million, with interest rates ranging between 3.5% and 6.9%. The outstanding balance is included in Other current assets in the Company's Consolidated Balance Sheets.
v3.25.4
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill

Changes in the carrying amount of goodwill by reportable segment and Other Business for the years ended December 31, 2025 and 2024 are as follows (in millions):
 
Ag Services & Oilseeds
Carbohydrate Solutions
Nutrition
Other Business
Total
Balance at December 31, 2023$235 $224 $3,640 $4 $4,103 
Acquisitions
— — 557 — $557 
Currency translation adjustments and other
(17)(8)(127)1 $(151)
Balance at December 31, 2024218 216 4,070 5 4,509 
Acquisitions
19 7 10 — $36 
Currency translation adjustments and other
13 15 197 (1)$224 
Balance at December 31, 2025$250 $238 $4,277 $4 $4,769 

As of each of December 31, 2025 and 2024, accumulated impairment for goodwill was $156 million.

During the year ended December 31, 2025, the Company evaluated goodwill for impairment using a qualitative assessment for six reporting units and using a quantitative assessment for the Animal Nutrition reporting unit within the Nutrition segment. The estimated fair value of the Animal Nutrition reporting unit was evaluated to be approximately 15% in excess of its carrying value and no impairment was recorded.

The Company used a combination of the income and market approaches when performing the quantitative assessment of goodwill for the Animal Nutrition reporting unit. The Company weighted the income approach with a probability weight of 75%, as it is based on the future business plans and growth estimates for the Company’s Animal Nutrition business and considers short-term and long-term cash flow expectations for the business. The market approach was weighted at 25%, as it represents an estimate of fair value based on market guideline companies for which future growth expectations are not precisely known.
Other Intangible Assets

The following table sets forth the detail on other intangible assets.
December 31, 2025December 31, 2024
UsefulGrossAccumulatedGrossAccumulated
LifeAmountAmortizationNetAmountAmortizationNet
(In years)(In millions)
Intangible assets with indefinite lives:
Trademarks/brands$315 $— $315 $290 $— $290 
Intangible assets with definite lives:
Trademarks/brands8to2093 (56)37 86 (42)44 
Customer lists7to301,827 (850)977 1,687 (708)979 
Capitalized software and related costs3to5985 (694)291 964 (612)352 
Land rights20to6597 (34)63 89 (27)62 
Other intellectual property6to15196 (165)31 187 (142)45 
Recipes and other1to35568 (371)197 620 (339)281 
Intangible assets in process65 — 65 207 — 207 
Total$4,146 $(2,170)$1,976 $4,130 $(1,870)$2,260 

During the year ended December 31, 2025, the Company recorded an impairment charge of $179 million related to previously capitalized software, within Corporate. See Note 18. Asset Impairment, Exit, and Restructuring Costs for further information. Other changes in the gross amounts during the year ended December 31, 2025 were primarily related to additions to capitalized software and intangible assets in process of $56 million, acquisitions of $23 million, and foreign currency adjustments of $162 million.

Aggregate amortization expense was $249 million, $266 million, and $234 million for the years ended December 31, 2025, 2024, and 2023, respectively, of which $82 million, $89 million, and $72 million, respectively, were for amortization of capitalized software and related costs.
The estimated future annual amortization expense for each of the next five years for intangible assets recorded at December 31, 2025 is $250 million, $244 million, $224 million, $199 million, and $149 million, respectively.
v3.25.4
Debt Financing Arrangements
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Financing Arrangements Debt Financing Arrangements
The Company’s long-term debt consisted of the following (in millions, except as noted):
Debt Instrument
Interest RateFace AmountDue DateDecember 31, 2025December 31, 2024
1.000% Notes€650 million2025$— $672 
2.500% Notes$1 billion2026999 999 
7.500% Debentures$147 million 2027147 147 
6.750% Debentures$103 million 2027103 103 
6.625% Debentures$144 million 2029144 144 
3.250% Notes$1 billion2030999 993 
7.000% Debentures$160 million 2031165 161 
2.900% Notes$750 million2032746 745 
5.935% Debentures$336 million 2032341 337 
4.500% Notes
$500 million2033494 493 
5.375% Debentures$432 million 2035427 426 
6.450% Debentures$103 million 2038102 103 
5.765% Debentures$297 million 2041297 297 
4.535% Debentures$383 million 2042294 291 
4.016% Debentures$371 million 2043269 266 
3.750% Notes$408 million 2047403 403 
4.500% Notes$600 million2049590 589 
2.700% Notes$750 million2051733 732 
6.950% Debentures$157 million 2097154 154 
Other205 199 
Total long-term debt including current maturities7,612 8,254 
Current maturities(1,006)(674)
Total long-term debt$6,606 $7,580 
 
At December 31, 2025, the fair value of the Company’s long-term debt, excluding current portion, was $6.3 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards), compared to a carrying value of $6.6 billion.

The Company’s credit facilities and certain debentures require the Company to comply with specified financial and non-financial covenants including maintenance of minimum tangible net worth as well as limitations related to incurring liens, secured debt, and certain other financing arrangements. The Company was in compliance with these covenants as of December 31, 2025.
The aggregate future maturities of long-term debt as of December 31, 2025 are as follows (in millions):

Amount
2026$1,006 
2027266 
2028— 
2029145 
20301,006 
Thereafter
5,442 
Total estimated future maturities
$7,865 

At December 31, 2025, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $12.3 billion, of which $9.4 billion was unused. 

The Company had outstanding standby letters of credit and surety bonds at December 31, 2025 and 2024, totaling $1.2 billion and $1.4 billion, respectively.

The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $3.0 billion in funding resulting from the sale of accounts receivable. As of December 31, 2025, the Company utilized $2.1 billion of its facility under the Programs. See Note 19. Sale of Accounts Receivable for further information on the Programs.

The weighted average interest rates on short-term borrowings outstanding at December 31, 2025 and 2024, were 4.0% and 4.7%, respectively. Of the Company’s total lines of credit, $5.1 billion supported the combined U.S. and European commercial paper borrowing programs, against which there was $715 million of commercial paper outstanding at December 31, 2025.

Credit Ratings

As of December 31, 2025, the three major credit rating agencies maintained the Company’s credit ratings at investment grade levels with a negative outlook.
v3.25.4
Stock Compensation
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stock Compensation Stock Compensation
Total compensation expense for Stock Option Grants, Restricted Stock Awards, and PSUs recognized during the years ended December 31, 2025, 2024, and 2023 was $83 million, $74 million, and $112 million, respectively. Changes in incentive compensation expense from period to period are primarily caused by the level of attainment of the PSU performance criteria described below.

Stock Option Grants

The Company’s employee stock compensation plans provide for the granting of options to employees to purchase common stock of the Company pursuant to the Company’s 2020 Incentive Compensation Plan. These options are issued at market value on the date of grant, vest incrementally over one year to five years, and expire ten years after the date of grant.

There were no options granted in 2025, 2024, and 2023. The weighted-average remaining contractual term of options outstanding and exercisable at December 31, 2025, was less than 1 year. 

There were 595,000 and 1,047,000 shares (all of which were exercisable) under outstanding stock options as of December 31, 2025 and 2024, respectively, and 452,000 options were exercised during the year ended December 31, 2025.
Restricted Stock Awards and PSUs

The Company’s 2020 Incentive Compensation Plan provides for the granting of Restricted Stock Awards at no cost to certain officers and key employees. Restricted Stock Awards are made in common stock or stock units with equivalent rights. Prior to the February 2023 grant, Restricted Stock Awards vested at the end of a restriction period of three years. Starting with the February 2023 grant, Restricted Stock Awards have a three-year graded vesting schedule and vest at 33.33% each year.

In addition, the Company’s 2020 Incentive Compensation Plan also provides for the granting of PSUs at no cost to certain officers and key employees. The awards for PSUs are made in common stock units and vest at the end of a vesting period of three years subject to the attainment of certain future service and Company performance criteria. During the years ended December 31, 2025, 2024, and 2023, 3.0 million, 2.6 million, and 1.7 million common stock or stock units, respectively, were granted as Restricted Stock Awards and PSUs. At December 31, 2025, there were 7.5 million shares available for future grants pursuant to the 2020 Incentive Compensation Plan.

The fair value of Restricted Stock Awards and PSUs is determined based on the market value of the Company’s shares on the grant date. The weighted-average grant-date fair values per share of awards granted during the years ended December 31, 2025, 2024, and 2023 were $45.82, $55.16, and $78.90, respectively.

A summary of Restricted Stock Awards and PSUs activity during 2025 is presented below (in thousands, except per share amounts):
Restricted
Stock Awards and PSUs
Weighted Average
Grant-Date Fair Value
Per Share
Non-vested at January 1, 20255,285 $68.77
Granted3,002 $45.82
Vested(2,456)$72.26
Forfeited(433)$41.92
Non-vested at December 31, 20255,398 $54.66

The total grant-date fair value of Restricted Stock Awards and PSU's that vested during the year ended December 31, 2025 was $177 million.
At December 31, 2025, there was $72 million of total unrecognized compensation expense related to Restricted Stock Awards and PSUs. Amounts to be recognized as compensation expense during the years ended December 31, 2026, 2027, and 2028 are expected to be $46 million, $24 million, and $2 million, respectively.
v3.25.4
Other (Income) Expense – Net
 12 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
Other (Income) Expense - Net Other (Income) Expense – Net
The following table sets forth the items in other (income) expense (in millions). 
Year Ended December 31
 202520242023
Gains on sale of assets$(77)$(27)$(38)
Other – net(73)(224)(138)
Total other (income) expense - net
$(150)$(251)$(176)
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The following table sets forth the geographic split of earnings before income taxes (in millions).
Year Ended December 31
 202520242023
United States$(192)$656 $1,844 
Foreign1,447 1,599 2,450 
Total Earnings Before Income Taxes
$1,255 $2,255 $4,294 



Significant components of income tax expense are as follows (in millions):
Year Ended December 31
 202520242023
Current expense (benefit)
 
Federal$(102)$108 $291 
State19 8 47 
Foreign310 490 513 
$227 $606 $851 
Deferred (benefit) expense
 
Federal(46)(99)(52)
State(27)6 (10)
Foreign28 (37)39 
$(45)$(130)$(23)
Income tax expense
$182 $476 $828 
Significant components of deferred tax liabilities and assets are as follows (in millions):
December 31, 2025December 31, 2024
Deferred tax liabilities 
Property, plant, and equipment$758 $808 
Intangibles330 343 
Right of use assets313 317 
Equity in earnings of affiliates195 236 
Debt exchange47 49 
Reserves and other accruals28 133 
Other36 30 
 $1,707 $1,916 
Deferred tax assets 
Pension and postretirement benefits$85 $95 
Inventories12 12 
Lease liabilities320 323 
Stock compensation22 36 
Foreign tax loss carryforwards503 386 
Foreign capital loss carryforwards
45 41 
State tax attributes32 23 
US carryforwards
113 196 
Other81 111 
Gross deferred tax assets1,213 1,223 
Valuation allowances(292)(223)
Net deferred tax assets$921 $1,000 
Net deferred tax liabilities$786 $916 
The net deferred tax liabilities are classified as follows: 
Non-current assets
$349 $352 
Non-current liabilities
(1,135)(1,268)
 $(786)$(916)

Net Operating Losses and Valuation Allowances

The Company had $503 million and $386 million of tax assets related to net operating loss carryforwards of certain international subsidiaries at December 31, 2025 and 2024, respectively. As of December 31, 2025, approximately $436 million of these assets have no expiration date, and the remaining $67 million expire at various times through fiscal 2034. The annual usage of certain of these assets is limited to a percentage of taxable income of the respective foreign subsidiary for the year. The Company has recorded a valuation allowance of $233 million and $166 million against these tax assets at December 31, 2025 and 2024, respectively, due to the uncertainty of their realization.

The Company had $45 million and $41 million of tax assets related to foreign capital loss carryforwards as of December 31, 2025 and 2024, respectively. The Company recorded a valuation allowance of $45 million and $41 million against these tax assets as of December 31, 2025 and 2024, respectively, due to the uncertainty of their realization.
The Company had $113 million of tax assets related to U.S. income tax attributes at December 31, 2025, of which $72 million will expire between 2029 and 2034, and the remaining $41 million will expire in 2044.

The Company had $32 million and $23 million of tax assets related to state income tax attributes (incentive credits and net operating loss carryforwards), net of federal tax benefit, at December 31, 2025 and 2024, respectively, a majority of which will expire between 2026 and 2030. Due to the uncertainty of realization, the Company recorded a valuation allowance of $14 million and $16 million related to state income tax assets net of federal tax benefit as of December 31, 2025 and 2024, respectively.

In assessing the need for a valuation allowance, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. During 2025, the Company increased valuation allowances primarily related to net operating loss carryforwards.
The activity related to the income tax valuation allowance for the years ended December 31, 2025, 2024, and 2023 was as follows (in millions):
Year Ended December 31
202520242023
Opening balance, January 1
$223 $216 $209 
Additions
92 40 58 
Deductions
(23)(33)(51)
Ending balance, December 31
$292 $223 $216 

Income Tax Rate Reconciliations

The table below provides additional details per the requirements of ASU 2023-09 for the year ended December 31, 2025. See Note 1. Summary of Significant Accounting Policies for additional details on the adoption of ASU 2023-09.
Year Ended December 31, 2025
$%
Provision for income taxes at U.S. federal statutory rate$264 21.0 %
State and local income tax, net of federal (national) income tax effect(6)(0.5)
Foreign Tax Effects:Singapore - Non-taxable Equity Earning(65)(5.2)
Singapore - Other(21)(1.7)
Japan - Non-deductible Impairment40 3.2 
Japan - Other(15)(1.2)
Brazil - Valuation Allowance53 4.2 
Brazil - Other(2)(0.1)
Switzerland - Foreign Rate Differential(35)(2.8)
Switzerland - Other22 1.8 
Other Foreign Tax Effects68 5.4 
Tax Credits:Tax benefit on U.S. railroad credits(63)(5.0)
Other tax credits(27)(2.1)
Effects of cross-border tax lawsAmended 2017 tax return - transition tax(24)(2.0)
Other13 1.1 
Change in unrecognized tax benefits(17)(1.4)
Other adjustments(3)(0.2)
Total tax expense and effective tax rate$182 14.5 %

The Company’s effective tax rate for 2025 was 14.5% compared to 21.1% for 2024. The change in the effective rate was driven primarily by tax treatment of non-recurring items and the Company's geographic mix of earnings.

The state and local income tax category reflects income taxes imposed at the state or local level in the jurisdiction of domicile. For the year ended December 31, 2025, state taxes in California, Pennsylvania and Indiana comprised the majority (greater than 50%) of the tax effect in this category.

As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows:
Year Ended December 31
 20242023
U.S. Federal Statutory rate21.0 %21.0 %
State income taxes, net of federal tax benefit0.2 0.9 
Foreign earnings taxed at rates other than the U.S. statutory rate2.2 (0.3)
Foreign currency effects/remeasurement(4.8)0.5 
Withholding Tax1.8 0.1 
Impairment of Investments4.3 0.5 
Change in Uncertain Tax Position3.2 0.1 
Tax benefit on U.S. biodiesel credits(2.9)(1.7)
Second-generation biofuel credit(1.2)— 
U.S. railroad credits(2.5)(1.5)
U.S. tax on foreign earnings0.6 1.2 
Other(0.8)(1.5)
Effective income tax rate21.1 %19.3 %

The following table presents supplemental cash flow information related to income taxes paid (net of refunds received):


Year Ended December 31
 2025
U.S. Federal $48 
US State and Local15 
Foreign:
Argentina30 
Canada44 
Germany21 
Mexico58 
Philippines26 
Switzerland25 
Other122 
Total cash taxes paid, net of refunds received$389 


OBBBA

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA 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 legislation has multiple effective dates between 2025 and 2027. The OBBBA provisions that were effective for 2025 did not have a significant impact on the Consolidated Financial Statements for the year ended December 31, 2025. The Company is evaluating the impact of the adoption of OBBBA on future tax years as additional guidance is issued.
Other Matters

The Company is indefinitely reinvested with respect to its historical undistributed earnings of certain foreign subsidiaries and undistributed earnings for other foreign subs and corporate joint ventures at December 31, 2025. It is not practicable to determine the amount of unrecognized deferred tax liability related to any remaining undistributed earnings of foreign subsidiaries and corporate joint ventures.

The Company incurred U.S. taxable income of $210 million, $674 million, and $425 million related to Global Intangible Low-Taxed Income (GILTI) and deducted $0 million, $16 million, and $77 million related to Foreign Derived Intangible Income Deduction in fiscal years 2025, 2024, and 2023, respectively. The Company made an accounting policy election to treat GILTI as a period cost. The Company has recorded and will continue to record the impact of tax reform items as U.S. tax authorities issue Treasury Regulations and other guidance addressing tax reform-related changes. The additional guidance, along with the potential for additional global tax legislation changes, may affect significant deductions and income inclusions and could have a material adverse effect on the Company’s net income or cash flow.

Unrecognized Tax Benefits

The following table sets forth a rollforward of activity of unrecognized tax benefits for the year ended December 31, 2025 and 2024 (in millions).
 December 31,
 20252024
Opening balance, January 1 $185 $168 
Net additions related to current year’s tax positions9 12 
Net additions related to prior years’ tax positions— 57 
Additions (adjustments) related to acquisitions— 2 
Reductions related to prior years’ tax positions(13)— 
Reductions related to lapse of statute of limitations(8)(6)
Settlements with tax authorities(35)(48)
Ending balance, December 31 $138 $185 

The additions and reductions in unrecognized tax benefits shown in the table included effects related to net income and shareholders’ equity. The changes in unrecognized tax benefits did not have a material effect on the Company’s net income or cash flow. At December 31, 2025 and 2024, the Company had accrued interest and penalties on unrecognized tax benefits of $61 million and $59 million, respectively.

The Company is subject to income taxation and routine examinations in many jurisdictions around the world and frequently faces challenges regarding the amount of taxes due. These challenges include positions taken by the Company related to the timing, nature, and amount of deductions and the allocation of income among various jurisdictions. In its routine evaluations of the exposure associated with various tax filing positions, the Company recognizes a liability, when necessary, for estimated potential tax owed by the Company in accordance with applicable accounting standards. Given the long periods of time involved in resolving tax positions, the Company does not expect that the recognition of unrecognized tax benefits will have a material impact on the Company’s effective income tax rate in any given period. If the total amount of unrecognized tax benefits were recognized by the Company at one time, there would be a reduction of $138 million on the tax expense for that period.
The Company remains subject to federal examination in the U.S. for the calendar tax years 2017, and 2022 through 2025.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
The following table sets forth the amounts relating to the Company’s total lease cost and other information (in millions).

Year Ended December 31
202520242023
Lease cost:
Operating lease cost$430 $410 $390 
Short-term lease cost105 135 126 
Total lease cost$535 $545 $516 
Other information:
Operating lease liability principal payments$415 $397 $374 
Right-of-use assets obtained in exchange for new operating lease liabilities$278 $437 $327 
December 31
20252024
Weighted-average remaining lease term - operating leases (in years)77
Weighted average discount rate - operating leases4.8 %4.5 %
        

The aggregate future lease payments for operating leases as of December 31, 2025 are as follows (in millions):
 Undiscounted
 Cash Flows
2026$357 
2027294 
2028241 
2029175 
2030118 
Thereafter411 
Total undiscounted minimum lease payments1,596 
Less: Interest (1)
(248)
Lease liability$1,348 

(1) Calculated using the implicit rate of the lease, if available, or the incremental borrowing rate that is appropriate for the tenor and geography of the lease.
v3.25.4
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
The Company provides substantially all U.S. employees and employees at certain foreign subsidiaries with retirement benefits including defined benefit pension plans and defined contribution plans. The Company also provides certain eligible U.S. employees who retire under qualifying conditions with subsidized postretirement health care coverage or Health Care Reimbursement Accounts.

Defined contribution plans

The Company maintains 401(k) plans covering substantially all U.S. employees. The Company contributes cash to the plans to match qualifying employee contributions, and also provides a non-matching employer contribution of 1% of pay to eligible participants. Under an employee stock ownership component of the 401(k) plans, employees may choose to invest in the Company’s stock as part of their own investment elections. Assets of the Company’s 401(k) plans consist primarily of listed common stocks and pooled funds. 

Defined contribution plan expenses for U.S. and Canadian employees were $63 million, $76 million, $73 million for the years ended December 31, 2025, 2024, and 2023, respectively.

The Company’s 401(k) plans held 5 million shares of Company common stock at December 31, 2025, with a market value of $301 million. Cash dividends received on shares of Company common stock by these plans during the year ended December 31, 2025 were $11 million.

Defined benefit plans

The following table sets forth the components of pension benefits expense for the years ended December 31, 2025, 2024, and 2023 (in millions).
 Pension Benefits
Year Ended December 31
202520242023
Defined benefit plans:
Service cost (1)
$48 $46 $41 
Interest cost (1)
82 79 76 
Expected return on plan assets(83)(89)(83)
Settlement charges(3)2 — 
Amortization of actuarial loss5 5 3 
Amortization of prior service (credit)
(19)(20)(20)
Net periodic defined benefit plan expense30 23 17 
Net actuarial (gain) loss
$(46)$(38)$46 
Prior service cost
19 26 19 
Total pre-tax comprehensive loss (income)
$(27)$(12)$65 

(1) Service and interest costs are recorded within Cost of products sold and Selling, general, and administrative expenses, in the Consolidated Statements of Earnings, based on the functional responsibilities of employees.
The following tables set forth changes in the defined benefit obligation and the fair value of defined benefit plan assets for the Company's pension benefits for the years ended December 31, 2025 and 2024 (in millions).
 Pension Benefits
December 31
2025		December 31
2024
Change in defined benefit obligations:
Benefit obligation, beginning$1,673 $1,765 
Service cost48 46 
Interest cost82 79 
Actuarial (gain)
(25)(111)
Employee contributions4 4 
Benefits paid(70)(62)
Plan amendments— 6 
Foreign currency effects and Other
44 (54)
Benefit obligation, ending$1,756 $1,673 
Change in defined plan assets
Fair value of plan assets, beginning$1,351 $1,415 
Actual return on plan assets105 7 
Employer contributions69 26 
Employee contributions4 4 
Benefits paid(70)(62)
Foreign currency effects and Other16 (39)
Fair value of plan assets, ending$1,475 $1,351 
Funded status$(281)$(322)
Amounts recognized in the Consolidated Balance Sheets
Other assets (non-current)
$78 $68 
Accrued expenses and other payables
(20)(19)
Other long-term liabilities
(339)(371)
Net liabilities recognized in the Consolidated Balance Sheets$(281)$(322)

The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the pension plans with projected benefit obligations in excess of plan assets were $1.5 billion, $1.4 billion, and $1.1 billion, respectively, as of December 31, 2025, and $1.4 billion, $1.4 billion, and $1.0 billion, respectively, as of December 31, 2024. 

Other Postretirement benefits

The Company recorded $8 million of postretirement benefits expenses for each of the years ended December 31, 2025, 2024, and 2023. The benefit obligation for the postretirement benefits plans totaled $99 million and $102 million as of December 31, 2025 and 2024, respectively.

Supplemental information

The Company uses the corridor approach when amortizing actuarial losses. Under the corridor approach, net unrecognized actuarial losses in excess of 10% of the greater of the projected benefit obligation or the market related value of plan assets are amortized over future periods. For plans with little to no active participants, the amortization period is the remaining average life expectancy of the participants. For plans with active participants, the amortization period is the remaining average service period of the active participants. The amortization periods range from 5 to 27 years for the Company’s defined benefit pension plans and from 5 to 18 years for the Company’s postretirement benefit plans.
Included in AOCI for pension benefits at December 31, 2025, are the following amounts that have not yet been recognized in net periodic pension cost: unrecognized prior service credit of $10 million and unrecognized actuarial loss of $188 million.

Included in AOCI for postretirement benefits at December 31, 2025, are the following amounts that have not yet been recognized in net periodic postretirement benefit cost: unrecognized prior service cost of $1 million and unrecognized actuarial loss of $18 million. 

Future Contributions and Expected Benefit Payments

Based on actuarial calculations, the Company expects to contribute $30 million to the pension plans and $12 million to the postretirement benefit plans during 2026. The Company may elect to make additional discretionary contributions during this period.

The following benefit payments, which reflect expected future service, are expected to be paid by the benefit plans (in millions):
 
Pension
Benefits
2026$90 
202795 
2028101 
2029109 
2030115 
2031-2035652 

Significant assumptions

The following table sets forth the principal assumptions used in developing net periodic benefit cost:
 Pension Benefits
December 31
2025		December 31
2024
Discount rate for service cost4.7%4.5%
Expected return on plan assets6.1%6.0%
Rate of compensation increase4.8%4.8%
Interest crediting rate4.6%4.0%

The following table sets forth the principal assumptions used in developing the year-end actuarial present value of the projected benefit obligations:

 Pension Benefits
December 31
2025		December 31
2024
Discount rate5.1 %5.0 %
Rate of compensation increase4.6 %4.8 %
Interest crediting rate4.7 %4.6 %
For postretirement benefit measurement purposes, a 8.4% annual rate of increase in the per capita cost of covered health care benefits was assumed for the year ended December 31, 2025. The rate was assumed to decrease gradually to 4.5% by 2035 and remain at that level thereafter.

Plan Assets

The Company’s employee benefit plan assets are principally comprised of the following types of investments:

Common Stock:
Equity securities are valued based on quoted exchange prices and are classified within Level 1 of the valuation hierarchy.

Mutual Funds:
Mutual funds are valued at the closing price reported on the active market on which they are traded and are classified within Level 1 of the valuation hierarchy.

Common Collective Trust (CCT) Funds:
The investments in CCTs are comprised of U.S. and international equity, fixed income, and other securities, including certain equity index funds. These investments are generally valued at the net asset value (NAV) provided by the administrators of the funds. To the extent a CCT’s NAV is determined and published daily and is the basis for current transactions, the investment is measured at fair value and classified within Level 1 of the fair value hierarchy. Other CCTs, whose NAV is not considered a readily determinable fair value, are measured using the NAV practical expedient and are therefore not included within the fair value hierarchy.

Corporate Debt Instruments:
Corporate debt instruments are valued using third-party pricing services and are classified within Level 2 of the valuation hierarchy.

U.S. Treasury Instruments:
U.S. Treasury instruments are valued at the closing price reported on the active market on which they are traded and are classified within Level 1 of the valuation hierarchy.

U.S. Government Agency, State, and Local Government Bonds:
U.S. government agency obligations and state and municipal debt securities are valued using third-party pricing services and are classified within Level 2 of the valuation hierarchy. 

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants’ methods, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The following tables set forth, by level within the fair value hierarchy, the fair value of plan assets as of December 31, 2025 and 2024 (in millions).
 Fair Value Measurements at December 31, 2025
Level 1Level 2Level 3Total
Common stock$37 $— $— $37 
Common collective trusts / Mutual funds162 — — 162 
Corporate bonds— 550 — 550 
U.S. Treasury instruments152 — — 152 
U.S. government agency, state and local government bonds— 5 — 5 
Other38 19 — 57 
Total assets$389 $574 $— $963 
Common collective trust funds at NAV
U.S. equity56 
International equity81 
Fixed income327 
Other48 
Total assets at fair value$1,475 

 Fair Value Measurements at December 31, 2024
Level 1Level 2Level 3Total
Common stock$36 $— $— $36 
Common collective trusts / Mutual funds154 — — 154 
Corporate bonds— 517 — 517 
U.S. Treasury instruments161 — — 161 
U.S. government agency, state and local government bonds— 4 — 4 
Other13 18 — 31 
Total assets$364 $539 $— $903 
Common collective trust funds at NAV
U.S. equity30 
International equity67 
Fixed income298 
Other53 
Total assets at fair value$1,351 

There are no Plan assets classified as Level 3 in the fair value hierarchy; therefore there are no gains or losses associated with Level 3 assets.
The following table sets forth the actual asset allocation for the Company’s global pension plan assets as of the measurement date.

December 31 2025(1)(2)
December 31
2024(2)
Equity securities23%21%
Debt securities66%68%
Other11%11%
Total100%100%

(1)The Company’s U.S. pension plans contain approximately 68% of the Company’s global pension plan assets. The actual asset allocation for the Company’s U.S. pension plans as of the measurement date consists of 24% equity securities, 70% debt securities, and 6% other. The target asset allocation for the Company’s U.S. pension plans is approximately the same as the actual asset allocation. The actual asset allocation for the Company’s foreign pension plans as of the measurement date consists of 20% equity securities, 59% debt securities, and 21% other. The target asset allocation for the Company’s foreign pension plans is approximately the same as the actual asset allocation.

(2)The Company’s pension plans did not directly hold any shares of Company common stock as of the December 31, 2025 and 2024 measurement dates. 

Investment objectives for the Company’s plan assets are to:

–Optimize the long-term return on plan assets in consideration of funded status risk.
–Maintain a broad diversification of assets and appropriate risk exposure across asset classes.
–Maintain careful control of the risk level within each asset class.

Asset allocation targets promote optimal expected return and volatility characteristics given the long-term time horizon for fulfilling the obligations of the pension plans. Selection of the targeted asset allocation for plan assets was based upon a review of the expected return and risk characteristics of each asset class, as well as the correlation of returns among asset classes. The U.S. pension plans target asset allocation is also based on an asset and liability study that is updated periodically.

Investment guidelines are established with each investment manager. These guidelines provide the parameters within which the investment managers agree to operate, including criteria that determine eligible and ineligible securities, diversification requirements, and credit quality standards, where applicable. In some countries, derivatives may be used to gain market exposure in an efficient and timely manner; however, derivatives may not be used to leverage the portfolio beyond the market value of underlying investments.

The Company uses external consultants to assist in monitoring the investment strategy and asset mix for the Company’s plan assets. To develop the Company’s expected long-term rate of return assumption on plan assets, the Company generally uses long-term historical return information for the targeted asset mix identified in asset and liability studies. Adjustments are made to the expected long-term rate of return assumption when deemed necessary based upon revised expectations of future investment performance of the overall investment markets.
v3.25.4
Shareholders' Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
The Company has authorized one billion shares of common stock and 500,000 shares of preferred stock, each with no par value. No preferred stock has been issued. 
Treasury Stock

At December 31, 2025 and 2024, the Company had approximately 235.5 million shares and 237.6 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 December 31, 2025, the Company had 115 million shares remaining under its share repurchase program until December 31, 2029.

Accumulated Other Comprehensive Income

The following tables set forth the changes in AOCI by component and the reclassifications out of AOCI for the years ended December 31, 2025, 2024, and 2023 (in millions).
 
 
Foreign
Currency
Translation
Adjustments
 
Deferred
Gain (Loss)
on Hedging
Activities
Pension and
Other
Postretirement
Benefit
Liabilities
 
Unrealized
Gain (Loss)
on
Investments
 
Accumulated
Other
Comprehensive
Income (Loss)
Balance at December 31, 2022$(2,622)$148 $(22)$(13)$(2,509)
Other comprehensive income (loss) before reclassifications204 337 (46)16 511 
(Loss) from net investment hedges(153)— — — (153)
Amounts reclassified from AOCI— (322)(42)— (364)
Tax effect32 (5)2 (1)28 
Net of tax amount83 10 (86)15 22 
Balance at December 31, 2023(2,539)158 (108)2 (2,487)
Other comprehensive income (loss) before reclassifications(607)(118)(27)(16)(768)
Gain on net investment hedges192 — — — 192 
Amounts reclassified from AOCI— 77 42 — 119 
Tax effect(45)9 (7)(1)(44)
Net of tax amount(460)(32)8 (17)(501)
Balance at December 31, 2024(2,999)126 (100)(15)(2,988)
Other comprehensive income (loss) before reclassifications803 (11)36 (4)824 
(Loss) on net investment hedges(463)— — — (463)
Amounts reclassified from AOCI— 4 (12)— (8)
Tax effect110 — (6)— 104 
Net of tax amount450 (7)18 (4)457 
Balance at December 31, 2025$(2,549)$119 $(82)$(19)$(2,531)
Amounts reclassified from AOCI
Year Ended December 31,
Affected line item in the
Consolidated Statements of
Details about AOCI components202520242023
Earnings
Deferred loss (gain) on hedging activities
$4 $77 $(322)Cost of products sold
(1)(20)77 Income tax expense
$3 $57 $(245)Net earnings
v3.25.4
Segment and Geographic Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
The Company’s operations are organized, managed, and classified into three reportable business 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, and Plainsman Company, LLC.

The Carbohydrate Solutions segment engages in corn and wheat wet and dry milling and related processing activities. The segment converts corn and wheat into products and ingredients used in food and beverage applications, including sweeteners, starches, syrups, glucose, wheat flour, and dextrose. Dextrose and starches are also utilized as feedstocks in downstream processes, including fermentation to produce alcohol and other food and animal feed ingredients. Ethanol is produced for use as an octane enhancer and oxygenate in gasoline. In addition, the segment produces distillers’ grains, corn gluten feed, and corn gluten meal for use as animal feed ingredients. Corn germ, a by‑product of wet milling, is further processed into vegetable oil and protein meal, and citric acids are produced for food and industrial applications. The Carbohydrate Solutions segment also advances carbon capture and sequestration and other emissions‑reduction initiatives, positioning the business to support lower‑carbon operations and the growing use of plant‑based alternatives to fossil‑derived materials. This segment also includes the Company’s share of the results of its equity investments in Hungrana Ltd., Almidones Mexicanos S.A. de CV, Aston Foods and Food Ingredients, 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 Vimison S.A. de C.V., Dusial S.A., Vitafort ZRT, Novial, ADM Matsutani LLC and Matsutani Singapore Pte. Ltd.

Other Business results include the Company’s financial business units related to futures commission and insurance activities. Corporate results principally include unallocated corporate expenses, interest cost net of interest income, and revaluation gains and losses on cost method investments and the share of the results of equity investments in early-stage start-up companies.

Intersegment sales have been recorded using principles consistent with Topic 606.
Segment Information for the Years ended December 31, 2025, 2024 and 2023

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

Year Ended December 31, 2025
Ag Services
and Oilseeds		Carbohydrate
Solutions		NutritionTotal
Revenue from external customers$61,571 $10,737 $7,512 $79,820 
Other Business449 
Total revenues$80,269 
Less:
Cost of materials56,128 6,679 4,644 
Manufacturing costs3,545 2,657 1,306 
Selling, general, and administrative expenses847 327 1,126 
Other segment items (1)
(563)(137)19 
Segment operating profit$1,614 $1,211 $417 $3,242 
Reconciliation of segment operating profit
Other Business298 
Corporate (2)
(2,049)
Specified items:
Gains on sales of assets and businesses39 
Asset impairment, restructuring, and net settlement contingencies(435)
Gain on contract termination69 
ADM's share of equity method investment non-recurring (gains) and charges, net (3)
91 
Earnings Before Income Taxes$1,255 

(1) Other segment items for each reportable segment include Equity in the earnings of affiliates, Interest and investment (income), Interest expense, and Other (income) - net.

(2) Includes a $179 million impairment charge related to previously capitalized software and a $254 million impairment related to certain investments, presented as specified items. See Note 18. Asset Impairment, Exit, and Restructuring Costs for further information.

(3) Represents the Company's share of Wilmar's non-recurring gains related to remeasurement of Wilmar's previously held equity interest in AWL to fair value, and the penalty imposed on Wilmar during the year ended December 31, 2025. See Note 8. Investments in and Advances to Affiliates for further information.
Year Ended December 31, 2024
Ag Services
and Oilseeds		Carbohydrate
Solutions		NutritionTotal
Revenue from external customers
$66,516 $11,234 $7,349 $85,099 
Other Business431 
Total revenues
$85,530 
Less:
Cost of materials60,378 7,170 4,651 
Manufacturing costs3,436 2,592 1,249 
Selling, general, and administrative expenses
919 326 1,166 
Other segment items (1)
(664)(230)(103)
Segment operating profit$2,447 $1,376 $386 $4,209 
Reconciliation of segment operating profit
Other Business
247 
Corporate(1,721)
Specified items:
Gains on sales of assets and businesses10 
Asset impairment, restructuring, and net settlement contingencies (2)
(490)
Earnings Before Income Taxes$2,255 

(1) Other segment items for each reportable segment include Equity in the earnings of affiliates, Interest and investment (income) expense, Interest expense, and Other (income) - net.

(2) Includes a $461 million impairment charge related to the Company's investment in Wilmar, within the Ag Services and Oilseeds segment.
Year Ended December 31, 2023
Ag Services
and Oilseeds		Carbohydrate
Solutions		NutritionTotal
Revenue from external customers$73,426 $12,874 $7,211 $93,511 
Other Business424 
Total revenues$93,935 
Less:
Cost of materials65,751 8,729 4,608 
Manufacturing costs3,338 2,550 1,136 
Selling, general, and administrative expenses880 323 1,034 
Other segment items(1)
(610)(103)6 
Segment operating profit$4,067 $1,375 $427 $5,869 
Reconciliation of segment operating profit
Other Business375 
Corporate(1,606)
Specified items:
Gains on sales of assets and businesses17 
Asset impairment, restructuring, and net settlement contingencies (2)
(361)
Earnings Before Income Taxes$4,294 

(1) Other segment items for each reportable segment include Equity in the earnings of affiliates, Interest and investment (income) expense, Interest expense, and Other (income) - net.

(2) Includes charges related to the impairment of certain long-lived assets, goodwill, intangibles.
(In millions)Year Ended December 31
 202520242023
Intersegment revenue
Ag Services and Oilseeds$1,759 $1,716 $2,108 
Carbohydrate Solutions805 889 918 
Nutrition57 68 48 
Total intersegment revenue
$2,621 $2,673 $3,074 
Depreciation expense
Ag Services and Oilseeds$413 $376 $350 
Carbohydrate Solutions315 305 304 
Nutrition158 151 132 
Total segment depreciation expense
886 832 786 
Other Business
9 9 10 
Corporate37 34 29 
Total depreciation expense
$932 $875 $825 
Amortization expense
Ag Services and Oilseeds$12 $14 $17 
Carbohydrate Solutions5 6 8 
Nutrition156 158 136 
Total segment amortization expense
173 178 161 
Corporate76 88 73 
Total amortization expense
$249 $266 $234 
Interest and investment income
Ag Services and Oilseeds$54 $84 $54 
Nutrition(115)— (18)
Total segment interest and investment income
(61)84 36 
Other Business
395 463 499 
Corporate(216)15 (36)
Total interest and investment income
$118 $562 $499 
Equity in earnings of unconsolidated affiliates
Ag Services and Oilseeds$521 $474 $459 
Carbohydrate Solutions104 127 76 
Nutrition29 29 21 
Total segment equity in earnings of unconsolidated affiliates
654 630 556 
Corporate(6)(9)(5)
Total equity in earnings of unconsolidated affiliates
$648 $621 $551 
Geographic Information for the Company for Years ended December 31, 2025, 2024 and 2023

The following geographic data include revenues from external customers attributed to the countries based on the location of the subsidiary making the sale (in millions). 
Year Ended
December 31
 202520242023
Revenues 
United States$31,175 $33,550 $38,783 
Switzerland17,793 19,877 19,898 
Cayman Islands6,093 5,603 7,646 
Brazil3,358 3,353 3,361 
Mexico2,741 3,209 3,185 
Canada1,767 2,055 2,400 
United Kingdom2,115 2,186 2,219 
Other Foreign15,227 15,697 16,443 
Total Revenues
$80,269 $85,530 $93,935 

Long-lived assets represent the net book value of property, plant, and equipment and right-of-use (ROU) assets based on physical location (in millions).
December 31
20252024
Property, plant, and equipment, net
United States$7,007 $6,965 
Brazil899 872 
Other Foreign3,273 3,000 
Total property, plant, and equipment, net
$11,179 $10,837 
ROU assets
United States$1,063 $1,063 
Other Foreign259 295 
Total ROU assets
$1,322 $1,358 
v3.25.4
Asset Impairment, Exit, and Restructuring Costs
 12 Months Ended
Dec. 31, 2025
Restructuring, Settlement and Impairment Provisions [Abstract]  
Asset Impairment, Exit, and Restructuring Costs 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).
Year Ended December 31
202520242023
Restructuring and exit costs (1)
$283 $26 $33 
Impairment charge - goodwill and other intangible assets (2)
179 43 201 
Impairment charge - other long-lived assets (3)
11 476 108 
Total asset impairment, exit, and restructuring costs$473 $545 $342 

(1)On February 4, 2025, the Company announced targeted actions expected to deliver in excess of $500 million of cost savings by fiscal 2029. These include cost optimization and portfolio simplification initiatives designed to help the Company achieve cost efficiencies. Charges associated with these actions, as well as similar initiatives in prior periods, are reflected as restructuring charges. The year ended December 31, 2025 included restructuring charges (primarily impairment of long-lived assets, impairment of intangible assets, and employee termination benefits) of $207 million, $46 million, $8 million, and $22 million within the Nutrition segment, the Ag Services and Oilseeds segment, the Carbohydrate Solutions segment, and Corporate, respectively. The year ended December 31, 2024 included restructuring charges of $3 million within the Nutrition segment and $23 million, within Corporate. The year ended December 31, 2023 included several individually insignificant restructuring charges of $18 million, $5 million, $4 million, and $6 million within the Nutrition segment, Ag Services and Oilseeds segment, Carbohydrate Solutions segment, and Corporate, respectively.
(2)The year ended December 31, 2025 included an impairment charge of $179 million, related to previously capitalized software, within Corporate. The year ended December 31, 2024 included impairments of discontinued Animal Nutrition trademarks of $43 million, within the Nutrition segment. The year ended December 31, 2023 included impairments related to goodwill of $137 million and customer list and discontinued Animal Nutrition trademarks totaling $64 million, within the Nutrition segment.
(3)The year ended December 31, 2025 included an impairment charge of $11 million related to a certain long-lived asset within the Nutrition segment. The year ended December 31, 2024 included $461 million impairment charge related to the Company’s investment in Wilmar, within the Ag Services and Oilseeds segment. The year ended December 31, 2023 included impairments related to certain long-lived assets of $10 million, $33 million, and $65 million, within the Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition segments, respectively.
v3.25.4
Sale of Accounts Receivable
 12 Months Ended
Dec. 31, 2025
Transfers and Servicing [Abstract]  
Sale of Accounts Receivable Sale of Accounts Receivable
The Company has an accounts receivable securitization program (the “First Program”) with certain commercial paper conduit purchasers and committed purchasers (collectively, the “First Purchasers”). Under the First Program, certain U.S.-originated trade accounts receivable are sold to a wholly-owned bankruptcy-remote entity, ADM Receivables, LLC (“ADM Receivables”). ADM Receivables transfers certain of the purchased accounts receivable to each of the First Purchasers together with a security interest in all of its right, title, and interest in the remaining purchased accounts receivable. In exchange, ADM Receivables receives a cash payment of up to $1.7 billion for the accounts receivable transferred. The First Program terminates on May 15, 2026, unless extended.

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

As of December 31, 2025 and 2024, the fair value of trade receivables transferred to the Purchasers under the Programs and derecognized from the Company’s Consolidated Balance Sheets was $2.1 billion and $2.0 billion, respectively. Total receivables sold were $44.3 billion, $46.9 billion, and $54.8 billion for the years ended December 31, 2025, 2024, and 2023, respectively. Cash collections from customers on receivables sold were $44.7 billion, $47.0 billion, and $53.6 billion for the years ended December 31, 2025, 2024, and 2023, 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. Receivables pledged as collateral to the Purchasers were $290 million and $693 million as of December 31, 2025 and 2024, respectively.
Transfers of receivables under the Programs resulted in an expense of $48 million, $95 million, and $56 million, for the years ended December 31, 2025, 2024, and 2023, respectively, which is 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.
v3.25.4
Legal Proceedings
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Legal Proceedings 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 or disclosed. 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.
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.

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.
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. 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 Chancery Court of Delaware against certain current and former officers and directors of the Company, seeking unspecified damages; these actions have been consolidated in the Court of Chancery. The Litigation Demand Action was not included in the consolidation. On April 14, 2025, a purported stockholder filed a derivative lawsuit in the U.S. District Court for the Northern District of Illinois against certain current and former officers and directors of the Company, seeking unspecified damages; that action has been transferred to and consolidated with the action in the U.S. District Court for the District of Delaware. On July 3, 2025, a purported stockholder filed a lawsuit to compel inspection of ADM’s books and records. The Company is unable to predict the final outcome of these proceedings with any reasonable degree of certainty.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
The Company faces significant and persistent cybersecurity risks due to: the breadth of geographies, networks, and systems ADM must defend against cybersecurity attacks, such as exploitation of vulnerabilities, ransomware, denial of service, supply chain attacks, or other similar threats; the attractiveness of the Company’s systems and processes to threat actors (including state-sponsored organizations) seeking to inflict harm on ADM or its customers; the substantial level of harm that could occur to the Company and its customers in case of a material cybersecurity incident; and ADM’s use of third-party products, services and components. ADM is committed to supporting the governance and oversight of cybersecurity risks and to implementing mechanisms, controls, technologies, and processes designed to help the Company assess, identify, and manage these risks.

To date, the Company has not identified risks from cybersecurity threats, including as a result of previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations, or financial condition. However, the Company is subject to ongoing risks from cybersecurity threats that could materially affect the Company, including its business strategy, results of operations, or financial condition, as further described in Item 1A. Risk Factors.

Cybersecurity risks are included in the risk universe that the Company’s Enterprise Risk Management (ERM) function evaluates, with input from information security subject matter experts at the Company, to assess top risks to the enterprise. The ERM process provides input into our strategic planning process, such as development of action plans to address and mitigate identified risks. Integrating cybersecurity risk into the overall ERM process in this manner assists the Company in identifying, assessing, and managing material cybersecurity risks.

The Company has a dedicated cybersecurity team that collaborates with compliance, privacy, legal, and other teams across the global organization to assess the risk landscape. ADM’s cybersecurity program is designed to be aligned with applicable industry standards and is assessed regularly by independent third-party auditors. The multifaceted nature of the Company’s cybersecurity measures includes aspects of prevention, detection, and response capabilities, employee training programs, threat intelligence monitoring, and the implementation of an array of technologies. The Company has established processes to oversee and identify cybersecurity risks associated with the use of third-party service providers, which include the completion of due diligence before engaging with any third party, controls for response to mitigate any significant risks, and assessments and reviews during the course of the relationship. Additionally, the Company has ongoing partnerships with government and commercial cybersecurity experts to understand emerging cybersecurity threats.
The Company has seen an increase in cyberattack volume, frequency, and sophistication. ADM seeks to detect and investigate unauthorized attempts and attacks against its network, products, and services, and to prevent their occurrence and recurrence where practicable through changes or updates to the Company’s internal processes and tools; however, ADM remains potentially vulnerable to known or unknown threats. The Company’s cyber incident response plan includes an escalation process if a cybersecurity incident meets specific rating criteria to trigger swift and effective action designed to minimize potential disruptions and protect the integrity of our operations. The Company also conducts periodic cybersecurity scenarios with senior management to enhance preparedness.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Cybersecurity risks are included in the risk universe that the Company’s Enterprise Risk Management (ERM) function evaluates, with input from information security subject matter experts at the Company, to assess top risks to the enterprise. The ERM process provides input into our strategic planning process, such as development of action plans to address and mitigate identified risks. Integrating cybersecurity risk into the overall ERM process in this manner assists the Company in identifying, assessing, and managing material cybersecurity risks.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
The Board of Directors has oversight of cybersecurity risk as part of the ERM program. The Board of Directors is assisted by the Sustainability and Technology Committee, which regularly reviews the cybersecurity program with management and reports to the Board of Directors. The Board is also assisted by the Audit Committee in its oversight of the Company's ERM program. Cybersecurity reviews by the Sustainability and Technology Committee or the Board of Directors generally occur quarterly, or more frequently as determined to be necessary or advisable. In recent years, the Board added a director who had previously served as the Chief Information Officer for a large public company with complex information security requirements to enhance the Board's and Sustainability and Technology Committee's oversight of cybersecurity risks.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board of Directors is assisted by the Sustainability and Technology Committee, which regularly reviews the cybersecurity program with management and reports to the Board of Directors. The Board is also assisted by the Audit Committee in its oversight of the Company's ERM program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board of Directors is assisted by the Sustainability and Technology Committee, which regularly reviews the cybersecurity program with management and reports to the Board of Directors. The Board is also assisted by the Audit Committee in its oversight of the Company's ERM program. Cybersecurity reviews by the Sustainability and Technology Committee or the Board of Directors generally occur quarterly, or more frequently as determined to be necessary or advisable.
Cybersecurity Risk Role of Management [Text Block] The Company’s cybersecurity program is led by the Chief Information Security Officer (CISO), who reports to the Senior Vice President and Chief Information and Digital Officer (CIDO). The CISO monitors the Company's prevention, detection, mitigation, and remediation efforts through regular communication and reporting from professionals in the information security team, many of whom hold cybersecurity certifications in Information Systems Security or Information Security Management, and through the use of technological tools and software and results from third party audits. Additionally, the CISO directs the Company's Global Information and Cyber Security Council (the “Council”), which includes representatives from key functions such as global technology, compliance, privacy, controlling, operations, security, automation, ERM, and internal audit. The Council promotes alignment and communication of new and ongoing cybersecurity prevention techniques and provides a forum for staying current on the latest cybersecurity threats.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The Company’s cybersecurity program is led by the Chief Information Security Officer (CISO), who reports to the Senior Vice President and Chief Information and Digital Officer (CIDO).
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The CISO and CIDO have extensive experience assessing and managing cybersecurity programs and cybersecurity risk. The CISO has served in that position since 2018 and was previously the Vice President, Head of Enterprise Security, Americas at Worldpay and a Security Principal/Strategist for Hewlett Packard Enterprises for a combined 20 years of cybersecurity experience. The CIDO joined the Company effective January 14, 2026, replacing the Company's former Chief Technology Officer. Prior to joining ADM, the CIDO served as the Chief Information Technology and Data Officer for the Americas & Global Sales Technology at Danone for approximately six years, and, prior to Danone, held senior IT and data leadership roles at Gillette, Procter & Gamble and Nike since 2007. Through these roles, the CIDO has extensive experience overseeing, managing, and working on cybersecurity programs.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Cybersecurity reviews by the Sustainability and Technology Committee or the Board of Directors generally occur quarterly, or more frequently as determined to be necessary or advisable. In recent years, the Board added a director who had previously served as the Chief Information Officer for a large public company with complex information security requirements to enhance the Board's and Sustainability and Technology Committee's oversight of cybersecurity risks.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Reclassification
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
Principles of Consolidation

The Consolidated Financial Statements include the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. 
The Company consolidates all entities, including variable interest entities (VIEs), in which it has a controlling financial interest. For VIEs, the Company assesses whether it is the primary beneficiary as defined under the applicable accounting standard. Investments in affiliates, including VIEs through which the Company exercises significant influence but does not control the investee and is not the primary beneficiary of the investee’s activities, are carried at cost plus equity in undistributed earnings since acquisition and are adjusted, 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 certain affiliates and results of certain VIEs are included using the most recent available financial statements. In each case, the financial statements are within 93 days of the Company’s year-end and are consistent from period to period.
Use of Estimates
Use of Estimates

The preparation of Consolidated Financial Statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect amounts reported in its Consolidated Financial Statements and accompanying notes. Actual results could differ from those estimates.
Cash Equivalents
Cash Equivalents

The Company considers all non-segregated, highly-liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents.
Short-Term Marketable Securities
Short-Term Marketable Securities

Short-term marketable securities include foreign government securities with maturities greater than three months and less than one year and are recorded at fair value with gains and losses on these investments included in Other income in the Consolidated Statements of Earnings.
Segregated Cash and Investments
Segregated Cash and Investments

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

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

The Company principally generates revenue from merchandising and transporting agricultural commodities, and manufacturing products for use in food, beverages, feed, energy, and industrial applications, and ingredients and solutions for human and animal nutrition.

The Company’s revenue that is generated from physically settled derivative sales contracts is accounted for under ASC 815, Derivatives and Hedging (Topic 815), and revenue from sales of other products and services is accounted for under ASC 606, Revenue from Contracts with Customers (Topic 606).

Revenue from physically settled derivative sales contracts primarily relates to forward sales of commodities where such contracts meet the definition of a derivative under ASC 815. Revenue from such commodities contracts is recognized at a point in time, upon transferring control of the commodity to the customer, consistent with the recognition principles under Topic 606. Prior to settlement, these contracts are recognized at fair value within current assets and liabilities, with the unrealized gains or losses primarily recorded within Cost of Products Sold. See Note 4. Fair Value Measurements and Note 5. Derivative Instruments & Hedging Activities for further information.
Revenue from sales of other products and services is measured based on the consideration specified in the contract with a customer, in accordance with Topic 606. The Company follows a policy of recognizing revenue at a single point in time when it satisfies its performance obligation by transferring control over a product or service to a customer. Revenue for deferred price contracts that allow for pricing to be determined after title of the goods has passed to the customer is recognized when the price is determined. For transportation service contracts, the Company recognizes revenue over time as the transportation service is performed in accordance with the transfer of control guidance of Topic 606. The amount of revenue recognized follows the contractually specified price which may include freight or other contractually specified cost components. The majority of the Company’s contracts with customers have one performance obligation and a contract duration of one year or less. The Company applies the practical expedient in Topic 606, and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

See Note 2. Revenues for further information.

Shipping and Handling Costs

Shipping and handling costs related to contracts with customers for the sale of goods are accounted for as a fulfillment activity and are included in Cost of Products Sold. Accordingly, amounts billed to customers for such costs are included as a component of Revenues.
Taxes Collected from Customers and Remitted to Governmental Authorities
Taxes Collected from Customers and Remitted to Governmental Authorities

The Company does not include taxes assessed by governmental authorities that are (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers, in the measurement of transactions prices or as a component of Revenues and Cost of Products Sold.
Receivables
Receivables
The Company records accounts receivable at net realizable value. This value includes an allowance for estimated uncollectible accounts to reflect any loss anticipated on the accounts receivable balances including 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 rate to arrive at a general reserve derived from historical write-offs adjusted, as needed, for regional, economic, and other forward-looking factors. The Company minimizes credit risk due to the large and diversified nature of its worldwide customer base. ADM manages its exposure to counter-party credit risk through credit analysis and approvals, credit limits, and monitoring procedures. Long-term receivables recorded in other assets were not material to the Company’s overall receivables portfolio.
Inventories
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 or net realizable value.
Fair Value Measurements
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.

In evaluating the significance of fair value inputs, the Company generally classifies assets or liabilities as Level 3 when their fair value is determined using unobservable inputs that individually or when aggregated with other unobservable inputs, represent more than 10% of the fair value of the assets or liabilities. 

Judgment is required in evaluating both quantitative and qualitative factors in the determination of significance for purposes of fair value level classification. In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy. The lowest level of input that is a significant component of the fair value measurement determines the placement of the entire fair value measurement in the hierarchy. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the classification of fair value assets and liabilities within the fair value hierarchy levels. Level 3 amounts can include assets and liabilities whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as assets and liabilities for which the determination of fair value requires significant management judgment or estimation.

Based on historical experience with the Company’s suppliers and customers, the Company’s own credit risk and knowledge of current market conditions, the Company does not view non-performance risk to be a significant input to fair value for the majority of its forward commodity purchase and sale contracts. However, in certain cases, if the Company believes the non-performance risk to be a significant input, the Company records estimated fair value adjustments, and classifies the measurement in Level 3.
The Company’s policy regarding the timing of transfers between levels, including both transfers into and transfers out of Level 3, is to measure and record the transfers at the end of the reporting period.
Derivatives
Derivatives

The Company recognizes its financial and non-financial derivative instruments, excluding exchange-traded instruments, as either assets or liabilities at fair value in its Consolidated Balance Sheets. Unrealized gains are reported as Other current assets and unrealized losses are reported as Accrued expenses and other payables.
The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and on the type of hedging relationship. The majority of the Company’s derivatives have not been designated as hedging instruments, and as such, changes in fair value of these derivatives are recognized in earnings immediately, within Revenue or Cost of products sold, as appropriate.
Equity Method Investments
Equity Method Investments

The Company uses the equity method of accounting for equity investments if the investment provides the ability to exercise significant influence, but not control, over operating and financial policies of the investee. The Company’s proportionate share of the net income or loss of these investees is included in consolidated net earnings. Judgment regarding the level of influence over each equity method investment includes considering key factors such as the Company’s ownership interest, the legal form of the investee, any representation on the board of directors, and any participation in policy-making decisions.

The Company evaluates equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. Factors considered by the Company when reviewing an equity method investment for impairment include the length of time (duration) and the extent (severity) to which the fair value of the equity method investment has been less than cost, the investee’s financial condition and near-term prospects, and the intent and ability to hold the investment for a period of time sufficient to allow for anticipated recovery. An impairment that is other-than- temporary is recognized in the period identified.
Cost Method Investments
Cost Method Investments

Cost method investments represent investments in private companies and private equity funds to diversify the overall investment portfolio. These investments are generally in companies in the startup or development stages and the markets for products these companies are developing are typically in the early stages. The Company’s evaluation of privately held investments is based on the fundamentals of the businesses invested in. The Company periodically reviews the carrying value of such investments to determine if any valuation adjustments are appropriate under the applicable accounting pronouncements.

Cost method investments of $143 million and $439 million as of December 31, 2025 and 2024, respectively, are included in other non-current assets in the Company’s Consolidated Balance Sheets.

Revaluation losses of $372 million for the year ended December 31, 2025 were primarily related to investments in alternative protein. Revaluation losses of $16 million for the year ended December 31, 2024 were related to an investment in alternative protein and precision fermentation. Revaluation losses of $76 million for the year ended December 31, 2023 investments in the alternative protein category and precision fermentation.
Revaluation gains and losses are recorded in Interest and investment income in the Company’s Consolidated Statements of Earnings.
Property, Plant, and Equipment
Property, Plant, and Equipment

Property, plant, and equipment are recorded at cost. Repair and maintenance costs are expensed as incurred. The Company uses the straight-line method in computing depreciation for financial reporting purposes and generally uses accelerated methods for income tax purposes.

The annual provisions for depreciation have been computed principally in accordance with the following ranges of asset lives: Buildings - 15 to 40 years; and Machinery and equipment - 3 to 40 years. 

The Company capitalized interest on major construction projects in progress of $35 million, $32 million, and $32 million for the years ended December 31, 2025, 2024, and 2023, respectively.
The Company evaluates long-lived assets for impairment whenever indicators of impairment exist. In addition, assets are written down to fair value after consideration of the Company’s ability to utilize the assets for their intended purpose, employ the assets in alternative uses, or sell the assets to recover the carrying value. Fair value is generally based on a discounted cash flow analysis which relies on management’s estimate of market participant assumptions or estimated selling price for assets considered held for sale (a Level 3 measurement under applicable accounting standards).
Leases
Leases

The Company leases certain transportation equipment, plant equipment, office equipment, land, buildings, and storage facilities. Most leases include options to renew, with renewal terms that can extend the lease term from 1 month to 95 years. The renewal options are not included in the measurement of the right of use assets and lease liabilities unless the Company is reasonably certain to exercise the optional renewal periods. Certain leases also include index and non-index escalation clauses and options to purchase the leased property. Leases accounted for as finance leases were immaterial at December 31, 2025.

As an accounting policy election, the Company does not apply the recognition requirements of ASC Topic 842 to short-term leases in all of its underlying asset categories. The Company recognizes short-term lease payments in earnings on a straight-line basis over the lease term, and variable lease payments in the period in which the obligation for those payments is incurred. The Company also combines lease and non-lease contract components in all of its underlying asset categories as an accounting policy election.
Income Taxes
Income Taxes

The Company accounts for income taxes in accordance with the liability method. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and reported amounts in the Consolidated Financial Statements using statutory rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recorded in the results of operations in the period that includes the enactment date under the law. Applicable accounting standards prescribe a minimum threshold a tax position is required to meet before being recognized in the Consolidated Financial Statements. The Company recognizes in its Consolidated Financial Statements tax positions determined more likely than not to be sustained upon examination, based on the technical merits of the position.
The Company classifies interest on income tax-related balances as interest expense and classifies tax-related penalties as selling, general, and administrative expenses. Income tax effects from AOCI are released when the individual units of account are sold, terminated, or extinguished.
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets

Goodwill and other intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests. Definite-lived intangible assets, including previously capitalized software such as third-party configuration costs and internal labor, are amortized over their estimated useful lives of 1 to 65 years and are reviewed for impairment whenever there are indicators the carrying value of the assets may not be fully recoverable.
The Company’s accounting policy is to evaluate goodwill and other intangible assets with indefinite lives for impairment on October 1 of each fiscal year or whenever there are indicators the carrying value of the assets may not be fully recoverable.
Payables to Brokerage Customers
Payables to Brokerage Customers
Payables to brokerage customers represent the total of customer accounts at the Company’s futures commission merchant with credit or positive balances. Customer accounts are used primarily in connection with commodity transactions and include gains and losses on open commodity trades as well as securities and other deposits made for margins or other purposes as required by the Company or the exchange-clearing organizations or counterparties. Payables to brokerage customers have a corresponding balance in segregated cash and investments.
Stock Compensation
Stock Compensation

The Company recognizes expense for its stock compensation based on the fair value of the awards that are granted. The Company’s stock compensation plans provide for the granting of restricted stock and restricted stock units (Restricted Stock Awards), performance stock units (PSUs), and stock options. The fair values of stock options are estimated at the date of grant using the Black-Scholes option valuation model, which requires the input of subjective assumptions. The fair values of Restricted Stock Awards and PSUs are determined based on the market value of the Company's shares on the grant date. Measured compensation cost, net of forfeitures, is recognized ratably over the vesting period of the related stock compensation award.
Compensation expense for stock option grants, Restricted Stock Awards, and PSUs granted to employees is generally recognized on a straight-line basis during the service period of the respective grant. Certain of the Company’s option grants, Restricted Stock Awards, and PSUs continue to vest upon the recipient’s retirement from the Company and compensation expense related to option grants and Restricted Stock Awards granted to retirement-eligible employees is recognized in earnings on the date of grant. Compensation expense for PSUs is based on the probability of meeting the performance criteria. The Company recognizes forfeitures as they occur.
Research and Development
Research and Development
Costs associated with research and development are expensed as incurred and recorded within selling, general, and administrative expenses.
Earnings Per Share
Earnings Per Share

Basic earnings per common share are determined by dividing net earnings attributable to controlling interests by the weighted average number of common shares outstanding. In computing diluted earnings per common share, the average number of common shares outstanding is increased by dilutive potential common shares, including unvested restricted stock units, PSUs and common shares underlying stock options outstanding with exercise prices lower than the average market price of common shares using the treasury stock method.
Business Combinations
Business Combinations

The Company’s acquisitions are accounted for in accordance with ASC Topic 805, Business Combinations, as amended. The consideration transferred is allocated to various assets acquired and liabilities assumed at their estimated fair values as of the acquisition date with the residual allocated to goodwill.

Fair values allocated to assets acquired and liabilities assumed in business combinations require management to make significant judgments, estimates, and assumptions, especially with respect to intangible assets. Management makes estimates of fair values based upon assumptions it believes to be reasonable. These estimates are based upon historical experience and information obtained from the management of the acquired companies and are inherently uncertain. The estimated fair values related to intangible assets primarily consist of customer relationships, trademarks, and developed technology which are determined primarily using discounted cash flow models. Estimates in the discounted cash flow models include, but are not limited to, certain assumptions that form the basis of the forecasted results (e.g. revenue growth rates, customer attrition rates, and royalty rates). These significant assumptions are forward looking and could be affected by future economic and market conditions.
During the measurement period, which may take up to one year from the acquisition date, adjustments due to changes in the estimated fair value of assets acquired and liabilities assumed may be recorded as adjustments to the consideration transferred and the related allocations. Upon the conclusion of the measurement period or the final determination of the values of assets acquired and liabilities assumed, whichever comes first, any such adjustments are charged to the Consolidated Statements of Earnings.
Redeemable Noncontrolling Interest
Redeemable Non-controlling Interests

The Company presents any redeemable non-controlling interests in temporary equity within the Consolidated Balance Sheets at redemption value with period changes recorded in reinvested earnings. The Company reports the portion of its earnings or loss for redeemable non-controlling interests as Net earnings (losses) attributable to non-controlling interests in the Consolidated Statements of Earnings.
Adoption of New Accounting Pronouncements and New Accounting Pronouncements Not Yet Adopted
Adoption of New Accounting Pronouncements

Effective December 31, 2025, the Company adopted Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, on a prospective basis. This ASU enhances the transparency and decision usefulness of income tax disclosures. The amendments address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The adoption of the amended guidance resulted in expanded disclosures in Note. 13 Income Taxes in this report but did not have a significant impact on the Company's Consolidated Financial Statements.

New Accounting Pronouncements Not Yet Adopted

Effective January 1, 2026, the Company will be required to adopt 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 amended guidance is not expected to have a significant impact on the Company’s Consolidated Financial Statements and related disclosures.

Effective January 1, 2027, the Company will be required to adopt ASU 2025-07, 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, with limited exceptions. It also clarifies that the noncash consideration guidance in ASC 606, Contracts with Customers, 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 January 1, 2027, the Company will be required to adopt 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 Company is considering early adopting the amendments in the first quarter of 2026 in accordance with the transition guidance. The Company expects the amendments to better align hedge accounting with the Company’s commodity risk management activities and improving the operability of its commodity cash flow hedge program. The Company does not expect the adoption to have a material effect on its financial position or results of operations.

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 providing new guidance on how to evaluate whether the probable-to-completion recognition threshold has been met. The amendments in this ASU can be applied on a prospective basis or retrospective basis upon adoption. The Company is evaluating the impact of the adoption of this guidance on the Company’s Consolidated Financial Statements.

Effective January 1, 2029, the Company will be required to adopt ASU 2025-10, Accounting for Government Grants Received by Business Entities, 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.
v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents
The following represents a reconciliation of cash and cash equivalents in the Consolidated Balance Sheets to total cash, cash equivalents, restricted cash, and restricted cash equivalents in the Consolidated Statements of Cash Flows as of December 31, 2025, 2024, and 2023 (in millions).

December 31,
202520242023
Cash and cash equivalents$1,015 $611 $1,368 
Restricted cash and restricted cash equivalents (included in segregated cash and investments)4,490 3,313 4,022 
Total cash, cash equivalents, restricted cash, and restricted cash equivalents$5,505 $3,924 $5,390 
Schedule of Restrictions on Cash and Cash Equivalents
The following represents a reconciliation of cash and cash equivalents in the Consolidated Balance Sheets to total cash, cash equivalents, restricted cash, and restricted cash equivalents in the Consolidated Statements of Cash Flows as of December 31, 2025, 2024, and 2023 (in millions).

December 31,
202520242023
Cash and cash equivalents$1,015 $611 $1,368 
Restricted cash and restricted cash equivalents (included in segregated cash and investments)4,490 3,313 4,022 
Total cash, cash equivalents, restricted cash, and restricted cash equivalents$5,505 $3,924 $5,390 
Schedule of Changes in Allowance for Estimated Uncollectible Accounts
Changes to the allowance for estimated uncollectible accounts for the years ended December 31, 2025 and 2024 are as follows (in millions):
Year Ended December 31
20252024
Opening balance, January 1 $167 $215 
Provisions (reversals), net27 (16)
Write-offs against allowance(39)(32)
Recoveries and other5 — 
Closing balance, December 31$160 $167 
Schedule of Inventories
The following table sets forth the Company’s inventories as of December 31, 2025 and 2024 (in millions).

December 31, 2025December 31, 2024
Raw materials and supplies (1)
$1,740 $1,922 
Finished goods2,407 2,689 
Market inventories6,222 6,961 
Total inventories$10,369 $11,572 

(1) Includes work in process inventories which were not material as of December 31, 2025 and 2024.
Schedule of Net Property, Plant and Equipment
The Company’s property, plant, and equipment consisted of the following as of December 31, 2025 and 2024 (in millions).

December 31, 2025December 31, 2024
Land$607 $566 
Buildings6,440 6,143 
Machinery and equipment22,042 20,636 
Construction in progress1,110 1,553 
 30,199 28,898 
Accumulated depreciation(19,020)(18,061)
Property, Plant, and Equipment, Net$11,179 $10,837 
Schedule of Changes in Outstanding Payment Obligations
Changes to the outstanding payment obligations for the years ended December 31, 2025 and 2024 were as follows (in millions):

Year Ended December 31,
20252024
Opening balance, January 1$222 $274 
Obligations confirmed974 948 
Obligations paid(895)(1,000)
Closing balance, December 31$301 $222 
Schedule of Changes in Redeemable Non-controlling Interest
Changes to the Company's redeemable non-controlling interests for the years ended December 31, 2025, 2024, and 2023 are as follows (in millions):
Year Ended December 31,
202520242023
Opening balance, January 1$253 $320 $299 
Net income (loss)(3)(21)(6)
Acquisitions— (18)— 
Remeasurement42 — — 
Currency translation adjustments and other(5)(28)27 
Closing balance, December 31$287 $253 $320 
v3.25.4
Revenues (Tables)
 12 Months Ended
Dec. 31, 2025
Revenues [Abstract]  
Schedule of Disaggregation of Revenues
The following tables present revenue disaggregated by timing of recognition and reportable segments and subsegments for the years ended December 31, 2025, 2024, and 2023 (in millions).

Year Ended December 31, 2025
Topic 606 Revenue
Topic 815 (1)
Total
Point in TimeOver TimeTotalRevenueRevenues
Ag Services and Oilseeds
Ag Services3,797 $775 $4,572 $35,791 $40,363 
Crushing375 — 375 9,978 10,353 
Refined Products and Other3,545 — 3,545 7,310 10,855 
Total Ag Services and Oilseeds7,717 775 8,492 53,079 61,571 
Carbohydrate Solutions
Starches and Sweeteners5,748 — 5,748 2,234 7,982 
Vantage Corn Processors2,755 — 2,755 — 2,755 
Total Carbohydrate Solutions8,503 — 8,503 2,234 10,737 
Nutrition
Human Nutrition4,187 — 4,187 — 4,187 
Animal Nutrition3,325 — 3,325 — 3,325 
Total Nutrition7,512 — 7,512 — 7,512 
Total Segment Revenues23,732 775 24,507 55,313 79,820 
Other Business449 — 449 — 449 
Total Revenues$24,181 $775 $24,956 $55,313 $80,269 
Year Ended December 31, 2024
Topic 606 Revenue
Topic 815 (1)
Total
Point in TimeOver TimeTotalRevenueRevenues
Ag Services and Oilseeds
Ag Services3,779 $923 $4,702 $39,381 $44,083 
Crushing462 — 462 11,374 11,836 
Refined Products and Other2,447 — 2,447 8,150 10,597 
Total Ag Services and Oilseeds6,688 923 7,611 58,905 66,516 
Carbohydrate Solutions
Starches and Sweeteners6,335 — 6,335 2,252 8,587 
Vantage Corn Processors2,647 — 2,647 — 2,647 
Total Carbohydrate Solutions8,982 — 8,982 2,252 11,234 
Nutrition
Human Nutrition3,944 — 3,944 — 3,944 
Animal Nutrition3,405 — 3,405 — 3,405 
Total Nutrition7,349 — 7,349 — 7,349 
Total Segment Revenues23,019 923 23,942 61,157 85,099 
Other Business431 — 431 — 431 
Total Revenues$23,450 $923 $24,373 $61,157 $85,530 

Year Ended December 31, 2023
Topic 606 Revenue
Topic 815 (1)
Total
Point in TimeOver TimeTotalRevenueRevenues
Ag Services and Oilseeds
Ag Services$4,110 $761 $4,871 $42,549 $47,420 
Crushing470 — 470 13,550 14,020 
Refined Products and Other2,295 — 2,295 9,691 11,986 
Total Ag Services and Oilseeds6,875 761 7,636 65,790 73,426 
Carbohydrate Solutions
Starches and Sweeteners7,431 — 7,431 2,454 9,885 
Vantage Corn Processors2,989 — 2,989 — 2,989 
Total Carbohydrate Solutions10,420 — 10,420 2,454 12,874 
Nutrition
Human Nutrition3,634 — 3,634 — 3,634 
Animal Nutrition3,577 — 3,577 — 3,577 
Total Nutrition7,211 — 7,211 — 7,211 
Total Segment Revenues24,506 761 25,267 68,244 93,511 
Other Business424 — 424 — 424 
Total Revenues$24,930 $761 $25,691 $68,244 $93,935 

(1) Topic 815 revenue relates to the physical delivery or the settlement of the Company’s sales contracts accounted for as derivatives and are outside the scope of Topic 606.
v3.25.4
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Aggregate Cash Consideration of Acquisitions
The aggregate cash consideration, net of $28 million in cash acquired, was allocated as follows (in millions):

Vandamme
Working capital, net of cash acquired$24 
Property, plant, and equipment27 
Goodwill26 
Other intangible assets (1)
23 
Deferred tax liabilities(3)
Aggregate cash consideration, net of cash acquired$97 

(1) Primarily represents customer lists with an expected useful life of 13 years.
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Accounted for at Fair Value on a Recurring Basis
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 December 31, 2025 and 2024 (in millions).

 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 exchange contracts
— 108 — 108 
Interest rate contracts— 17 — 17 
Cash equivalents280 — — 280 
Marketable securities32 — — 32 
Segregated investments and restricted cash equivalents1,771 — — 1,771 
Total Assets$2,083 $3,984 $3,185 $9,252 
Liabilities:    
Unrealized derivative losses:    
Commodity contracts$— $300 $313 $613 
Foreign exchange contracts
— 144 — 144 
Inventory-related payables— 714 16 730 
Total Liabilities$— $1,158 $329 $1,487 
 Fair Value Measurements at December 31, 2024
Level 1
Level 2
Level 3
Total
Assets:    
Inventories carried at market$— $3,930 $3,031 $6,961 
Unrealized derivative gains:    
Commodity contracts— 404 427 831 
Foreign currency contracts— 272 — 272 
Interest rate contracts— 5 — 5 
Cash equivalents70 — — 70 
Marketable securities246 — — 246 
Segregated investments and restricted cash equivalents1,681 — — 1,681 
Total Assets$1,997 $4,611 $3,458 $10,066 
Liabilities:    
Unrealized derivative losses:    
Commodity contracts$— $355 $405 $760 
Foreign currency contracts— 212 — 212 
Inventory-related payables— 654 88 742 
Total Liabilities$— $1,221 $493 $1,714 
Schedule of Roll Forward of Assets Measured at Fair Value on a Recurring Basis Using Unobservable Inputs
The following tables present a rollforward of the activity of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2025 and 2024 (in millions).

 AssetsLiabilities
December 31, 2025December 31, 2025
Inventories
Carried at
Market		Commodity
Derivative
Contracts
Gains		Total AssetsInventory-related PayablesCommodity
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(1,021)1,075 54 — — — 
Increase (decrease) in unrealized losses included in Cost of products sold— — — — 13 852 865 
Realized increases (decreases) included in Cost of products sold28 — 28 (15)— (15)
Purchases18,640 — 18,640 21 — 21 
Sales(17,761)— (17,761)(91)— (91)
Settlements— (1,106)(1,106)— (985)(985)
Transfers into Level 31,616 241 1,857 — 72 72 
Transfers out of Level 3(1,860)(125)(1,985)— (31)(31)
Closing balance, December 31, 2025$2,673 $512 $3,185 $16 $313 $329 

 AssetsLiabilities
December 31, 2024December 31, 2024
Inventories
Carried at
Market		Commodity
Derivative
Contracts
Gains		Total AssetsInventory-related PayablesCommodity
Derivative
Contracts
Losses
 
Total 
Liabilities
Opening balance, January 1, 2024$2,713 $731 $3,444 $101 $457 $558 
Increase (decrease) in unrealized gains included in Cost of products sold697 1,010 1,707 — — — 
Increase (decrease) in unrealized losses included in Cost of products sold— — — — 17 1,124 1,141 
Realized increases (decreases) included in Cost of products sold(51)— (51)(29)— (29)
Purchases16,296 — 16,296 79 — 79 
Sales(16,609)— (16,609)(81)— (81)
Settlements— (1,369)(1,369)— (1,142)(1,142)
Transfers into Level 31,416 241 1,657 1 68 69 
Transfers out of Level 3(1,431)(186)(1,617)— (102)(102)
Closing balance, December 31, 2024$3,031 $427 $3,458 $88 $405 $493 
Schedule of Roll Forward of Liabilities Measured at Fair Value on a Recurring Basis Using Unobservable Inputs
The following tables present a rollforward of the activity of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2025 and 2024 (in millions).

 AssetsLiabilities
December 31, 2025December 31, 2025
Inventories
Carried at
Market		Commodity
Derivative
Contracts
Gains		Total AssetsInventory-related PayablesCommodity
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(1,021)1,075 54 — — — 
Increase (decrease) in unrealized losses included in Cost of products sold— — — — 13 852 865 
Realized increases (decreases) included in Cost of products sold28 — 28 (15)— (15)
Purchases18,640 — 18,640 21 — 21 
Sales(17,761)— (17,761)(91)— (91)
Settlements— (1,106)(1,106)— (985)(985)
Transfers into Level 31,616 241 1,857 — 72 72 
Transfers out of Level 3(1,860)(125)(1,985)— (31)(31)
Closing balance, December 31, 2025$2,673 $512 $3,185 $16 $313 $329 

 AssetsLiabilities
December 31, 2024December 31, 2024
Inventories
Carried at
Market		Commodity
Derivative
Contracts
Gains		Total AssetsInventory-related PayablesCommodity
Derivative
Contracts
Losses
 
Total 
Liabilities
Opening balance, January 1, 2024$2,713 $731 $3,444 $101 $457 $558 
Increase (decrease) in unrealized gains included in Cost of products sold697 1,010 1,707 — — — 
Increase (decrease) in unrealized losses included in Cost of products sold— — — — 17 1,124 1,141 
Realized increases (decreases) included in Cost of products sold(51)— (51)(29)— (29)
Purchases16,296 — 16,296 79 — 79 
Sales(16,609)— (16,609)(81)— (81)
Settlements— (1,369)(1,369)— (1,142)(1,142)
Transfers into Level 31,416 241 1,657 1 68 69 
Transfers out of Level 3(1,431)(186)(1,617)— (102)(102)
Closing balance, December 31, 2024$3,031 $427 $3,458 $88 $405 $493 
Schedule of Unobservable Price Components Present in the Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table sets forth the weighted average percentage of the unobservable price components included in the Company’s Level 3 valuations as of December 31, 2025 and 2024. The Company’s Level 3 measurements may include basis only, transportation cost only, or both price components. 

Weighted Average % of Total Price
 December 31, 2025December 31, 2024
Component TypeAssetsLiabilitiesAssetsLiabilities
Inventories and Related Payables    
Basis21.1%9.0%24.9%31.3%
Transportation cost22.4%—%10.8%—%
Commodity Derivative Contracts    
Basis23.3%23.6%21.8%23.4%
Transportation cost25.7%—%10.8%10.8%
v3.25.4
Derivative Instruments & Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivatives Instruments
The following table sets forth the fair value of derivatives not designated as hedging instruments as of December 31, 2025 and 2024 (in millions).
 December 31, 2025December 31, 2024
 AssetsLiabilitiesAssetsLiabilities
Foreign Currency Contracts$108 $54 $272 $102 
Commodity Contracts822 613 828 760 
Total$930 $667 $1,100 $862 
The following table sets forth the pre-tax gains (losses) on derivatives not designated as hedging instruments that have been included in the Consolidated Statements of Earnings for the years ended December 31, 2025, 2024, and 2023 (in millions).
Cost of Other expense (income) - net
productsInterest
RevenuessoldExpense
Total
For the Year Ended December 31, 2025
Pre-tax gains (losses) on:
Foreign Currency Contracts$(66)$269 $— $(144)
Commodity Contracts— 478 — — 
Total gain (loss) recognized in earnings$(66)$747 $— $(144)$537 
For the Year Ended December 31, 2024
Pre-tax gains (losses) on:
Foreign Currency Contracts$29 $(388)$— $142 
Commodity Contracts— 391 — — 
Debt Conversion Option— — — — 
Total gain (loss) recognized in earnings$29 $3 $— $142 $174 
For the Year Ended December 31, 2023
Pre-tax gains (losses) on:
Foreign Currency Contracts$(33)$322 $— $43 
Commodity Contracts— 619 — — 
Debt Conversion Option— — 6 — 
Total gain (loss) recognized in earnings$(33)$941 $6 $43 $957 
The following table sets forth the fair value of derivatives designated as hedging instruments as of December 31, 2025 and 2024 (in millions).
 December 31, 2025December 31, 2024
 AssetsLiabilitiesAssetsLiabilities
Commodity Contracts$— $— $3 $— 
Foreign Currency Contracts— 90 — 110 
Interest Rate Contracts17 — 5 — 
Total$17 $90 $8 $110 

The following table sets forth the pre-tax gains (losses) on derivatives designated as cash flow hedging instruments that have been recognized in Cost of products sold in the Consolidated Statements of Earnings for the years ended December 31, 2025, 2024, and 2023 (in millions).

December 31,
202520242023
Pre-tax losses on:
Commodity Contracts$(4)$(77)$322 
v3.25.4
Other Current Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Other Assets [Abstract]  
Schedule of Other Current Assets
The following table sets forth the items in other current assets (in millions):
December 31, 2025December 31, 2024
Unrealized gains on derivative contracts$947 $1,108 
Customer omnibus receivable
573 872 
Margin deposits and grain accounts575 516 
Financing receivables - net256 258 
Insurance premiums receivable106 76 
Prepaid expenses263 279 
Tax receivables583 539 
Non-trade receivables268 393 
Other current assets225 328 
 $3,796 $4,369 
v3.25.4
Accrued Expenses And Other Payables (Tables)
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses And Other Payables
The following table sets forth the items in accrued expenses and other payables (in millions).
 
December 31, 2025December 31, 2024
Unrealized losses on derivative contracts$757 $972 
Accrued compensation419 346 
Income tax payable83 167 
Other taxes payable181 138 
Accrued interest payable
158 153 
Insurance liabilities
165 172 
Contract liabilities (1)
333 534 
Other deferred income
191 156 
Other accruals and payables1,026 1,092 
 $3,313 $3,730 

(1) Contract liabilities relate to advance payments from customers for goods and services the Company has yet to provide. Revenues recognized in the year ended December 31, 2025 from contract liabilities as of December 31, 2024 were $529 million. Revenues recognized in the year ended December 31, 2024 from contract liabilities as of December 31, 2023 were $529 million.
v3.25.4
Investments in and Advances to Affiliates (Tables)
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Combined Balance Sheets and Statements of Earnings of the Company's Unconsolidated Affiliates The following tables summarize the aggregated balance sheets as of December 31, 2025 and 2024, and the aggregated statements of earnings of the Company’s unconsolidated affiliates for the years ended December 31, 2025, 2024, and 2023 (in millions).
December 31,
20252024
Current assets$37,343 $33,065 
Non-current assets29,982 28,962 
Current liabilities(31,846)(27,357)
Non-current liabilities(9,068)(8,772)
Non-controlling interests(2,670)(2,499)
Net assets$23,741 $23,399 

Year Ended December 31
202520242023
Revenues$83,895 $77,251 $85,754 
Gross profit4,088 3,673 4,261 
Net earnings1,199 2,036 2,452 
v3.25.4
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Carrying Amount of Goodwill
Changes in the carrying amount of goodwill by reportable segment and Other Business for the years ended December 31, 2025 and 2024 are as follows (in millions):
 
Ag Services & Oilseeds
Carbohydrate Solutions
Nutrition
Other Business
Total
Balance at December 31, 2023$235 $224 $3,640 $4 $4,103 
Acquisitions
— — 557 — $557 
Currency translation adjustments and other
(17)(8)(127)1 $(151)
Balance at December 31, 2024218 216 4,070 5 4,509 
Acquisitions
19 7 10 — $36 
Currency translation adjustments and other
13 15 197 (1)$224 
Balance at December 31, 2025$250 $238 $4,277 $4 $4,769 
Schedule of Other Intangible Assets
The following table sets forth the detail on other intangible assets.
December 31, 2025December 31, 2024
UsefulGrossAccumulatedGrossAccumulated
LifeAmountAmortizationNetAmountAmortizationNet
(In years)(In millions)
Intangible assets with indefinite lives:
Trademarks/brands$315 $— $315 $290 $— $290 
Intangible assets with definite lives:
Trademarks/brands8to2093 (56)37 86 (42)44 
Customer lists7to301,827 (850)977 1,687 (708)979 
Capitalized software and related costs3to5985 (694)291 964 (612)352 
Land rights20to6597 (34)63 89 (27)62 
Other intellectual property6to15196 (165)31 187 (142)45 
Recipes and other1to35568 (371)197 620 (339)281 
Intangible assets in process65 — 65 207 — 207 
Total$4,146 $(2,170)$1,976 $4,130 $(1,870)$2,260 
Schedule of Other Intangible Assets
The following table sets forth the detail on other intangible assets.
December 31, 2025December 31, 2024
UsefulGrossAccumulatedGrossAccumulated
LifeAmountAmortizationNetAmountAmortizationNet
(In years)(In millions)
Intangible assets with indefinite lives:
Trademarks/brands$315 $— $315 $290 $— $290 
Intangible assets with definite lives:
Trademarks/brands8to2093 (56)37 86 (42)44 
Customer lists7to301,827 (850)977 1,687 (708)979 
Capitalized software and related costs3to5985 (694)291 964 (612)352 
Land rights20to6597 (34)63 89 (27)62 
Other intellectual property6to15196 (165)31 187 (142)45 
Recipes and other1to35568 (371)197 620 (339)281 
Intangible assets in process65 — 65 207 — 207 
Total$4,146 $(2,170)$1,976 $4,130 $(1,870)$2,260 
v3.25.4
Debt Financing Arrangements (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
The Company’s long-term debt consisted of the following (in millions, except as noted):
Debt Instrument
Interest RateFace AmountDue DateDecember 31, 2025December 31, 2024
1.000% Notes€650 million2025$— $672 
2.500% Notes$1 billion2026999 999 
7.500% Debentures$147 million 2027147 147 
6.750% Debentures$103 million 2027103 103 
6.625% Debentures$144 million 2029144 144 
3.250% Notes$1 billion2030999 993 
7.000% Debentures$160 million 2031165 161 
2.900% Notes$750 million2032746 745 
5.935% Debentures$336 million 2032341 337 
4.500% Notes
$500 million2033494 493 
5.375% Debentures$432 million 2035427 426 
6.450% Debentures$103 million 2038102 103 
5.765% Debentures$297 million 2041297 297 
4.535% Debentures$383 million 2042294 291 
4.016% Debentures$371 million 2043269 266 
3.750% Notes$408 million 2047403 403 
4.500% Notes$600 million2049590 589 
2.700% Notes$750 million2051733 732 
6.950% Debentures$157 million 2097154 154 
Other205 199 
Total long-term debt including current maturities7,612 8,254 
Current maturities(1,006)(674)
Total long-term debt$6,606 $7,580 
Schedule of Aggregate Future Maturities of Long-term Debt
The aggregate future maturities of long-term debt as of December 31, 2025 are as follows (in millions):

Amount
2026$1,006 
2027266 
2028— 
2029145 
20301,006 
Thereafter
5,442 
Total estimated future maturities
$7,865 
v3.25.4
Stock Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Restricted Stock Awards and PSUs Activity
A summary of Restricted Stock Awards and PSUs activity during 2025 is presented below (in thousands, except per share amounts):
Restricted
Stock Awards and PSUs
Weighted Average
Grant-Date Fair Value
Per Share
Non-vested at January 1, 20255,285 $68.77
Granted3,002 $45.82
Vested(2,456)$72.26
Forfeited(433)$41.92
Non-vested at December 31, 20255,398 $54.66
v3.25.4
Other (Income) Expense – Net (Tables)
 12 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
Schedule of Other (Income) Expense - Net
The following table sets forth the items in other (income) expense (in millions). 
Year Ended December 31
 202520242023
Gains on sale of assets$(77)$(27)$(38)
Other – net(73)(224)(138)
Total other (income) expense - net
$(150)$(251)$(176)
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Earnings Before Income Taxes by Geographic Region
The following table sets forth the geographic split of earnings before income taxes (in millions).
Year Ended December 31
 202520242023
United States$(192)$656 $1,844 
Foreign1,447 1,599 2,450 
Total Earnings Before Income Taxes
$1,255 $2,255 $4,294 
Schedule of Significant Components of Income Taxes
Significant components of income tax expense are as follows (in millions):
Year Ended December 31
 202520242023
Current expense (benefit)
 
Federal$(102)$108 $291 
State19 8 47 
Foreign310 490 513 
$227 $606 $851 
Deferred (benefit) expense
 
Federal(46)(99)(52)
State(27)6 (10)
Foreign28 (37)39 
$(45)$(130)$(23)
Income tax expense
$182 $476 $828 
Schedule of Significant Components of Deferred Tax Liabilities and Assets
Significant components of deferred tax liabilities and assets are as follows (in millions):
December 31, 2025December 31, 2024
Deferred tax liabilities 
Property, plant, and equipment$758 $808 
Intangibles330 343 
Right of use assets313 317 
Equity in earnings of affiliates195 236 
Debt exchange47 49 
Reserves and other accruals28 133 
Other36 30 
 $1,707 $1,916 
Deferred tax assets 
Pension and postretirement benefits$85 $95 
Inventories12 12 
Lease liabilities320 323 
Stock compensation22 36 
Foreign tax loss carryforwards503 386 
Foreign capital loss carryforwards
45 41 
State tax attributes32 23 
US carryforwards
113 196 
Other81 111 
Gross deferred tax assets1,213 1,223 
Valuation allowances(292)(223)
Net deferred tax assets$921 $1,000 
Net deferred tax liabilities$786 $916 
The net deferred tax liabilities are classified as follows: 
Non-current assets
$349 $352 
Non-current liabilities
(1,135)(1,268)
 $(786)$(916)
Schedule of Valuation Allowance
The activity related to the income tax valuation allowance for the years ended December 31, 2025, 2024, and 2023 was as follows (in millions):
Year Ended December 31
202520242023
Opening balance, January 1
$223 $216 $209 
Additions
92 40 58 
Deductions
(23)(33)(51)
Ending balance, December 31
$292 $223 $216 
Schedule of Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate on Earnings
The table below provides additional details per the requirements of ASU 2023-09 for the year ended December 31, 2025. See Note 1. Summary of Significant Accounting Policies for additional details on the adoption of ASU 2023-09.
Year Ended December 31, 2025
$%
Provision for income taxes at U.S. federal statutory rate$264 21.0 %
State and local income tax, net of federal (national) income tax effect(6)(0.5)
Foreign Tax Effects:Singapore - Non-taxable Equity Earning(65)(5.2)
Singapore - Other(21)(1.7)
Japan - Non-deductible Impairment40 3.2 
Japan - Other(15)(1.2)
Brazil - Valuation Allowance53 4.2 
Brazil - Other(2)(0.1)
Switzerland - Foreign Rate Differential(35)(2.8)
Switzerland - Other22 1.8 
Other Foreign Tax Effects68 5.4 
Tax Credits:Tax benefit on U.S. railroad credits(63)(5.0)
Other tax credits(27)(2.1)
Effects of cross-border tax lawsAmended 2017 tax return - transition tax(24)(2.0)
Other13 1.1 
Change in unrecognized tax benefits(17)(1.4)
Other adjustments(3)(0.2)
Total tax expense and effective tax rate$182 14.5 %
As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows:
Year Ended December 31
 20242023
U.S. Federal Statutory rate21.0 %21.0 %
State income taxes, net of federal tax benefit0.2 0.9 
Foreign earnings taxed at rates other than the U.S. statutory rate2.2 (0.3)
Foreign currency effects/remeasurement(4.8)0.5 
Withholding Tax1.8 0.1 
Impairment of Investments4.3 0.5 
Change in Uncertain Tax Position3.2 0.1 
Tax benefit on U.S. biodiesel credits(2.9)(1.7)
Second-generation biofuel credit(1.2)— 
U.S. railroad credits(2.5)(1.5)
U.S. tax on foreign earnings0.6 1.2 
Other(0.8)(1.5)
Effective income tax rate21.1 %19.3 %
Schedule of Supplemental Cash Flow Information Related to Income Taxes Paid
The following table presents supplemental cash flow information related to income taxes paid (net of refunds received):


Year Ended December 31
 2025
U.S. Federal $48 
US State and Local15 
Foreign:
Argentina30 
Canada44 
Germany21 
Mexico58 
Philippines26 
Switzerland25 
Other122 
Total cash taxes paid, net of refunds received$389 
Schedule of Unrecognized Tax Benefits
The following table sets forth a rollforward of activity of unrecognized tax benefits for the year ended December 31, 2025 and 2024 (in millions).
 December 31,
 20252024
Opening balance, January 1 $185 $168 
Net additions related to current year’s tax positions9 12 
Net additions related to prior years’ tax positions— 57 
Additions (adjustments) related to acquisitions— 2 
Reductions related to prior years’ tax positions(13)— 
Reductions related to lapse of statute of limitations(8)(6)
Settlements with tax authorities(35)(48)
Ending balance, December 31 $138 $185 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Lease Cost and Other Information
The following table sets forth the amounts relating to the Company’s total lease cost and other information (in millions).
Year Ended December 31
202520242023
Lease cost:
Operating lease cost$430 $410 $390 
Short-term lease cost105 135 126 
Total lease cost$535 $545 $516 
Other information:
Operating lease liability principal payments$415 $397 $374 
Right-of-use assets obtained in exchange for new operating lease liabilities$278 $437 $327 
December 31
20252024
Weighted-average remaining lease term - operating leases (in years)77
Weighted average discount rate - operating leases4.8 %4.5 %
Schedule of Aggregate Future Lease Payments for Operating Leases
The aggregate future lease payments for operating leases as of December 31, 2025 are as follows (in millions):
 Undiscounted
 Cash Flows
2026$357 
2027294 
2028241 
2029175 
2030118 
Thereafter411 
Total undiscounted minimum lease payments1,596 
Less: Interest (1)
(248)
Lease liability$1,348 

(1) Calculated using the implicit rate of the lease, if available, or the incremental borrowing rate that is appropriate for the tenor and geography of the lease.
v3.25.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Components of Retirement Plan Expense
The following table sets forth the components of pension benefits expense for the years ended December 31, 2025, 2024, and 2023 (in millions).
 Pension Benefits
Year Ended December 31
202520242023
Defined benefit plans:
Service cost (1)
$48 $46 $41 
Interest cost (1)
82 79 76 
Expected return on plan assets(83)(89)(83)
Settlement charges(3)2 — 
Amortization of actuarial loss5 5 3 
Amortization of prior service (credit)
(19)(20)(20)
Net periodic defined benefit plan expense30 23 17 
Net actuarial (gain) loss
$(46)$(38)$46 
Prior service cost
19 26 19 
Total pre-tax comprehensive loss (income)
$(27)$(12)$65 
(1) Service and interest costs are recorded within Cost of products sold and Selling, general, and administrative expenses, in the Consolidated Statements of Earnings, based on the functional responsibilities of employees.
Schedule of Changes in Defined Benefit Obligation and Fair Value of Defined Benefit Plan Assets
The following tables set forth changes in the defined benefit obligation and the fair value of defined benefit plan assets for the Company's pension benefits for the years ended December 31, 2025 and 2024 (in millions).
 Pension Benefits
December 31
2025		December 31
2024
Change in defined benefit obligations:
Benefit obligation, beginning$1,673 $1,765 
Service cost48 46 
Interest cost82 79 
Actuarial (gain)
(25)(111)
Employee contributions4 4 
Benefits paid(70)(62)
Plan amendments— 6 
Foreign currency effects and Other
44 (54)
Benefit obligation, ending$1,756 $1,673 
Change in defined plan assets
Fair value of plan assets, beginning$1,351 $1,415 
Actual return on plan assets105 7 
Employer contributions69 26 
Employee contributions4 4 
Benefits paid(70)(62)
Foreign currency effects and Other16 (39)
Fair value of plan assets, ending$1,475 $1,351 
Funded status$(281)$(322)
Amounts recognized in the Consolidated Balance Sheets
Other assets (non-current)
$78 $68 
Accrued expenses and other payables
(20)(19)
Other long-term liabilities
(339)(371)
Net liabilities recognized in the Consolidated Balance Sheets$(281)$(322)
Schedule of Contributions and Expected Future Benefit Payments
The following benefit payments, which reflect expected future service, are expected to be paid by the benefit plans (in millions):
 
Pension
Benefits
2026$90 
202795 
2028101 
2029109 
2030115 
2031-2035652 
Schedule of Principal Assumptions Used in Developing Net Periodic Benefit Cost
The following table sets forth the principal assumptions used in developing net periodic benefit cost:
 Pension Benefits
December 31
2025		December 31
2024
Discount rate for service cost4.7%4.5%
Expected return on plan assets6.1%6.0%
Rate of compensation increase4.8%4.8%
Interest crediting rate4.6%4.0%

The following table sets forth the principal assumptions used in developing the year-end actuarial present value of the projected benefit obligations:

 Pension Benefits
December 31
2025		December 31
2024
Discount rate5.1 %5.0 %
Rate of compensation increase4.6 %4.8 %
Interest crediting rate4.7 %4.6 %
Schedule of Fair Value of Plan Assets
The following tables set forth, by level within the fair value hierarchy, the fair value of plan assets as of December 31, 2025 and 2024 (in millions).
 Fair Value Measurements at December 31, 2025
Level 1Level 2Level 3Total
Common stock$37 $— $— $37 
Common collective trusts / Mutual funds162 — — 162 
Corporate bonds— 550 — 550 
U.S. Treasury instruments152 — — 152 
U.S. government agency, state and local government bonds— 5 — 5 
Other38 19 — 57 
Total assets$389 $574 $— $963 
Common collective trust funds at NAV
U.S. equity56 
International equity81 
Fixed income327 
Other48 
Total assets at fair value$1,475 

 Fair Value Measurements at December 31, 2024
Level 1Level 2Level 3Total
Common stock$36 $— $— $36 
Common collective trusts / Mutual funds154 — — 154 
Corporate bonds— 517 — 517 
U.S. Treasury instruments161 — — 161 
U.S. government agency, state and local government bonds— 4 — 4 
Other13 18 — 31 
Total assets$364 $539 $— $903 
Common collective trust funds at NAV
U.S. equity30 
International equity67 
Fixed income298 
Other53 
Total assets at fair value$1,351 
Schedule of Actual Asset Allocation for Global Pension Plan Assets
The following table sets forth the actual asset allocation for the Company’s global pension plan assets as of the measurement date.

December 31 2025(1)(2)
December 31
2024(2)
Equity securities23%21%
Debt securities66%68%
Other11%11%
Total100%100%

(1)The Company’s U.S. pension plans contain approximately 68% of the Company’s global pension plan assets. The actual asset allocation for the Company’s U.S. pension plans as of the measurement date consists of 24% equity securities, 70% debt securities, and 6% other. The target asset allocation for the Company’s U.S. pension plans is approximately the same as the actual asset allocation. The actual asset allocation for the Company’s foreign pension plans as of the measurement date consists of 20% equity securities, 59% debt securities, and 21% other. The target asset allocation for the Company’s foreign pension plans is approximately the same as the actual asset allocation.
(2)The Company’s pension plans did not directly hold any shares of Company common stock as of the December 31, 2025 and 2024 measurement dates.
v3.25.4
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Changes in AOCI
The following tables set forth the changes in AOCI by component and the reclassifications out of AOCI for the years ended December 31, 2025, 2024, and 2023 (in millions).
 
 
Foreign
Currency
Translation
Adjustments
 
Deferred
Gain (Loss)
on Hedging
Activities
Pension and
Other
Postretirement
Benefit
Liabilities
 
Unrealized
Gain (Loss)
on
Investments
 
Accumulated
Other
Comprehensive
Income (Loss)
Balance at December 31, 2022$(2,622)$148 $(22)$(13)$(2,509)
Other comprehensive income (loss) before reclassifications204 337 (46)16 511 
(Loss) from net investment hedges(153)— — — (153)
Amounts reclassified from AOCI— (322)(42)— (364)
Tax effect32 (5)2 (1)28 
Net of tax amount83 10 (86)15 22 
Balance at December 31, 2023(2,539)158 (108)2 (2,487)
Other comprehensive income (loss) before reclassifications(607)(118)(27)(16)(768)
Gain on net investment hedges192 — — — 192 
Amounts reclassified from AOCI— 77 42 — 119 
Tax effect(45)9 (7)(1)(44)
Net of tax amount(460)(32)8 (17)(501)
Balance at December 31, 2024(2,999)126 (100)(15)(2,988)
Other comprehensive income (loss) before reclassifications803 (11)36 (4)824 
(Loss) on net investment hedges(463)— — — (463)
Amounts reclassified from AOCI— 4 (12)— (8)
Tax effect110 — (6)— 104 
Net of tax amount450 (7)18 (4)457 
Balance at December 31, 2025$(2,549)$119 $(82)$(19)$(2,531)
Schedule of Reclassifications out of AOCI
Amounts reclassified from AOCI
Year Ended December 31,
Affected line item in the
Consolidated Statements of
Details about AOCI components202520242023
Earnings
Deferred loss (gain) on hedging activities
$4 $77 $(322)Cost of products sold
(1)(20)77 Income tax expense
$3 $57 $(245)Net earnings
v3.25.4
Segment and Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Information
The following tables present data by segment (in millions).

Year Ended December 31, 2025
Ag Services
and Oilseeds		Carbohydrate
Solutions		NutritionTotal
Revenue from external customers$61,571 $10,737 $7,512 $79,820 
Other Business449 
Total revenues$80,269 
Less:
Cost of materials56,128 6,679 4,644 
Manufacturing costs3,545 2,657 1,306 
Selling, general, and administrative expenses847 327 1,126 
Other segment items (1)
(563)(137)19 
Segment operating profit$1,614 $1,211 $417 $3,242 
Reconciliation of segment operating profit
Other Business298 
Corporate (2)
(2,049)
Specified items:
Gains on sales of assets and businesses39 
Asset impairment, restructuring, and net settlement contingencies(435)
Gain on contract termination69 
ADM's share of equity method investment non-recurring (gains) and charges, net (3)
91 
Earnings Before Income Taxes$1,255 

(1) Other segment items for each reportable segment include Equity in the earnings of affiliates, Interest and investment (income), Interest expense, and Other (income) - net.

(2) Includes a $179 million impairment charge related to previously capitalized software and a $254 million impairment related to certain investments, presented as specified items. See Note 18. Asset Impairment, Exit, and Restructuring Costs for further information.

(3) Represents the Company's share of Wilmar's non-recurring gains related to remeasurement of Wilmar's previously held equity interest in AWL to fair value, and the penalty imposed on Wilmar during the year ended December 31, 2025. See Note 8. Investments in and Advances to Affiliates for further information.
Year Ended December 31, 2024
Ag Services
and Oilseeds		Carbohydrate
Solutions		NutritionTotal
Revenue from external customers
$66,516 $11,234 $7,349 $85,099 
Other Business431 
Total revenues
$85,530 
Less:
Cost of materials60,378 7,170 4,651 
Manufacturing costs3,436 2,592 1,249 
Selling, general, and administrative expenses
919 326 1,166 
Other segment items (1)
(664)(230)(103)
Segment operating profit$2,447 $1,376 $386 $4,209 
Reconciliation of segment operating profit
Other Business
247 
Corporate(1,721)
Specified items:
Gains on sales of assets and businesses10 
Asset impairment, restructuring, and net settlement contingencies (2)
(490)
Earnings Before Income Taxes$2,255 

(1) Other segment items for each reportable segment include Equity in the earnings of affiliates, Interest and investment (income) expense, Interest expense, and Other (income) - net.

(2) Includes a $461 million impairment charge related to the Company's investment in Wilmar, within the Ag Services and Oilseeds segment.
Year Ended December 31, 2023
Ag Services
and Oilseeds		Carbohydrate
Solutions		NutritionTotal
Revenue from external customers$73,426 $12,874 $7,211 $93,511 
Other Business424 
Total revenues$93,935 
Less:
Cost of materials65,751 8,729 4,608 
Manufacturing costs3,338 2,550 1,136 
Selling, general, and administrative expenses880 323 1,034 
Other segment items(1)
(610)(103)6 
Segment operating profit$4,067 $1,375 $427 $5,869 
Reconciliation of segment operating profit
Other Business375 
Corporate(1,606)
Specified items:
Gains on sales of assets and businesses17 
Asset impairment, restructuring, and net settlement contingencies (2)
(361)
Earnings Before Income Taxes$4,294 

(1) Other segment items for each reportable segment include Equity in the earnings of affiliates, Interest and investment (income) expense, Interest expense, and Other (income) - net.

(2) Includes charges related to the impairment of certain long-lived assets, goodwill, intangibles.
(In millions)Year Ended December 31
 202520242023
Intersegment revenue
Ag Services and Oilseeds$1,759 $1,716 $2,108 
Carbohydrate Solutions805 889 918 
Nutrition57 68 48 
Total intersegment revenue
$2,621 $2,673 $3,074 
Depreciation expense
Ag Services and Oilseeds$413 $376 $350 
Carbohydrate Solutions315 305 304 
Nutrition158 151 132 
Total segment depreciation expense
886 832 786 
Other Business
9 9 10 
Corporate37 34 29 
Total depreciation expense
$932 $875 $825 
Amortization expense
Ag Services and Oilseeds$12 $14 $17 
Carbohydrate Solutions5 6 8 
Nutrition156 158 136 
Total segment amortization expense
173 178 161 
Corporate76 88 73 
Total amortization expense
$249 $266 $234 
Interest and investment income
Ag Services and Oilseeds$54 $84 $54 
Nutrition(115)— (18)
Total segment interest and investment income
(61)84 36 
Other Business
395 463 499 
Corporate(216)15 (36)
Total interest and investment income
$118 $562 $499 
Equity in earnings of unconsolidated affiliates
Ag Services and Oilseeds$521 $474 $459 
Carbohydrate Solutions104 127 76 
Nutrition29 29 21 
Total segment equity in earnings of unconsolidated affiliates
654 630 556 
Corporate(6)(9)(5)
Total equity in earnings of unconsolidated affiliates
$648 $621 $551 
Schedule of Geographic Information
The following geographic data include revenues from external customers attributed to the countries based on the location of the subsidiary making the sale (in millions). 
Year Ended
December 31
 202520242023
Revenues 
United States$31,175 $33,550 $38,783 
Switzerland17,793 19,877 19,898 
Cayman Islands6,093 5,603 7,646 
Brazil3,358 3,353 3,361 
Mexico2,741 3,209 3,185 
Canada1,767 2,055 2,400 
United Kingdom2,115 2,186 2,219 
Other Foreign15,227 15,697 16,443 
Total Revenues
$80,269 $85,530 $93,935 

Long-lived assets represent the net book value of property, plant, and equipment and right-of-use (ROU) assets based on physical location (in millions).
December 31
20252024
Property, plant, and equipment, net
United States$7,007 $6,965 
Brazil899 872 
Other Foreign3,273 3,000 
Total property, plant, and equipment, net
$11,179 $10,837 
ROU assets
United States$1,063 $1,063 
Other Foreign259 295 
Total ROU assets
$1,322 $1,358 
v3.25.4
Asset Impairment, Exit, and Restructuring Costs (Tables)
 12 Months Ended
Dec. 31, 2025
Restructuring, Settlement and Impairment Provisions [Abstract]  
Schedule of 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).
Year Ended December 31
202520242023
Restructuring and exit costs (1)
$283 $26 $33 
Impairment charge - goodwill and other intangible assets (2)
179 43 201 
Impairment charge - other long-lived assets (3)
11 476 108 
Total asset impairment, exit, and restructuring costs$473 $545 $342 

(1)On February 4, 2025, the Company announced targeted actions expected to deliver in excess of $500 million of cost savings by fiscal 2029. These include cost optimization and portfolio simplification initiatives designed to help the Company achieve cost efficiencies. Charges associated with these actions, as well as similar initiatives in prior periods, are reflected as restructuring charges. The year ended December 31, 2025 included restructuring charges (primarily impairment of long-lived assets, impairment of intangible assets, and employee termination benefits) of $207 million, $46 million, $8 million, and $22 million within the Nutrition segment, the Ag Services and Oilseeds segment, the Carbohydrate Solutions segment, and Corporate, respectively. The year ended December 31, 2024 included restructuring charges of $3 million within the Nutrition segment and $23 million, within Corporate. The year ended December 31, 2023 included several individually insignificant restructuring charges of $18 million, $5 million, $4 million, and $6 million within the Nutrition segment, Ag Services and Oilseeds segment, Carbohydrate Solutions segment, and Corporate, respectively.
(2)The year ended December 31, 2025 included an impairment charge of $179 million, related to previously capitalized software, within Corporate. The year ended December 31, 2024 included impairments of discontinued Animal Nutrition trademarks of $43 million, within the Nutrition segment. The year ended December 31, 2023 included impairments related to goodwill of $137 million and customer list and discontinued Animal Nutrition trademarks totaling $64 million, within the Nutrition segment.
(3)The year ended December 31, 2025 included an impairment charge of $11 million related to a certain long-lived asset within the Nutrition segment. The year ended December 31, 2024 included $461 million impairment charge related to the Company’s investment in Wilmar, within the Ag Services and Oilseeds segment. The year ended December 31, 2023 included impairments related to certain long-lived assets of $10 million, $33 million, and $65 million, within the Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition segments, respectively.
v3.25.4
Summary of Significant Accounting Policies - Additional Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Significant Accounting Policies [Line Items]        
Number of reportable segments | segment   3    
Provisions (reversals), net   $ 27 $ (16) $ 6
Cost method investments $ 143 143 439  
Revaluation losses 373 372 16 76
Revaluation gains 1      
Cumulative upward adjustment 114 114    
Cumulative downward adjustment $ 448 448    
Capitalized interest   $ 35 32 32
Supplier finance program, obligation, statement of financial position [extensible enumeration] Accounts Payable, Current Accounts Payable, Current    
Supplier outstanding payment obligations $ 301 $ 301 222 274
Costs incurred, net of expenditures subsequently reimbursed by government grants   $ 246 $ 269 $ 256
Minimum        
Significant Accounting Policies [Line Items]        
Renewal lease term 1 month 1 month    
Estimated useful lives 1 year 1 year    
Minimum | Building        
Significant Accounting Policies [Line Items]        
Useful life 15 years 15 years    
Minimum | Machinery and Equipment        
Significant Accounting Policies [Line Items]        
Useful life 3 years 3 years    
Maximum        
Significant Accounting Policies [Line Items]        
Renewal lease term 95 years 95 years    
Estimated useful lives 65 years 65 years    
Maximum | Building        
Significant Accounting Policies [Line Items]        
Useful life 40 years 40 years    
Maximum | Machinery and Equipment        
Significant Accounting Policies [Line Items]        
Useful life 40 years 40 years    
v3.25.4
Summary of Significant Accounting Policies- Reconciliation of Cash and Cash Equivalents (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounting Policies [Abstract]        
Cash and cash equivalents $ 1,015 $ 611 $ 1,368  
Restricted cash and restricted cash equivalents included in segregated cash and investments 4,490 3,313 4,022  
Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 5,505 $ 3,924 $ 5,390 $ 7,033
v3.25.4
Summary of Significant Accounting Policies - Changes in Allowance for Estimated Uncollectible Amounts (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]      
Opening balance, January 1 $ 167 $ 215  
Provisions (reversals), net 27 (16) $ 6
Write-offs against allowance (39) (32)  
Recoveries and other 5 0  
Closing balance, December 31 $ 160 $ 167 $ 215
v3.25.4
Summary of Significant Accounting Policies - Inventories (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Raw materials and supplies $ 1,740 $ 1,922
Finished goods 2,407 2,689
Market inventories 6,222 6,961
Total inventories $ 10,369 $ 11,572
v3.25.4
Summary of Significant Accounting Policies - Net Property, Plant, and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Land $ 607 $ 566
Buildings 6,440 6,143
Machinery and equipment 22,042 20,636
Construction in progress 1,110 1,553
Gross, property, plant and equipment 30,199 28,898
Accumulated depreciation (19,020) (18,061)
Property, Plant, and Equipment, Net $ 11,179 $ 10,837
v3.25.4
Summary of Significant Accounting Policies - Changes in Outstanding Payment Obligations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Supplier Finance Program, Obligation [Roll Forward]    
Opening balance, January 1 $ 222 $ 274
Obligations confirmed 974 948
Obligations paid (895) (1,000)
Closing balance, December 31 $ 301 $ 222
v3.25.4
Summary of Significant Accounting Policies - Changes in Redeemable Non-controlling Interest (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Opening balance, January 1 $ 253 $ 320 $ 299
Net income (loss) (3) (21) (6)
Acquisitions 0 (18) 0
Remeasurement 42 0 0
Currency translation adjustments and other (5) (28) 27
Closing balance, December 31 $ 287 $ 253 $ 320
v3.25.4
Revenues - Disaggregation of Revenues (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue $ 24,956 $ 24,373 $ 25,691
Topic 815 Revenue 55,313 61,157 68,244
Revenues 80,269 85,530 93,935
Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 24,507 23,942 25,267
Topic 815 Revenue 55,313 61,157 68,244
Revenues 79,820 85,099 93,511
Other Business      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 449 431 424
Topic 815 Revenue 0 0 0
Revenues 449 431 424
Ag Services and Oilseeds | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 8,492 7,611 7,636
Topic 815 Revenue 53,079 58,905 65,790
Revenues 61,571 66,516 73,426
Carbohydrate Solutions | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 8,503 8,982 10,420
Topic 815 Revenue 2,234 2,252 2,454
Revenues 10,737 11,234 12,874
Nutrition | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 7,512 7,349 7,211
Topic 815 Revenue 0 0 0
Revenues 7,512 7,349 7,211
Point in Time      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 24,181 23,450 24,930
Point in Time | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 23,732 23,019 24,506
Point in Time | Other Business      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 449 431 424
Point in Time | Ag Services and Oilseeds | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 7,717 6,688 6,875
Point in Time | Carbohydrate Solutions | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 8,503 8,982 10,420
Point in Time | Nutrition | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 7,512 7,349 7,211
Over Time      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 775 923 761
Over Time | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 775 923 761
Over Time | Other Business      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 0 0 0
Over Time | Ag Services and Oilseeds | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 775 923 761
Over Time | Carbohydrate Solutions | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 0 0 0
Over Time | Nutrition | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 0 0 0
Ag Services | Ag Services and Oilseeds | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 4,572 4,702 4,871
Topic 815 Revenue 35,791 39,381 42,549
Revenues 40,363 44,083 47,420
Ag Services | Point in Time | Ag Services and Oilseeds | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 3,797 3,779 4,110
Ag Services | Over Time | Ag Services and Oilseeds | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 775 923 761
Crushing | Ag Services and Oilseeds | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 375 462 470
Topic 815 Revenue 9,978 11,374 13,550
Revenues 10,353 11,836 14,020
Crushing | Point in Time | Ag Services and Oilseeds | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 375 462 470
Crushing | Over Time | Ag Services and Oilseeds | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 0 0 0
Refined Products and Other | Ag Services and Oilseeds | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 3,545 2,447 2,295
Topic 815 Revenue 7,310 8,150 9,691
Revenues 10,855 10,597 11,986
Refined Products and Other | Point in Time | Ag Services and Oilseeds | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 3,545 2,447 2,295
Refined Products and Other | Over Time | Ag Services and Oilseeds | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 0 0 0
Starches and Sweeteners | Carbohydrate Solutions | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 5,748 6,335 7,431
Topic 815 Revenue 2,234 2,252 2,454
Revenues 7,982 8,587 9,885
Starches and Sweeteners | Point in Time | Carbohydrate Solutions | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 5,748 6,335 7,431
Starches and Sweeteners | Over Time | Carbohydrate Solutions | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 0 0 0
Vantage Corn Processors | Carbohydrate Solutions | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 2,755 2,647 2,989
Topic 815 Revenue 0 0 0
Revenues 2,755 2,647 2,989
Vantage Corn Processors | Point in Time | Carbohydrate Solutions | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 2,755 2,647 2,989
Vantage Corn Processors | Over Time | Carbohydrate Solutions | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 0 0 0
Human Nutrition | Nutrition | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 4,187 3,944 3,634
Topic 815 Revenue 0 0 0
Revenues 4,187 3,944 3,634
Human Nutrition | Point in Time | Nutrition | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 4,187 3,944 3,634
Human Nutrition | Over Time | Nutrition | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 0 0 0
Animal Nutrition | Nutrition | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 3,325 3,405 3,577
Topic 815 Revenue 0 0 0
Revenues 3,325 3,405 3,577
Animal Nutrition | Point in Time | Nutrition | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue 3,325 3,405 3,577
Animal Nutrition | Over Time | Nutrition | Operating Segments      
Revenue from Contract with Customer [Abstract]      
Topic 606 Revenue $ 0 $ 0 $ 0
v3.25.4
Acquisitions - Additional Information (Details) - Vandamme
 12 Months Ended
Dec. 31, 2025
USD ($)
T
Business Combination [Line Items]  
Capacity of non-genetically modified crush and extraction facility acquired | T 700
Cash consideration $ 125,000,000
Cash acquired 28,000,000
Goodwill expected to be deductible for tax purposes $ 0
v3.25.4
Acquisitions - Aggregate Cash Consideration (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Combination [Line Items]      
Goodwill $ 4,769 $ 4,509 $ 4,103
Aggregate cash consideration, net of cash acquired 108 $ 927 $ 23
Vandamme      
Business Combination [Line Items]      
Working capital, net of cash acquired 24    
Property, plant, and equipment 27    
Goodwill 26    
Other intangible assets 23    
Deferred tax liabilities (3)    
Aggregate cash consideration, net of cash acquired $ 97    
Vandamme | Customer Lists      
Business Combination [Line Items]      
Estimated useful lives 13 years    
v3.25.4
Fair Value Measurements - Assets and Liabilities Accounted for at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Assets:    
Inventories carried at market $ 6,222 $ 6,961
Cash equivalents 280 70
Marketable securities 32 246
Segregated investments and restricted cash equivalents 1,771 1,681
Total Assets 9,252 10,066
Liabilities:    
Inventory-related payables 730 742
Total Liabilities 1,487 1,714
Commodity contracts    
Assets:    
Unrealized gains on derivative contracts 822 831
Liabilities:    
Unrealized losses on derivative contracts 613 760
Foreign exchange contracts    
Assets:    
Unrealized gains on derivative contracts 108 272
Liabilities:    
Unrealized losses on derivative contracts 144 212
Interest rate contracts    
Assets:    
Unrealized gains on derivative contracts 17 5
Level 1    
Assets:    
Inventories carried at market 0 0
Cash equivalents 280 70
Marketable securities 32 246
Segregated investments and restricted cash equivalents 1,771 1,681
Total Assets 2,083 1,997
Liabilities:    
Inventory-related payables 0 0
Total Liabilities 0 0
Level 1 | Commodity contracts    
Assets:    
Unrealized gains on derivative contracts 0 0
Liabilities:    
Unrealized losses on derivative contracts 0 0
Level 1 | Foreign exchange contracts    
Assets:    
Unrealized gains on derivative contracts 0 0
Liabilities:    
Unrealized losses on derivative contracts 0 0
Level 1 | Interest rate contracts    
Assets:    
Unrealized gains on derivative contracts 0 0
Level 2    
Assets:    
Inventories carried at market 3,549 3,930
Cash equivalents 0 0
Marketable securities 0 0
Segregated investments and restricted cash equivalents 0 0
Total Assets 3,984 4,611
Liabilities:    
Inventory-related payables 714 654
Total Liabilities 1,158 1,221
Level 2 | Commodity contracts    
Assets:    
Unrealized gains on derivative contracts 310 404
Liabilities:    
Unrealized losses on derivative contracts 300 355
Level 2 | Foreign exchange contracts    
Assets:    
Unrealized gains on derivative contracts 108 272
Liabilities:    
Unrealized losses on derivative contracts 144 212
Level 2 | Interest rate contracts    
Assets:    
Unrealized gains on derivative contracts 17 5
Level 3    
Assets:    
Inventories carried at market 2,673 3,031
Cash equivalents 0 0
Marketable securities 0 0
Segregated investments and restricted cash equivalents 0 0
Total Assets 3,185 3,458
Liabilities:    
Inventory-related payables 16 88
Total Liabilities 329 493
Level 3 | Commodity contracts    
Assets:    
Unrealized gains on derivative contracts 512 427
Liabilities:    
Unrealized losses on derivative contracts 313 405
Level 3 | Foreign exchange contracts    
Assets:    
Unrealized gains on derivative contracts 0 0
Liabilities:    
Unrealized losses on derivative contracts 0 0
Level 3 | Interest rate contracts    
Assets:    
Unrealized gains on derivative contracts $ 0 $ 0
v3.25.4
Fair Value Measurements - Roll Forward of Assets Measured at Fair Value on a Recurring Basis Using Unobservable Inputs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of period $ 493  
Balance at end of period   $ 493
Level 3    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of period 3,458 3,444
Increase (decrease) in unrealized gains included in Cost of products sold 54 1,707
Increase (decrease) in unrealized losses included in Cost of products sold 0 0
Realized increases (decreases) included in Cost of products sold 28 (51)
Purchases 18,640 16,296
Sales (17,761) (16,609)
Settlements (1,106) (1,369)
Transfers into Level 3 1,857 1,657
Transfers out of Level 3 (1,985) (1,617)
Balance at end of period 3,185 3,458
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of period 493 558
Increase (decrease) in unrealized gains included in Cost of products sold 0 0
Increase (decrease) in unrealized losses included in Cost of products sold 865 1,141
Realized increases (decreases) included in Cost of products sold (15) (29)
Purchases 21 79
Sales (91) (81)
Settlements (985) (1,142)
Transfers into Level 3 72 69
Transfers out of Level 3 (31) (102)
Balance at end of period $ 329 $ 493
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Cost of products sold Cost of products sold
Level 3 | Inventory-related Payables    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of period $ 88 $ 101
Increase (decrease) in unrealized gains included in Cost of products sold 0 0
Increase (decrease) in unrealized losses included in Cost of products sold 13 17
Realized increases (decreases) included in Cost of products sold (15) (29)
Purchases 21 79
Sales (91) (81)
Settlements 0 0
Transfers into Level 3 0 1
Transfers out of Level 3 0 0
Balance at end of period 16 88
Level 3 | Commodity Derivative Contracts Losses    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of period 405 457
Increase (decrease) in unrealized gains included in Cost of products sold 0 0
Increase (decrease) in unrealized losses included in Cost of products sold 852 1,124
Realized increases (decreases) included in Cost of products sold 0 0
Purchases 0 0
Sales 0 0
Settlements (985) (1,142)
Transfers into Level 3 72 68
Transfers out of Level 3 (31) (102)
Balance at end of period 313 405
Level 3 | Inventories Carried at Market    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of period 3,031 2,713
Increase (decrease) in unrealized gains included in Cost of products sold (1,021) 697
Increase (decrease) in unrealized losses included in Cost of products sold 0 0
Realized increases (decreases) included in Cost of products sold 28 (51)
Purchases 18,640 16,296
Sales (17,761) (16,609)
Settlements 0 0
Transfers into Level 3 1,616 1,416
Transfers out of Level 3 (1,860) (1,431)
Balance at end of period 2,673 3,031
Level 3 | Commodity Derivative Contracts Gains    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of period 427 731
Increase (decrease) in unrealized gains included in Cost of products sold 1,075 1,010
Increase (decrease) in unrealized losses included in Cost of products sold 0 0
Realized increases (decreases) included in Cost of products sold 0 0
Purchases 0 0
Sales 0 0
Settlements (1,106) (1,369)
Transfers into Level 3 241 241
Transfers out of Level 3 (125) (186)
Balance at end of period $ 512 $ 427
v3.25.4
Fair Value Measurements - Unobservable Inputs In Level 3 Valuations Of Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details) - Weighted Average - Level 3 - Recurring
Dec. 31, 2025
Dec. 31, 2024
Inventories and Related Payables    
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]    
Basis 9.00% 31.30%
Transportation cost 0.00% 0.00%
Commodity Derivative Contracts    
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]    
Basis 23.60% 23.40%
Transportation cost 0.00% 10.80%
Inventories and Related Payables    
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]    
Basis 21.10% 24.90%
Transportation cost 22.40% 10.80%
Commodity Derivative Contracts    
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]    
Basis 23.30% 21.80%
Transportation cost 25.70% 10.80%
v3.25.4
Derivative Instruments & Hedging Activities - Fair Value Of Derivatives Not Designated As Hedging Instruments (Details) - Not Designated As Hedging Instrument - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Foreign Currency Contracts $ 108 $ 272
Commodity Contracts 822 828
Total 930 1,100
Foreign Currency Contracts 54 102
Commodity Contracts 613 760
Total $ 667 $ 862
v3.25.4
Derivative Instruments & Hedging Activities - Pre-Tax Gains (Losses) On Derivatives Not Designated As Hedging Instruments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]      
Total gain (loss) recognized in earnings $ 537 $ 174 $ 957
Revenues      
Derivative [Line Items]      
Foreign Currency Contracts (66) 29 (33)
Commodity Contracts 0 0 0
Debt Conversion Option   0 0
Total gain (loss) recognized in earnings (66) 29 (33)
Cost of Sales of Product Sold      
Derivative [Line Items]      
Foreign Currency Contracts 269 (388) 322
Commodity Contracts 478 391 619
Debt Conversion Option   0 0
Total gain (loss) recognized in earnings 747 3 941
Interest Expense      
Derivative [Line Items]      
Foreign Currency Contracts 0 0 0
Commodity Contracts 0 0 0
Debt Conversion Option   0 6
Total gain (loss) recognized in earnings 0 0 6
Other expense (income) - net      
Derivative [Line Items]      
Foreign Currency Contracts (144) 142 43
Commodity Contracts 0 0 0
Debt Conversion Option   0 0
Total gain (loss) recognized in earnings $ (144) $ 142 $ 43
v3.25.4
Derivative Instruments & Hedging Activities - Additional Information (Details)
€ in Millions, bu in Millions
 12 Months Ended
Dec. 31, 2025
EUR (€)
bu
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Derivative [Line Items]      
Hedges of net investment in a foreign subsidiary | € € 650    
After-tax gains in AOCI related to foreign exchange   $ 176,000,000 $ 251,000,000
Net Investment Hedges      
Derivative [Line Items]      
After-tax (losses) gains in AOCI related to foreign exchange   (171,000,000) 99,000,000
Fair Value Hedges      
Derivative [Line Items]      
Derivative liability, notional amount   500,000,000 500,000,000
Currency Swap | Net Investment Hedges      
Derivative [Line Items]      
Derivative liability, notional amount   447,000,000 394,000,000
Foreign Exchange Forward | Net Investment Hedges      
Derivative [Line Items]      
Derivative liability, notional amount   2,600,000,000 2,100,000,000
Designated As Hedging Instrument      
Derivative [Line Items]      
Corn processed per month (in bushels) | bu 56    
After-tax gains (losses) in AOCI   13,000,000 (13,000,000)
After-tax gain expected to be recognized in the next 12 months   13,000,000  
Interest Rate Contracts   17,000,000 5,000,000
Designated As Hedging Instrument | Corn      
Derivative [Line Items]      
Derivative hedge term 12 months    
Designated As Hedging Instrument | Soybean      
Derivative [Line Items]      
Derivative hedge term 12 months    
Designated As Hedging Instrument | Natural Gas      
Derivative [Line Items]      
Derivative hedge term 12 months    
Designated As Hedging Instrument | Fair Value Hedges      
Derivative [Line Items]      
Interest Rate Contracts   $ 17,000,000 $ 5,000,000
Designated As Hedging Instrument | Minimum | Corn      
Derivative [Line Items]      
Percentage of anticipated commodity purchases or production hedged during historical hedging period (as a percent)   12.00%  
Percentage of anticipated commodity purchases or production hedged over future hedging period (as a percent)   7.00%  
Designated As Hedging Instrument | Minimum | Soybean      
Derivative [Line Items]      
Percentage of anticipated commodity purchases or production hedged during historical hedging period (as a percent)   94.00%  
Percentage of anticipated commodity purchases or production hedged over future hedging period (as a percent)   0.00%  
Designated As Hedging Instrument | Minimum | Natural Gas      
Derivative [Line Items]      
Percentage of anticipated commodity purchases or production hedged during historical hedging period (as a percent)   38.00%  
Percentage of anticipated commodity purchases or production hedged over future hedging period (as a percent)   8.00%  
Designated As Hedging Instrument | Maximum | Corn      
Derivative [Line Items]      
Percentage of anticipated commodity purchases or production hedged during historical hedging period (as a percent)   30.00%  
Percentage of anticipated commodity purchases or production hedged over future hedging period (as a percent)   26.00%  
Designated As Hedging Instrument | Maximum | Soybean      
Derivative [Line Items]      
Percentage of anticipated commodity purchases or production hedged during historical hedging period (as a percent)   100.00%  
Percentage of anticipated commodity purchases or production hedged over future hedging period (as a percent)   100.00%  
Designated As Hedging Instrument | Maximum | Natural Gas      
Derivative [Line Items]      
Percentage of anticipated commodity purchases or production hedged during historical hedging period (as a percent)   59.00%  
Percentage of anticipated commodity purchases or production hedged over future hedging period (as a percent)   32.00%  
v3.25.4
Derivative Instruments and Hedging Activities - Fair Value Of Derivatives Designated As Hedging Instruments (Details) - Designated As Hedging Instrument - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Commodity Contracts $ 0 $ 3
Foreign Currency Contracts 0 0
Interest Rate Contracts 17 5
Total 17 8
Commodity Contracts 0 0
Foreign Currency Contracts 90 110
Interest Rate Contracts 0 0
Total $ 90 $ 110
v3.25.4
Derivative Instruments and Hedging Activities - Pre-Tax Gains (Losses) On Derivatives Designated As Hedging Instruments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Designated As Hedging Instrument | Cost of Sales of Product Sold      
Derivative Instruments, Gains (Loss) [Line Items]      
Commodity Contracts $ (4) $ (77) $ 322
v3.25.4
Other Current Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Other Assets [Abstract]    
Unrealized gains on derivative contracts $ 947 $ 1,108
Customer omnibus receivable 573 872
Margin deposits and grain accounts 575 516
Financing receivables - net 256 258
Insurance premiums receivable 106 76
Prepaid expenses 263 279
Tax receivables 583 539
Non-trade receivables 268 393
Other current assets 225 328
Total other current assets $ 3,796 $ 4,369
v3.25.4
Accrued Expenses And Other Payables (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Unrealized losses on derivative contracts $ 757 $ 972
Accrued compensation 419 346
Income tax payable 83 167
Other taxes payable 181 138
Accrued interest payable 158 153
Insurance liabilities 165 172
Contract liabilities 333 534
Other deferred income 191 156
Other accruals and payables 1,026 1,092
Total accrued expenses and other payables 3,313 3,730
Revenue recognized $ 529 $ 529
v3.25.4
Investments in and Advances to Affiliates - Additional Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
affiliate
Dec. 31, 2024
USD ($)
affiliate
Dec. 31, 2023
USD ($)
Schedule Of Equity Method Investments [Line Items]      
Loss from equity method investment $ (648) $ (621) $ (551)
Revenues 80,269 85,530 93,935
Accounts receivable 3,021 3,708  
Other assets, current 3,796 4,369  
Affiliated Entity      
Schedule Of Equity Method Investments [Line Items]      
Revenues 6,000 6,700 7,000
Accounts receivable $ 270 $ 342  
Number of unconsolidated affiliates provided with credit facilities by the entity | affiliate 6    
Amount of credit facility provided to unconsolidated affiliates $ 128    
Other assets, current $ 4    
Affiliated Entity | Minimum      
Schedule Of Equity Method Investments [Line Items]      
Interest rates ranging (in percentage) 3.50%    
Affiliated Entity | Maximum      
Schedule Of Equity Method Investments [Line Items]      
Interest rates ranging (in percentage) 6.90%    
Equity Method Investments      
Schedule Of Equity Method Investments [Line Items]      
Number of unconsolidated affiliates | affiliate 64 69  
Undistributed earnings of unconsolidated affiliates $ 6,300    
Operating Segments      
Schedule Of Equity Method Investments [Line Items]      
Loss from equity method investment (654) $ (630) (556)
Revenues 79,820 85,099 93,511
Operating Segments | Ag Services and Oilseeds      
Schedule Of Equity Method Investments [Line Items]      
Loss from equity method investment (521) (474) (459)
Revenues $ 61,571 $ 66,516 $ 73,426
Wilmar      
Schedule Of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 22.50% 22.50%  
Non cash gain on equity investments $ 254    
Carrying value 4,000    
Market value 3,400    
Equity method investment impairment   $ 461  
Wilmar | Operating Segments | Ag Services and Oilseeds      
Schedule Of Equity Method Investments [Line Items]      
Loss from equity method investment $ 163    
Pacificor      
Schedule Of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 32.20%    
Olenex      
Schedule Of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 37.50%    
Hungrana      
Schedule Of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 50.00%    
SoyVen      
Schedule Of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 50.00%    
Almidones Mexicanos      
Schedule Of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 50.00%    
Vimison S.A. de C.V.      
Schedule Of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 45.30%    
Aston Foods      
Schedule Of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 50.00%    
Edible Oils      
Schedule Of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 50.00%    
Stratas Foods      
Schedule Of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 50.00%    
LSCP      
Schedule Of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 22.10%    
Red Star Yeast Company, LLC      
Schedule Of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 40.00%    
Plainsman Company, LLC      
Schedule Of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 40.00%    
Gradable, LLC      
Schedule Of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 50.00%    
Terminal de Grãos Ponta da Montanha S.A.      
Schedule Of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 50.00%    
Dusial S.A.      
Schedule Of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 42.80%    
Vitafort ZRT      
Schedule Of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 34.30%    
Novial      
Schedule Of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 26.20%    
ADM Matsutani LLC      
Schedule Of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 50.00%    
Matsutani Singapore Pte. Ltd.      
Schedule Of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 50.00%    
Wilmar | Adani Wilmar Limited      
Schedule Of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 57.00%    
Additional interests purchased 13.00%    
v3.25.4
Investments in and Advances to Affiliates - Combined Balance Sheets and Statements of Earnings of the Company's Unconsolidated Affiliates (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Combined balance sheets and statements of earnings of the Company's unconsolidated affiliates:      
Current assets $ 26,665 $ 27,718  
Non-current assets 25,724 25,553  
Current liabilities (19,534) (19,938)  
Non-current liabilities (9,828) (10,902)  
Non-controlling interests (7) (10)  
Revenues 80,269 85,530 $ 93,935
Gross profit 5,033 5,778 7,513
Net earnings 1,073 1,779 3,466
Unconsolidated Affiliates      
Combined balance sheets and statements of earnings of the Company's unconsolidated affiliates:      
Current assets 37,343 33,065  
Non-current assets 29,982 28,962  
Current liabilities (31,846) (27,357)  
Non-current liabilities (9,068) (8,772)  
Non-controlling interests (2,670) (2,499)  
Net assets 23,741 23,399  
Revenues 83,895 77,251 85,754
Gross profit 4,088 3,673 4,261
Net earnings $ 1,199 $ 2,036 $ 2,452
v3.25.4
Goodwill and Other Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Goodwill [Roll Forward]    
Goodwill, beginning balance $ 4,509 $ 4,103
Acquisitions 36 557
Currency translation adjustments and other 224 (151)
Goodwill, ending balance 4,769 4,509
Other Business    
Goodwill [Roll Forward]    
Goodwill, beginning balance 5 4
Acquisitions 0 0
Currency translation adjustments and other (1) 1
Goodwill, ending balance 4 5
Ag Services and Oilseeds | Operating Segments    
Goodwill [Roll Forward]    
Goodwill, beginning balance 218 235
Acquisitions 19 0
Currency translation adjustments and other 13 (17)
Goodwill, ending balance 250 218
Carbohydrate Solutions | Operating Segments    
Goodwill [Roll Forward]    
Goodwill, beginning balance 216 224
Acquisitions 7 0
Currency translation adjustments and other 15 (8)
Goodwill, ending balance 238 216
Nutrition | Operating Segments    
Goodwill [Roll Forward]    
Goodwill, beginning balance 4,070 3,640
Acquisitions 10 557
Currency translation adjustments and other 197 (127)
Goodwill, ending balance $ 4,277 $ 4,070
v3.25.4
Goodwill and Other Intangible Assets - Additional Information (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
reporting_unit
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Goodwill      
Accumulated amortization loss $ 156,000,000 $ 156,000,000  
Number of reporting units evaluated using a qualitative assessment | reporting_unit 6    
Goodwill impairment charge     $ 137,000,000
Impairments $ 179,000,000 43,000,000  
Changes in gross amount of intangible assets 56,000,000    
Intangible assets acquired 23,000,000    
Foreign currency and other adjustments 162,000,000    
Amortization expense 249,000,000 266,000,000 234,000,000
Estimated future aggregate amortization expense, year one 250,000,000    
Estimated future aggregate amortization expense, year two 244,000,000    
Estimated future aggregate amortization expense, year three 224,000,000    
Estimated future aggregate amortization expense, year four 199,000,000    
Estimated future aggregate amortization expense, year five 149,000,000    
Capitalized software and related costs      
Goodwill      
Amortization expense $ 82,000,000 $ 89,000,000 $ 72,000,000
Animal Nutrition Reporting Unit      
Goodwill      
Reporting unit, percentage of fair value in excess of carrying 15.00%    
Goodwill impairment charge $ 0    
Animal Nutrition Reporting Unit | Valuation, Income Approach      
Goodwill      
Goodwill, measurement input 0.75    
Animal Nutrition Reporting Unit | Valuation, Market Approach      
Goodwill      
Goodwill, measurement input 0.25    
v3.25.4
Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Schedule of Other Intangible Assets [Line Items]    
Gross Amount $ 4,146 $ 4,130
Accumulated Amortization (2,170) (1,870)
Net 1,976 2,260
Trademarks/brands    
Schedule of Other Intangible Assets [Line Items]    
Gross Amount 93 86
Accumulated Amortization (56) (42)
Net 37 44
Customer Lists    
Schedule of Other Intangible Assets [Line Items]    
Gross Amount 1,827 1,687
Accumulated Amortization (850) (708)
Net 977 979
Capitalized software and related costs    
Schedule of Other Intangible Assets [Line Items]    
Gross Amount 985 964
Accumulated Amortization (694) (612)
Net 291 352
Land rights    
Schedule of Other Intangible Assets [Line Items]    
Gross Amount 97 89
Accumulated Amortization (34) (27)
Net 63 62
Other intellectual property    
Schedule of Other Intangible Assets [Line Items]    
Gross Amount 196 187
Accumulated Amortization (165) (142)
Net 31 45
Recipes and other    
Schedule of Other Intangible Assets [Line Items]    
Gross Amount 568 620
Accumulated Amortization (371) (339)
Net 197 281
Intangible assets in process    
Schedule of Other Intangible Assets [Line Items]    
Gross Amount 65 207
Net 65 207
Trademarks/brands    
Schedule of Other Intangible Assets [Line Items]    
Gross Amount 315 290
Net $ 315 $ 290
Minimum    
Schedule of Other Intangible Assets [Line Items]    
Useful Life 1 year  
Minimum | Trademarks/brands    
Schedule of Other Intangible Assets [Line Items]    
Useful Life 8 years  
Minimum | Customer Lists    
Schedule of Other Intangible Assets [Line Items]    
Useful Life 7 years  
Minimum | Capitalized software and related costs    
Schedule of Other Intangible Assets [Line Items]    
Useful Life 3 years  
Minimum | Land rights    
Schedule of Other Intangible Assets [Line Items]    
Useful Life 20 years  
Minimum | Other intellectual property    
Schedule of Other Intangible Assets [Line Items]    
Useful Life 6 years  
Minimum | Recipes and other    
Schedule of Other Intangible Assets [Line Items]    
Useful Life 1 year  
Maximum    
Schedule of Other Intangible Assets [Line Items]    
Useful Life 65 years  
Maximum | Trademarks/brands    
Schedule of Other Intangible Assets [Line Items]    
Useful Life 20 years  
Maximum | Customer Lists    
Schedule of Other Intangible Assets [Line Items]    
Useful Life 30 years  
Maximum | Capitalized software and related costs    
Schedule of Other Intangible Assets [Line Items]    
Useful Life 5 years  
Maximum | Land rights    
Schedule of Other Intangible Assets [Line Items]    
Useful Life 65 years  
Maximum | Other intellectual property    
Schedule of Other Intangible Assets [Line Items]    
Useful Life 15 years  
Maximum | Recipes and other    
Schedule of Other Intangible Assets [Line Items]    
Useful Life 35 years  
v3.25.4
Debt Financing Arrangements - Long-Term Debt (Details)
Dec. 31, 2025
USD ($)
Dec. 31, 2025
EUR (€)
Dec. 31, 2024
USD ($)
Debt Instruments [Line Items]      
Total long-term debt including current maturities $ 7,612,000,000   $ 8,254,000,000
Current maturities (1,006,000,000)   (674,000,000)
Total long-term debt $ 6,606,000,000   7,580,000,000
1.000% Notes      
Debt Instruments [Line Items]      
Interest Rate 1.00% 1.00%  
Face Amount | €   € 650,000,000  
Total long-term debt including current maturities $ 0   672,000,000
2.500% Notes      
Debt Instruments [Line Items]      
Interest Rate 2.50% 2.50%  
Face Amount $ 1,000,000,000    
Total long-term debt including current maturities $ 999,000,000   999,000,000
7.500% Debentures      
Debt Instruments [Line Items]      
Interest Rate 7.50% 7.50%  
Face Amount $ 147,000,000    
Total long-term debt including current maturities $ 147,000,000   147,000,000
6.750% Debentures      
Debt Instruments [Line Items]      
Interest Rate 6.75% 6.75%  
Face Amount $ 103,000,000    
Total long-term debt including current maturities $ 103,000,000   103,000,000
6.625% Debentures      
Debt Instruments [Line Items]      
Interest Rate 6.625% 6.625%  
Face Amount $ 144,000,000    
Total long-term debt including current maturities $ 144,000,000   144,000,000
3.250% Notes      
Debt Instruments [Line Items]      
Interest Rate 3.25% 3.25%  
Face Amount $ 1,000,000,000    
Total long-term debt including current maturities $ 999,000,000   993,000,000
7.000% Debentures      
Debt Instruments [Line Items]      
Interest Rate 7.00% 7.00%  
Face Amount $ 160,000,000    
Total long-term debt including current maturities $ 165,000,000   161,000,000
2.900% Notes      
Debt Instruments [Line Items]      
Interest Rate 2.90% 2.90%  
Face Amount $ 750,000,000    
Total long-term debt including current maturities $ 746,000,000   745,000,000
5.935% Debentures      
Debt Instruments [Line Items]      
Interest Rate 5.935% 5.935%  
Face Amount $ 336,000,000    
Total long-term debt including current maturities $ 341,000,000   337,000,000
4.500% Notes      
Debt Instruments [Line Items]      
Interest Rate 450.00% 450.00%  
Face Amount $ 500,000,000    
Total long-term debt including current maturities $ 494,000,000   493,000,000
5.375% Debentures      
Debt Instruments [Line Items]      
Interest Rate 5.375% 5.375%  
Face Amount $ 432,000,000    
Total long-term debt including current maturities $ 427,000,000   426,000,000
6.450% Debentures      
Debt Instruments [Line Items]      
Interest Rate 6.45% 6.45%  
Face Amount $ 103,000,000    
Total long-term debt including current maturities $ 102,000,000   103,000,000
5.765% Debentures      
Debt Instruments [Line Items]      
Interest Rate 5.765% 5.765%  
Face Amount $ 297,000,000    
Total long-term debt including current maturities $ 297,000,000   297,000,000
4.535% Debentures      
Debt Instruments [Line Items]      
Interest Rate 4.535% 4.535%  
Face Amount $ 383,000,000    
Total long-term debt including current maturities $ 294,000,000   291,000,000
4.016% Debentures      
Debt Instruments [Line Items]      
Interest Rate 4.016% 4.016%  
Face Amount $ 371,000,000    
Total long-term debt including current maturities $ 269,000,000   266,000,000
3.750% Notes      
Debt Instruments [Line Items]      
Interest Rate 3.75% 3.75%  
Face Amount $ 408,000,000    
Total long-term debt including current maturities $ 403,000,000   403,000,000
4.500% Notes      
Debt Instruments [Line Items]      
Interest Rate 4.50% 4.50%  
Face Amount $ 600,000,000    
Total long-term debt including current maturities $ 590,000,000   589,000,000
2.700% Notes      
Debt Instruments [Line Items]      
Interest Rate 2.70% 2.70%  
Face Amount $ 750,000,000    
Total long-term debt including current maturities $ 733,000,000   732,000,000
6.950% Debentures      
Debt Instruments [Line Items]      
Interest Rate 6.95% 6.95%  
Face Amount $ 157,000,000    
Total long-term debt including current maturities 154,000,000   154,000,000
Other      
Debt Instruments [Line Items]      
Total long-term debt including current maturities $ 205,000,000   $ 199,000,000
v3.25.4
Debt Financing Arrangements - Additional Information (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt And Financing Arrangements [Line Items]    
Fair value of long-term debt, excluding current portion $ 6,300  
Long-term debt 6,606 $ 7,580
Lines of credit 12,300  
Unused lines of credit 9,400  
Outstanding standby letters of credit and surety bonds 1,200 1,400
Fair value of trade receivables derecognized $ 2,100 $ 2,000
Weighted average interest rate on short term borrowings (as a percent) 4.00% 4.70%
Accounts Receivable Securitization Facility    
Debt And Financing Arrangements [Line Items]    
Lines of credit $ 3,000  
Commercial Paper    
Debt And Financing Arrangements [Line Items]    
Lines of credit 5,100  
Amount utilized from lines of credit facility $ 715  
v3.25.4
Debt Financing Arrangements - Aggregate Future Maturities of Long-term Debt (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Debt Disclosure [Abstract]  
2026 $ 1,006
2027 266
2028 0
2029 145
2030 1,006
Thereafter 5,442
Total long-term debt including current maturities $ 7,865
v3.25.4
Stock Compensation - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total compensation expense for option grants, Restricted Stock Awards and PSU's $ 83 $ 74 $ 112
Options granted (in shares) 0 0 0
Weighted-average remaining contractual term of options exercisable (in years) 1 year    
Weighted-average remaining contractual term of options outstanding 1 year    
Options outstanding (in shares) 595,000 1,047,000  
Stock option exercises (in shares) 452,000    
Shares available for future grants (in shares) 7,500,000    
Stock Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expiration period 10 years    
Restricted Stock Awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 3 years    
Vesting percentage 33.33%    
Performance Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 3 years    
Restricted Stock Awards and PSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted stock awards and PSU's, granted (in shares) 3,002,000 2,600,000 1,700,000
Weighted average grant-date fair value of restricted stock awards and PSU's, granted (in dollars per share) $ 45.82 $ 55.16 $ 78.90
Total fair value of Restricted Stock Awards vested during the period $ 177    
Total unrecognized compensation expense 72    
Amount to be recognized as compensation expense year 2026 46    
Amount to be recognized as compensation expense year 2027 24    
Amount to be recognized as compensation expense year 2028 $ 2    
Minimum | Stock Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 1 year    
Maximum | Stock Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 5 years    
v3.25.4
Stock Compensation - Restricted Stock Awards And PSUs Activity (Details) - Restricted Stock Awards and PSUs - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restricted Stock Awards and PSUs      
Restricted Stock Awards and PSU's, Non-vested at beginning of period (in shares) 5,285    
Restricted stock awards and PSU's, granted (in shares) 3,002 2,600 1,700
Restricted Stock Awards and PSU's, Vested (in shares) (2,456)    
Restricted Stock Awards and PSU's, Forfeited (in shares) (433)    
Restricted Stock Awards and PSU's, Non-vested at end of period (in shares) 5,398 5,285  
Weighted Average Grant-Date Fair Value Per Share      
Weighted average grant-date fair value of Restricted Stock Awards and PSU's, Non-vested at beginning of period (in dollars per share) $ 68.77    
Weighted average grant-date fair value of restricted stock awards and PSU's, granted (in dollars per share) 45.82 $ 55.16 $ 78.90
Weighted average grant-date fair value of Restricted Stock Awards and PSU's, Vested (in dollars per share) 72.26    
Weighted average grant-date fair value of Restricted Stock Awards and PSU's, Forfeited (in dollars per share) 41.92    
Weighted average grant-date fair value of Restricted Stock Awards and PSU's, Non-vested at end of period (in dollars per share) $ 54.66 $ 68.77  
v3.25.4
Other (Income) Expense – Net (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other Income and Expenses [Abstract]      
Gains on sale of assets $ (77) $ (27) $ (38)
Other – net (73) (224) (138)
Total other (income) expense - net $ (150) $ (251) $ (176)
v3.25.4
Income Taxes - Earnings Before Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
United States $ (192) $ 656 $ 1,844
Foreign 1,447 1,599 2,450
Earnings Before Income Taxes $ 1,255 $ 2,255 $ 4,294
v3.25.4
Income Taxes - Significant Components of Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current expense (benefit)      
Federal $ (102) $ 108 $ 291
State 19 8 47
Foreign 310 490 513
Current expense (benefit) 227 606 851
Deferred (benefit) expense      
Federal (46) (99) (52)
State (27) 6 (10)
Foreign 28 (37) 39
Deferred (benefit) expense (45) (130) (23)
Income tax expense $ 182 $ 476 $ 828
v3.25.4
Income Taxes - Significant Components of Deferred Tax Liabilities and Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Deferred tax liabilities    
Property, plant, and equipment $ 758 $ 808
Intangibles 330 343
Right of use assets 313 317
Equity in earnings of affiliates 195 236
Debt exchange 47 49
Reserves and other accruals 28 133
Other 36 30
Deferred tax liabilities 1,707 1,916
Deferred tax assets    
Pension and postretirement benefits 85 95
Inventories 12 12
Lease liabilities 320 323
Stock compensation 22 36
Foreign tax loss carryforwards 503 386
Foreign capital loss carryforwards 45 41
State tax attributes 32 23
US carryforwards 113 196
Other 81 111
Gross deferred tax assets 1,213 1,223
Valuation allowances (292) (223)
Net deferred tax assets 921 1,000
Net deferred tax liabilities 786 916
The net deferred tax liabilities are classified as follows:    
Net deferred tax assets 921 1,000
Non-current liabilities (1,707) (1,916)
Net deferred tax liabilities (786) (916)
Foreign    
Deferred tax assets    
Foreign capital loss carryforwards 45 41
Net deferred tax assets 349 352
The net deferred tax liabilities are classified as follows:    
Net deferred tax assets 349 352
Domestic    
Deferred tax liabilities    
Deferred tax liabilities 1,135 1,268
The net deferred tax liabilities are classified as follows:    
Non-current liabilities $ (1,135) $ (1,268)
v3.25.4
Income Taxes - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Taxes [Line Items]      
Tax assets related to net operating loss carry-forwards related to certain international subsidiaries $ 503 $ 386  
Foreign capital loss carryforwards 45 41  
Valuation allowance 292 223  
State tax attributes $ 32 $ 23  
Total tax expense and effective tax rate 14.50% 21.10% 19.30%
Income related to GILTI, other $ 210 $ 674 $ 425
Income related to FDII, other 0 16 $ 77
Accrued interest and penalties on unrecognized tax benefits 61 59  
Positive impact on the tax expense if the total amount of unrecognized tax benefits were recognized by the Company at one time 138    
State Income Tax Assets      
Income Taxes [Line Items]      
Valuation allowance 14 16  
Foreign      
Income Taxes [Line Items]      
Operating loss carry-forwards with no expiration date 436    
Operating loss carry-forwards with expiration date 67    
Valuation allowance recorded against tax assets related to net operating loss carry-forwards related to certain international subsidiaries 233 166  
Foreign capital loss carryforwards 45 41  
Foreign | Capital Loss Carryforward      
Income Taxes [Line Items]      
Valuation allowance 45 $ 41  
Domestic      
Income Taxes [Line Items]      
Operating loss carryforwards 113    
Domestic | Expire Between 2029 and 2034      
Income Taxes [Line Items]      
Operating loss carry-forwards with expiration date 72    
Domestic | Expire in 2044      
Income Taxes [Line Items]      
Operating loss carry-forwards with expiration date $ 41    
v3.25.4
Income Taxes - Valuation Allowance (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Beginning of Year Balance $ 223 $ 216 $ 209
Additions 92 40 58
Deductions (23) (33) (51)
Balance at End of Year $ 292 $ 223 $ 216
v3.25.4
Income Taxes - Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate on Earnings (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
Provision for income taxes at U.S. federal statutory rate $ 264    
State and local income tax, net of federal (national) income tax effect (6)    
Tax benefit on U.S. railroad credits (63)    
Other tax credits (27)    
Amended 2017 tax return - transition tax (24)    
Other 13    
Change in unrecognized tax benefits (17)    
Income tax expense $ 182 $ 476 $ 828
Percent      
Provision for income taxes at U.S. federal statutory rate 21.00% 21.00% 21.00%
State and local income tax, net of federal (national) income tax effect (0.50%) 0.20% 0.90%
Other   (0.80%) (1.50%)
Impairment of Investments   4.30% 0.50%
Foreign Tax Effects   2.20% (0.30%)
Tax benefit on U.S. railroad credits (5.00%) (2.50%) (1.50%)
Other tax credits (2.10%)    
Amended 2017 tax return - transition tax (2.00%)    
Other 1.10%    
Change in unrecognized tax benefits (1.40%) 3.20% 0.10%
Foreign currency effects/remeasurement   (4.80%) 0.50%
Withholding Tax   1.80% 0.10%
Tax benefit on U.S. biodiesel credits   (2.90%) (1.70%)
Second-generation biofuel credit   (1.20%) 0.00%
U.S. tax on foreign earnings   0.60% 1.20%
Total tax expense and effective tax rate 14.50% 21.10% 19.30%
Singapore      
Amount      
Singapore - Non-taxable Equity Earning $ (65)    
Other $ (21)    
Percent      
Singapore - Non-taxable Equity Earning (5.20%)    
Other (1.70%)    
Japan      
Amount      
Other $ (15)    
Japan - Non-deductible Impairment $ 40    
Percent      
Other (1.20%)    
Impairment of Investments 3.20%    
Brazil      
Amount      
Other $ (2)    
Brazil - Valuation Allowance $ 53    
Percent      
Other (0.10%)    
Brazil - Valuation Allowance 4.20%    
Switzerland      
Amount      
Other $ 22    
Foreign Tax Effects: $ (35)    
Percent      
Other 1.80%    
Foreign Tax Effects (2.80%)    
Other Foreign Tax Effects      
Amount      
Foreign Tax Effects: $ 68    
Percent      
Foreign Tax Effects 5.40%    
United States      
Amount      
Other $ (3)    
Percent      
Other (0.20%)    
v3.25.4
Income Taxes - Supplemental Cash Flow Information Related to Income Taxes Paid (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Income Tax Paid, by Individual Jurisdiction [Line Items]  
U.S. Federal $ 48
US State and Local 15
Total cash taxes paid, net of refunds received 389
Argentina  
Income Tax Paid, by Individual Jurisdiction [Line Items]  
Foreign: 30
Canada  
Income Tax Paid, by Individual Jurisdiction [Line Items]  
Foreign: 44
Germany  
Income Tax Paid, by Individual Jurisdiction [Line Items]  
Foreign: 21
Mexico  
Income Tax Paid, by Individual Jurisdiction [Line Items]  
Foreign: 58
Philippines  
Income Tax Paid, by Individual Jurisdiction [Line Items]  
Foreign: 26
Switzerland  
Income Tax Paid, by Individual Jurisdiction [Line Items]  
Foreign: 25
Other  
Income Tax Paid, by Individual Jurisdiction [Line Items]  
Foreign: $ 122
v3.25.4
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
Opening balance, January 1 $ 185 $ 168
Net additions related to current year’s tax positions 9 12
Net additions related to prior years’ tax positions 0 57
Additions (adjustments) related to acquisitions 0 2
Reductions related to prior years’ tax positions (13) 0
Reductions related to lapse of statute of limitations (8) (6)
Settlements with tax authorities (35) (48)
Ending balance, December 31 $ 138 $ 185
v3.25.4
Leases - Lease Cost and Other Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lease cost:      
Operating lease cost $ 430 $ 410 $ 390
Short-term lease cost 105 135 126
Total lease cost 535 545 516
Other information:      
Operating lease liability principal payments 415 397 374
Right-of-use assets obtained in exchange for new operating lease liabilities $ 278 $ 437 $ 327
Weighted-average remaining lease term - operating leases (in years) 7 years 7 years  
Weighted average discount rate - operating leases 4.80% 4.50%  
v3.25.4
Leases - Aggregate Future Lease Payments for Operating Leases (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Leases [Abstract]  
2026 $ 357
2027 294
2028 241
2029 175
2030 118
Thereafter 411
Total undiscounted minimum lease payments 1,596
Less: Interest (248)
Lease liability $ 1,348
v3.25.4
Employee Benefit Plans - Additional Information (Details) - USD ($)
shares in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined benefit plans:      
Percentage of non-matching employer's contribution to eligible participants (as a percent) 1.00%    
Defined contribution plans $ 63,000,000 $ 76,000,000 $ 73,000,000
Employer's Common stock held under 401 (k) plan (in shares) 5.0    
Market value of employer's Common stock held under 401 (k) plan $ 301,000,000    
Cash dividend received on employer's common stock held under 401 (k) plan 11,000,000    
Recurring      
Defined benefit plans:      
Plan assets 1,475,000,000 1,351,000,000  
Level 3 | Recurring      
Defined benefit plans:      
Plan assets 0 0  
Pension Benefits      
Defined benefit plans:      
Projected benefit obligation with projected benefit obligations 1,500,000,000 1,400,000,000  
Accumulated benefit obligation with projected benefit obligations 1,400,000,000 1,400,000,000  
Fair value of plan assets for pension plans with projected benefit obligations 1,100,000,000 1,000,000,000  
Total retirement plan expense 30,000,000 23,000,000 17,000,000
Defined benefit plan, benefit obligation 1,756,000,000 1,673,000,000 1,765,000,000
Prior service (credit) cost (10,000,000)    
Net actuarial (gain) loss 188,000,000    
Contributions and expected future benefit payments 30,000,000    
Plan assets $ 1,475,000,000 1,351,000,000 1,415,000,000
Pension Benefits | Maximum      
Defined benefit plans:      
Amortization period of actuarial gains and losses 27 years    
Postretirement Benefits      
Defined benefit plans:      
Total retirement plan expense $ 8,000,000 8,000,000 $ 8,000,000
Defined benefit plan, benefit obligation 99,000,000 $ 102,000,000  
Prior service (credit) cost 1,000,000    
Net actuarial (gain) loss 18,000,000    
Contributions and expected future benefit payments $ 12,000,000    
Increase in annual rate 8.40%    
Decrease in annual rate 4.50%    
Postretirement Benefits | Minimum      
Defined benefit plans:      
Amortization period of actuarial gains and losses 5 years    
Postretirement Benefits | Maximum      
Defined benefit plans:      
Amortization period of actuarial gains and losses 18 years    
v3.25.4
Employee Benefit Plans - Components of Retirement Plan Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined benefit plans:      
Total pre-tax comprehensive loss (income) $ (24) $ (15) $ 88
Pension Benefits      
Defined benefit plans:      
Service cost $ 48 $ 46 $ 41
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Interest cost $ 82 $ 79 $ 76
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Expected return on plan assets $ (83) $ (89) $ (83)
Settlement charges $ (3) $ 2 $ 0
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Amortization of actuarial loss $ 5 $ 5 $ 3
Amortization of prior service (credit) (19) (20) (20)
Net periodic defined benefit plan expense 30 23 17
Net actuarial (gain) loss (46) (38) 46
Prior service cost 19 26 19
Total pre-tax comprehensive loss (income) $ (27) $ (12) $ 65
v3.25.4
Employee Benefit Plans - Changes in Defined Benefit Obligation and Fair Value of Defined Benefit Plan Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pension Benefits      
Change in defined benefit obligations:      
Benefit obligation, beginning $ 1,673 $ 1,765  
Service cost 48 46 $ 41
Interest cost 82 79 76
Actuarial (gain) (25) (111)  
Employee contributions 4 4  
Benefits paid (70) (62)  
Plan amendments 0 6  
Foreign currency effects and Other 44 (54)  
Benefit obligation, ending 1,756 1,673 1,765
Change in defined plan assets      
Fair value of plan assets, beginning 1,351 1,415  
Actual return on plan assets 105 7  
Employer contributions 69 26  
Employee contributions 4 4  
Benefits paid (70) (62)  
Foreign currency effects and Other 16 (39)  
Fair value of plan assets, ending 1,475 1,351 $ 1,415
Funded status (281) (322)  
Amounts recognized in the Consolidated Balance Sheets      
Other assets (non-current) 78 68  
Accrued expenses and other payables (20) (19)  
Other long-term liabilities (339) (371)  
Net liabilities recognized in the Consolidated Balance Sheets (281) (322)  
Postretirement Benefits      
Change in defined benefit obligations:      
Benefit obligation, beginning 102    
Benefit obligation, ending $ 99 $ 102  
v3.25.4
Employee Benefit Plans - Expected Future Benefit Payments to be Paid (Details) - Pension Benefits
$ in Millions
Dec. 31, 2025
USD ($)
Defined benefit plans:  
2026 $ 90
2027 95
2028 101
2029 109
2030 115
2031-2035 $ 652
v3.25.4
Employee Benefit Plans - Principal Assumptions in Developing Net Periodic Pension Cost (Details) - Pension Benefits
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Defined benefit plans:    
Discount rate for service cost 4.70% 4.50%
Expected return on plan assets 6.10% 6.00%
Rate of compensation increase 4.80% 4.80%
Interest crediting rate 4.60% 4.00%
v3.25.4
Employee Benefit Plans - Principal Assumptions in Developing Year-End Actuarial Present Value of Projected Benefit Obligation (Details)
Dec. 31, 2025
Dec. 31, 2024
Defined benefit plans:    
Interest crediting rate 4.70% 4.60%
Pension Benefits    
Defined benefit plans:    
Discount rate 5.10% 5.00%
Rate of compensation increase 4.60% 4.80%
v3.25.4
Employee Benefit Plans - Fair Value of Plan Assets (Details) - Recurring - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Defined benefit plans:    
Fair value of plan assets $ 1,475,000,000 $ 1,351,000,000
Fair Value, Inputs, Level 1, Level 2, and Level 3    
Defined benefit plans:    
Fair value of plan assets 963,000,000 903,000,000
Level 1    
Defined benefit plans:    
Fair value of plan assets 389,000,000 364,000,000
Level 2    
Defined benefit plans:    
Fair value of plan assets 574,000,000 539,000,000
Level 3    
Defined benefit plans:    
Fair value of plan assets 0 0
Common stock | Fair Value, Inputs, Level 1, Level 2, and Level 3    
Defined benefit plans:    
Fair value of plan assets 37,000,000 36,000,000
Common stock | Level 1    
Defined benefit plans:    
Fair value of plan assets 37,000,000 36,000,000
Common stock | Level 2    
Defined benefit plans:    
Fair value of plan assets 0 0
Common stock | Level 3    
Defined benefit plans:    
Fair value of plan assets 0 0
Common collective trusts / Mutual funds | Fair Value, Inputs, Level 1, Level 2, and Level 3    
Defined benefit plans:    
Fair value of plan assets 162,000,000 154,000,000
Common collective trusts / Mutual funds | Level 1    
Defined benefit plans:    
Fair value of plan assets 162,000,000 154,000,000
Common collective trusts / Mutual funds | Level 2    
Defined benefit plans:    
Fair value of plan assets 0 0
Common collective trusts / Mutual funds | Level 3    
Defined benefit plans:    
Fair value of plan assets 0 0
Corporate bonds | Fair Value, Inputs, Level 1, Level 2, and Level 3    
Defined benefit plans:    
Fair value of plan assets 550,000,000 517,000,000
Corporate bonds | Level 1    
Defined benefit plans:    
Fair value of plan assets 0 0
Corporate bonds | Level 2    
Defined benefit plans:    
Fair value of plan assets 550,000,000 517,000,000
Corporate bonds | Level 3    
Defined benefit plans:    
Fair value of plan assets 0 0
U.S. Treasury instruments | Fair Value, Inputs, Level 1, Level 2, and Level 3    
Defined benefit plans:    
Fair value of plan assets 152,000,000 161,000,000
U.S. Treasury instruments | Level 1    
Defined benefit plans:    
Fair value of plan assets 152,000,000 161,000,000
U.S. Treasury instruments | Level 2    
Defined benefit plans:    
Fair value of plan assets 0 0
U.S. Treasury instruments | Level 3    
Defined benefit plans:    
Fair value of plan assets 0 0
U.S. government agency, state and local government bonds | Fair Value, Inputs, Level 1, Level 2, and Level 3    
Defined benefit plans:    
Fair value of plan assets 5,000,000 4,000,000
U.S. government agency, state and local government bonds | Level 1    
Defined benefit plans:    
Fair value of plan assets 0 0
U.S. government agency, state and local government bonds | Level 2    
Defined benefit plans:    
Fair value of plan assets 5,000,000 4,000,000
U.S. government agency, state and local government bonds | Level 3    
Defined benefit plans:    
Fair value of plan assets 0 0
Other | Fair Value, Inputs, Level 1, Level 2, and Level 3    
Defined benefit plans:    
Fair value of plan assets 57,000,000 31,000,000
Other | Level 1    
Defined benefit plans:    
Fair value of plan assets 38,000,000 13,000,000
Other | Level 2    
Defined benefit plans:    
Fair value of plan assets 19,000,000 18,000,000
Other | Level 3    
Defined benefit plans:    
Fair value of plan assets 0 0
U.S. equity | NAV    
Defined benefit plans:    
Fair value of plan assets 56,000,000 30,000,000
International equity | NAV    
Defined benefit plans:    
Fair value of plan assets 81,000,000 67,000,000
Fixed income | NAV    
Defined benefit plans:    
Fair value of plan assets 327,000,000 298,000,000
Other | NAV    
Defined benefit plans:    
Fair value of plan assets $ 48,000,000 $ 53,000,000
v3.25.4
Employee Benefit Plans - Actual Asset Allocation For Global Pension Plan Assets (Details) - Pension Benefits
Dec. 31, 2025
Dec. 31, 2024
Defined benefit plans:    
Asset allocation 100.00% 100.00%
Percentage of U.S. pension plan to global pension plan assets (as a percent) 68.00%  
Equity securities    
Defined benefit plans:    
Asset allocation 23.00% 21.00%
Debt securities    
Defined benefit plans:    
Asset allocation 66.00% 68.00%
Other    
Defined benefit plans:    
Asset allocation 11.00% 11.00%
United States | Equity securities    
Defined benefit plans:    
Asset allocation 24.00%  
United States | Debt securities    
Defined benefit plans:    
Asset allocation 70.00%  
United States | Other    
Defined benefit plans:    
Asset allocation 6.00%  
Foreign | Equity securities    
Defined benefit plans:    
Asset allocation 20.00%  
Foreign | Debt securities    
Defined benefit plans:    
Asset allocation 59.00%  
Foreign | Other    
Defined benefit plans:    
Asset allocation 21.00%  
v3.25.4
Shareholders' Equity - Additional Information (Details) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Dec. 11, 2024
Shareholder's Equity [Line Items]      
Common stock authorized (in shares) 1,000,000,000    
Preferred stock authorized (in shares) 500,000    
Common stock par value (in dollars per share) $ 0    
Preferred stock par value (in dollars per share) $ 0    
Preferred stock issued (in shares) 0    
Treasury stock (in shares) 235,500,000 237,600,000  
Share Repurchase Program, Second Extension      
Shareholder's Equity [Line Items]      
Share repurchase program, additional shares authorized (in shares)     100,000,000
Total Share Repurchase Program      
Shareholder's Equity [Line Items]      
Remaining shares authorized to be repurchased (in shares) 115,000,000    
v3.25.4
Shareholders' Equity - AOCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Balance $ 22,178 $ 24,145 $ 24,317
Total other comprehensive income (loss), net of tax 457 (501) 19
Balance 22,740 22,178 24,145
  Accumulated Other Comprehensive Income (Loss)      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Balance (2,988) (2,487) (2,509)
Other comprehensive income (loss) before reclassifications 824 (768) 511
Gain (Loss) on net investment hedges (463) 192 (153)
Amounts reclassified from AOCI (8) 119 (364)
Tax effect 104 (44) 28
Total other comprehensive income (loss), net of tax 457 (501) 22
Balance (2,531) (2,988) (2,487)
  Foreign Currency Translation Adjustments      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Balance (2,999) (2,539) (2,622)
Other comprehensive income (loss) before reclassifications 803 (607) 204
Gain (Loss) on net investment hedges (463) 192 (153)
Amounts reclassified from AOCI 0 0 0
Tax effect 110 (45) 32
Total other comprehensive income (loss), net of tax 450 (460) 83
Balance (2,549) (2,999) (2,539)
  Deferred Gain (Loss) on Hedging Activities      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Balance 126 158 148
Other comprehensive income (loss) before reclassifications (11) (118) 337
Gain (Loss) on net investment hedges 0 0 0
Amounts reclassified from AOCI 4 77 (322)
Tax effect 0 9 (5)
Total other comprehensive income (loss), net of tax (7) (32) 10
Balance 119 126 158
Pension and Other Postretirement Benefit Liabilities      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Balance (100) (108) (22)
Other comprehensive income (loss) before reclassifications 36 (27) (46)
Gain (Loss) on net investment hedges 0 0 0
Amounts reclassified from AOCI (12) 42 (42)
Tax effect (6) (7) 2
Total other comprehensive income (loss), net of tax 18 8 (86)
Balance (82) (100) (108)
  Unrealized Gain (Loss) on Investments      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Balance (15) 2 (13)
Other comprehensive income (loss) before reclassifications (4) (16) 16
Gain (Loss) on net investment hedges 0 0 0
Amounts reclassified from AOCI 0 0 0
Tax effect 0 (1) (1)
Total other comprehensive income (loss), net of tax (4) (17) 15
Balance $ (19) $ (15) $ 2
v3.25.4
Shareholders' Equity - Reclassification out of AOCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Cost of products sold $ 75,236 $ 79,752 $ 86,422
Income tax expense 182 476 828
Net earnings (1,073) (1,779) (3,466)
Reclassification out of AOCI | Deferred loss (gain) on hedging activities      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Cost of products sold 4 77 (322)
Income tax expense (1) (20) 77
Net earnings $ 3 $ 57 $ (245)
v3.25.4
Segment and Geographic Information - Additional Information (Details)
 12 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.25.4
Segment and Geographic Information - Segment Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Information      
Revenues $ 80,269 $ 85,530 $ 93,935
Selling, general, and administrative expenses 3,609 3,706 3,456
Asset impairment, restructuring, and net settlement contingencies (473) (545) (342)
ADM's share of equity method investment non-recurring (gains) and charges, net 648 621 551
Earnings Before Income Taxes 1,255 2,255 4,294
Depreciation expense 932 875 825
Amortization expense 249 266 234
Interest and investment income 118 562 499
Impairment charges $ 179 43 201
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration] Asset impairment, restructuring, and net settlement contingencies    
Wilmar      
Segment Information      
Equity method investment impairment   461  
Eliminations      
Segment Information      
Revenues $ 2,621 2,673 3,074
Eliminations | Ag Services and Oilseeds      
Segment Information      
Revenues 1,759 1,716 2,108
Eliminations | Carbohydrate Solutions      
Segment Information      
Revenues 805 889 918
Eliminations | Nutrition      
Segment Information      
Revenues 57 68 48
Operating Segments      
Segment Information      
Revenues 79,820 85,099 93,511
Segment operating profit 3,242 4,209 5,869
ADM's share of equity method investment non-recurring (gains) and charges, net 654 630 556
Depreciation expense 886 832 786
Amortization expense 173 178 161
Interest and investment income (61) 84 36
Operating Segments | Ag Services and Oilseeds      
Segment Information      
Revenues 61,571 66,516 73,426
Cost of materials 56,128 60,378 65,751
Manufacturing costs 3,545 3,436 3,338
Selling, general, and administrative expenses 847 919 880
Other segment items (563) (664) (610)
Segment operating profit 1,614 2,447 4,067
ADM's share of equity method investment non-recurring (gains) and charges, net 521 474 459
Depreciation expense 413 376 350
Amortization expense 12 14 17
Interest and investment income 54 84 54
Operating Segments | Ag Services and Oilseeds | Wilmar      
Segment Information      
ADM's share of equity method investment non-recurring (gains) and charges, net (163)    
Operating Segments | Carbohydrate Solutions      
Segment Information      
Revenues 10,737 11,234 12,874
Cost of materials 6,679 7,170 8,729
Manufacturing costs 2,657 2,592 2,550
Selling, general, and administrative expenses 327 326 323
Other segment items (137) (230) (103)
Segment operating profit 1,211 1,376 1,375
ADM's share of equity method investment non-recurring (gains) and charges, net 104 127 76
Depreciation expense 315 305 304
Amortization expense 5 6 8
Operating Segments | Nutrition      
Segment Information      
Revenues 7,512 7,349 7,211
Cost of materials 4,644 4,651 4,608
Manufacturing costs 1,306 1,249 1,136
Selling, general, and administrative expenses 1,126 1,166 1,034
Other segment items 19 (103) 6
Segment operating profit 417 386 427
ADM's share of equity method investment non-recurring (gains) and charges, net 29 29 21
Depreciation expense 158 151 132
Amortization expense 156 158 136
Interest and investment income (115) 0 (18)
Other Business      
Segment Information      
Revenues 449 431 424
Segment operating profit 298 247 375
Depreciation expense 9 9 10
Interest and investment income 395 463 499
Corporate      
Segment Information      
Segment operating profit (2,049) (1,721) (1,606)
Gains on sales of assets and businesses 39 10 17
Asset impairment, restructuring, and net settlement contingencies (435) (490) (361)
Gain on contract termination 69    
ADM's share of equity method investment non-recurring (gains) and charges, net (6) (9) (5)
Depreciation expense 37 34 29
Amortization expense 76 88 73
Interest and investment income (216) $ 15 $ (36)
Impairment charges 179    
Equity method investment impairment 254    
Corporate | Wilmar      
Segment Information      
ADM's share of equity method investment non-recurring (gains) and charges, net $ 91    
v3.25.4
Segment and Geographic Information - Geographic Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Information      
Revenues $ 80,269 $ 85,530 $ 93,935
Property, plant, and equipment, net 11,179 10,837  
ROU assets 1,322 1,358  
United States      
Segment Information      
Revenues 31,175 33,550 38,783
Property, plant, and equipment, net 7,007 6,965  
ROU assets 1,063 1,063  
Switzerland      
Segment Information      
Revenues 17,793 19,877 19,898
Cayman Islands      
Segment Information      
Revenues 6,093 5,603 7,646
Brazil      
Segment Information      
Revenues 3,358 3,353 3,361
Property, plant, and equipment, net 899 872  
Mexico      
Segment Information      
Revenues 2,741 3,209 3,185
Canada      
Segment Information      
Revenues 1,767 2,055 2,400
United Kingdom      
Segment Information      
Revenues 2,115 2,186 2,219
Other Foreign      
Segment Information      
Revenues 15,227 15,697 $ 16,443
Property, plant, and equipment, net 3,273 3,000  
ROU assets $ 259 $ 295  
v3.25.4
Asset Impairment, Exit, and Restructuring Costs - Asset Impairment Charges and Exit Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Feb. 04, 2025
Schedule Of Equity Method Investments [Line Items]        
Restructuring charges $ 283 $ 26 $ 33  
Impairment charge - goodwill and other intangible assets 179 43 201  
Impairment charge - other long-lived assets 11 476 108  
Total asset impairment, exit, and restructuring costs 473 545 342  
Expected cost savings       $ 500
Impairments 179 $ 43    
Goodwill impairment charge     $ 137  
Goodwill, Impairment Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]     Total asset impairment, exit, and restructuring costs  
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]   Total asset impairment, exit, and restructuring costs    
Wilmar        
Schedule Of Equity Method Investments [Line Items]        
Equity method investment impairment   $ 461    
Nutrition        
Schedule Of Equity Method Investments [Line Items]        
Impairment charge - other long-lived assets     $ 65  
Impairment of intangible assets     64  
Ag Services and Oilseeds        
Schedule Of Equity Method Investments [Line Items]        
Impairment charge - other long-lived assets     10  
Carbohydrate Solutions        
Schedule Of Equity Method Investments [Line Items]        
Impairment charge - other long-lived assets     33  
Operating Segments | Nutrition        
Schedule Of Equity Method Investments [Line Items]        
Restructuring charges 207 3 18  
Operating Segments | Nutrition | Wilmar        
Schedule Of Equity Method Investments [Line Items]        
Impairment charge - other long-lived assets 11      
Operating Segments | Ag Services and Oilseeds        
Schedule Of Equity Method Investments [Line Items]        
Restructuring charges 46   5  
Operating Segments | Carbohydrate Solutions        
Schedule Of Equity Method Investments [Line Items]        
Restructuring charges 8   4  
Corporate        
Schedule Of Equity Method Investments [Line Items]        
Restructuring charges 22 23 6  
Impairment charge - goodwill and other intangible assets 179      
Total asset impairment, exit, and restructuring costs 435 $ 490 $ 361  
Equity method investment impairment $ 254      
v3.25.4
Sale of Accounts Receivable (Details)
$ in Millions, € in Billions
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2025
EUR (€)
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]        
Maximum borrowing capacity $ 12,300      
Fair value of trade receivables derecognized 2,100 $ 2,000    
Amount of receivables sold 44,300 46,900 $ 54,800  
Proceeds from receivables sold 44,700 47,000 53,600  
Trade receivables - net 3,021 3,708    
Loss on sale of receivables 48 95 $ 56  
Asset Pledged as Collateral without Right        
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]        
Trade receivables - net 290 $ 693    
Accounts Receivable Securitization Facility        
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]        
Maximum borrowing capacity 3,000      
First Purchasers | Accounts Receivable Securitization Facility        
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]        
Maximum borrowing capacity 1,700      
Second Purchasers | Accounts Receivable Securitization Facility        
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]        
Maximum borrowing capacity $ 1,300     € 1.1
v3.25.4
Legal Proceedings (Details) - AOT and Maize
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Minimum  
Loss Contingencies [Line Items]  
Damages sought $ 500
Maximum  
Loss Contingencies [Line Items]  
Damages sought $ 2,000