ARCHER-DANIELS-MIDLAND CO, DEF 14A filed on 3/26/2026
Proxy Statement (definitive)
v3.26.1
Cover
 12 Months Ended
Dec. 31, 2025
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name ARCHER-DANIELS-MIDLAND COMPANY
Entity Central Index Key 0000007084
v3.26.1
Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Pay Versus Performance
PAY VERSUS PERFORMANCE TABLE
The following table sets forth compensation information of our CEO (the “PEO”) and other NEOs (the
“Non-PEO
NEOs”), on an average basis, along with total shareholder return, net income, and ROIC performance results for our fiscal years 2025, 2024, 2023, 2022, and 2021. For additional information regarding the Company’s
pay-for-performance
philosophy and compensation objectives, including emphasizing multiple performance factors tied to stockholder value creation over short- and long-term time horizons, refer to the Compensation Discussion and Analysis (“CD&A”).
 
Fiscal Year
Summary
Compensation
Table (SCT)
Total For PEO
(1
)
($)
Compensation
Actually Paid
(CAP) to PEO
(2)
($)
Average
Summary
Compensation
Table Total
for
Non-PEO

NEOs
(1)
($)
Average
Compensation
Actually Paid
to
Non-PEO

NEOs
(2)
($)
Value of Initial Fixed
$100 Investment
Based On:
Net Income
($)
Company
Selected
Measure:
Adjusted
ROIC
(4)
Total
Shareholder
Return
(TSR)
(3)
($)
Peer
Group
TSR
(3)
($)
2025
 
23,886,978
 
10,686,678
 
6,557,045
 
4,485,883
 
131.07
 
214.08
 
1,078,000,000
 
6.3
%
2024
 
21,569,894
 
(13,224,711
)
 
6,292,328
 
2,346,088
 
110.83
 
178.19
 
1,800,000,000
 
8.3
%
2023
 
24,414,668
 
(271,382
)
 
5,497,139
 
2,081,427
 
152.93
 
136.08
 
3,483,000,000
 
12.2
%
2022
 
24,749,178
 
65,662,660
 
5,891,112
 
14,567,967
 
192.14
 
102.37
 
4,340,000,000
 
13.6
%
2021
 
23,508,841
 
60,063,855
 
6,078,204
 
15,161,710
 
137.31
 
129.36
 
2,709,000,000
 
10.0
%
 
(1)
For each of 2025, 2024, 2023, 2022, and 2021 our PEO was Juan Luciano. For 2021, the
Non-PEO
NEOs were Ray Young, Vincent Macciocchi, Gregory Morris, and Joseph Taets. For 2022, the
Non-PEO
NEOs included the same NEOs as in 2021, as well as Vikram Luthar and Christopher Cuddy. For 2023, the
Non-PEO
NEOs were Vikram Luthar, Regina Jones, Gregory Morris, Christopher Cuddy and Vincent Macciocchi. For 2024, the
Non-PEO
NEOs were Monish Patolawala, Ismael Roig, Greg Morris, Christopher Cuddy, Ian Pinner and Vikram Luthar. For 2025, the
Non-PEO
NEOs were Monish Patolawala, Greg Morris, Christopher Cuddy, and Ian Pinner.
 
(2)
The dollar amounts reported represent the Compensation Actually Paid (“CAP”) to Mr. Luciano and the
Non-PEO
NEOs in accordance with, and using the adjustments set forth in, Item 402(v) of Regulation
S-K.
The following adjustments related to pension plans and equity awards were made to their total compensation each year as reported in the SCT to determine the CAP:
 
 
Reconciliation of PEO Summary Compensation Table Total to Compensation Actually Paid
 
Fiscal Year
  
Reported
SCT Total
($)
  
Reported Value
of Equity
Awards
($)
  
Equity Award
Adjustments
($)
  
Dividends Paid
or Accrued
on Unvested
Shares and
Stock Options
($)
  
Reported
Change in the
Actuarial
Present Value of
Pension Benefits
($)
  
Pension Benefit
Adjustments
($)
  
Compensation
Actually Paid
($)
2025
    
 
23,886,978
    
 
(17,700,055
)
    
 
2,918,444
    
 
1,646,739
    
 
(114,406
)
    
 
48,978
    
 
10,686,678
2024
    
 
21,569,894
    
 
(17,700,074
)
    
 
(18,189,770
)
    
 
1,084,138
    
 
(37,857
)
    
 
48,958
    
 
(13,224,711
)
2023
    
 
24,414,668
    
 
(17,919,686
)
    
 
(7,597,412
)
    
 
902,498
    
 
(117,551
)
    
 
46,100
    
 
(271,382
)
2022
    
 
24,749,178
    
 
(17,727,259
)
    
 
57,902,844
    
 
689,008
    
 
—
    
 
48,889
    
 
65,662,660
2021
    
 
23,508,841
    
 
(15,939,571
)
    
 
51,787,958
    
 
718,567
    
 
(59,843
)
    
 
47,903
    
 
60,063,855
 
 
 
 
 
Reconciliation
of
Non-PEO
NEOs
Summary
Compensation
Table Total to Compensation Actually Paid
 
Fiscal
Year
  
Reported
SCT Total
($)
  
Reported Value
of Equity
Awards
($)
  
Equity Award
Adjustments
($)
  
Dividends Paid
or Accrued
on Unvested
Shares and
Stock Options
($)
  
Reported
Change in the
Actuarial
Present Value of
Pension Benefits
($)
  
Pension Benefit
Adjustments
($)
  
Compensation
Actually Paid
($)
2025
    
 
6,557,045
    
 
(4,131,293
)
    
 
1,764,290
    
 
402,335
    
 
(129,446
)
    
 
22,952
    
 
4,485,883
2024
    
 
6,292,328
    
 
(4,758,392
)
    
 
625,835
    
 
170,347
    
 
(2,473
)
    
 
18,443
    
 
2,346,088
2023
    
 
5,497,139
    
 
(3,746,208
)
    
 
288,332
    
 
132,976
    
 
(107,675
)
    
 
16,864
    
 
2,081,427
2022
    
 
5,891,112
    
 
(3,657,711
)
    
 
12,165,647
    
 
143,963
    
 
—
    
 
24,956
    
 
14,567,967
2021
    
 
6,078,204
    
 
(3,533,337
)
    
 
12,401,366
    
 
184,138
    
 
(14,810
)
    
 
46,149
    
 
15,161,710
 
(3)
Our peer group for the calculation of TSR is the S&P 100, which is the industry index used to show our performance in our CD&A. TSR, in the case of both the Company and our peer group, reflects the cumulative return on $100 as if invested on December 31, 2020, including reinvestment of any dividends, and is rounded to the nearest tenth.
 
(4)
Our Company selected measure, which we believe represents the most important financial performance measure (that is not otherwise required to be disclosed in the table) used by the Company to link CAP to the NEOs for 2025 to company performance, is Adjusted ROIC. Adjusted ROIC is one of the metrics under the 2025 PSUs. PSUs make up for over 40% of our NEOs annual target total compensation for 2025. Adjusted ROIC (return on invested capital, adjusted to exclude the impact of certain items) is a
non-GAAP
financial measure. Annex A to this proxy statement provides a more detailed definition of this term, a reconciliation to the most directly comparable GAAP financial measure, and related disclosures about the use of this
non-GAAP
financial measure.
 
 
In order to calculate CAP, the following amounts were excluded from or added to the SCT total compensation:
 
 
Reconciliation of the Pension and Equity Award Adjustments for the PEO’s Compensation Actually Paid
 
Fiscal Year
  
Reported
SCT Total
($)
  
Pension & Equity
amounts reported in
SCT
($)
  
Pension value
attributable to
covered years’
service and any
change in pension
value attributable
to plan amendments
made in covered
year
($)
  
Dividends paid or
accrued on
unvested shares
and stock options
($)
  
Change in fair value
related to equity
awards
a,b

($)
  
CAP
($)
2025
    
 
23,886,978
    
 
(17,814,461
)
    
 
48,978
    
 
1,646,739
    
 
2,918,444
    
 
10,686,678
2024
    
 
21,569,894
    
 
(17,737,931
)
    
 
48,958
    
 
1,084,138
    
 
(18,189,770
)
    
 
(13,224,711
)
2023
    
 
24,414,668
    
 
(18,037,237
)
    
 
46,100
    
 
902,498
    
 
(7,597,412
)
    
 
(271,382
)
2022
    
 
24,749,178
    
 
(17,727,259
)
    
 
48,889
    
 
689,008
    
 
57,902,844
    
 
65,662,660
2021
    
 
23,508,841
    
 
(15,999,414
)
    
 
47,903
    
 
718,567
    
 
51,787,958
    
 
60,063,855
 
 
Reconciliation of the Pension and Equity Award Adjustments for the Average of
Non-PEO
NEOs’ Compensation Actually Paid
 
Fiscal Year
  
Reported
SCT Total
($)
  
Pension & Equity
amounts reported in
SCT
($)
  
Pension value
attributable to
covered years’
service and any
change in pension
value attributable
to plan amendments
made in covered
year
($)
  
Dividends paid or
accrued on
unvested shares
and stock options
($)
  
Change in fair value
related to equity
awards
a,b

($)
  
CAP
($)
2025
    
 
6,557,045
    
 
(4,260,738
)
    
 
22,952
    
 
402,335
    
 
1,764,290
    
 
4,485,883
2024
    
 
6,292,328
    
 
(4,760,865
)
    
 
18,443
    
 
170,347
    
 
625,835
    
 
2,346,088
2023
    
 
5,497,139
    
 
(3,853,883
)
    
 
16,864
    
 
132,976
    
 
288,332
    
 
2,081,427
2022
    
 
5,891,112
    
 
(3,657,711
)
    
 
24,956
    
 
143,963
    
 
12,165,647
    
 
14,567,967
2021
    
 
6,078,204
    
 
(3,548,148
)
    
 
46,149
    
 
184,138
    
 
12,401,366
    
 
15,161,710
 
(a)
With respect to performance-based equity awards, change in fair value is based on the probable outcome of the related performance metrics.
 
(b)
The amounts deducted or added are as follows to determine the equity award adjustments for year-over-year change in fair value:
PEO
 
Fiscal Year
  
Fair Value at
Covered Year-
End of Equity
Awards
Granted in
Covered Year
  
Change in Fair
Value at End of
Covered Year
from End of
Prior Year of
Awards
Granted in
Prior Years that
are Unvested
at End of
Covered Year
  
Fair Value as
of Vesting
Date of Equity
Awards
Granted and
Vested in the
Covered Year
  
Change in Fair
Value at Vesting
Date from End
of Prior Year
of Equity
Awards
Granted in
Prior Years
that Vested in
the Covered
Year
  
Fair Value at
End of the
Prior Year of
Prior Year
Equity Awards
that Failed to
Meet Vesting
Conditions in
the Covered
Year
  
Value of
Dividends or
other Earnings
Paid or Accrued
on Stock or
Option Awards
not Otherwise
Reflected in Fair
Value or Total
Compensation
  
Total Equity
Award
Adjustments
2025
    
 
12,131,837
    
 
(6,220,602
)
    
 
—
    
 
(2,992,791
)
    
 
—
    
 
—
    
 
2,918,444
2024
    
 
9,133,097
    
 
(22,628,216
)
    
 
—
    
 
(4,694,651
)
    
 
—
    
 
—
    
 
(18,189,770
)
2023
    
 
23,167,914
    
 
(25,124,590
)
    
 
—
    
 
(5,640,736
)
    
 
—
    
 
—
    
 
(7,597,412
)
2022
    
 
29,050,156
    
 
24,982,970
    
 
—
    
 
3,869,718
    
 
—
    
 
—
    
 
57,902,844
2021
    
 
29,297,900
    
 
19,489,626
    
 
—
    
 
3,000,433
    
 
—
    
 
—
    
 
51,787,958
 
Average
Non-PEO
NEOs
 
Fiscal Year
Fair Value at
Covered Year-
End of Equity
Awards
Granted in
Covered Year
Change in Fair
Value at End of
Covered Year
from End of
Prior Year of
Awards
Granted in
Prior Years that
are Unvested
at End of
Covered Year
Fair Value as
of Vesting
Date of Equity
Awards
Granted and
Vested in the
Covered Year
Change in Fair
Value at Vesting
Date from End
of Prior Year
of Equity
Awards
Granted in
Prior Years
that Vested in
the Covered
Year
Fair Value at
End of the
Prior Year of
Equity Awards
that Failed to
Meet Vesting
Conditions in
the Covered
Year
Value of
Dividends or
other Earnings
Paid or Accrued
on Stock or
Option Awards
not Otherwise
Reflected in Fair
Value or Total
Compensation
Total Equity
Award
Adjustments
2025
 
2,831,641
 
(2,147,980
)
 
—
 
1,080,628
 
—
 
—
 
1,764,290
2024
 
3,060,568
 
(2,161,287
)
 
—
 
(273,446
)
 
—
 
—
 
625,835
2023
 
4,605,203
 
(3,418,100
)
 
—
 
(898,772
)
 
—
 
—
 
288,332
2022
 
6,009,503
 
5,340,024
 
—
 
816,121
 
—
 
—
 
12,165,647
2021
 
6,494,489
 
5,193,596
 
—
 
713,281
 
—
 
—
 
12,401,366
       
Company Selected Measure Name Adjusted ROIC        
Named Executive Officers, Footnote For each of 2025, 2024, 2023, 2022, and 2021 our PEO was Juan Luciano. For 2021, the
Non-PEO
NEOs were Ray Young, Vincent Macciocchi, Gregory Morris, and Joseph Taets. For 2022, the
Non-PEO
NEOs included the same NEOs as in 2021, as well as Vikram Luthar and Christopher Cuddy. For 2023, the
Non-PEO
NEOs were Vikram Luthar, Regina Jones, Gregory Morris, Christopher Cuddy and Vincent Macciocchi. For 2024, the
Non-PEO
NEOs were Monish Patolawala, Ismael Roig, Greg Morris, Christopher Cuddy, Ian Pinner and Vikram Luthar. For 2025, the
Non-PEO
NEOs were Monish Patolawala, Greg Morris, Christopher Cuddy, and Ian Pinner. 		       
Peer Group Issuers, Footnote Our peer group for the calculation of TSR is the S&P 100, which is the industry index used to show our performance in our CD&A. TSR, in the case of both the Company and our peer group, reflects the cumulative return on $100 as if invested on December 31, 2020, including reinvestment of any dividends, and is rounded to the nearest tenth.        
PEO Total Compensation Amount $ 23,886,978 $ 21,569,894 $ 24,414,668 $ 24,749,178 $ 23,508,841
PEO Actually Paid Compensation Amount $ 10,686,678 (13,224,711) (271,382) 65,662,660 60,063,855
Adjustment To PEO Compensation, Footnote
(2)
The dollar amounts reported represent the Compensation Actually Paid (“CAP”) to Mr. Luciano and the
Non-PEO
NEOs in accordance with, and using the adjustments set forth in, Item 402(v) of Regulation
S-K.
The following adjustments related to pension plans and equity awards were made to their total compensation each year as reported in the SCT to determine the CAP:
 
 
Reconciliation of PEO Summary Compensation Table Total to Compensation Actually Paid
 
Fiscal Year
  
Reported
SCT Total
($)
  
Reported Value
of Equity
Awards
($)
  
Equity Award
Adjustments
($)
  
Dividends Paid
or Accrued
on Unvested
Shares and
Stock Options
($)
  
Reported
Change in the
Actuarial
Present Value of
Pension Benefits
($)
  
Pension Benefit
Adjustments
($)
  
Compensation
Actually Paid
($)
2025
    
 
23,886,978
    
 
(17,700,055
)
    
 
2,918,444
    
 
1,646,739
    
 
(114,406
)
    
 
48,978
    
 
10,686,678
2024
    
 
21,569,894
    
 
(17,700,074
)
    
 
(18,189,770
)
    
 
1,084,138
    
 
(37,857
)
    
 
48,958
    
 
(13,224,711
)
2023
    
 
24,414,668
    
 
(17,919,686
)
    
 
(7,597,412
)
    
 
902,498
    
 
(117,551
)
    
 
46,100
    
 
(271,382
)
2022
    
 
24,749,178
    
 
(17,727,259
)
    
 
57,902,844
    
 
689,008
    
 
—
    
 
48,889
    
 
65,662,660
2021
    
 
23,508,841
    
 
(15,939,571
)
    
 
51,787,958
    
 
718,567
    
 
(59,843
)
    
 
47,903
    
 
60,063,855
 
 
Reconciliation of the Pension and Equity Award Adjustments for the PEO’s Compensation Actually Paid
 
Fiscal Year
  
Reported
SCT Total
($)
  
Pension & Equity
amounts reported in
SCT
($)
  
Pension value
attributable to
covered years’
service and any
change in pension
value attributable
to plan amendments
made in covered
year
($)
  
Dividends paid or
accrued on
unvested shares
and stock options
($)
  
Change in fair value
related to equity
awards
a,b

($)
  
CAP
($)
2025
    
 
23,886,978
    
 
(17,814,461
)
    
 
48,978
    
 
1,646,739
    
 
2,918,444
    
 
10,686,678
2024
    
 
21,569,894
    
 
(17,737,931
)
    
 
48,958
    
 
1,084,138
    
 
(18,189,770
)
    
 
(13,224,711
)
2023
    
 
24,414,668
    
 
(18,037,237
)
    
 
46,100
    
 
902,498
    
 
(7,597,412
)
    
 
(271,382
)
2022
    
 
24,749,178
    
 
(17,727,259
)
    
 
48,889
    
 
689,008
    
 
57,902,844
    
 
65,662,660
2021
    
 
23,508,841
    
 
(15,999,414
)
    
 
47,903
    
 
718,567
    
 
51,787,958
    
 
60,063,855
 
PEO
 
Fiscal Year
  
Fair Value at
Covered Year-
End of Equity
Awards
Granted in
Covered Year
  
Change in Fair
Value at End of
Covered Year
from End of
Prior Year of
Awards
Granted in
Prior Years that
are Unvested
at End of
Covered Year
  
Fair Value as
of Vesting
Date of Equity
Awards
Granted and
Vested in the
Covered Year
  
Change in Fair
Value at Vesting
Date from End
of Prior Year
of Equity
Awards
Granted in
Prior Years
that Vested in
the Covered
Year
  
Fair Value at
End of the
Prior Year of
Prior Year
Equity Awards
that Failed to
Meet Vesting
Conditions in
the Covered
Year
  
Value of
Dividends or
other Earnings
Paid or Accrued
on Stock or
Option Awards
not Otherwise
Reflected in Fair
Value or Total
Compensation
  
Total Equity
Award
Adjustments
2025
    
 
12,131,837
    
 
(6,220,602
)
    
 
—
    
 
(2,992,791
)
    
 
—
    
 
—
    
 
2,918,444
2024
    
 
9,133,097
    
 
(22,628,216
)
    
 
—
    
 
(4,694,651
)
    
 
—
    
 
—
    
 
(18,189,770
)
2023
    
 
23,167,914
    
 
(25,124,590
)
    
 
—
    
 
(5,640,736
)
    
 
—
    
 
—
    
 
(7,597,412
)
2022
    
 
29,050,156
    
 
24,982,970
    
 
—
    
 
3,869,718
    
 
—
    
 
—
    
 
57,902,844
2021
    
 
29,297,900
    
 
19,489,626
    
 
—
    
 
3,000,433
    
 
—
    
 
—
    
 
51,787,958
       
Non-PEO NEO Average Total Compensation Amount $ 6,557,045 6,292,328 5,497,139 5,891,112 6,078,204
Non-PEO NEO Average Compensation Actually Paid Amount $ 4,485,883 2,346,088 2,081,427 14,567,967 15,161,710
Adjustment to Non-PEO NEO Compensation Footnote
Reconciliation
of
Non-PEO
NEOs
Summary
Compensation
Table Total to Compensation Actually Paid
Fiscal
Year
  
Reported
SCT Total
($)
  
Reported Value
of Equity
Awards
($)
  
Equity Award
Adjustments
($)
  
Dividends Paid
or Accrued
on Unvested
Shares and
Stock Options
($)
  
Reported
Change in the
Actuarial
Present Value of
Pension Benefits
($)
  
Pension Benefit
Adjustments
($)
  
Compensation
Actually Paid
($)
2025
    
 
6,557,045
    
 
(4,131,293
)
    
 
1,764,290
    
 
402,335
    
 
(129,446
)
    
 
22,952
    
 
4,485,883
2024
    
 
6,292,328
    
 
(4,758,392
)
    
 
625,835
    
 
170,347
    
 
(2,473
)
    
 
18,443
    
 
2,346,088
2023
    
 
5,497,139
    
 
(3,746,208
)
    
 
288,332
    
 
132,976
    
 
(107,675
)
    
 
16,864
    
 
2,081,427
2022
    
 
5,891,112
    
 
(3,657,711
)
    
 
12,165,647
    
 
143,963
    
 
—
    
 
24,956
    
 
14,567,967
2021
    
 
6,078,204
    
 
(3,533,337
)
    
 
12,401,366
    
 
184,138
    
 
(14,810
)
    
 
46,149
    
 
15,161,710
 
Reconciliation of the Pension and Equity Award Adjustments for the Average of
Non-PEO
NEOs’ Compensation Actually Paid
 
Fiscal Year
  
Reported
SCT Total
($)
  
Pension & Equity
amounts reported in
SCT
($)
  
Pension value
attributable to
covered years’
service and any
change in pension
value attributable
to plan amendments
made in covered
year
($)
  
Dividends paid or
accrued on
unvested shares
and stock options
($)
  
Change in fair value
related to equity
awards
a,b

($)
  
CAP
($)
2025
    
 
6,557,045
    
 
(4,260,738
)
    
 
22,952
    
 
402,335
    
 
1,764,290
    
 
4,485,883
2024
    
 
6,292,328
    
 
(4,760,865
)
    
 
18,443
    
 
170,347
    
 
625,835
    
 
2,346,088
2023
    
 
5,497,139
    
 
(3,853,883
)
    
 
16,864
    
 
132,976
    
 
288,332
    
 
2,081,427
2022
    
 
5,891,112
    
 
(3,657,711
)
    
 
24,956
    
 
143,963
    
 
12,165,647
    
 
14,567,967
2021
    
 
6,078,204
    
 
(3,548,148
)
    
 
46,149
    
 
184,138
    
 
12,401,366
    
 
15,161,710
Average
Non-PEO
NEOs
 
Fiscal Year
Fair Value at
Covered Year-
End of Equity
Awards
Granted in
Covered Year
Change in Fair
Value at End of
Covered Year
from End of
Prior Year of
Awards
Granted in
Prior Years that
are Unvested
at End of
Covered Year
Fair Value as
of Vesting
Date of Equity
Awards
Granted and
Vested in the
Covered Year
Change in Fair
Value at Vesting
Date from End
of Prior Year
of Equity
Awards
Granted in
Prior Years
that Vested in
the Covered
Year
Fair Value at
End of the
Prior Year of
Equity Awards
that Failed to
Meet Vesting
Conditions in
the Covered
Year
Value of
Dividends or
other Earnings
Paid or Accrued
on Stock or
Option Awards
not Otherwise
Reflected in Fair
Value or Total
Compensation
Total Equity
Award
Adjustments
2025
 
2,831,641
 
(2,147,980
)
 
—
 
1,080,628
 
—
 
—
 
1,764,290
2024
 
3,060,568
 
(2,161,287
)
 
—
 
(273,446
)
 
—
 
—
 
625,835
2023
 
4,605,203
 
(3,418,100
)
 
—
 
(898,772
)
 
—
 
—
 
288,332
2022
 
6,009,503
 
5,340,024
 
—
 
816,121
 
—
 
—
 
12,165,647
2021
 
6,494,489
 
5,193,596
 
—
 
713,281
 
—
 
—
 
12,401,366
       
Compensation Actually Paid vs. Total Shareholder Return
Compensation Actually Paid versus Company TSR and Peer Group TSR*
 
 
LOGO
 
*
TSR valuations are based upon a fixed value initial investment of $100 as of December 31, 2020 for determination of both peer group and Company TSR from 2021 through 2025.
 
        
Compensation Actually Paid vs. Net Income
Compensation Actually Paid versus Net Income
 
 
LOGO
       
Compensation Actually Paid vs. Company Selected Measure
Compensation Actually Paid versus Adjusted ROIC*
 
 
LOGO
 
*
Adjusted ROIC is a
non-GAAP
financial measure. See Annex A to this proxy statement for a reconciliation to the most directly comparable GAAP financial measure.
 
        
Total Shareholder Return Vs Peer Group
Compensation Actually Paid versus Company TSR and Peer Group TSR*
 
 
LOGO
 
*
TSR valuations are based upon a fixed value initial investment of $100 as of December 31, 2020 for determination of both peer group and Company TSR from 2021 through 2025.
 
        
Tabular List, Table
FINANCIAL PERFORMANCE MEASURES
The three financial performance measures listed below represent the most important measures used to link compensation actually paid to the NEOs for 2025 to Company performance, as further described in the CD&A.
 
 
•
  
Adjusted ROIC
 
 
•
  
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA)
 
 
•
  
Adjusted earnings per share (EPS)
       
Total Shareholder Return Amount $ 131.07 110.83 152.93 192.14 137.31
Peer Group Total Shareholder Return Amount 214.08 178.19 136.08 102.37 129.36
Net Income (Loss) $ 1,078,000,000 $ 1,800,000,000 $ 3,483,000,000 $ 4,340,000,000 $ 2,709,000,000
Company Selected Measure Amount 0.063 0.083 0.122 0.136 0.10
PEO Name Juan Luciano        
Measure:: 1          
Pay vs Performance Disclosure          
Name Adjusted ROIC        
Non-GAAP Measure Description Adjusted ROIC (return on invested capital, adjusted to exclude the impact of certain items) is a
non-GAAP
financial measure. Annex A to this proxy statement provides a more detailed definition of this term, a reconciliation to the most directly comparable GAAP financial measure, and related disclosures about the use of this
non-GAAP
financial measure. 		       
Measure:: 2          
Pay vs Performance Disclosure          
Name Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA)        
Measure:: 3          
Pay vs Performance Disclosure          
Name Adjusted earnings per share (EPS)        
PEO | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 2,918,444 $ (18,189,770) $ (7,597,412) $ 57,902,844 $ 51,787,958
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 12,131,837 9,133,097 23,167,914 29,050,156 29,297,900
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (6,220,602) (22,628,216) (25,124,590) 24,982,970 19,489,626
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (2,992,791) (4,694,651) (5,640,736) 3,869,718 3,000,433
PEO | Pension and Equity [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (17,814,461) (17,737,931) (18,037,237) (17,727,259) (15,999,414)
PEO | Reported Value of Equity Awards [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (17,700,055) (17,700,074) (17,919,686) (17,727,259) (15,939,571)
PEO | Reported Change in the Actuarial Present Value of Pension Benefits [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (114,406) (37,857) (117,551)   (59,843)
PEO | Pension Value Attributable To Current Years Service [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 48,978 48,958 46,100 48,889 47,903
PEO | Dividends Paid or Accrued on Unvested Shares and Stock Options [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,646,739 1,084,138 902,498 689,008 718,567
Non-PEO NEO | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,764,290 625,835 288,332 12,165,647 12,401,366
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,831,641 3,060,568 4,605,203 6,009,503 6,494,489
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (2,147,980) (2,161,287) (3,418,100) 5,340,024 5,193,596
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,080,628 (273,446) (898,772) 816,121 713,281
Non-PEO NEO | Pension and Equity [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (4,260,738) (4,760,865) (3,853,883) (3,657,711) (3,548,148)
Non-PEO NEO | Reported Value of Equity Awards [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (4,131,293) (4,758,392) (3,746,208) (3,657,711) (3,533,337)
Non-PEO NEO | Reported Change in the Actuarial Present Value of Pension Benefits [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (129,446) (2,473) (107,675)   (14,810)
Non-PEO NEO | Pension Value Attributable To Current Years Service [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 22,952 18,443 16,864 24,956 46,149
Non-PEO NEO | Dividends Paid or Accrued on Unvested Shares and Stock Options [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 402,335 $ 170,347 $ 132,976 $ 143,963 $ 184,138
v3.26.1
Recovery of Erroneously Awarded Compensation
 12 Months Ended
Dec. 31, 2025
Restatement Determination Date:: 2023-10-31  
Erroneously Awarded Compensation Recovery  
Restatement Determination Date Oct. 31, 2023
v3.26.1
Award Timing Disclosure
 12 Months Ended
Dec. 31, 2025
Award Timing Disclosures [Line Items]  
Award Timing MNPI Disclosure
POLICIES AND PRACTICES RELATED TO THE GRANT OF CERTAIN EQUITY AWARDS
No stock options were granted in 2025. With respect to the grant of RSUs and PSUs, the Committee approves all annual equity awards to NEOs at a meeting during the first quarter of each fiscal year, and awards are granted promptly thereafter. In addition to annual awards, NEOs may receive awards when they join the Company or change their job status, including promotions. The Committee does not take material nonpublic information into account when determining the timing and terms of equity awards, and the Company does not time the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation.
MNPI Disclosure Timed for Compensation Value false
v3.26.1
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