On this page of StockholderLetter.com we present the latest annual shareholder letter from Archer-Daniels-Midland Co — ticker symbol ADM. Reading current and past ADM letters to shareholders can bring important insights into the investment thesis.
2026 Proxy Statement 2025 Form 10-K
2026 Proxy Statement
A Letter from the CEO Dear Shareholders, During 2025, we navigated an external environment that included ample global grain and oilseeds stocks weighing on markets despite significant demand; uncertainty in U.S. biofuels policy; and lack of U.S. export prospects to China. Given these challenges, we focused on areas within our control, including execution and cost management, strategic simplification, strategic growth and capital discipline. Thanks to our team s diligent work in 2025, we: Achieved approximately $200 million in cost savings, keeping us on track to achieve our 3-5 year goal of $500-750 million in targeted savings; Drove improvements in plant efficiency across our asset network; Generated strong cash flows; Advanced recovery in Nutrition, delivering improved execution and increased revenue; Restored operations at our Decatur East facility; Juan R. Luciano Executed an agreement to form an animal nutrition joint venture with Alltech (subsequently launched in Q1 2026), one of more than 20 successful portfolio optimization and simplification projects; C H A I R O F T H E B O A R D, PRESIDENT AND CHIEF EXECUTIVE OFFICER Reached a key decarbonization milestone by connecting our Columbus, Nebraska, corn plant to Tallgrass s Trailblazer pipeline; And, importantly, achieved the lowest injury rate in ADM s history. These actions enabled us to continue to deliver value to our stakeholders, including through our 53rd consecutive annual dividend increase. They also position us to continue to drive our growth strategy, including the ability to fund five exciting growth platforms: enhanced nutrition, biotics, decarbonization, biosolutions and precision fermentation. In each of those areas, we re pursuing new, innovative technologies and products, from allergen-free pea protein to the next generation of functional ingredients that combine the benefits of biotics and botanicals to a fast-growing array of technology-enabled bio-based industrial products. This exciting future will be driven by the extraordinary talent and dedication of ADM colleagues worldwide. Their innovation, integrity, and commitment to our customers and communities delivered important wins in 2025 and will be the foundation of our success in 2026 and beyond. I m particularly proud of the team s focus on doing business the right way. Integrity and accountability are embedded in our work and culture, and we re proud to have been recognized once again in 2025 as one of the world s most ethical companies by Ethisphere. On behalf of the entire leadership team, I thank all of our colleagues for their contributions and their alignment with our values. Strong corporate governance is also essential to sustaining ADM s long-term success. We remain committed to our practice of ongoing director refreshment and Board succession planning. Our Board recently appointed Michael McMurray as a new Director, our fifth new independent director since 2021. We also have appointed two new committee chairs effective as of May 2026. As these actions demonstrate, we continue to focus on our mix of skills, experiences, tenures, and individual director development and planning, ensuring our Board continues to bring fresh insight, deep expertise, and seasoned judgment to its critical oversight and leadership roles. As we look ahead, I continue to be optimistic and confident. In 2026, we expect some normalization in U.S. exports to China as well as clarity on U.S. biofuels policy; at the same time, we will continue to monitor geopolitical developments and remain focused on our own efforts to continue to drive costs down and advance our growth opportunities. We have proven how we can strengthen our business during challenging times. Now we are positioned to capitalize on that important work. Thank you for your investment in ADM and for your trust in our leadership. I look forward to continuing this journey together. Sincerely yours, Juan R. Luciano Chair of the Board, President and Chief Executive Officer
 • shareholder letter icon 3/26/2026 Letter Continued (Full PDF)
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ADM Shareholder/Stockholder Letter Transcript:

2026 Proxy Statement
2025 Form 10-K


2026 Proxy Statement


A Letter from the CEO
Dear Shareholders,
During 2025, we navigated an external environment that included ample global grain and oilseeds stocks
weighing on markets despite significant demand; uncertainty in U.S. biofuels policy; and lack of U.S. export
prospects to China. Given these challenges, we focused on areas within our control, including execution and
cost management, strategic simplification, strategic growth and capital discipline.
Thanks to our team   s diligent work in 2025, we:

Achieved approximately $200 million in cost savings, keeping us on track to achieve our 3-5 year goal of
$500-750 million in targeted savings;

Drove improvements in plant efficiency across our asset network;

Generated strong cash flows;

Advanced recovery in Nutrition, delivering improved execution and increased revenue;

Restored operations at our Decatur East facility;
Juan R. Luciano

Executed an agreement to form an animal nutrition joint venture with Alltech (subsequently launched in
Q1 2026), one of more than 20 successful portfolio optimization and simplification projects;
C H A I R O F T H E B O A R D,
PRESIDENT AND CHIEF
EXECUTIVE OFFICER

Reached a key decarbonization milestone by connecting our Columbus, Nebraska, corn plant to Tallgrass   s
Trailblazer pipeline;

And, importantly, achieved the lowest injury rate in ADM   s history.
These actions enabled us to continue to deliver value to our stakeholders, including through our 53rd
consecutive annual dividend increase. They also position us to continue to drive our growth strategy, including
the ability to fund five exciting growth platforms: enhanced nutrition, biotics, decarbonization, biosolutions
and precision fermentation. In each of those areas, we   re pursuing new, innovative technologies and
products, from allergen-free pea protein to the next generation of functional ingredients that combine the
benefits of biotics and botanicals to a fast-growing array of technology-enabled bio-based industrial products.
This exciting future will be driven by the extraordinary talent and dedication of ADM colleagues worldwide.
Their innovation, integrity, and commitment to our customers and communities delivered important wins in
2025 and will be the foundation of our success in 2026 and beyond. I   m particularly proud of the team   s focus
on doing business the right way. Integrity and accountability are embedded in our work and culture, and we   re
proud to have been recognized once again in 2025 as one of the world   s most ethical companies by
Ethisphere. On behalf of the entire leadership team, I thank all of our colleagues for their contributions and
their alignment with our values.
Strong corporate governance is also essential to sustaining ADM   s long-term success. We remain committed to
our practice of ongoing director refreshment and Board succession planning. Our Board recently appointed
Michael McMurray as a new Director, our fifth new independent director since 2021. We also have appointed
two new committee chairs effective as of May 2026. As these actions demonstrate, we continue to focus on
our mix of skills, experiences, tenures, and individual director development and planning, ensuring our Board
continues to bring fresh insight, deep expertise, and seasoned judgment to its critical oversight and leadership
roles.
As we look ahead, I continue to be optimistic and confident. In 2026, we expect some normalization in U.S.
exports to China as well as clarity on U.S. biofuels policy; at the same time, we will continue to monitor
geopolitical developments and remain focused on our own efforts to continue to drive costs down and
advance our growth opportunities. We have proven how we can strengthen our business during challenging
times. Now we are positioned to capitalize on that important work.
Thank you for your investment in ADM and for your trust in our leadership. I look forward to continuing this
journey together.
Sincerely yours,
Juan R. Luciano
Chair of the Board, President and Chief Executive Officer


shareholder letter icon 3/26/2026 Letter Continued (Full PDF)
 

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