Archer-Daniels-Midland Company (ADM) Cash Flow Statement
Where ADM’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $5.45B +95.4% vs 2024
- Capital expenditures
- $1.25B 1.6% of revenue
- Free cash flow
- $4.20B 5.2% margin
- Returned to shareholders
- $987.0M 23% of free cash flow
- Change in cash
- $1.58B cash at year-end $5.50B
Cash from operations
$5.45B
Capital expenditures
−$1.25B
Investments (net)
+$234.0M
Dividends
−$987.0M
Net borrowing (repayment)
−$1.88B
Other financing
−$25.0M
Currency & other
+$30.0M
Change in cash
$1.58B
Drawn to scale: where the cash came from and how it was used. Hover for values.
ADM operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
ADM cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.48B2016 | $5.45B2025 | +15.6%/yr | |
| Capital expenditures | $882.0M2016 | $1.25B2025 | +3.9%/yr | |
| Free cash flow | $593.0M2016 | $4.20B2025 | +24.3%/yr | |
| Free cash flow margin | 1.0%2016 | 5.2%2025 | +4.3 pts | |
| Operating cash flow / net income | 1.152016 | 5.082025 | +3.94 | |
| Stock-based compensation | $74.0M2016 | $83.0M2025 | +1.3%/yr | |
| Dividends paid | $701.0M2016 | $987.0M2025 | +3.9%/yr | |
| Share buybacks (net) | $1.00B2016 | $02025 | −100.0% | |
| Capex / revenue | 1.4%2016 | 1.6%2025 | +0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ADM cash flow by activity
OperatingInvestingFinancingChange in cash
ADM net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ADM cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.07B | $1.78B | $3.48B | $4.37B | $2.73B | $1.78B | $1.38B | $1.81B | $1.60B | $1.29B |
| Depreciation & amortization | $1.18B | $1.14B | $1.06B | $1.03B | $996.0M | $976.0M | $993.0M | $941.0M | $924.0M | $900.0M |
| Stock-based compensation | $83.0M | $74.0M | $112.0M | $147.0M | $161.0M | $151.0M | $89.0M | $109.0M | $66.0M | $74.0M |
| Change in working capital | $2.76B | −$492.0M | −$267.0M | −$1.79B | $2.65B | −$5.51B | −$7.74B | −$7.46B | $316.0M | −$585.0M |
| Other non-cash items | $352.0M | $288.0M | $73.0M | −$273.0M | $49.0M | $220.0M | −$175.0M | −$193.0M | −$697.0M | −$202.0M |
| Cash from operating activities | $5.45B | $2.79B | $4.46B | $3.48B | $6.59B | −$2.39B | −$5.45B | −$4.78B | $2.21B | $1.48B |
| Investing activities | ||||||||||
| Capital expenditures | −$1.25B | −$1.56B | −$1.49B | −$1.32B | −$1.17B | −$823.0M | −$828.0M | −$842.0M | −$1.05B | −$882.0M |
| Investments (net) | $234.0M | −$2.70B | −$1.50B | −$1.40B | −$33.0M | $4.60B | $7.75B | $7.69B | −$886.0M | −$1.21B |
| Acquisitions & other investing | −$3.0M | $1.56B | $1.49B | $1.32B | −$1.47B | $686.0M | −$1.66B | −$270.0M | $1.05B | $882.0M |
| Cash from investing activities | −$1.02B | −$2.70B | −$1.50B | −$1.40B | −$2.67B | $4.46B | $5.26B | $6.58B | −$886.0M | −$1.21B |
| Financing activities | ||||||||||
| Dividends paid | −$987.0M | −$985.0M | −$977.0M | −$899.0M | −$834.0M | −$809.0M | −$789.0M | −$758.0M | −$730.0M | −$701.0M |
| Share repurchases & issuance (net) | $0 | −$2.33B | −$2.67B | −$1.45B | $0 | −$133.0M | −$150.0M | −$77.0M | −$750.0M | −$1.00B |
| Net borrowing (repayment) | −$1.88B | $1.83B | −$852.0M | −$158.0M | −$290.0M | $492.0M | $301.0M | $989.0M | $382.0M | $1.09B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$25.0M | −$44.0M | −$102.0M | $8.0M | $6.0M | $27.0M | −$22.0M | $33.0M | $70.0M | $34.0M |
| Cash from financing activities | −$2.89B | −$1.53B | −$4.60B | −$2.50B | −$1.12B | −$423.0M | −$660.0M | $187.0M | −$1.03B | −$579.0M |
| Summary | ||||||||||
| Net change in cash | $1.58B | −$1.47B | −$1.64B | −$421.0M | $2.81B | $1.66B | −$853.0M | $1.99B | $297.0M | −$315.0M |
| Cash at end of period | $5.50B | $3.92B | $5.39B | $7.03B | $7.45B | $4.65B | $2.99B | $3.84B | $1.86B | $688.0M |
| Free cash flow | $4.20B | $1.23B | $2.97B | $2.16B | $5.43B | −$3.21B | −$6.28B | −$5.63B | $1.16B | $593.0M |
| Free cash flow margin | 5.2% | 1.4% | 3.2% | 2.1% | 6.4% | −5.0% | −9.7% | −8.7% | 1.9% | 1.0% |
| Capex / revenue | 1.6% | 1.8% | 1.6% | 1.3% | 1.4% | 1.3% | 1.3% | 1.3% | 1.7% | 1.4% |
| Operating cash flow / net income | 5.08 | 1.57 | 1.28 | 0.80 | 2.41 | −1.34 | −3.95 | −2.64 | 1.38 | 1.15 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $912.0M | $303.0M | $454.0M | $110.0M | $217.0M | $292.0M | $567.0M | $18.0M | $486.0M | $729.0M | $565.0M | $824.0M |
| Depreciation & amortization | $293.0M | $293.0M | $307.0M | $296.0M | $291.0M | $287.0M | $287.0M | $288.0M | $286.0M | $280.0M | $277.0M | $261.0M |
| Stock-based compensation | −$64.0M | $64.0M | −$10.0M | $93.0M | −$50.0M | $50.0M | $0 | −$10.0M | $18.0M | $66.0M | $14.0M | $12.0M |
| Change in working capital | $292.0M | −$292.0M | −$915.0M | −$2.72B | $3.50B | −$781.0M | −$619.0M | $651.0M | −$342.0M | −$182.0M | $1.65B | −$322.0M |
| Other non-cash items | −$284.0M | −$218.0M | −$149.0M | $4.03B | $336.0M | −$190.0M | $87.0M | $353.0M | $20.0M | −$193.0M | $67.0M | $217.0M |
| Cash from operating activities | $1.15B | $150.0M | −$313.0M | $1.81B | $4.30B | −$342.0M | $322.0M | $1.30B | $468.0M | $700.0M | $2.57B | $992.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$272.0M | −$194.0M | −$356.0M | −$296.0M | −$305.0M | −$291.0M | −$492.0M | −$381.0M | −$362.0M | −$328.0M | −$439.0M | −$441.0M |
| Investments (net) | $2.0M | $4.0M | −$31.0M | −$253.0M | −$262.0M | −$129.0M | −$700.0M | −$390.0M | −$382.0M | −$1.23B | −$435.0M | −$450.0M |
| Acquisitions & other investing | $25.0M | $62.0M | $14.0M | $296.0M | $305.0M | $291.0M | $492.0M | $381.0M | $362.0M | $328.0M | $439.0M | −$170.0M |
| Cash from investing activities | −$245.0M | −$128.0M | −$373.0M | −$253.0M | −$262.0M | −$129.0M | −$700.0M | −$390.0M | −$382.0M | −$1.23B | −$435.0M | −$1.06B |
| Financing activities | ||||||||||||
| Dividends paid | −$256.0M | −$254.0M | −$244.0M | −$248.0M | −$248.0M | −$247.0M | −$241.0M | −$241.0M | −$246.0M | −$257.0M | −$239.0M | −$244.0M |
| Share repurchases & issuance (net) | — | — | $0 | $0 | $0 | $0 | −$2.33B | −$1.00B | −$1.00B | −$1.33B | −$1.55B | −$117.0M |
| Net borrowing (repayment) | −$1.31B | $919.0M | $554.0M | −$1.37B | −$1.92B | $863.0M | $199.0M | −$582.0M | — | — | — | −$309.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $2.0M | −$53.0M | $0 | $2.0M | $2.0M | −$29.0M | $2.30B | $1.02B | $587.0M | $1.58B | −$10.0M | $1.0M |
| Cash from financing activities | −$1.57B | $612.0M | $310.0M | −$1.62B | −$2.17B | $587.0M | −$65.0M | −$804.0M | −$659.0M | −$2.0M | −$1.80B | −$669.0M |
| Summary | ||||||||||||
| Net change in cash | −$655.0M | $607.0M | −$4.86B | −$69.0M | $1.89B | $132.0M | −$473.0M | $126.0M | −$574.0M | −$545.0M | $349.0M | −$146.0M |
| Cash at end of period | $5.46B | $6.11B | $1.01B | $5.88B | $5.94B | $4.06B | $3.92B | $4.40B | $4.27B | $4.84B | $5.39B | $5.04B |
| Free cash flow | $877.0M | −$44.0M | −$669.0M | $1.51B | $3.99B | −$633.0M | −$170.0M | $919.0M | $108.0M | $372.0M | $2.13B | $551.0M |
| Free cash flow margin | 3.9% | −0.2% | −3.6% | 7.4% | 18.8% | −3.1% | −0.8% | 4.6% | 0.5% | 1.7% | 9.3% | 2.5% |
| Capex / revenue | 1.2% | 0.9% | 1.9% | 1.5% | 1.4% | 1.4% | 2.3% | 1.9% | 1.6% | 1.5% | 1.9% | 2.0% |
| Operating cash flow / net income | 1.26 | 0.50 | −0.69 | 16.45 | 19.81 | −1.17 | 0.57 | 72.22 | 0.96 | 0.96 | 4.55 | 1.20 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ADM cash generation
In fiscal 2025 (ended December 31, 2025), ADM generated $5.5 billion of cash from operations (up 95.4%) and spent $1.2 billion on capital expenditures, leaving free cash flow of $4.2 billion, 5.2% of revenue. It returned $987.0 million to shareholders through dividends ($987.0 million) and net share buybacks ($0). Cash and equivalents rose by $1.6 billion over the year.
Related: ADM income statement, ADM balance sheet, ADM dividend history. See the ADM stock overview for the latest quote and news.
ADM cash flow FAQ
What is ADM's free cash flow?
ADM's free cash flow was $4.2 billion in fiscal 2025: $5.5 billion of operating cash flow minus $1.2 billion of capital expenditures It was $1.2 billion a year earlier..
How much cash does ADM generate from operations?
ADM generated $5.5 billion of cash from operating activities in fiscal 2025, 5.08 times its net income of $1.1 billion.
How much does ADM spend on capital expenditures?
ADM spent $1.2 billion on capital expenditures in fiscal 2025, 1.6% of revenue, compared with $1.6 billion the year before.
How much does ADM pay in dividends?
ADM paid $987.0 million in dividends in fiscal 2025, 23.5% of free cash flow.