Archer-Daniels-Midland

Cash generation is meaningful but cyclical. For the six months ended June 30, 2025, ADM reported operating cash flow of $3.96 billion versus $1.17 billion in 1H24, largely driven by favorable swings in inventories, receivables, and segregated investments.

While the company tightened 2025 adjusted EPS guidance to about $4.00 and noted sequential improvement in Nutrition, the core business remains exposed to weather, crop cycles, trade flows and policy. We expect variability around a mid‑cycle range rather than steady compounding.