Archer Daniels Midland

Long‑run pricing power is modest. In 2024 ADM generated $85.5 billion of revenue and $5.78 billion gross profit, implying a ~6.8 percent gross margin; operating margins are low single digits and vary with crush margins, origination spreads and energy costs.

Management’s 2025 outlook commentary highlights reliance on cost control and mix rather than price to support earnings, and fourth‑quarter results reflected pressure from weaker North American crush and biofuel policy uncertainty. These dynamics indicate limited ability to push price sustainably without volume or mix offsets.