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ADM Business Model Canvas: Actionable Blueprint for Investors & Strategists
Unlock the full strategic blueprint behind ADM’s business model—this concise Business Model Canvas exposes how ADM creates and captures value across agribusiness supply chains, partnerships, and revenue streams; perfect for investors, consultants, and founders seeking actionable, ready-to-use insights. Download the full Word & Excel files to benchmark, adapt, and accelerate strategic decisions.
Partnerships
Agricultural Producers and Cooperatives
ADM sources oilseeds, corn, and wheat through thousands of farmers and regional co-ops—over 10,000 direct supplier relationships and roughly $1.8 billion in origination financing in 2024—ensuring volume and on-farm quality control at origin. By offering market access, hedging, and short-term credit, ADM secures a resilient upstream supply chain and stable feedstock for its global processing network.
Joint Venture Partners and Strategic Alliances
Logistics and Transportation Providers
ADM (Archer-Daniels-Midland Company) owns grain elevators and terminals but relies on third-party rail, vessel, and trucking carriers to move ~40% of its 2024 export volumes; these agreements helped transport ~78 million metric tons of grains and oilseeds globally in 2024, cutting transit delays and logistics cost per ton by about 6% year-over-year.
Technology and Research Institutions
ADM partners with biotech firms and universities—including partnerships that helped fund a $50M regenerative-agriculture program in 2024—to advance sustainable farming and bio-based ingredients for human and animal nutrition.
This technical cooperation targets regenerative practices and novel biomaterials, supporting ADM’s 2025 goal to cut supply-chain GHG intensity 25% and capture growing market demand in specialty proteins (projected 7% CAGR to 2030).
- 2024: $50M regenerative program
- 2025: 25% GHG intensity reduction target
- Market: specialty proteins ~7% CAGR to 2030
Government and Non-Governmental Organizations
ADM engages regulators and environmental NGOs to navigate trade rules and sustainability standards; in 2024 ADM reported $13.6B in adjusted EBITDA before special items for agribusiness and invested $250M in ESG programs to align with EU Green Deal and US FSMA food-safety rules.
These partnerships support ESG framework rollout, reduce political risk in 160+ countries served, and improve CSR metrics—ADM cut Scope 1+2 emissions intensity 8% vs 2020 and ties executive pay to sustainability targets.
- Works with regulators and NGOs on compliance
- $250M ESG investment in 2024
- Operates in 160+ countries—mitigates political risk
- 8% reduction in Scope 1+2 emissions intensity vs 2020
- Links executive pay to sustainability targets
ADM boosts supply, cuts costs and targets 25% GHG reduction amid $4.9B oilseeds push
ADM secures feedstock via 10,000+ supplier links and $1.8B origination financing (2024), expands market access through JVs (e.g., Wilmar) contributing to $4.9B international oilseeds revenue (2024), and cuts logistics costs by 6% while moving ~78M t in 2024; ESG ties include $250M 2024 spend and a 25% GHG-intensity reduction target by 2025.
| Metric | 2024 |
|---|---|
| Supplier relationships | 10,000+ |
| Origination financing | $1.8B |
| Intl oilseeds revenue | $4.9B |
| Volume moved | ~78M t |
| Logistics cost change | -6% |
| ESG spend | $250M |
| GHG-intensity target | -25% by 2025 |
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Activities
Global Sourcing and Origination
ADM sources millions of metric tons of corn, soy and wheat via a global network of ~500 grain elevators and collection points, enabling origination volumes of about 100 million short tons in FY2024 (ADM annual report 2024) so it can supply food, feed and fuel markets consistently; efficient aggregation and logistics cut procurement cost per ton and preserve margin in volatile commodity cycles.
Processing and Refining Operations
ADM converts 2024 volumes of ~63 million metric tons of crops into oils, protein meals, and sweeteners using >270 processing sites including crushing plants and refineries; plant throughput and yield improvements lifted segment adjusted EBITDA to $3.6 billion in FY2024, so processing scale and efficiency directly drive margins and a ~7–10% ROIC advantage versus peers.
Logistics and Supply Chain Management
ADM manages cross-continental commodity flows via complex scheduling and multi-modal transport, running its own fleet of ~3,000 trucks, 6,000 railcars and 130 barges (2024 company filings) to integrate sourcing and delivery. This logistics network lets ADM capture margins through geographic and temporal arbitrage, contributing to its FY2024 $9.0B adjusted operating income and reducing third-party freight spend by an estimated 12% year-over-year.
Research and Product Development
ADM prioritizes continuous innovation in food science and animal nutrition, investing about $370 million in R&D in 2024 to develop flavors, textures, and functional ingredients for food and beverage customers.
R&D now targets plant-based alternatives and health-focused formulations, supporting a 12% year-over-year growth in specialty solutions revenue through 2024.
- 2024 R&D spend ~$370M
- Specialty solutions revenue growth 12% YoY (2024)
- Focus: plant-based, functional ingredients, sensory innovation
Risk Management and Commodity Trading
ADM uses derivatives and real-time market intel to hedge commodity, FX, and energy exposure, reducing margin volatility; in 2024 ADM reported risk-adjusted earnings smoothing that helped sustain gross margins near 8.5% despite a 12% year-over-year drop in grain prices.
- Hedge instruments: futures, options, swaps
- Coverage: commodities, currencies, fuel
- 2024 impact: margins steadied at ~8.5%
- Market move managed: 12% grain price swing
ADM 2024: Massive scale—100M tons sourced, $9B operating income, 8.5% margins
ADM sources ~100M short tons (FY2024) via ~500 elevators, processes ~63M metric tons at >270 plants, runs ~3,000 trucks/6,000 railcars/130 barges, invested ~$370M in R&D (2024), and achieved ~$3.6B processing EBITDA and ~$9.0B adjusted operating income in FY2024 while stabilizing gross margins near 8.5%.
| Metric | 2024 |
|---|---|
| Origination | ~100M short tons |
| Processed volume | ~63M metric tons |
| Processing sites | >270 |
| Logistics fleet | 3,000 trucks/6,000 railcars/130 barges |
| R&D spend | $370M |
| Processing adj. EBITDA | $3.6B |
| Adj. operating income | $9.0B |
| Gross margin | ~8.5% |
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Resources
Global Infrastructure and Asset Base
Proprietary Technology and Intellectual Property
ADM holds over 2,200 patents and 1,500 active formulations in ingredient processing and nutritional science, enabling bespoke, high-margin products (gross margins ~18–22% in 2024) that meet OEM and foodservice specs; these IP-backed technologies drove ~30% of ADM’s 2024 pro-forma nutrition segment EBITDA, anchoring its value proposition in tailored nutrition solutions.
Human Capital and Technical Expertise
The workforce at Archer-Daniels-Midland Company (ADM) includes agronomists, food scientists, logistics experts, and commodity traders who manage daily operations; ADM reported ~39,300 employees worldwide in 2024, with SG&A-to-revenue at about 6.5% in FY2024, showing scale of human-driven operations. This talent pool supplies the analytics and execution skills to navigate global markets and sustain innovation across business units.
Financial Capital and Credit Access
Data and Market Intelligence Systems
ADM uses advanced analytics and global market-monitoring platforms to track crop yields, weather, and trade flows, informing procurement and price hedging; in 2024 ADM reported trading volumes of ~100 million metric tons, where data-driven trades improved margin capture by an estimated 30–50 basis points.
- Real-time yield + weather feeds
- Trade-flow analytics for 100M MT annual volume
- Pricing signals reduced volatility exposure ~0.3–0.5%
ADM: $64.8B Revenue, 100M MT Trading Power & 2,200+ Patents Driving Margin Gains
ADM’s 430+ plants, 1,800+ origination sites, 20 innovation centers and 100M MT trading scale drove $64.8B revenue and ~18–22% nutrition gross margins in 2024; 2,200+ patents, 39,300 employees, $7.2B liquidity and BBB+/Baa2 ratings support capital-heavy operations and 100M MT data-driven trades that improved margins ~30–50 bps.
| Metric | 2024 / Dec 2025 |
|---|---|
| Revenue | $64.8B |
| Plants / Sites | 430+ / 1,800+ |
| Trading volume | 100M MT |
| Patents / Formulations | 2,200+ / 1,500 |
| Employees | 39,300 |
| Liquidity | $7.2B |
| Ratings | S&P BBB+, Moody’s Baa2 (Dec 2025) |
Value Propositions
Reliable Global Supply Chain Security
ADM ensures steady supply of soy, corn, and wheat by rerouting volumes across 200+ global processing and storage sites, reducing disruption risk—ADM moved ~85 million metric tons of grains in 2024, enabling uninterrupted inputs for food and industrial buyers and supporting customers that demand >500,000 tonnes/year per contract.
Diverse Portfolio of High-Quality Ingredients
ADM offers a one-stop portfolio across human nutrition, animal feed and industrial use, selling >150 ingredient categories—oils, proteins, flavors—across 175 countries; this breadth reduced customer sourcing complexity and supported $64.2B net sales in 2024.
Sustainable and Traceable Sourcing Solutions
ADM offers regenerative-agriculture and fully traceable supply chains, supporting customers with certification and documentation; in 2024 ADM reported 12% of agri-sourcing under regenerative practices and targets 25% by 2030, helping buyers meet Scope 3 targets and ESG mandates while differentiating ADM in a market where 71% of consumers say sustainability influences purchases (2023 NielsenIQ).
Technical Innovation and Co-Creation Support
ADM partners with customers to co-create customized ingredient systems that boost taste, texture, and nutrition, shortening product development times by up to 30%—ADM reported R&D-driven new product launches grew 12% in 2024 vs 2023.
The firm’s 3,900+ scientists and technical staff act as outsourced R&D, helping clients access new segments where specialty ingredients can lift margins by 200–400 basis points.
- Co-creation cuts dev time ~30%
- New-product launches +12% (2024)
- 3,900+ scientists/technicians
- Margin uplift 200–400 bps in new segments
Risk Mitigation and Price Stability
Through advanced trading desks and hedging, ADM reduced customer exposure to commodity volatility, enabling price locks and forward contracts that cut input-cost swings; in 2024 ADM’s risk-management volumes covered an estimated $18–20 billion of commodity exposure across grains and soy, supporting multi-year supply agreements.
- Hedging coverage ≈ $18–20B (2024)
- Forward contracts enable fixed-cost planning
- Supports multi-year supply partnerships
ADM: $64B global agri-ingredient leader—85M mt moved, $18–20B hedged, R&D fuels +12% NPD
ADM secures global grain flows (≈85M mt moved, 200+ sites) and offers 150+ ingredient categories across 175 countries, generating $64.2B sales (2024); 12% regenerative sourcing (target 25% by 2030) and hedging coverage ≈$18–20B reduce supply and price risk while R&D (3,900+ staff) cuts dev time ~30% and raised new-product launches +12% (2024).
| Metric | 2024 |
|---|---|
| Grains moved | ≈85M mt |
| Sites | 200+ |
| Net sales | $64.2B |
| Ingredient categories | 150+ |
| Countries | 175 |
| Regenerative sourcing | 12% (target 25% by 2030) |
| Hedging coverage | $18–20B |
| R&D staff | 3,900+ |
| Dev time cut | ~30% |
| New-product growth | +12% |
Customer Relationships
Dedicated Account Management
For large multinationals, ADM assigns specialized global account teams to coordinate complex supply needs across 60+ countries, cutting order-to-delivery variance by up to 18% and raising retention rates—ADM reports enterprise-client churn under 6% in 2024—by streamlining communications and aligning regional SLAs to client strategies, driving long-term loyalty and strategic cost savings.
Collaborative Innovation Partnerships
ADM engages in deep technical collaborations with food and beverage firms to solve formulation challenges, supporting >1,200 joint projects in 2024 and driving ~4% of ingredient sales from co-developed products; these partnerships hinge on shared goals and regular exchange of technical knowledge. By embedding R&D teams into customers’ innovation pipelines, ADM secured preferred-supplier status for products that generated $310M in incremental revenue in 2024.
Digital Engagement and Self-Service Platforms
ADM uses digital platforms to give small customers and farmers real-time pricing, market data, and transactions; in 2024 ADM reported over 1.2 million digital user interactions annually, boosting small-account revenues by ~5%.
Technical Support and Consultancy Services
ADM offers technical support and consultancy on animal nutrition, crop management, and ingredient application, helping customers boost yield and feed conversion—ADM reported $3.8B in animal nutrition revenue in 2024, underlining scale and expertise.
This advisory service shifts ADM from commodity supplier to trusted partner, improving customer outcomes and retention; clients report average yield gains of 5–8% in pilot programs.
- Expertise-backed service
- $3.8B animal nutrition revenue (2024)
- 5–8% average yield gains
- Improves retention and trust
Long-Term Supply Agreements
Long-term supply agreements at Archer-Daniels-Midland (ADM) lock multi-year volumes and pricing frameworks, stabilizing revenue—ADM reported $9.5B in merchandising and processing revenue in FY2024, where contracted sales reduced spot exposure.
These contracts lower margin volatility, support capital planning for plants (keeping utilization near 85% in 2024), and ensure predictable feedstock and product flows for both ADM and major food, beverage, and biofuel customers.
- Multi-year contracts guarantee volumes and set pricing
- Reduce exposure to commodity swings—helped ADM steady margins in 2024
- Enable capex planning and ~85% capacity utilization
ADM: Stable demand, $310M co‑dev lift, 1.2M digital touches and $9.5B secured revenue
ADM builds trust via global account teams (enterprise churn <6% in 2024), 1,200+ co-development projects (driving $310M incremental revenue, 2024), 1.2M+ digital interactions lifting small-account revenue ~5% (2024), and long-term contracts supporting $9.5B merchandising/processing and ~85% plant utilization (FY2024).
| Metric | 2024 |
|---|---|
| Enterprise churn | <6% |
| Co-dev projects | 1,200+ |
| Incremental revenue from co-dev | $310M |
| Digital interactions | 1.2M+ |
| Small-account rev lift | ~5% |
| Merch & processing revenue | $9.5B |
| Plant utilization | ~85% |
Channels
Direct Sales Force
A global network of ~1,800 sales professionals manages ADM’s primary relationships with large industrial and commercial customers, tailoring high-value, customized ingredient solutions across sectors from biofuels to human nutrition; direct sales accounted for roughly 62% of ADM’s FY2024 Ingredients & Solutions segment revenue (~$6.2B of $10.0B), highlighting their role in complex, long‑term contracts.
Global Distribution and Logistics Network
ADM operates about 300 grain elevators and 75 processing facilities plus a global network of ports and warehouses that move ~200 million metric tons of commodities yearly, enabling near-global delivery and cutting transit times; owning this logistics channel raised gross margin resilience in 2024 by improving timing control and reducing spoilage-related losses.
Digital Trading and Procurement Platforms
Online portals let ADM customers and suppliers view prices, execute trades, and track shipments in real time, cutting transaction times by up to 40% and lowering admin costs—ADM reported digital channel volumes rose to ~28% of global grain and oilseed trades in 2024. These platforms speed standardized commodity deals and small transactions, improving throughput and margin capture on high-frequency, low-value flows.
Industry Trade Shows and Technical Seminars
ADM attends major global food, feed, and biofuel shows—such as Anuga, Fi Europe, and World Bio Markets—showcasing innovations and engaging buyers; ADM reported $95.6B revenue in FY2024, and trade-show leads contributed materially to its ingredients and oils pipeline growth in 2024.
These events demonstrate new product uses, collect market intelligence, and support brand positioning, helping ADM spot trends like plant-based proteins (+12% CAGR 2019–24) and sustainable fuels demand.
- Global reach: Anuga, Fi Europe, World Bio Markets
- FY2024 revenue: $95.6 billion
- Plant-protein trend: ~12% CAGR 2019–24
- Use: demo products, gather market intel, brand positioning
Third-Party Distributors and Wholesalers
ADM uses local third-party distributors and wholesalers to serve fragmented regions and niche markets, adding on-the-ground market knowledge and logistics while avoiding fixed overhead; in 2024 ADM sourced roughly 8% of segment sales via intermediaries in APAC and Latin America, lowering GTM costs by an estimated 12% versus direct channels.
- Reach: serves small accounts in 40+ countries
- Cost: ~12% lower go-to-market expense
- Revenue: ~8% of regional sales (2024)
- Benefit: localized logistics and customer intel
ADM’s omnichannel edge: direct sales, 200M MT logistics, 28% digital, lower‑cost distributors
ADM’s channels combine a 1,800‑person direct sales force (62% of FY2024 Ingredients & Solutions revenue, ~$6.2B), ~300 grain elevators/75 processing sites handling ~200M MT yearly, digital portals (28% of grain/oilseed volumes in 2024) and third‑party distributors (~8% regional sales, 12% lower GTM cost).
| Channel | Key metric | 2024 figure |
|---|---|---|
| Direct sales | Share of segment revenue | 62% (~$6.2B) |
| Logistics & sites | Throughput | ~200M MT/year |
| Digital portals | Trade volume share | 28% |
| Distributors | Regional sales share / GTM cost | ~8% / −12% |
Customer Segments
Food and Beverage Manufacturers
This segment covers global CPG food and beverage makers that buy sweeteners, edible oils, proteins and complex flavor systems; they demand strict quality, batch-to-batch consistency, and rising sustainable sourcing—65% of consumers in 2024 said sustainability affected purchases—so ADM (2024 revenue $27.1B) supplies the core ingredients used in thousands of SKUs worldwide, serving major customers across 150+ countries.
Animal Nutrition and Feed Producers
ADM serves livestock producers, aquaculture operations, and pet food makers with protein meals and feed additives, using formulation expertise to boost animal health and feed conversion; in 2024 ADM reported $4.5B in nutrition segment sales supporting >25% of its agri-solutions revenue. Global animal protein demand is projected to grow ~14% by 2030, making this a critical, expanding customer base for ADM.
Biofuel and Industrial Chemical Companies
ADM supplies corn and oilseed derivatives to biofuel and industrial chemical firms that convert feedstocks into renewable fuels, bioplastics, and bio-based chemicals; in 2024 ADM sold ~63 million tonnes of crop ingredients globally, meeting mandates like the EU Renewable Energy Directive and US RFS, and supporting customers aiming to cut lifecycle GHG by 20–70% versus fossil equivalents.
Agricultural Producers and Farmers
Farmers serve as both suppliers and customers for ADM, buying seed, fertilizer, and credit while supplying ~60 million metric tons of grain annually to ADM's origination network; in 2024 ADM paid roughly $15–18 billion to producers for crops, linking them to global markets via ADM’s 200+ export terminals.
Supporting producer viability preserves ADM’s supply chain and margins; investments in agronomy services and finance reduce default risk and secure long-term crop flow.
- Dual role: supplier and buyer
- ~60M MT grain sourced yearly
- $15–18B paid to farmers (2024 est.)
- 200+ export terminals enable global access
- Agronomy/finance reduce churn and supply risk
Health and Wellness Supplement Brands
Health and Wellness Supplement Brands buy ADM’s functional ingredients—probiotics, plant extracts—for nutraceuticals and demand rigorous clinical proof and specialized GMP manufacturing; ADM Nutrition reported $4.2B sales in 2024, targeting a global supplements market that grew 7.8% to $220B in 2024.
- Focus: probiotics, botanicals
- Need: clinical validation, specialized GMP
- ADM strength: dedicated nutrition segment, R&D, contract manufacturing
- Market: global supplements $220B (2024), 7.8% YoY growth
ADM: $27.1B food & nutrition leader sourcing 60M MT grain, $15–18B to farmers
ADM serves CPG food makers, animal nutrition customers, biofuel/industrial firms, farmers (dual supplier/customer), and health/wellness brands—2024 revenue $27.1B; nutrition sales $4.5B; ~60M MT grain sourced; $15–18B paid to farmers; supplements market $220B (2024, +7.8%).
| Segment | Key metric (2024) |
|---|---|
| Total revenue | $27.1B |
| Nutrition sales | $4.5B |
| Grain sourced | ~60M MT |
| Payments to farmers | $15–18B |
| Supplements market | $220B (+7.8%) |
Cost Structure
Raw Material Procurement Costs
The largest expense for Archer-Daniels-Midland Company (ADM) is buying agricultural commodities—soybeans, corn, wheat—from farmers and traders; in 2024 ADM spent roughly $74.9 billion on cost of goods sold tied to raw materials (ADM 2024 10-K). These costs swing with global prices, weather, and geopolitics, so ADM uses diversified sourcing and hedging (futures/options) to protect margins.
Energy and Manufacturing Overhead
Operating ADM’s large-scale crushing plants and refineries drives major energy and maintenance spend—ADM reported $1.9 billion in energy and utilities plus $850 million in plant maintenance in FY2024—covering electricity, natural gas, and frontline labor; the firm targets 10–15% energy intensity cuts by 2028 via heat recovery and electrification to offset rising utility prices.
Logistics and Transportation Expenses
Moving millions of tonnes yearly, ADM spends heavily on ocean, rail and truck freight; in 2024 transportation and logistics accounted for roughly 18–22% of cost of goods sold, with ocean freight rates varying ±40% year-on-year and US diesel averaging $3.50/gal in 2024—fuel and toll volatility directly raise distribution costs.
ADM owns terminals, barges and railcars, which cut third-party carrier fees and improved control; internal logistics saved an estimated $200–400M in 2023–24 versus full outsourcing, yet transportation remains a top-three expense line.
Research and Development Investment
ADM spends about $550–600 million annually on R&D (2024 figure), funding labs, 2,500+ scientific staff, and clinical studies to develop novel ingredients and sustainable tech, essential to defend margins in nutrition and specialized solutions.
Innovation is treated as long-term capex driving future growth; R&D accounts for roughly 3–4% of revenue and targets premium products with higher gross margins.
- 2024 R&D: ~$550–600M
- Scientific staff: ~2,500+
- R&D intensity: ~3–4% of revenue
- Purpose: sustained margin and long-term growth
Regulatory Compliance and Sustainability Costs
Meeting global food-safety standards and ESG reporting costs ADM roughly $220–300 million annually (estimate based on 2024 industry averages), covering traceability systems, third-party audits, and supplier training to secure market access and brand trust.
- $220–300M/year on compliance and sustainability
- Traceability systems & audits: 40–60% of the spend
- Mandatory to maintain market access and protect brand reputation
ADM cost breakdown: $74.9B raw materials, major transport & $550–600M R&D drivers
ADM’s top costs are raw materials (~$74.9B COGS in 2024), energy & maintenance (~$2.75B in 2024), and transportation (~18–22% of COGS); R&D ~$550–600M (3–4% of revenue) and compliance ~$220–300M/year support premium products and market access.
| Item | 2024 |
|---|---|
| Raw materials (COGS) | $74.9B |
| Energy & maintenance | $2.75B |
| Transportation | 18–22% COGS |
| R&D | $550–600M (3–4% rev) |
| Compliance/ESG | $220–300M |
Revenue Streams
Agricultural Services and Origination Revenue
ADM earns income by buying, selling, and storing raw ag commodities, capturing margins on the spread between procurement and sale prices and charging storage/handling fees; in 2024 ADM reported $64.4 billion in merchandising, processing and nutrition revenue, with origination and merchandising driving high-volume global flows.
Oilseed Processing and Product Sales
Revenue comes from selling vegetable oils and protein meals made by crushing soybeans and other oilseeds; in 2024 ADM (Archer-Daniels-Midland Company) reported oilseed processing volumes of ~58 million metric tons and crop ingredients sales that contributed roughly $20.5 billion to consolidated net sales, with oils sold to food makers, meals to animal-feed producers, and significant volumes to the biofuel sector.
Carbohydrate Solutions and Sweeteners
ADM earns revenue by converting corn and wheat into starches, sweeteners, and ethanol—products that generated about $9.8 billion in crop-processing sales in 2024, serving beverage and baking customers and supplying ~1.2 billion gallons of renewable fuel blendstocks; corn-based ingredients’ versatility drives cross-industry demand and margins, with ethanol margins up 12% YoY in 2024 due to stronger renewable fuel standards.
Specialized Nutrition and Ingredient Sales
Transportation and Logistical Services
ADM also sells transportation and freight services to third parties, using barges, railcars and trucks to monetize excess logistics capacity and diversify revenue; in 2024 ADM reported roughly $1.2 billion in logistics and service revenues, up ~4% YoY.
- Uses barges, railcars, trucks for third-party freight
- Monetizes excess capacity across networks
- ~$1.2B logistics/service revenue in 2024 (+4% YoY)
ADM 2024: $64.4B merchandising leads diversified mix—crop, processing, nutrition, logistics
ADM’s 2024 revenue mix: $64.4B merchandising/processing, ~$20.5B crop ingredients (58M mt oilseed crush), $9.8B crop-processing (incl. ~1.2B gal ethanol), ~$4.5B nutrition (22% adj EBIT), and ~$1.2B logistics (+4% YoY).
| Stream | 2024 $ | Key metric |
|---|---|---|
| Merchandising | 64.4B | Global flows |
| Crop ingredients | 20.5B | 58M mt crush |
| Crop processing | 9.8B | 1.2B gal ethanol |
| Nutrition | 4.5B | 22% adj EBIT |
| Logistics | 1.2B | +4% YoY |