UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2025
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period __________ To __________
Commission file number 1-44
A. Full title of the plan and the address of the plan, if different from that of the issuer named below:
ADM 401(k) and Employee Stock Ownership Plan for Salaried Employees
ADM 401(k) and Employee Stock Ownership Plan for Hourly Employees
B. Name of the issuer of the securities held pursuant to the plan and the address of its principal executive office:
Archer-Daniels-Midland Company
77 West Wacker Drive
Suite 4600
Chicago, Illinois 60601
Financial Statements and Supplemental Schedules
ADM 401(k) and Employee Stock Ownership Plan for Salaried Employees and
ADM 401(k) and Employee Stock Ownership Plan for Hourly Employees
Years Ended December 31, 2025 and 2024
With Report of Independent Registered Public Accounting Firm
ADM 401(k) and Employee Stock Ownership Plan for Salaried Employees and
ADM 401(k) and Employee Stock Ownership Plan for Hourly Employees
Financial Statements and Supplemental Schedules
Years Ended December 31, 2025 and 2024
Contents
| Report of Independent Registered Public Accounting Firm | 1 | ||||
| Financial Statements | |||||
| Statements of Net Assets Available for Benefits | 3 | ||||
| Statements of Changes in Net Assets Available for Benefits | 4 | ||||
| Notes to Financial Statements | 6 | ||||
| Supplemental Schedules | |||||
| Schedule H, Line 4i – Schedules of Assets (Held at End of Year) | 18 | ||||
| Signature | 20 | ||||
| Exhibit: | |||||
| Consent of Independent Registered Public Accounting Firm | Exhibit 23 | ||||
Report of Independent Registered Public Accounting Firm
To the Plan Participants and the Plan Administrator of ADM 401(k) and Employee Stock Ownership Plan for Salaried Employees and ADM 401(k) and Employee Stock Ownership Plan for Hourly Employees
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of ADM 401(k) and Employee Stock Ownership Plan for Salaried Employees and ADM 401(k) and Employee Stock Ownership Plan for Hourly Employees (the Plans) as of December 31, 2025 and 2024, and the related statements of changes in net assets available for benefits for the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plans at December 31, 2025 and 2024, and the changes in their net assets available for benefits for the years then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Plans’ management. Our responsibility is to express an opinion on the Plans’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plans in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plans are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plans’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
1
Supplemental Schedules Required by ERISA
The accompanying supplemental schedules of assets (held at end of year) as of December 31, 2025 (referred to as the “supplemental schedules”), have been subjected to audit procedures performed in conjunction with the audit of the Plans’ financial statements. The information in the supplemental schedules is the responsibility of the Plans’ management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ Ernst & Young LLP
We have served as the Plans’ auditor since at least 1979, but we are unable to determine the specific year.
St. Louis, Missouri
June 23, 2026
2
ADM 401(k) and Employee Stock Ownership Plan for Salaried Employees and
ADM 401(k) and Employee Stock Ownership Plan for Hourly Employees
Statements of Net Assets Available for Benefits
| December 31, 2025 | ||||||||
| Salaried Plan | Hourly Plan | |||||||
Assets | ||||||||
Interest in Master Trust | $ | $ | ||||||
Notes receivable from participants | ||||||||
Contributions receivable from employer | ||||||||
| Net assets available for benefits | $ | $ | ||||||
| December 31, 2024 | ||||||||
| Salaried Plan | Hourly Plan | |||||||
Assets | ||||||||
Interest in Master Trust | $ | $ | ||||||
Notes receivable from participants | ||||||||
Contributions receivable from employer | ||||||||
| Net assets available for benefits | $ | $ | ||||||
See accompanying notes.
3
ADM 401(k) and Employee Stock Ownership Plan for Salaried Employees and
ADM 401(k) and Employee Stock Ownership Plan for Hourly Employees
Statements of Changes in Net Assets Available for Benefits
| Year Ended December 31, 2025 | ||||||||
| Salaried Plan | Hourly Plan | |||||||
Additions: | ||||||||
Interest income from participant notes receivable | $ | $ | ||||||
Contributions from employer | ||||||||
Contributions from participating employees | ||||||||
| Net investment income from plan interest in Master Trust | ||||||||
Deductions: | ||||||||
Withdrawals | ||||||||
Other | ||||||||
Net increase before transfers from (to) other qualified plans | ||||||||
Transfers from other qualified plans | ||||||||
Transfers to other qualified plans | ( | ( | ||||||
Net increase | ||||||||
Net assets available for benefits at beginning of year | ||||||||
Net assets available for benefits at end of year | $ | $ | ||||||
See accompanying notes.
4
ADM 401(k) and Employee Stock Ownership Plan for Salaried Employees and
ADM 401(k) and Employee Stock Ownership Plan for Hourly Employees
Statements of Changes in Net Assets Available for Benefits
| Year Ended December 31, 2024 | ||||||||
| Salaried Plan | Hourly Plan | |||||||
Additions: | ||||||||
Interest income from participant notes receivable | $ | $ | ||||||
Contributions from employer | ||||||||
Contributions from participating employees | ||||||||
| Net investment income from plan interest in Master Trust | ||||||||
Deductions: | ||||||||
Withdrawals | ||||||||
Other | ||||||||
| Net increase before transfers from (to) other qualified plans | ||||||||
| Transfers from other qualified plans | ||||||||
Transfers to other qualified plans | ( | ( | ||||||
| Net increase | ||||||||
Net assets available for benefits at beginning of year | ||||||||
Net assets available for benefits at end of year | $ | $ | ||||||
See accompanying notes.
5
ADM 401(k) and Employee Stock Ownership Plan for Salaried Employees and
ADM 401(k) and Employee Stock Ownership Plan for Hourly Employees
Notes to Financial Statements
1. Description of the Plans
General
The ADM 401(k) and Employee Stock Ownership Plan for Salaried Employees (the Salaried Plan) and the ADM 401(k) and Employee Stock Ownership Plan for Hourly Employees (the Hourly Plan) (collectively, the Plans or the ADM 401(k) and Employee Stock Ownership Plans), each of which includes an employee stock ownership component, are defined contribution plans available to all eligible salaried and hourly employees, respectively, of Archer-Daniels-Midland Company (ADM or the Company) and its participating affiliates. The Plans are subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA). The following description of the Plans provides only general information regarding the Plans as of December 31, 2025 and 2024. Participants should refer to the appropriate plan document and the prospectus for a more complete description of the applicable plan’s provisions.
Eligibility
Employee eligibility varies by employment class, location, and employment status. Complete information regarding employee eligibility is described in the respective plan documents, and summary plan descriptions.
Related Party and Party‑in‑Interest Transactions, Including Investments in Employer Securities
Fidelity Management Trust Company is the trustee for the Plans. The Plans hold investments in ADM common stock. These transactions qualify as party-in-interest transactions; however, they are exempt from the prohibited transaction rules under ERISA. Dividends paid on ADM common stock held in participant accounts are automatically reinvested in additional shares of the Company’s common stock purchased on the market unless the participant has elected to receive a distribution of such dividends in cash. The Master Trust Agreement for the ADM 401(k) and Employee Stock Ownership Plans (Master Trust) held 5,242,665 5,573,162 7,818,660 and $2,524,623 , respectively. For the year ended December 31, 2024, the total amount of dividends paid on ADM common stock held by the Salaried and Hourly Plans were $8,182,666 and $2,652,893 , respectively.
6
ADM 401(k) and Employee Stock Ownership Plan for Salaried Employees and
ADM 401(k) and Employee Stock Ownership Plan for Hourly Employees
Notes to Financial Statements (continued)
1.Description of the Plans (continued)
Contributions
Under the terms of the Plans, employees electing to participate can contribute from 1 75 75 6
ADM’s matching contributions are made in cash. The Company matches 100 2 50 3 6 1
Vesting
The Company’s matching and non-elective contributions vest over a two-year
Forfeitures
Participants forfeit their nonvested balances upon the earlier of the full distribution of their vested account following termination of employment or a break in service of five years five-year 671,106 and $2,071,859 , respectively. As of December 31, 2024, unallocated forfeiture balances for the Salaried and Hourly Plans were $679,356 and $2,074,353 , respectively. For the year ended December 31, 2025, forfeitures used to reduce employer contributions for the Salaried and Hourly Plans were $1,493,009 and $3,185,608 , respectively. For the year ended December 31, 2024, forfeitures used to reduce employer contributions for the Salaried and Hourly Plans were $1,177,139 and $3,329,230 , respectively.
7
ADM 401(k) and Employee Stock Ownership Plan for Salaried Employees and
ADM 401(k) and Employee Stock Ownership Plan for Hourly Employees
Notes to Financial Statements (continued)
1.Description of the Plans (continued)
Investment Options
Participants may invest their contributions in one or more of the investment options offered by the Plans, including ADM common stock. Participants can elect at any time to convert all or any number of the shares of ADM common stock held in their accounts to cash and have the cash transferred within the plan to be invested in the investment options available under the applicable plan.
Participants can also elect to sell any portion of the investment options in their accounts and reinvest the proceeds in one or more of the other investment options.
Participant Loans
For eligible salaried and hourly employees, loans are allowed for general purposes or for home purchase. General purpose loans are available for terms of up to five years ten years
Eligible participants may borrow a minimum of $1,000 50,000 50 100 one
Participant loans are secured by the balance in the participant’s account and bear interest at a rate equal to the prime rate at the time of the loan’s issuance plus 1
Complete information regarding participant loans is described in the plan document, summary plan description, participant loan policy statement, and, in certain cases, an appendix to the appropriate plan.
Participant Accounts
Each participant’s account is credited with the participant’s contributions and the Company’s matching and non-elective contributions and allocations of plan earnings, and is charged with an allocation of administrative expenses. Applicable Plan earnings are allocated based on the participant’s share of net earnings or losses of their respective elected investment options. Allocations of administrative expenses are based on the participant’s account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
8
ADM 401(k) and Employee Stock Ownership Plan for Salaried Employees and
ADM 401(k) and Employee Stock Ownership Plan for Hourly Employees
Notes to Financial Statements (continued)
1.Description of the Plans (continued)
Payment of Benefits
Upon separation from service with the Company due to death, disability, retirement, or termination, a participant, or their beneficiary, may elect to receive a lump-sum or may elect a delayed distribution (available for accounts of more than $7,000 7,000
Withdrawal
In-service withdrawals are available in certain limited circumstances, as defined by the Plans. Hardship withdrawals are allowed for participants incurring an immediate and heavy financial need, as defined by the respective Plan. Hardship withdrawals are strictly regulated by the IRS, and a participant must exhaust all available loan options and available distributions prior to requesting a hardship withdrawal.
2. Significant Accounting Policies
Basis of Accounting
The accounting records of the Plans are maintained on the accrual basis.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements, accompanying notes, and supplemental schedules. Actual results could differ from those estimates.
Investment Valuation and Income Recognition
Investments in the Master Trust are reported at fair value (except for the Goldman Sachs Stable Value Fund, a fully benefit responsive synthetic investment contract that is valued at contract value). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Further information regarding the valuation techniques used to measure the fair value of investment assets held by the Master Trust is included in the Fair Value Measurements footnote (see Note 3 Fair Value Measurements).
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) includes the Plans’ gains and losses on investments bought and sold as well as held during the year.
9
ADM 401(k) and Employee Stock Ownership Plan for Salaried Employees and
ADM 401(k) and Employee Stock Ownership Plan for Hourly Employees
Notes to Financial Statements (continued)
2. Significant Accounting Policies (continued)
Notes Receivable from Participants
Payment of Benefits
Benefits are recorded when paid.
3. Fair Value Measurements
The Plans’ assets are measured at fair value in accordance with ASC Topic 820, Fair Value Measurements and Disclosures. ASC 820 establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.
Three levels are established within the fair value hierarchy that may be used to report fair value:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.
Level 2: Observable inputs, including Level 1 prices that have been adjusted; quoted prices for similar assets or liabilities; quoted prices in markets that are less active than traded exchanges; and other inputs that are observable or can be substantially corroborated by observable market data.
Level 3: Unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities. The fair value hierarchy gives the lowest priority to Level 3 inputs.
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. In evaluating the significance of fair value inputs, the Plans generally classify assets or liabilities as Level 3 when their fair value is determined using unobservable inputs that, individually or when aggregated with other unobservable inputs, represent more than 10% of the fair value of the assets or liabilities.
Judgment is required in evaluating both quantitative and qualitative factors in the determination of significance for purposes of fair value level classification. Valuation techniques used are generally required to maximize the use of observable inputs and minimize the use of unobservable inputs.
Following is a description of the valuation techniques and inputs used for each general type of investment measured at fair value, including the general classification of such investments pursuant to the valuation hierarchy.
10
ADM 401(k) and Employee Stock Ownership Plan for Salaried Employees and
ADM 401(k) and Employee Stock Ownership Plan for Hourly Employees
Notes to Financial Statements (continued)
3. Fair Value Measurements (continued)
ADM and other common stock:
Equity securities are valued based on closing quoted exchange prices and are classified as Level 1.
Mutual funds:
Mutual funds are valued at the closing price reported on the active market on which they are traded and are classified as Level 1.
Common Collective Trust (CCT) Funds:
The investments in CCTs are comprised of U.S. and international equity, fixed income, and other securities, including certain equity index funds. These investments are generally valued at the net asset value (NAV) provided by the administrators of the funds. To the extent a CCT’s NAV is determined and published daily and is the basis for current transactions, the investment is measured at fair value and classified within Level 1 of the fair value hierarchy.
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plans believe the valuation methods are appropriate and consistent with other market participants’ methods, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
For the years ended December 31, 2025 and 2024, the Plans had no transfers between Level 3.
The following table sets forth by level within the fair value hierarchy the investments included in the Master Trust at fair value at December 31, 2025 and 2024. There were no Level 2 or 3 investments at December 31, 2025 and 2024. This table does not include fully benefit responsive investments at contract value in accordance with the disclosure requirements of ASC 820.
| Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||||||
| 2025 | 2024 | |||||||
| ADM and other common stock | $ | $ | ||||||
| Mutual funds | ||||||||
| Common collective trust funds | ||||||||
| Total assets at fair value | $ | $ | ||||||
11
ADM 401(k) and Employee Stock Ownership Plan for Salaried Employees and
ADM 401(k) and Employee Stock Ownership Plan for Hourly Employees
Notes to Financial Statements (continued)
4. Fully Benefit-Responsive Investment Contracts
The Master Trust invests in security-backed investment contracts through the Goldman Sachs Stable Value Fund as of December 31, 2025 and 2024 and for the years then ended. The Fund primarily invests in wrapper contracts and insurance company separate account agreements. The wrapper contracts provide assurance that future adjustments to the variable crediting rates of investments in the common collective trust cannot result in a crediting rate less than zero
The Fund is managed exclusively for participants of the Plans. The Fund seeks to earn current income, while seeking to preserve capital and stability of the principal. The Fund may utilize guaranteed investment contracts and/or synthetic investment contracts as part of its investment strategy. The Fund may utilize individual securities and/or pooled vehicles as underlying investments of synthetic investment contracts. Participant-directed redemptions generally have no restrictions; however, plan-initiated redemptions and/or other major events may necessitate restrictions. The synthetic investment contract meets the fully benefit-responsive investment contract criteria and, therefore, it is reported at contract value. Contract value is the relevant measurement attributable to fully benefit-responsive investment contracts because contract value is the amount participants would generally receive if they were to initiate permitted transactions under the terms of the Plans.
The Goldman Sachs Stable Value Fund contracts are synthetic investment contracts issued by an insurance company or other financial institution, backed by a Limited Liability Company or a common collective trust in which the Fund is invested. These contracts typically allow for realized and unrealized gains and losses on the underlying assets to be amortized, usually over the duration of the underlying investments, through adjustments to the future interest crediting rate, rather than reflected immediately in the net assets of the Fund. The issuer guarantees that all qualified participant withdrawals will be at contract value.
Risks arise when entering into any investment contract due to the potential inability of the issuer to meet the terms of the contract. In addition, security-backed investment contracts have the risk of default or the lack of liquidity of the underlying portfolio assets.
The primary variables impacting the future crediting rates of security-backed investment contracts include the current yield of the assets underlying the contract, the duration of the assets underlying the contract, and the existing difference between the fair value and contract value of the assets within the contract.
The Fund uses a compound net crediting rate formula, which reflects fees paid to security-backed contract issuers. The security-backed investment contracts are designed to reset their respective crediting rates on a quarterly basis and cannot credit an interest rate that is less than zero
12
ADM 401(k) and Employee Stock Ownership Plan for Salaried Employees and
ADM 401(k) and Employee Stock Ownership Plan for Hourly Employees
Notes to Financial Statements (continued)
4. Fully Benefit-Responsive Investment Contracts (continued)
Similarly, if the underlying portfolio generates unrealized and/or realized gains, a negative adjustment is made to the adjustment from fair value to contract value, and the future crediting rate may be higher than the then-current market rates.
Security-backed investment contracts generally provide for withdrawals associated with certain events that are not in the ordinary course of Fund's operations. These withdrawals are paid with a market value adjustment applied to the withdrawal as defined in the investment contract. Each contract issuer specifies the events that may trigger a market value adjustment. At this time, the Fund does not believe that the occurrence of any such market value event, which would limit the Fund's ability to transact at contract value with participants, is probable.
Certain events may limit the ability of the Plans to transact at contract value with contract issuers and, in some cases, may result in withdrawals being paid at market value or subject to a market value adjustment. These events include, but are not limited to: failure of the Plan to qualify under applicable tax provisions or ERISA requirements; plan termination, merger, or significant amendments to plan provisions or administration (including changes to contributions, participant re-enrollment, or investment options); changes to restrictions on competing investment options; employer-initiated events such as layoffs, divestitures, or bankruptcy that materially affect Plan operations; establishment of other benefit plans; changes in applicable laws, regulations, or accounting requirements; communications influencing participant investment behavior; or other events outside the ordinary course of Plan operations. In addition, contract value may be adjusted in the event of default or impairment of underlying securities. Management has determined that no events are probable that would limit the Plans’ ability to transact at contract value with contract issuers or participants.
13
ADM 401(k) and Employee Stock Ownership Plan for Salaried Employees and
ADM 401(k) and Employee Stock Ownership Plan for Hourly Employees
Notes to Financial Statements (continued)
5. Master Trust Investment Information
The Plans’ investments are held in a Master Trust. The Plans have specific interests in certain investments of the Master Trust based on account balances of the participants and their investment options. The Master Trust assets are allocated among the participating plans by assigning to each plan those transactions (primarily contributions, benefit payments, and plan-specific expenses) that can be specifically identified and by allocating among all plans, in proportion to the fair value of the assets assigned to each plan, income and expenses resulting from the collective investment of the assets of the Master Trust. The Master Trust is composed of the divided interests held by the Salaried Plan and the Hourly Plan. Investments and the income therefrom are allocated to participating Plans based on each Plan's participation in investment options within the Master Trust.
The following table presents the Master Trust balances and the Plans' interest in the Master Trust balances as of December 31, 2025 and 2024:
| December 31, 2025 | |||||||||||
| Master Trust | Salaried Plan Interest in Master Trust Balances | Hourly Plan Plan Interest in Master Trust Balances | |||||||||
| Investment securities at fair value: | |||||||||||
| ADM and other common stock | $ | $ | $ | ||||||||
| Mutual funds | |||||||||||
| Common collective trust funds | |||||||||||
| Investment in synthetic contract at contract value | |||||||||||
| $ | $ | $ | |||||||||
| December 31, 2024 | |||||||||||
| Master Trust | Salaried Plan Interest in Master Trust Balances | Hourly Plan Plan Interest in Master Trust Balances | |||||||||
| Investment securities at fair value: | |||||||||||
| ADM and other common stock | $ | $ | $ | ||||||||
| Mutual funds | |||||||||||
| Common collective trust funds | |||||||||||
| Investment in synthetic contract at contract value | |||||||||||
| $ | $ | $ | |||||||||
14
ADM 401(k) and Employee Stock Ownership Plan for Salaried Employees and
ADM 401(k) and Employee Stock Ownership Plan for Hourly Employees
Notes to Financial Statements (continued)
5. Master Trust Investment Information (continued)
Summarized financial information with respect to the Master Trust’s net investment income is as follows for the years ended December 31, 2025 and 2024:
| Year Ended December 31 | ||||||||
| 2025 | 2024 | |||||||
| Net appreciation in fair value of investments | $ | $ | ||||||
| Dividend and interest income | ||||||||
| Total investment gain | $ | $ | ||||||
6. Plan Expenses
7. Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plans to discontinue its contributions at any time and to terminate the Plans subject to the provisions of ERISA and collective bargaining agreements. In the event of plan termination, participants will be 100% vested in their accounts.
8. Reconciliation of Financial Statements to the Form 5500
There were no reconciling items between the net assets available for benefits per the Plans’ financial statements to the Form 5500 at December 31, 2025.
The following is a reconciliation of net change in net assets per the Plans’ financial statements to the Form 5500:
| Year Ended December 31, 2025 | ||||||||
| Salaried Plan | Hourly Plan | |||||||
| Net increase before transfers from (to) other qualified plans | $ | $ | ||||||
| Change in deemed distributions | ||||||||
| Net increase in net assets per the Form 5500 | $ | $ | ||||||
15
ADM 401(k) and Employee Stock Ownership Plan for Salaried Employees and
ADM 401(k) and Employee Stock Ownership Plan for Hourly Employees
Notes to Financial Statements (continued)
8. Reconciliation of Financial Statements to the Form 5500 (continued)
The following is a reconciliation of net assets available for benefits per the Plans’ financial statements to the Form 5500 at December 31, 2024:
| December 31, 2024 | ||||||||
| Salaried Plan | Hourly Plan | |||||||
| Net assets available for benefits per the financial statements | $ | $ | ||||||
| Amounts allocated to deemed distributions | ( | ( | ||||||
| Net assets available for benefits per the Form 5500 | $ | $ | ||||||
9. Income Tax Status
The Salaried Plan and Hourly Plan have received determination letters from the IRS dated August 2, 2017, stating that the Plans are qualified under Section 401(a) of the Internal Revenue Code (the Code) and, therefore, the Master Trust is exempt from taxation. Subsequent to this determination by the IRS, the Plans were amended. Once qualified, the Plans are required to operate in conformity with the Code to maintain their qualified status. ADM believes the Plans are being operated in compliance with the applicable requirements of the Code and, therefore, believes the Plans, as amended, are qualified and the related Master Trust is tax-exempt.
Generally accepted accounting principles in the United States require plan management to evaluate tax positions taken by a plan and recognize a tax liability if the plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. Plan management has analyzed the tax positions taken by the Plans, and has concluded that there are no uncertain positions taken or expected to be taken. The Plans are subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.
10. Risks and Uncertainties
The Plans invest in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.
16
Supplemental Schedules
17
ADM 401(k) and Employee Stock Ownership Plan for Salaried Employees
EIN: 41-0129150
Plan 029
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2025
| Identity of Issuer, Borrower, Lessor, or Similar Party | Description | Current Value | ||||||
| Participant loans* | Loans, interest rates from | $ | ||||||
* Parties in interest.
18
ADM 401(k) and Employee Stock Ownership Plan for Hourly Employees
EIN: 41-0129150
Plan 030
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2025
| Identity of Issuer, Borrower, Lessor, or Similar Party | Description | Current Value | ||||||
| Participant loans* | Loans, interest rates from | $ | ||||||
* Parties in interest.
19
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Administrator has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
| ARCHER-DANIELS-MIDLAND COMPANY | |||||||||||
| Dated: | June 23, 2026 | /s/ C. Nichol | |||||||||
| C. Nichol | |||||||||||
| Chief Accounting Officer | |||||||||||
20
Exhibit Index
| Exhibit | Description | ||||
| 23 | |||||
21