Archer-Daniels-Midland
25 named things its latest annual report says its results depend on, each in the company's own words. 18 of them are also named by other companies we've read.
Customers
Wilmar International Limited
earns fromThe Company is a supplier of raw materials to Wilmar, SoyVen, Olenex Sarl, Edible Oils Limited, and Stratas Foods LLC.Business (Item 1)
Partners and platforms
Navigable rivers and waterways
depends onnamed as a riskThe Company relies on access to navigable rivers and waterways in order to fulfill its transportation obligations more effectively.Risk factors (Item 1A)
Other companies
Wilmar International Limited
22.5% equity interestThe Company has a 22.5% equity interest in Wilmar International Limited ("Wilmar"), a Singapore publicly listed company.Business (Item 1)
Places
South America
depends onnamed as a riskFor example, South American soy and global palm present risks of deforestation due to their proximity to the forest and other high-carbon-value landscapes.Business (Item 1)
Black Sea region
exposed to its pricenamed as a riskThe Black Sea region is a major exporter of wheat and corn to the world, and the disruption of supply may continue to cause volatility in volumes, prices, and margins of these commodities and related products.Risk factors (Item 1A)
Brazil
operates inFor the majority of the Company’s subsidiaries located outside the United States, the local currency is the functional currency except certain significant subsidiaries in Switzerland where Euro is the functional currency, and Brazil and Argentina where U.S. dollar is the functional currency.Market risk (Item 7A)
Also named by ASO, AZO, BALL, CPAY, CPRT, CTVA, DE, DOV and 32 more
Hazards
Russia-Ukraine conflict
operates innamed as a riskFor example, ADM’s assets and operations located in the region affected by the conflict between Russia and Ukraine are at an increased risk of property damage, inventory loss, business disruption, and expropriation.Risk factors (Item 1A)
Also named by ABT, ARWR, CAG, CDRE, DOW, EMN, FDX, FLR and 14 more
African swine fever
named as a riskThe Company is subject to risks associated with economic, product quality, feed safety or other factors which may adversely affect the livestock and poultry businesses, including the outbreak of disease in livestock and poultry, for example African swine fever, which could adversely affect demand for the Company’s products used as ingredients in feed.Risk factors (Item 1A)
Maritime piracy
named as a riskPiracy and related maritime threats could negatively impact the Company.Risk factors (Item 1A)
Commodities and inputs
Agricultural commodity prices
exposed to its price · $28named as a riskVaR and related sensitivity analysis, measuring the potential loss in fair value resulting from a hypothetical 10% adverse change in market prices, is monitored on a weekly basis.Market risk (Item 7A)
Corn
earns from · 13%The following products accounted for 10% or more of revenues for the following periods:Business (Item 1)
Also named by BF/B, CAG, CALM, CL, DE, FLO, FPI, GIS and 10 more
Soybean meal
earns from · 11%The following products accounted for 10% or more of revenues for the following periods:Business (Item 1)
Soybeans
earns from · 17%The following products accounted for 10% or more of revenues for the following periods:Business (Item 1)
Natural gas
exposed to its pricenamed as a riskThe Company’s processing plants are powered principally by electricity, natural gas, and coal.Risk factors (Item 1A)
Also named by AA, AEE, AEP, AES, AESI, AGX, ALB, AMRC and 132 more
Diesel fuel
exposed to its pricenamed as a riskThe Company’s transportation operations are partially dependent upon rail access, diesel fuel and other petroleum-based products, as well as on the availability and cost of ocean freight and port operations.Risk factors (Item 1A)
Also named by BLDR, BTU, CAH, CHD, CHRW, COST, CP, CSX and 43 more
Water
depends onnamed as a riskAny major lack of available water for use in certain of the Company’s processing operations could have a material adverse impact on operating results.Risk factors (Item 1A)
Also named by BF/B, CDE, CELH, CNX, CRGY, DE, EOG, EQIX and 9 more
Gasoline
exposed to its pricenamed as a riskA significant decrease in the price of gasoline, diesel fuel, or other octane enhancers could result in a significant decrease in the selling price of the Company’s ethanol and biodiesel.Risk factors (Item 1A)
Also named by APG, BJ, CART, COST, DRVN, EME, FIX, GPC and 2 more
Regulators
Commodity Futures Trading Commission (CFTC)
subject tonamed as a riskThese regulations include customer protection, capital and financial responsibility requirements, transaction reporting, risk-management practices, margin and collateral standards, anti-money-laundering and sanctions compliance, and other requirements, such as those imposed by Commodity Futures Trading Commission regulations, the Dodd-Frank Act, Consumer Protection Act, and the European Market Infrastructure Regulation.Risk factors (Item 1A)
Also named by AB, AGNC, AMG, BAC, BGC, BMNR, C, CBOE and 35 more
European Union
subject tonamed as a riskFurther, regulatory scrutiny and standards in the food, feed, and nutrition sectors continue to evolve, such as the ongoing review by regulatory authorities in the EU and other jurisdictions of the safety and permitted uses of specified chemicals.Risk factors (Item 1A)
Also named by ABBV, AVY, BA, DXCM, ENB, FPI, GEHC, GS and 4 more
Laws and programs
OECD Pillar Two global minimum tax
subject to · 15% global minimum taxnamed as a riskIn particular, the OECD’s Pillar Two initiative introduced a 15% global minimum tax applied on a country-by-country basis.Risk factors (Item 1A)
Also named by ABNB, ACN, ADI, ADSK, AKAM, ALB, AMAT, APH and 70 more
One Big Beautiful Bill Act (OBBBA)
subject tonamed as a riskThe U.S. One Big Beautiful Bill Act ("OBBBA"), which includes significant changes to corporate tax rules, deductions, expensing, and international tax provisions, may affect the Company’s tax position, the timing and amount of deductible expenditures, and the application of credits and incentives.Risk factors (Item 1A)
Also named by AA, ABR, ADI, ALB, AMAT, AMGN, AMKR, AMRC and 121 more
Renewable Fuel Standard
subject tonamed as a riskFor example, changes in government policies, tax credits, and/or regulation of ethanol and biodiesel, including, but not limited to, the Clean Fuels Production Tax Credit and the related "45Z" tax credit and the Renewable Fuel Standard under the Energy Independence and Security Act of 2007 in the United States, including the treatment of small refinery exemptions, can have an impact on the Company’s operating results.Risk factors (Item 1A)
Also named by AMRC, CF, CLMT, CVX, DAL, DINO, DTE, ET and 13 more
European Market Infrastructure Regulation (EMIR)
subject tonamed as a riskThese regulations include customer protection, capital and financial responsibility requirements, transaction reporting, risk-management practices, margin and collateral standards, anti-money-laundering and sanctions compliance, and other requirements, such as those imposed by Commodity Futures Trading Commission regulations, the Dodd-Frank Act, Consumer Protection Act, and the European Market Infrastructure Regulation.Risk factors (Item 1A)
U.S.-China soybean trade
earns fromnamed as a riskFor example, the Company’s results of operations were impacted by changes in and uncertainty relating to global trade and tariffs in 2025, and the resulting trade flow disruptions, such as U.S. soybean trade with China, as well as the deferral of U.S. biofuel policy with respect to renewable volume obligations (RVO), and the resulting uncertainty which impacted demand for soybean oil and other feedstocks.Risk factors (Item 1A)
Technology
Carbon capture and storage (CCS)
named as a riskThe Company’s carbon capture and storage (CCS) operations, through which ADM is able to capture and store CO2, are also subject to potential risks and uncertainties, including complying with complex and evolving regulations, obtaining and maintaining permits and regulatory approvals, and managing operational challenges, which could have an adverse effect on its reputation, business and results of operations.Risk factors (Item 1A)
Also named by XOM