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Arphra AIPlain-English read on Archer-Daniels-Midland Company’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $85.25B | $101.56B | $93.94B | $85.53B | $80.27B | $86.41B | $90.8B | $94.82B | $84.72B |
| Cost of revenue | $79.26B | $93.99B | $86.42B | $79.75B | $75.24B | $79.73B | $85.43B | $87.75B | $79.06B |
| Gross profit | $5.99B | $7.57B | $7.51B | $5.78B | $5.03B | $6.16B | $6.29B | $6.75B | $5.78B |
| Gross margin | +7.02% | +7.45% | +8.00% | +6.76% | +6.27% | +7.12% | +6.93% | +7.12% | +6.82% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $2.99B | $3.36B | $3.46B | $3.71B | $3.61B | $3.61B | $3.87B | $4.05B | $3.54B |
| Total operating expenses | $2.99B | $3.36B | $3.46B | $3.71B | $3.61B | $3.57B | $3.81B | $3.92B | $3.6B |
| Operating income | $2.99B | $4.21B | $4.06B | $2.07B | $1.42B | $2.42B | $2.52B | $2.7B | $2.41B |
| Operating margin | +3.51% | +4.15% | +4.32% | +2.42% | +1.77% | +2.80% | +2.78% | +2.84% | +2.85% |
| EBITDA | $4.57B | $6.66B | $6B | $4.1B | $3.05B | $4.38B | $4.42B | $4.78B | $4.17B |
| EBIT | $3.58B | $5.63B | $4.94B | $2.96B | $1.87B | $3.27B | $3.4B | $3.46B | $3.07B |
| Below the line | |||||||||
| Interest expense | $284M | $405M | $653M | $706M | $612M | $656.4M | $702.21M | $728.89M | $649.18M |
| Interest income | $96M | $293M | $499M | $562M | $118M | $392.94M | $415.18M | $410.45M | $377.91M |
| Other income / expense | $320M | $1.02B | $237M | $183M | -$169M | — | — | — | — |
| Pre-tax income | $3.31B | $5.23B | $4.29B | $2.26B | $1.26B | $2.54B | $2.64B | $2.85B | $2.53B |
| Income tax expense | $578M | $868M | $828M | $476M | $182M | $450.88M | $489.68M | $509.22M | $440.37M |
| Earnings | |||||||||
| Net income | $2.71B | $4.34B | $3.48B | $1.8B | $1.08B | $2.03B | $2.15B | $2.3B | $2.03B |
| Net income · continuing ops | $2.74B | $4.37B | $3.47B | $1.78B | $1.07B | $2.1B | $2.21B | $2.22B | $2.07B |
| Net margin | +3.18% | +4.27% | +3.71% | +2.10% | +1.34% | +2.35% | +2.37% | +2.43% | +2.40% |
| EPS · basic | $4.80 | $7.72 | $6.44 | $3.66 | $2.23 | $4.65 | $5.30 | $5.50 | $4.92 |
| EPS · diluted | $4.79 | $7.71 | $6.43 | $3.65 | $2.23 | $4.60 | $5.29 | $5.49 | $4.92 |
| EPS · low estimate | — | — | — | — | — | $4.16 | $4.88 | $5.40 | $4.52 |
| EPS · high estimate | — | — | — | — | — | $5.15 | $5.70 | $5.59 | $5.90 |
| Shares · basic | 564M | 562M | 541M | 478M | 484M | 486.71M | 482.04M | 483.74M | 482.57M |
| Shares · diluted | 566M | 563M | 542M | 493M | 484M | 482.41M | 485.27M | 480.5M | 486.87M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 6 | 6 | 4 | 3 |
| Analysts (EPS) | — | — | — | — | — | 5 | 6 | 2 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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