Financial Analysis

Acquisitions During the year ended December 31, 2025, the Company acquired Vandamme Hugaria Kft (Vandamme), a 700 metric ton/day non-genetically modified crush and extraction facility based in Hungary for an aggregate cash consideration of $125 million. This acquisition adds capabilities to the Companys Ag Services and Oilseeds and Carbohydrate Solutions segments. The aggregate cash consideration, net of $28 million in cash acquired, was allocated as follows (in millions): Vandamme Working capital, net of cash acquired $ 24 Property, plant, and equipment 27 Goodwill 26 Other intangible assets (1) 23 Deferred tax liabilities (3) Aggregate cash consideration, net of cash acquired $ 97 (1) Primarily represents customer lists with an expected useful life of 13 years. Goodwill recorded in connection with the acquisition is primarily attributable to the synergies expected to arise after the Companys acquisition of the business. This goodwill is not expected to be deductible for tax purposes. The Companys Consolidated Statements of Earnings for the year ended December 31, 2025 includes the post-acquisition results of the acquired business which were insignificant. …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Debt Financing Arrangements The Companys long-term debt consisted of the following (in millions, except as noted): Debt Instrument Interest Rate Face Amount Due Date December 31, 2025 December 31, 2024 1.000% Notes 650 million 2025 $ $ 672 2.500% Notes $1 billion 2026 999 999 7.500% Debentures $147 million 2027 147 147 6.750% Debentures $103 million 2027 103 103 6.625% Debentures $144 million 2029 144 144 3.250% Notes $1 billion 2030 999 993 7.000% Debentures $160 million 2031 165 161 2.900% Notes $750 million 2032 746 745 5.935% Debentures $336 million 2032 341 337 4.500% Notes $500 million 2033 494 493 5.375% Debentures $432 million 2035 427 426 6.450% Debentures $103 million 2038 102 103 5.765% Debentures $297 million 2041 297 297 4.535% Debentures $383 million 2042 294 291 4.016% Debentures $371 million 2043 269 266 3.750% Notes $408 million 2047 403 403 4.500% Notes $600 million 2049 590 589 2.700% Notes $750 million 2051 733 732 6.950% Debentures $157 million 2097 154 154 Other 205 199 Total long-term debt including current maturities 7,612 8,254 Current maturities (1,006) (674) Total long-term debt $ 6,606 $ 7,580 At December 31, 2025, the fair value of the Companys long-term debt, excluding current portion, was $6.3 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards), compared to a carrying value of $6.6 billion. The Companys credit facilities and certain debentures require the Company to comply with specified …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables present revenue disaggregated by timing of recognition and reportable segments and subsegments for the years ended December 31, 2025, 2024, and 2023 (in millions). Year Ended December 31, 2025 Topic 606 Revenue Topic 815 (1) Total Point in Time Over Time Total Revenue Revenues Ag Services and Oilseeds Ag Services 3,797 $ 775 $ 4,572 $ 35,791 $ 40,363 Crushing 375 375 9,978 10,353 Refined Products and Other 3,545 3,545 7,310 10,855 Total Ag Services and Oilseeds 7,717 775 8,492 53,079 61,571 Carbohydrate Solutions Starches and Sweeteners 5,748 5,748 2,234 7,982 Vantage Corn Processors 2,755 2,755 2,755 Total Carbohydrate Solutions 8,503 8,503 2,234 10,737 Nutrition Human Nutrition 4,187 4,187 4,187 Animal Nutrition 3,325 3,325 3,325 Total Nutrition 7,512 7,512 7,512 Total Segment Revenues 23,732 775 24,507 55,313 79,820 Other Business 449 449 449 Total Revenues $ 24,181 $ 775 $ 24,956 $ 55,313 $ 80,269 Year Ended December 31, 2024 Topic 606 Revenue Topic 815 (1) Total Point in Time Over Time Total Revenue Revenues Ag Services and Oilseeds Ag Services 3,779 $ 923 $ 4,702 $ 39,381 $ 44,083 Crushing 462 462 11,374 11,836 Refined Products and Other 2,447 2,447 8,150 10,597 Total Ag Services and Oilseeds 6,688 923 7,611 58,905 66,516 Carbohydrate Solutions Starches and Sweeteners 6,335 6,335 2,252 8,587 Vantage Corn Processors 2,647 2,647 2,647 Total Carbohydrate Solutions 8,982 8,982 2,252 11,234 Nutrition Human Nutrition 3,944 3,944 3,944 Animal Nutrition 3,4 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Stock Compensation Total compensation expense for Stock Option Grants, Restricted Stock Awards, and PSUs recognized during the years ended December 31, 2025, 2024, and 2023 was $83 million, $74 million, and $112 million, respectively. Changes in incentive compensation expense from period to period are primarily caused by the level of attainment of the PSU performance criteria described below. Stock Option Grants The Companys employee stock compensation plans provide for the granting of options to employees to purchase common stock of the Company pursuant to the Companys 2020 Incentive Compensation Plan. These options are issued at market value on the date of grant, vest incrementally over one year to five years, and expire ten years after the date of grant. There were no options granted in 2025, 2024, and 2023. The weighted-average remaining contractual term of options outstanding and exercisable at December 31, 2025, was less than 1 year. There were 595,000 and 1,047,000 shares (all of which were exercisable) under outstanding stock options as of December 31, 2025 and 2024, respectively, and 452,000 options were exercised during the year ended December 31, 2025. Restricted Stock Awards and PSUs The Companys 2020 Incentive Compensation Plan provides for the granting of Restricted Stock Awards at no cost to certain officers and key employees. Restricted Stock Awards are made in common stock or stock units with equivalent rights. Prior to the February 2023 grant, Restricted Sto …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements The following tables set forth, by level, the Companys assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2025 and 2024 (in millions). Fair Value Measurements at December 31, 2025 Level 1 Level 2 Level 3 Total Assets: Inventories carried at market $ $ 3,549 $ 2,673 $ 6,222 Unrealized derivative gains: Commodity contracts 310 512 822 Foreign exchange contracts 108 108 Interest rate contracts 17 17 Cash equivalents 280 280 Marketable securities 32 32 Segregated investments and restricted cash equivalents 1,771 1,771 Total Assets $ 2,083 $ 3,984 $ 3,185 $ 9,252 Liabilities: Unrealized derivative losses: Commodity contracts $ $ 300 $ 313 $ 613 Foreign exchange contracts 144 144 Inventory-related payables 714 16 730 Total Liabilities $ $ 1,158 $ 329 $ 1,487 Fair Value Measurements at December 31, 2024 Level 1 Level 2 Level 3 Total Assets: Inventories carried at market $ $ 3,930 $ 3,031 $ 6,961 Unrealized derivative gains: Commodity contracts 404 427 831 Foreign currency contracts 272 272 Interest rate contracts 5 5 Cash equivalents 70 70 Marketable securities 246 246 Segregated investments and restricted cash equivalents 1,681 1,681 Total Assets $ 1,997 $ 4,611 $ 3,458 $ 10,066 Liabilities: Unrealized derivative losses: Commodity contracts $ $ 355 $ 405 $ 760 Foreign currency contracts 212 212 Inventory-related payables 654 88 742 Total Liabilities $ $ 1,221 $ 493 $ 1,714 Inventories Carried at Market and In …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Other Intangible Assets Goodwill Changes in the carrying amount of goodwill by reportable segment and Other Business for the years ended December 31, 2025 and 2024 are as follows (in millions): Ag Services & Oilseeds Carbohydrate Solutions Nutrition Other Business Total Balance at December 31, 2023 $ 235 $ 224 $ 3,640 $ 4 $ 4,103 Acquisitions 557 $ 557 Currency translation adjustments and other (17) (8) (127) 1 $ (151) Balance at December 31, 2024 218 216 4,070 5 4,509 Acquisitions 19 7 10 $ 36 Currency translation adjustments and other 13 15 197 (1) $ 224 Balance at December 31, 2025 $ 250 $ 238 $ 4,277 $ 4 $ 4,769 As of each of December 31, 2025 and 2024, accumulated impairment for goodwill was $156 million. During the year ended December 31, 2025, the Company evaluated goodwill for impairment using a qualitative assessment for six reporting units and using a quantitative assessment for the Animal Nutrition reporting unit within the Nutrition segment. The estimated fair value of the Animal Nutrition reporting unit was evaluated to be approximately 15% in excess of its carrying value and no impairment was recorded. The Company used a combination of the income and market approaches when performing the quantitative assessment of goodwill for the Animal Nutrition reporting unit. The Company weighted the income approach with a probability weight of 75%, as it is based on the future business plans and growth estimates for the Companys Animal Nutrition business an …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes The following table sets forth the geographic split of earnings before income taxes (in millions). Year Ended December 31 2025 2024 2023 United States $ (192) $ 656 $ 1,844 Foreign 1,447 1,599 2,450 Total Earnings Before Income Taxes $ 1,255 $ 2,255 $ 4,294 Significant components of income tax expense are as follows (in millions): Year Ended December 31 2025 2024 2023 Current expense (benefit) Federal $ (102) $ 108 $ 291 State 19 8 47 Foreign 310 490 513 $ 227 $ 606 $ 851 Deferred (benefit) expense Federal (46) (99) (52) State (27) 6 (10) Foreign 28 (37) 39 $ (45) $ (130) $ (23) Income tax expense $ 182 $ 476 $ 828 Significant components of deferred tax liabilities and assets are as follows (in millions): December 31, 2025 December 31, 2024 Deferred tax liabilities Property, plant, and equipment $ 758 $ 808 Intangibles 330 343 Right of use assets 313 317 Equity in earnings of affiliates 195 236 Debt exchange 47 49 Reserves and other accruals 28 133 Other 36 30 $ 1,707 $ 1,916 Deferred tax assets Pension and postretirement benefits $ 85 $ 95 Inventories 12 12 Lease liabilities 320 323 Stock compensation 22 36 Foreign tax loss carryforwards 503 386 Foreign capital loss carryforwards 45 41 State tax attributes 32 23 US carryforwards 113 196 Other 81 111 Gross deferred tax assets 1,213 1,223 Valuation allowances (292) (223) Net deferred tax assets $ 921 $ 1,000 Net deferred tax liabilities $ 786 $ 916 The net deferred tax liabilities are classified as follows: Non-cu …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Legal Proceedings The Company is routinely involved in a number of actual or threatened legal actions, including those involving alleged personal injuries, employment law, product liability, intellectual property, environmental issues, alleged tax liability, and class actions. The Company also routinely receives inquiries from regulators and other government authorities relating to various aspects of its business, and at any given time, the Company has matters at various stages of resolution. The outcomes of these matters are not within the Companys complete control and may not be known for prolonged periods of time. In some actions, claimants seek damages, as well as other relief including injunctive relief, that could require significant expenditures or result in lost revenues. In accordance with applicable accounting standards, the Company records a liability in its Consolidated Financial Statements for material loss contingencies when a loss is known or considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a material loss contingency is reasonably possible but not known or probable, and can be reasonably estimated, the estimated loss or range of loss is disclosed in the notes to the Consolidated Financial Statements. When determining the estimated loss or range of loss, significant j …

LegalMattersAndContingenciesTextBlock · excerpt; the full note is in the filing

Leases The following table sets forth the amounts relating to the Companys total lease cost and other information (in millions). Year Ended December 31 2025 2024 2023 Lease cost: Operating lease cost $ 430 $ 410 $ 390 Short-term lease cost 105 135 126 Total lease cost $ 535 $ 545 $ 516 Other information: Operating lease liability principal payments $ 415 $ 397 $ 374 Right-of-use assets obtained in exchange for new operating lease liabilities $ 278 $ 437 $ 327 December 31 2025 2024 Weighted-average remaining lease term - operating leases (in years) 7 7 Weighted average discount rate - operating leases 4.8 % 4.5 % The aggregate future lease payments for operating leases as of December 31, 2025 are as follows (in millions): Undiscounted Cash Flows 2026 $ 357 2027 294 2028 241 2029 175 2030 118 Thereafter 411 Total undiscounted minimum lease payments 1,596 Less: Interest (1) (248) Lease liability $ 1,348 (1) Calculated using the implicit rate of the lease, if available, or the incremental borrowing rate that is appropriate for the tenor and geography of the lease. …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Adoption of New Accounting Pronouncements Effective December 31, 2025, the Company adopted Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , on a prospective basis. This ASU enhances the transparency and decision usefulness of income tax disclosures. The amendments address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The adoption of the amended guidance resulted in expanded disclosures in Note. 13 Income Taxes in this report but did not have a significant impact on the Company's Consolidated Financial Statements. New Accounting Pronouncements Not Yet Adopted Effective January 1, 2026, the Company will be required to adopt ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which simplifies the application of the current expected credit loss model for current accounts receivable and current contract assets under Accounting Standards Codification (ASC) 606, Contracts with Customers. The adoption of the amended guidance is not expected to have a significant impact on the Companys Consolidated Financial Statements and related disclosures. Effective January 1, 2027, the Company will be required to adopt ASU 2025-07, Derivatives Scope Refinements and Scope Clarification for Share-Based Noncas …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Employee Benefit Plans The Company provides substantially all U.S. employees and employees at certain foreign subsidiaries with retirement benefits including defined benefit pension plans and defined contribution plans. The Company also provides certain eligible U.S. employees who retire under qualifying conditions with subsidized postretirement health care coverage or Health Care Reimbursement Accounts. Defined contribution plans The Company maintains 401(k) plans covering substantially all U.S. employees. The Company contributes cash to the plans to match qualifying employee contributions, and also provides a non-matching employer contribution of 1% of pay to eligible participants. Under an employee stock ownership component of the 401(k) plans, employees may choose to invest in the Companys stock as part of their own investment elections. Assets of the Companys 401(k) plans consist primarily of listed common stocks and pooled funds. Defined contribution plan expenses for U.S. and Canadian employees were $63 million, $76 million, $73 million for the years ended December 31, 2025, 2024, and 2023, respectively. The Companys 401(k) plans held 5 million shares of Company common stock at December 31, 2025, with a market value of $301 million. Cash dividends received on shares of Company common stock by these plans during the year ended December 31, 2025 were $11 million. Defined benefit plans The following table sets forth the components of pension benefits expense for the years …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Revenues The following tables present revenue disaggregated by timing of recognition and reportable segments and subsegments for the years ended December 31, 2025, 2024, and 2023 (in millions). Year Ended December 31, 2025 Topic 606 Revenue Topic 815 (1) Total Point in Time Over Time Total Revenue Revenues Ag Services and Oilseeds Ag Services 3,797 $ 775 $ 4,572 $ 35,791 $ 40,363 Crushing 375 375 9,978 10,353 Refined Products and Other 3,545 3,545 7,310 10,855 Total Ag Services and Oilseeds 7,717 775 8,492 53,079 61,571 Carbohydrate Solutions Starches and Sweeteners 5,748 5,748 2,234 7,982 Vantage Corn Processors 2,755 2,755 2,755 Total Carbohydrate Solutions 8,503 8,503 2,234 10,737 Nutrition Human Nutrition 4,187 4,187 4,187 Animal Nutrition 3,325 3,325 3,325 Total Nutrition 7,512 7,512 7,512 Total Segment Revenues 23,732 775 24,507 55,313 79,820 Other Business 449 449 449 Total Revenues $ 24,181 $ 775 $ 24,956 $ 55,313 $ 80,269 Year Ended December 31, 2024 Topic 606 Revenue Topic 815 (1) Total Point in Time Over Time Total Revenue Revenues Ag Services and Oilseeds Ag Services 3,779 $ 923 $ 4,702 $ 39,381 $ 44,083 Crushing 462 462 11,374 11,836 Refined Products and Other 2,447 2,447 8,150 10,597 Total Ag Services and Oilseeds 6,688 923 7,611 58,905 66,516 Carbohydrate Solutions Starches and Sweeteners 6,335 6,335 2,252 8,587 Vantage Corn Processors 2,647 2,647 2,647 Total Carbohydrate Solutions 8,982 8,982 2,252 11,234 Nutrition Human Nutrition 3,944 3,944 3,944 Animal Nutr …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment and Geographic Information The Companys operations are organized, managed, and classified into three reportable business segments: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition. Each of these segments is organized based upon the nature of products and services offered. The Companys remaining operations are not reportable segments, as defined by the applicable accounting standard , and are classified within either Corporate or Other Business. The reportable segments have been identified based on financial data utilized by the Chief Operating Decision Maker (CODM), which is the Companys Chief Executive Officer, who is also the Companys Chair of the Board. The CODM uses segment operating profit as the measurement of segment profit or loss. Separate financial information for the Companys three reportable segments is evaluated by the CODM on a monthly basis to allocate resources and assess performance. The CODM does not use total assets by segment to make decisions regarding resources; therefore, the total asset disclosure by segment has not been included. Segment operating profit is based on net sales less identifiable operating expenses. Also included in segment operating profit is equity in (loss) earnings of affiliates based on the equity method of accounting. Specified items and certain corporate items are not allocated to the Companys individual business segments because operating performance of each business segment is evaluated by the CODM exclusi …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Shareholders Equity The Company has authorized one billion shares of common stock and 500,000 shares of preferred stock, each with no par value. No preferred stock has been issued. Treasury Stock At December 31, 2025 and 2024, the Company had approximately 235.5 million shares and 237.6 million shares, respectively, of its common shares in treasury. Treasury stock is recorded at cost as a reduction of equity. Repurchase Program On December 11, 2024, the Company's Board of Directors approved a second extension of its existing stock repurchase program through December 31, 2029 and the repurchase of up to an additional 100 million shares under the extended program. As of December 31, 2025, the Company had 115 million shares remaining under its share repurchase program until December 31, 2029. Accumulated Other Comprehensive Income The following tables set forth the changes in AOCI by component and the reclassifications out of AOCI for the years ended December 31, 2025, 2024, and 2023 (in millions). Foreign Currency Translation Adjustments Deferred Gain (Loss) on Hedging Activities Pension and Other Postretirement Benefit Liabilities Unrealized Gain (Loss) on Investments Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2022 $ (2,622) $ 148 $ (22) $ (13) $ (2,509) Other comprehensive income (loss) before reclassifications 204 337 (46) 16 511 (Loss) from net investment hedges (153) (153) Amounts reclassified from AOCI (322) (42) (364) Tax effect 32 (5) 2 (1) 28 …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Acquisitions On January 31, 2025, the Company acquired Vandamme Hugaria Kft (Vandamme), a 700 metric ton/day non-genetically modified crush and extraction facility based in Hungary for an aggregate cash consideration of $125 million. This acquisition adds capabilities to the Companys Ag Services and Oilseeds and Carbohydrate Solutions segments. The aggregate cash consideration, net of $28 million cash acquired, was allocated as follows, subject to final measurement period adjustments (in millions). Vandamme Working capital, net of cash acquired $ 24 Property, plant, and equipment 27 Goodwill 26 Other intangible assets (1) 23 Deferred tax liabilities (3) Aggregate cash consideration, net of cash acquired $ 97 (1) Primarily represents customer lists with expected useful lives of 10 years to 18 years. During the three months ended September 30, 2025, the Company recorded certain measurement period adjustments to its initial allocation of the purchase price related to the Vandamme acquisition. There was no impact on the Consolidated Statements of Earnings from measurement period adjustments. Goodwill recorded in connection with the acquisition is primarily attributable to the synergies expected to arise after the Companys acquisition of the business. This goodwill is not expected to be deductible for tax purposes. The Companys Consolidated Statements of Earnings for the three and nine months ended September 30, 2025 includes the post-acquisition results of the acquired business w …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Debt and Financing Arrangements At September 30, 2025 and December 31, 2024, the fair value of the Companys long-term debt, excluding current portion, was $6.3 billion and $7.1 billion, respectively, as estimated using market values that utilize observable inputs, where available (a Level 2 measurement under applicable accounting standards), compared to a carrying value of $6.6 billion and $7.6 billion as of September 30, 2025 and December 31, 2024, respectively. At September 30, 2025 and December 31, 2024, the Company had lines of credit, including the accounts receivable securitization programs described in Note 15. Sale of Accounts Receivable, totaling $12.2 billion and $13.0 billion, respectively, of which $9.8 billion and $9.1 billion, respectively, was unused. At each of September 30, 2025 and December 31, 2024, $5.1 billion of the Companys total lines of credit supported the combined U.S. and European commercial paper borrowing programs. The weighted average interest rates on short-term borrowings outstanding at September 30, 2025 and December 31, 2024, were 4.6% and 4.7%, respectively. As of September 30, 2025 and December 31, 2024, there was $190 million and $1.7 billion of commercial paper outstanding, respectively. …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables present revenue disaggregated by timing of recognition and major product lines for the three and nine months ended September 30, 2025 and 2024 (in millions). Three Months Ended September 30, 2025 Topic 606 Revenue Topic 815 Total Point in Time Over Time Total Revenue (1) Revenues Ag Services and Oilseeds Ag Services $ 1,034 $ 187 $ 1,221 $ 9,055 $ 10,276 Crushing 130 130 2,450 2,580 Refined Products and Other 875 875 1,882 2,757 Total Ag Services and Oilseeds 2,039 187 2,226 13,387 15,613 Carbohydrate Solutions Starches and Sweeteners 1,436 1,436 569 2,005 Vantage Corn Processors 729 729 729 Total Carbohydrate Solutions 2,165 2,165 569 2,734 Nutrition Human Nutrition 1,067 1,067 1,067 Animal Nutrition 849 849 849 Total Nutrition 1,916 1,916 1,916 Total Segment Revenues 6,120 187 6,307 13,956 20,263 Other Business 109 109 109 Total Revenues $ 6,229 $ 187 $ 6,416 $ 13,956 $ 20,372 Three Months Ended September 30, 2024 Topic 606 Revenue Topic 815 Total Point in Time Over Time Total Revenue (1) Revenues Ag Services and Oilseeds Ag Services $ 824 $ 249 $ 1,073 $ 8,580 $ 9,653 Crushing 97 97 2,772 2,869 Refined Products and Other 529 529 2,038 2,567 Total Ag Services and Oilseeds 1,450 249 1,699 13,390 15,089 Carbohydrate Solutions Starches and Sweeteners 1,633 1,633 559 2,192 Vantage Corn Processors 716 716 716 Total Carbohydrate Solutions 2,349 2,349 559 2,908 Nutrition Human Nutrition 1,004 1,004 1,004 Animal Nutrition 827 827 827 Total Nutrition 1,831 1,831 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Fair Value Measurements The Company measures the fair value of certain assets and liabilities in accordance with ASC Topic 820, Fair Value Measurements and Disclosures , which defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Company uses the market approach valuation technique to measure the majority of its assets and liabilities carried at 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. The following tables set forth, by level, the Companys assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 (in millions). Fair …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes The Companys effective tax rate was 25.2% and 20.5% for the three and nine months ended September 30, 2025, respectively, compared to 83.3% and 23.3% for the three and nine months ended September 30, 2024, respectively. The decrease in effective tax rates for the three and nine months ended September 30, 2025 compared to the prior year is primarily related to the recognition of the impairment of the Companys investment in Wilmar and other discrete tax items specific to each period in the three and nine months ended September 30, 2024. On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions, including the energy tax credit policy. The legislation has multiple effective dates between 2025 and 2027. The Company is evaluating the impact of the adoption of OBBBA, on future tax years, while the OBBA provision effective for 2025 have been considered in the current quarter and did not have a significant impact on the current year Consolidated Financial Statements. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Legal Proceedings The Company is routinely involved in a number of actual or threatened legal actions, including those involving alleged personal injuries, employment law, product liability, intellectual property, environmental issues, alleged tax liability, and class actions. The Company also routinely receives inquiries from regulators and other government authorities relating to various aspects of its business, and at any given time, the Company has matters at various stages of resolution. The outcomes of these matters are not within the Companys complete control and may not be known for prolonged periods of time. In some actions, claimants seek damages, as well as other relief including injunctive relief, that could require significant expenditures or result in lost revenues. In accordance with applicable accounting standards, the Company records a liability in its Consolidated Financial Statements for material loss contingencies when a loss is known or considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a material loss contingency is reasonably possible but not known or probable, and can be reasonably estimated, the estimated loss or range of loss is disclosed in the notes to the Consolidated Financial Statements. When determining the estimated loss or range of loss, significant j …

LegalMattersAndContingenciesTextBlock · excerpt; the full note is in the filing

New Accounting Pronouncements Effective December 31, 2025, the Company will be required to adopt Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which enhances the transparency and decision usefulness of income tax disclosures. The amendments address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this ASU are required to be applied on a prospective basis, and retrospective adoption is permitted. The adoption of the amended guidance will result in expanded disclosures in the Companys income taxes footnote but is not expected to have a significant impact on the Company's Consolidated Financial Statements. Effective January 1, 2026, the Company will be required to adopt ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets , which simplifies the application of the current expected credit loss model for current accounts receivable and current contract assets under Accounting Standards Codification (ASC) 606, Contracts with Customers . The Company is evaluating the impact of the adoption of this guidance on the Companys Consolidated Financial Statements and related disclosures. Effective January 1, 2027, the Company will be required to adopt ASU 2025-07, Derivatives Scope Refi …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Revenues The following tables present revenue disaggregated by timing of recognition and major product lines for the three and nine months ended September 30, 2025 and 2024 (in millions). Three Months Ended September 30, 2025 Topic 606 Revenue Topic 815 Total Point in Time Over Time Total Revenue (1) Revenues Ag Services and Oilseeds Ag Services $ 1,034 $ 187 $ 1,221 $ 9,055 $ 10,276 Crushing 130 130 2,450 2,580 Refined Products and Other 875 875 1,882 2,757 Total Ag Services and Oilseeds 2,039 187 2,226 13,387 15,613 Carbohydrate Solutions Starches and Sweeteners 1,436 1,436 569 2,005 Vantage Corn Processors 729 729 729 Total Carbohydrate Solutions 2,165 2,165 569 2,734 Nutrition Human Nutrition 1,067 1,067 1,067 Animal Nutrition 849 849 849 Total Nutrition 1,916 1,916 1,916 Total Segment Revenues 6,120 187 6,307 13,956 20,263 Other Business 109 109 109 Total Revenues $ 6,229 $ 187 $ 6,416 $ 13,956 $ 20,372 Three Months Ended September 30, 2024 Topic 606 Revenue Topic 815 Total Point in Time Over Time Total Revenue (1) Revenues Ag Services and Oilseeds Ag Services $ 824 $ 249 $ 1,073 $ 8,580 $ 9,653 Crushing 97 97 2,772 2,869 Refined Products and Other 529 529 2,038 2,567 Total Ag Services and Oilseeds 1,450 249 1,699 13,390 15,089 Carbohydrate Solutions Starches and Sweeteners 1,633 1,633 559 2,192 Vantage Corn Processors 716 716 716 Total Carbohydrate Solutions 2,349 2,349 559 2,908 Nutrition Human Nutrition 1,004 1,004 1,004 Animal Nutrition 827 827 827 Total Nutrition 1, …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Information The Companys operations are organized, managed, and classified into three reportable segments: Ag Services and Oilseeds (AS&O), Carbohydrate Solutions, and Nutrition. Each of these segments is organized based upon the nature of products and services offered. The Companys remaining operations are not reportable segments, as defined by the applicable accounting standard , and are classified within either Corporate or Other Business. The reportable segments have been identified based on financial data utilized by the Chief Operating Decision Maker (CODM), which is the Companys Chief Executive Officer, who is also the Companys Chair of the Board. The CODM uses segment operating profit as the measurement of segment profit or loss. Separate financial information for the Companys three reportable segments is evaluated by the CODM on a monthly basis to allocate resources and assess performance. The CODM does not use total assets by segment to make decisions regarding resources; therefore, the total asset disclosure by segment has not been included. Operating profit for each segment is based on net sales less identifiable operating expenses. Also included in operating profit for each segment is equity in earnings of affiliates based on the equity method of accounting. Specified items and certain corporate items are not allocated to the Companys individual business segments because operating performance of each business segment is evaluated by the CODM exclusive …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Shareholders Equity The Company has authorized one billion shares of common stock and 500,000 shares of preferred stock, each with zero par value. No preferred stock has been issued. Treasury stock At September 30, 2025 and December 31, 2024, the Company had approximately 235.5 million shares and 237.6 million shares, respectively, of its common shares in treasury. Treasury stock is recorded at cost with $4.7 billion at each of September 30, 2025 and December 31, 2024 as a reduction of common stock, and $2.3 billion at each of September 30, 2025 and December 31, 2024 as a reduction of reinvested earnings. Repurchase Program On December 11, 2024, the Company's Board of Directors approved a second extension of its existing stock repurchase program through December 31, 2029 and the repurchase of up to an additional 100 million shares under the extended program. As of September 30, 2025, the Company had 115 million shares remaining under its share repurchase program until December 31, 2029. Accumulated Other Comprehensive Income The following tables set forth the changes in AOCI by component for the three and nine months ended September 30, 2025 and 2024 (in millions). Three Months Ended September 30, 2025 Foreign Currency Translation Adjustment Deferred Gain (Loss) on Cash Flow Hedging Activities Pension and Other Postretirement Benefit Liabilities Unrealized Gain (Loss) on Investments Accumulated Other Comprehensive Income (Loss) Balance at July 1, 2025 $ (2,737) $ 74 $ (110) $ …

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