ADM · 10-Q · 2026Q2 · Full report
Working Capital Changes
Archer-Daniels-Midland Co · 2026-08-04 · Importance 51 · Surprise 64 · No source text
Trade-payables cash outflow declined to $185 million in the six months ended June 30, 2026, from $1.2 billion in the prior-year period, reflecting market-driven inventory levels and improved working-capital management. Trade-receivables cash outflow was $379 million versus a $197 million inflow, primarily because higher commodity prices increased sales. Accrued expenses and other payables generated an $852 million inflow versus a $397 million outflow, while other current assets used $549 million versus $41 million, driven by derivative valuations, tax payables, and unmonetized Section 45Z credits.
Key facts
- Changes in Accrued expenses and other payables resulted in a cash inflow of $852 million in the current year period compared to an outflow of $397 million in the prior year period. source
- Changes in Trade receivables resulted in a cash outflow of $379 million in the current year period compared to an inflow of $197 million in the prior year period. source
- Changes in Other current assets resulted in a cash outflow of $549 million in the current year period compared to an outflow of $41 million in the prior year period. source
- Changes in inventories resulted in a cash outflow of $298 million in the six months ended June 30, 2026 compared to an inflow of $2.2 billion in the prior year period, primarily reflecting higher commodity prices and volumes. source
- Changes in Trade payables resulted in a cash outflow of $185 million in the current year period compared to an outflow of $1.2 billion in the prior year period. source
- The decrease in cash provided by operating activities in the six months ended June 30, 2026 compared to 2025 was primarily driven by changes in net working capital, partially offset by higher earnings, with negative changes driven by inventories, segregated investments, trade receivables, other current assets and payables to brokerage customers. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | realized | +2.3% | Changes in Accrued expenses and other payables resulted in a cash inflow of $852 million in the current year period compared to an outflow… |
| cash | negative | realized | -1.1% | Changes in Trade receivables resulted in a cash outflow of $379 million in the current year period compared to an inflow of $197 million… |
| cash | negative | realized | -0.9% | Changes in Other current assets resulted in a cash outflow of $549 million in the current year period compared to an outflow of $41… |
| cash | negative | realized | -0.6% | Changes in inventories resulted in a cash outflow of $298 million in the six months ended June 30, 2026 compared to an inflow of $2.2… |
| cash | negative | realized | -0.3% | Changes in Trade payables resulted in a cash outflow of $185 million in the current year period compared to an outflow of $1.2 billion in… |