ADM · 10-Q · 2026Q2 · Full report
Liquidity and Debt Position
Archer-Daniels-Midland Co · 2026-08-04 · Importance 37 · Surprise 6 · Contradicted
At June 30, 2026, ADM had $1.1 billion of cash and cash equivalents, including $374 million held by foreign subsidiaries whose earnings are considered indefinitely reinvested. Total credit lines were $12.6 billion, of which $10.0 billion was unused, and total available liquidity was $11.1 billion. Commercial paper outstanding was only $30 million against $5.1 billion of credit lines supporting the U.S. and European commercial-paper programs. Net cash provided by operating activities fell to $1.3 billion from $4.0 billion for the six months because inventories, segregated investments, receivables, other current assets, and brokerage-customer payables consumed working capital.
Key facts
- The accounts receivable securitization Programs provide the Company with up to $3.0 billion in funding against accounts receivable transferred into the Programs. source
- Net cash used in financing activities was $955 million for the six months ended June 30, 2026 and $1.6 billion for the six months ended June 30, 2025. source
- Net repayments under short-term credit agreements were $389 million for the six months ended June 30, 2026 and $1.1 billion for the six months ended June 30, 2025. source
- At June 30, 2026, shareholders’ equity was $23.6 billion and lines of credit, including accounts receivable securitization programs, totaled $12.6 billion of which $10.0 billion was unused. source
- The Company had total available liquidity of $11.1 billion as of June 30, 2026 comprised of cash and cash equivalents and unused lines of credit. source
- As of June 30, 2026, the Company had $722 million unused capacity of its facility under the accounts receivable securitization Programs. source
- Of the Company’s total lines of credit, $5.1 billion supported the combined U.S. and European commercial paper borrowing programs and at June 30, 2026 there was $30 million of commercial paper outstanding. source
- The Company believes that cash flows from operations, cash and cash equivalents on hand, and unused lines of credit will be sufficient to meet its ongoing liquidity requirements for at least the next twelve months from June 30, 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | realized | +1.3% | Net repayments under short-term credit agreements were $389 million for the six months ended June 30, 2026 and $1.1 billion for the six… |
| cash | positive | realized | +1.2% | Net cash used in financing activities was $955 million for the six months ended June 30, 2026 and $1.6 billion for the six months ended… |
| liability | negative | realized | -0.1% | Of the Company’s total lines of credit, $5.1 billion supported the combined U.S. and European commercial paper borrowing programs and at… |