ADM · 10-Q · 2026Q3 · Full report
Working Capital Changes
Archer-Daniels-Midland Co · 2026-11-03 · Importance 57 · Surprise 64 · No source text
Operating cash flow for the nine months ended September 30, 2026 decreased year over year, primarily because of net working-capital changes, partly offset by higher earnings. Inventory changes used $1.4 billion of cash in 2026, versus providing $3.2 billion in 2025, reflecting higher commodity prices and volumes. Changes in other current assets used $1.1 billion, versus $190 million in 2025, primarily due to derivative-contract valuation changes; trade receivables used $632 million, versus providing $231 million. Brokerage-customer payables provided $547 million, down from $1.8 billion in 2025, while accrued expenses and other payables provided $754 million, versus using $802 million.
Key facts
- Changes in inventories were a $1.4 billion cash outflow in the nine months ended September 30, 2026, compared with a $3.2 billion cash inflow in the prior-year period, primarily reflecting higher commodity prices and volumes. source
- Changes in other current assets were a $1.1 billion cash outflow in the nine months ended September 30, 2026, compared with a $190 million cash outflow in the prior-year period, primarily reflecting changing market conditions impacting derivative contract valuations. source
- Changes in accrued expenses and other payables were a $754 million cash inflow in the nine months ended September 30, 2026, compared with an $802 million cash outflow in the prior-year period, primarily reflecting changing market conditions impacting derivative contract valuations. source
- Changes in trade receivables were a $632 million cash outflow in the nine months ended September 30, 2026, compared with a $231 million cash inflow in the prior-year period, primarily reflecting higher sales driven by commodity prices. source
- Changes in trade payables were a $496 million cash inflow in the nine months ended September 30, 2026, compared with a $637 million cash outflow in the prior-year period, driven by changes in inventory levels. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -8.3% | Changes in inventories were a $1.4 billion cash outflow in the nine months ended September 30, 2026, compared with a $3.2 billion cash… |
| cash | positive | realized | +2.8% | Changes in accrued expenses and other payables were a $754 million cash inflow in the nine months ended September 30, 2026, compared with… |
| cash | negative | realized | -1.6% | Changes in other current assets were a $1.1 billion cash outflow in the nine months ended September 30, 2026, compared with a $190 million… |