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Archer-Daniels-Midland cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$182M in Q3 2026 · $346M over twelve months

Operating cash flow$489M
Capital spending−$307M
Free cash flow+$182M
Cash / net income0.6×
Cash conversion cycle40 days

Analysis

In Q3 2026, Archer-Daniels-Midland generated $489M of operating cash flow and spent $307M on capital projects, leaving free cash flow of $182M. That is $1.3B less than in Q3 2025 ($1.5B).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.5B; the largest uses were capital spending ($1.1B), net borrowing (+) / repaid (−) ($1.0B), dividends ($1.0B); besides operations, cash came from other financing ($1.9B), other investing ($57.0M); the cash balance fell by $135M.

Operating cash flow was $489M against net income of $826M — 0.6× profit, less cash than reported earnings, worth checking against working capital. The largest differences: inventory −$1.1B, payables +$681M, prepaid and other assets −$527M.

Its cash conversion cycle was 40 days (receivables 14 + inventory 50 − payables 24).

Free cash flow

Archer-Daniels-Midland: free cash flow by quarterArcher-Daniels-Midland: free cash flow by quarter−$170MQ4 2024−$633MQ1 2025$4.0BQ2 2025$1.5BQ3 2025−$669MQ4 2025−$44.0MQ1 2026$877MQ2 2026$182MQ3 2026
Operating cash flow less capital spending.
Archer-Daniels-Midland: operating cash flow against capital spendingArcher-Daniels-Midland: operating cash flow against capital spendingOperating cash flowCapital spending$322M$492MQ4 2024−$342M$291MQ1 2025$4.3B$305MQ2 2025$1.8B$296MQ3 2025−$313M$356MQ4 2025$150M$194MQ1 2026$1.1B$272MQ2 2026$489M$307MQ3 2026
Latest (Q3 2026): Operating cash flow $489M, Capital spending $307M.

Capital allocation, year by year

Archer-Daniels-Midland: where the cash came from (up) and went (down), by fiscal yearArcher-Daniels-Midland: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $6.6BFY2021: Net borrowing −$290MFY2021: Capital spending −$1.2BFY2021: Acquisitions −$1.6BFY2021: Dividends −$834M$6.6BFY2021FY2022: Operating cash flow $3.5BFY2022: Net borrowing −$158MFY2022: Shares issued $90.0MFY2022: Capital spending −$1.3BFY2022: Acquisitions −$22.0MFY2022: Buybacks −$1.4BFY2022: Dividends −$899M$3.6BFY2022FY2023: Operating cash flow $4.5BFY2023: Net borrowing −$852MFY2023: Shares issued $20.0MFY2023: Capital spending −$1.5BFY2023: Acquisitions −$23.0MFY2023: Buybacks −$2.7BFY2023: Dividends −$977M$4.5BFY2023FY2024: Operating cash flow $2.8BFY2024: Net borrowing $1.8BFY2024: Shares issued $25.0MFY2024: Capital spending −$1.6BFY2024: Acquisitions −$927MFY2024: Buybacks −$2.3BFY2024: Dividends −$985M$4.6BFY2024FY2025: Operating cash flow $5.5BFY2025: Net borrowing −$1.9BFY2025: Capital spending −$1.2BFY2025: Acquisitions −$108MFY2025: Dividends −$987M$5.5BFY2025
Over these 5 years operating cash flow totalled $22.8B; the largest uses were capital spending ($6.8B) and buybacks ($6.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$711M
Debt$8.8B
Net debt$8.1B
Due within a year$1.0B

Archer-Daniels-Midland funds itself: free cash flow was $346M over the last twelve months, and $711M of cash and investments stands against $8.8B of debt ($1.0B due within a year, 0.7× covered by cash).

Archer-Daniels-Midland: debt maturities by year (FY2025)Archer-Daniels-Midland: debt maturities by year (FY2025)$1.0BYear 1$266MYear 2$145MYear 4$1.0BYear 5$5.4BAfter year 5
Principal due in each year as disclosed in the annual report, against $711M of cash and investments now.

Where the cash came from and went

Archer-Daniels-Midland: sources (+) and uses (−) of cash, Q3 2026Archer-Daniels-Midland: sources (+) and uses (−) of cash, Q3 2026Other financing$1.4BNet borrowing (+) / repaid (−)−$1.0BOperating cash flow$489MCapital spending−$307MCash drawn (+) / kept (−)−$283MDividends−$254MOther investing−$19.0MExchange rates−$3.0M
Archer-Daniels-Midland: sources (+) and uses (−) of cash, TTM to Q3 2026Archer-Daniels-Midland: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$1.9BOperating cash flow$1.5BCapital spending−$1.1BNet borrowing (+) / repaid (−)−$1.0BDividends−$1.0BBuybacks−$358MCash drawn (+) / kept (−)$135MOther investing$57.0MExchange rates−$16.0M

From profit to cash

Archer-Daniels-Midland: net income to operating cash flow, Q3 2026Archer-Daniels-Midland: net income to operating cash flow, Q3 2026Net income$826MDepreciation & amortization$295MStock-based pay$38.0MDeferred taxes$61.0MOther non-cash$77.0MReceivables−$253MInventory−$1.1BPayables$681MPrepaid and other assets−$527MOperating cash flow$489M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202614502440
Q2 202614492340
Q1 202615522542
Q4 202516512740
Q3 202516442338
Q2 202517492244
Q1 202518552548
Q4 202416512443

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$489M−$307M—−$254M−$1.0B−$283M$182M
Q2 2026$1.1B−$272M—−$256M−$1.3B$655M$877M
Q1 2026$150M−$194M—−$254M$919M−$607M−$44.0M
Q4 2025−$313M−$356M—−$244M$543M$370M−$669M
Q3 2025$1.8B−$296M−$13.0M−$248M−$1.4B$69.0M$1.5B
Q2 2025$4.3B−$305M−$5.0M−$248M−$1.9B−$1.9B$4.0B
Q1 2025−$342M−$291M−$90.0M−$247M$863M−$132M−$633M
Q4 2024$322M−$492M$9.0M−$241M$200M$473M−$170M

Archer-Daniels-Midland: income statement and cash flow

Archer-Daniels-Midland, Q3 2026: revenue $22.3B (+10% year over year), operating margin 4.5%. The chart follows the revenue to costs, profit and cash.

Archer-Daniels-Midland: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.