ADM vs Bunge: Revenue, Profit and Business Model
ADM reported $80.3B of revenue in FY2025 and $1.1B of net income. Bunge reported $70.3B of revenue in FY2025 and $816M of net income.
Latest financial snapshot
Financial summary
ADM
Revenue fell from $93.935 billion in 2023 to $85.530 billion in 2024 and $80.269 billion in 2025. Net income fell from $3.483 billion in 2023 to $1.800 billion in 2024 and $1.078 billion in 2025, according to ADM's 2025 Form 10-K.
Bunge
Bunge reports enormous sales and thin profits. Net sales rose 32 percent to $70.3 billion in 2025 as Viterra was consolidated from July, but net income attributable to Bunge fell 28 percent to $816 million, or $4.93 per diluted share, after acquisition charges and mark-to-market timing effects. On the adjusted basis management uses, EPS was $7.57 against $9.19 in 2024, and adjusted total EBIT was flat at $2.03 billion. The year 2026 started weak and then improved: first-quarter net income was $68 million on $21.9 billion of sales, and the second quarter delivered $678 million, or $3.47 per share, on $24.0 billion. Bunge completed the $2 billion buyback tied to the Viterra deal in the second quarter, authorized a further $3 billion programme at its March 2026 Investor Day, and shareholders approved an annual dividend of $2.88 per share in May 2026. Guidance for 2026 adjusted EPS rose from $7.50 to $8.00 in February to $9.25 to $9.75 in July.
Revenue and profit by year
ADM
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $80.3B | $1.1B | 1.3% | -6.2% | Source |
| FY2024 | $85.5B | $1.8B | 2.1% | -8.9% | Source |
| FY2023 | $93.9B | $3.5B | 3.7% | -7.5% | Source |
| FY2022 | $101.6B | $4.3B | 4.3% | +19.1% | Source |
| FY2021 | $85.2B | $2.7B | 3.2% | +32.5% | Source |
| FY2020 | $64.4B | $1.8B | 2.8% | -0.5% | Source |
| FY2019 | $64.7B | $1.4B | 2.1% | +0.5% | Source |
| FY2018 | $64.3B | $1.8B | 2.8% | +5.8% | Source |
| FY2017 | $60.8B | $1.6B | 2.6% | -2.4% | Source |
| FY2016 | $62.3B | $1.3B | 2.1% | — | Source |
Where the revenue comes from
ADM
- Ag Services and Oilseeds
Not reported as a percentage
Originates, stores, transports and merchandises agricultural commodities and processes oilseeds into oils and protein meals.
- Carbohydrate Solutions
Not reported as a percentage
Processes corn and wheat into sweeteners, starches, flour, ethanol and other food and industrial products.
- Nutrition
Not reported as a percentage
Supplies human nutrition flavors and specialty ingredients plus animal nutrition products and solutions.
Bunge
- Soybean Processing and Refining51.6%
$36.3 billion of 2025 net sales from crushing soybeans into meal and oil, merchandising soybeans and refining soy oil. Bunge processed 41.0 million metric tons and merchandised 20.5 million tons, and adjusted segment EBIT rose 8 percent to $1.33 billion.
- Grain Merchandising and Milling25.8%
$18.1 billion of 2025 net sales from originating, storing and trading wheat, corn, barley and other grains, plus wheat milling. Volumes rose to 67.2 million metric tons from 36.7 million as Viterra joined, and adjusted segment EBIT was $386 million.
- Softseed Processing and Refining16.0%
$11.3 billion of 2025 net sales from crushing canola, rapeseed and sunflower seed. Processed volumes rose to 10.8 million metric tons, helped by Viterra plants in Argentina, Canada and Europe, and adjusted segment EBIT was $580 million.
- Other Oilseeds (Tropical Oils and Specialty Ingredients)6.6%
$4.6 billion of 2025 net sales from palm and other tropical oils and specialty fats, with adjusted segment EBIT of $168 million. Bunge renamed the segment Tropical Oils and Specialty Ingredients in 2026.
Business model and strategy
ADM
How it makes money
ADM buys, stores, transports and merchandises agricultural commodities, then processes oilseeds, corn, wheat and other inputs into oils, protein meals, sweeteners, starches, ethanol, flavors and nutrition products. Earnings depend on commodity merchandising, processing volumes and margins, logistics performance, and sales of higher-value ingredients across its three reportable segments.
Growth strategy
ADM's stated priorities include improving manufacturing performance, reducing costs, simplifying its portfolio, maintaining capital discipline and developing higher-value food, feed and bioeconomy products from its agricultural processing base.
Competitive advantage
ADM's competitive position comes from its integrated crop-origination, storage, transportation, processing and ingredient-development network. The same network lets ADM route commodities between origins and end markets and supply both bulk products and formulated nutrition ingredients.
Bunge
How it makes money
Bunge earns a spread, not a price. It buys oilseeds and grain from farmers and country elevators, moves them by truck, barge, rail and ship, and either sells them on to customers in other regions or crushes them.
Growth strategy
Bunge's growth plan has three parts. First, extract value from Viterra by connecting its grain handling in Canada, Australia, Argentina and Europe to Bunge's crushing, refining and destination sales; cost synergies passed $70 million by the end of 2025.
Competitive advantage
Bunge's edge is physical reach at both ends of the chain. It owns origination, storage and export capacity in the largest surplus regions, including Brazil, Argentina, the US, Canada and Australia, and crushing and refining plants close to demand in Europe, Asia and North America.
Questions about ADM vs Bunge
Which company has higher revenue — Archer-Daniels-Midland Company or Bunge Global SA?
Archer-Daniels-Midland Company reported $80.3B (FY2025), while Bunge Global SA reported $70.3B (FY2025). By last reported revenue, Archer-Daniels-Midland Company is the larger business, with Bunge Global SA reporting a smaller revenue base.
What is the market cap of Archer-Daniels-Midland Company vs Bunge Global SA?
Archer-Daniels-Midland Company's market capitalisation stands at $39.2B, while Bunge Global SA's is $21.2B. Archer-Daniels-Midland Company carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Bunge Global SA.
Which is more financially efficient — Archer-Daniels-Midland Company or Bunge Global SA?
Archer-Daniels-Midland Company generates $1.93M / employee in revenue per employee, while Bunge Global SA generates $2.07M / employee. Bunge Global SA shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Archer-Daniels-Midland Company and Bunge Global SA make money?
Archer-Daniels-Midland Company and Bunge Global SA generate revenue in fundamentally different ways. Archer-Daniels-Midland Company: ADM buys, stores, transports and merchandises agricultural commodities, then processes oilseeds, corn, wheat and other inputs into oils, protein meals, sweeteners, starches, ethanol, flavors and nutrition products. Bunge Global SA: Bunge earns a spread, not a price.
Which company is valued higher relative to revenue — Archer-Daniels-Midland Company or Bunge Global SA?
On a price-to-sales (P/S) basis, Archer-Daniels-Midland Company trades at 0.5x P/S and Bunge Global SA at 0.3x P/S. Archer-Daniels-Midland Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Bunge Global SA. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Archer-Daniels-Midland Company bigger than Bunge Global SA?
By last reported revenue, Archer-Daniels-Midland Company ($80.3B (FY2025)) is the larger company compared to Bunge Global SA ($70.3B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the ADM vs Bunge overview