Cargill
Cargill, Incorporated is a privately held American multinational corporation headquartered in Minnetonka, Minnesota, that provides food, agricultural commodities, ingredients, animal nutrition, and industrial products to customers worldwide.[1] Founded in 1865 by William Wallace Cargill as a single grain warehouse in Iowa, the company remains under family ownership and has grown into a global enterprise operating in over 70 countries with more than 155,000 employees.[2][3] For its fiscal year 2025, ending in May, Cargill reported revenues of $154 billion, securing its status as the largest private company in the United States by revenue despite a decline from prior record highs driven by falling commodity prices.[4][5] The firm spans the agricultural supply chain, from originating grains and oilseeds to processing meat, salt, and starches, while offering financial risk management; however, its dominant positions in commodities trading and processing have drawn antitrust scrutiny, including U.S. Department of Justice subpoenas related to beef pricing practices.[6][7]History
Founding and 19th-Century Origins
Cargill was founded on August 15, 1865, by William Wallace Cargill, a 20-year-old entrepreneur from Janesville, Wisconsin, who purchased a grain flat house in Conover, Iowa, at the terminus of the McGregor & Western Railroad.[2][8] This modest venture into grain storage and trading capitalized on the post-Civil War agricultural boom and expanding rail infrastructure in the American Midwest, enabling efficient collection and shipment of corn and other grains from local farmers.[9][10] Cargill, born on December 15, 1844, to a family of Scottish descent, demonstrated early business acumen by leveraging the railroad's role in connecting rural producers to distant markets, a causal driver of the firm's initial survival and growth.[2] In 1867, Cargill expanded operations by constructing additional grain storage facilities in Lime Springs, Iowa, where he was joined by his younger brothers, Samuel and Sylvester, marking the family's deeper involvement in the enterprise.[10][11] The business model emphasized reliable storage amid seasonal harvests and fluctuating commodity prices, with Cargill personally overseeing flatboat loading on the Mississippi River for downstream transport, which minimized spoilage and maximized margins through volume trading.[8] By the early 1870s, the firm had acquired more warehouses along rail lines in Iowa and southern Minnesota, reflecting strategic adaptation to infrastructure development rather than speculative risks.[9] Throughout the late 19th century, Cargill's operations scaled with the railroad network's westward push, amassing 102 grain storage structures by 1885 and incorporating as the Cargill Company around 1890 to formalize partnerships and financing.[11][8] William Cargill served as the primary leader until his death in 1909, maintaining a conservative approach focused on empirical risk assessment—such as hedging against weather-induced crop failures—over aggressive diversification, which preserved capital during economic downturns like the Panic of 1893.[2] This era established the company's reputation for integrity in dealings, encapsulated in the motto "our word is our bond," amid a grain trade rife with defaults and disputes.[3]20th-Century Expansion and Diversification
Following the death of founder William W. Cargill in 1909, his son-in-law John Hugh MacMillan assumed leadership, overseeing expansion of grain storage facilities along U.S. rail networks and into merchandising with the 1923 acquisition of a firm equipped with a private wire communication system for competitive trading advantages.[12] [13] The company began international operations in 1930 by establishing offices in Europe and South America, while domestically advancing into commodity processing, including soybean crushing plants acquired in Iowa and Illinois by the early 1940s, marking entry into vegetable oils and related derivatives.[10] [14] Post-World War II, Cargill diversified beyond grain trading with the 1945 acquisition of Nutrena Mills, entering the animal feed sector and establishing mills for soybean meal and oilseed processing.[10] [15] By 1949, soybean processing had become a major operation, with research extending to alternative oils like safflower and sunflower.[12] Global reach accelerated in 1953 with the formation of Tradax in Antwerp, Belgium, to handle international grain trading, followed by entries into Japan, Thailand, and Latin America in 1965.[10] [11] Further diversification included the 1961 purchase of the Belle Isle salt mine, initiating salt production and marketing operations.[10] In 1979, Cargill acquired MBPXL Corporation, a beef processor later renamed Excel, entering the meatpacking industry and vertical integration into animal proteins.[12] [16] The 1970s and 1980s saw broader commodity expansions into steel, financial services, cocoa, coffee, palm oil, fertilizers, and metals, alongside implementation of early humane handling standards in meat operations, positioning Cargill as the largest privately held U.S. company by revenue.[10] [12] The century closed with the 1999 acquisition of Continental Grain's commodity trading business, enhancing global supply chain capabilities.[10]21st-Century Operations and Strategic Shifts
In the early 2000s, Cargill accelerated expansion through targeted acquisitions to bolster its positions in animal nutrition, meat processing, and food ingredients. Notable deals included the 2001 purchase of Agribrands International, enhancing its global feed operations, and the acquisition of Taylor Packing Company, followed by the 2003 merger with Emmpak Foods to strengthen beef processing capabilities.[2] By mid-decade, the company integrated assets like Degussa Food Ingredients, contributing to earnings growth amid rising commodity demand.[17] These moves reflected a strategy of vertical integration to mitigate supply chain volatility, though they also exposed Cargill to sector-specific risks such as fluctuating livestock prices. By the 2010s, Cargill refined its organizational structure and strategic priorities, revising its intent to position itself as the "partner of choice" by 2015 through innovation and committed talent.[11] The company increasingly emphasized sustainability amid regulatory and market pressures, committing in 2018 to reduce absolute greenhouse gas emissions in operations by at least 10% by 2025 from a 2017 baseline, alongside investments in regenerative agriculture and water stewardship.[18] Digital transformation emerged as a core initiative, with adoption of smart operations technologies to enhance resilience, data-driven decision-making, and supply chain efficiency, prioritizing people-centric implementation.[19][20] Entering the 2020s, Cargill faced headwinds from abundant crop supplies and compressed trading margins, prompting a 2024 structural overhaul under CEO Brian Sikes to streamline into three primary units: Food, Ag & Trading, and Financial Services & Industrial, aimed at improving agility after missing internal earnings targets.[21] This included workforce reductions of approximately 5%, or 8,000 jobs, to align costs with subdued revenues.[22] Concurrently, strategic expansions continued in high-growth areas, such as the 2024 acquisition of two U.S. feed mills to expand production capacity and the 2025 purchase of SJC Bioenergia to deepen involvement in renewable fuels, signaling a pivot toward bioeconomy solutions amid decarbonization demands.[23][10]Ownership and Leadership
Family Ownership Structure
Cargill, Incorporated remains a privately held company, with no publicly traded shares available to external investors. Ownership is concentrated within the Cargill-MacMillan family, descendants of founder William W. Cargill (1844–1909) and his son-in-law John H. MacMillan Sr. (1869–1940), who married Cargill's daughter Edna in 1901 and joined the business. As of 2024, the family collectively holds approximately 88% of the company's equity, distributed among roughly 100 members across multiple generations.[24][25] The remaining 12% is owned by select employees and other non-family stakeholders through restricted stock programs, ensuring alignment with long-term incentives without diluting family control.[26] The ownership structure emphasizes generational continuity and privacy, with shares passed down via inheritance and held in family trusts to prevent fragmentation and maintain strategic unity. This model, formalized in the 1990s through a board restructuring, balances the Cargill and MacMillan branches by reserving six seats on the 17-member board of directors for family representatives, while delegating operational management to professional executives.[27] Family members do not participate in day-to-day operations, a deliberate separation introduced to prioritize expertise over lineage amid the company's growth into a multinational agribusiness giant.[28] This private structure enables Cargill to avoid quarterly earnings pressures and public disclosures, facilitating decisions focused on long-term value over short-term shareholder returns. For instance, in 2024, the company executed stock buybacks totaling billions, primarily benefiting family owners through enhanced share value and dividends, even as it navigated operational challenges like layoffs.[29] At least 21 family members qualify as billionaires, underscoring the wealth concentration, though the diffuse distribution among heirs—stemming from W.W. Cargill's five children and subsequent progeny—has prompted occasional internal debates on liquidity and succession without altering the core private framework.[24]Key Executives and Governance
Cargill's governance structure reflects its status as a privately held corporation owned primarily by descendants of founders W.W. Cargill and his son-in-law John MacMillan, with an estimated 88% of shares controlled by over 100 family members across the Cargill and MacMillan families.[24][26] The company is overseen by a Board of Directors that sets strategic direction, ensures risk management, and appoints senior executives, blending family oversight with professional management to maintain long-term focus amid its global operations. The board includes representatives from the owning families and independent directors with expertise in business and industry, though full membership details are not publicly disclosed due to the private nature of the firm.[30] Brian Sikes serves as both Chair of the Board of Directors and Chief Executive Officer, positions he assumed on January 1, 2024, and January 1, 2023, respectively, succeeding David MacLennan in the board role.[31] Sikes, a 32-year veteran of Cargill, previously led its protein and salt businesses, emphasizing operational efficiency and supply chain resilience.[32] Independent directors have included Virginia (Ginni) M. Rometty, former Chairman, President, and CEO of IBM, elected in 2022 to provide external perspective on technology and global strategy.[33] The executive leadership team reports to the CEO and manages day-to-day operations across Cargill's segments. Key members include:| Name | Title | Notable Background |
|---|---|---|
| Joanne Knight | Chief Financial Officer | Oversees financial strategy and risk; long-term Cargill executive.[34] |
| Jennifer Hartsock | Chief Information and Digital Officer | Leads digital transformation initiatives; joined executive team in 2022.[35] |
| Pilar Cruz | Chief Sustainability Officer | Focuses on environmental and social responsibility in supply chains.[36] |
| David Webster | Executive Vice President, Specialized Portfolio and Chief Risk Officer | Manages risk across commodities and financial services.[34] |
Business Segments
Agricultural Commodities and Trading
Cargill's agricultural commodities and trading operations form the core of its business, involving the sourcing, storage, trading, processing, and distribution of major crops on a global scale. The company connects farmers directly to markets by originating grains and oilseeds, utilizing extensive networks of grain elevators and transportation infrastructure to manage supply flows efficiently. Key activities include merchandising commodities to buyers such as food processors, exporters, and feed manufacturers, while offering risk management tools to hedge against price fluctuations.[37] Primary commodities traded by Cargill encompass wheat, corn, soybeans, oilseeds, barley, sorghum, and cotton, with operations spanning origination in producing regions to delivery in consuming markets. In North America, Cargill provides farmer services including crop marketing and bids through platforms like Cargill Elevate, enabling producers to sell output and access market insights. Globally, the company integrates trading with processing to create value-added products such as vegetable oils, protein meals, and starches, enhancing margins beyond mere commodity arbitrage.[38][1] Cargill operates as one of the "ABCD" trading giants—alongside Archer Daniels Midland, Bunge, and Louis Dreyfus Company—which collectively control 50-60% of international trade in wheat, corn, and soybeans. In 2022, these firms traded approximately 540 million tonnes of agricultural commodities, accounting for about 60% of the global volume, underscoring Cargill's influential position in stabilizing supply chains amid weather events, geopolitical tensions, and demand shifts.[39][40] The trading segment leverages proprietary data analytics and logistics to navigate volatile markets, as evidenced by Cargill's adaptations during supply disruptions like the Russia-Ukraine conflict, which affected grain exports. While specific trading volumes remain undisclosed due to the company's private status, agricultural supply chain activities underpin a significant portion of its overall fiscal 2023 revenues of $177 billion, derived from trading spreads, storage, and logistics efficiencies.[41][42]Food Ingredients and Processing
Cargill's Food Ingredients and Processing segment focuses on transforming agricultural commodities such as grains, oilseeds, and cocoa into specialized ingredients for food and beverage manufacturers worldwide. This involves processing raw materials into high-quality products like sweeteners, edible oils, starches, and texturizers to meet demands for product innovation and reformulation.[43][44] Key offerings include dry corn ingredients derived from corn processing, texturizing solutions such as starches and hydrocolloids (including carrageenan, pectin, alginates, and xanthan gum), cocoa and chocolate products, and sweeteners tailored for various applications. These ingredients support sectors like bakery (e.g., for cookies, cakes, and mixes), dairy alternatives, and ready meals, providing functional properties such as thickening, stabilization, and flavor enhancement. Edible oils and fats, processed from indigenous and imported sources, are also supplied for industrial food uses.[44][45][46][47] The segment operates processing facilities that emphasize efficiency and sustainability, contributing significantly to Cargill's profitability; for instance, it was the largest driver of adjusted operating earnings in recent quarterly reports due to strong performance improvements. Cargill supplies these bulk ingredients globally, enabling manufacturers to address consumer trends like clean-label products and reduced waste through advanced formulations.[48][44]
Animal Nutrition and Protein Solutions
Cargill's Animal Nutrition division offers a range of feed products, additives, and nutrition services for livestock including beef cattle, dairy cows, swine, and poultry, as well as aquaculture species such as fish. With over 120 years of experience, the division provides customized feed formulations, premixes, and on-farm advisory services to enhance animal health, performance, and efficiency for farmers and feed manufacturers.[49][50] Innovations like the Cargill Nutrition System deliver real-time nutrient analysis of feed ingredients, drawing on global market data to optimize rations and reduce costs.[51] In May 2024, Cargill launched Micronutrition and Health Solutions (MHS), a business unit focused on advanced feed additives that target gut health, immunity, and overall animal welfare beyond traditional nutrition.[52] Specific products include Carmelyx, a low-moisture supplement for beef cattle that improves forage digestibility, and HerdFirst formulations for dairy calves optimized for growth efficiency.[53][54] The division operates facilities worldwide, including a new retail feed plant opened in August 2025 with capacity for 120,000 tons annually, supporting local producers.[55] The Protein Solutions component, encompassing Cargill Protein North America (formerly Cargill Meat Solutions), processes and markets beef, turkey, chicken, and egg products for retail, foodservice, and manufacturers. As one of North America's largest beef processors, it harvests over seven million cattle annually and produces nearly eleven billion pounds of boxed beef.[56] Operations extend globally, with protein offerings in Asia and emphasis on sustainable practices such as traceability in beef supply chains.[57][58] This segment integrates with animal nutrition to support integrated protein production from feed to final product.[59]Financial Services and Industrial Applications
Cargill's financial services primarily focus on risk management and capital markets solutions tailored to agricultural and commodity trading. Through its Trade & Capital Markets division, the company offers tools to mitigate price volatility, facilitate structured finance, and support trade in emerging markets, including hedging instruments for grains, oilseeds, and energy products.[60] These services extend to brokerage in securities, currencies, bonds, and commodities, enabling clients to manage exposure in global supply chains.[61] In fiscal year 2020, the Industrial & Financial Services segment contributed to overall earnings growth amid volatile markets, reflecting its role in stabilizing commodity flows.[62] The industrial applications arm develops bio-based products derived from agricultural feedstocks, serving sectors beyond food such as construction, chemicals, and energy. Key offerings include wood binders from natural adhesives for paneling, asphalt modifiers for road durability, and dielectric fluids like FR3® natural ester oils for transformers, which provide fire-resistant alternatives to petroleum-based insulators.[63] Cargill also supplies industrial salts for de-icing and chemical processing, alongside lubricants, plasticizers, and biopolymers for drilling and foam production, emphasizing sustainable substitutes to reduce reliance on fossil fuels.[64] These products leverage the company's origination and processing capabilities to deliver value-added solutions in markets like home care, inks, and fertilizers.[65] In the Industrial & Financial Services segment, integration between financial tools and industrial outputs supports clients in sectors like oilfield operations and manufacturing, where risk hedging complements supply of specialized inputs such as cooling fluids and coalescing agents.[1] For instance, vegetable-based lubricants and high-oleic oils address high-temperature industrial needs, while financial services hedge against raw material price swings.[66] This dual focus positions Cargill as a provider of end-to-end solutions, with bioindustrial innovations targeting applications in fermentation, textiles, and packaging to promote resource efficiency.[67]Global Operations
North American Core
Cargill's North American operations, centered in the United States and Canada, constitute the company's foundational hub for agricultural commodity sourcing, processing, and distribution. The corporate headquarters is situated in Wayzata, Minnesota, just outside Minneapolis, overseeing strategic decisions and core functions since the company's relocation from its Iowa origins in the early 20th century. This region hosts critical infrastructure for handling vast volumes of grains, oilseeds, and proteins, leveraging proximity to major farming belts and export terminals.[68] In the United States, Cargill maintains a widespread network of grain elevators, oilseed crushing plants, and crop input facilities concentrated in key production areas such as the Midwest and Great Plains. These assets support origination and trading of commodities like corn, soybeans, and wheat, connecting farmers directly to global markets through efficient storage and transportation logistics. Oilseed processing operations, exemplified by the facility in West Fargo, North Dakota, convert raw crops into meal and oil products essential for animal feed and food ingredients. Additionally, the company operates cotton facilities, enhancing its role in diversified agricultural services across the continent.[69][70] Canada represents a vital extension of this core, with Cargill Limited focusing on beef, poultry, and oilseed processing to serve domestic and export demands. Facilities include a major beef plant in High River, Alberta, and a canola processing site in Regina, Saskatchewan, commissioned to meet rising global needs for vegetable oils. The North American protein division alone encompasses over 30 processing plants and employs around 28,000 workers, producing beef, pork, and turkey while integrating feed mills and distribution centers for end-to-end supply chain control. This integrated approach underscores Cargill's dominance in regional protein markets, with beef operations ranking among the largest in the area.[58][71][72][73][74] Overall, North American activities employ roughly 31% of Cargill's global workforce, reflecting the scale of investments in local infrastructure and talent to sustain resilient supply chains amid fluctuating commodity prices and environmental challenges. These operations not only drive substantial economic contributions through jobs and farmer partnerships but also position the company as a primary exporter, handling significant portions of regional output for international trade.[75][37]
European and Middle Eastern Activities
Cargill maintains extensive operations across Europe, with facilities and offices in countries including Denmark, Finland, France, Germany, Italy, Poland, the Netherlands, Spain, and the United Kingdom.[76] In Switzerland, the company has been active since 1956, managing global grain and oilseed trading, freight, and shipping from Geneva with approximately 350 employees.[77] Key activities encompass agricultural commodities trading, food ingredients production, and animal nutrition, including poultry further processing plants in the United Kingdom and France, supported by a sales office in the Netherlands; a 2017 joint venture enhanced these capabilities.[78] The company has pursued significant investments to bolster its European footprint. In 2023, Cargill opened a protein innovation hub in Saint-Cyr-en-Val, France, as part of a €50 million expansion that upgraded nearly 70% of production facilities at the site.[79] A $200 million commitment in 2019 diversified its starches and sweeteners portfolio through wheat-based ingredient production.[80] Additional expansions include a $35 million investment for soluble fibers production, a $17.5 million upgrade to an edible vegetable oil refinery in Izegem, Belgium in 2018 to enhance food safety and infant nutrition, and a 60% capacity increase at its Deventer, Netherlands coatings and fillings plant in 2024 to address growing chocolate market demand.[81][82][83] Cargill also supplies biofuels compliant with EU RED III standards across the region.[84] In 2021, it acquired Croda's bio-based industrial business, expanding market presence in Europe.[85] However, the firm divested two oilseed processing plants in the Netherlands and France to Bunge in an unspecified recent transaction.[86] In the Middle East, Cargill operates primarily through offices and joint ventures in the United Arab Emirates, Egypt, Turkey, and Saudi Arabia.[76] The Dubai office, established to target texturizing solutions, focuses on health and nutrition, sweeteners, and cocoa and chocolate products, employing 33 staff as of recent records.[87][88] In Saudi Arabia, a 2018 joint venture with ARASCO launched a corn milling facility to meet rising demand for starch and sweeteners in the GCC region, complemented by a 2023 aquaculture partnership with ARASCO and NEOM to expand fish farming.[89][90] Turkey features initiatives like the 2019 "1000 Farmers Endless Prosperity Program," which deploys digital tools to boost sustainable practices and productivity among local farmers.[91] The European Food Innovation Center in Belgium extends technical support to Middle Eastern clients.[92]Asia-Pacific and South Asian Engagements
Cargill maintains extensive operations across the Asia-Pacific region, with Singapore serving as the regional headquarters since 1981 and contributing approximately 27% of the company's global sales and revenues.[93] The company engages in agricultural supply chains, food processing, and innovation, with key facilities in countries including Australia, China, India, Indonesia, Japan, Malaysia, New Zealand, South Korea, Thailand, and Vietnam.[94] In Australia, Cargill operates beef processing plants, such as the facility in Bomen, supporting protein solutions for domestic and export markets. In China, Cargill has operated for over 50 years, establishing early ventures in the 1970s and launching a pioneering fresh meat pet food plant under the PetMaster brand in recent years to meet growing demand.[95][96] The company continues to expand its food and beverage businesses, deepening investments amid evolving market needs as of 2025.[97] In Indonesia, operations date back to 1974 with animal nutrition plants, and recent developments include a new blending facility opened in August 2024 for sugar confectionery tailored to Southeast Asian consumers, alongside a 2024 cocoa production line to address rising demand for premium chocolate products.[98][99] South Asian engagements center on India and Pakistan, with India featuring a new corn milling plant inaugurated in Gwalior, Madhya Pradesh, in March 2025 to supply sweeteners for confectionery and food segments amid surging local demand.[100] Leadership changes in September 2025 appointed Ravinder Balain as Country President for India, reinforcing strategic growth in agricultural commodities and food ingredients.[101] In Vietnam, Cargill has invested over $200 million over 30 years across core businesses, fostering partnerships with local farmers and processors in soy and other commodities.[102] Singapore's transformed Innovation Center, reopened in April 2025, drives regional R&D for agrifood solutions, leveraging consumer insights to develop products for Asia-Pacific markets.[103]African and Latin American Ventures
Cargill has maintained operations in Africa since the late 20th century, primarily focused on cocoa sourcing and processing, grain trading, and animal feed production. In Côte d'Ivoire, the company has been active since 1997, employing over 570 people across facilities in Abidjan, Daloa, Gagnoa, and San Pedro, with a key emphasis on cocoa processing that expanded by $100 million in 2021 to increase output capacity in Yopougon.[104][105] In Ghana, Cargill has sourced cocoa for over 40 years and established a processing facility in Tema in 2008, supporting local communities through partnerships like a decade-long collaboration with CARE since 2008 to address child labor and family well-being in cocoa regions.[106][107] Kenya hosts Cargill's grain origination and trading activities for wheat and maize, with 159 employees in Nairobi, Nakuru, and Mombasa.[108] In South Africa, operations date to 1981, employing over 100 people in Johannesburg, including a $12.5 million investment completed in an animal feed facility to meet regional demand.[109][110] Recent investments include $12.3 million over three years in Ghana and Côte d'Ivoire for child safety programs in cocoa communities, alongside a $250,000 grant in 2020 for small food processors, matched by U.S. aid.[111][112] In Latin America, Cargill's ventures span commodities trading, protein production, and processing, with deep roots in major exporters. Operations in Argentina began in 1947, positioning the company as a leader in cereal and oilseed processing and flour milling, with significant exports within the Mercosur region.[113][114] In Brazil, Cargill supports regenerative agriculture through programs monitoring 7,841 hectares across 12 farms in Goiás as of 2025, while committing to deforestation- and land conversion-free supply chains for soy, corn, wheat, and cotton by the end of 2025.[115][116] The company agreed in February 2025 to acquire full control of SJC Bioenergia, a sugar and renewable energy firm, by purchasing its remaining 50% stake.[117] Colombia has hosted Cargill since 1966, covering coffee, cocoa, grains, oilseeds, fertilizers, and animal feed; a 2018 poultry acquisition expanded operations and added over 2,500 employees to serve regional markets.[118][119] In Central America, Cargill operates poultry businesses in Honduras, Guatemala, and Nicaragua under trusted local brands, complemented by investments like over $110,000 in 2021 for training school cooks near its facilities.[120][121] Additional activities include cocoa and chocolate production across the region and local acidulant manufacturing in Uberlândia, Brazil.[122][123]Financial Performance
Historical Revenue Trends
Cargill's revenue has exhibited long-term growth driven by expansion in global commodities trading, acquisitions, and diversification into food processing and animal nutrition, though as a privately held company, detailed historical financials are limited to periodic disclosures in annual reports and media statements from reputable outlets. Between fiscal years 2016 and 2020, annual revenues remained relatively stable, ranging from approximately $107 billion to $115 billion, reflecting consistent operations amid fluctuating agricultural markets.[124] This period followed earlier expansion, with revenues surpassing $100 billion by the mid-2000s through strategic investments in supply chains and international ventures.| Fiscal Year | Revenue (USD billions) |
|---|---|
| 2020 | 114.6 |
| 2022 | 165 |
| 2023 | 177 |
| 2024 | 160 |
| 2025 | 154 |
Recent Fiscal Results (2020-2025)
Cargill's fiscal year concludes on May 31. In fiscal year 2020, revenue reached $114.6 billion, marking a 1% increase from fiscal 2019, driven by steady demand in food ingredients and animal nutrition amid early pandemic disruptions.[130] [131] Net earnings approximated $3 billion, reflecting resilient operations despite global supply chain strains.[132] Fiscal 2021 saw revenue surge 17% to $134.4 billion, fueled by elevated commodity prices and robust trading volumes as markets adapted to pandemic-induced volatility.[133] Net earnings climbed to just under $5 billion, the highest at that point, supported by strong performance in grains, oilseeds, and protein segments.[124] Revenue accelerated further in fiscal 2022 to a then-record $165 billion, a 23% year-over-year jump, propelled by heightened global demand for agricultural products and favorable trading conditions.[134] Net earnings hit a peak of $6.7 billion, benefiting from market dislocations including supply shortages.[135] The upward trajectory peaked in fiscal 2023 with revenue at $177 billion, up 7% from the prior year, as geopolitical events like Russia's invasion of Ukraine boosted commodity values in energy, metals, and grains.[136] Earnings declined 43% to approximately $3.8 billion from the 2022 record, amid normalizing prices and higher operational costs.[137] Fiscal 2024 revenue fell to $160 billion, a nearly 10% drop, reflecting softer commodity markets, reduced trading spreads, and ample global supplies of grains and oilseeds.[127] Net earnings approximated $2.5 billion, pressured by these dynamics and elevated interest expenses.[138] In fiscal 2025, revenue declined further to $154 billion, down 4% amid falling crop prices and stabilized supply chains, marking the lowest since 2021.[4] Net earnings rebounded 44% to about $3.6 billion, aided by cost efficiencies and selective trading gains despite the revenue contraction.[138]| Fiscal Year | Revenue ($ billions) | Key Driver |
|---|---|---|
| 2020 | 114.6 | Pandemic resilience[131] |
| 2021 | 134.4 | Commodity price recovery[133] |
| 2022 | 165.0 | Demand surge[134] |
| 2023 | 177.0 | Geopolitical volatility[136] |
| 2024 | 160.0 | Market normalization[127] |
| 2025 | 154.0 | Price declines[4] |