| Stage | ADM | % of rev | BG | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $22.7B | 100.00% | $23.8B | 100.00% | BG ×1.05 |
| Gross profit | $1.9B | 8.53% | $1.3B | 5.60% | ADM +2.9pp |
| Operating income | $896M | 3.95% | $727M | 3.05% | ADM +0.9pp |
| Pre-tax income | $1.1B | 4.80% | $515M | 2.16% | ADM +2.6pp |
| Net income | $912M | 4.02% | $347M | 1.46% | ADM +2.6pp |
| Stage | ADM | BG | Gap · A − B |
|---|---|---|---|
| Revenue | $22.7B100.00% | $23.8B100.00% | BG ×1.05 |
| Gross profit | 8.53%$1.9B | 5.60%$1.3B | ADM +2.9pp |
| Operating income | 3.95%$896M | 3.05%$727M | ADM +0.9pp |
| Pre-tax income | 4.80%$1.1B | 2.16%$515M | ADM +2.6pp |
| Net income |
| 4.02%$912M |
| 1.46%$347M |
| ADM +2.6pp |
No disclosed counterparties: BG.
None