Cargill’s annual revenue fell for the second consecutive year as weaker commodity prices continue dragging on the crop trader.
Revenue at the Minnetonka-based agribusiness dropped about 4% to $154 billion for the fiscal year that ended in May. That’s the lowest haul since 2021.
Cargill has shed several smaller businesses over the past year and started laying off 8,000 employees globally, including 475 in the Twin Cities, in an effort to control costs and boost profitability.
“Last August, we began a multi-year effort to simplify and modernize how we work to deliver greater value for our customers and become even more competitive,” CEO Brian Sikes wrote in Cargill’s annual report released Tuesday. “We’re making strategic decisions to fuel growth for our company and the customers we serve.”
The company has also shifted from five business units to three: food, ag & trading, and specialized portfolio.
Cargill, in most years the nation’s largest privately held company, does not report its annual profit or other financial data. The company is one of the largest beef and turkey producers in the nation and a major ingredient supplier for companies like McDonald’s and General Mills.
The 160-year-old agribusiness set a $177 billion revenue record in 2023 as food prices soared during the pandemic-era supply chain crisis.
Fellow ag companies including Minnesota-based CHS and Chicago’s ADM have also seen a revenue whiplash amid a global glut of grain and higher costs to do business.