ADM Reports Third Quarter 2026 Results
Archer-Daniels-Midland Co (ADM) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 ADM Reports Third Quarter 2026 Results Reports third quarter 2026 EPS 2 of $1.70 and adjusted EPS 1,2 of $1.77 Raises full-year 2026 adjusted EPS guidance on continued robust execution in a constructive biofuels environment CHICAGO , November 3, 2026 —ADM (NYSE: ADM)
How this was made
The 30-second read
Why it matters
The raised EPS guidance reflects improved margins and could lift ADM's valuation multiples.
Market read
ADM's earnings beat and guidance raise are likely to drive short‑term price appreciation and support the agriculture sector.
Timing
after‑hours release
ADM Reports Third Quarter 2026 Results
Third-quarter earnings, adjusted EPS and total segment operating profit increased sharply from the prior-year quarter, with operating profit growth across all segments. ADM raised its full-year adjusted EPS guidance while reducing projected capital expenditures.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, quarter ended September 30GAAP | $22.34B | – | – |
| Cost of products sold, quarter ended September 30GAAP | $20.45B | – | – |
| Gross Profit, quarter ended September 30GAAP | $1.89B | – | – |
| Selling, general, and administrative expenses, quarter ended September 30GAAP | $946M | – | – |
| Asset impairment, exit, and restructuring costs, quarter ended September 30GAAP | $5M | – | – |
| Earnings Before Income Taxes, quarter ended September 30GAAP | $997M | – | NM |
| Net Earnings Attributable to ADM, quarter ended September 30GAAP | $821M | – | – |
| Diluted earnings per common share, quarter ended September 30GAAP | $1.70 | – | $1.48 |
| Adjusted net earnings, quarter ended September 30non-GAAP | $858M | – | – |
| Adjusted diluted EPS, quarter ended September 30non-GAAP | $1.77 | – | 92% |
| Total Segment Operating Profit, quarter ended September 30non-GAAP | $1.38B | – | 64% |
| Revenue, nine months ended September 30GAAP | $65.51B | – | – |
| Gross Profit, nine months ended September 30GAAP | $5.04B | – | – |
| Selling, general, and administrative expenses, nine months ended September 30GAAP | $2.93B | – | – |
| Earnings Before Income Taxes, nine months ended September 30GAAP | $2.47B | – | NM |
| Net Earnings Attributable to ADM, nine months ended September 30GAAP | $2.03B | – | – |
| Diluted earnings per common share, nine months ended September 30GAAP | $4.18 | – | $2.89 |
| Adjusted net earnings, nine months ended September 30non-GAAP | $2.10B | – | – |
| Adjusted diluted EPS, nine months ended September 30non-GAAP | $4.33 | – | 69% |
| Total Segment Operating Profit, nine months ended September 30non-GAAP | $3.60B | – | 48% |
| Adjusted Return on Invested Capital, four quarters ended September 30non-GAAP | 9.0 % | – | – |
| Return on Invested Capital, four quarters ended September 30non-GAAP | 8.9 % | – | – |
| Adjusted EBITDA, four quarters ended September 30non-GAAP | $4.78B | – | – |
| Certain processed volumes, Oilseeds, quarter ended September 30other | 8,945 | – | – |
| Certain processed volumes, Corn, quarter ended September 30other | 4,729 | – | – |
| Certain processed volumes, Oilseeds, nine months ended September 30other | 27,721 | – | – |
| Certain processed volumes, Corn, nine months ended September 30other | 14,007 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Ag Services and OilseedsSegment operating profit was $778 million, compared to $379 million, up 105%. Crushing operating profit increased by $298 million as the business benefited from a constructive North American biofuels margin environment. | $17.45B | – | – |
| Carbohydrate SolutionsSegment operating profit was $470 million, compared to $336 million, up 40%. Strong ethanol margins, including policy incentives, more than offset continued softness in liquid sweetener margins and volumes. | $2.94B | – | – |
| NutritionSegment operating profit was $134 million, compared to $130 million, up 3%. Animal Nutrition operating profit was 21% higher, while Human Nutrition operating profit was 3% lower. | $1.84B | – | – |
| Other BusinessResults were higher compared to the prior-year quarter primarily due to a one-time benefit related to the release of certain insurance reserves. | $115M | – | – |
Full-year 2026 outlook
- NoteAdjusted EPS of approximately $5.50 to $5.80
- NoteCapital expenditures in the range of $1.2 to $1.3 billion
- NoteExpected year-over-year operating profit improvement for the fourth quarter in all segments
Capital returns
- Share repurchases, net of tax: $(358) million for the nine months ended September 30, 2026
- Cash dividends: $(764) million for the nine months ended September 30, 2026
What drove it
- Constructive biofuels environment, including higher domestic demand following finalization of the Renewable Volume Obligation policy in March and higher global energy prices
- Higher corn and soybean exports from North America partially offset lower Ag Services results in certain global agriculture supply-chain markets
- Global crush production volumes increased 1.6% year-over-year and soybean meal demand remained strong throughout the quarter
- Robust North American ethanol margins, policy incentives, increased domestic demand and strong industry-wide exports benefited Vantage Corn Processors
- Animal Nutrition benefited from operational improvements and portfolio actions taken in 2025
- Corporate results improved due to the non-recurrence of prior-year-quarter impairment losses
Concerns
- South American crush margins were pressured by the delay in Brazil's biofuels policy changes
- Liquid sweetener margins and volumes remained soft
- Human Nutrition faced unplanned downtime, inflation pressures affecting certain input costs and market softness in Biotics
- External factors across macroeconomic, geopolitical, policy and trade environments continue to be monitored
What to watch
- Fourth-quarter year-over-year operating profit improvement in all segments
- Sustainability of the North American biofuels, biodiesel and ethanol margin environment
- Execution in Human Nutrition, including Flavors progress and Decatur East plant recovery
- The revised full-year 2026 adjusted EPS range of approximately $5.50 to $5.80
- Full-year capital expenditures projected at $1.2 to $1.3 billion
Balance sheet and cash flow
- Cash and cash equivalents: $711 million as of September 30, 2026, compared to $1,235 million as of September 30, 2025
- Short-term marketable securities: $45 million as of September 30, 2026
- Short-term debt: $1,156 million as of September 30, 2026, compared to $246 million as of September 30, 2025
- Long-term debt, including current maturities: $7,582 million as of September 30, 2026, compared to $7,610 million as of September 30, 2025
- Net cash provided by operating activities: $1,788 million for the nine months ended September 30, 2026, compared to $5,765 million
- Cash flows from operations before working capital: $3.0 billion for year-to-date 2026, compared to $2.1 billion for year-to-date 2025
- Capital expenditures: $(773) million for the nine months ended September 30, 2026, compared to $(892) million
- Net cash used in investing activities: $(699) million for the nine months ended September 30, 2026
- Net cash used in financing activities: $(832) million for the nine months ended September 30, 2026
- Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period: $5,740 million
Analysis
ADM reported a substantially stronger third quarter. Revenue was $22,335 million versus $20,372 million in the prior-year quarter, while gross profit was $1,886 million versus $1,270 million. GAAP net earnings attributable to ADM were $821 million versus $108 million, and diluted EPS was $1.70 versus $0.22. Adjusted net earnings were $858 million and adjusted diluted EPS was $1.77, up 92% from $0.92. Total segment operating profit rose 64% to $1,382 million.
Ag Services and Oilseeds was the principal earnings contributor, with segment operating profit of $778 million, up 105%. Crushing operating profit increased by $298 million, supported by constructive North American biofuels margins, higher domestic demand following the RVO policy finalization, higher global energy prices, increased global crush production volumes and strong soybean meal demand. Refined Products and Other rose 82%, including approximately $35 million of net positive mark-to-market and timing impacts within AS&O results. South American crush margins were pressured by the delay in Brazil's biofuels policy changes.
Carbohydrate Solutions operating profit increased 40% to $470 million. Starches and Sweeteners rose 11% as strong ethanol margins and policy incentives offset continued weakness in liquid sweetener margins and volumes. Vantage Corn Processors increased by $103 million, aided by robust North American ethanol margins, incentives, increased domestic demand and strong exports. Nutrition operating profit rose 3% to $134 million. Animal Nutrition increased 21%, but Human Nutrition declined 3% amid unplanned downtime, input-cost inflation, Biotics softness and the comparison with approximately $10 million of prior-year insurance proceeds.
For the first nine months, ADM generated $65,506 million of revenue, $2,027 million of GAAP net earnings attributable to ADM and $4.18 of diluted EPS. Total segment operating profit was $3,595 million, up 48%, while adjusted EPS was $4.33, up 69%. Operating cash flow was $1,788 million, compared with $5,765 million, with other changes in operating assets and liabilities of $(1,225) million compared with $3,678 million. The company spent $(773) million on capital expenditures, repurchased $(358) million of shares net of tax and paid $(764) million in cash dividends.
ADM raised full-year 2026 adjusted EPS guidance to approximately $5.50 to $5.80 and now expects capital expenditures of $1.2 to $1.3 billion. The outlook calls for year-over-year operating profit improvement in every segment in the fourth quarter. The release does not provide forecasted GAAP EPS, net earnings, total debt or effective tax rate, citing the unreasonable-efforts exemption for reconciling items.
Management, verbatim
ADM delivered strong third quarter results, with earnings up significantly from the prior year quarter and operating profit growth across all segments.
Juan Luciano, Chair of the Board and Chief Executive Officer
These results were driven by a constructive biofuels environment combined with our extensive North American footprint, which gives us significant access to premium markets, and good execution by our team.
Juan Luciano, Chair of the Board and Chief Executive Officer
Not in the filing
stated, not guessed- Gross margin was not reported.
- Free cash flow was not reported.
- Quarterly operating cash flow was not reported.
- Quarterly capital expenditures were not reported.
- A previous-release outlook was not provided, so no actual-versus-prior-guidance comparison is included.
- Forward revenue, gross margin, operating expenses and tax-rate guidance were not reported.
- Segment revenue percentage changes were not reported.
- Prior-quarter comparisons were not reported for the presented metrics.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
ADM reported a 64% YoY increase in segment operating profit and highlighted a constructive biofuels environment.
Ticker impact
ADM issued its Q3 2026 earnings and raised full‑year adjusted EPS guidance to $5.50‑$5.80.
likely upside as market prices in higher EPS guidance
The guidance increase signals stronger profitability and biofuels margins, prompting investors to bid the stock higher.
Market effects
Agriculture and biofuels segment may see broader bullish sentiment
U.S. equities
Moderate, as ADM is a major global agribusiness
Key entities
- companyArcher‑Daniels‑Midland Co
U.S. agribusiness firm reporting Q3 2026 results
