Archer Daniels Midland Company

Latest Results (29.08.2026):

Archer Daniels Midland Company reported results for the second quarter of 2026. GAAP net earnings attributable to ADM were $908 million, GAAP diluted EPS $1.87, and adjusted net earnings were $895 million with adjusted diluted EPS of $1.84. Total segment operating profit for 2Q26 was $1.45 billion (up 75% year‑over‑year), and year‑to‑date adjusted EPS was $2.56.

Guidance raised

ADM raised full‑year 2026 adjusted EPS guidance to approximately $5.15–$5.60 (prior range $4.15–$4.70). Management cited strong commercial and operational execution, a constructive biofuels environment (including finalized 2026–2027 RVOs), and momentum in Nutrition. Full‑year capital expenditures are expected to be $1.3–$1.5 billion.

Overall results and non‑GAAP metrics

2Q26 earnings before income taxes were $1.088 billion. Adjusted net earnings for the quarter were $895 million and adjusted EPS $1.84 (up 98% YoY on adjusted EPS basis). Total segment operating profit was $1.45 billion for the quarter and $2.214 billion year‑to‑date (up 40% YTD vs. prior year).

Ag Services & Oilseeds drove performance

Ag Services & Oilseeds delivered $867 million of segment operating profit in 2Q26 (up 129% YoY). Crushing was a major driver (Crushing $363M vs $33M in 2Q25), helped by ~5% higher global oilseed volumes, favorable margins tied to the RVO and higher energy prices, and roughly $100 million of net positive mark‑to‑market/timing impacts. Ag Services and South American export improvements also contributed; equity earnings from Wilmar were ~22% lower YoY.

Carbohydrate Solutions (ethanol) strength

Carbohydrate Solutions posted $411 million of operating profit (up 22% YoY). Ethanol margins were notably strong in North America, supported by policy incentives, the RVO, elevated energy prices and lower U.S. corn prices; Starches & Sweeteners $326M (+7%) and Vantage Corn Processors $85M (+158%).

Nutrition momentum and corporate items

Nutrition segment operating profit was $172 million (up 51% YoY), driven by Human Nutrition (Flavors growth, Decatur East progress) and improved Animal Nutrition results. Corporate results improved due to the non‑recurrence of prior impairments and lower financing costs, while ADM reported an adjusted ROIC of 7.8% (trailing) versus ROIC of 6.7%.

Cash flow and balance sheet snapshot

As of June 30, 2026 ADM reported cash and cash equivalents of $1.06 billion (and total cash, cash equivalents and restricted cash of $5.457 billion at period end). Net cash provided by operating activities for the six months was $1.299 billion; capital expenditures were $466 million year‑to‑date, with the company maintaining the $1.3–$1.5 billion capex range for 2026.