Higher ethanol margins boost ADM (NYSE: ADM) Q1 2026 earnings outlook
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Archer-Daniels-Midland reported modestly higher first-quarter 2026 results and raised its full-year outlook. Revenue was $20.49 billion and net earnings were $298 million, up slightly from $295 million a year earlier. GAAP diluted EPS was $0.62, with adjusted EPS of $0.71.
Total segment operating profit rose 2% to $764 million. Ag Services & Oilseeds profit fell 34% to $273 million due mainly to about $275 million of net negative mark-to-market and timing impacts, while Carbohydrate Solutions profit increased 48% to $356 million and Nutrition rose 42% to $135 million.
ADM now expects 2026 adjusted EPS of approximately $4.15 to $4.70, higher than its prior guidance of $3.60 to $4.25, reflecting improved expectations in crushing and ethanol after U.S. biofuels policy clarity. Capital expenditures for 2026 are projected at $1.3 billion to $1.5 billion.
Positive
- None.
Negative
- None.
Insights
Q1 results were steady overall, with a clear positive shift in 2026 earnings guidance.
ADM delivered essentially flat year-over-year EPS but better quality earnings mix. GAAP EPS was $0.62 and adjusted EPS $0.71, each up slightly versus Q1 2025. Total segment operating profit rose 2% to $764 million.
Segment trends diverged. Ag Services & Oilseeds profit dropped 34% to $273 million, driven largely by about $275 million of net negative mark-to-market and timing impacts tied to a strengthening commodity and margin environment. By contrast, Carbohydrate Solutions profit climbed 48% to $356 million, helped by stronger ethanol margins and risk management, and Nutrition grew 42% to $135 million.
The most material development is the outlook: ADM raised its 2026 adjusted EPS expectation to roughly $4.15–$4.70 from $3.60–$4.25, citing improved prospects in crushing and ethanol after final 2026–2027 renewable volume obligations under the U.S. Renewable Fuels Standard. Capital spending remains sizable at $1.3–$1.5 billion, supporting ongoing strategic initiatives.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Revenue: $20,490 million
Net earnings: $298 million
Diluted EPS: $0.62 per share
+5 more
8 metrics
Revenue
$20,490 million
Quarter ended March 31, 2026
Net earnings
$298 million
Quarter ended March 31, 2026 vs $295 million in 2025
Diluted EPS
$0.62 per share
GAAP EPS for Q1 2026, up 2% from $0.61
Adjusted EPS
$0.71 per share
Q1 2026, up about 1% from $0.70
Total segment operating profit
$764 million
Q1 2026 vs $747 million in Q1 2025
Ag Services & Oilseeds profit
$273 million
Q1 2026, down 34% from $412 million
Carbohydrate Solutions profit
$356 million
Q1 2026, up 48% from $240 million
2026 adjusted EPS guidance
$4.15–$4.70
Raised from prior range of $3.60–$4.25
Key Terms
adjusted EPS, Total segment operating profit, mark-to-market and timing impacts, Renewable Fuels Standard, +2 more
6 terms
adjusted EPS financial
"Reports first quarter 2026 EPS2 of $0.62 and adjusted EPS1,2 of $0.71"
Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.
Total segment operating profit financial
"Total segment operating profit1 was $764 million, an increase of 2% compared to the prior year quarter."
mark-to-market and timing impacts financial
"results included net negative mark-to-market and timing impacts3 of approximately $275 million"
Renewable Fuels Standard regulatory
"as a result of the finalization of the 2026 and 2027 renewable volume obligations (“RVO”) under the U.S. Renewable Fuels Standard in March of 2026"
Adjusted Return on Invested Capital (ROIC) financial
"Adjusted Return on Invested Capital (ROIC). Adjusted ROIC is Adjusted ROIC earnings divided by adjusted invested capital."
A measure of how much profit a company generates from the money invested in its business, expressed as a percentage, after removing one-off items and accounting quirks so the underlying operating performance is clearer. Think of it like the annual yield from a garden bed after excluding a single bumper crop or loss: it shows how efficiently management turns capital into sustainable returns, helping investors judge whether the business is creating value above its cost of funding.
Adjusted EBITDA financial
"Adjusted EBITDA is defined as earnings before interest on borrowings, taxes, depreciation, and amortization, adjusted for specified items."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Earnings Snapshot
Revenue: $20,490 million · Guidance included
Q1 2026
Revenue
$20,490 million
Net earnings attributable to ADM
$298 million
Diluted EPS
$0.62
+2% vs Q1 2025
Adjusted EPS
$0.71
+1% vs Q1 2025
Total segment operating profit
$764 million
+2% vs Q1 2025
Guidance
ADM now expects 2026 adjusted EPS of approximately $4.15 to $4.70, increased from the prior range of $3.60 to $4.25, with capital expenditures projected at $1.3 to $1.5 billion.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 5, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||||||||
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| (Address of principal executive offices) | (Zip Code) | ||||||||||
Registrant’s telephone number, including area code: (312 ) 634-8100
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§230.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02Results of Operations and Financial Condition.
On May 5, 2026, Archer-Daniels-Midland Company (ADM) issued a press release announcing first quarter results. A copy of such press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
ADM is making reference to non-GAAP financial measures in both the press release and the conference call. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached press release.
Item 9.01Financial Statements and Exhibits.
(d) ExhibitsThe following exhibits are furnished or filed, as applicable, herewith:
99.1 Press release dated May 5, 2026 announcing first quarter results
101 Interactive Data File
104 Cover Page Interactive Data File (formatted as Inline XBRL and incorporated by reference to Exhibit 101)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ARCHER-DANIELS-MIDLAND COMPANY | ||||||||||||||
| Date: | May 5, 2026 | By | /s/ Regina B. Jones | |||||||||||
| Regina B. Jones | ||||||||||||||
| Senior Vice President, Chief Legal Officer, and Secretary | ||||||||||||||
EXHIBIT INDEX
Exhibit Description
99.1 Press release dated May 5, 2026 announcing first quarter results
101 Interactive Data File
104 Cover Page Interactive Data File (formatted as Inline XBRL and incorporated by reference to Exhibit 101)
Exhibit 99.1
ADM Reports First Quarter 2026 Results
Reports first quarter 2026 EPS2 of $0.62 and adjusted EPS1,2 of $0.71
Raises full-year adjusted EPS guidance, underpinned by the expectation of ongoing progress related to company priorities and the sustainment of a constructive environment following recent U.S. biofuels policy clarity
CHICAGO, May 5, 2026—ADM (NYSE: ADM) today reported financial results for the quarter ended March 31, 2026 and updated its full-year 2026 outlook.
First-quarter 2026 Key Takeaways:
•Net earnings of $298 million, with adjusted net earnings1 of $345 million; results included net negative mark-to-market and timing impacts3 of approximately $275 million
•EPS2 of $0.62, with adjusted EPS1,2 of $0.71
2026 Outlook4:
•ADM now expects 2026 adjusted EPS1,2 of approximately $4.15 to $4.70, up from the prior adjusted EPS1,2 guidance range of $3.60 to $4.25
•The updated outlook assumes continued progress related to company priorities and reflects expected earnings improvement primarily in ADM’s crushing and ethanol businesses as a result of the finalization of the 2026 and 2027 renewable volume obligations (“RVO”) under the U.S. Renewable Fuels Standard in March of 2026
•External factors will continue to be monitored, and include consumer trends, energy costs, supply chain dislocations, ethanol developments, and evolving global trade and tariff conditions
•Capital expenditures continue to be projected to be in the range of $1.3 to $1.5 billion
"Within a dynamic global landscape, ADM delivered robust operating performance in the first quarter, with our crushing and ethanol businesses capitalizing on a constructive biofuels environment and our Nutrition business benefiting from higher Flavors sales, the ongoing Decatur East plant recovery, and continued improvements in Animal Nutrition. With U.S. biofuels policy clarity now providing a stable regulatory framework, combined with our team’s solid execution, we are raising our earnings expectations for 2026," said Juan Luciano, Chair of the Board and CEO.
_____________________________
1 Non-GAAP financial measures; see pages 6-7 and 13-16 for explanations and reconciliations.
2 All references in this document to earnings per share (EPS) and adjusted earnings per share reflect EPS on a diluted basis.
3 Mark-to-market and timing impacts represent estimated impact of market factor changes; see page 7 for explanation
4 Forecasted GAAP Earnings Reconciliation: ADM is not presenting forecasted GAAP earnings per diluted share or a quantitative reconciliation to forecasted adjusted earnings per share in reliance on the unreasonable efforts exemption provided under Item 10(e)(1)(i)(B) of Regulation S-K. ADM is unable to predict with reasonable certainty and without unreasonable effort the impact of any impairment and timing of restructuring-related and other charges, along with acquisition-related expenses and the outcome of certain regulatory, legal and tax matters, as well as other potential reconciling items. The financial impact of these items is uncertain and is dependent on various factors, including timing, and could be material to our Consolidated Statements of Earnings.
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First Quarter 2026 Results
| 1Q 2026 Results Overview | ||||||||||||||
| ($ in millions except per share amounts) | ||||||||||||||
| GAAP Measures | ||||||||||||||
| Earnings Before Income Taxes | EPS2 (as reported) | |||||||||||||
| 1Q 2026 | $384 | $0.62 | ||||||||||||
| Percent change vs. 1Q 2025 | 9% | 2% | ||||||||||||
| Non-GAAP Measures | ||||||||||||||
Total Segment Operating Profit1 | Adjusted EPS1,2 | |||||||||||||
| 1Q 2026 | $764 | $0.71 | ||||||||||||
| Percent change vs. 1Q 2025 | 2% | 1% | ||||||||||||
1 Non-GAAP financial measures; see pages 6-7 and 13-16 for explanations and reconciliations.
2 All references in this document to earnings per share (EPS) and adjusted earnings per share reflect EPS on a diluted basis.
Summary of First Quarter 2026
For the first quarter of 2026, earnings before income taxes were $384 million, compared to the prior year quarter of $353 million. EPS2 on a GAAP basis was $0.62, representing an increase of approximately 2% compared to the prior year quarter EPS of $0.61. Adjusted EPS1,2 was $0.71, an increase of approximately 1% compared to the prior year quarter of $0.70.
Total segment operating profit1 was $764 million, an increase of 2% compared to the prior year quarter. This excludes net specified item charges of $10 million.
| 1Q 2026 Segment Overview | |||||||||||
| ($ in millions) | 1Q 2026 | 1Q 2025 | % Change | ||||||||
Total Segment Operating Profit1 | $764 | $747 | 2% | ||||||||
| Segment Operating Profit: | |||||||||||
| Ag Services & Oilseeds | 273 | 412 | (34)% | ||||||||
| Carbohydrate Solutions | 356 | 240 | 48% | ||||||||
| Nutrition | 135 | 95 | 42% | ||||||||
1 Non-GAAP financial measures; see pages 6-7 and 13-16 for explanations and reconciliations.
2 All references in this document to earnings per share (EPS) and adjusted earnings per share reflect EPS on a diluted basis.
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Agriculture Services and Oilseeds Summary (AS&O)
AS&O segment operating profit was $273 million for the first quarter of 2026, a decrease of 34% compared to the prior year quarter. The year-over-year decrease was primarily due to net negative mark-to-market and timing impacts attributable to the strengthening commodity environment as a result of U.S. biofuels policy clarity. Current period results included approximately $275 million of net negative mark-to-market and timing impacts, of which roughly 70% was attributable to Crushing, 20% to Refined Products and Other, and 10% to Ag Services. Prior year quarter results included net negative impacts of approximately $22 million, of which the majority related to Ag Services.
Ag Services subsegment operating profit was 26% higher compared to the prior year quarter, supported by higher export activity from North America, which included increased soybean and sorghum shipments to China and strong corn exports. The prior year quarter also was impacted by certain export duties.
Crushing subsegment operating profit was lower by $126 million compared to the prior year quarter. The decrease was attributable to net negative mark-to-market and timing impacts, with the movement being driven by the strengthening margin environment. Plant processed volumes improved in the first quarter of 2026, with oilseed tonnage produced increasing by 2% compared to prior year quarter. Additionally, soybean meal sales remained strong throughout the quarter.
Refined Products and Other subsegment operating profit was 36% lower compared to the prior year quarter. The decrease largely resulted from net negative mark-to-market and timing impacts in the current quarter. Similar to the Crushing subsegment, the movement in mark-to-market and timing impacts stemmed from the strengthening margin environment.
Equity earnings from the company’s investment in Wilmar were approximately 8% lower compared to the prior year quarter and exclude $55 million of charges reported as specified items.
| 1Q 2026 AS&O Overview | |||||||||||
| ($ in millions) | 1Q 2026 | 1Q 2025 | % Change1 | ||||||||
| Segment Operating Profit | $273 | $412 | (34)% | ||||||||
| Ag Services | 200 | 159 | 26% | ||||||||
| Crushing | (79) | 47 | NM | ||||||||
| Refined Products and Other | 86 | 134 | (36)% | ||||||||
| Wilmar | 66 | 72 | (8)% | ||||||||
1 NM: Not Meaningful. Percentage increases above 200% or when one period includes income and other period includes loss are considered not meaningful.
Carbohydrate Solutions Summary
Carbohydrate Solutions segment operating profit was $356 million for the first quarter of 2026, an increase of 48% compared to the prior year quarter. The year-over-year increase was primarily a result of strengthening ethanol margins, supported by effective risk management and policy incentives.
Starches and Sweeteners subsegment operating profit increased by 11% compared to the prior year quarter, primarily due to higher ethanol margins related to ADM’s corn wet-milling ethanol operations, which were partially offset by lower global liquid sweeteners and starches volumes and margins.
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Vantage Corn Processors subsegment operating profit increased by $94 million compared to the prior year quarter, as ADM’s corn dry-milling ethanol operations benefited from strengthening ethanol margins, supported by effective risk management and policy incentives.
| 1Q 2026 Carbohydrate Solutions Overview | |||||||||||
| ($ in millions) | 1Q 2026 | 1Q 2025 | % Change1 | ||||||||
| Segment Operating Profit | $356 | $240 | 48% | ||||||||
| Starches and Sweeteners | 229 | 207 | 11% | ||||||||
| Vantage Corn Processors | 127 | 33 | NM | ||||||||
1 NM: Not Meaningful. Percentage increases above 200% or when one period includes income and other period includes loss are considered not meaningful
Nutrition Summary
Nutrition segment operating profit was $135 million for the first quarter of 2026, representing a 42% increase compared to the prior year quarter. The year-over-year increase was attributable to improved performance in both the Human Nutrition and Animal Nutrition subsegments, including foreign exchange gains.
Human Nutrition subsegment operating profit was 39% higher compared to the prior year quarter, largely driven by higher Flavors sales, foreign exchange gains and the continued recovery of the Decatur East plant.
Animal Nutrition subsegment operating profit was 55% higher compared to the prior year quarter, primarily driven by portfolio actions taken over the last year, combined with improved margins as a result of focusing on higher-margin product lines, on-going cost optimization efforts, and foreign exchange gains.
| 1Q 2026 Nutrition Overview | |||||||||||
| ($ in millions) | 1Q 2026 | 1Q 2025 | % Change | ||||||||
| Segment Operating Profit | $135 | $95 | 42% | ||||||||
| Human Nutrition | 104 | 75 | 39% | ||||||||
| Animal Nutrition | 31 | 20 | 55% | ||||||||
Corporate and Other Business Summary
For the first quarter of 2026, Corporate and Other Business’s contribution to operating profit was lower compared to the prior year quarter driven primarily by higher claim settlements in Other Business, partially offset by lower corporate function costs.
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Conference Call Information
ADM will host a webcast today, May 5, 2026, at 7:30 a.m. Central Time to discuss financial results and outlook. To listen to the webcast, go to www.adm.com/webcast. A replay of the webcast will also be available for an extended period of time at www.adm.com/webcast.
About ADM
ADM unlocks the power of nature to enrich the quality of life. We’re an essential global agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities. We’re a premier human and animal nutrition provider, offering one of the industry’s broadest portfolios of ingredients and solutions from nature. We’re a trailblazer in health and well-being, with an industry-leading range of products for consumers looking for new ways to live healthier lives. We’re a cutting-edge innovator, guiding the way to a future of new bio-based consumer and industrial solutions. And we're leading in business-driven sustainability efforts that support a strong agricultural sector, resilient supply chains, and a vast and growing bioeconomy. Around the globe, our expertise and innovation are meeting critical needs from harvest to home. Learn more at www.adm.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical or current fact included in this press release, are forward-looking statements. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “outlook,” “forecast”, “will,” “should,” “can have,” “likely,” “goals,” “objectives,” “priorities,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. For example, all statements the Company makes relating to its future results of operations, growth opportunities, operational execution and improvements, changes to the margin environment, future demand, future investments, policy changes, and the biofuels environment, global trade clarity, and global market volatility are forward-looking statements. All forward-looking statements are subject to significant risks, uncertainties and changes in circumstances that could cause actual results and outcomes to differ materially from those expressed or implied in the forward-looking statements, including, without limitation, (1) operational risks related to equipment failure, natural disasters, epidemics, pandemics, adverse weather conditions, accidents, explosions, fires, war or acts of terrorism, cybersecurity incidents or other unexpected outages; (2) risks related to the availability and prices of agricultural commodities, agricultural commodity products, other raw materials and energy, including impacts from factors outside the Company’s control such as changes in market conditions, weather conditions, crop disease, plantings, climate change, competition and changes in global demand, as well as risks relating to global and regional economic downturns; (3) risks related to compliance with, and changes in, government programs, policies, laws, and regulations, including those related to trade, tariffs, sanctions, biofuels, sustainability, food safety and quality, the environment, tax, and financial markets; (4) risks related to international conflicts, acts of terrorism or war, sanctions, maritime piracy and other geopolitical events or economic disruptions, as well as other risks related to the disruption of global markets and trade flows; (5) risks and uncertainties relating to acquisitions, equity investments, joint ventures, integrations, divestitures, and other transactions; (6) risks relating to the Company’s execution of its strategic priorities, including achieving cost reductions and operational improvements, organic and inorganic growth and innovation in its products and services; (7) risks related to the Company’s technology systems and cybersecurity incidents; and (8) other risks, assumptions and uncertainties that are described in Item 1A, "Risk Factors" included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as may be updated in subsequent Quarterly Reports on Form 10-Q. For these statements, the Company claims the protection
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of the safe harbor for forward-looking statements in the Private Securities Litigation Reform Act. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Except to the extent required by law, the Company does not undertake, and expressly disclaims, any duty or obligation to update publicly any forward-looking statement whether as a result of new information, future events, changes in assumptions or otherwise.
Non-GAAP Financial Measures
The Company uses certain “Non-GAAP” financial measures as defined by the Securities and Exchange Commission. These are measures of performance not defined by accounting principles generally accepted in the United States (GAAP), and should be considered in addition to, not in lieu of, GAAP reported measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this press release.
Adjusted net earnings and Adjusted earnings per share (EPS). Adjusted net earnings reflects ADM’s reported net earnings after removal of the effect on net earnings of specified items as more fully described in the reconciliation tables below. Adjusted EPS reflects ADM’s diluted EPS after removal of the effect on EPS as reported of specified items as more fully described in the reconciliation tables below. Management believes that Adjusted net earnings and Adjusted EPS are useful measures of ADM’s performance because they provide investors additional information about ADM’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. These non-GAAP financial measures are not intended to replace or be alternatives to net earnings and EPS as reported, the most directly comparable GAAP financial measures, or any other measures of operating results under GAAP. Earnings amounts described above have been divided by the company’s diluted shares outstanding for each respective period in order to arrive at an adjusted EPS amount for each specified item.
Total segment operating profit. Total segment operating profit is ADM’s consolidated earnings before income taxes adjusted for Other Business, Corporate, and specified items as more fully described in the reconciliation tables below. Management believes that total segment operating profit is a useful measure of ADM’s performance because it provides investors information about ADM’s reportable segment performance excluding Other Business, Corporate overhead costs as well as specified items. Total segment operating profit is not a measure of consolidated operating results under GAAP and should not be considered an alternative to earnings before income taxes, the most directly comparable GAAP financial measure, or any other measure of consolidated operating results under GAAP.
Adjusted Return on Invested Capital (ROIC). Adjusted ROIC is Adjusted ROIC earnings divided by adjusted invested capital. Adjusted ROIC earnings is ADM’s net earnings adjusted for the after-tax effects of interest expense on borrowings and specified items. Adjusted invested capital is the sum of ADM’s equity (excluding redeemable and non-redeemable non-controlling interests) and interest-bearing liabilities (which totals invested capital), adjusted for specified items. Management believes Adjusted ROIC is a useful financial measure because it provides investors information about ADM’s returns excluding the impacts of specified items and increases period-to-period comparability of underlying business performance. Management uses Adjusted ROIC to measure ADM’s performance by comparing Adjusted ROIC to its weighted average cost of capital (WACC). Adjusted ROIC, Adjusted ROIC earnings and Adjusted invested capital are non-GAAP financial measures and are not intended to replace or be alternatives to GAAP financial measures.
EBITDA. EBITDA is defined as earnings before interest on borrowings, taxes, depreciation and amortization. Adjusted EBITDA is defined as earnings before interest on borrowings, taxes, depreciation, and amortization, adjusted for specified items. The Company calculates Adjusted EBITDA
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by removing the impact of specified items and adding back the amounts of income tax expense, interest expense on borrowings, and depreciation and amortization to net earnings. Management believes that EBITDA and Adjusted EBITDA are useful measures of the Company’s performance because they provide investors additional information about the Company’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. EBITDA and Adjusted EBITDA are non-GAAP financial measures and are not intended to replace or be an alternative to net earnings, the most directly comparable GAAP financial measure.
Cash flows from operations before working capital. Cash flows from operations before working capital is defined as cash flows from operating activities adjusted for changes in operating assets and liabilities as presented in the Company’s consolidated statement of cash flows. Management believes that cash flows from operations before working capital is a useful measure of the Company’s cash generation. Cash flows from operations before working capital is a non-GAAP financial measure and is not intended to replace or be an alternative to cash from operating activities, the most directly comparable GAAP financial measure.
Forecasted GAAP Earnings Reconciliation. ADM is not presenting forecasted GAAP earnings per diluted share, forecasted net earnings, forecasted total debt, or forecasted effective tax rate, or a quantitative reconciliation of those metrics to forecasted adjusted earnings per diluted share, forecasted adjusted EBITDA, forecasted net debt, or forecasted adjusted effective tax rate, respectively, in reliance on the unreasonable efforts exemption provided under Item 10(e)(1)(i)(B) of Regulation S-K. ADM is unable to predict with reasonable certainty and without unreasonable effort the impact of any impairment and timing of restructuring-related and other charges, along with acquisition-related expenses and the outcome of certain regulatory, legal and tax matters, as well as other potential reconciling items. The financial impact of these items is uncertain and is dependent on various factors, including timing, and could be material to our Consolidated Statements of Earnings.
Mark-to-market and timing impact
Mark-to-market and timing impacts represent changes in agricultural commodity pricing and foreign currency market factors and are not necessarily reflective of the operating performance of our business. Mark-to-market and timing impacts represent the estimated net unrealized gain and loss impacts of market factor changes on the valuation of certain of our merchandisable commodity inventories (including certain commodity inventories valued at the lower of cost or market), forward cash purchase and sales contracts, and futures and foreign currency contracts. The final mark-to-market and timing impacts will be realized when the underlying inventory, forward cash purchase and sales contracts, and futures and foreign currency contracts are settled.
| Media Contact | ||
| Brett Lutz | ||
| media@adm.com | ||
| Investor Relations | ||
| Kate Walsh | ||
| Kathryn.Walsh@adm.com | ||
Financial Tables Follow
Source: Corporate Release
Source: ADM
7
Segment Operating Profit and Corporate Results
(unaudited)
| Quarter ended | |||||||||||
| March 31, | |||||||||||
| (In millions) | 2026 | 2025 | Change | ||||||||
| Segment Operating Profit | |||||||||||
| Ag Services and Oilseeds | $ | 273 | $ | 412 | $ | (139) | |||||
| Ag Services | 200 | 159 | 41 | ||||||||
| Crushing | (79) | 47 | (126) | ||||||||
| Refined Products and Other | 86 | 134 | (48) | ||||||||
| Wilmar | 66 | 72 | (6) | ||||||||
| Carbohydrate Solutions | $ | 356 | $ | 240 | $ | 116 | |||||
| Starches and Sweeteners | 229 | 207 | 22 | ||||||||
| Vantage Corn Processors | 127 | 33 | 94 | ||||||||
| Nutrition | $ | 135 | $ | 95 | $ | 40 | |||||
| Human Nutrition | 104 | 75 | 29 | ||||||||
| Animal Nutrition | 31 | 20 | 11 | ||||||||
| Corporate Results | $ | (423) | $ | (441) | $ | 18 | |||||
| Interest expense - net | (105) | (100) | (5) | ||||||||
| Unallocated corporate function costs | (344) | (352) | 8 | ||||||||
| Other income - net | 31 | 16 | 15 | ||||||||
| Specified items: | |||||||||||
| Impairment, exit, restructuring charges, and settlement contingencies | (5) | (5) | — | ||||||||
8
Consolidated Statements of Earnings
(unaudited)
| Quarter ended | |||||||||||
| March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| (in millions, except per share amounts) | |||||||||||
| Revenues | $ | 20,490 | $ | 20,175 | |||||||
Cost of products sold | 19,268 | 18,995 | |||||||||
| Gross Profit | 1,222 | 1,180 | |||||||||
Selling, general, and administrative expenses | 961 | 932 | |||||||||
| Asset impairment, exit, and restructuring costs | 12 | 38 | |||||||||
| Equity in (earnings) of unconsolidated affiliates | (89) | (144) | |||||||||
| Interest and investment (income) | (125) | (138) | |||||||||
Interest expense | 149 | 158 | |||||||||
Other (income) - net | (70) | (19) | |||||||||
| Earnings Before Income Taxes | 384 | 353 | |||||||||
Income tax expense | 81 | 61 | |||||||||
| Net Earnings Including Non-controlling Interests | 303 | 292 | |||||||||
| Less: Net earnings (loss) attributable to non-controlling interests | 5 | (3) | |||||||||
| Net Earnings Attributable to ADM | $ | 298 | $ | 295 | |||||||
| Diluted earnings per common share | $ | 0.62 | $ | 0.61 | |||||||
| Weighted average number of shares outstanding – diluted | 484 | 483 | |||||||||
9
Summary of Financial Condition
(unaudited)
| March 31, 2026 | March 31, 2025 | |||||||||||||
| (in millions) | ||||||||||||||
| Net Investment In | ||||||||||||||
| Cash and cash equivalents | $ | 591 | $ | 864 | ||||||||||
| Short-term marketable securities | 33 | 33 | ||||||||||||
| Operating working capital | 9,363 | 10,283 | ||||||||||||
| Property, plant, and equipment | 10,972 | 11,000 | ||||||||||||
| Investments in affiliates | 5,800 | 5,022 | ||||||||||||
| Goodwill and other intangibles | 6,560 | 6,875 | ||||||||||||
| Other non-current assets | 2,272 | 2,623 | ||||||||||||
| $ | 35,591 | $ | 36,700 | |||||||||||
| Financed By | ||||||||||||||
| Short-term debt | $ | 1,719 | $ | 2,765 | ||||||||||
| Long-term debt, including current maturities | 7,610 | 8,300 | ||||||||||||
| Deferred liabilities | 3,159 | 3,253 | ||||||||||||
| Temporary equity | 292 | 255 | ||||||||||||
| Shareholders’ equity | 22,811 | 22,127 | ||||||||||||
| $ | 35,591 | $ | 36,700 | |||||||||||
10
Summary of Cash Flows
(unaudited)
| Three months ended | ||||||||||||||
| March 31 | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| (in millions) | ||||||||||||||
Cash flows from operating activities (1) | ||||||||||||||
| Net earnings including non-controlling interests | $ | 303 | $ | 292 | ||||||||||
| Depreciation and amortization | 293 | 287 | ||||||||||||
| (Gain) on asset contributions, sales and investment revaluation, net | (57) | (26) | ||||||||||||
| Other – net | (97) | (114) | ||||||||||||
| Other changes in operating assets and liabilities | (292) | (781) | ||||||||||||
| Net cash provided by (used in) operating activities | 150 | (342) | ||||||||||||
| Cash flows from investing activities | ||||||||||||||
| Capital expenditures | (194) | (291) | ||||||||||||
| Net assets of businesses acquired | — | (90) | ||||||||||||
| Proceeds from sales of assets, businesses and investments | 26 | 10 | ||||||||||||
| Purchases of marketable securities | — | (11) | ||||||||||||
| Proceeds from sales of marketable securities | 4 | 248 | ||||||||||||
| Other – net | 36 | 5 | ||||||||||||
| Net cash used in investing activities | (128) | (129) | ||||||||||||
| Cash flows from financing activities | ||||||||||||||
| Net borrowings under lines of credit agreements | 919 | 863 | ||||||||||||
| Cash dividends | (254) | (247) | ||||||||||||
| Other – net | (53) | (29) | ||||||||||||
| Net cash provided by financing activities | 612 | 587 | ||||||||||||
| Effect of exchange rate on cash, cash equivalents, restricted cash, and restricted cash equivalents | (27) | 16 | ||||||||||||
| Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | 607 | 132 | ||||||||||||
| Cash, cash equivalents, restricted cash, and restricted cash equivalents - beginning of period | 5,505 | 3,924 | ||||||||||||
| Cash, cash equivalents, restricted cash, and restricted cash equivalents - end of period | $ | 6,112 | $ | 4,056 | ||||||||||
1 Cash flows from operations before working capital is a Non-GAAP financial measure. Cash flows from operations before working capital year-to-date 2026 was $442 million, calculated as cash flows provided by operating activities of $150 million, adjusted for changes in working capital of $(292) million. Cash flows from operations before working capital year-to-date 2025 was $439 million, calculated as cash flows used in operating activities of $(342) million, adjusted for changes in working capital of $(781) million for year-to-date 2025.
11
Segment Operating Analysis
(unaudited)
| Quarter ended | |||||||||||
| March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| (in ‘000s metric tons) | |||||||||||
| Certain processed volumes (by commodity) | |||||||||||
| Oilseeds | 9,299 | 9,091 | |||||||||
| Corn | 4,542 | 4,581 | |||||||||
| Quarter ended | |||||||||||
| March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| (in millions) | |||||||||||
| Revenues | |||||||||||
| Ag Services and Oilseeds | $ | 16,001 | $ | 15,675 | |||||||
| Carbohydrate Solutions | 2,559 | 2,571 | |||||||||
| Nutrition | 1,805 | 1,817 | |||||||||
| Total Segment Revenues | 20,365 | 20,063 | |||||||||
| Other Business | 125 | 112 | |||||||||
| Total Revenues | $ | 20,490 | $ | 20,175 | |||||||
12
Total Segment Operating Profit
A Non-GAAP financial measure
(unaudited)
| Quarter ended | |||||||||||
| March 31 | |||||||||||
| (In millions) | 2026 | 2025 | Change | ||||||||
| Earnings before income taxes | $ | 384 | $ | 353 | $ | 31 | |||||
| Other Business (earnings) | (53) | (96) | 43 | ||||||||
| Corporate | 423 | 441 | (18) | ||||||||
| Specified items: | |||||||||||
| (Gain) on sales of assets and businesses | (62) | — | (62) | ||||||||
| Impairment, exit, restructuring charges, and settlement contingencies | 17 | 49 | (32) | ||||||||
| ADM's share of equity method investment non-recurring charges | $ | 55 | $ | — | $ | 55 | |||||
| Total Segment Operating Profit | $ | 764 | $ | 747 | $ | 17 | |||||
13
Adjusted Net Earnings and Adjusted EPS
Non-GAAP financial measures
(unaudited)
Quarter ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| In millions | Per share | In millions | Per share | |||||||||||
| Net earnings and reported EPS (diluted) | $ | 298 | $ | 0.62 | $ | 295 | $ | 0.61 | ||||||
| Adjustments: | ||||||||||||||
| (Gain) on sales of assets and businesses (a) | (47) | (0.10) | — | — | ||||||||||
| Impairment, exit, restructuring charges, and settlement contingencies (b) | 29 | 0.06 | 43 | 0.09 | ||||||||||
| ADM's share of equity method investment non-recurring charges (c) | 55 | 0.11 | — | — | ||||||||||
| Certain discrete tax adjustments (d) | 10 | 0.02 | — | — | ||||||||||
| Total adjustments | 47 | 0.09 | 43 | 0.09 | ||||||||||
| Adjusted net earnings and adjusted diluted EPS | $ | 345 | $ | 0.71 | $ | 338 | $ | 0.70 | ||||||
(a)Current year quarter amounts of $62 million ($47 million after tax) were primarily driven by gains from contribution of assets related to the launch of certain joint venture arrangements, tax effected using the Company’s U.S. income tax rate.
(b)Current year quarter charges of $35 million ($29 million after tax) were primarily driven by charges related to inventory adjustments and contingent settlements, tax effected using the applicable tax rates. Prior year quarter charges of $54 million pretax ($43 million after tax) were related to restructuring and contingencies, tax effected using the applicable tax rates.
(c)Current year quarter charges of $55 million was driven by the Company’s share of non-recurring charges related to provisions recorded by Wilmar.
(d)Discrete tax adjustment relates to the non-recurring impact of updated tax regulations.
14
Return on Invested Capital (ROIC) and Adjusted ROIC
Non-GAAP financial measures
(unaudited)
| Adjusted ROIC Earnings (in millions) | |||||||||||||||||||||||||||||
| Four Quarters | |||||||||||||||||||||||||||||
| Quarter Ended | Ended | ||||||||||||||||||||||||||||
| Jun. 30, 2025 | Sep. 30, 2025 | Dec. 31, 2025 | Mar. 31, 2026 | Mar. 31, 2026 | |||||||||||||||||||||||||
| Net earnings attributable to ADM | $ | 219 | $ | 108 | $ | 456 | $ | 298 | $ | 1,081 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
Interest expense(1) | 116 | 106 | 108 | 111 | 441 | ||||||||||||||||||||||||
| Tax on interest | (28) | (25) | (26) | (26) | (105) | ||||||||||||||||||||||||
| Total ROIC Earnings | 307 | 189 | 538 | 383 | 1,417 | ||||||||||||||||||||||||
| Other adjustments, net of tax | 233 | 341 | (35) | 47 | 586 | ||||||||||||||||||||||||
| Total Adjusted ROIC Earnings | $ | 540 | $ | 530 | $ | 503 | $ | 430 | $ | 2,003 | |||||||||||||||||||
| Adjusted Invested Capital (in millions) | |||||||||||||||||||||||||||||
| Quarter Ended | Trailing Four | ||||||||||||||||||||||||||||
| Jun. 30, 2025 | Sep. 30, 2025 | Dec. 31, 2025 | Mar. 31, 2026 | Quarter Average | |||||||||||||||||||||||||
Equity(2) | $ | 22,430 | $ | 22,494 | $ | 22,733 | $ | 22,804 | $ | 22,615 | |||||||||||||||||||
Interest-bearing liabilities(3) | 9,252 | 7,956 | 8,509 | 9,426 | 8,786 | ||||||||||||||||||||||||
| Total Invested Capital | 31,682 | 30,450 | 31,242 | 32,230 | 31,401 | ||||||||||||||||||||||||
| Other adjustments, net of tax | 233 | 341 | (35) | 47 | 147 | ||||||||||||||||||||||||
| Total Adjusted Invested Capital | $ | 31,915 | $ | 30,791 | $ | 31,207 | $ | 32,277 | $ | 31,548 | |||||||||||||||||||
| Return on Invested Capital | 4.5 | % | |||||||||||||||||||||||||||
| Adjusted Return on Invested Capital | 6.4 | % | |||||||||||||||||||||||||||
(1) Represents interest expense on borrowings and therefore excludes ADM Investor Services related interest expense
(2) Excludes non-controlling interests
(3) Includes short-term debt, long term debt and finance lease obligations
15
Earnings Before Interest, Taxes, and Depreciation and Amortization (EBITDA) and Adjusted EBITDA
Non-GAAP financial measures
(unaudited)
| Four Quarters | Four Quarters | ||||||||||||||||||||||||||||||||||
| Quarter Ended | Ended | Ended | |||||||||||||||||||||||||||||||||
| Jun. 30, 2025 | Sep. 30, 2025 | Dec. 31, 2025 | Mar. 31, 2026 | Mar. 31, 2026 | Mar. 31, 2025 | ||||||||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||||||||
| Net earnings | $ | 219 | $ | 108 | $ | 456 | $ | 298 | $ | 1,081 | $ | 1,366 | |||||||||||||||||||||||
| Net (loss) earnings attributable to non-controlling interests | (2) | 2 | (2) | 5 | 3 | (14) | |||||||||||||||||||||||||||||
| Income tax expense | 62 | 37 | 22 | 81 | 202 | 372 | |||||||||||||||||||||||||||||
Interest expense(1) | 116 | 106 | 108 | 111 | 441 | 507 | |||||||||||||||||||||||||||||
Depreciation and amortization(2) | 286 | 295 | 296 | 289 | 1,166 | 1,145 | |||||||||||||||||||||||||||||
| EBITDA | 681 | 548 | 880 | 784 | 2,893 | 3,376 | |||||||||||||||||||||||||||||
| (Gain) on sales of assets and businesses | (8) | (31) | — | (62) | (101) | (11) | |||||||||||||||||||||||||||||
| Impairment, exit, restructuring charges, and settlement contingencies | 323 | 261 | 293 | 35 | 912 | 549 | |||||||||||||||||||||||||||||
| ADM's share of equity method investment non-recurring charges and (gains), net | — | 163 | (254) | 55 | (36) | ||||||||||||||||||||||||||||||
| (Gain) on contract termination | (69) | — | — | — | (69) | — | |||||||||||||||||||||||||||||
| Expenses related to acquisitions | — | — | — | — | — | 7 | |||||||||||||||||||||||||||||
| Railroad maintenance expense | 4 | 12 | 47 | — | 63 | 64 | |||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 931 | $ | 954 | $ | 965 | $ | 812 | $ | 3,662 | $ | 3,985 | |||||||||||||||||||||||
(1) Represents interest expense on borrowings and therefore excludes ADM Investor Services related interest expense
(2) Excludes $5 million, $3 million, $9 million, and $4 million of accelerated depreciation recorded within restructuring charges as a specified item for the three months ended June 30, 2025, September 30, 2025, December 31, 2025, and March 31, 2026, respectively.
16