Archer-Daniels-Midland (NYSE: ADM) hikes 2026 EPS outlook to $5.15-$5.60
Rhea-AI Filing Summary
Archer-Daniels-Midland reported strong results for the quarter ended June 30, 2026. Net earnings attributable to ADM were $908 million, and GAAP diluted EPS was $1.87, up $1.42 from the prior-year quarter. Adjusted EPS was $1.84. Total segment operating profit reached $1.5 billion, a 75% increase year-over-year, while revenues rose to $22.7 billion.
All three segments contributed to growth. Ag Services & Oilseeds operating profit was $867 million, up 129%, driven by margin expansion in Ag Services and Crushing supported by favorable biofuels economics, finalized renewable volume obligations and elevated energy prices. Carbohydrate Solutions profit increased 22% to $411 million on robust ethanol margins and policy incentives. Nutrition profit rose 51% to $172 million, led by Flavors and improved Animal Nutrition performance.
Year-to-date, earnings before income taxes were $1.47 billion versus $632 million a year ago, and adjusted EPS was $2.56. On this momentum, ADM raised its 2026 adjusted EPS outlook to $5.15–$5.60 from $4.15–$4.70 and reaffirmed projected 2026 capital expenditures of $1.3–$1.5 billion.
Positive
- Q2 2026 diluted EPS was $1.87, up $1.42 from $0.45 a year earlier, with adjusted EPS of $1.84.
- Total segment operating profit reached $1.5 billion in Q2 2026, a 75% year-over-year increase, with all three segments reporting higher operating profit.
- 2026 adjusted EPS guidance was raised to $5.15–$5.60 from $4.15–$4.70, which the company links to expected earnings improvement in crushing, ethanol and Nutrition.
Negative
- None.
Filing Explained
At June 30, ADM reported $1,060 million cash and six-month operating cash flow of $1,299 million.
Form 8-K furnishes ADM’s quarter-ended
At
ADM defines adjusted EPS and total segment operating profit as non-GAAP measures that supplement, rather than replace, GAAP results.
The company did not provide a quantitative reconciliation from forecasted adjusted EPS to forecasted GAAP EPS, citing uncertainty around impairments, restructuring and other charges, acquisition-related expenses, and regulatory, legal, and tax matters that could materially affect earnings.
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
Net earnings attributable to ADM: $908 million
Diluted EPS (GAAP): $1.87
Adjusted EPS: $1.84
+5 more
8 metrics
Net earnings attributable to ADM
$908 million
Quarter ended June 30, 2026
Diluted EPS (GAAP)
$1.87
Quarter ended June 30, 2026; up $1.42 from $0.45 in 2Q 2025
Adjusted EPS
$1.84
Quarter ended June 30, 2026; up from $0.93 in 2Q 2025
Total segment operating profit
$1.5 billion
Q2 2026, a 75% increase versus the prior-year quarter
Revenues
$22,681 million
Quarter ended June 30, 2026
2026 adjusted EPS guidance
$5.15 to $5.60
Updated full-year 2026 outlook, raised from $4.15 to $4.70
Cash flows from operating activities
$1,299 million
Six months ended June 30, 2026
Projected 2026 capital expenditures
$1.3 billion to $1.5 billion
Company outlook for full-year 2026 capex
Key Terms
Total segment operating profit, Adjusted Return on Invested Capital (ROIC), Adjusted EBITDA, renewable volume obligations (RVO), +1 more
5 terms
Total segment operating profit financial
"Total second quarter segment operating profit1 was $1.5 billion, an increase of 75%"
Adjusted Return on Invested Capital (ROIC) financial
"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.
renewable volume obligations (RVO) regulatory
"That environment stems primarily from the finalized 2026 and 2027 renewable volume obligations ("RVO") under the U.S. Renewable Fuel Standard"
mark-to-market and timing impacts financial
"Current quarter results included around $100 million of net positive mark-to-market and timing impacts"
Earnings Snapshot
Net earnings attributable to ADM: $908 million · Guidance included
quarter ended June 30, 2026
Net earnings attributable to ADM
$908 million
compared to $219 million in the prior-year quarter
Diluted EPS (GAAP)
$1.87
increase of $1.42 from prior-year EPS of $0.45
Adjusted EPS
$1.84
increase of $0.91 from $0.93 in the prior-year quarter
Total segment operating profit
$1.5 billion
75% higher than the prior-year quarter
Guidance
ADM now expects 2026 adjusted EPS of approximately $5.15 to $5.60, up from prior guidance of $4.15 to $4.70.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were Archer-Daniels-Midland (ADM) Q2 2026 earnings and EPS?
ADM reported net earnings of $908 million for Q2 2026 and GAAP diluted EPS of $1.87, up $1.42 from $0.45 in the prior-year quarter. Adjusted EPS was $1.84, reflecting removal of specified items.
How did ADM (ADM) update its full-year 2026 EPS guidance?
ADM now expects 2026 adjusted EPS of approximately $5.15 to $5.60, raising guidance from the prior $4.15 to $4.70 range. The company ties this to stronger crushing and ethanol margins and improving Nutrition performance.
How did ADM’s main business segments perform in Q2 2026?
Q2 2026 segment operating profit was $867 million for Ag Services & Oilseeds (up 129%), $411 million for Carbohydrate Solutions (up 22%), and $172 million for Nutrition (up 51%). All three segments showed year-over-year profit growth.
What were ADM (ADM) revenues and operating profit in Q2 2026?
ADM generated $22.68 billion in revenues in Q2 2026, compared with $21.17 billion a year earlier. Total segment operating profit was $1.45 billion, up 75% year-over-year, excluding specified items such as gains on asset sales and restructuring charges.
What does ADM say about capital expenditures and cash generation in 2026?
ADM continues to project 2026 capital expenditures of $1.3 billion to $1.5 billion. For the first six months of 2026, it reported cash flows from operating activities of $1.3 billion and non-GAAP cash flows from operations before working capital of $1.8 billion.
How did ADM’s year-to-date 2026 results compare to 2025?
Year-to-date 2026, ADM reported earnings before income taxes of $1.47 billion versus $632 million in the prior-year period. GAAP diluted EPS was $2.49 versus $1.06, and adjusted EPS was $2.56 versus $1.63.
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) August 4, 2026
(Exact name of registrant as specified in its charter)
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Registrant’s telephone number, including area code: (312 ) 634-8100
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)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
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 August 4, 2026, Archer-Daniels-Midland Company (ADM) issued a press release announcing second 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 August 4, 2026 announcing second 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: | August 4, 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 August 4, 2026 announcing second 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 Second Quarter 2026 Results
Reports second quarter 2026 EPS2 of $1.87 and adjusted EPS1,2 of $1.84
Raises full-year 2026 adjusted EPS guidance on strong commercial and operational execution, constructive biofuels environment, and momentum in Nutrition
CHICAGO, August 4, 2026—ADM (NYSE: ADM) today reported financial results for the quarter ended June 30, 2026 and updated its full-year 2026 outlook.
2Q26 Key Takeaways:
•Net earnings of $908 million, with adjusted net earnings1 of $895 million
•EPS2 of $1.87, with adjusted EPS1,2 of $1.84
2026 Outlook3:
•ADM now expects 2026 adjusted EPS1,2 of approximately $5.15 to $5.60, up from the prior adjusted EPS1,2 guidance range of $4.15 to $4.70
•The updated outlook reflects expected year-over-year earnings improvement in ADM's crushing and ethanol businesses, as the Company expects to continue capitalizing on the constructive margin environment through disciplined execution. That environment stems primarily from the finalized 2026 and 2027 renewable volume obligations ("RVO") under the U.S. Renewable Fuel Standard in March 2026, supported by global trade dynamics and elevated energy prices. Additionally, performance continues to improve in Nutrition
•Continuing to monitor external factors across the macroeconomic, geopolitical, policy, and trade environments
•Capital expenditures continue to be projected to be in the range of $1.3 billion to $1.5 billion
"ADM delivered robust second-quarter financial and operating results," said Juan Luciano, Chair of the Board and CEO. "Segment operating profit rose significantly year-over-year and sequentially, with broad-based growth across all three segments—driven by strong commercial and operational execution by the team, a constructive biofuels environment, and momentum in Nutrition, led by Flavors. These results, and the expectations we have into the back half of this year, give us confidence to again raise our 2026 earnings outlook.”
_____________________________
1 Non-GAAP financial measures; see pages 7-8 and 14-17 for explanations and reconciliations.
2 All references in this document to earnings per share (EPS) and adjusted earnings per share reflect EPS on a diluted basis.
3 Forecasted GAAP Earnings Reconciliation: ADM is not presenting forecasted GAAP earnings per diluted share or a quantitative reconciliation to forecasted adjusted earnings per share in reliance on the unreasonable efforts exemption provided under Item 10(e)(1)(i)(B) of Regulation S-K. ADM is unable to predict with reasonable certainty and without unreasonable effort the impact of any impairment and timing of restructuring-related and other charges, along with acquisition-related expenses and the outcome of certain regulatory, legal and tax matters, as well as other potential reconciling items. The financial impact of these items is uncertain and is dependent on various factors, including timing, and could be material to our Consolidated Statements of Earnings.
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Second Quarter and Year-to-Date 2026 Results
| 2Q26 Results Overview | ||||||||||||||
| ($ in millions except per share amounts) | ||||||||||||||
| GAAP Measures | ||||||||||||||
| Earnings Before Income Taxes | EPS2 (as reported) | |||||||||||||
| 2Q26 | $1,088 | $1.87 | ||||||||||||
| Percent change vs. 2Q 2025 | NM3 | NM3 | ||||||||||||
| Non-GAAP Measures | ||||||||||||||
Total Segment Operating Profit1 | Adjusted EPS1,2 | |||||||||||||
| 2Q26 | $1,450 | $1.84 | ||||||||||||
| Percent change vs. 2Q 2025 | 75% | 98% | ||||||||||||
| YTD 2026 Results Overview | ||||||||||||||
| ($ in millions except per share amounts) | ||||||||||||||
| GAAP Measures | ||||||||||||||
| Earnings Before Income Taxes | EPS2 (as reported) | |||||||||||||
| YTD 2026 | $1,472 | $2.49 | ||||||||||||
| Percent change vs. YTD 2025 | 133% | 135% | ||||||||||||
| Non-GAAP Measures | ||||||||||||||
Total Segment Operating Profit1 | Adjusted EPS1,2 | |||||||||||||
| YTD 2026 | $2,214 | $2.56 | ||||||||||||
| Percent change vs. YTD 2025 | 40% | 57% | ||||||||||||
1 Non-GAAP financial measures; see pages 7-8 and 14-17 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 NM: Not Meaningful. Percentage increases above 200% or when one period includes income and other period includes loss are considered not meaningful.
Summary of Second Quarter and Year-to-Date 2026
For the second quarter of 2026, earnings before income taxes were $1.1 billion, compared to the prior year quarter of $279 million. EPS2 on a GAAP basis was $1.87, representing an increase of $1.42 compared to the prior year quarter EPS of $0.45. Adjusted EPS1,2 was $1.84, an increase of $0.91 compared to the prior year quarter of $0.93.
Total second quarter segment operating profit1 was $1.5 billion, an increase of 75% compared to the prior year quarter. This excludes net specified item gains of $18 million.
Earnings before income taxes were $1.5 billion year-to-date in 2026, compared to the prior year period of $632 million. Total segment operating profit1 was $2.2 billion year-to-date in 2026, up 40% versus the prior year period. EPS2 on a GAAP basis was $2.49, up $1.43 versus the prior year period, and adjusted EPS1,2 was $2.56, up $0.93 versus the prior year period.
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| 2Q26 Segment Overview | |||||||||||
| ($ in millions) | 2Q 2026 | 2Q 2025 | % Change | ||||||||
Total Segment Operating Profit1 | $1,450 | $830 | 75% | ||||||||
| Segment Operating Profit: | |||||||||||
| Ag Services & Oilseeds | 867 | 379 | 129% | ||||||||
| Carbohydrate Solutions | 411 | 337 | 22% | ||||||||
| Nutrition | 172 | 114 | 51% | ||||||||
| YTD 2026 Segment Overview | |||||||||||
| ($ in millions) | YTD 2026 | YTD 2025 | % Change | ||||||||
Total Segment Operating Profit1 | $2,214 | $1,577 | 40% | ||||||||
| Segment Operating Profit: | |||||||||||
| Ag Services & Oilseeds | 1,140 | 791 | 44% | ||||||||
| Carbohydrate Solutions | 767 | 576 | 33% | ||||||||
| Nutrition | 307 | 210 | 46% | ||||||||
1 Non-GAAP financial measures; see pages 7-8 and 14-17 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.
Agriculture Services and Oilseeds Summary (AS&O)
AS&O segment operating profit was $867 million for the second quarter of 2026, an increase of 129% compared to the prior year quarter. The increase was primarily due to margin expansion across the segment, most notably in Ag Services and North American crushing, which was supported by the RVO and elevated global energy prices. Current quarter results included around $100 million of net positive mark-to-market and timing impacts, primarily attributable to the Crushing subsegment, with a modest benefit attributable to the Ag Services subsegment, partially offset by a net negative impact attributable to Refined Products and Other subsegment.
Ag Services subsegment operating profit was 159% higher compared to the prior year quarter, primarily as a result of strategically leveraging ADM's global asset network in a complex operating environment to deliver value across the agricultural supply chain. Further, South American operations benefited from the grain export terminal in Barcarena, Brazil, returning to full operations, and increased soybean exports which were supported by higher farmer selling.
Crushing subsegment operating profit increased by $330 million compared to the prior year quarter. The increase was attributable to strong execution by the team in an improved margin environment. Global oilseed volumes increased by approximately 5% compared to the prior year quarter, in part due to improved asset utilization. Margin strength was supported by a constructive environment for biofuels, which was underpinned by the RVO, higher global energy prices, and positive net mark-to-market and timing impacts. Further, stable soybean meal prices supported strong global meal demand, resulting in record meal exports from Brazil and the U.S.
Refined Products and Other subsegment operating profit was 3% lower compared to the prior year quarter. The decrease largely resulted from net negative mark-to-market and timing impacts in the second quarter of 2026. Underlying regional performance was mixed, with strong North American and European biodiesel margins partially offset by net negative mark-to-market timing impacts and supply and demand imbalances in South America impacting local margins.
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Equity earnings from the company’s investment in Wilmar were approximately 22% lower compared to the prior year quarter.
| 2Q 2026 AS&O Overview | |||||||||||
| ($ in millions) | 2Q 2026 | 2Q 2025 | % Change | ||||||||
| Segment Operating Profit | $867 | $379 | 129% | ||||||||
| Ag Services | 293 | 113 | 159% | ||||||||
| Crushing | 363 | 33 | NM1 | ||||||||
| Refined Products and Other | 151 | 156 | (3)% | ||||||||
| Wilmar | 60 | 77 | (22)% | ||||||||
| YTD 2026 AS&O Overview | |||||||||||
| ($ in millions) | YTD 2026 | YTD 2025 | % Change | ||||||||
| Segment Operating Profit | $1,140 | $791 | 44% | ||||||||
| Ag Services | 493 | 272 | 81% | ||||||||
| Crushing | 284 | 79 | NM1 | ||||||||
| Refined Products and Other | 237 | 291 | (19)% | ||||||||
| Wilmar | 126 | 149 | (15)% | ||||||||
1 NM: Not Meaningful. Percentage increases above 200% or when one period includes income and the other period includes a loss are considered not meaningful.
Carbohydrate Solutions Summary
Carbohydrate Solutions segment operating profit was $411 million for the second quarter of 2026, an increase of 22% compared to the prior year quarter. The increase primarily reflected robust North American ethanol margins, including policy incentives. The RVO, elevated global energy prices, and lower U.S. corn prices together gave ethanol an economic advantage over competing blendstocks, driving both higher domestic blend rates and favorable industry-wide exports.
Starches and Sweeteners subsegment operating profit increased by 7% compared to the prior year quarter, primarily due to higher ethanol margins related to ADM’s corn wet-milling ethanol operations, including policy incentives. This strength was partially offset by lower liquid sweetener volumes and margins, most notably in North America, while global starch volumes and margins stabilized.
Vantage Corn Processors subsegment operating profit increased by $52 million compared to the prior year quarter, as ADM’s corn dry-milling ethanol operations benefited from strengthening ethanol margins, supported by policy incentives and effective risk management.
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| 2Q26 Carbohydrate Solutions Overview | |||||||||||
| ($ in millions) | 2Q 2026 | 2Q 2025 | % Change | ||||||||
| Segment Operating Profit | $411 | $337 | 22% | ||||||||
| Starches and Sweeteners | 326 | 304 | 7% | ||||||||
| Vantage Corn Processors | 85 | 33 | 158% | ||||||||
| YTD 2026 Carbohydrate Solutions Overview | |||||||||||
| ($ in millions) | YTD 2026 | YTD 2025 | % Change | ||||||||
| Segment Operating Profit | $767 | $576 | 33% | ||||||||
| Starches and Sweeteners | 555 | 511 | 9% | ||||||||
| Vantage Corn Processors | 212 | 65 | NM1 | ||||||||
1 NM: Not Meaningful. Percentage increases above 200% or when one period includes income and the other period includes a loss are considered not meaningful
Nutrition Summary
Nutrition segment operating profit was $172 million for the second quarter of 2026, representing a 51% increase compared to the prior year quarter. The year-over-year increase was attributable to improved performance in both the Human Nutrition and Animal Nutrition subsegments.
Human Nutrition subsegment operating profit was 51% higher compared to the prior year quarter, largely driven by Flavors growth, supported by seasonal momentum, and continued progress at the Decatur East plant.
Animal Nutrition subsegment operating profit was 50% higher compared to the prior year quarter, due to operational improvements and benefits from portfolio actions taken during 2025.
| 2Q26 Nutrition Overview | |||||||||||
| ($ in millions) | 2Q 2026 | 2Q 2025 | % Change | ||||||||
| Segment Operating Profit | $172 | $114 | 51% | ||||||||
| Human Nutrition | 139 | 92 | 51% | ||||||||
| Animal Nutrition | 33 | 22 | 50% | ||||||||
| YTD 2026 Nutrition Overview | |||||||||||
| ($ in millions) | YTD 2026 | YTD 2025 | % Change | ||||||||
| Segment Operating Profit | $307 | $210 | 46% | ||||||||
| Human Nutrition | 243 | 168 | 45% | ||||||||
| Animal Nutrition | 64 | 42 | 52% | ||||||||
Corporate and Other Business Summary
For the second quarter of 2026, Corporate results improved, reflecting the non-recurrence of prior-year quarter impairment losses and lower financing costs, partially offset by higher performance-based compensation. Other Business’s contribution to operating profit decreased in the current year quarter primarily due to lower captive insurance results.
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Conference Call Information
ADM will host a webcast today, August 4, 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 and underlying assumptions, as well as growth opportunities, operational execution and improvements, progress on Company priorities, changes to the margin environment, earnings improvements, future demand, future investments, policy changes, capital allocation priorities and actions, the biofuels environment, global trade and tariff conditions, energy prices, 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
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on Form 10-Q. For these statements, the Company claims the protection 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
7
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), 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, 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
8
Segment Operating Profit and Corporate Results
(unaudited)
| Quarter ended | Six months ended | ||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||
| (In millions) | 2026 | 2025 | Change | 2026 | 2025 | Change | |||||||||||||||||
| Segment Operating Profit | |||||||||||||||||||||||
| Ag Services and Oilseeds | $ | 867 | $ | 379 | $ | 488 | $ | 1,140 | $ | 791 | $ | 349 | |||||||||||
| Ag Services | 293 | 113 | 180 | 493 | 272 | 221 | |||||||||||||||||
| Crushing | 363 | 33 | 330 | 284 | 79 | 205 | |||||||||||||||||
| Refined Products and Other | 151 | 156 | (5) | 237 | 291 | (54) | |||||||||||||||||
| Wilmar | 60 | 77 | (17) | 126 | 149 | (23) | |||||||||||||||||
| Carbohydrate Solutions | $ | 411 | $ | 337 | $ | 74 | $ | 767 | $ | 576 | $ | 191 | |||||||||||
| Starches and Sweeteners | 326 | 304 | 22 | 555 | 511 | 44 | |||||||||||||||||
| Vantage Corn Processors | 85 | 33 | 52 | 212 | 65 | 147 | |||||||||||||||||
| Nutrition | $ | 172 | $ | 114 | $ | 58 | $ | 307 | $ | 210 | $ | 97 | |||||||||||
| Human Nutrition | 139 | 92 | 47 | 243 | 168 | 75 | |||||||||||||||||
| Animal Nutrition | 33 | 22 | 11 | 64 | 42 | 22 | |||||||||||||||||
| Corporate Results | $ | (460) | $ | (498) | $ | 38 | $ | (883) | $ | (939) | $ | 56 | |||||||||||
| Interest expense - net | (103) | (112) | 9 | (208) | (212) | 4 | |||||||||||||||||
| Unallocated corporate function costs | (374) | (294) | (80) | (718) | (647) | (71) | |||||||||||||||||
| Other income - net | 19 | 7 | 12 | 50 | 24 | 26 | |||||||||||||||||
| Specified items: | |||||||||||||||||||||||
| Impairment, exit, restructuring charges, and settlement contingencies | (2) | (99) | 97 | (7) | (104) | 97 | |||||||||||||||||
9
Consolidated Statements of Earnings
(unaudited)
| Quarter ended | Six months ended | ||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (in millions, except per share amounts) | |||||||||||||||||||||||
| Revenues | $ | 22,681 | $ | 21,166 | $ | 43,171 | $ | 41,341 | |||||||||||||||
Cost of products sold | 20,746 | 19,796 | 40,014 | 38,791 | |||||||||||||||||||
| Gross Profit | 1,935 | 1,370 | 3,157 | 2,550 | |||||||||||||||||||
Selling, general, and administrative expenses | 1,026 | 911 | 1,987 | 1,843 | |||||||||||||||||||
| Asset impairment, exit, and restructuring costs | 13 | 137 | 25 | 175 | |||||||||||||||||||
| Equity in (earnings) of unconsolidated affiliates | (142) | (134) | (231) | (278) | |||||||||||||||||||
| Interest and investment (income) expense | (116) | 70 | (241) | (68) | |||||||||||||||||||
Interest expense | 148 | 159 | 297 | 317 | |||||||||||||||||||
Other (income) - net | (82) | (52) | (152) | (71) | |||||||||||||||||||
| Earnings Before Income Taxes | 1,088 | 279 | 1,472 | 632 | |||||||||||||||||||
Income tax expense | 176 | 62 | 257 | 123 | |||||||||||||||||||
| Net Earnings Including Non-controlling Interests | 912 | 217 | 1,215 | 509 | |||||||||||||||||||
| Less: Net earnings (loss) attributable to non-controlling interests | 4 | (2) | 9 | (5) | |||||||||||||||||||
| Net Earnings Attributable to ADM | $ | 908 | $ | 219 | $ | 1,206 | $ | 514 | |||||||||||||||
| Diluted earnings per common share | $ | 1.87 | $ | 0.45 | $ | 2.49 | $ | 1.06 | |||||||||||||||
| Weighted average number of shares outstanding – diluted | 485 | 484 | 485 | 484 | |||||||||||||||||||
10
Summary of Financial Condition
(unaudited)
| June 30, 2026 | June 30, 2025 | |||||||||||||
| (in millions) | ||||||||||||||
| Net Investment In | ||||||||||||||
| Cash and cash equivalents | $ | 1,060 | $ | 1,057 | ||||||||||
| Short-term marketable securities | 33 | 9 | ||||||||||||
| Operating working capital | 8,254 | 8,377 | ||||||||||||
| Property, plant, and equipment | 10,979 | 11,142 | ||||||||||||
| Investments in affiliates | 5,901 | 5,175 | ||||||||||||
| Goodwill and other intangibles | 6,498 | 7,036 | ||||||||||||
| Other non-current assets | 2,350 | 2,351 | ||||||||||||
| $ | 35,075 | $ | 35,147 | |||||||||||
| Financed By | ||||||||||||||
| Short-term debt | $ | 407 | $ | 856 | ||||||||||
| Long-term debt, including current maturities | 7,604 | 8,372 | ||||||||||||
| Deferred liabilities | 3,192 | 3,232 | ||||||||||||
| Temporary equity | 292 | 249 | ||||||||||||
| Shareholders’ equity | 23,580 | 22,438 | ||||||||||||
| $ | 35,075 | $ | 35,147 | |||||||||||
11
Summary of Cash Flows
(unaudited)
| Six months ended | ||||||||||||||
| June 30 | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| (in millions) | ||||||||||||||
Cash flows from operating activities (1) | ||||||||||||||
| Net earnings including non-controlling interests | $ | 1,215 | $ | 509 | ||||||||||
| Depreciation and amortization | 586 | 578 | ||||||||||||
| Asset impairment charges | 5 | 105 | ||||||||||||
| (Gain) loss on asset contributions, sales and investment revaluation, net | (85) | 150 | ||||||||||||
| Other – net | 38 | (109) | ||||||||||||
| Other changes in operating assets and liabilities | (460) | 2,723 | ||||||||||||
| Net cash provided by operating activities | 1,299 | 3,956 | ||||||||||||
| Cash flows from investing activities | ||||||||||||||
| Capital expenditures | (466) | (596) | ||||||||||||
| Net assets of businesses acquired | — | (95) | ||||||||||||
| Proceeds from sales of assets, businesses and investments | 56 | 41 | ||||||||||||
| Purchases of marketable securities | — | (11) | ||||||||||||
| Proceeds from sales of marketable securities | 6 | 267 | ||||||||||||
| Other – net | 31 | 3 | ||||||||||||
| Net cash used in investing activities | (373) | (391) | ||||||||||||
| Cash flows from financing activities | ||||||||||||||
| Long-term debt payments | (5) | — | ||||||||||||
| Net repayments under lines of credit agreements | (389) | (1,057) | ||||||||||||
| Cash dividends | (510) | (495) | ||||||||||||
| Acquisition of non-controlling interest | — | (4) | ||||||||||||
| Other – net | (51) | (23) | ||||||||||||
| Net cash used in financing activities | (955) | (1,579) | ||||||||||||
| Effect of exchange rate on cash, cash equivalents, restricted cash, and restricted cash equivalents | (19) | 34 | ||||||||||||
| Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | (48) | 2,020 | ||||||||||||
| 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 | $ | 5,457 | $ | 5,944 | ||||||||||
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 $1.8 billion, calculated as cash flows provided by operating activities of $1.3 billion, adjusted for changes in working capital of $(460) million. Cash flows from operations before working capital year-to-date 2025 was $1.2 billion, calculated as cash flows provided by operating activities of $4.0 billion, adjusted for changes in working capital of $2.7 billion for year-to-date 2025.
12
Segment Operating Analysis
(unaudited)
| Quarter ended | Six months ended | ||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (in ‘000s metric tons) | |||||||||||||||||||||||
| Certain processed volumes (by commodity) | |||||||||||||||||||||||
| Oilseeds | 9,477 | 9,051 | 18,776 | 18,142 | |||||||||||||||||||
| Corn | 4,736 | 4,614 | 9,278 | 9,195 | |||||||||||||||||||
| Quarter ended | Six months ended | ||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||
| Ag Services and Oilseeds | $ | 17,916 | $ | 16,269 | $ | 33,917 | $ | 31,944 | |||||||||||||||
| Carbohydrate Solutions | 2,757 | 2,792 | 5,316 | 5,362 | |||||||||||||||||||
| Nutrition | 1,902 | 1,993 | 3,707 | 3,810 | |||||||||||||||||||
| Total Segment Revenues | 22,575 | 21,054 | 42,940 | 41,116 | |||||||||||||||||||
| Other Business | 106 | 112 | 231 | 225 | |||||||||||||||||||
| Total Revenues | $ | 22,681 | $ | 21,166 | $ | 43,171 | $ | 41,341 | |||||||||||||||
13
Total Segment Operating Profit
A Non-GAAP financial measure
(unaudited)
| Quarter ended | Six months ended | ||||||||||||||||||||||
| June 30 | June 30 | ||||||||||||||||||||||
| (In millions) | 2026 | 2025 | Change | 2026 | 2025 | Change | |||||||||||||||||
| Earnings before income taxes | $ | 1,088 | $ | 279 | $ | 809 | $ | 1,472 | $ | 632 | $ | 840 | |||||||||||
| Other Business (earnings) | (80) | (94) | 14 | (133) | (190) | 57 | |||||||||||||||||
| Corporate | 460 | 498 | (38) | 883 | 939 | (56) | |||||||||||||||||
| Specified items: | |||||||||||||||||||||||
| (Gain) on sales of assets and businesses | (21) | (8) | (13) | (83) | (8) | (75) | |||||||||||||||||
| Impairment, exit, restructuring charges, and settlement contingencies | 3 | 224 | (221) | 20 | 273 | (253) | |||||||||||||||||
| (Gain) on contract termination | — | (69) | 69 | — | (69) | 69 | |||||||||||||||||
| ADM's share of equity method investment non-recurring charges | $ | — | $ | — | $ | — | $ | 55 | $ | — | $ | 55 | |||||||||||
| Total Segment Operating Profit | $ | 1,450 | $ | 830 | $ | 620 | $ | 2,214 | $ | 1,577 | $ | 637 | |||||||||||
14
Adjusted Net Earnings and Adjusted EPS
Non-GAAP financial measures
(unaudited)
Quarter ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| In millions | Per share | In millions | Per share | In millions | Per share | In millions | Per share | ||||||||||||||||||||||
| Net earnings and reported EPS (diluted) | $ | 908 | $ | 1.87 | $ | 219 | $ | 0.45 | $ | 1,206 | $ | 2.49 | $ | 514 | $ | 1.06 | |||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
| (Gain) on sales of assets and businesses (a) | (19) | (0.04) | (6) | (0.01) | (66) | (0.13) | (6) | (0.01) | |||||||||||||||||||||
| Impairment, exit, restructuring charges, and settlement contingencies (b) | 6 | 0.01 | 291 | 0.60 | 35 | 0.07 | 334 | 0.69 | |||||||||||||||||||||
| ADM's share of equity method investment non-recurring charges (c) | — | — | — | — | 55 | 0.11 | — | — | |||||||||||||||||||||
| (Gain) on contract termination (d) | — | — | (52) | (0.11) | — | — | (52) | (0.11) | |||||||||||||||||||||
| Certain discrete tax adjustments (e) | — | — | — | — | 10 | 0.02 | — | — | |||||||||||||||||||||
| Total adjustments | (13) | (0.03) | 233 | 0.48 | 34 | 0.07 | 276 | 0.57 | |||||||||||||||||||||
| Adjusted net earnings and adjusted diluted EPS | $ | 895 | $ | 1.84 | $ | 452 | $ | 0.93 | $ | 1,240 | $ | 2.56 | $ | 790 | $ | 1.63 | |||||||||||||
(a)Current year quarter gains of $21 million ($19 million after tax) includes gains from sales of assets, tax effected using the applicable income tax rate. Current YTD gains of $83 million ($66 million after tax) includes gains from contribution of assets to joint venture arrangements, tax effected using the applicable income tax rate. Prior year quarter and YTD amounts of $8 million ($6 million after tax) were related to the gain from the sale of a facility, tax effected using the Company’s U.S. income tax rate.
(b)Current year quarter and YTD charges of $5 million and $40 million ($6 million and $35 million after tax), respectively, were primarily driven by charges related to inventory adjustments and contingent settlements, tax effected using the applicable tax rates. Prior year quarter and YTD charges of $323 million and $377 million pretax ($291 million and $334 million after tax), respectively, were primarily driven by impairment of certain investments, impairment of long lived assets and other restructuring charges pursuant to the Company’s portfolio optimization efforts, and contingent settlements, tax effected using the applicable tax rates.
(c)Current year YTD charges of $55 million were driven by the Company’s share of non-recurring charges related to provisions recorded by Wilmar.
(d)Prior year quarter and YTD gains of $69 million ($52 million after tax) relate to the recognition of income due to a cancelled contract with a cost method investee, tax effected using the applicable income tax rate.
(e)Discrete tax adjustment relates to the non-recurring impact of updated tax regulations.
15
Return on Invested Capital (ROIC) and Adjusted ROIC
Non-GAAP financial measures
(unaudited)
| Adjusted ROIC Earnings (in millions) | |||||||||||||||||||||||||||||
| Four Quarters | |||||||||||||||||||||||||||||
| Quarter Ended | Ended | ||||||||||||||||||||||||||||
| Sep. 30, 2025 | Dec. 31, 2025 | Mar. 31, 2026 | June 30, 2026 | June 30, 2026 | |||||||||||||||||||||||||
| Net earnings attributable to ADM | $ | 108 | $ | 456 | $ | 298 | $ | 908 | $ | 1,770 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
Interest expense(1) | 106 | 108 | 111 | 107 | 432 | ||||||||||||||||||||||||
| Tax on interest | (25) | (26) | (26) | (25) | (102) | ||||||||||||||||||||||||
| Total ROIC Earnings | 189 | 538 | 383 | 990 | 2,100 | ||||||||||||||||||||||||
| Other adjustments, net of tax | 341 | (35) | 47 | (13) | 340 | ||||||||||||||||||||||||
| Total Adjusted ROIC Earnings | $ | 530 | $ | 503 | $ | 430 | $ | 977 | $ | 2,440 | |||||||||||||||||||
| Adjusted Invested Capital (in millions) | |||||||||||||||||||||||||||||
| Quarter Ended | Trailing Four | ||||||||||||||||||||||||||||
| Sep. 30, 2025 | Dec. 31, 2025 | Mar. 31, 2026 | June 30, 2026 | Quarter Average | |||||||||||||||||||||||||
Equity(2) | $ | 22,494 | $ | 22,733 | $ | 22,804 | $ | 23,573 | $ | 22,901 | |||||||||||||||||||
Interest-bearing liabilities(3) | 7,956 | 8,509 | 9,426 | 8,107 | 8,500 | ||||||||||||||||||||||||
| Total Invested Capital | 30,450 | 31,242 | 32,230 | 31,680 | 31,401 | ||||||||||||||||||||||||
| Other adjustments, net of tax | 341 | (35) | 47 | (13) | 85 | ||||||||||||||||||||||||
| Total Adjusted Invested Capital | $ | 30,791 | $ | 31,207 | $ | 32,277 | $ | 31,667 | $ | 31,486 | |||||||||||||||||||
| Return on Invested Capital | 6.7 | % | |||||||||||||||||||||||||||
| Adjusted Return on Invested Capital | 7.8 | % | |||||||||||||||||||||||||||
(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
16
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 | |||||||||||||||||||||||||||||||||
| Sep. 30, 2025 | Dec. 31, 2025 | Mar. 31, 2026 | June 30, 2026 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||||||||
| Net earnings | $ | 108 | $ | 456 | $ | 298 | $ | 908 | $ | 1,770 | $ | 1,099 | |||||||||||||||||||||||
| Net earnings (loss) attributable to non-controlling interests | 2 | (2) | 5 | 4 | 9 | (11) | |||||||||||||||||||||||||||||
| Income tax expense | 37 | 22 | 81 | 176 | 316 | 319 | |||||||||||||||||||||||||||||
Interest expense(1) | 106 | 108 | 111 | 107 | 432 | 488 | |||||||||||||||||||||||||||||
Depreciation and amortization(2) | 295 | 296 | 289 | 292 | 1,172 | 1,145 | |||||||||||||||||||||||||||||
| EBITDA | 548 | 880 | 784 | 1,487 | 3,699 | 3,040 | |||||||||||||||||||||||||||||
| (Gain) on sales of assets and businesses | (31) | — | (62) | (21) | (114) | (19) | |||||||||||||||||||||||||||||
| Impairment, exit, restructuring charges, and settlement contingencies | 261 | 293 | 35 | 5 | 594 | 865 | |||||||||||||||||||||||||||||
| ADM's share of equity method investment non-recurring charges and (gains), net | 163 | (254) | 55 | — | (36) | — | |||||||||||||||||||||||||||||
| (Gain) on contract termination | — | — | — | — | — | (69) | |||||||||||||||||||||||||||||
| Expenses related to acquisitions | — | — | — | — | — | 3 | |||||||||||||||||||||||||||||
| Railroad maintenance expense | 12 | 47 | — | 1 | 60 | 64 | |||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 954 | $ | 965 | $ | 812 | $ | 1,472 | $ | 4,203 | $ | 3,884 | |||||||||||||||||||||||
(1) Represents interest expense on borrowings and therefore excludes ADM Investor Services related interest expense
(2) Excludes $3 million, $9 million, $4 million, and $1 million of accelerated depreciation recorded within restructuring charges as a specified item for the three months ended September 30, 2025, December 31, 2025, March 31, 2026, and June 30, 2026, respectively.
17