ADM Reports Strong Q3 2026 Results and Raises Full-Year Adjusted EPS Guidance

Archer-Daniels-Midland Co (NYSE: ADM) Q3 2026 Earnings & Outlook Update

Executive Summary

On November 3, 2026, Archer-Daniels-Midland Company reported third quarter 2026 financial results, highlighted by strong year-over-year earnings expansion and an upward revision to full-year 2026 guidance. Net earnings reached $821 million with adjusted net earnings of $858 million, driven by favorable North American biofuels market conditions, strong domestic demand resulting from the Renewable Volume Obligation (RVO) policy, and robust operational execution.

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Key Financial Highlights

• Diluted EPS (GAAP): $1.70 (up $1.48 from $0.22 in Q3 2025)
• Adjusted Diluted EPS: $1.77 (up 92% from $0.92 in Q3 2025)
• Earnings Before Income Taxes: $997 million (vs. $147 million in Q3 2025)
• Total Segment Operating Profit: $1,382 million (+64% YoY from $845 million)
• Year-to-Date Performance:
  • GAAP EPS: $4.18 (vs. $1.29 in YTD 2025)
  • Adjusted EPS: $4.33 (vs. $2.56 in YTD 2025, +69% YoY)
  • Segment Operating Profit: $3,595 million (+48% YoY)

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Segment Breakdown (Q3 2026)

1. Ag Services & Oilseeds (AS&O):

   • Operating Profit: $778 million (+105% YoY)
   • Crushing: Operating profit surged by $298 million to $311 million, propelled by favorable North American biofuels margins and a 1.6% increase in global crush production volumes.
   • Refined Products and Other: Grew 82% YoY to $218 million, supported by North American biodiesel margins.
   • Ag Services: Decreased 9% to $172 million due to lower margins in certain global supply chain channels, partially offset by North American export strength.
   • Wilmar: Equity earnings rose 38% to $77 million.

2. Carbohydrate Solutions:

   • Operating Profit: $470 million (+40% YoY)
   • Starches and Sweeteners: Increased 11% to $324 million, driven by strong ethanol margins.
   • Vantage Corn Processors: Rose to $146 million (+240% YoY) on robust ethanol margins and strong export demand.

3. Nutrition:

   • Operating Profit: $134 million (+3% YoY from $130 million).

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Full-Year 2026 Guidance Update

• Adjusted EPS: Raised to $5.50–$5.80 (prior guidance: $5.15–$5.60).
• Capital Expenditures: Reduced to $1.2–$1.3 billion (prior range: $1.3–$1.5 billion), underscoring disciplined capital allocation.
• Q4 Outlook: Management expects continued year-over-year operating profit growth across all operating segments in the fourth quarter.