Results
ADM Reports Second Quarter 2026 Results
Reports second quarter 2026 EPS 2 of $1.87 and adjusted EPS 1,2 of $1.84
Outlook
1Raises full-year 2026 adjusted EPS guidance on strong commercial and operational execution, constructive biofuels environment, and momentum in NutritionGuidance raised
Results
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.
Net earnings of $908 million, with adjusted net earnings 1 of $895 million
EPS 2 of $1.87, with adjusted EPS 1,2 of $1.84
Outlook
2026 Outlook 3 :
3ADM now expects 2026 adjusted EPS 1,2 of approximately $5.15 to $5.60, up from the prior adjusted EPS 1,2 guidance range of $4.15 to $4.70Guidance raised
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.Guidance raised
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 billionGuidance reaffirmed
Management commentary
"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.”Guidance raised
Results
Second Quarter and Year-to-Date 2026 Results
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.
EPS 2 on a GAAP basis was $1.87, representing an increase of $1.42 compared to the prior year quarter EPS of $0.45.
Adjusted EPS 1,2 was $1.84, an increase of $0.91 compared to the prior year quarter of $0.93.
7Total second quarter segment operating profit 1 was $1.5 billion, an increase of 75% compared to the prior year quarter.
This excludes net specified item gains of $18 million.
5Earnings before income taxes were $1.5 billion year-to-date in 2026, compared to the prior year period of $632 million.
4Total segment operating profit 1 was $2.2 billion year-to-date in 2026, up 40% versus the prior year period.
2EPS 2 on a GAAP basis was $2.49, up $1.43 versus the prior year period, and adjusted EPS 1,2 was $2.56, up $0.93 versus the prior year period.
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.
6Current 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.
Equity earnings from the company’s investment in Wilmar were approximately 22% lower compared to the prior year quarter.
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 $52 million compared to the prior year quarter, as ADM’s corn dry-milling ethanol operations benefited from strengthening ethanol margins, supported by policy incentives and effective risk management.
2Q26 Carbohydrate Solutions Overview
($ in millions)2Q 20262Q 2025% Change
Segment Operating Profit$411$33722%
Starches and Sweeteners3263047%
Vantage Corn Processors8533158%
YTD 2026 Carbohydrate Solutions Overview
($ in millions)YTD 2026YTD 2025% Change
Segment Operating Profit$767$57633%
Starches and Sweeteners5555119%
Vantage Corn Processors21265NM 1
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.
8Animal 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.
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.
Segment Operating Profit and Corporate Results
(unaudited)
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