Key Highlights

  • Adjusted EPS of USD 1.77 beat the consensus estimate of USD 1.60, while GAAP EPS was USD 1.70.
  • Revenue of USD 22.34 billion rose from USD 20.37 billion but missed the consensus estimate of USD 23.27 billion.
  • Total segment operating profit jumped 64% to USD 1.382 billion, led by a 105% gain in oilseeds.
  • Full year adjusted EPS guidance rose to USD 5.50 to 5.80 from USD 5.15 to 5.60, with Capital spending lowered.

Archer-Daniels-Midland Company (NYSE:ADM) reported third quarter 2026 adjusted EPS of USD 1.77, up from USD 0.92 a year earlier and above a consensus estimate of USD 1.60. GAAP EPS was USD 1.70 compared with USD 0.22, and net Earnings were USD 821 million, with adjusted net earnings of USD 858 million. Revenue of USD 22.34 billion exceeded the USD 20.37 billion booked a year earlier but came in below a consensus estimate of USD 23.27 billion. Earnings before income taxes reached USD 997 million against USD 147 million in the prior year quarter.

Crushing and Ethanol Margins Drive Segment Profit

Ag Services and Oilseeds operating profit more than doubled to USD 778 million from USD 379 million, including about USD 35 million of net positive mark-to-market and timing effects. Crushing profit rose USD 298 million to USD 311 million in a North American biofuels Margin environment supported by the renewable Volume obligation policy finalized in March and higher global energy prices, while Ag Services profit fell 9% to USD 172 million. Carbohydrate Solutions profit rose 40% to USD 470 million as Vantage Corn Processors added USD 103 million on stronger ethanol margins, and Nutrition profit edged up 3% to USD 134 million. Chair of the Board and Chief Executive Officer Juan Luciano attributed the results to the biofuels environment, the company North American footprint and good execution. Net specified item charges were USD 36 million.

Updated Guidance and Capital Spending

The company now targets 2026 adjusted EPS of approximately USD 5.50 to 5.80, up from a prior range of USD 5.15 to 5.60, reflecting year over year operating profit improvement in all segments in the fourth quarter. Capital expenditures are now projected at USD 1.2 to 1.3 billion, revised from USD 1.3 to 1.5 billion. The company said it continues to monitor macroeconomic, geopolitical, policy and trade conditions. In South America, crush margins were pressured by a delay in Brazil biofuels policy changes, and liquid sweetener margins and volumes stayed soft within Starches and Sweeteners. Human Nutrition profit slipped 3% on unplanned downtime, input cost Inflation and softness in Biotics.

Full Year Guidance Against Year to Date Results

Year to date adjusted EPS stands at USD 4.33, which leaves a gap of USD 1.17 to 1.47 to reach the new USD 5.50 to 5.80 range, against USD 1.77 earned in the third quarter. Year to date GAAP EPS is USD 4.18 against USD 1.29 a year earlier. Nine month segment operating profit of USD 3.595 billion compares with USD 2.422 billion. Cash and cash equivalents were USD 711 million against USD 1,235 million a year earlier, short term Debt was USD 1,156 million against USD 246 million, and nine month outflows included USD 764 million of dividends and USD 358 million of share repurchases.