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A month has gone by since the last earnings report for Archer Daniels Midland (ADM - Free Report) . Shares have added about 10.1% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is ADM due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.

Archer Daniels Q2 Earnings Beat on Crushing and Ethanol StrengthArcher Daniels posted second-quarter 2026 adjusted earnings of $1.84 per share, up 98% year over year. The figure surpassed the Zacks Consensus Estimate of $1.42 by 29.6%. On a reported basis, earnings were $1.87 per share, substantially up from 45 cents in the year-ago quarter.

Revenues increased 7.1% to $22.68 billion and beat the consensus estimate of $22.38 billion. Results benefited from margin expansion in Ag Services and North American crushing and robust ethanol economics.  Global oilseed volumes increased roughly 5% compared with the prior-year quarter.

Total segment operating profit increased 75% year over year to $1.5 billion, reflecting broad-based growth across all three operating segments.

Archer Daniels' Revenue Mix Shows AS&O StrengthAg Services and Oilseeds revenues increased 10.1% year over year to $17.9 billion. Carbohydrate Solutions revenues declined 1.3% to $2.8 billion, while Nutrition revenues fell 4.6% to $1.9 billion. Other Business revenues decreased 5.4% to $106 million. The Zacks Consensus Estimate for revenues is pegged at $17.5 billion for Ag Services and Oilseeds, $2.9 billion for Carbohydrate Solutions and $2 billion for Nutrition.

The company processed 9.5 million metric tons of oilseeds, up 4.7% from the prior-year quarter and surpassed the Zacks Consensus Estimate of 9.3 million metric tons. Corn processing volumes rose 2.6% to 4.7 million metric tons. Higher asset utilization supported the improvement in global oilseed volumes.

ADM's Oilseeds Profit More Than DoublesAg Services and Oilseeds operating profit surged 129% to $867 million. Results included roughly $100 million of net positive mark-to-market and timing impacts, mainly within Crushing. Margin expansion in Ag Services and North American crushing provided the primary lift.

Ag Services operating profit climbed 159% to $293 million as ADM leveraged its global asset network and benefited from increased soybean exports and the return of its Barcarena, Brazil, terminal to full operations. Crushing profit substantially jumped to $363 million from $33 million, supported by stronger biofuel margins, elevated energy prices and record meal exports from Brazil and the United States.

Archer Daniels Gains From Strong Ethanol MarginsCarbohydrate Solutions operating profit increased 22% year over year to $411 million. Robust North American ethanol margins, policy incentives, elevated energy prices and lower U.S. corn prices improved ethanol’s economics relative to competing blendstocks. These conditions supported higher domestic blend rates and favorable industry exports.

Starches and Sweeteners operating profit rose 7% year over year to $326 million as stronger wet-milling ethanol margins offset lower liquid sweetener volumes and margins. Vantage Corn Processors’ profit increased 158% year over year to $85 million, aided by strengthening dry-milling ethanol margins and effective risk management.

ADM's Nutrition Recovery Builds MomentumNutrition operating profit advanced 51% year over year to $172 million, with improvement across Human Nutrition and Animal Nutrition. Human Nutrition operating profit increased 51% to $139 million, driven by Flavors growth, seasonal momentum and continued progress at the Decatur East plant.

Animal Nutrition operating profit grew 50% to $33 million. The increase reflected operational improvements and benefits from portfolio actions completed during 2025. The segment’s performance extended ADM’s recovery beyond its commodity-processing businesses.

Archer Daniels’ Other FinancialsThe company ended the quarter with cash and cash equivalents of $1.1 billion, long-term debt, including current maturities, of $7.6 billion, and shareholders’ equity of $23.6 billion. As of June 30, 2026, ADM generated $1.3 billion in cash from operating activities. It paid dividends of $510 million in the reported quarter.

Archer Daniels Raises Its 2026 OutlookADM raised its 2026 adjusted earnings guidance to approximately $5.15-$5.60 per share from the previous range of $4.15-$4.70. The revised outlook assumes year-over-year improvement in crushing and ethanol, supported by disciplined execution and a constructive margin environment.

Management tied the stronger outlook primarily to finalized renewable volume obligations under the U.S. Renewable Fuel Standard, global trade dynamics and higher energy prices. The company continues to project 2026 capital expenditures of $1.3-$1.5 billion while monitoring macroeconomic, geopolitical, policy and trade conditions.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in estimates revision.

The consensus estimate has shifted 14.23% due to these changes.

VGM ScoresCurrently, ADM has a subpar Growth Score of D, a score with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a score of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise ADM has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry PlayerADM belongs to the Zacks Agriculture - Operations industry. Another stock from the same industry, Corteva, Inc. (CTVA - Free Report) , has gained 14.4% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.

Corteva, Inc. reported revenues of $6.38 billion in the last reported quarter, representing a year-over-year change of -1.2%. EPS of $2.30 for the same period compares with $2.20 a year ago.

Corteva, Inc. is expected to post a loss of $0.42 per share for the current quarter, representing a year-over-year change of -82.6%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Corteva, Inc.. Also, the stock has a VGM Score of F.

Key Takeaways ADM raised its 2026 adjusted EPS forecast to $5.15-$5.60 after strong second-quarter results.Biofuel demand, energy prices and ethanol margins are supporting ADM's crushing and earnings momentum.ADM faces fourth-quarter crush-margin exposure alongside risks from trade, weather and energy costs. Archer Daniels Midland Company (ADM - Free Report) raised its 2026 adjusted earnings outlook following a strong second quarter, supported by robust commercial and operational execution and a constructive biofuels environment. Favorable renewable-fuel economics, elevated global energy prices and improving Nutrition performance contributed to the earnings momentum. Management expects the favorable margin backdrop across its crushing and ethanol operations to continue through the second half, providing an important foundation for the upgraded outlook.

ADM now projects 2026 adjusted EPS of $5.15-$5.60, up sharply from its previous forecast of $4.15-$4.70. In the second quarter, adjusted EPS came in at $1.84, while total segment operating profit reached $1.5 billion. AS&O operating profit surged 129% year over year to $867 million, with Crushing contributing $363 million as global crush volumes increased nearly 5%. Carbohydrate Solutions operating profit advanced 22% to $411 million, aided by strong ethanol margins.

Biofuel economics remain central to ADM's growth prospects. The finalization of renewable volume obligations for 2026 and 2027 has supported domestic biofuel demand, while elevated global energy prices have strengthened crush economics. Ethanol has also benefited from favorable domestic blending economics and competitive U.S. export conditions. ADM raised its expected 2026 net benefit from the 45Z tax credit to roughly $250 million from $150 million, reflecting greater visibility into carbon-intensity verification, ethanol production and operational improvements.

Still, sustaining the earnings momentum will depend on commodity markets, energy prices, trade flows and ADM's ability to capture favorable crush margins. North American crushing was roughly 90% locked for the third quarter but only 30% for the fourth quarter, leaving greater exposure to margin volatility later in the year. Management also flagged geopolitical tensions, weather and fluctuating energy costs as external uncertainties. Nevertheless, continued strength in biofuels, disciplined execution and improving Nutrition operations could help ADM deliver within its raised 2026 earnings range.

ADM’s Zacks Rank & Share Price PerformanceShares of this Zacks Rank #1 (Strong Buy) company have gained 15.8% in the past six months, outperforming the industry, which rose 2.1%, and the broader Consumer Staples sector, which fell 5.8%.

ADM Stock's Six-Month Performance
Image Source: Zacks Investment Research

Is ADM a Value Play Stock?From a valuation standpoint, ADM trades at a forward price-to-earnings ratio of 14.82X, higher than the industry’s average of 13.99X.

ADM P/E Ratio (Forward 12 Months)
Image Source: Zacks Investment Research

Other Stocks to ConsiderDarling Ingredients Inc. (DAR - Free Report) , which is a global developer and producer of sustainable natural ingredients, currently sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here. 

The Zacks Consensus Estimate for Darling Ingredients' current financial-year sales indicates growth of 12.7% from the prior-year level. DAR delivered a trailing four-quarter earnings surprise of 38.9%, on average.

The Coca-Cola Company (KO - Free Report) is a leading beverage company with a portfolio of 32 billion-dollar brands spanning sparkling beverages, water, sports drinks, dairy and value-added beverages. KO currently carries a Zacks Rank #2 (Buy).

The Zacks Consensus Estimate for Coca-Cola’s current fiscal-year sales and earnings implies growth of 3.8% and 9.7%, respectively, from the year-ago reported figures. Coca-Cola delivered a trailing four-quarter earnings surprise of 4.6%, on average.

Primo Brands Corporation (PRMB - Free Report) is a leading North American branded beverage company focused on healthy hydration. It currently has a Zacks Rank #2.

The Zacks Consensus Estimate for Primo Brands’ current fiscal-year sales indicates growth of 2.4% from the prior year’s reported levels. PRMB delivered a trailing four-quarter earnings surprise of 7.7%, on average.

CHICAGO--(BUSINESS WIRE)--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.”

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.

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.

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.

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.

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 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 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.

Financial Tables Follow

Source: Corporate Release

Source: ADM

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

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

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

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.

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

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

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.

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

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.

Key Takeaways Archer-Daniels-Midland is executing cost-saving initiatives across operations and customer service.ADM remains on track for $500M-$750M in cumulative cost savings over the three-to-five year period.ADM is expanding automation, AI and growth platforms to enhance efficiency and long-term returns. Archer-Daniels-Midland Company (ADM - Free Report) continues to advance multiple initiatives to improve operational efficiency and support long-term growth. The company highlighted ongoing cost-saving projects across its manufacturing operations, along with efforts to lower the cost to serve customers and strengthen organizational capabilities. The company is also investing in five growth platforms that provide a balanced mix of short-, medium- and long-term opportunities. According to management, this combination of efficiency initiatives and growth investments is expected to support a steady pace of progress in the years ahead.

The company noted that it will continue to closely monitor external factors that could influence business performance. At the same time, management remains focused on executing the cost savings program launched last year and stated that the company is on track to achieve its targeted cumulative cost savings of $500 million to $750 million over the three- to five-year period beginning in 2025.

Additionally, the company is pursuing initiatives to improve operational efficiency by targeting a meaningful reduction in transaction costs across its global operations. Management plans to achieve this through greater automation and increased use of AI to reduce manual processes, minimize errors and shorten cycle times. These initiatives also extend to supply chain management and freight and logistics networks. To sustain these technical capabilities, ADM recently established a Capability Center in India to build and maintain deep functional expertise in priority areas.

These efficiency efforts also extend to the company's supply chain management and freight and logistics networks. In addition, the company continues to invest in high-growth opportunities designed to generate long-term returns and has established a new senior innovation and growth leadership role to accelerate these initiatives across the enterprise. Overall, ADM’s disciplined execution of productivity initiatives should strengthen its competitive position, enhance operating leverage and provide a solid foundation for sustainable profitability and long-term growth.

The Zacks Rundown for ADMShares of this Zacks Rank #3 (Hold) company have gained 26.8% in the past six months compared with the industry’s growth of 18.1%.

Image Source: Zacks Investment Research

From a valuation standpoint, ADM trades at a forward price-to-earnings ratio of 17.57, higher than the industry’s average of 16.03.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for ADM’s current and next fiscal year earnings implies growth of 37.3% and 6.8%, respectively.

Image Source: Zacks Investment Research

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In the latest close session, Archer Daniels Midland (ADM - Free Report) was up +2.03% at $82.04. The stock's performance was ahead of the S&P 500's daily loss of 0.79%. Meanwhile, the Dow experienced a drop of 0.26%, and the technology-dominated Nasdaq saw a decrease of 1.55%.

Shares of the agribusiness giant have appreciated by 0.21% over the course of the past month, outperforming the Consumer Staples sector's gain of 0.06%, and lagging the S&P 500's gain of 4.28%.

The upcoming earnings release of Archer Daniels Midland will be of great interest to investors. It is anticipated that the company will report an EPS of $1.28, marking a 37.63% rise compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $22.38 billion, up 5.72% from the prior-year quarter.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $4.81 per share and revenue of $84.49 billion. These totals would mark changes of +40.23% and +5.26%, respectively, from last year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Archer Daniels Midland. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 6.4% higher. Archer Daniels Midland presently features a Zacks Rank of #2 (Buy).

With respect to valuation, Archer Daniels Midland is currently being traded at a Forward P/E ratio of 16.74. This expresses a premium compared to the average Forward P/E of 13.52 of its industry.

The Agriculture - Operations industry is part of the Consumer Staples sector. This industry currently has a Zacks Industry Rank of 109, which puts it in the top 45% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.