Earnings

ADM Raises 2026 Profit Outlook To $5.50-$5.80 A Share As Crushing Profit Jumps To $311 Million

The grain processor also trimmed 2026 capital spending to $1.2 billion to $1.3 billion after third-quarter adjusted EPS of $1.77.

Matteo Parrino Jonathan Ponciano

Matteo Parrino, Jonathan Ponciano

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ADM Raises 2026 Profit Outlook To $5.50-$5.80 A Share As Crushing Profit Jumps To $311 Million

Archer-Daniels-Midland, which buys crops from farmers and processes them into food, feed, fuel and industrial ingredients, raised its 2026 adjusted earnings forecast to about $5.50 to $5.80 a share on Tuesday. The previous range was $5.15 to $5.60, and the lift follows a third quarter in which biofuel demand drove a surge in oilseed crushing profit.

A quarter built on biofuel margins

ADM reported third-quarter earnings of $1.70 a share, up from $0.22 a year earlier, on net earnings of $821 million. Adjusted earnings came to $1.77 a share versus $0.92, or $858 million in adjusted net earnings. Revenue was $22,335 million, against $20,372 million a year ago.

Total segment operating profit rose 64% to $1,382 million from $845 million. Ag Services and Oilseeds profit rose 105% to $778 million, from $379 million.

Crushing, which turns soybeans and other oilseeds into oil and meal, earned $311 million, up from $13 million. ADM said the business benefited from higher domestic demand tied to the Renewable Volume Obligation policy finalized in March, along with higher global energy prices. Crush margins in South America were pressured by a delay in Brazil's biofuels policy changes.

Refined Products and Other profit rose 82% to $218 million, helped by North American biodiesel margins. Ag Services slipped 9% to $172 million.

Ethanol and nutrition

Carbohydrate Solutions profit rose 40% to $470 million. Vantage Corn Processors, ADM's ethanol-focused unit, earned $146 million versus $43 million, on strong ethanol margins that included policy incentives. Starches and Sweeteners rose 11% to $324 million even as liquid sweetener margins and volumes stayed soft.

Nutrition edged up 3% to $134 million. Human Nutrition fell 3% to $93 million on unplanned downtime, input cost inflation and softness in Biotics, while Animal Nutrition rose 21% to $41 million.

Guidance and spending

ADM expects fourth-quarter operating profit to improve year over year in all segments, which underpins the higher forecast. Capital spending is now projected at $1.2 billion to $1.3 billion, down from $1.3 billion to $1.5 billion.

For the first nine months, adjusted EPS was $4.33 and operating cash flow was $1.8 billion, down from $5.8 billion a year earlier.

"These results were driven by a constructive biofuels environment combined with our extensive North American footprint," said Juan Luciano, ADM's chair and chief executive.

ADM hosted a webcast at 7:30 a.m. Central on Tuesday to walk through the results and outlook.

Sources

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