Archer Daniels Midland 8-K

EarningsNew guidanceRestructuring

Crush-margin weakness hits earnings; U.S. biofuel policy and margin recovery shape 2026 adjusted EPS guidance of $3.60–$4.25

Filed 2026-02-03 06:03 ET

Summary

FY2025 results with 2026 guidance. Weak crush margins, lower North American soybean exports and softer starches-and-sweeteners demand drove full-year adjusted diluted EPS down 28% Y/Y to $3.43; Nutrition segment operating profit rose 8% Y/Y as Animal Nutrition improved.

For 2026, adjusted diluted EPS guidance is $3.60-$4.25. The lower end assumes continued U.S. biofuel-policy deferral and flat crush margins; the upper end assumes crush-margin expansion, manufacturing efficiencies and stronger customer demand. ADM expects Ag Services & Oilseeds (AS&O) segment operating profit growth, relatively flat Carbohydrate Solutions profit and continued stronger organic growth in Nutrition.

Key Figures

Metric Q4 2025 FY2025
Revenue $18.6B, -14% Y/Y $80.3B, -6.1% Y/Y
Gross margin 6.5%, vs 6.3% 6.3%, vs 6.8%
Net earnings attributable to ADM $456M, -20% Y/Y $1.08B, -40% Y/Y
Adjusted net earnings, non-GAAP $422M, -23% Y/Y $1.66B, -29% Y/Y
Diluted EPS $0.94, -20% Y/Y $2.23, -39% Y/Y
Adjusted diluted EPS, non-GAAP $0.87, -24% Y/Y $3.43, -28% Y/Y
Cash provided by operating activities — $5.45B, +95% Y/Y
Cash flows from operations before working capital, non-GAAP — $2.7B, -18% Y/Y
Total segment operating profit, non-GAAP $821M, -22% Y/Y $3.24B, -23% Y/Y
  • FY AS&O segment operating profit fell 34% to $1.61B, with crushing profit down 81% to $159M as crush margins weakened and insurance proceeds declined. Carbohydrate Solutions fell 12% to $1.21B amid weaker starches-and-sweeteners demand and higher corn costs; Nutrition rose 8% to $417M, including a 66% increase in Animal Nutrition profit to $98M on improved margins and portfolio and cost-optimization efforts.
  • Specified items included a $254M non-cash gain from ADM’s share of a Wilmar transaction-related gain in Q4, partly offset by impairment, exit and restructuring charges. For FY2025, specified items totaled a net charge of $236M, primarily from impairment, exit and restructuring charges partly offset by a $91M Wilmar-related net gain.
  • Year-end cash and cash equivalents were $1.02B vs $611M; short- and long-term debt, including current maturities, totaled $8.41B vs $10.2B. ADM made no net share repurchases in 2025 vs $2.33B in 2024; average diluted shares declined to 484M from 493M. The quarterly dividend increased to $0.52 per share from $0.51, payable 3/10/2026 to shareholders of record 2/17/2026.

Guidance

Metric Period Guidance Prior Direction
Adjusted diluted EPS, non-GAAP 2026 $3.60-$4.25 — —
Capital expenditures 2026 $1.3B-$1.5B — —
Aggregate cost savings Next 3-5 years, beginning 2025 $500M-$750M — Reaffirmed

Investor Takeaways

  • Watch U.S. biofuel-policy timing and crush margins: greater policy clarity and margin expansion would support the operating improvement ADM expects in AS&O; continued deferral and flat margins would constrain it.
  • AS&O segment operating profit and global trade flows will test whether lower North American soybean exports and challenged trade flows continue to weigh on results.
  • Nutrition segment operating profit will show whether Animal Nutrition’s improved margins and the recovery in Flavors and Specialty Ingredients can sustain growth while starches-and-sweeteners demand remains soft.

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Model 005 · prompt v173 · 2026-11-03 20:18:49Z

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