Archer Daniels Midland 8-K

Summary

Q1 2026 results with raised FY2026 adjusted EPS guidance. Higher ethanol margins drove Carbohydrate Solutions, while higher Flavors sales, the ongoing Decatur East plant recovery and Animal Nutrition improvements lifted Nutrition; Ag Services & Oilseeds was weighed down by ≈$275M in net negative mark-to-market and timing impacts as commodity margins strengthened.

FY2026 adjusted EPS guidance was raised to ≈$4.15-$4.70 from $3.60-$4.25. ADM expects earnings improvement primarily in crushing and ethanol following March finalization of the 2026 and 2027 renewable volume obligations under the U.S. Renewable Fuels Standard.

Key Figures

• Segment operating profit rose 48% in Carbohydrate Solutions to $356M, on stronger ethanol margins, and 42% in Nutrition to $135M. Ag Services & Oilseeds fell 34% to $273M, primarily reflecting ≈$275M of net negative mark-to-market and timing impacts, versus ≈$22M of negative impacts a year earlier; ADM says these estimated impacts are not necessarily reflective of operating performance and are realized when the underlying positions settle.
• Ag Services operating profit rose 26% as North American exports increased, including soybean and sorghum shipments to China and strong corn exports. Oilseed tonnage produced rose 2% Y/Y, while crushing profit was pressured by the strengthening margin environment.
• Cash and cash equivalents were $591M vs $864M a year earlier. Short-term debt was $1.72B and long-term debt, including current maturities, was $7.61B, for total debt of $9.33B vs $11.1B.

Guidance

The raised earnings outlook reflects expected improvement primarily in crushing and ethanol from the finalized renewable volume obligations, alongside continued progress on company priorities.

Guidance changes, derived from earlier filings

Metric	Period	Earlier guidance	Guidance now	Change
Adjusted EPS (non-GAAP)	2026	$3.60-$4.25	≈$4.15-$4.70	raised
Capital expenditures	2026	$1.3B-$1.5B	$1.3B-$1.5B	reaffirmed

Investor Takeaways

• Crushing and ethanol segment operating profit will show whether the finalized 2026 and 2027 renewable volume obligations and constructive biofuels environment translate into the expected earnings improvement.
• Settlement of commodity inventories and contracts will show how the estimated mark-to-market and timing impacts affect results; ADM says those impacts are realized when the underlying positions settle.
• Nutrition segment operating profit will indicate whether the Decatur East recovery, higher Flavors sales and Animal Nutrition improvements continue.