Archer Daniels Midland 8-K

Summary

Q2 2026 results with raised FY2026 adjusted EPS guidance. Growth across ADM’s segments was driven by strong crushing and ethanol margins in a constructive biofuels environment, alongside Flavors-led momentum in Nutrition. FY2026 adjusted EPS guidance rose to approximately $5.15–$5.60 from $4.15–$4.70, reflecting expected improvement in crushing and ethanol and continued progress in Nutrition.

Key Figures

• Agriculture Services and Oilseeds operating profit rose 129% to $867M. Crushing profit was $363M vs $33M, supported by a better margin environment and oilseed volumes up approximately 5%; results included around $100M of net positive mark-to-market and timing impacts. Ag Services also benefited from the return to full operations of ADM’s Barcarena grain export terminal in Brazil and higher soybean exports.
• Carbohydrate Solutions profit increased 22% to $411M as policy incentives and the RVO supported ethanol margins. Nutrition profit rose 51% to $172M, with Human Nutrition gains led by Flavors and progress at the Decatur East plant; Animal Nutrition also improved on operational gains and portfolio actions.
• H1 operating cash flow was lower as working capital used $460M, versus providing $2.72B in H1 2025. Cash flows from operations before working capital, a non-GAAP cash-generation measure, were $1.8B vs $1.2B.

Guidance

Guidance changes, derived from earlier filings

Metric	Period	Earlier guidance	Guidance now	Change
Adjusted diluted EPS (non-GAAP)	FY2026	≈$4.15-$4.70	≈$5.15–$5.60	raised
Capital expenditures	FY2026	$1.3B-$1.5B	$1.3B–$1.5B	reaffirmed

Investor Takeaways

• Crushing and ethanol margins will test whether the constructive biofuels environment supports the expected earnings improvement in the second half; continued performance beyond Q2 crushing profit of $363M would support the raised outlook.
• Nutrition’s follow-through, particularly Flavors and the Decatur East plant, will show whether the momentum behind its 51% Q2 profit growth continues.