Archer Daniels Midland 8-K
PositiveEarningsGuidance raised
North American biofuels margins drive a crushing rebound; FY2026 adjusted EPS outlook raised to ≈$5.50–$5.80
Filed 2026-11-03 08:10 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q3 2026 results with an updated FY2026 outlook. Constructive North American biofuels margins, supported by domestic demand and higher global energy prices, helped drive a 64% Y/Y increase in total segment operating profit; operating profit grew across all three segments.
ADM raised its FY2026 adjusted EPS outlook and lowered its capital expenditure outlook, citing expected Y/Y operating profit improvement in every segment in Q4 and continued prioritization of high-return investments.
Key Figures
| Metric | Q3 2026 | YTD 2026 |
|---|---|---|
| Revenue | $22.3B, +10% Y/Y | $65.5B, +6% Y/Y |
| Gross margin | 8.4%, vs 6.2% | 7.7%, vs 6.2% |
| Earnings before income taxes | $997M, vs $147M | $2.47B, vs $779M |
| Total segment operating profit, non-GAAP | $1.38B, +64% Y/Y | $3.60B, +48% Y/Y |
| Net earnings attributable to ADM | $821M, +660% Y/Y | $2.03B, +226% Y/Y |
| Adjusted net earnings, non-GAAP | $858M, +92% Y/Y | $2.10B, +69% Y/Y |
| Diluted EPS | $1.70, vs $0.22 | $4.18, vs $1.29 |
| Adjusted diluted EPS, non-GAAP | $1.77, +92% Y/Y | $4.33, +69% Y/Y |
| Operating cash flow | — | $1.79B, vs $5.77B |
- Agriculture Services and Oilseeds operating profit rose 105% to $778M. Crushing profit was $311M vs $13M as North American biofuels margins benefited from domestic demand following the March renewable-fuel obligation policy finalization and higher global energy prices. Ag Services profit fell 9%, partly offset by higher North American corn and soybean exports.
- Carbohydrate Solutions profit increased 40% to $470M, with ethanol margins, policy incentives and demand lifting results. Nutrition profit rose 3% to $134M: animal nutrition increased 21% amid operational improvements, while human nutrition declined 3% amid downtime, input-cost inflation and softness in biotics.
- YTD operating cash flow was lower as working-capital changes were $(1.23)B, versus a $3.68B source in YTD 2025; cash flow before working capital, a non-GAAP measure, was $3.0B vs $2.1B. ADM repurchased $358M of shares YTD; diluted weighted-average shares were 485M vs 484M. At 9/30/2026, cash and cash equivalents were $711M, short-term debt $1.16B and long-term debt, including current maturities, $7.58B.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Adjusted diluted EPS, non-GAAP | FY2026 | ≈$5.50-$5.80 | $5.15-$5.60 | Raised |
| Capital expenditures | FY2026 | $1.2B-$1.3B | $1.3B-$1.5B | Lowered |
Investor Takeaways
- Track segment operating profit in Q4, particularly in crushing and refined products, to see whether the expected Y/Y improvement across all segments is supported by continued North American biofuels margins.
- ADM cited macroeconomic, geopolitical, policy and trade conditions as factors it continues to monitor; changes in those conditions could affect the outlook and investment environment.
The summary is written by an AI model reading the filing.
Model 005 · prompt v173 · 2026-11-03 20:10:02Z