01—Abstract
Summary
Summary of the 10-Q filed May 5, 2026. Cited figures are marked; the original filing is the authoritative source.
Archer-Daniels-Midland Co. (ADM) reported solid financial results for the first quarter of 2026, with revenues reaching $20.49 billiona, a slight increase from $20.18 billion in the same period last year.
Net earnings attributable to ADM were $298 millionb, or $0.62 per diluted share, showing modest growth from the prior year's $295 million, or $0.61 per diluted share. The company demonstrated improved profitability in its Carbohydrate Solutions and Nutrition segments, although the Ag Services and Oilseeds segment experienced a decline in operating profit due to negative mark-to-market and timing impacts. Despite these fluctuations, ADM's overall performance indicates resilience and continued strategic execution in a dynamic market environment.
02—Key points
Key Highlights
- Revenues increased by 1.6% year-over-year to $20.49 billion, driven by higher sales prices across segments.
- Net earnings attributable to ADM grew slightly to $298 million ($0.62/share) from $295 million ($0.61/share) in the prior year's quarter.
- Segment operating profit increased by $17 million to $764 million, primarily due to strong performance in Carbohydrate Solutions and Nutrition segments.
- The Ag Services and Oilseeds segment saw a decrease in operating profit driven by negative mark-to-market and timing impacts, despite higher overall revenues.
- The company generated positive cash flow from operations of $150 million, an improvement from a $342 million outflow in the prior year period.
- ADM continues to manage its capital effectively, with $8.4 billion in unused lines of credit, providing significant financial flexibility.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2026filed May 5, 2026Financial Statements
Q1 FY2026 against Q1 FY2025
| Line item | Q1 FY2026Q1 FY2025 | Change |
|---|---|---|
| Revenue | $20.49B$20.18B | +1.6% |
| Cost of Revenue | $19.27B$19.00B | +1.4% |
| Gross Profit | $1.22B$1.18B | +3.6% |
| SG&A Expenses | $961.00M$932.00M | +3.1% |
| Interest Expense | $149.00M$158.00M | −5.7% |
| Net Income | $298.00M$295.00M | +1.0% |
| EPS (Basic) | $0.62$0.61 | +1.6% |
| EPS (Diluted) | $0.62$0.61 | +1.6% |
| Shares Outstanding (Basic) | 484.00M483.00M | +0.2% |
| Shares Outstanding (Diluted) | 484.00M483.00M | +0.2% |
05—Questions
Frequently Asked Questions
What was the primary driver of revenue growth in the first quarter of 2026?
Revenue growth was primarily driven by higher sales prices across segments, totaling $743 million, which more than offset a decrease in sales volumes of $428 million. The Ag Services and Oilseeds segment saw notable increases in sales prices for soybeans, oils, and biodiesel.
How did the company's profitability differ across its business segments?
Profitability varied by segment. The Carbohydrate Solutions segment showed significant improvement in operating profit due to higher ethanol margins and effective risk management. The Nutrition segment also saw increased operating profit from strong performance in both Human and Animal Nutrition subsegments. However, the Ag Services and Oilseeds segment experienced a decline in operating profit, largely due to negative mark-to-market and timing impacts.
What is the company's outlook on liquidity and financial flexibility?
ADM maintains a strong liquidity position, with $9.0 billion in total available liquidity comprising cash, cash equivalents, and unused lines of credit. The company has $8.4 billion in unused credit facilities and $591 million in cash and cash equivalents, indicating sufficient resources to meet its ongoing liquidity requirements for at least the next twelve months.
06—Continue