01—Abstract
Summary
Summary of the 10-Q filed November 3, 2026. Cited figures are marked; the original filing is the authoritative source.
Archer-Daniels-Midland Company (ADM) reported a significant increase in financial performance for the nine months ended September 30, 2026, compared to the same period in 2025.
Earnings Before Income Taxes surged from $779 million to $2.5 billiona, driven by improved operational execution across all segments, particularly Ag Services and Oilseeds and Carbohydrate Solutions. This growth was fueled by a constructive pricing environment, supportive policy incentives, and benefits from renewable fuel economics. The company also saw a substantial increase in total segment operating profit, rising from $2.4 billion to $3.6 billion, reflecting strong performance in its core business segments.
Revenues grew by $3.8 billionb, primarily due to higher sales prices in the Ag Services and Oilseeds segment and increased sales in the Carbohydrate Solutions segment. ADM continues to focus on improving manufacturing costs, reducing transaction costs through digitalization, and investing in high-growth opportunities in nutrition and biosolutions.
02—Key points
Key Highlights
- Net earnings attributable to Archer-Daniels-Midland Company increased significantly to $2.03 billion for the nine months ended September 30, 2026, up from $622 million in the prior year period.
- Total revenues for the nine months ended September 30, 2026, reached $65.5 billion, a notable increase from $61.7 billion in the comparable period of 2025.
- The Ag Services and Oilseeds segment demonstrated robust performance, with segment operating profit increasing by $748 million year-over-year, driven by strong crush margins and improved export execution.
- Carbohydrate Solutions segment operating profit grew by 36% to $1.24 billion, boosted by improved ethanol margins and effective risk management.
- The Nutrition segment also saw a 30% increase in segment operating profit, reaching $441 million, supported by higher flavor sales, margins, and portfolio actions.
- ADM's effective tax rate decreased to 17.3% for the nine months ended September 30, 2026, from 20.5% in the prior year, largely due to non-taxable benefits from Section 45Z policy incentives.
- The company reported strong cash flow from operating activities of $1.8 billion for the nine months ended September 30, 2026, although lower than the prior year's $5.8 billion, mainly due to changes in net working capital.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2026filed November 3, 2026Financial Statements
Q3 FY2026 against Q3 FY2025
| Line item | Q3 FY2026Q3 FY2025 | Change |
|---|---|---|
| Revenue | $22.34B$20.37B | +9.6% |
| Cost of Revenue | $20.45B$19.10B | +7.1% |
| Gross Profit | $1.89B$1.27B | +48.5% |
| SG&A Expenses | $946.00M$873.00M | +8.4% |
| Interest Expense | $165.00M$153.00M | +7.8% |
| Net Income | $821.00M$108.00M | +660.2% |
| EPS (Basic) | $1.70$0.22 | +672.7% |
| EPS (Diluted) | $1.70$0.22 | +672.7% |
| Shares Outstanding (Basic) | 484.00M484.00M | 0.0% |
| Shares Outstanding (Diluted) | 484.00M484.00M | 0.0% |
05—Questions
Frequently Asked Questions
What was the primary driver of the significant increase in net earnings for ADM?
The significant increase in net earnings was primarily driven by improved operational execution across all reportable segments, especially Ag Services and Oilseeds and Carbohydrate Solutions. A constructive pricing environment, supportive policy incentives (like Section 45Z), and favorable renewable fuel economics also played a crucial role.
How did the company's different segments perform during the nine-month period?
The Ag Services and Oilseeds segment saw a substantial increase in operating profit due to strong crush margins and export execution. Carbohydrate Solutions benefited from improved ethanol margins and effective risk management. The Nutrition segment also showed growth driven by higher flavor sales, margins, and strategic portfolio actions.
What is the company's outlook on liquidity and capital resources?
ADM maintains sufficient liquidity through cash generated from operations and credit facilities. As of September 30, 2026, the company had total available liquidity of $9.9 billion, comprising cash, cash equivalents, and unused lines of credit, which is expected to be sufficient for its ongoing liquidity requirements for at least the next twelve months.
Are there any significant legal proceedings that investors should be aware of?
ADM is involved in ongoing legal proceedings, including putative class actions related to commodities trading and shareholder litigation. While the company denies liability and is vigorously defending itself, it is unable to predict the final outcome with certainty. However, based on current information, the company believes these matters will not have a material adverse effect on its financial condition, results of operations, or cash flows.
06—Continue