Archer Daniels Midland Company (ADM) Q3 2026 earnings summary

Executive summary

• Q3 adjusted EPS was $1.77 vs. $0.92; reported diluted EPS was $1.70 vs. $0.22, and net earnings were $821M vs. $108M.

• Total segment operating profit rose 64% YoY to $1.382B, with growth across all three segments.

• FY26 adjusted EPS guidance rose to $5.50–$5.80 from $5.15–$5.60; this was the third increase in 2026.

• YTD operating cash flow before working capital was $3.013B vs. $2.087B; trailing four-quarter adjusted ROIC was 9.0%.

Financial highlights

• Q3 revenue was $22.335B vs. $20.372B; gross profit was $1.886B vs. $1.270B.

• Nine-month revenue was $65.506B vs. $61.713B; net earnings were $2.027B vs. $622M.

• Nine-month diluted EPS was $4.18 reported and $4.33 adjusted, vs. $1.29 and $2.56, respectively.

• Q3 adjusted EBITDA was $1.526B vs. $954M; nine-month adjusted EBITDA was $3.810B vs. $2.692B.

Outlook and guidance

• FY26 capital expenditure outlook fell to $1.2B–$1.3B from $1.3B–$1.5B, prioritizing high-return projects.

• Q4 operating profit improvement YoY is expected across all segments; guidance excludes new mark-to-market and timing impacts.

• 2026 net benefit expectation from Section 45Z increased to ~$350M from ~$250M.

• 2027 fundamentals are viewed as broadly similar to 2026, with constructive biofuels demand and margins and further Nutrition growth.

• Cost-savings target remains $500M–$750M over three to five years, beginning in 2025.