Archer Daniels Midland Company (ADM) Q4 2025 earnings summary

Executive summary

• Q4 2025 adjusted EPS was $0.87, down 24% year-over-year; full-year adjusted EPS was $3.43, down 28% year-over-year, with total segment operating profit of $821 million for Q4 and $3.2 billion for the year.

• Achieved $200 million in cost savings, executed over 20 portfolio optimization projects, and commenced a joint venture with Alltech.

• Restored Decatur East plant operations, reached lowest injury rate in company history, and advanced decarbonization with new carbon capture infrastructure.

• Closed government investigations related to prior intersegment sales reporting and remediated material weakness in segment disclosures.

• Paid 376th consecutive quarterly dividend, announced a 2% increase, and realized $1.5 billion cash flow benefit from inventory reduction.

Financial highlights

• FY 2025 revenue was $80.3 billion, down $5.3 billion from 2024; Q4 2025 revenue was $18.6 billion, down $2.9 billion year-over-year.

• FY 2025 net earnings attributable to shareholders were $1.08 billion, down from $1.8 billion in 2024; diluted EPS was $2.23, down from $3.65.

• Adjusted EBITDA for FY 2025 was $3.7 billion, down from $4.5 billion in 2024.

• Cash flows from operations before working capital were $2.7 billion in 2025.

• Restricted cash increased by $1.2 billion to $4.5 billion, mainly driven by ADMIS.

Outlook and guidance

• 2026 adjusted EPS guidance is $3.60–$4.25, reflecting growth over 2025 and dependent on biofuel policy clarity and market response.

• Segment operating profit for Ag Services & Oilseeds is projected to grow, Carbohydrate Solutions to remain flat, and Nutrition to continue organic growth.

• Capital expenditures for 2026 projected at $1.3–$1.5 billion.

• Targeting aggregate cost savings of $500–$750 million over 3–5 years, started in 2025.

• Adjusted net debt/EBITDA targeted at ~2.0x for 2026.