Archer Daniels Midland (ADM) Q3 2026 Earnings Report
MX:ADM Q3 2026 EPS Results
- Actual EPS
- MXN 32.89
- Consensus EPS
- MXN 29.79
- Beat/Miss
- Beat by +MXN 3.10
- One Year Ago EPS
- MXN 17.09
MX:ADM Q3 2026 Revenue Results
- Actual Revenue
- MXN 415.00B
- Expected Revenue
- MXN 432.31B
- Beat/Miss
- Missed by -MXN 17.31B
- YoY Revenue Growth
- +9.53%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/03/2026
- Time
- Before Open
- Conference Call
- Tuesday, November 3, 2026
Archer Daniels Midland's next earnings date is estimated for January 26, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive. ADM reported substantial year-over-year earnings growth, raised full-year EPS guidance for the third time, generated approximately $3 billion of year-to-date operating cash flow before working capital changes, resumed share repurchases, and highlighted improving results in crushing, ethanol, Flavors, and Animal Nutrition. The company also described multiple organic-growth opportunities and a constructive 2027 outlook. These positives outweighed declines in Ag Services and Nutrition revenue, operational downtime, ongoing liquid-sweetener pressure, seasonal factors, and expected higher corporate and interest costs.
ADM raised 2026 adjusted EPS guidance to a range of $5.50 to $5.80, up from the previous range of $5.15 to $5.60, and expects 2026 capital expenditures in the range of $1.2 billion to $1.3 billion, down from the prior range of $1.3 billion to $1.5 billion. For 2026, it expects the constructive biofuels environment to drive strong year-over-year growth in the fourth quarter, strength in ethanol margins, including policy incentives to continue to more than offset softness primarily in liquid sweeteners, a net benefit from 45Z of approximately $350 million, up from approximately $250 million, and good year-over-year growth in Nutrition, while Corporate costs are expected to be higher than in 2025. ADM remains on track to achieve its targeted aggregate cost savings of $500 million to $750 million. For 2027, ADM expects biofuels demand and margins to remain favorable, another year of growth in nutrition, and conditions somewhere in the range of what '26 was plus/minus a little bit depending on the condition; capital expenditures should be something between $1.2 billion and $1.5 billion in our future.
- Strong Third-Quarter Earnings GrowthADM reported adjusted earnings per share of $1.77 and total segment operating profit of $1.4 billion for the third quarter of 2026. Total segment operating profit increased 64% year-over-year, and adjusted EPS was described as up 92%.
- Raised Full-Year 2026 EPS GuidanceADM raised its full-year 2026 adjusted EPS guidance for the third time this year to a range of $5.50 to $5.80, up from the previous range of $5.15 to $5.60. The increase reflects year-to-date performance and expectations for the fourth quarter.
- Cash Generation and Balance-Sheet StrengthYear-to-date cash flow from operations before working capital changes was approximately $3 billion. Adjusted return on invested capital over the trailing four quarters was 9%, and net leverage was 1.5x at the end of September.
- Capital Returns ContinuedADM paid approximately $254 million in dividends during the quarter, marking its 379th consecutive quarterly dividend. The company also resumed opportunistic share repurchases, buying back approximately $360 million of shares.
- Ag Services and Oilseeds Profit SurgeAS&O segment operating profit was $778 million, up 105% year-over-year. The results included approximately $35 million of net positive mark-to-market and timing impacts, including approximately $45 million of net positive impacts in Refined Products and Other.
- Crushing Benefited from Biofuels EnvironmentCrushing operating profit was $311 million, an increase of approximately $300 million from the prior-year quarter. Results benefited from a constructive North American biofuels margin environment driven by higher domestic demand from the finalized RVO policy, higher global energy prices, increased global crush volumes, and strong soybean meal demand.
- Higher Crush Volumes and South American RecordGlobal crush volumes increased 1.6% year-over-year, and ADM's South American team delivered a record quarter for soybean crush volumes.
- Refined Products and Wilmar Earnings GrowthRefined Products and Other operating profit was $218 million, up 82% year-over-year, primarily due to favorable North American biodiesel margins, higher domestic demand from RVO policy finalization, higher global energy prices, and mark-to-market and timing impacts. Equity earnings from Wilmar were $77 million, up 38% year-over-year.
- Carbohydrate Solutions GrowthCarbohydrate Solutions segment operating profit was $470 million, up 40% year-over-year. Starches and Sweeteners operating profit increased 11% to $324 million, while Vantage Corn Processors operating profit was $146 million, a $103 million increase from the prior-year quarter.
- Ethanol Margins and 45Z BenefitsStrong ethanol margins, including policy incentives, more than offset ongoing pressure in liquid sweetener margins and volumes. ADM raised its expected 2026 net benefit from 45Z to approximately $350 million, up from prior expectations of approximately $250 million.
- Carbon Sequestration ProgressADM sequestered approximately 300,000 metric tons of carbon dioxide during the third quarter and close to 1 million metric tons year-to-date.
- Nutrition Profitability ImprovedNutrition segment operating profit was $134 million, up 3% year-over-year. Flavors delivered operating profit growth, and Animal Nutrition operating profit increased 21% to $41 million, primarily due to ongoing improvements and benefits from portfolio actions taken during 2025.
- Nutrition Underlying Growth and Regional MomentumManagement said Nutrition grew 13% in the quarter when adjusted for an insurance recovery in the prior-year quarter. Flavors performance was described as strong, including spectacular performance in Europe and the Middle East, while Asia continued to win customers.
- Cost-Savings Program Remains on TrackADM said its enterprise-wide cost-savings program, which has a targeted aggregate cost savings of $500 million to $750 million, remains on track. The company achieved significant savings in 2025, and momentum continued into 2026.
- Disciplined Capital Allocation and Lower 2026 CapExADM invested $773 million through the first nine months of 2026 and reduced its 2026 capital-expenditure expectation to $1.2 billion to $1.3 billion from the prior range of $1.3 billion to $1.5 billion. Management said capital is being prioritized toward projects with the strongest returns, including debottlenecking and facility expansions.
- CJ Amino-Acid Joint Venture PlannedADM announced plans to form a joint venture with CJ combining its Decatur, Illinois, amino-acid facility with select CJ assets. Management said the venture is designed to create a more cost-competitive, reliable, and long-term U.S. source of feed-grade amino acids, particularly lysine.
- Natural Colors Growth OpportunityADM said the opportunity in U.S. natural colors remains robust and maintained its target of $80 million to $100 million of annual operating-profit uplift over time in Nutrition as customers launch products with natural colors.
- Precision Fermentation PlatformADM is developing precision-fermentation applications for animal-free meat-like proteins for pet food, egg-white ingredient alternatives, and whey alternatives. The company said it has customer and technology partnerships and advantages from commercial-scale dextrose access, existing fermentation assets, R&D expertise, supply-chain capabilities, and customer relationships.
- Existing Assets Support Organic GrowthADM plans targeted organic investment in near-term opportunities such as debottlenecking and expanding domestic crush and ethanol facilities, as well as longer-term pathways including precision fermentation and natural colors. Management also highlighted automation, digitalization, AI, and data analytics as areas of continued investment.
- Voluntary Carbon-Removal InitiativeADM plans to enter the voluntary carbon-removal market through its Columbus, Nebraska, corn-processing complex. The facility has the capacity to capture and permanently store more than 800,000 tons per year of biogenic CO2, with initial credit issuance expected by year-end 2026, subject to certification and verification.
- Constructive 2027 Market OutlookManagement said it views 2027 with optimism and expects market fundamentals to be broadly similar to 2026, including favorable biofuels demand and margins, continued demand for ethanol, another year of Nutrition growth, and opportunities arising from supply-chain disruptions.
MX:ADM Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 26, 2027 | 2026 (Q4) | 25.64- | 16.17 | ― | ― |
| Nov 03, 2026 | 2026 (Q3) | 29.7932.89 | 17.09 | 92.39% (+15.79) | |
| Aug 04, 2026 | 2026 (Q2) | 27.7034.19 | 17.28 | 97.85% (+16.91) | |
| May 05, 2026 | 2026 (Q1) | 11.9113.19 | 13.01 | 1.43% (+0.19) | |
| Dec 31, 2025 | 2025 (Q4) | 14.8116.17 | 21.18 | -23.68% (-5.02) | |
| Nov 04, 2025 | 2025 (Q3) | 15.7817.09 | 20.25 | -15.60% (-3.16) | |
| Aug 05, 2025 | 2025 (Q2) | 15.1817.28 | 19.14 | -9.71% (-1.86) | |
| May 06, 2025 | 2025 (Q1) | 12.3213.01 | 27.13 | -52.05% (-14.12) | |
| Feb 04, 2025 | 2024 (Q4) | 21.2021.18 | 25.27 | -16.18% (-4.09) | |
| Nov 18, 2024 | 2024 (Q3) | 22.1920.25 | 30.29 | -33.13% (-10.03) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
