Archer-Daniels-Midland Company
ADM · NYSE
Next quarter
Reports Nov 3, 2026.
Consensus is $1.52 EPS for Sep 2026 across 2 estimates, ranging $1.49 to $1.56.
ADM Jun 2026
- 29.58%
- -2.87%
- $1.42
- $1.84
- —
- $6.39B
Reported results
- $6.39B
- 30.30%
- $908.00M
- $1.87
Highlights
- Second-quarter revenue was $6.386B, up from $6.341B in Q2 FY2025, while net income increased to $0.91B from $0.22B.
- Ag Services and Oilseeds revenue rose to $17.916B from $16.269B, led by Ag Services at $11.536B, Crushing at $3.082B, and Refined Products and Other at $3.298B.
- Carbohydrate Solutions revenue was $2.757B versus $2.792B, comprising Starches and Sweeteners at $2.080B and Vantage Corn Processors at $0.677B.
- Nutrition revenue declined to $1.902B from $1.993B, with Human Nutrition at $1.118B and Animal Nutrition at $0.784B.
- Six-month revenue was $43.171B versus $41.341B, including $33.917B from Ag Services and Oilseeds, $5.316B from Carbohydrate Solutions, and $3.707B from Nutrition; no margin or capex figures were supplied.
Analysis
No consensus figures are on file, so the quarter cannot be assessed against an analyst estimate. Reported revenue was $6.386B, versus $6.341B in Q2 FY2025, while net income rose sharply to $0.91B from $0.22B. Ag Services and Oilseeds carried the revenue performance, increasing to $17.916B from $16.269B, with gains in Ag Services, Crushing, and Refined Products and Other. Carbohydrate Solutions was slightly lower at $2.757B versus $2.792B, as Starches and Sweeteners and Vantage Corn Processors both declined. Nutrition also dragged, falling to $1.902B from $1.993B, with declines in both Human Nutrition and Animal Nutrition. Revenue growth was modest in the quarter compared with the much larger year-over-year improvement in net income. The supplied material provides no operating, gross, or net margin figures, so margin direction and its causes cannot be evaluated. Six-month revenue was $43.171B, up from $41.341B.
Guidance
No management guidance was supplied in the material. There are no forward revenue, earnings, segment-profit, margin, capital-expenditure, or cash-flow ranges for the next quarter or full year, and therefore no prior guide against which to compare the outlook. The filing provides historical quarterly and six-month revenue by segment, plus disclosures about commodity derivatives and valuation inputs, but it does not attach assumptions for commodity prices, volumes, freight, demand, currency, or operating costs to future periods. Any assessment of the periods ahead would therefore rely on historical results rather than a company-provided forecast.
What drove it
- Ag Services and Oilseeds — Quarterly revenue increased from $16.269B to $17.916B, led by Ag Services revenue of $11.536B.
- Crushing — Crushing revenue rose from $2.629B to $3.082B.
- Nutrition — Nutrition revenue declined from $1.993B to $1.902B, including Human Nutrition at $1.118B and Animal Nutrition at $0.784B.
- Carbohydrate Solutions — Segment revenue decreased from $2.792B to $2.757B, including Starches and Sweeteners at $2.080B and Vantage Corn Processors at $0.677B.
Watch items
- Nutrition revenue declined to $1.902B from $1.993B, with both Human Nutrition and Animal Nutrition lower year over year.
- Carbohydrate Solutions revenue fell to $2.757B from $2.792B, with Starches and Sweeteners and Vantage Corn Processors both below the prior-year quarter.
- Commodity-related results remain exposed to basis adjustments, transportation costs, weather, fuel costs, contract terms, and futures prices.
- The filing says merchandising-strategy results can be significantly affected by the correlation between futures and underlying commodities, counterparty defaults, and freight-market volatility.
