ADM Raises 2026 Outlook Again as Q3 Adjusted EPS Jumps 92.4% to $1.77
Archer-Daniels-Midland raised its full-year 2026 adjusted earnings forecast again after third-quarter adjusted EPS jumped 92.4% to $1.77, powered by a strong North American biofuels environment that lifted its crushing and ethanol businesses.
The agribusiness giant now expects 2026 adjusted EPS of an estimated $5.50 to $5.80, the company said, up from its prior range of $5.15 to $5.60, according to the earnings release it filed with an 8-K on Tuesday.
Net earnings attributable to ADM rose to $821 million, or $1.70 per diluted share, from $108 million, or $0.22, a year earlier. Adjusted net earnings were $858 million. Revenue grew 9.6% to $22.34 billion from $20.37 billion.
"ADM delivered strong third quarter results, with earnings up significantly from the prior year quarter and operating profit growth across all segments," Chair and CEO Juan Luciano said in the release, crediting "a constructive biofuels environment" and the company's North American footprint.
Crushing leads the rebound
Total segment operating profit climbed 63.6% to $1.38 billion from $845 million. The Ag Services & Oilseeds segment more than doubled, rising 105.3% to $778 million.
Inside that segment, Crushing profit soared to $311 million from $13 million. ADM tied the gain to higher domestic demand following the Renewable Volume Obligation policy finalized in March, along with higher global energy prices. Refined Products and Other rose 81.7% to $218 million on favorable North American biodiesel margins, while Ag Services fell 9.5% to $172 million on weaker results in certain markets.
Carbohydrate Solutions profit increased 39.9% to $470 million. Vantage Corn Processors earned $146 million, up from $43 million, on robust ethanol margins, and Starches and Sweeteners rose 10.6% to $324 million.
Nutrition was the laggard, edging up 3.1% to $134 million. Animal Nutrition gained 20.6%, but Human Nutrition slipped 3.1% as unplanned downtime, input-cost inflation and softness in Biotics outweighed progress in Flavors.
Outlook and spending
ADM said the updated outlook reflects expected year-over-year operating profit improvement in all segments in the fourth quarter. It cut its capital expenditure forecast to $1.2 billion to $1.3 billion from $1.3 billion to $1.5 billion, citing a focus on high-return investments.
Through the first nine months, ADM paid $764 million in cash dividends and repurchased $358 million of shares, net of tax. Year-to-date adjusted EPS reached $4.33, versus GAAP EPS of $4.18.
By the numbers
- Revenue: $22.34 billion, up 9.6%
- Diluted EPS: $1.70, versus $0.22
- Adjusted EPS: $1.77, up 92.4%
- Total segment operating profit: $1.38 billion, up 63.6%
- 2026 adjusted EPS outlook: an estimated $5.50 to $5.80, raised
Sources
- Archer-Daniels-Midland Form 8-K with third-quarter 2026 earnings release, filed Nov. 3, 2026 (accession 0000007084-26-000054)
This article is for informational and educational purposes only and is not investment advice. It is not a recommendation to buy or sell any security.
Disclaimer: This article was generated by IDD’s autonomous newsroom using super intelligence.