ADM Reports Third Quarter 2026 Results
Raises full-year 2026 adjusted EPS guidance on continued robust execution in a constructive biofuels environment CHICAGO , November 3, 2026 —ADM (NYSE: ADM) today reported financial results for the quarter ended September 30, 2026 and updated its full-year 2026 outlook, including an increase to adjusted EPS guidance.
• ADM now expects 2026 adjusted EPS 1,2 of approximately $5.50 to $5.80, up from the prior adjusted EPS guidance range of $5.15 to $5.60
• The updated outlook reflects expected year-over-year operating profit improvement for the fourth quarter in all segments
• External factors across the macroeconomic, geopolitical, policy, and trade environments continue to be monitored
• Capital expenditures now projected to be in the range of $1.2 to $1.3 billion, revised from the prior range of $1.3 to $1.5 billion, reflecting the company’s continued prioritization of high-return investments
“ADM delivered strong third quarter results, with earnings up significantly from the prior year quarter and operating profit growth across all segments,” said Juan Luciano, Chair of the Board and Chief Executive Officer. “These results were driven by a constructive biofuels environment combined with our extensive North American footprint, which gives us significant access to premium markets, and good execution by our team. Our year-to-date performance and fourth quarter outlook support another increase to our full-year 2026 adjusted EPS guidance.”
1 Non-GAAP financial measures; see pages 7-8 and 14-17 for explanations and reconciliations.
2 All references in this document to earnings per share (EPS) and adjusted earnings per share reflect EPS on a diluted basis.
3 Forecasted GAAP Earnings Reconciliation: ADM is not presenting forecasted GAAP earnings per diluted share or a quantitative reconciliation to forecasted adjusted earnings per share in reliance on the unreasonable efforts exemption provided under Item 10(e)(1)(i)(B) of Regulation S-K. ADM is unable to predict with reasonable certainty and without unreasonable effort the impact of any impairment and timing of restructuring-related and other charges, along with acquisition-related expenses and the outcome of certain regulatory, legal and tax matters, as well as other potential reconciling items. The financial impact of these items is uncertain and is dependent on various factors, including timing, and could be material to our Consolidated Statements of Earnings. 1
3Q26 Results Overview ($ in millions except per share amounts) GAAP Measures Earnings Before Income EPS2(as reported) Taxes 3Q26 $997 $1.70 Percent change vs. 3Q NM3 NM3 2025 Non-GAAP Measures Total Segment Operating Adjusted EPS1,2 Profit1 3Q26 $1,382 $1.77 Percent change vs. 3Q 64% 92% 2025 YTD 2026 Results Overview ($ in millions except per share amounts) GAAP Measures Earnings Before Income EPS2(as reported) Taxes YTD 2026 $2,469 $4.18 Percent change vs. YTD NM3 NM3 2025 Non-GAAP Measures Total Segment Operating Adjusted EPS1,2 Profit1 YTD 2026 $3,595 $4.33 Percent change vs. YTD 48% 69% 2025
1 Non-GAAP financial measures; see pages 7-8 and 14-17 for explanations and reconciliations. 2 All references in this document to earnings per share (EPS) and adjusted earnings per share reflect EPS on a diluted basis.
3 NM: Not Meaningful. Percentage increases above 200% or when one period includes income and other period includes loss are considered not meaningful.
For the third quarter of 2026, earnings before income taxes were $997 million, compared to the prior year quarter of $147 million. Total third quarter segment operating profit 1 was $1.4 billion, compared to the prior year quarter of $845 million. This excludes net specified item charges of $36 million. EPS 2 on a GAAP basis was $1.70, representing an increase of $1.48 compared to the prior year quarter EPS of $0.22. Adjusted EPS 1,2 was $1.77, an increase of $0.85 compared to the prior year quarter of $0.92.
Earnings before income taxes were $2.5 billion year-to-date in 2026, compared to the prior year period of $779 million. Total segment operating profit 1 was $3.6 billion year-to-date in 2026, compared to the prior year period of $2.4 billion. EPS 2 on a GAAP basis was $4.18, up $2.89 versus the prior year period, and adjusted EPS 1,2 was $4.33, up $1.77 versus the prior year period. 2
3Q26 Segment Overview ($ in millions) 3Q 2026 3Q 2025 % Change Total Segment Operating Profit1 $1,382 $845 64% Segment Operating Profit: Ag Services & Oilseeds 778 379 105% Carbohydrate Solutions 470 336 40% Nutrition 134 130 3% YTD 2026 Segment Overview ($ in millions) YTD 2026 YTD 2025 % Change Total Segment Operating Profit1 $3,595 $2,422 48% Segment Operating Profit: Ag Services & Oilseeds 1,918 1,170 64% Carbohydrate Solutions 1,236 912 36% Nutrition 441 340 30%
1 Non-GAAP financial measures; see pages 7-8 and 14-17 for explanations and reconciliations. 2 All references in this document to earnings per share (EPS) and adjusted earnings per share reflect EPS on a diluted basis.
AS&O segment operating profit was $778 million for the third quarter of 2026, an increase of 105% compared to the prior year quarter. Included in third quarter results was approximately $35 million of net positive mark-to-market and timing impacts, led by a net positive impact of approximately $45 million in Refined Products and Other, which was partially offset by modest net negative impacts attributable to Ag Services and Crushing.
Ag Services operating profit was 9% lower compared to the prior year quarter, reflecting lower results in certain markets within ADM’s global agriculture supply chain. Higher corn and soybean exports from North America partially offset the decline.
Crushing operating profit increased by $298 million compared to the prior year quarter as the business performed well in a constructive North American biofuels margin environment. The constructive margin environment continued to be driven by higher domestic demand resulting from the Renewable Volume Obligation (RVO) policy finalized in March of this year, combined with higher global energy prices. Additionally, global crush production volumes increased 1.6% year-over- year, and soybean meal demand remained strong throughout the quarter. In South America, crush margins were pressured by the delay in Brazil’s biofuels policy changes.
Refined Products and Other operating profit was 82% higher compared to the prior year quarter. The year-over-year increase was largely attributable to favorable North American biodiesel margins, including mark-to-market and timing impacts, driven by higher domestic demand resulting from the RVO policy finalization, combined with higher global energy prices.
Equity earnings from the company’s investment in Wilmar were approximately 38% higher compared to the prior year quarter. 3
1 NM: Not Meaningful. Percentage increases above 200% or when one period includes income and the other period includes a loss are considered not meaningful.
Carbohydrate Solutions segment operating profit was $470 million for the third quarter of 2026, an increase of 40% compared to the prior year quarter.
Starches and Sweeteners operating profit increased by 11% compared to the prior year quarter. Strong ethanol margins, including policy incentives, more than offset continued softness in liquid sweetener margins and volumes. Starches results continued to show stability, while global wheat milling volumes remained stable in a competitive pricing environment.
Vantage Corn Processors operating profit increased by $103 million compared to the prior year quarter, driven by robust North American ethanol margins, including policy incentives, increased domestic demand, and strong industry-wide exports.
3Q26 Carbohydrate Solutions Overview ($ in millions) 3Q 2026 3Q 2025 % Change Segment Operating Profit $470 $336 40% Starches and Sweeteners 324 293 11% Vantage Corn Processors 146 43 NM(1) YTD 2026 Carbohydrate Solutions Overview ($ in millions) YTD 2026 YTD 2025 % Change Segment Operating Profit $1,236 $912 36% Starches and Sweeteners 878 804 9% Vantage Corn Processors 358 108 NM(1)
1 NM: Not Meaningful. Percentage increases above 200% or when one period includes income and the other period includes a loss are considered not meaningful. 4
Nutrition segment operating profit was $134 million for the third quarter of 2026, representing a 3% increase compared to the prior year quarter.
Human Nutrition operating profit was 3% lower compared to the prior year quarter, as progress made in Flavors and the recovery of the Decatur East plant were more than offset by unplanned downtime, inflation pressures impacting certain input costs, market softness in Biotics, and the prior year quarter benefiting from approximately $10 million of insurance proceeds.
Animal Nutrition operating profit was 21% higher compared to the prior year quarter, driven by ongoing operational improvements and benefits from portfolio actions taken in 2025.
3Q26 Nutrition Overview ($ in millions) 3Q 2026 3Q 2025 % Change Segment Operating Profit $134 $130 3% Human Nutrition 93 96 (3)% Animal Nutrition 41 34 21% YTD 2026 Nutrition Overview ($ in millions) YTD 2026 YTD 2025 % Change Segment Operating Profit $441 $340 30% Human Nutrition 337 263 28% Animal Nutrition 104 77 35%
For the third quarter of 2026, Corporate results improved compared to the prior year quarter due to the non-recurrence of prior year quarter impairment losses. Other Business’s results were higher compared to the prior year quarter primarily due to a one-time benefit related to the release of certain insurance reserves. 5
ADM will host a webcast today, November 3, 2026, at 7:30 a.m. Central Time to discuss financial results and outlook. To listen to the webcast, go to www.adm.com/webcast. A replay of the webcast will also be available for an extended period of time at www.adm.com/webcast.
ADM unlocks the power of nature to enrich the quality of life. We’re an essential global agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities. We’re a premier human and animal nutrition provider, offering one of the industry’s broadest portfolios of ingredients and solutions from nature. We’re a trailblazer in health and well-being, with an industry-leading range of products for consumers looking for new ways to live healthier lives. We’re a cutting-edge innovator, guiding the way to a future of new bio-based consumer and industrial solutions. And we're leading in business-driven sustainability efforts that support a strong agricultural sector, resilient supply chains, and a vast and growing bioeconomy. Around the globe, our expertise and innovation are meeting critical needs from harvest to home. Learn more at www.adm.com.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical or current fact included in this press release, are forward-looking statements. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “outlook,” “forecast”, “guidance”, “will,” “should,” “can have,” “likely,” “goals,” “objectives,” “priorities,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. For example, all statements the Company makes relating to its future results of operations and underlying assumptions, as well as growth opportunities, operational execution and improvements, progress on Company priorities, changes to the margin environment, earnings improvements, future demand, future investments, policy changes, capital allocation priorities and actions, the biofuels environment, global trade and tariff conditions, energy prices, and global market volatility are forward-looking statements. All forward-looking statements are subject to significant risks, uncertainties and changes in circumstances that could cause actual results and outcomes to differ materially from those expressed or implied in the forward-looking statements, including, without limitation, (1) operational risks related to equipment failure, natural disasters, epidemics, pandemics, adverse weather conditions, accidents, explosions, fires, war or acts of terrorism, cybersecurity incidents or other unexpected outages; (2) risks related to the availability and prices of agricultural commodities, agricultural commodity products, other raw materials and energy, including impacts from factors outside the Company’s control such as changes in market conditions, weather conditions, crop disease, plantings, climate change, competition and changes in global demand, as well as risks relating to global and regional economic downturns; (3) risks related to compliance with, and changes in, government programs, policies, laws, and regulations, including those related to trade, tariffs, sanctions, biofuels, sustainability, food safety and quality, the environment, tax, and financial markets; (4) risks related to international conflicts, acts of terrorism or war, sanctions, maritime piracy and other geopolitical events or economic disruptions, as well as other risks related to the disruption of global markets and trade flows; (5) risks and uncertainties relating to acquisitions, equity investments, joint ventures, integrations, divestitures, and other transactions; (6) risks relating to the Company’s execution of its strategic priorities, including achieving cost reductions and operational improvements, organic and inorganic growth and innovation in its products and services; (7) risks related to the Company’s technology systems and cybersecurity incidents; and (8) other risks, assumptions and uncertainties that are described in Item 1A, "Risk Factors" included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as may be updated in 6 subsequent Quarterly Reports on Form 10-Q. For these statements, the Company claims the protection of the safe harbor for forward-looking statements in the Private Securities Litigation Reform Act. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Except to the extent required by law, the Company does not undertake, and expressly disclaims, any duty or obligation to update publicly any forward-looking statement whether as a result of new information, future events, changes in assumptions or otherwise.
The Company uses certain “Non-GAAP” financial measures as defined by the Securities and Exchange Commission. These are measures of performance not defined by accounting principles generally accepted in the United States (GAAP), and should be considered in addition to, not in lieu of, GAAP reported measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this press release.
Adjusted net earnings and Adjusted earnings per share (EPS). Adjusted net earnings reflects ADM’s reported net earnings after removal of the effect on net earnings of specified items as more fully described in the reconciliation tables below. Adjusted EPS reflects ADM’s diluted EPS after removal of the effect on EPS as reported of specified items as more fully described in the reconciliation tables below. Management believes that Adjusted net earnings and Adjusted EPS are useful measures of ADM’s performance because they provide investors additional information about ADM’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. These non-GAAP financial measures are not intended to replace or be alternatives to net earnings and EPS as reported, the most directly comparable GAAP financial measures, or any other measures of operating results under GAAP. Earnings amounts described above have been divided by the company’s diluted shares outstanding for each respective period in order to arrive at an adjusted EPS amount for each specified item.
Total segment operating profit. Total segment operating profit is ADM’s consolidated earnings before income taxes adjusted for Other Business, Corporate, and specified items as more fully described in the reconciliation tables below. Management believes that total segment operating profit is a useful measure of ADM’s performance because it provides investors information about ADM’s reportable segment performance excluding Other Business, Corporate overhead costs as well as specified items. Total segment operating profit is not a measure of consolidated operating results under GAAP and should not be considered an alternative to earnings before income taxes, the most directly comparable GAAP financial measure, or any other measure of consolidated operating results under GAAP.
Adjusted Return on Invested Capital (ROIC). Adjusted ROIC is Adjusted ROIC earnings divided by adjusted invested capital. Adjusted ROIC earnings is ADM’s net earnings adjusted for the after-tax effects of interest expense on borrowings and specified items. Adjusted invested capital is the sum of ADM’s equity (excluding redeemable and non-redeemable non-controlling interests) and interest-bearing liabilities (which totals invested capital), adjusted for specified items. Management believes Adjusted ROIC is a useful financial measure because it provides investors information about ADM’s returns excluding the impacts of specified items and increases period-to-period comparability of underlying business performance. Management uses Adjusted ROIC to measure ADM’s performance by comparing Adjusted ROIC to its weighted average cost of capital (WACC). Adjusted ROIC, Adjusted ROIC earnings and Adjusted invested capital are non-GAAP financial measures and are not intended to replace or be alternatives to GAAP financial measures.
EBITDA. EBITDA is defined as earnings before interest on borrowings, taxes, depreciation and amortization. Adjusted EBITDA is defined as earnings before interest on borrowings, taxes, depreciation, and amortization, adjusted for specified items. The Company calculates Adjusted EBITDA 7 by removing the impact of specified items and adding back the amounts of income tax expense, interest expense on borrowings, and depreciation and amortization to net earnings. Management believes that EBITDA and Adjusted EBITDA are useful measures of the Company’s performance because they provide investors additional information about the Company’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. EBITDA and Adjusted EBITDA are non-GAAP financial measures and are not intended to replace or be an alternative to net earnings, the most directly comparable GAAP financial measure.
Cash flows from operations before working capital. Cash flows from operations before working capital is defined as cash flows from operating activities adjusted for changes in operating assets and liabilities as presented in the Company’s consolidated statement of cash flows. Management believes that cash flows from operations before working capital is a useful measure of the Company’s cash generation. Cash flows from operations before working capital is a non-GAAP financial measure and is not intended to replace or be an alternative to cash from operating activities, the most directly comparable GAAP financial measure.
Forecasted GAAP Earnings Reconciliation. ADM is not presenting forecasted GAAP earnings per diluted share, forecasted net earnings, forecasted total debt, or forecasted effective tax rate, or a quantitative reconciliation of those metrics to forecasted adjusted earnings per diluted share, forecasted adjusted EBITDA, forecasted net debt, or forecasted adjusted effective tax rate, respectively, in reliance on the unreasonable efforts exemption provided under Item 10(e)(1)(i)(B) of Regulation S-K. ADM is unable to predict with reasonable certainty and without unreasonable effort the impact of any impairment and timing of restructuring-related and other charges, along with acquisition- related expenses and the outcome of certain regulatory, legal and tax matters, as well as other potential reconciling items. The financial impact of these items is uncertain and is dependent on various factors, including timing, and could be material to our Consolidated Statements of Earnings.
Mark-to-market and timing impacts represent changes in agricultural commodity pricing and foreign currency market factors and are not necessarily reflective of the operating performance of our business. Mark-to-market and timing impacts represent the estimated net unrealized gain and loss impacts of market factor changes on the valuation of certain of our merchandisable commodity inventories (including certain commodity inventories valued at the lower of cost or market), cash purchase and sales contracts, and futures and foreign currency contracts. The final mark-to-market and timing impacts will be realized when the underlying inventory, cash purchase and sales contracts, and futures and foreign currency contracts are settled.
Media Contact Brett Lutz media@adm.com Investor Relations Kate Walsh Kathryn.Walsh@adm.com
Nine months ended September 30 Cash flows from operating 2026 activities(1) (in millions) 2025 ────────────────────────────────────────────────────────────────────────────── Net earnings including non-controlling $ 2,041 $ 619 interests Depreciation and amortization 881 874 Asset impairment charges 4 337 (Gain) loss on asset contributions, -76 103 sales and investment revaluation, net Other – net 163 154 Other changes in operating assets and -1,225 3,678 liabilities Net cash provided by operating 1,788 5,765 activities Cash flows from investing activities Capital expenditures -773 -892 Net assets of businesses — -108 acquired Proceeds from sales of assets, 68 78 businesses and investments Purchases of marketable -14 -11 securities Proceeds from sales of marketable 2 276 securities Other – net 18 13 Net cash used in investing -699 -644 activities Cash flows from financing activities Proceeds from short-term debt 705 — Repayments of short-term debt -399 — Long-term debt borrowings 995 — Long-term debt payments -1,008 -763 Net borrowings / (repayments) under 55 -1,666 lines of credit agreements Share repurchases, net of tax -358 — Cash dividends -764 -743 Acquisition of non-controlling — -4 interest Other – net -58 -21 Net cash used in financing -832 -3,197 activities Effect of exchange rate on cash, cash equivalents, restricted cash, -22 27 and restricted cash equivalents Net increase in cash, cash equivalents, restricted cash, and restricted 235 1,951 cash equivalents Cash, cash equivalents, restricted cash, and restricted cash equivalents 5,505 3,924 - beginning of period Cash, cash equivalents, restricted cash, and restricted cash equivalents $ 5,740 $ 5,875 - end of period
1 Cash flows from operations before working capital is a Non-GAAP financial measure. Cash flows from operations before working capital year-to-date 2026 was $3.0 billion, calculated as cash flows provided by operating activities of $1.8 billion, adjusted for changes in working capital of $(1.2) billion. Cash flows from operations before working capital year-to-date 2025 was $2.1 billion, calculated as cash flows provided by operating activities of $5.8 billion, adjusted for changes in working capital of $3.7 billion for year-to-date 2025. 12
(a) Current YTD gains of $83 million ($66 million after tax) includes gains from contribution of assets to joint venture arrangements, tax effected using the applicable income tax rate. Prior year quarter and YTD amounts of $31 million and $39 million ($24 million and $30 million after tax), respectively, were related to the gain from the sale of a facility and commencement of a joint venture arrangement, tax effected using the Company’s U.S. income tax rate.
(b) Current year quarter and YTD charges of $62 million and $102 million ($47 million and $82 million after tax), respectively, were primarily driven by charges related to contingency provisions, inventory adjustments and severance charges, tax effected using the applicable tax rates. Prior year quarter and YTD charges of $261 million and $638 million pretax ($201 million and $535 million after tax), respectively, were primarily driven by impairment of long lived assets and other restructuring charges pursuant to the Company’s portfolio optimization efforts, impairment of certain investments, impairment of capitalized internal-use software, and contingent settlements, tax effected using the applicable tax rates.
(c) Current year YTD charges of $55 million were driven by the Company’s share of non-recurring charges related to provisions recorded by Wilmar. Prior year quarter and YTD charges of $163 million was due to the Company’s share of the penalty imposed on Wilmar.
(d) Prior year YTD gains of $69 million ($52 million after tax) relate to the recognition of income due to a cancelled contract with a cost method investee, tax effected using the applicable income tax rate.
(e) Discrete tax adjustments for the quarter include the reversal of tax impacts from a provision recorded in Q1 2026, driven by additional administrative guidance issued by the U.S. Department of Treasury during Q3 2026. 15 Return on Invested Capital (ROIC) and Adjusted ROIC
(1) Represents interest expense on borrowings and therefore excludes ADM Investor Services related interest expense
(3) Includes short-term debt, long term debt and finance lease obligations 16 Earnings Before Interest, Taxes, and Depreciation and Amortization (EBITDA) and Adjusted EBITDA
(1) Represents interest expense on borrowings and therefore excludes ADM Investor Services related interest expense
(2) Excludes $9 million, $4 million, and $1 million of accelerated depreciation recorded within restructuring charges as a specified item for the three months ended December 31, 2025, March 31, 2026, and June 30, 2026, respectively. 17
Full text with the tables
Exhibit 99.1
ADM Reports Third Quarter 2026 Results
Reports third quarter 2026 EPS 2 of $1.70 and adjusted EPS 1,2 of $1.77
Raises full-year 2026 adjusted EPS guidance on continued robust execution in a
constructive biofuels environment
CHICAGO , November 3, 2026 —ADM (NYSE: ADM) today reported financial results for
the quarter ended September 30, 2026 and updated its full-year 2026 outlook,
including an increase to adjusted EPS guidance.
3Q26 Key Takeaways
:
• Net earnings of $821 million, with adjusted net earnings 1 of $858 million
• EPS 2 of $1.70, with adjusted EPS 1,2 of $1.77
2026 Outlook
3 :
• ADM now expects 2026 adjusted EPS 1,2 of approximately $5.50 to $5.80, up from
the prior adjusted EPS guidance range of $5.15 to $5.60
• The updated outlook reflects expected year-over-year operating profit
improvement for the fourth quarter in all segments
• External factors across the macroeconomic, geopolitical, policy, and trade
environments continue to be monitored
• Capital expenditures now projected to be in the range of $1.2 to $1.3 billion,
revised from the prior range of $1.3 to $1.5 billion, reflecting the company’s
continued prioritization of high-return investments
“ADM delivered strong third quarter results, with earnings up significantly from
the prior year quarter and operating profit growth across all segments,” said
Juan Luciano, Chair of the Board and Chief Executive Officer. “These results
were driven by a constructive biofuels environment combined with our extensive
North American footprint, which gives us significant access to premium markets,
and good execution by our team. Our year-to-date performance and fourth quarter
outlook support another increase to our full-year 2026 adjusted EPS guidance.”
_____________________________
1 Non-GAAP financial measures; see pages 7-8 and 14-17 for explanations and
reconciliations.
2 All references in this document to earnings per share (EPS) and adjusted
earnings per share reflect EPS on a diluted basis.
3 Forecasted GAAP Earnings Reconciliation: ADM is not presenting forecasted GAAP
earnings per diluted share or a quantitative reconciliation to forecasted
adjusted earnings per share in reliance on the unreasonable efforts exemption
provided under Item 10(e)(1)(i)(B) of Regulation S-K. ADM is unable to predict
with reasonable certainty and without unreasonable effort the impact of any
impairment and timing of restructuring-related and other charges, along with
acquisition-related expenses and the outcome of certain regulatory, legal and
tax matters, as well as other potential reconciling items. The financial impact
of these items is uncertain and is dependent on various factors, including
timing, and could be material to our Consolidated Statements of Earnings.
1
Third Quarter and Year-to-Date 2026 Results
3Q26 Results Overview
($ in millions except per
share amounts)
GAAP Measures
Earnings Before Income EPS2(as reported)
Taxes
3Q26 $997 $1.70
Percent change vs. 3Q NM3 NM3
2025
Non-GAAP Measures
Total Segment Operating Adjusted EPS1,2
Profit1
3Q26 $1,382 $1.77
Percent change vs. 3Q 64% 92%
2025
YTD 2026 Results Overview
($ in millions except per
share amounts)
GAAP Measures
Earnings Before Income EPS2(as reported)
Taxes
YTD 2026 $2,469 $4.18
Percent change vs. YTD NM3 NM3
2025
Non-GAAP Measures
Total Segment Operating Adjusted EPS1,2
Profit1
YTD 2026 $3,595 $4.33
Percent change vs. YTD 48% 69%
2025
1 Non-GAAP financial measures; see pages 7-8 and 14-17 for explanations and
reconciliations.
2 All references in this document to earnings per share (EPS) and adjusted
earnings per share reflect EPS on a diluted basis.
3 NM: Not Meaningful. Percentage increases above 200% or when one period
includes income and other period includes loss are considered not meaningful.
Summary of Third Quarter and Year-to-Date 2026
For the third quarter of 2026, earnings before income taxes were $997 million,
compared to the prior year quarter of $147 million. Total third quarter segment
operating profit 1 was $1.4 billion, compared to the prior year quarter of $845
million. This excludes net specified item charges of $36 million. EPS 2 on a
GAAP basis was $1.70, representing an increase of $1.48 compared to the prior
year quarter EPS of $0.22. Adjusted EPS 1,2 was $1.77, an increase of $0.85
compared to the prior year quarter of $0.92.
Earnings before income taxes were $2.5 billion year-to-date in 2026, compared to
the prior year period of $779 million. Total segment operating profit 1 was $3.6
billion year-to-date in 2026, compared to the prior year period of $2.4 billion.
EPS 2 on a GAAP basis was $4.18, up $2.89 versus the prior year period, and
adjusted EPS 1,2 was $4.33, up $1.77 versus the prior year period.
2
3Q26 Segment Overview
($ in millions) 3Q 2026 3Q 2025 % Change
Total Segment Operating Profit1 $1,382 $845 64%
Segment Operating Profit:
Ag Services & Oilseeds 778 379 105%
Carbohydrate Solutions 470 336 40%
Nutrition 134 130 3%
YTD 2026 Segment Overview
($ in millions) YTD 2026 YTD 2025 % Change
Total Segment Operating Profit1 $3,595 $2,422 48%
Segment Operating Profit:
Ag Services & Oilseeds 1,918 1,170 64%
Carbohydrate Solutions 1,236 912 36%
Nutrition 441 340 30%
1 Non-GAAP financial measures; see pages 7-8 and 14-17 for explanations and
reconciliations.
2 All references in this document to earnings per share (EPS) and adjusted
earnings per share reflect EPS on a diluted basis.
Agriculture Services and Oilseeds Summary (AS&O)
AS&O segment operating profit was $778 million for the third quarter of 2026, an
increase of 105% compared to the prior year quarter. Included in third quarter
results was approximately $35 million of net positive mark-to-market and timing
impacts, led by a net positive impact of approximately $45 million in Refined
Products and Other, which was partially offset by modest net negative impacts
attributable to Ag Services and Crushing.
Ag Services operating profit was 9% lower compared to the prior year quarter,
reflecting lower results in certain markets within ADM’s global agriculture
supply chain. Higher corn and soybean exports from North America partially
offset the decline.
Crushing operating profit increased by $298 million compared to the prior year
quarter as the business performed well in a constructive North American biofuels
margin environment. The constructive margin environment continued to be driven
by higher domestic demand resulting from the Renewable Volume Obligation (RVO)
policy finalized in March of this year, combined with higher global energy
prices. Additionally, global crush production volumes increased 1.6% year-over-
year, and soybean meal demand remained strong throughout the quarter. In South
America, crush margins were pressured by the delay in Brazil’s biofuels policy
changes.
Refined Products and Other operating profit was 82% higher compared to the prior
year quarter. The year-over-year increase was largely attributable to favorable
North American biodiesel margins, including mark-to-market and timing impacts,
driven by higher domestic demand resulting from the RVO policy finalization,
combined with higher global energy prices.
Equity earnings from the company’s investment in Wilmar were approximately 38%
higher compared to the prior year quarter.
3
3Q 2026 AS&O Overview
($ in millions) 3Q 2026 3Q 2025 % Change
Segment Operating Profit $778 $379 105%
Ag Services 172 190 (9)%
Crushing 311 13 NM(1)
Refined Products and Other 218 120 82%
Wilmar 77 56 38%
YTD 2026 AS&O Overview
($ in millions) YTD 2026 YTD 2025 % Change
Segment Operating Profit $1,918 $1,170 64%
Ag Services 665 462 44%
Crushing 595 93 NM(1)
Refined Products and Other 455 410 11%
Wilmar 203 205 (1)%
1 NM: Not Meaningful. Percentage increases above 200% or when one period
includes income and the other period includes a loss are considered not
meaningful.
Carbohydrate Solutions Summary
Carbohydrate Solutions segment operating profit was $470 million for the third
quarter of 2026, an increase of 40% compared to the prior year quarter.
Starches and Sweeteners operating profit increased by 11% compared to the prior
year quarter. Strong ethanol margins, including policy incentives, more than
offset continued softness in liquid sweetener margins and volumes. Starches
results continued to show stability, while global wheat milling volumes remained
stable in a competitive pricing environment.
Vantage Corn Processors operating profit increased by $103 million compared to
the prior year quarter, driven by robust North American ethanol margins,
including policy incentives, increased domestic demand, and strong industry-wide
exports.
3Q26 Carbohydrate Solutions Overview
($ in millions) 3Q 2026 3Q 2025 % Change
Segment Operating Profit $470 $336 40%
Starches and Sweeteners 324 293 11%
Vantage Corn Processors 146 43 NM(1)
YTD 2026 Carbohydrate Solutions Overview
($ in millions) YTD 2026 YTD 2025 % Change
Segment Operating Profit $1,236 $912 36%
Starches and Sweeteners 878 804 9%
Vantage Corn Processors 358 108 NM(1)
1 NM: Not Meaningful. Percentage increases above 200% or when one period
includes income and the other period includes a loss are considered not
meaningful.
4
Nutrition Summary
Nutrition segment operating profit was $134 million for the third quarter of
2026, representing a 3% increase compared to the prior year quarter.
Human Nutrition operating profit was 3% lower compared to the prior year
quarter, as progress made in Flavors and the recovery of the Decatur East plant
were more than offset by unplanned downtime, inflation pressures impacting
certain input costs, market softness in Biotics, and the prior year quarter
benefiting from approximately $10 million of insurance proceeds.
Animal Nutrition operating profit was 21% higher compared to the prior year
quarter, driven by ongoing operational improvements and benefits from portfolio
actions taken in 2025.
3Q26 Nutrition Overview
($ in millions) 3Q 2026 3Q 2025 % Change
Segment Operating Profit $134 $130 3%
Human Nutrition 93 96 (3)%
Animal Nutrition 41 34 21%
YTD 2026 Nutrition Overview
($ in millions) YTD 2026 YTD 2025 % Change
Segment Operating Profit $441 $340 30%
Human Nutrition 337 263 28%
Animal Nutrition 104 77 35%
Corporate and Other Business Summary
For the third quarter of 2026, Corporate results improved compared to the prior
year quarter due to the non-recurrence of prior year quarter impairment losses.
Other Business’s results were higher compared to the prior year quarter
primarily due to a one-time benefit related to the release of certain insurance
reserves.
5
Conference Call Information
ADM will host a webcast today, November 3, 2026, at 7:30 a.m. Central Time to
discuss financial results and outlook. To listen to the webcast, go to
www.adm.com/webcast. A replay of the webcast will also be available for an
extended period of time at www.adm.com/webcast.
About ADM
ADM unlocks the power of nature to enrich the quality of life. We’re an
essential global agricultural supply chain manager and processor, providing food
security by connecting local needs with global capabilities. We’re a premier
human and animal nutrition provider, offering one of the industry’s broadest
portfolios of ingredients and solutions from nature. We’re a trailblazer in
health and well-being, with an industry-leading range of products for consumers
looking for new ways to live healthier lives. We’re a cutting-edge innovator,
guiding the way to a future of new bio-based consumer and industrial solutions.
And we're leading in business-driven sustainability efforts that support a
strong agricultural sector, resilient supply chains, and a vast and growing
bioeconomy. Around the globe, our expertise and innovation are meeting critical
needs from harvest to home. Learn more at www.adm.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995 that involve substantial
risks and uncertainties. All statements, other than statements of historical or
current fact included in this press release, are forward-looking statements. You
can identify forward-looking statements by the fact that they do not relate
strictly to historical or current facts. These statements may include words such
as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,”
“may,” “outlook,” “forecast”, “guidance”, “will,” “should,” “can have,”
“likely,” “goals,” “objectives,” “priorities,” and other words and terms of
similar meaning in connection with any discussion of the timing or nature of
future operating or financial performance or other events. For example, all
statements the Company makes relating to its future results of operations and
underlying assumptions, as well as growth opportunities, operational execution
and improvements, progress on Company priorities, changes to the margin
environment, earnings improvements, future demand, future investments, policy
changes, capital allocation priorities and actions, the biofuels environment,
global trade and tariff conditions, energy prices, and global market volatility
are forward-looking statements. All forward-looking statements are subject to
significant risks, uncertainties and changes in circumstances that could cause
actual results and outcomes to differ materially from those expressed or implied
in the forward-looking statements, including, without limitation, (1)
operational risks related to equipment failure, natural disasters, epidemics,
pandemics, adverse weather conditions, accidents, explosions, fires, war or acts
of terrorism, cybersecurity incidents or other unexpected outages; (2) risks
related to the availability and prices of agricultural commodities, agricultural
commodity products, other raw materials and energy, including impacts from
factors outside the Company’s control such as changes in market conditions,
weather conditions, crop disease, plantings, climate change, competition and
changes in global demand, as well as risks relating to global and regional
economic downturns; (3) risks related to compliance with, and changes in,
government programs, policies, laws, and regulations, including those related to
trade, tariffs, sanctions, biofuels, sustainability, food safety and quality,
the environment, tax, and financial markets; (4) risks related to international
conflicts, acts of terrorism or war, sanctions, maritime piracy and other
geopolitical events or economic disruptions, as well as other risks related to
the disruption of global markets and trade flows; (5) risks and uncertainties
relating to acquisitions, equity investments, joint ventures, integrations,
divestitures, and other transactions; (6) risks relating to the Company’s
execution of its strategic priorities, including achieving cost reductions and
operational improvements, organic and inorganic growth and innovation in its
products and services; (7) risks related to the Company’s technology systems and
cybersecurity incidents; and (8) other risks, assumptions and uncertainties that
are described in Item 1A, "Risk Factors" included in the Company’s Annual Report
on Form 10-K for the year ended December 31, 2025, as may be updated in
6
subsequent Quarterly Reports on Form 10-Q. For these statements, the Company
claims the protection of the safe harbor for forward-looking statements in the
Private Securities Litigation Reform Act. Accordingly, you are cautioned not to
place undue reliance on these forward-looking statements. Except to the extent
required by law, the Company does not undertake, and expressly disclaims, any
duty or obligation to update publicly any forward-looking statement whether as a
result of new information, future events, changes in assumptions or otherwise.
Non-GAAP Financial Measures
The Company uses certain “Non-GAAP” financial measures as defined by the
Securities and Exchange Commission. These are measures of performance not
defined by accounting principles generally accepted in the United States (GAAP),
and should be considered in addition to, not in lieu of, GAAP reported measures.
Reconciliations of these non-GAAP financial measures to the most directly
comparable GAAP financial measures are included in this press release.
Adjusted net earnings and Adjusted earnings per share (EPS). Adjusted net
earnings reflects ADM’s reported net earnings after removal of the effect on net
earnings of specified items as more fully described in the reconciliation tables
below. Adjusted EPS reflects ADM’s diluted EPS after removal of the effect on
EPS as reported of specified items as more fully described in the reconciliation
tables below. Management believes that Adjusted net earnings and Adjusted EPS
are useful measures of ADM’s performance because they provide investors
additional information about ADM’s operations allowing better evaluation of
underlying business performance and better period-to-period comparability. These
non-GAAP financial measures are not intended to replace or be alternatives to
net earnings and EPS as reported, the most directly comparable GAAP financial
measures, or any other measures of operating results under GAAP. Earnings
amounts described above have been divided by the company’s diluted shares
outstanding for each respective period in order to arrive at an adjusted EPS
amount for each specified item.
Total segment operating profit. Total segment operating profit is ADM’s
consolidated earnings before income taxes adjusted for Other Business,
Corporate, and specified items as more fully described in the reconciliation
tables below. Management believes that total segment operating profit is a
useful measure of ADM’s performance because it provides investors information
about ADM’s reportable segment performance excluding Other Business, Corporate
overhead costs as well as specified items. Total segment operating profit is not
a measure of consolidated operating results under GAAP and should not be
considered an alternative to earnings before income taxes, the most directly
comparable GAAP financial measure, or any other measure of consolidated
operating results under GAAP.
Adjusted Return on Invested Capital (ROIC). Adjusted ROIC is Adjusted ROIC
earnings divided by adjusted invested capital. Adjusted ROIC earnings is ADM’s
net earnings adjusted for the after-tax effects of interest expense on
borrowings and specified items. Adjusted invested capital is the sum of ADM’s
equity (excluding redeemable and non-redeemable non-controlling interests) and
interest-bearing liabilities (which totals invested capital), adjusted for
specified items. Management believes Adjusted ROIC is a useful financial measure
because it provides investors information about ADM’s returns excluding the
impacts of specified items and increases period-to-period comparability of
underlying business performance. Management uses Adjusted ROIC to measure ADM’s
performance by comparing Adjusted ROIC to its weighted average cost of capital
(WACC). Adjusted ROIC, Adjusted ROIC earnings and Adjusted invested capital are
non-GAAP financial measures and are not intended to replace or be alternatives
to GAAP financial measures.
EBITDA. EBITDA is defined as earnings before interest on borrowings, taxes,
depreciation and amortization. Adjusted EBITDA is defined as earnings before
interest on borrowings, taxes, depreciation, and amortization, adjusted for
specified items. The Company calculates Adjusted EBITDA
7
by removing the impact of specified items and adding back the amounts of income
tax expense, interest expense on borrowings, and depreciation and amortization
to net earnings. Management believes that EBITDA and Adjusted EBITDA are useful
measures of the Company’s performance because they provide investors additional
information about the Company’s operations allowing better evaluation of
underlying business performance and better period-to-period comparability.
EBITDA and Adjusted EBITDA are non-GAAP financial measures and are not intended
to replace or be an alternative to net earnings, the most directly comparable
GAAP financial measure.
Cash flows from operations before working capital. Cash flows from operations
before working capital is defined as cash flows from operating activities
adjusted for changes in operating assets and liabilities as presented in the
Company’s consolidated statement of cash flows. Management believes that cash
flows from operations before working capital is a useful measure of the
Company’s cash generation. Cash flows from operations before working capital is
a non-GAAP financial measure and is not intended to replace or be an alternative
to cash from operating activities, the most directly comparable GAAP financial
measure.
Forecasted GAAP Earnings Reconciliation. ADM is not presenting forecasted GAAP
earnings per diluted share, forecasted net earnings, forecasted total debt, or
forecasted effective tax rate, or a quantitative reconciliation of those metrics
to forecasted adjusted earnings per diluted share, forecasted adjusted EBITDA,
forecasted net debt, or forecasted adjusted effective tax rate, respectively, in
reliance on the unreasonable efforts exemption provided under Item
10(e)(1)(i)(B) of Regulation S-K. ADM is unable to predict with reasonable
certainty and without unreasonable effort the impact of any impairment and
timing of restructuring-related and other charges, along with acquisition-
related expenses and the outcome of certain regulatory, legal and tax matters,
as well as other potential reconciling items. The financial impact of these
items is uncertain and is dependent on various factors, including timing, and
could be material to our Consolidated Statements of Earnings.
Mark-to-market and timing impact
Mark-to-market and timing impacts represent changes in agricultural commodity
pricing and foreign currency market factors and are not necessarily reflective
of the operating performance of our business. Mark-to-market and timing impacts
represent the estimated net unrealized gain and loss impacts of market factor
changes on the valuation of certain of our merchandisable commodity inventories
(including certain commodity inventories valued at the lower of cost or market),
cash purchase and sales contracts, and futures and foreign currency contracts.
The final mark-to-market and timing impacts will be realized when the underlying
inventory, cash purchase and sales contracts, and futures and foreign currency
contracts are settled.
Media Contact
Brett Lutz
media@adm.com
Investor Relations
Kate Walsh
Kathryn.Walsh@adm.com
Financial Tables Follow
Source: ADM
8
Segment Operating Profit and Corporate Results
(unaudited)
Ni…
Qu… mo…
en… en…
──────────────────────────────────────────────────────────────────────────────
Se… Se…
30, 30,
(… 20… 20… Ch… 20… 2025 Cha…
m…
S…
O…
P…
Ag
S… $ 778 $ 379 $ 399 $ 1,… $ 1,… $ 748
a…
O…
Ag 172 190 -18 665 462 203
S…
C… 311 13 298 595 93 502
R…
P… 218 120 98 455 410 45
a…
O…
W… 77 56 21 203 205 -2
C… $ 470 $ 336 $ 134 $ 1,… $ 912 $ 324
S…
S…
a… 324 293 31 878 804 74
S…
V…
C… 146 43 103 358 108 250
P…
N… $ 134 $ 130 $ 4 $ 441 $ 340 $ 101
H… 93 96 -3 337 263 74
N…
A… 41 34 7 104 77 27
N…
C… $ -4… $ -5… $ 62 $ -1… $ -1… $ 119
R…
I…
e… -1… -98 -32 -3… -3… -27
-
n…
U…
c… -3… -2… -39 -1… -9… -1…
f…
c…
O…
(…
i… -25 5 -30 25 29 -4
-
n…
S…
i…
I…
e…
r…
c… -11 -1… 163 -18 -2… 260
a…
s…
c…
9
Consolidated Statements of Earnings
(unaudited)
Nine
Quarter months
ended ended
──────────────────────────────────────────────────────────────────────────────
Septem… Septem…
30, 30,
2026 2025 2026 2025
-in
millio…
except
per
share
amounts
Reven… $ 22,335 $ 20,372 $ 65,506 $ 61,713
Cost
of 20,449 19,102 60,463 57,893
produ…
sold
Gross 1,886 1,270 5,043 3,820
Profit
Selli…
gener…
and 946 873 2,933 2,716
admin…
expen…
Asset
impai…
exit, 5 246 30 421
and
restr…
costs
Equity
in
(earn…
loss -157 41 -388 -237
of
uncon…
affil…
Inter…
and -99 -121 -340 -189
inves…
(inco…
Inter… 165 153 462 470
expen…
Other
expen… 29 -69 -123 -140
(inco…
- net
Earni…
Before 997 147 2,469 779
Income
Taxes
Income
tax 171 37 428 160
expen…
Net
Earni…
Inclu… 826 110 2,041 619
Non-c…
Inter…
Less:
Net
earni…
(loss) 5 2 14 -3
attri…
to
non-c…
inter…
Net
Earni… $ 821 $ 108 $ 2,027 $ 622
Attri…
to ADM
Dilut…
earni…
per $ 1.70 $ 0.22 $ 4.18 $ 1.29
common
share
Weigh…
avera…
number
of 484 484 485 484
shares
outst…
–
dilut…
10
Summary of Financial Condition
(unaudited)
September 30, September 30,
2026 2025
──────────────────────────────────────────────────────────────────────────────
-in millions
Net Investment In
Cash and cash equivalents $ 711 $ 1,235
Short-term marketable 45 —
securities
Operating working capital 9,678 7,176
Property, plant, and 11,025 11,092
equipment
Investments in affiliates 6,004 5,205
Goodwill and other 6,423 6,807
intangibles
Other non-current assets 2,327 2,382
$ 36,213 $ 33,897
Financed By
Short-term debt $ 1,156 $ 246
Long-term debt, including
current 7,582 7,610
maturities
Deferred liabilities 3,324 3,289
Temporary equity 293 250
Shareholders’ equity 23,858 22,502
$ 36,213 $ 33,897
11
Summary of Cash Flows
(unaudited)
Nine months ended
September 30
Cash flows from operating 2026
activities(1) (in millions) 2025
──────────────────────────────────────────────────────────────────────────────
Net earnings including
non-controlling $ 2,041 $ 619
interests
Depreciation and amortization 881 874
Asset impairment charges 4 337
(Gain) loss on asset
contributions, -76 103
sales and investment
revaluation, net
Other – net 163 154
Other changes in operating
assets and -1,225 3,678
liabilities
Net cash provided by operating 1,788 5,765
activities
Cash flows from investing
activities
Capital expenditures -773 -892
Net assets of businesses — -108
acquired
Proceeds from sales of assets, 68 78
businesses and investments
Purchases of marketable -14 -11
securities
Proceeds from sales of
marketable 2 276
securities
Other – net 18 13
Net cash used in investing -699 -644
activities
Cash flows from financing
activities
Proceeds from short-term debt 705 —
Repayments of short-term debt -399 —
Long-term debt borrowings 995 —
Long-term debt payments -1,008 -763
Net borrowings / (repayments)
under 55 -1,666
lines of credit agreements
Share repurchases, net of tax -358 —
Cash dividends -764 -743
Acquisition of non-controlling — -4
interest
Other – net -58 -21
Net cash used in financing -832 -3,197
activities
Effect of exchange rate on
cash, cash
equivalents, restricted cash, -22 27
and
restricted cash equivalents
Net increase in cash, cash
equivalents,
restricted cash, and restricted 235 1,951
cash
equivalents
Cash, cash equivalents,
restricted cash,
and restricted cash equivalents 5,505 3,924
-
beginning of period
Cash, cash equivalents,
restricted cash,
and restricted cash equivalents $ 5,740 $ 5,875
- end of
period
1 Cash flows from operations before working capital is a Non-GAAP financial
measure. Cash flows from operations before working capital year-to-date 2026 was
$3.0 billion, calculated as cash flows provided by operating activities of $1.8
billion, adjusted for changes in working capital of $(1.2) billion. Cash flows
from operations before working capital year-to-date 2025 was $2.1 billion,
calculated as cash flows provided by operating activities of $5.8 billion,
adjusted for changes in working capital of $3.7 billion for year-to-date 2025.
12
Segment Operating Analysis
(unaudited)
Nine
Quarter months
ended ended
──────────────────────────────────────────────────────────────────────────────
Septem… Septem…
30, 30,
2026 2025 2026 2025
-in
‘000s
metric
tons
Certa…
proce…
volum…
(by
commo…
Oilse… 8,945 8,803 27,721 26,944
Corn 4,729 4,666 14,007 13,861
Quarter Nine
ended months
ended
Septem… Septem…
30, 30,
2026 2025 2026 2025
-in
millio…
Reven…
Ag
Servi… $ 17,445 $ 15,613 $ 51,362 $ 47,557
and
Oilse…
Carbo… 2,938 2,734 8,254 8,096
Solut…
Nutri… 1,837 1,916 5,544 5,726
Total
Segme… 22,220 20,263 65,160 61,379
Reven…
Other 115 109 346 334
Busin…
Total $ 22,335 $ 20,372 $ 65,506 $ 61,713
Reven…
13
Total Segment Operating Profit
A Non-GAAP financial measure
(unaudited)
Ni…
Qu… mo…
en… en…
──────────────────────────────────────────────────────────────────────────────
Se… Se…
30 30
(… 20… 20… Ch… 20… 2025 Cha…
m…
E…
b… $ 997 $ 147 $ 850 $ 2,… $ 779 $ 1,…
i…
t…
O…
B… -1… -55 -66 -2… -2… -10
(…
C… 470 532 -62 1,… 1,… -1…
S…
i…
(…
on
s…
of — -31 31 -83 -39 -44
a…
a…
b…
I…
e…
r…
c… 36 89 -53 56 361 -3…
a…
s…
c…
(…
on — — — — -69 69
c…
t…
A…
s…
of
e… $ — $ 163 $ -1… $ 55 $ 163 $ -1…
m…
i…
n…
c…
T…
S… $ 1,… $ 845 $ 537 $ 3,… $ 2,… $ 1,…
O…
P…
14
Adjusted Net Earnings and Adjusted EPS
Non-GAAP financial measures
(unaudited)
N…
Q… m…
e… e…
S… S…
2… 3… 2… … 3… …
──────────────────────────────────────────────────────────────────────────────
In P… In … … … … …
m… s… m… … … … … …
…
…
… $ 8… $ 1… $ 1… $ 0… $ 2… $ 4… $ 6… $ 1…
…
…
…
…
…
…
…
… — — -… -… -… -… -… -…
…
…
…
…
…
…
…
… 47 0… 2… 0… 82 0… 5… 1…
…
…
…
…
…
…
…
…
… — — 1… 0… 55 0… 1… 0…
…
…
…
…
…
…
… — — — — — — -… -…
…
…
…
…
… -… -… — — — — — —
…
…
… 37 0… 3… 0… 71 0… 6… 1…
…
…
…
…
… $ 8… $ 1… $ 4… $ 0… $ 2… $ 4… $ 1… $ 2…
…
…
…
(a) Current YTD gains of $83 million ($66 million after tax) includes gains from
contribution of assets to joint venture arrangements, tax effected using the
applicable income tax rate. Prior year quarter and YTD amounts of $31 million
and $39 million ($24 million and $30 million after tax), respectively, were
related to the gain from the sale of a facility and commencement of a joint
venture arrangement, tax effected using the Company’s U.S. income tax rate.
(b) Current year quarter and YTD charges of $62 million and $102 million ($47
million and $82 million after tax), respectively, were primarily driven by
charges related to contingency provisions, inventory adjustments and severance
charges, tax effected using the applicable tax rates. Prior year quarter and YTD
charges of $261 million and $638 million pretax ($201 million and $535 million
after tax), respectively, were primarily driven by impairment of long lived
assets and other restructuring charges pursuant to the Company’s portfolio
optimization efforts, impairment of certain investments, impairment of
capitalized internal-use software, and contingent settlements, tax effected
using the applicable tax rates.
(c) Current year YTD charges of $55 million were driven by the Company’s share
of non-recurring charges related to provisions recorded by Wilmar. Prior year
quarter and YTD charges of $163 million was due to the Company’s share of the
penalty imposed on Wilmar.
(d) Prior year YTD gains of $69 million ($52 million after tax) relate to the
recognition of income due to a cancelled contract with a cost method investee,
tax effected using the applicable income tax rate.
(e) Discrete tax adjustments for the quarter include the reversal of tax impacts
from a provision recorded in Q1 2026, driven by additional administrative
guidance issued by the U.S. Department of Treasury during Q3 2026.
15
Return on Invested Capital (ROIC) and Adjusted ROIC
Non-GAAP financial measures
(unaudited)
Adj…
ROIC
Ear… Dec. Mar. Jun. Sep. Four Sep.
(in Quart… 31, 31, 30, 30, Quar… 30,
mil… Ended 2025 2026 2026 2026 Ended 2026
──────────────────────────────────────────────────────────────────────────────
Net
ear…
att… $ 456 $ 298 $ 908 $ 821 $ 2,483
to
ADM
Adj…
Int… 108 111 107 131 457
exp…
Tax
on -26 -26 -25 -31 -108
int…
Tot…
ROIC 538 383 990 921 2,832
Ear…
Oth…
adj…
net -35 47 -13 37 36
of
tax
Tot…
Adj… $ 503 $ 430 $ 977 $ 958 $ 2,868
ROIC
Ear…
Adj…
Inv…
Cap… Dec. Mar. Jun. Sep.
(in Quar… 31, 31, 30, 30, Trai… Quart…
mil… Ended 2025 2026 2026 2026 Four Avera…
──────────────────────────────────────────────────────────────────────────────
Equ… $ 22,7… $ 22,8… $ 23,5… $ 23,8… $ 23,240
Int… 8,509 9,426 8,107 8,834 8,719
lia…
Tot…
Inv… 31,2… 32,2… 31,6… 32,6… 31,959
Cap…
Oth…
adj…
net -35 47 -13 37 9
of
tax
Tot…
Adj… $ 31,2… $ 32,2… $ 31,6… $ 32,7… $ 31,968
Inv…
Cap…
Ret…
on 8.9 %
Inv…
Cap…
Adj…
Ret…
on 9.0 %
Inv…
Cap…
(1) Represents interest expense on borrowings and therefore excludes ADM
Investor Services related interest expense
(2) Excludes non-controlling interests
(3) Includes short-term debt, long term debt and finance lease obligations
16
Earnings Before Interest, Taxes, and Depreciation and Amortization (EBITDA) and
Adjusted EBITDA
Non-GAAP financial measures
(unaudited)
De… Mar. Jun. Se… Four Se… Four Se…
Qua… 31, 31, 30, 30, Qua… 30, Qua… 30,
End… 20… 2026 2026 20… End… 20… End… 20…
──────────────────────────────────────────────────────────────────────────────
-in
mi…
Net $ 456 $ 298 $ 908 $ 821 $ 2,… $ 1,…
ea…
Net
ea…
(l…
at… -2 5 4 5 12 -9
to
no…
in…
In…
tax 22 81 176 171 450 266
ex…
In… 108 111 107 131 457 470
ex…
De…
and 296 289 292 295 1,… 1,…
am…
EB… 880 784 1,4… 1,… 4,… 3,…
(G…
on
sa…
of — -62 -21 — -83 -49
as…
and
bu…
Im…
ex…
re…
ch… 293 35 5 62 395 622
and
se…
co…
AD…
sh…
of
eq…
me…
in… -2… 55 — — -1… 163
no…
ch…
and
(g…
net
(G…
on — — — — — -69
co…
te…
Ex…
re… — — — — — 3
to
ac…
Ra…
ma… 47 — 1 41 89 48
ex…
Ad… $ 965 $ 812 $ 1,4… $ 1,… $ 4,… $ 3,…
EB…
(1) Represents interest expense on borrowings and therefore excludes ADM
Investor Services related interest expense
(2) Excludes $9 million, $4 million, and $1 million of accelerated depreciation
recorded within restructuring charges as a specified item for the three months
ended December 31, 2025, March 31, 2026, and June 30, 2026, respectively.
17