ADM Raises 2026 Adjusted EPS Outlook Again

The Tip Desk · November 3, 2026 · 3 min read

Third-quarter adjusted earnings were $1.77 a share, up 92% from a year earlier, as crushing profit jumped on North American biofuels margins.

Archer-Daniels-Midland (ADM) reported adjusted earnings of $1.77 a share for the quarter ended September 30, 2026, up 92% from $0.92 a year earlier, and raised full-year 2026 adjusted EPS guidance for a third consecutive quarter.

The agricultural processor now expects 2026 adjusted EPS of approximately $5.50 to $5.80, up from the prior range of $5.15 to $5.60. GAAP earnings were $1.70 a share, or $821 million, versus $0.22 a share a year earlier. Total segment operating profit was $1.38 billion, up 64% from $845 million.

Chair and Chief Executive Officer Juan Luciano said the results were driven by a constructive biofuels environment, the company’s North American footprint, and execution, and that year-to-date performance and the fourth-quarter outlook supported another increase to full-year guidance. The company said it now expects year-over-year operating-profit improvement in the fourth quarter in all segments.

Agriculture Services and Oilseeds was the largest contributor. Segment operating profit was $778 million, up 105% from $379 million a year earlier. Crushing operating profit was $311 million, up $298 million from $13 million, as the company said North American biofuels margins improved after the Renewable Volume Obligation policy was finalized in March, combined with higher global energy prices. Global crush production volumes increased 1.6% year-over-year, and soybean meal demand remained strong. In South America, crush margins were pressured by a delay in Brazil’s biofuels policy changes.

Refined Products and Other operating profit was $218 million, up 82% from $120 million, which the company attributed largely to favorable North American biodiesel margins, including mark-to-market and timing impacts. Third-quarter results included about $35 million of net positive mark-to-market and timing impacts, led by about $45 million in Refined Products and Other, partially offset by modest net negative impacts in Ag Services and Crushing. Ag Services operating profit was $172 million, down 9% from $190 million, as lower results in certain global supply-chain markets were only partially offset by higher corn and soybean exports. Equity earnings from Wilmar were $77 million, up 38% from $56 million.

Carbohydrate Solutions operating profit was $470 million, up 40% from $336 million. Vantage Corn Processors operating profit was $146 million, up $103 million from $43 million, which the company said was driven by robust North American ethanol margins, including policy incentives, increased domestic demand, and strong industry-wide exports. Starches and Sweeteners operating profit was $324 million, up 11% from $293 million, as strong ethanol margins and policy incentives more than offset continued softness in liquid sweetener margins and volumes.

Nutrition operating profit was $134 million, up 3% from $130 million. Human Nutrition operating profit was $93 million, down 3% from $96 million, as progress in Flavors and the recovery of the Decatur East plant were more than offset by unplanned downtime, inflation pressures on certain input costs, market softness in Biotics, and about $10 million of insurance proceeds in the year-ago quarter. Animal Nutrition operating profit was $41 million, up 21% from $34 million, on operational improvements and benefits from portfolio actions taken in 2025.

Revenue was $22.34 billion, compared with $20.37 billion a year earlier. Gross profit was $1.89 billion, versus $1.27 billion. Corporate results improved versus the year-ago quarter due to the non-recurrence of prior-year impairment losses. Other Business results were higher primarily due to a one-time benefit related to the release of certain insurance reserves.

Capital expenditures are now projected at $1.2 billion to $1.3 billion, revised from the prior range of $1.3 billion to $1.5 billion, reflecting continued prioritization of high-return investments. The company said external factors across the macroeconomic, geopolitical, policy, and trade environments continue to be monitored.