Archer-Daniels-Midland Company

What they do

ADM buys crops from farmers worldwide and uses an integrated origination, logistics, and manufacturing network to transform commodities into food, feed, fuel, and industrial products. It operates three reportable segments: Ag Services and Oilseeds; Carbohydrate Solutions; and Nutrition, with remaining operations in Corporate and Other Business. The company also holds a 22.5% equity interest in Wilmar International Limited.

Revenue drivers

• Ag Services and Oilseeds — Originates, merchandises, transports, and stores agricultural raw materials, and crushes oilseeds such as soybeans, cottonseed, sunflower, canola, rapeseed, and flaxseed. It produces vegetable oils and protein meals sold to food, feed, energy, and industrial customers, and provides structured trade finance.
• Carbohydrate Solutions — The filing excerpt provided does not describe this segment's products or activities in detail.
• Nutrition — Provides human and animal nutrition ingredients and solutions, including probiotics, enzymes, supplements, natural colors and flavors, plant-based proteins, and lower-sugar, fat, and salt solutions. The latest earnings release cites momentum in Nutrition led by Flavors.

Recent performance

For Q2 2026, revenues were $22.68 billion, up from $21.17 billion in Q2 2025, with net earnings attributable to ADM of $908 million and diluted EPS of $1.87. Total segment operating profit rose 75% year over year to $1.45 billion, and adjusted EPS was $1.84 versus $0.93 in the prior-year quarter. For the first half of 2026, revenues were $43.17 billion and net earnings attributable to ADM were $1.21 billion, or $2.49 per diluted share. Full-year 2025 revenue was $24.96 billion, net income was $1.08 billion, and diluted EPS was $2.23.

Strategy

ADM states it invests in research, application development, and process improvement to deliver value-added products and advance sustainable agricultural and nutrition solutions. It continues to develop bio-based consumer and industrial solutions and to advance and scale carbon capture and sequestration capabilities. The company also holds significant investments and joint ventures aimed at geographic or product-line expansion. Capital expenditures are projected in the range of $1.3 billion to $1.5 billion.

Risks

• Operational disruption — Manufacturing and distribution across numerous markets expose ADM to unplanned downtime, property damage, and business interruption from equipment failure, natural disasters, weather, accidents, strikes, cyberattacks, or other events, sometimes with dependence on a single plant or facility.
• Transportation dependence — ADM's operations rely on dependable and efficient transportation services, and disruption could adversely affect results.
• Commodity and margin exposure — As an agricultural processor and merchandiser, ADM's results are tied to commodity markets, crushing margins, and biofuel economics, including the renewable volume obligations under the U.S. Renewable Fuel Standard.
• Regulatory and legal matters — The company monitors policy, trade, macroeconomic, and geopolitical environments, and notes that regulatory, legal, and tax matters can create uncertain charges that may be material.

Outlook

Management raised full-year 2026 adjusted EPS guidance to approximately $5.15 to $5.60, up from the prior range of $4.15 to $4.70. The outlook reflects expected year-over-year earnings improvement in crushing and ethanol, supported by a constructive biofuel margin environment and improving Nutrition performance. ADM continues to monitor external factors across macroeconomic, geopolitical, policy, and trade environments.