ADM raised its 2026 earnings guidance to $5.50-$5.80 per share, up from $5.15-$5.60, after strong third-quarter results driven by surging biofuel demand, higher crushing margins, and improved ethanol profitability across its North American operations.
- 2026 Earnings Guidance: ADM raised adjusted earnings forecast to $5.50-$5.80 per share, up from prior range of $5.15-$5.60
- Crushing Profit Surge: Oilseed crushing operating profit jumped to $311 million from $13 million year-over-year, a $298 million increase driven by renewable policies
- Q3 Performance: Total segment operating profit reached $1.38 billion, up 64% from $845 million, with gains across all business segments
- Key Growth Drivers: Renewable Volume Obligation policy finalized in March, stronger North American ethanol margins, and increased biofuel demand
- Capital Spending Reduction: ADM trimmed 2026 capital spending to $1.2-$1.3 billion from $1.3-$1.5 billion to focus on high-return investments
ADM raised its full-year earnings guidance after third-quarter operating profit grew in every business segment, led by a sharp rebound in oilseed crushing and stronger ethanol margins in North America.
The Chicago-based company reported third-quarter net earnings of $821 million, or $1.70 a share, in its results release. Adjusted earnings were $1.77 a share, up from 92 cents a year earlier. ADM now expects 2026 adjusted earnings of about $5.50 to $5.80 a share, up from a prior range of $5.15 to $5.60. Total segment operating profit reached $1.38 billion, up 64% from $845 million.
The crush business drove most of the gain. Crushing operating profit rose to $311 million from $13 million a year earlier, an increase of $298 million. ADM credited higher domestic demand tied to the Renewable Volume Obligation policy finalized in March, along with higher global energy prices. Global crush volumes rose 1.6%, and soybean meal demand stayed strong through the quarter. In South America, crush margins came under pressure from delays in Brazil's biofuel policy changes.
That lifted the whole Ag Services and Oilseeds segment, where operating profit more than doubled to $778 million. Refined Products and Other profit climbed 82% to $218 million on North American biodiesel margins. Ag Services profit fell 9% to $172 million on weaker results in some global markets, partly offset by higher North American corn and soybean exports.
Corn processing also gained. Carbohydrate Solutions profit rose 40% to $470 million. Vantage Corn Processors earned $146 million, up from $43 million, on North American ethanol margins that included policy incentives, increased domestic demand and strong industry exports. Starches and Sweeteners profit rose 11% to $324 million as ethanol margins more than offset soft liquid sweetener margins and volumes. Global wheat milling volumes held steady in a competitive pricing environment.
Nutrition operating profit rose 3% to $134 million. Animal Nutrition profit climbed 21% to $41 million on operational improvements and portfolio actions taken in 2025, while Human Nutrition slipped 3% to $93 million.
Chair and CEO Juan Luciano tied the quarter to biofuel policy and ADM's North American assets.
"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," Luciano said.
ADM also trimmed its 2026 capital spending plan to $1.2 billion to $1.3 billion, down from $1.3 billion to $1.5 billion, which it said reflects a focus on high-return investments. The company expects year-over-year operating profit gains in all segments in the fourth quarter and said it continues to monitor macroeconomic, geopolitical, policy and trade conditions.
