Jun 2026 (Q2 FY26) — Aug 4, 2026
Archer-Daniels-Midland Company Q2 FY26 — Strong Biofuels Environment and Nutrition Momentum Drive Raised Full-Year EPS Guidance
Read the full callArcher-Daniels-Midland Company (ADM) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Archer-Daniels-Midland Company earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 22,681 | +7.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 908 | +314.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
21 of 27 judged targets kept · 18 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| 45Z tax credit impact | about $150 million | Mar 2026 | As a result, we are raising our net benefit from 45 to approximately $250 million for 2026, up from our prior expectations of approximately $150 million. | Revised Up |
| Capital expenditures | $1.3 billion to $1.5 billion | Dec 2025 | That is still keeping within our range of CapEx from $1.3 million to $1.5 million at times when we find these opportunities that are very compelling, we might go a little bit higher than that. | On Track |
| Crush margins | flattish to Q4 FY25 | Sep 2025 | In particular, soybean crush and ethanol margins strengthened meaningfully as the market anticipated the finalization of renewable volume obligations for 2026 and 2027, which the EPA published on March 27. | Achieved |
6 of Archer-Daniels-Midland Co's 45 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 42 more targets are in the full ledger.
Claimed
- Reported adjusted earnings per share of $1.84.
- Total segment operating profit increased significantly to $1.5 billion compared to the prior year quarter.
- Full-year 2026 adjusted EPS guidance raised to a range of $5.16 to $5.60, up from $4.15 to $4.70.
- Ag Services operating profit increased 159% to $293 million.
- Crushing operating profit increased by approximately $330 million to $363 million, with global crush volumes up close to 5%.
Qualified
- Refined Products and Other subsegment operating profit decreased 3% to $151 million, largely due to net negative mark-to-market and timing impacts.
- Equity earnings from Wilmar decreased 22% to $60 million.
- Liquid sweetener volumes and margins experienced ongoing pressure, most pronounced in North America.
- Geopolitical conflicts in the Middle East and Ukraine create global volatility and potential for increased food prices.
Price
$80.51 −2.54% · −$2.1
Performance +27.1% 1Y
1Y: $63.33 on 17 Oct 2025 → $80.51. High $88.09 (17 Sept 2026), low $56 (10 Nov 2025).
- Previous close
- $82.61
- 52-week range
- $56 – $88.09
- One year
- +27.41%
Overview
- Symbol
- ADM
- Sector
- Consumer Staples
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
21 of 27 judged targets kept · 18 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| 45Z tax credit impact | about $150 million | Mar 2026 | As a result, we are raising our net benefit from 45 to approximately $250 million for 2026, up from our prior expectations of approximately $150 million. | Revised Up |
| Capital expenditures | $1.3 billion to $1.5 billion | Dec 2025 | That is still keeping within our range of CapEx from $1.3 million to $1.5 million at times when we find these opportunities that are very compelling, we might go a little bit higher than that. | On Track |
| Crush margins | flattish to Q4 FY25 | Sep 2025 | In particular, soybean crush and ethanol margins strengthened meaningfully as the market anticipated the finalization of renewable volume obligations for 2026 and 2027, which the EPA published on March 27. | Achieved |
Claimed
- Reported adjusted earnings per share of $1.84.
- Total segment operating profit increased significantly to $1.5 billion compared to the prior year quarter.
- Full-year 2026 adjusted EPS guidance raised to a range of $5.16 to $5.60, up from $4.15 to $4.70.
- Ag Services operating profit increased 159% to $293 million.
- Crushing operating profit increased by approximately $330 million to $363 million, with global crush volumes up close to 5%.
Qualified
- Refined Products and Other subsegment operating profit decreased 3% to $151 million, largely due to net negative mark-to-market and timing impacts.
- Equity earnings from Wilmar decreased 22% to $60 million.
- Liquid sweetener volumes and margins experienced ongoing pressure, most pronounced in North America.
- Geopolitical conflicts in the Middle East and Ukraine create global volatility and potential for increased food prices.
The full ledger
Open Archer-Daniels-Midland Co’s full ledger
A free account opens 5 company ledgers a month. All 45 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 5, 2026
ADM Q1 FY26 — EPS beat and guidance raise on constructive crush and ethanol margins
Read the full callMar 2025 (Q1 FY25) — May 6, 2025
Archer-Daniels-Midland Company Q1 FY25 — Solid Performance Amidst Market Uncertainty
Read the full callEvery analysed call
Archer-Daniels-Midland Company earnings calls (ADM)
Financials
What the filings say
Net profit, year on year: +315% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 19,937 | 21,498 | 20,175 | 21,166 | 20,372 | 18,556 | 20,490 | 22,681 |
| Interest | 174 | 179 | 158 | 159 | 153 | 142 | 149 | 148 |
| Profit before tax | 108 | 666 | 353 | 279 | 147 | 476 | 384 | 1,088 |
| Tax rate | 83.3% | 15.8% | 17.3% | 22.2% | 25.2% | 4.6% | 21.1% | 16.2% |
| Net profit | 18 | 567 | 295 | 219 | 108 | 456 | 298 | 908 |
| EPS ($ per share) | 0.04 | — | 0.61 | 0.45 | 0.22 | — | 0.62 | 1.87 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 2,560 | 2,655 | 2,824 | 2,994 | 3,147 | 3,154 | 3,223 | 3,281 |
| Reserves | 18,527 | 18,958 | 19,780 | 21,655 | 23,646 | 23,465 | 21,933 | 21,983 |
| Total liabilities | 21,837 | 24,772 | 29,697 | 33,628 | 35,457 | 30,486 | 31,093 | 29,649 |
| Fixed assets | 9,953 | 10,106 | 9,779 | 9,803 | 9,933 | 10,508 | 10,837 | 11,179 |
| Total assets | 40,833 | 43,997 | 49,719 | 56,136 | 59,774 | 54,631 | 53,271 | 52,389 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | -4,784 | -5,452 | -2,386 | 6,595 | 3,478 | 4,460 | 2,790 | 5,452 |
| Cash from investing | 6,582 | 5,259 | 4,465 | -2,669 | -1,400 | -1,496 | -2,702 | -1,017 |
| Cash from financing | 187 | -660 | -423 | -1,118 | -2,499 | -4,604 | -1,530 | -2,887 |
| Net cash flow | 1,985 | -853 | 1,656 | 2,808 | -421 | -1,643 | -1,466 | 1,581 |
| Capital expenditure | -842 | -828 | -823 | -1,169 | -1,319 | -1,494 | -1,563 | -1,248 |
| Free cash flow | -5,626 | -6,280 | -3,209 | 5,426 | 2,159 | 2,966 | 1,227 | 4,204 |
ADM revenue by segment
Ag Services and Oilseeds grew from 76% to 79% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Ag Services and Oilseeds | 76% | 79% | 78% | 77% | 77% | 76% | 78% | 79% | +10.1% |
| Carbohydrate Solutions | 15% | 13% | 13% | 13% | 13% | 14% | 12% | 12% | -1.3% |
| Nutrition | 9% | 8% | 9% | 9% | 9% | 10% | 9% | 8% | -4.6% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
ADM operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| CO2 sequestered | ~300K metric tonnesDuring the first quarter alone, we sequestered approximately 300,000 metric tonnes of CO2, a milestone that underscores our leadership in this space.Source: earnings call transcript | 337K metric tonnesIn Car Solutions, ethanol production rose in a strong margin environment and we sequestered 337,000 metric tons of carbon this quarter.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
60 filings between Jan 2, 2026 and Sep 8, 2026.
Open market
decisions to buy or sellPurchases
$486.7K
1 purchase by 1 insider
Sales
$10.11M
4 sales by 4 insiders
Compensation
not trading decisions- 15
- Award — granted as compensation
- 6
- Option exercise — converted options into shares
- 29
- Tax withheld — shares kept back by the company to cover tax
Also filed: 5 dispositions to the issuer.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Morris Gregory A | — | $3.42M | Mar 10, 2026 |
| Cuddy Christopher M | — | $2.57M | Mar 13, 2026 |
| Pinner Ian R | — | $2.44M | Mar 13, 2026 |
| Weber Jennifer L | — | $1.68M | Feb 17, 2026 |
| McAtee David R II | $486.7K | — | Feb 5, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 8, 2026 | Jones Regina Senior Vice President | Tax withheld | 1,706 | $144.3K |
| Aug 17, 2026 | Rowe Jeffrey D Executive Vice President & COO | Award | 259,935 | $0 |
| Aug 3, 2026 | Patolawala Monish D Executive Vice President & CFO | Tax withheld | 6,720 | $532.7K |
| Mar 20, 2026 | LUCIANO JUAN R President & CEO | Tax withheld | 16,882 | $1.16M |
| Mar 18, 2026 | Morris Gregory A Senior Vice President | Tax withheld | 3,195 | $230.4K |
| Mar 18, 2026 | Jones Regina Senior Vice President | Tax withheld | 2,421 | $174.6K |
| Mar 18, 2026 | Cuddy Christopher M Senior Vice President | Tax withheld | 3,001 | $216.4K |
| Mar 18, 2026 | Weber Jennifer L Senior Vice President | Tax withheld | 2,033 | $146.6K |
| Mar 18, 2026 | Pinner Ian R Senior Vice President | Tax withheld | 2,904 | $209.4K |
| Mar 13, 2026 | Cuddy Christopher M Senior Vice President | Sale | 35,000 | $2.57M |
| Mar 13, 2026 | Pinner Ian R Senior Vice President | Sale | 34,106 | $2.44M |
| Mar 10, 2026 | Morris Gregory A Senior Vice President | Sale | 50,000 | $3.42M |
| Mar 3, 2026 | Nichol Carrie Ann Vice President & CAO | Tax withheld | 5,367 | $373.6K |
| Feb 17, 2026 | Weber Jennifer L Senior Vice President | Sale | 25,000 | $1.68M |
| Feb 13, 2026 | Pinner Ian R Senior Vice President | Tax withheld | 3,769 | $261.9K |
| Feb 13, 2026 | Patolawala Monish D Executive Vice President & CFO | Tax withheld | 9,161 | $636.7K |
| Feb 13, 2026 | Weber Jennifer L Senior Vice President | Tax withheld | 2,536 | $176.3K |
| Feb 13, 2026 | LUCIANO JUAN R President & CEO | Tax withheld | 23,330 | $1.62M |
| Feb 13, 2026 | Cuddy Christopher M Senior Vice President | Tax withheld | 4,318 | $300.1K |
| Feb 13, 2026 | Jones Regina Senior Vice President | Tax withheld | 2,958 | $205.6K |
| Feb 13, 2026 | Morris Gregory A Senior Vice President | Tax withheld | 4,350 | $302.3K |
| Feb 12, 2026 | Patolawala Monish D Executive Vice President & CFO | Award | 40,000 | $0 |
| Feb 12, 2026 | Weber Jennifer L Senior Vice President | Award | 13,094 | $0 |
| Feb 12, 2026 | Pinner Ian R Senior Vice President | Award | 17,842 | $0 |
| Feb 12, 2026 | Morris Gregory A Senior Vice President | Award | 18,993 | $0 |
| Feb 12, 2026 | LUCIANO JUAN R President & CEO | Award | 106,475 | $0 |
| Feb 12, 2026 | Jones Regina Senior Vice President | Award | 16,116 | $0 |
| Feb 12, 2026 | Nichol Carrie Ann Vice President & CAO | Award | 7,569 | $0 |
| Feb 12, 2026 | Cuddy Christopher M Senior Vice President | Award | 23,022 | $0 |
| Feb 9, 2026 | Jones Regina Senior Vice President | Tax withheld | 3,278 | $217.4K |
| Feb 9, 2026 | LUCIANO JUAN R President & CEO | Tax withheld | 36,249 | $2.40M |
| Feb 9, 2026 | LUCIANO JUAN R President & CEO | Tax withheld | 12,842 | $851.8K |
| Feb 9, 2026 | Weber Jennifer L Senior Vice President | Tax withheld | 2,710 | $179.8K |
| Feb 9, 2026 | Weber Jennifer L Senior Vice President | Tax withheld | 1,057 | $70.1K |
| Feb 9, 2026 | Pinner Ian R Senior Vice President | Tax withheld | 2,981 | $197.7K |
| Feb 9, 2026 | Pinner Ian R Senior Vice President | Tax withheld | 1,155 | $76.6K |
| Feb 9, 2026 | Morris Gregory A Senior Vice President | Tax withheld | 1,633 | $108.3K |
| Feb 9, 2026 | Morris Gregory A Senior Vice President | Tax withheld | 5,079 | $336.9K |
| Feb 9, 2026 | Cuddy Christopher M Senior Vice President | Tax withheld | 4,850 | $321.7K |
| Feb 9, 2026 | Cuddy Christopher M Senior Vice President | Tax withheld | 1,581 | $104.9K |
| Feb 5, 2026 | McAtee David R II Director | Purchase | 7,500 | $486.7K |
| Feb 5, 2026 | LUCIANO JUAN R President & CEO | Tax withheld | 414,728 | $27.93M |
| Feb 5, 2026 | LUCIANO JUAN R President & CEO | Option exercise | 581,099 | $19.28M |
| Feb 4, 2026 | LUCIANO JUAN R President & CEO | Award | 81,825 | $0 |
| Feb 4, 2026 | Jones Regina Senior Vice President | Award | 10,865 | $0 |
| Feb 4, 2026 | Weber Jennifer L Senior Vice President | Award | 9,247 | $0 |
| Feb 4, 2026 | Pinner Ian R Senior Vice President | Award | 10,171 | $0 |
| Feb 4, 2026 | Morris Gregory A Senior Vice President | Award | 14,794 | $0 |
| Feb 4, 2026 | Cuddy Christopher M Senior Vice President | Award | 14,331 | $0 |
| Feb 2, 2026 | Patolawala Monish D Executive Vice President & CFO | Tax withheld | 34,447 | $2.32M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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