$ADM · Archer-Daniels-Midland Co
ADM reported Q3 FY2026 results with GAAP EPS of $1.70 and adjusted EPS of $1.77, up 92% from $0.92 in the prior-year quarter. Revenue reached $22.335B vs. $20.372B a year ago. Total segment operating profit jumped 64% to $1.382B, driven by a 105% surge in Ag Services & Oilseeds. The company raised full-year 2026 adjusted EPS guidance to $5.50–$5.80 from the prior $5.15–$5.60 range, citing a constructive biofuels environment and expected Q4 operating profit growth across all segments.
- Q3 GAAP EPS of $1.70 vs. $0.22 in prior-year quarter; adjusted EPS $1.77 vs. $0.92 (+92% YoY)
- Total segment operating profit surged 64% YoY to $1.382B, led by Ag Services & Oilseeds at $778M (+105%)
- FY2026 adjusted EPS guidance raised to $5.50–$5.80 from prior $5.15–$5.60, implying ~$1.17–$1.47 in Q4
- Carbohydrate Solutions operating profit rose 40% YoY to $470M on robust ethanol margins and policy incentives
- CapEx guidance trimmed to $1.2–$1.3B from $1.3–$1.5B, reflecting prioritization of high-return investments
Extended-hours trading shows ADM at $74.90, down 1.15% from the regular close and 2.61% below the filing-time price, despite the guidance raise and strong Q3 beat — suggesting the market may have priced in biofuels strength or is reacting to segment-level soft spots (Ag Services -9%, Human Nutrition -3%).
ADM delivered a rare combination: a massive Q3 earnings beat paired with a second consecutive guidance raise, signaling that the RVO-driven biofuels upcycle has durable momentum into year-end.
ADM's results underscore how the March 2026 RVO policy finalization is driving a structural uplift across the North American biofuels complex, benefiting crushers and ethanol producers disproportionately. The 105% AS&O profit surge mirrors strength seen across the agribusiness peer group.
Guidance relies on continued constructive North American biofuels margins tied to RVO policy; any reversal in trade/tariff conditions, energy prices, or biofuels regulation could pressure the outlook. Brazil's delayed biofuels policy changes are already weighing on South American crush margins.