$ADM · Archer-Daniels-Midland Co
ADM filed its 10-Q for the quarter ended September 30, 2026. Q3 net income attributable to ADM was $821M ($1.70/share diluted) on revenue of $22.335B, compared to $108M ($0.22/share) on $20.372B in the prior-year quarter. Gross profit rose $616M to $1.886B, driven by Ag Services & Oilseeds (+$379M) and Carbohydrate Solutions (+$146M). Nine-month operating cash flow dropped to $1.788B from $5.765B, primarily due to a $1.4B inventory build versus a $3.2B inventory reduction in the prior-year period.
- Q3 net income attributable to ADM: $821M vs $108M in Q3 FY2025 — a 7.6x increase
- Q3 revenue: $22.335B (+9.6% YoY), driven by higher oils, soybeans, and biodiesel prices
- Q3 gross profit: $1.886B vs $1.270B YoY (+48.5%), with Ag Services & Oilseeds contributing $379M of the $616M increase
- Q3 GAAP EPS: $1.70 vs $0.22 YoY; adjusted EPS: $1.77
- Nine-month operating cash flow fell to $1.788B from $5.765B YoY, driven by inventory build and working capital changes
ADM closed regular session at $70.60 (-6.82%), but the 10-Q was filed after-hours. Extended-hours last trade at $70.59 shows essentially flat reaction (+0.10% vs filing-time price), suggesting the market had already priced in the Q3 earnings beat from prior disclosures.
ADM's earnings recovery is dramatic — net income up 7.6x YoY — but the cash flow collapse and persistent Nutrition weakness complicate the bull case.
ADM's Ag Services & Oilseeds segment is benefiting from elevated oils, soybeans, and biodiesel pricing — a trend also lifting peers like BG. Nutrition remains a drag, consistent with broader protein/ingredient demand softness.
The filing flags risks from global trade and tariff conditions, commodity price volatility, and policy changes affecting biofuels and clean fuel/environmental credits. Nutrition segment revenues continue to decline (-$79M Q3 YoY) amid portfolio actions and the Akralos joint venture formation.