Archer Daniels Midland Company (NYSE: ADM) raised its full-year 2026 adjusted earnings outlook on August 4 and reported second-quarter adjusted earnings of $1.84 per share, compared with $0.93 in the same quarter a year earlier.
The Chicago-based company now expects 2026 adjusted earnings per share of $5.15 to $5.60, above its prior forecast of $4.15 to $4.70. On a reported basis, second-quarter GAAP earnings per share were $1.87, up from $0.45 a year earlier.
ADM is one of the largest US grain processors and oilseed crushers, and its results move closely with biofuel policy and crush margins. The updated outlook follows the May 2026 finalization of renewable volume obligations for 2026 and 2027 under the US Renewable Fuel Standard.
#ADM Lifts Full-Year 2026 Earnings Outlook
The company attributed the higher guidance to expected year-over-year gains in its crushing and ethanol operations. ADM said the finalized renewable volume obligations, global trade dynamics, and elevated energy prices together supported what it described as a constructive margin environment.
Renewable volume obligations set the amount of biofuel that refiners must blend into the US fuel supply each year, and higher mandates tend to lift demand for the corn and soybean oil that ADM processes.
Capital expenditures for 2026 remain projected at $1.3 billion to $1.5 billion. ADM said it continues to monitor conditions across the macroeconomic, geopolitical, policy, and trade environments.
Total segment operating profit reached $1.5 billion in the quarter, a 75% increase from a year earlier. GAAP earnings before income taxes were $1.1 billion, compared with $279 million in the prior-year quarter.
#Ag Services and Oilseeds Profit Rises 129%
Ag Services and Oilseeds, ADM's largest segment, posted operating profit of $867 million, up 129% from the prior-year quarter. Crushing drove much of the gain, with subsegment operating profit rising $330 million.
Within the segment, the Ag Services subsegment lifted operating profit 159% from a year earlier. ADM credited its global asset network and a return to full operations at the Barcarena grain export terminal in Brazil, which supported higher soybean exports.
ADM said global oilseed volumes increased about 5% year over year, helped by improved asset utilization. The company also reported record meal exports from Brazil and the United States during the quarter.
"ADM delivered robust second-quarter financial and operating results," said Juan Luciano, Chair and CEO, in the earnings release. "Segment operating profit rose significantly year-over-year and sequentially, with broad-based growth across all three segments."
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#Ethanol and Nutrition Add to Segment Gains
Carbohydrate Solutions operating profit rose 22% to $411 million, which ADM linked to North American ethanol margins and policy incentives. The company said lower US corn prices gave ethanol an economic advantage over competing blendstocks.
Nutrition operating profit increased 51% to $172 million. ADM attributed the gain to growth in its Flavors business, supported by seasonal momentum, and to operational improvements in animal nutrition.
Quarterly revenue was $22.7 billion, up from $21.2 billion a year earlier. Net earnings attributable to ADM were $908 million, against $219 million in the prior-year quarter.
For the first six months of 2026, ADM reported adjusted earnings of $2.56 per share, up from $1.63 a year earlier. Total segment operating profit for the half was $2.2 billion, a 40% increase.
Global agricultural processors such as ADM depend heavily on the spread between raw commodity costs and the value of processed outputs like vegetable oil, meal, and ethanol. Those margins can shift quickly with weather, harvest size, energy prices, and government biofuel mandates.
ADM said its forward-looking statements are subject to risks including commodity and energy price volatility, weather, and changes to trade, tariff, and biofuel policy. The company noted it does not undertake to update those statements except as required by law.
Luciano said the second-quarter results and the company's expectations for the second half of 2026 support the raised outlook. ADM cautioned that shifts in the biofuels environment, energy prices, global trade conditions, and commodity availability remain key risks to that forecast.