Archer-Daniels-Midland (ADM) Company Report

ADM generated robust cash flow in 2025 through portfolio optimization and manufacturing improvements, enabling a 2% dividend increase for the 376th consecutive quarter.
Achieved a carbon capture milestone, connecting the Columbus, Nebraska ethanol plant to the Tallgrass Trailblazer pipeline, marking ADM’s second biofuel facility with CCS capability.
Ag Services & Oilseeds margins were pressured by delayed RVO/SRE policy; ADM expects EPA to finalize volumes in early 2026, which should boost biofuel and crush margins thereafter.
Nutrition segment delivered sequential improvements in Q3 with record flavors sales, animal nutrition growth, and launched a North American joint venture with Alltech in specialty segments.
On track to realize $500 M–$750 M in cost savings over 3–5 years from SG&A reduction, plant consolidations (e.g., Bushnell shutdown, Decatur East restart) and simplification measures.

1 day ago

Transcript

ADM outlines 2025 performance and 2026 outlook at Goldman Sachs Industrials & Materials Conference

ADM

Guidance Update

Dividends

New Projects/Investments

Despite a challenging environment, ADM delivered Q3 results above market expectations, advanced manufacturing improvements, reduced inventory to bolster cash flow, and maintained robust performance across Ag Services & Oilseeds, Carbohydrate Solutions and Nutrition segments, including strong ethanol margins and record flavors sales.
Delayed EPA decisions on RVOs and SREs pressured crush margins in Q4, with Q1 expected to mirror Q4 softness until policy clarity—anticipated in early 2026—restores margin uplift and drives demand for soybean oil in biofuels.
The company optimized its asset footprint by restarting the Decatur East protein plant and closing high-cost Bushnell facility, formed a joint venture with Alltech in animal nutrition, and expanded natural flavors, colors, and postbiotic offerings.
ADM remains on track to achieve $500–750 million in cost savings over the next 3–5 years, generated strong cash flows to support capital allocation, and announced a 2 % dividend increase, marking its 376th consecutive dividend rise.

1 day ago

Transcript

ADM discusses 2025 performance and 2026 outlook at Goldman Sachs Industrials and Materials Conference

ADM

In challenging 2025 conditions, ADM executed its self-help agenda—manufacturing improvements, portfolio optimization, and cost savings—to deliver solid results and robust cash flow; Nutrition achieved record Q3 flavor sales and continued animal nutrition improvements.
ADM connected its Columbus, Nebraska ethanol plant to the Tallgrass Trailblazer pipeline, marking its second biofuel facility with carbon capture and sequestration capability.
The company expects final RVO and SRE rulings early in 2026, which should drive margin uplifts in biodiesel and renewable diesel, creating additional vegetable oil demand and supporting crush margins.
The resumption of Chinese soybean purchases is beginning to stabilize U.S. export volumes; ADM anticipates a return to normalized trade flows and reduced hand-to-mouth selling once policy clarity is achieved.
Looking ahead, ADM will continue portfolio optimization, invest in natural flavors, colors, and postbiotics, and maintain balanced capital allocation, having increased its dividend for the 50th consecutive year.

1 day ago

Transcript

Archer Daniels Midland: Bioethanol Market projected to grow to USD 142.35 Billion by 2033

ADM

Global bioethanol market is estimated at USD 89.52 Billion in 2025, rising to USD 142.35 Billion by 2033 at a CAGR of 5.99% during 2026–2033.
U.S. bioethanol market forecast at USD 22.70 Billion in 2025, reaching USD 33.71 Billion by 2033 with a CAGR of 5.09%.
Key growth drivers include government renewable-fuel mandates, expanding industrial and fuel applications, advanced feedstock technologies, and heightened environmental consciousness.
Major industry participants feature Archer-Daniels-Midland, Valero Energy, POET LLC, Green Plains, Raízen, BP, Shell, Cargill, and others.

4 days ago

Press Release

ADM reports Q3 2025 earnings and sets full-year guidance

ADM

Earnings

Guidance Update

In Q2 2025, ADM delivered $0.93 adjusted EPS, down 10% YoY, and $830 million total segment operating profit, down 10% YoY; trailing-4-quarter adjusted ROIC was 6.9%
Ag Services & Oilseeds segment operating profit declined 17% YoY in Q2 2025, with weakness across Wilmar, RPO, Crushing, and Ag Services due to trade and policy uncertainty
Nutrition segment revenue rose ~5% YoY in Q2 2025 (Animal Nutrition $832 M, Human Nutrition $1,161 M), driving total Nutrition segment operating profit of $114 M, up $5 M YoY
Cash from operations before working capital for 1H 2025 was $1.2 B, down $459 M YoY; capex of $596 M in 1H 2025 with full-year guidance reduced to $1.3–1.5 B; returned $495 M via dividends; leverage ratio at 2.1x
Full-year 2025 adjusted EPS guidance narrowed to ~$4.00, with expected YoY declines in Ag Services & Oilseeds and Carbohydrate Solutions profits and growth in Nutrition profits

Nov 4, 2025, 1:30 PM

Presentation

ADM reports Q3 2025 earnings

ADM

Earnings

Guidance Update

Demand Weakening

$0.92 adjusted EPS; $845 million total segment operating profit; 6.7% trailing four-quarter ROIC; $2.1 billion cash flow from operations before working capital YTD
Full-year 2025 adjusted EPS guidance lowered to $3.25–$3.50, down from approximately $4.00 per share
Ag Services & Oilseeds operating profit $379 million (-21% YoY); Carbohydrate Solutions $336 million (-26%); Nutrition revenues $1.9 billion (+5%) and operating profit $130 million (+24%)
Self-help initiatives on track for $200–$300 million in cost savings in 2025 and $500–$750 million over the next 3–5 years
Inventory down $3.2 billion YTD; full-year CapEx expected $1.3–$1.5 billion; net leverage at 1.8× as of Sept. 30

Nov 4, 2025, 1:30 PM

Transcript

ADM reports Q3 2025 earnings and lowers full-year guidance

ADM

Earnings

Guidance Update

ADM reported adjusted EPS of $0.92 and $845 million in total segment operating profit for Q3 2025.
AS&O segment profit was $379 million (–21% YoY), Carbohydrate Solutions profit was $336 million (–26% YoY), and Nutrition revenue of $1.9 billion with operating profit of $130 million (+24% YoY) in Q3 2025.
Lowered full-year 2025 adjusted EPS guidance to $3.25–$3.50 (from ~$4.00) due to sustained crush margin softness and biofuel policy delays.
Generated $2.1 billion of YTD cash flow from operations and reduced inventory by $3.2 billion, with net leverage at 1.8× as of September.

Nov 4, 2025, 1:30 PM

Transcript

ADM reports Q3 2025 earnings with lowered full-year guidance

ADM

Earnings

Guidance Update

Dividends

Adjusted EPS of $0.92 and total segment operating profit of $845 million in Q3 2025; segment profits: AS&O $379 million (-21% y/y), Carbohydrate Solutions $336 million (-26% y/y), Nutrition $130 million (+24% y/y).
Full-year 2025 adjusted EPS guidance lowered to $3.25–$3.50 from ~$4.00, reflecting continued crush‐margin pressure and deferred U.S. biofuel policy.
YTD cash flow from operations before working capital of $2.1 billion, inventory reduced by $3.2 billion, net leverage at 1.8x, and CapEx expected at $1.3–$1.5 billion for 2025.
On track for $200–$300 million in 2025 cost savings (and $500–$750 million over 3–5 years) via plant efficiency improvements, portfolio optimization, and streamlining initiatives.
Announced 375th consecutive quarterly dividend and a 2026 Animal Nutrition JV with Alltech to shift toward higher-margin specialty ingredients.

Nov 4, 2025, 1:30 PM

Transcript

ADM reports Q3 2025 results

ADM

Earnings

Guidance Update

Generated adjusted EPS of $0.92 and total segment operating profit of $845 million; trailing four-quarter adjusted ROIC was 6.7% and cash flow from operations before working capital changes was $2.1 billion year-to-date.
AS&O segment operating profit declined 21% to $379 million, Carbohydrate Solutions profit fell 26% to $336 million, while Nutrition revenue rose 5% to $1.9 billion and operating profit increased 24% to $130 million year-over-year.
Lowered full year 2025 adjusted EPS guidance to $3.25–$3.50 (from approximately $4.00) due to softer crush margins and continued deferral of U.S. biofuel policy clarity.
On track to deliver $200–$300 million of cost savings in 2025 and $500–$750 million over the next 3–5 years; reduced inventory by $3.2 billion year-to-date and improved net leverage to 1.8× as of September 30.
Awaiting final U.S. biofuel policy (RVO/RIN) decisions to drive domestic soybean oil demand and crush margins; ADM’s plants are optimized to ramp volumes once policy is enacted.

Nov 4, 2025, 1:30 PM

Transcript

ADM cuts 2025 profit forecast amid policy uncertainty

ADM

Guidance Update

Profit Warning

ADM lowered its 2025 adjusted EPS forecast to $3.25–$3.50 (from ~$4.00), marking the third consecutive quarterly cut.
The Agricultural Services & Oilseeds segment saw a 21% drop in Q3 operating profit, with crushing earnings down 93%.
Q3 revenue missed estimates despite beating EPS, as U.S. biofuel policy uncertainty and global trade disruptions pressured margins.
Shares fell 8–10% pre-market, and only 2 of 12 analysts rate the stock a buy, with a median 12-month target of $57 vs. a $60.09 close.

Nov 4, 2025, 12:39 PM

Morningstar

Earnings Transcripts

Quarterly earnings call transcripts for Archer-Daniels-Midland.

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