039483AW2 Filings — Archer-Daniels-Midland Co - FilingSpy
039483AW2
Archer-Daniels-Midland Co
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A global agricultural supply chain manager and processor, ADM buys, moves, stores, and crushes crops like soybeans, corn, and wheat into vegetable oils, protein meal, sweeteners, starches, ethanol, and nutrition ingredients used in food, feed, and fuel. Its roots go back to 1902, when John Daniels and George Archer teamed up in Minneapolis in the linseed oil business; the company took its full name in 1923 after merging with Midland Linseed Products. ADM has long called itself "Supermarket to the World" because its ingredients end up in countless everyday products.
Q2 FY2026 net income rose 315% to $908M as crush margins expanded and prior-year impairments did not repeat
Quarterly profit rebounded from the prior-year low. rose 7.2% to $22.7B, widened 2.1 points to 8.5%, and of $1.87 rose 316% as crush , biofuel policy benefits, and the absence of prior-year charges lifted results. The company has returned to earnings levels not seen since 2023, with of $11.1B backing its plan.
Key takeaways
rose 314.6% to $908M and rose 315.6% to $1.87 , after Q2 2025 carried $224M in and that did not repeat this quarter.
Total increased $620M to $1.5B, with Ag Services and Oilseeds up $488M on stronger crush margins and favorable biofuel policy.
Carbohydrate Solutions profit grew 22% to $411M, led by Vantage Corn Processors' $52M increase on higher ethanol margins supported by policy incentives.
Section summaries
Management's Discussion and Analysis
ADM Q2 FY2026 earnings surged to $908M, driven by crush margin expansion, biofuel policy benefits, and prior-year impairment absence.
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Earnings before income taxes rose to $1.1B from $279M, reflecting improved operational execution and $324M in prior-year and restructuring costs.
Total increased $620M to $1.5B, with Ag Services and Oilseeds up $488M on stronger crush margins and favorable biofuel policy.
Nutrition profit rose 51% to $172M, driven by higher Flavors sales and margins and ongoing cost optimization.
fell 73.3% to $1.1B from $4.3B a year earlier, primarily due to a $2.5B swing in -related cash flows.
Available stood at $11.1B, with $10.0B in unused credit lines and $1.1B in cash.
What changed
The SEC and DOJ investigations into Nutrition intersegment sales carried over from the 2025 10-K remain unresolved with no accrual disclosed in this filing.
Ag Services and Oilseeds profit reversed its decline — up $488M this quarter after Q1 2026 fell 34% on $275M negative impacts, which did not repeat at the same scale.
Vantage Corn Processors ethanol margins continued their recovery, with the up $52M in Q2 after a 48% Carbohydrate Solutions rise in Q1 2026 from policy incentives.
Share repurchases did not resume — the pause from full-year 2025 and Q1 2026 continued through Q2 2026 as the company targets over $500M in cost savings by 2029.
Q2 2026 of $908M is the highest since Q2 2023 ($927M), closing the gap left by the 2024-2025 and charges.
What to watch
Q3 2026 Ag Services and Oilseeds profit trajectory as crush margins and biofuel policy benefits normalize or fade
Q3 2026 Vantage Corn Processors ethanol margins after the $52M Q2 increase within Carbohydrate Solutions
Any disclosed accrual or resolution in the SEC and DOJ investigations into Nutrition intersegment sales
Whether share repurchases resume in H2 2026 after the pause through Q2 2026
Carbohydrate Solutions profit grew 22% to $411M, led by Vantage Corn Processors' $52M increase on higher ethanol margins supported by policy incentives.
Nutrition profit rose 51% to $172M, driven by higher Flavors sales and margins and ongoing cost optimization.
fell to $1.3B from $4.0B, primarily due to changes including a $2.5B swing in -related cash flows.
Available liquidity stood at $11.1B, with $10.0B in unused credit lines and $1.1B in cash, supporting ongoing capital requirements.
Quantitative and Qualitative Disclosures About Market Risk
The market risk inherent in the Company’s market risk sensitive instruments and positions is the potential loss arising from adverse changes in: commodity market prices as they relate to the Company’s net commodity position, foreign currency exchange rates, equity price and inte…
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The market risk inherent in the Company’s market risk sensitive instruments and positions is the potential loss arising from adverse changes in: commodity market prices as they relate to the Company’s net commodity position, foreign currency exchange rates, equity price and interest rates.
For detailed information regarding the Company’s market risk sensitive instruments and positions, see Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
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Table of Contents
ARCHER-DANIELS-MIDLAND COMPANY
CONTROLS AND PROCEDURES
For information regarding certain legal proceedings involving the Company, see Part I. Item 1. Note 16. Legal Proceedings of “Notes to Consolidated Financial Statements”, which is incorporated herein by reference. Pursuant to the Securities and Exchange Commission (“SEC”) regula…
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For information regarding certain legal proceedings involving the Company, see Part I. Item 1. Note 16. Legal Proceedings of “Notes to Consolidated Financial Statements”, which is incorporated herein by reference.
Pursuant to the Securities and Exchange Commission (“SEC”) regulations, for proceedings under environmental laws to which a government authority is a party and we reasonably believe such proceedings will result in monetary sanctions, we have adopted a disclosure threshold of $1 million.
In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
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In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.