ADM Beats EPS by 10% as Biofuels Surge Lifts Full-Year Guidance
As seen on the 24/7 Wall St. homepage on November 3, 2026.
Biofuels did the heavy lifting: crushing operating profit jumped $298 million year over year, enough for management to lift full-year adjusted EPS guidance to roughly $5.50 to $5.80. Revenue still came in under expectations, so the question is how long the renewable fuel margin window stays open.
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Archer-Daniels-Midland posted adjusted earnings per share of $1.77 for the third quarter of 2026, beating expectations for the fifth straight quarter.
North American biofuels drove the quarter, with crush operating profit up $298 million year over year on a constructive domestic margin environment that management credited to the Renewable Volume Obligation policy finalized in March 2026. Vantage Corn Processors ethanol profit added to the gain on domestic demand, policy incentives, and industry exports.
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Revenue of $22.34 billion rose 9.6% year over year while missing expectations, a gap attributed to commodity pricing rather than volume weakness. Gross profit and net income still expanded, showing how much improved biofuel margins moved the bottom line.
Management raised full-year 2026 adjusted EPS guidance to approximately $5.50 to $5.80 and trimmed capital expenditure projections, with CEO Juan Luciano citing year-to-date performance and the fourth-quarter outlook. The question for investors is how long the renewable fuel margin window stays open, given continued pressure on South American crush margins and trade uncertainty heading into Q4.