Q1 26 EPS
$0.71
BEAT +7.80%
Est. $0.66
Q1 26 Revenue
$20.49B
MISS 4.03%
Est. $21.35B
Did ADM Beat Earnings? Q1 2026 Results
Archer-Daniels-Midland delivered a mixed first quarter for fiscal 2026, posting adjusted earnings per share of $0.71 against a consensus estimate of $0.66, a beat of 7.80%, even as revenue of $20.49 billion fell short of the $21.35 billion Wall Stree… Read more Archer-Daniels-Midland delivered a mixed first quarter for fiscal 2026, posting adjusted earnings per share of $0.71 against a consensus estimate of $0.66, a beat of 7.80%, even as revenue of $20.49 billion fell short of the $21.35 billion Wall Street had anticipated, a miss of 4.03%, though sales still edged 1.6% higher year over year. The central story of the quarter was roughly $275 million in net negative mark-to-market and timing impacts tied to the strengthening commodity environment following finalization of U.S. Biofuels policy, specifically the 2026 and 2027 renewable volume obligations under the Renewable Fuels Standard, which weighed heavily on the Ag Services and Oilseeds segment while creating meaningful tailwinds for Carbohydrate Solutions and Nutrition. UBS raised its price target on ADM shares to $90 from $70 following the results, reiterating a Buy rating. Looking ahead, management lifted its full-year 2026 adjusted EPS guidance to a range of $4.15 to $4.70, up from $3.60 to $4.25, reflecting expected improvement in crushing and ethanol businesses as regulatory clarity takes hold.
Key Takeaways
- • Strengthening ethanol margins supported by effective risk management and policy incentives drove Carbohydrate Solutions profit up 48%
- • Approximately $275 million in net negative mark-to-market and timing impacts weighed on AS&O results, driven by strengthening commodity environment following U.S. biofuels policy clarity
- • Higher North American export activity including increased soybean and sorghum shipments to China and strong corn exports boosted Ag Services profit by 26%
- • Nutrition segment benefited from higher Flavors sales, Decatur East plant recovery, and continued improvements in Animal Nutrition
- • Vantage Corn Processors operating profit increased by $94 million as corn dry-milling ethanol operations capitalized on strengthening margins
- • Oilseed processed volumes increased 2% year-over-year
- • Foreign exchange gains contributed to Nutrition segment improvement
ADM Forward Guidance & Outlook
ADM raised its full-year 2026 adjusted EPS guidance to approximately $4.15 to $4.70, up from the prior range of $3.60 to $4.25. The updated outlook assumes continued progress on company priorities and reflects expected earnings improvement primarily in crushing and ethanol businesses following the finalization of the 2026 and 2027 renewable volume obligations under the U.S. Renewable Fuels Standard. Capital expenditures continue to be projected in the range of $1.3 to $1.5 billion. External factors being monitored include consumer trends, energy costs, supply chain dislocations, ethanol developments, and evolving global trade and tariff conditions.
ADM YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
ADM Revenue by Segment
With YoY comparisons, source: SEC Filings
“Within a dynamic global landscape, ADM delivered robust operating performance in the first quarter, with our crushing and ethanol businesses capitalizing on a constructive biofuels environment and our Nutrition business benefiting from higher Flavors sales, the ongoing Decatur East plant recovery, and continued improvements in Animal Nutrition. With U.S. biofuels policy clarity now providing a stable regulatory framework, combined with our team's solid execution, we are raising our earnings expectations for 2026.”
— Juan Luciano, Q1 2026 Earnings Press Release
ADM Earnings Trends
ADM vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ADM EPS Trend
Earnings per share: estimate vs actual
ADM Revenue Trend
Quarterly revenue: estimate vs actual
ADM Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.66 | $0.71 | +7.80% | $20.49B | -4.03% |
| Q4 25 BEAT FY | $0.80 | $0.87 | +9.17% | $18.56B | -11.88% |
| FY Full Year | $3.38 | $3.43 | +1.35% | $80.27B | -3.43% |
| Q3 25 BEAT | $0.85 | $0.92 | +7.91% | $20.37B | -1.94% |
| Q2 25 BEAT | $0.80 | $0.93 | +16.82% | $21.17B | -2.96% |
| Q1 25 BEAT | $0.67 | $0.70 | +4.46% | $20.18B | -8.50% |