Key Highlights

● Second-quarter revenue reached $22,681 million, up from $21,166 million a year earlier.

● Total segment operating profit rose 75% to $1,450 million in the quarter.

● ADM lifted 2026 adjusted EPS guidance to $5.15–$5.60 from $4.15–$4.70.

● First-half cash from operations fell to $1,299 million from $3,956 million.

Archer-Daniels-Midland Company (NYSE:ADM), known as ADM, buys, processes and ships crops such as soybeans and corn, turning them into oils, meals, sweeteners, ethanol and ingredients for food and animal feed. It reports three segments: Ag Services & Oilseeds, Carbohydrate Solutions and Nutrition. ADM is a member of the S&P 500, added on March 4, 1957.

The business is cyclical and margin-driven. Earnings depend on crush spreads, ethanol margins, crop sizes, freight and government policy rather than on steady volume growth, which makes year-over-year swings in profit large.

Second-quarter 2026 results

ADM reported second-quarter results on August 4, 2026. Revenue was $22,681 million, compared with $21,166 million a year earlier. Earnings per share were $1.87 on a GAAP basis and $1.84 adjusted; for the first half the figures were $2.49 and $2.56. Earnings before income taxes were $1,088 million in the quarter.

Total segment operating profit rose 75% to $1,450 million. Ag Services & Oilseeds earned $867 million, up 129%, helped by crushing profit rising $330 million, the return of the Barcarena export terminal in Brazil to full operations, and about $100 million of net positive mark-to-market and timing effects. Carbohydrate Solutions earned $411 million, up 22%, on stronger ethanol margins, policy incentives and higher earnings from the Vantage Corn Processors venture. Nutrition earned $172 million, up 51%, citing flavors growth and progress at its Decatur East plant. Offsetting items also included Wilmar equity earnings down about 22% and Refined Products and Other down 3%, mainly on negative mark-to-market timing. First-half segment operating profit was $2,214 million, with Ag Services & Oilseeds at $1,140 million, Carbohydrate Solutions at $767 million and Nutrition at $307 million.

Management attributed part of the improvement to finalized 2026 and 2027 Renewable Fuel Standard volume obligations, set in March 2026. Adjusted EBITDA was $1,472 million for the quarter and $4,203 million over four quarters. Trailing return on invested capital was 6.7%, or 7.8% adjusted.

Cash flow, guidance and dividend

Cash flow needs careful reading. First-half cash from operations was $1,299 million, down from $3,956 million, whereas cash flow before working capital was $1.8 billion, up from $1.2 billion. The gap reflects working-capital movements, which can reverse. At June 30, total debt was about $8.0 billion against roughly $1.1 billion of cash and near-cash, derived from the company's balance sheet.

ADM raised its 2026 adjusted EPS guidance to approximately $5.15 to $5.60, from $4.15 to $4.70, and expects capital expenditure of $1.3 billion to $1.5 billion. These are management guidance, not results. The chief executive said the outlook gave confidence to raise earnings expectations again.

On dividends, the board declared 52.0 cents a quarter in early 2026, a 2% increase, paid on March 10. Annualized, that is $2.08 per share. The company paid $510 million in dividends in the first half. Against the midpoint of the adjusted EPS guidance range, about $5.38, the $2.08 annual rate implies a payout near 39%.

Policy Swings and a Second-Half Test

The company's results release lists trade, tariff, sanctions and biofuel policy among risks, alongside regulatory, legal and tax matters. A change in renewable-fuel rules could quickly alter crush and ethanol economics. Weather and crop conditions also affect both supply and prices, and mark-to-market effects can reverse between quarters.

The sharp lift in the first half is partly timing and policy-driven, so the second half may not match the run rate.