Archer Daniels Midland Company (ADM) Q1 2026 earnings summary

Executive summary

• Adjusted EPS for Q1 2026 was $0.71, up 1% year-over-year, with reported diluted EPS at $0.62 and total segment operating profit of $764 million, a 2% increase.

• Revenue for Q1 2026 was $20.5 billion, up $315 million year-over-year, driven by higher sales prices in Ag Services and Oilseeds, partially offset by lower volumes and a slight decrease in Nutrition revenues.

• Cash flows from operations before working capital were $442 million, consistent with the prior year.

• $254 million was returned to shareholders via dividends in Q1 2026, marking the 377th consecutive quarterly dividend.

• Strategic focus on cost reduction, cash flow generation, growth investments, digitalization, and talent development led to notable progress.

Financial highlights

• Revenues for Q1 2026 were $20.49 billion, with gross profit at $1.22 billion, up from $1.18 billion in Q1 2025.

• Adjusted net earnings were $345 million, with adjusted diluted EPS of $0.71, and net earnings attributable to shareholders were $298 million.

• Adjusted ROIC for the trailing four quarters was 6.4%, below the long-term objective of 10%.

• Adjusted EBITDA for the trailing four quarters was $3.66 billion.

• Leverage ratio (Adjusted Net Debt/Adjusted EBITDA) was 2.2x, with a year-end target of ~2.0x.

Outlook and guidance

• Full-year 2026 adjusted EPS guidance was raised to $4.15–$4.70 from $3.60–$4.25, reflecting confidence in continued margin strength and execution.

• Majority of $275 million net negative mark-to-market and timing impacts in Q1 expected to reverse in Q2 and the remainder in H2 2026.

• Multi-year cost savings program on track to achieve $500–$750 million in aggregate savings by 2028–2030.

• Management expects continued volatility in commodity and renewable fuel markets due to regulatory, legislative, and geopolitical factors.

• Year-end net leverage ratio expected at ~2x.