Archer Daniels Midland Company (ADM)

ADM reported on 4 August 2026 that its second-quarter net earnings were $908 million 2. Segment operating profit, the profit of its three businesses before corporate costs and one-off items, rose 75 percent to $1.45 billion 2.

The main reason was a federal rule: in March 2026 the Environmental Protection Agency set final renewable fuel blending requirements for 2026 and 2027 3. The company said the rule improved the economics of blending biofuels and lifted demand for farm feedstocks 3. Its crushing profit rose by $330 million from a year earlier 2.

ADM now expects adjusted earnings per share of about $5.15 to $5.60 for 2026, its own guidance, up from $3.60 to $4.25 when it first gave the range in February 24.

The open question is whether those margins held through the third quarter, which ADM reports on 3 November 2026 8. A second is what Jeff Rowe, the former Syngenta Group chief executive hired as chief operating officer in August to run the commercial businesses, plants and research, changes 6.

ADM began in 1902, when John W Daniels formed the Daniels Linseed Company to press linseed oil, and George A Archer joined the next year 12. A 1923 merger with Midland Linseed Products created Archer Daniels Midland Company, then the world's largest linseed oil producer 12. Its shares began trading on the New York Stock Exchange on 24 December 1924 12.

Over the next century it grew into a crop buyer, shipper and processor of soybeans, corn and wheat 1. More recently it bought its way into food and feed ingredients: Wild Flavors in 2014, the probiotics maker Biopolis in 2017 and the animal nutrition group Neovia in early 2019 14. Those deals built the Nutrition business, whose costs track crop prices less closely than the rest of ADM's 1.

Before that the business was steady rather than growing: revenue rose 6 percent to $64.3 billion in 2018 and by $315 million to $64.7 billion in 2019 13. Net earnings fell 24 percent to $1.4 billion in 2019 13.

Then crop prices jumped, and because ADM's sales move with what crops cost, so did its revenue 1. Revenue rose $20.9 billion to $85.2 billion in 2021, almost all from higher sales prices, and net earnings rose 53 percent to $2.7 billion 14.

The peak came in 2022, when the war in Ukraine tightened world grain stocks and strong renewable diesel demand lifted crushing margins 15. Revenue reached $101.6 billion and net earnings rose 60 percent to $4.3 billion 15.

Prices then eased year after year: revenue fell to $93.9 billion in 2023 and $85.5 billion in 2024, both mainly on lower sales prices 1617. Net earnings were $3.5 billion in 2023 16.

In 2025 revenue slipped to $80.3 billion on lower volumes and prices, and net earnings fell to $1.1 billion 14. The annual report blames ample world crop supplies, the delay in US biofuel policy and shifting trade rules, which squeezed margins 1.

Those years also brought an accounting problem 165. In January 2024 ADM put its finance chief, Vikram Luthar, on leave during an internal investigation into sales between its own segments 16.

In November 2024 it restated its 2023 annual report and its first two 2024 quarterly reports to fix segment figures, which did not change total earnings 5. In January 2026 it settled with the SEC for $40 million without admitting or denying wrongdoing, and the Justice Department closed its inquiry 5.

Ag Services and Oilseeds

This is ADM's biggest business: it buys crops from farmers, stores and ships them around the world, and crushes soybeans and other oilseeds into vegetable oil and protein meal for animal feed 1. It brought in $61.6 billion of the company's $80.3 billion of revenue in 2025 1.

Soybeans alone made up 17 percent of company revenue in 2025, corn 13 percent and soybean meal 11 percent 1. The oil goes to food makers and renewable diesel producers, and the meal mostly into livestock and poultry feed 1.

Its profit swings with the crush margin, the gap between what oilseeds cost and what oil and meal sell for: the segment earned $1.61 billion in 2025, down from $2.45 billion 1. In the second quarter of 2026 its profit more than doubled to $867 million 2.

Bunge names ADM, Cargill, Louis Dreyfus, Wilmar and COFCO International as its key competitors in this trade 20.

Carbohydrate Solutions

This business mills corn and wheat into sweeteners, starches, syrups and flour for food and drink, ethanol for gasoline, and animal feed from what is left over 1. Revenue was $10.7 billion in 2025 and segment profit $1.21 billion 1.

In the second quarter of 2026 its profit rose 22 percent to $411 million, mainly on strong North American ethanol margins helped by policy incentives 2. Ingredion lists ADM among its starch and sweetener rivals, beside Cargill, Tate & Lyle, Roquette and Primient 21.

Nutrition

Nutrition sells flavors and colors from nature, plant proteins, fibers, probiotics and enzymes to food, drink and supplement makers, plus feed, premixes and pet treats for animals 1. It is the smallest segment, with $7.5 billion of revenue in 2025 1. More than 95 percent of ADM's trademarks, brands and recipes by book value sit here 1.

Flavors led its recent growth: second-quarter 2026 profit rose 51 percent to $172 million, helped by seasonal demand and the recovering Decatur East plant 2. In animal feed, ADM put its North American mills into Akralos, a joint venture with Alltech launched in March 2026, and owns 49 percent of it 3.

Wilmar and the smaller businesses

ADM owns 22.5 percent of Wilmar International, a Singapore-listed agribusiness in packaged oils and foods, palm plantations, sugar and biodiesel 1. Its share of Wilmar's profit was $290 million in 2025 1. ADM also runs a futures broker, ADM Investor Services, and its own insurer, Agrinational Insurance Company 1.

Plants and people

Most plants sit near the farms that supply them 1. ADM owns processing plants with a combined daily capacity of 279 thousand metric tons, 147 warehouses and terminals, and 71 innovation centers 1.

It employed 41,496 people at the end of 2025, 18,851 of them in North America 1. Research and development cost $246 million that year 1.

Juan Luciano has been chief executive since January 2015 and chair since January 2016 1. Monish Patolawala, formerly finance chief of 3M, has held that job at ADM since August 2024 1. Jeff Rowe became chief operating officer on 17 August 2026, reporting to Luciano 6.

Problems on file

A shareholder class action filed on 24 January 2024 over the segment reporting is still open, and the court denied the motions to dismiss on 12 March 2025 3. Suits filed from 2019 accusing ADM of manipulating an ethanol price benchmark are in pretrial proceedings, and ADM denies liability 3.

In 2025 the company also wrote down $372 million of investments, mostly in alternative proteins and start-ups, and took a $179 million charge on software it stopped using 1.

The umbrella, in words

The subsidiaries exhibit for 2025 lists hundreds of companies, among them ADM WILD Europe in flavors, Deerland Probiotics & Enzymes, Golden Peanut Company and the feed maker Neovia, and says minor subsidiaries may be left out 18.

ADM owns parts of many joint ventures: Olenex (37.5 percent) and Stratas Foods (50 percent) in oils and Red Star Yeast (40 percent) 3. It owns 60 percent of Two Rivers Premium Oils, launched in 2026 with Planters Cotton Oil Mill 3.

It agreed in October to put its Decatur feed-grade amino acid plant into a new venture with CJ CheilJedang, which will be the majority owner 10. It has one class of common stock, listed on the New York Stock Exchange 7.

The largest holders named in the 2026 proxy are The Vanguard Group with 12.79 percent, State Farm and related entities with 10.44 percent, BlackRock with 9.40 percent and State Street with 6.95 percent 19.

ADM reports its third-quarter 2026 results on 3 November 2026 and will discuss them on a webcast that morning 8.

For 2026 the company expects adjusted earnings per share of about $5.15 to $5.60 and capital spending of $1.3 billion to $1.5 billion 2. It says the outlook rests on better crushing and ethanol earnings under the new blending rules, plus continued gains in Nutrition 2.

It plans about $100 million of upgrades at four US crushing plants, in Frankfort, Indiana, Deerfield, Missouri, Lincoln, Nebraska and Spiritwood, North Dakota, adding about 700,000 metric tons of capacity 11. Supply Chain Dive reported the work is expected to finish in 2028 or 2029 11.

The company expects the first carbon removal credits from its Columbus, Nebraska corn plant, which can capture over 800,000 tons of carbon dioxide a year, to be certified by year end 9. Once certified, ADM said, a 15-year crediting period begins 9.

The amino acid venture with CJ CheilJedang still needs customary closing steps and regulatory approvals 10. The company said in February it remained on track for $500 million to $750 million of cost savings over three to five years, starting in 2025 4.

The share buyback program runs to 31 December 2029 with 115 million shares left, and none were bought in the first half of 2026 3. Final Treasury rules under Section 45Z, the clean fuel tax credit, are still pending, and the company warns their timing and substance could move its results 3.

The company estimates the total benefits available to it under Section 45Z will be higher in future periods, mainly because of changes in the One Big Beautiful Bill Act of July 2025 1.

Luciano told investors in August that the four crushing plants form a first phase, chosen for their attractive returns, Supply Chain Dive reported 11.

Lei Schlitz leaves the board on 31 December 2026 after a change in her main job 7.

Past

Revenue rose from $62 billion in fiscal 2016 to $80 billion in fiscal 2025, up 2.8% a year, with net income positive in all ten filed years. The deepest fall was 21% from fiscal 2022 to fiscal 2025. Over the three fiscal years to 2025, the diluted share count shrank about 4.9% a year. Dividends and buybacks returned about 63% of operating cash flow over those three years. The grade reads past 4.1 of 10. 12

Present

In the fiscal year ended 2025-12-31, ADM reported revenue of $80 billion and profit of $1.1 billion. The company files as a Large accelerated filer on the NYSE. Return on equity was 5 cents of profit per dollar of shareholders' money; gross profitability was 10 cents per dollar of assets; leverage was 57 cents owed per dollar of assets; the share count shrank 1.8% over the year. Revenue of $80 billion ranks in the top 4% by size among 42 companies in its industry family; net margin of 1.3% ranks in the bottom 37%; revenue growth of -7.5% over the last three years ranks in the bottom 11%. 231

The chief executive is Juan R Luciano, filing as President and CEO since 2015-02-13, 11.7 years; the 21 officers and directors filing in the last fifteen months have a median of 6 years on record. Eleven officer or director changes were reported on Form 8-K since 2023-10-21, against 21 people in charge now. The grade reads present 4.5 of 10. 12

Future

A quarterly report for the quarter ending 2026-09-30 is due by 2026-11-09. An annual report for the fiscal year ending 2026-12-31 is due by 2027-03-01. Revenue grew -7.5% a year over the last three years against 2.8% over all ten filed years, slowing; the newest year grew -6.2%; capital spending shrank 1.8% a year. Cash of $1.0 billion against debt of $7.6 billion leaves -12.6% of assets as net cash; cash from operations less capital spending is 5.2% of revenue; gross margin is 6.3%; research spending is 0.3% of revenue. The grade reads future 3.5 of 10. 312

How the company operates

ADM is based in Chicago, IL. The company reported three lines of business in fiscal 2025: Ag Services and Oilseeds at $62 billion, Carbohydrate Solutions at $11 billion, and Nutrition at $7.5 billion, with the largest line 77% of revenue. By geography in fiscal 2025, revenue came from the United States 39%, Switzerland 22%, Other Foreign 19%, Cayman Islands 8%, Brazil 4%, Mexico 3%, United Kingdom 3%, and Canada 2%. 21

New moves

On 2026-08-12, ADM filed Form 8-K reporting an officer or director change. On 2026-08-04, ADM filed Form S-3ASR, a shelf registration ready for the sale of securities. On 2026-08-04, ADM filed Form 10-Q for the quarter ended 2026-06-30. 3