Archer-Daniels-Midland Co
For the period ended Sep 30, 2026. Filed Nov 3, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 3, 2026
ADM$69.97-0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-04.
0000007084-26-000042
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsNon-GAAP Financial MeasuresCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-03.
0000007084-26-000057
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsNon-GAAP Financial MeasuresThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 79 previous paragraphs and 82 current paragraphs.
45 unchanged; 25 reworded; 12 added; 9 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 7 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
•Generating strong cash flow - Driving strong cash flow to fund our capital allocation and growth priorities, including investing in organic growth projects and selective bolt-on acquisitions, and funding dividend growth and opportunistic share repurchases.
Current report
•The execution, in October 2026, of a definitive agreement with a subsidiary of CJ CheilJedang (“CJ”) , a South Korea based global food and biotech company, to launch a joint venture in North and South America that will be majority owned by CJ. The proposed joint venture would develop, manufacture and market fermentation-derived amino acids by bringing together CJ’s fermentation production facilities in Fort Dodge, Iowa and Piracicaba, Brazil and an ADM amino acid facility in Decatur, Illinois, as well as CJ’s sales offices in Mexico, Brazil and the U.S., and, via license, CJ’s intellectual property related to feed-grade amino acids for use by the joint venture in North and South America. The launch date for the proposed joint venture is subject to customary closing activities as well as regulatory approvals.
Current report
Tariffs Update
Current report
In the Ag Services and Oilseeds segment, year-to-date results benefited from geopolitical events, weather and logistical disruptions, and supportive biofuel policies, which contributed to stronger crush margins in both soy and canola. North America benefited from robust demand from crushed products, supported by renewable fuel economics, and continued export demand. Transportation benefited from higher freight rates driven by strong grain and fertilizer demand and constrained industry capacity. Global Trade was supported by supply dislocations and market volatility driven by the geopolitical situation. Higher energy prices supported soybean oil demand through improved biodiesel and renewable diesel economics, while strong soybean meal export demand provided additional support to the crushing complex. These benefits were partially offset by transportation constraints, weather-related disruptions, and higher logistics costs.
Current report
Revenues increased $2.0 billion to $22.3 billion, driven by increased Ag Services and Oilseeds segment revenues, reflecting higher sales prices ($2.0 billion) and lower sales volumes ($189 million). Higher sales prices were primarily driven by oils, soybeans, and biodiesel. Lower sales volumes were primarily driven by soybeans and wheat, partially offset by higher sales volumes of oils and meal. Carbohydrate Solutions segment revenues increased, driven by higher sales prices ($126 million) and volumes ($78 million). Nutrition segment revenues decreased primarily due to lower sales volumes ($58 million) and sales prices.
Current report
Interest and investment income decreased $22 million to $99 million, driven by lower income in ADM Investor Services due to lower interest rates.
Current report
Interest expense increased $12 million to $165 million, due to increased charges in Corporate, partially offset by lower interest expense in ADM Investor Services.
Current report
Other expense (income) — net was a $29 million net expense, compared to net income of $69 million in the prior year quarter. The change was primarily driven by lower gain on sale of assets and railroad maintenance costs.
Current report
In the Ag Services and Oilseeds segment, segment operating profit increased by $399 million. Current quarter results included net positive mark-to-market and timing impacts of approximately $35 million, led by a net positive impact of approximately $45 million in Refined Products and Other (“RPO”). Ag Services results were lower compared to the prior year quarter primarily due to lower results across certain areas of the Company’s global supply chain. Crushing results were significantly higher compared to the prior year quarter, driven by improved North American margins supported by strong soybean meal demand, tight meal inventories, higher crush rates, and favorable biofuel policies. RPO results increased compared to the prior year quarter, primarily reflecting improved North American biodiesel margins supported by favorable renewable fuel policies, energy prices, and continued strength in renewable fuel demand. Wilmar earnings increased in the current year quarter, driven by improved food product volumes, stronger crush demand, and higher tropical refining margins.
Current report
In the Nutrition segment, segment operating profit was $134 million, representing an increase of 3% compared to the prior year quarter. Human Nutrition results were 3% lower compared to the prior year quarter driven by unplanned downtime, inflation pressures, and market softness in Biotics, which was partially offset by higher Flavors margins and progress in the recovery of the Decatur East plant. The prior year quarter also benefitted from $9 million of insurance proceeds. Animal Nutrition results were 21% higher compared to the prior year quarter, primarily attributable to ongoing improvements and benefits from portfolio actions taken during 2025.
Current report
(3)Other (expense) income - net decreased, primarily driven by railroad maintenance costs and foreign exchange losses.
Current report
Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
Removed paragraphs (9)
Previous report
Tariff Uncertainty
Previous report
In the Ag Services and Oilseeds segment, geopolitical uncertainty, including global conflicts, logistical and weather challenges, combined with confirmation of U.S. biofuel policy contributed to crush margin expansion in both soy and canola. North America benefited from strong domestic demand from crush producers, resulting from the RVO announcement combined with higher global energy prices, continued sales to China as well as strong execution in fertilizer. Transportation benefited from higher freight rates due to strong corn demand, which more than offset volume constraints. Global Trade was impacted by freight supply concerns, logistical dislocations, including congestion at the Panama Canal, and increased bunker costs. Higher heating oil values contributed to improved U.S. biodiesel margins and, as a result, soybean oil demand. Higher soybean meal export demand provided additional support to the crushing complex.
Previous report
Revenues increased $1.5 billion to $22.7 billion, driven by Ag Services and Oilseeds segment revenues reflecting higher sales prices of oils, soybeans, and biodiesel ($2.0 billion), partially offset by lower sales volumes of corn and soybeans ($356 million). Carbohydrate Solutions segment revenues were consistent compared to the prior year quarter. Nutrition segment revenues decreased primarily due to lower sales volumes ($95 million) reflecting portfolio actions and the formation of the Akralos Holding Company LLC joint venture, partially offset by higher sales prices. The prior year quarter also benefitted from a contract cancellation ($55 million).
Previous report
Interest and investment income increased $186 million to $116 million, driven by $187 million of revaluation losses in the prior year quarter, within Corporate and the Nutrition segment.
Previous report
Interest expense decreased $11 million to $148 million, due to a decrease in financing costs, driven by lower outstanding debt and interest rates.
Previous report
Other income — net increased $30 million to $82 million, primarily driven by higher foreign exchange gains and gains on sale of assets.
Previous report
In the Ag Services and Oilseeds segment, segment operating profit increased by $488 million. Current quarter results included net positive mark-to-market and timing impacts of approximately $100 million, primarily attributable to the Crushing subsegment. The Ag Services subsegment operating profit was higher compared to the prior year quarter. Global Trade results improved due to increased ocean freight and trading margins. South America results improved in the current year quarter, due to the Barcarena, Brazil, grain export terminal returning to full operations, leading to increased soybean exports which were supported by higher farmer selling. Transportation results improved, driven by increased freight rates. The Crushing subsegment operating profit was higher compared to the prior year quarter, reflecting margin improvement across the business, particularly in North America, where results were supported by the favorable RVO announcement, higher soybean meal sales, and higher crush volumes. The current year quarter also benefitted from $20 million of insurance proceeds related to Decatur East. The Refined Products and Other (“RPO”) subsegment operating profit was lower when compared to the prior year quarter driven by net negative mark-to-market and timing impacts and lower margins in South America, partially offset by margin expansion in North America and EMEA driven by improved refining margins as a result of the RVO announcement and global energy volatility. Wilmar earnings decreased in the current year quarter.
Previous report
In the Nutrition segment, segment operating profit increased 51% due to improved performance in both the Human and Animal Nutrition subsegments. Human Nutrition subsegment operating profit was higher compared to the prior year quarter, as a result of higher Flavors sales and margins, foreign exchange gains, and the continued recovery of the Decatur East plant. Animal Nutrition subsegment operating profit was higher compared to the prior year quarter driven by portfolio actions and on-going cost optimization efforts.
Previous report
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Reworded paragraphs (25)
Previous wording
On February 4, 2025, the Company announced targeted actions expected to deliver in excess of $500 million of aggregate cost savings in 3 to 5 years, which commenced in 2025. These include cost optimization and portfolio simplification initiatives designed to help the Company achieve cost efficiencies. See Note 13. Asset Impairment, Exit, and Restructuring Costs of “Notes to Consolidated Financial Statements” included in Item 1. Consolidated Financial Statements for additional information regarding restructuring related charges.
Current wording
On February 4, 2025, the Company announced targeted actions expected to deliver $500 million to $750 million of aggregate cost savings over 3 to 5 years, beginning in 2025. These include cost optimization and portfolio simplification initiatives designed to help the Company achieve cost efficiencies. See Note 13. Asset Impairment, Exit, and Restructuring Costs of “Notes to Consolidated Financial Statements” included in Item 1. Consolidated Financial Statements for additional information regarding restructuring related charges.
Previous wording
•The launch of Akralos Holding Company LLC, an animal feed joint venture, in March 2026 with Alltech Inc., a global leader in agriculture, of a North American animal feed joint venture to offer an industry-leading range of products and solutions for livestock, equine, backyard and leisure animals. Alltech and ADM contributed feed mills across the U.S. and Canada, along with respective portions of premix supplies.
Current wording
•The launch of Akralos Holding Company LLC, a North American animal feed joint venture, in March 2026 with Alltech Inc., a global leader in agriculture, to offer an industry-leading range of products and solutions for livestock, equine, backyard and leisure animals. Alltech and ADM contributed feed mills across the U.S. and Canada, along with respective portions of premix supplies.
Previous wording
In February 2026, the U.S. Treasury and IRS proposed regulations relating to policy incentives under Section 45Z of the Internal Revenue Code (“Section 45Z”). In March 2026, the U.S. Environmental Protection Agency’s announcement of the final Renewable Volume Obligations (“RVO”) for 2026 and 2027 under the U.S. Renewable Fuel Standard increased certain renewable fuel blending requirements.
Current wording
In February 2026, the U.S. Treasury and IRS proposed regulations relating to policy incentives under Section 45Z of the Internal Revenue Code (“Section 45Z”). In March 2026, the U.S. Environmental Protection Agency finalized the Renewable Volume Obligations (“RVOs”) for 2026 and 2027 under the U.S. Renewable Fuel Standard, increasing certain renewable fuel blending requirements.
Previous wording
In the three months ended March 31, 2026, these regulatory announcements provided additional visibility into renewable fuel demand and incentive frameworks and positively impacted renewable fuel blending economics, clean fuel credit values, and demand for certain agricultural feedstocks. The impact on the U.S. biofuel market continued in the three months ended June 30, 2026, and continued to benefit the Company’s ethanol and biofuel operations, as well as crush and grind margins. However, renewable fuel markets remain subject to ongoing regulatory, legislative, and implementation risks, including the timing and substance of final Section 45Z regulations, future policy actions, changes in credit values and shifts in blending economics which could continue to drive volatility in the Company’s results of operations.
Current wording
These regulatory announcements provided additional visibility into renewable fuel demand and incentive frameworks and positively impacted renewable fuel blending economics, clean fuel credit values, and demand for certain agricultural feedstocks. The impact on the U.S. biofuel market continued in the three months ended September 30, 2026, and continued to benefit the Company’s ethanol and biofuel operations, as well as crush and grind margins. However, renewable fuel markets remain subject to ongoing regulatory, legislative, and implementation risks, including supplemental rulemaking on small refinery exemptions, the timing and substance of final Section 45Z regulations, future policy actions, changes in credit values, and shifts in blending economics, which could continue to drive volatility in the Company’s results of operations.
Previous wording
On February 20, 2026, the U.S. Supreme Court held that the International Emergency Economic Powers Act (“IEEPA”) does not authorize the imposition of tariffs by the executive branch. While the decision invalidated the presidential administration’s tariffs imposed under IEEPA, it did not establish a refund mechanism, which was subsequently set up by the U.S. Customs and Border Protection (“CBP”) in April 2026. The CBP initiated the refund process in the three months ended June 30, 2026. The Company is monitoring the refund process and related tariff risks, including potential new tariffs and the expected United States-Mexico-Canada Agreement (“USMCA”) review process. However, based on the information currently available to it, the Company does not expect tariff-related risks to have a significant impact on the Company’s financial position, results of operations, or cash flows.
Current wording
On February 20, 2026, the U.S. Supreme Court held that the International Emergency Economic Powers Act (“IEEPA”) did not authorize the imposition of tariffs by the executive branch. While the decision invalidated the presidential administration’s tariffs imposed under IEEPA, it did not establish a refund mechanism. The U.S. Customs and Border Protection (“CBP”) launched its refund process in April 2026 and the Company is receiving refunds on an ongoing basis. The Company is monitoring the refund process and related tariff risks, including potential new tariffs and the expected United States-Mexico-Canada Agreement (“USMCA”) review process. Based on the information currently available, the Company does not expect tariff-related risks to have a significant impact on the Company’s financial position, results of operations, or cash flows.
Previous wording
Market Factors Influencing Operations and Results in the Three and Six Months Ended June 30, 2026
Current wording
Market Factors Influencing Operations and Results in the Three and Nine Months Ended September 30, 2026
Previous wording
The Company is subject to a variety of market factors which affect the Company's operating results, including those discussed below related to the three and six months ended June 30, 2026.
Current wording
The Company is subject to a variety of market factors which affect the Company's operating results, including those discussed below related to the three and nine months ended September 30, 2026.
Previous wording
In the Carbohydrate Solutions segment, lower North America corn prices and sustained strength in international energy prices allowed ethanol values from the US to be competitive around the world. After seasonal downtime in the first half of the quarter, the industry responded to the market signals with high capacity utilization. North America liquid sweetener demand remained soft while starch demand continues to show signs of recovery. Europe, the Middle East, and Africa (“EMEA”) Starches and Sweeteners were pressured by demand softness across the food and industrial segments.
Current wording
In the Carbohydrate Solutions segment, North America ethanol margins were up due to policy incentives. Enhanced blending economics drove robust domestic demand, while sustained strength in international energy prices allowed U.S. ethanol values to be competitive around the world. Industry utilization rates remained high with a seasonal slowdown late in the period for annual maintenance. North America liquid sweetener demand remained soft while starch demand was stable. Europe, the Middle East, and Africa (“EMEA”) Starches and Sweeteners were pressured by demand softness across the food and industrial segments.
Previous wording
In the Nutrition segment, the Flavors market continued to grow with energy and ready to drink beverages continuing to perform strongly. The Dietary Supplements market also continued to grow and presents potential expansion opportunities as customer acceptance of postbiotics allows sales in a larger variety of segments (food and beverage). While shifts in customer sentiment and inflation continue to pose challenges, clean label and healthier categories are outpacing the broader industry. For Animal Nutrition, stabilizing commodity prices continued to support feed ration commodities, as well as additive markets.
Current wording
In the Nutrition segment, the Flavors market continued to grow with energy and ready to drink beverages continuing to perform strongly. The Dietary Supplements market also continued to grow, though growth moderated during the period. We believe that the Dietary Supplements market presents potential expansion opportunities as customer acceptance of postbiotics allows sales in a larger variety of segments (food and beverage). While shifts in customer sentiment and inflation continue to pose challenges, clean label and healthier categories are outpacing the broader industry. For Animal Nutrition, stabilizing commodity prices continued to support feed ration commodities, as well as additive markets.
Previous wording
Earnings before income taxes was $1.1 billion compared to $279 million in the prior year quarter. Results in the current year quarter were primarily driven by improved operational execution amid a dynamic pricing environment. The increase in earnings before income taxes reflected impairment, exit, and restructuring costs and revaluation losses of $324 million in the prior year quarter.
Current wording
Earnings before income taxes were $997 million compared to $147 million in the prior year quarter. Results in the current year quarter were primarily driven by improved operational execution, amid a constructive pricing environment, and policy incentives. The increase in earnings before income taxes reflected impairment, exit, and restructuring costs, penalty charges, and revaluation losses of $409 million in the prior year quarter.
Previous wording
Total segment operating profit (a non-GAAP measure) increased $620 million, from $830 million to $1.5 billion, driven by higher results across all three reportable segments. Total segment operating profit (a non-GAAP measure) in the three months ended June 30, 2026 excluded gains on the sale of assets of $21 million and asset impairment, exit and restructuring costs, and net settlement contingencies of $3 million. Total segment operating profit (a non-GAAP measure) in the three months ended June 30, 2025 excluded asset impairment, exit and restructuring costs, and net settlement contingencies of $224 million, a gain on contract termination of $69 million, and gains on sales of assets of $8 million.
Current wording
Total segment operating profit (a non-GAAP measure) increased $537 million, from $845 million to $1.4 billion, driven by higher results within the Ag Services and Oilseeds and the Carbohydrate Solutions segments. Total segment operating profit (a non-GAAP measure) in the three months ended September 30, 2026 excluded asset impairment, exit and restructuring costs, and net settlement contingencies of $36 million. Total segment operating profit (a non-GAAP measure) in the three months ended September 30, 2025 excluded $163 million of Wilmar International Limited (“Wilmar”) related penalty charges, asset impairment, exit and restructuring costs, and net settlement contingencies of $89 million, and gains on sales of assets of $31 million.
Previous wording
Processed volumes by certain products for the three months ended June 30, 2026 and 2025 were as follows (in thousand metric tons).
Current wording
Processed volumes for certain products for the three months ended September 30, 2026 and 2025 were as follows (in thousand metric tons).
Previous wording
The increase in processed oilseeds volumes in the current year quarter was primarily related to improved North America and South America crush volumes due to improved utilization, partially offset by planned downtime in EMEA. The processed corn volumes were consistent year over year.
Current wording
The increase in processed oilseeds volumes in the current year quarter was primarily related to improved crush volumes, partially offset by planned downtime in EMEA. The processed corn volumes were consistent year over year.
Previous wording
Cost of products sold increased $950 million to $20.7 billion, primarily driven by higher commodity and freight costs. Manufacturing expenses increased $109 million to $2.0 billion, driven by an increase in energy costs in North America, increased maintenance expenses, and higher employee compensation costs.
Current wording
Cost of products sold increased $1.3 billion to $20.4 billion, primarily driven by higher commodity and freight costs, partially offset by policy incentive benefits. Manufacturing expenses increased $117 million to $2.1 billion, driven by an increase in global energy costs and maintenance expenses.
Previous wording
Gross profit increased $565 million, or 41%, to $1.9 billion, primarily driven by an increase of $495 million and $76 million in Ag Services and Oilseeds and Carbohydrate Solutions segments, respectively.
Current wording
Gross profit increased $616 million to $1.9 billion, primarily driven by an increase of $379 million and $146 million in Ag Services and Oilseeds and Carbohydrate Solutions segments, respectively.
Previous wording
Selling, general, and administrative (SG&A) expenses increased $115 million to $1.0 billion, primarily driven by higher employee compensation costs, partially offset by lower third-party service costs.
Current wording
Selling, general, and administrative expenses increased $73 million to $946 million, primarily driven by higher employee compensation costs.
Previous wording
Asset impairment, exit, and restructuring costs decreased $124 million to $13 million, driven by restructuring charges of $137 million in the prior year quarter, primarily within the Nutrition segment.
Current wording
Asset impairment, exit, and restructuring costs decreased $241 million to $5 million, driven by restructuring costs of $246 million in the prior year quarter, primarily within Corporate and the Nutrition segment.
Previous wording
Equity in earnings of unconsolidated affiliates increased $8 million to $142 million driven by higher earnings from the Company’s investments in SoyVen Holding B.V., Hungrana Kft, and Terminal de Grãos Ponta da Montanha S.A, partially offset by lower earnings from the Company’s investment in Wilmar International Limited (“Wilmar”).
Current wording
Equity in earnings of unconsolidated affiliates increased $198 million to $157 million primarily driven by higher earnings from the Company’s investment in Wilmar. The prior year quarter included $163 million of Wilmar related penalty charges.
Previous wording
Income tax expense increased $114 million to $176 million. The Company’s effective tax rate for the quarter ended June 30, 2026 was 16.2% compared to 22.2% for the quarter ended June 30, 2025. The decrease in the effective tax rate for the three months ended June 30, 2026 compared to the prior year quarter is primarily driven by non-taxable benefits associated with Section 45Z, as well as the tax effects of certain impairment charges recognized during the corresponding quarter of 2025.
Current wording
Income tax expense increased $134 million to $171 million. The increase was primarily driven by higher earnings before income taxes, partially offset by a lower effective tax rate. The Company’s effective tax rate for the quarter ended September 30, 2026 was 17.2% compared to 25.2% for the quarter ended September 30, 2025. The decrease in the effective tax rate for the three months ended September 30, 2026 compared to the prior year quarter is primarily driven by non-taxable benefits associated with Section 45Z policy incentives, as well as the tax effects of certain impairment charges recognized during the corresponding quarter of 2025.
Previous wording
In the Carbohydrate Solutions segment, segment operating profit increased 22% compared to the prior year quarter. The Starches and Sweeteners subsegment operating profit was higher compared to the prior year quarter, primarily due to higher ethanol margins supported by policy incentives related to ADM’s corn wet-milling operations, which were partially offset by lower global liquid sweeteners volumes and margins and increased manufacturing costs. Global Wheat Milling results were relatively flat compared to the prior year quarter, as volumes remained relatively stable against a more competitive pricing backdrop. The Vantage Corn Processors subsegment operating profit increased $52 million compared to the prior year quarter, driven by stronger ethanol margins supported by policy incentives and effective risk management.
Current wording
In the Carbohydrate Solutions segment, segment operating profit increased 40% compared to the prior year quarter. The Starches and Sweeteners results were higher compared to the prior year quarter, driven by strong wet mill ethanol performance supported by policy incentives. North America liquid sweeteners demand remained challenged impacting both volumes and margins. Starches results continued to show stability. Global Wheat Milling results were lower due to margin pressure, with International Corn Milling impacted by weaker sweetener demand and higher energy costs. The Vantage Corn Processors results increased $103 million compared to the prior year quarter, driven by stronger ethanol margins supported by policy incentives.
Previous wording
Other Business contribution of operating profit decreased from $94 million to $80 million. Captive insurance results were lower compared to prior year quarter. ADM Investor Services results were consistent year over year.
Current wording
Other Business results increased from $55 million to $121 million. Captive insurance results were higher compared to prior year quarter primarily driven by a one time benefit related to the release of certain insurance reserves. ADM Investor Services results were consistent year over year.
Previous wording
(1)Unallocated corporate function costs increased, primarily driven by higher employee compensation costs, partially offset by lower legal expenses and lower financing costs related to the Company’s accounts receivable securitization program.
Current wording
(1)Unallocated corporate function costs increased, primarily driven by higher incentive compensation costs.
Previous wording
(2)Revaluation losses, including impairment and restructuring charges decreased, driven by prior year quarter revaluation losses on certain investments.
Current wording
(2)Revaluation losses, impairment and restructuring charges decreased, driven by prior year quarter impairment charge related to previously capitalized internal-use software.
Previous wording
Management believes that adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit are useful measures of the Company’s performance because they provide investors additional information about the Company’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. Adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit are not intended to replace or be an alternative to net earnings, diluted EPS, earnings before income taxes and cash flows from operating activities, the most directly comparable amounts reported under GAAP.
Current wording
Management believes that adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit are useful measures of the Company’s performance because they provide investors additional information about the Company’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. Adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit are not intended to replace or be an alternative to net earnings, diluted EPS, and earnings before income taxes, the most directly comparable amounts reported under GAAP.
Previous wording
(2) Excludes $1 million and $5 million of accelerated depreciation recorded within restructuring charges as a specified item for the three months ended June 30, 2026 and June 30, 2025, respectively.
Current wording
(2) Excludes $3 million of accelerated depreciation recorded within restructuring charges as a specified item for the three months ended September 30, 2025.