Archer-Daniels-Midland Co

Earnings before income taxes increased $1.7 billion, from $779 million to $2.5 billion. Results in the current year period 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 $771 million in the prior year period.

Total segment operating profit (a non-GAAP measure) increased $1.2 billion, from $2.4 billion to $3.6 billion, driven by higher results across all three reportable segments. Total segment operating profit (a non-GAAP measure) in the nine months ended September 30, 2026 excluded net gains of $83 million on the sale and contribution of assets, $56 million of asset impairment, exit and restructuring costs, and net settlement contingencies, and $55 million representing the Company's share of Wilmar non-recurring charges. Total segment operating profit (a non-GAAP measure) in the nine months ended September 30, 2025 excluded $361 million of impairment, exit, and restructuring costs, and net settlement contingencies, $163 million of Wilmar related penalty charges, a $69 million gain on contract termination, and $39 million of gains on sales of assets.

Total segment operating profit (a non-GAAP measure) is reconciled to earnings before income taxes, the most directly comparable GAAP measure, in the "Non-GAAP Financial Measures" section below.

Processed volumes by product for the nine months ended September 30, 2026 and 2025 were as follows (in thousand metric tons).

The increase in processed oilseeds volumes in the current year period was primarily related to improved North America and South America crush volumes due to improved utilization, partially offset by downtime in EMEA. The processed corn volumes were consistent year over year.

Revenues for the nine months ended September 30, 2026 and 2025 were as follows (in millions):

Revenues and cost of products sold in agricultural merchandising and processing businesses are significantly correlated to the underlying commodity prices and volumes. In periods of significant changes in market prices, the underlying performance of the Company is better evaluated by looking at margins since both revenues and cost of products sold, particularly in the Ag Services and Oilseeds segment, generally have a relatively equal impact from market price changes which generally result in an insignificant impact to gross profit.

Revenues increased $3.8 billion to $65.5 billion, driven by Ag Services and Oilseeds segment revenues, reflecting higher sales prices ($5.0 billion), of oils, soybeans, and biodiesel, and lower sales volumes ($1.2 billion) of soybeans and corn, partially offset by higher sales volumes of meal and oils. Carbohydrate Solutions segment revenues increased, driven by higher sales prices ($223 million), partially offset by lower sales volumes ($65 million). Nutrition segment revenues decreased, driven by lower sales volumes ($260 million) reflecting portfolio actions and the formation of the Akralos Holding Company LLC joint venture, partially offset by foreign exchange gains ($135 million). The prior year period also benefitted from a contract cancellation ($55 million).

Cost of products sold increased $2.6 billion to $60.5 billion, primarily driven by higher commodity and freight costs, partially offset by policy incentive benefits. Manufacturing expenses increased $268 million to $6.1 billion, driven by higher global energy costs, employee compensation costs, and maintenance expenses.

Gross profit increased $1.2 billion to $5.0 billion, primarily driven by an increase of $755 million and $334 million for the Ag Services and Oilseeds and Carbohydrate Solutions segments, respectively.

Selling, general, and administrative expenses increased $217 million to $2.9 billion, primarily driven by higher employee compensation costs, partially offset by lower third-party service costs.

Asset impairment, exit, and restructuring costs decreased $391 million to $30 million, driven by restructuring charges of $421 million in the prior year period, primarily within the Nutrition segment and Corporate.

Equity in earnings of unconsolidated affiliates increased $151 million to $388 million, driven by higher earnings from the Company’s investments in Wilmar, LSCP, LLC, and SoyVen Holding B.V., partially offset by lower earnings from the Company’s investments in Stratas Foods LLC and Olenex Holdings B.V. The prior year period included $163 million of Wilmar related penalty charges.

Interest and investment income increased $151 million to $340 million, driven by $187 million of revaluation losses in the prior year period within Corporate and the Nutrition segment, partially offset by lower income in ADM Investor Services driven by lower interest rates.

Interest expense decreased $8 million to $462 million, which was largely consistent with the prior year period.

Other income — net decreased $17 million to $123 million, primarily driven by railroad maintenance costs and a one-time benefit from the termination of a supply agreement in the prior year period, partially offset by higher foreign exchange gains and lower provisions for contingent losses.

Income tax expense increased $268 million to $428 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 nine months ended September 30, 2026 was 17.3% compared to 20.5% for the nine months ended September 30, 2025. The decrease in the effective tax rate for the nine months ended September 30, 2026 compared to the prior year period 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 period of 2025.

Segment operating profit for the nine months ended September 30, 2026 and 2025 was as follows (in millions):

In the Ag Services and Oilseeds segment, segment operating profit increased $748 million. Current period results included net negative mark-to-market and timing impacts of approximately $160 million, attributable mainly to RPO and Crushing. Ag Services, Crushing, and RPO results were higher compared to the prior year period, driven by strong export execution, improved North America crush margins, and stronger biodiesel margins supported by favorable renewable fuel policies, respectively. Wilmar earnings were generally in line with the prior year period.

In the Carbohydrate Solutions segment, segment operating profit increased 36% compared to the prior year period. Starches and Sweeteners results were higher compared to the prior year period. In North America, results were driven by improved ethanol margins supported by policy incentives, partially offset by lower liquid sweeteners results and increased manufacturing costs. In EMEA, results were driven by lower margins due to the competitive pricing environment. Global Wheat Milling experienced lower margins in the current year period. Vantage Corn Processors results were higher compared to the prior year period, driven by improved margins supported by effective risk management and policy incentives.

In the Nutrition segment, segment operating profit was $441 million, representing an increase of 30% compared to the prior year period. Human Nutrition results are 28% higher compared to prior year period as a result of higher Flavor sales and margins, including foreign exchange gains, and progress in the recovery of Decatur East plant. Animal Nutrition results were 35% higher compared to the prior year period driven by portfolio actions and increased focus on higher margin product lines, on-going cost optimization efforts, and foreign exchange gains.

Other Business and Corporate Results

Other Business results increased from $245 million to $255 million. Captive insurance results were higher compared to the prior year period primarily driven by a one time benefit related to the release of certain insurance reserves, partially offset by higher settlements. ADM Investor Services results were consistent year over year.

Corporate results for the nine months ended September 30, 2026 and 2025 were as follows (in millions):

(1)Unallocated corporate function costs increased, primarily driven by higher employee compensation costs, partially offset by lower third party service costs.

(2)Revaluation losses, impairment and restructuring charges decreased, driven by prior year period impairment charge related to previously capitalized internal-use software and revaluation losses on certain investments.

Non-GAAP Financial Measures

The Company uses certain “non-GAAP” financial measures as defined by the U.S. Securities and Exchange Commission “SEC”. These are measures of performance not defined by accounting principles generally accepted in the United States, and should be considered in addition to, not in lieu of, GAAP reported measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this section.

The Company uses adjusted net earnings, adjusted diluted EPS, EBITDA, adjusted EBITDA, and total segment operating profit, non-GAAP financial measures as defined by the SEC, to evaluate the Company’s financial performance.

Adjusted net earnings is defined as net earnings adjusted for the effects on net earnings of specified items as more fully described in the reconciliation tables. Adjusted diluted EPS is defined as diluted EPS adjusted for the effects on reported diluted EPS of specified items as more fully described in the reconciliation tables.

EBITDA is defined as earnings before interest on borrowings, taxes, and depreciation and amortization. Adjusted EBITDA is defined as earnings before interest on borrowings, taxes, depreciation, and amortization, adjusted to exclude the impact of specified items as more fully described in the reconciliation tables.

Total segment operating profit is defined as ADM’s consolidated earnings before income taxes, adjusted for Other Business, Corporate, and specified items as more fully described in the reconciliation tables.

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.

The table below provides a reconciliation of net earnings (the most directly comparable GAAP measure) to adjusted net earnings (a non-GAAP measure) and diluted EPS (the most directly comparable GAAP measure) to adjusted diluted EPS (a non-GAAP measure) for the nine months ended September 30, 2026 and 2025.

(1) Tax effected using the U.S. and other applicable tax rates.

The table below provides a reconciliation of net earnings (the most directly comparable GAAP measure) to EBITDA (a non-GAAP measure) and adjusted EBITDA (a non-GAAP measure) for the nine months ended September 30, 2026 and 2025 (in millions).

(1) Represents interest expense on borrowings and therefore excludes ADM Investor Services related interest expense.

(2) Excludes $5 million and $11 million of accelerated depreciation recorded within restructuring charges as a specified item for the nine months ended September 30, 2026 and 2025, respectively.

The table below provides a reconciliation of earnings before income taxes (the most directly comparable GAAP measure) to total segment operating profit (a non-GAAP measure) for the nine months ended September 30, 2026 and 2025 (in millions).

Liquidity and Capital Resources

The Company’s objective is to have sufficient liquidity, balance sheet strength, and financial flexibility to fund the operating and capital requirements of a capital-intensive agricultural commodity-based business. The Company depends on access to credit markets, which can be impacted by its credit rating and factors outside of the Company’s control, to fund its working capital needs and capital expenditures.

The primary source of funds to finance the Company’s operations, capital expenditures, and advancement of its growth strategy is cash generated by operations and lines of credit, including a commercial paper borrowing facility and accounts receivable securitization programs. In addition, the Company believes it has access to funds from public and private equity and debt capital markets in both U.S. and international markets.

At September 30, 2026, the Company’s capital resources included shareholders’ equity of $23.9 billion and lines of credit, including the accounts receivable securitization programs described below, totaling $12.7 billion, of which $9.2 billion was unused. Of the Company’s total lines of credit, $5.1 billion supported the combined U.S. and European commercial paper borrowing programs. At September 30, 2026, there was $690 million of commercial paper outstanding.

As of September 30, 2026, the Company had $711 million of cash and cash equivalents, $452 million of which was cash held by foreign subsidiaries whose undistributed earnings are considered indefinitely reinvested. Based on the Company’s historical ability to generate sufficient cash flows from its U.S. operations and unused and available U.S. credit capacity of $4.9 billion, the Company has asserted that these funds are indefinitely reinvested outside the U.S.

As of September 30, 2026, the Company had total available liquidity of $9.9 billion comprised of cash and cash equivalents and unused lines of credit. The Company believes that cash flows from operations, cash and cash equivalents on hand, and unused lines of credit will be sufficient to meet its ongoing liquidity requirements for at least the next twelve months.

Operating Cash Flows

Net cash provided by operating activities was $1.8 billion and $5.8 billion for the nine months ended September 30, 2026 and 2025, respectively.

The decrease in cash provided by operating activities in the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 was primarily driven by changes in net working capital, partially offset by higher earnings. Changes in net working capital were driven by inventories, payables to brokerage customers, other current assets, and trade receivables, partially offset by positive changes in accrued expenses and other payables, and trade payables.

Changes in Inventories resulted in a cash outflow of $1.4 billion in the current year period compared to an inflow of $3.2 billion in the prior year period, primarily reflecting higher commodity prices and volumes.

Changes in Payables to brokerage customers resulted in a cash inflow of $547 million in the current year period compared to an inflow of $1.8 billion in the prior year period, primarily reflecting lower customer balances supporting trading and margin required within the Company’s futures commission and brokerage business.

Changes in Other current assets resulted in a cash outflow of $1.1 billion in the current year period compared to an outflow of $190 million in the prior year period, primarily reflecting changing market conditions impacting valuation of derivative contracts.

Changes in Trade receivables resulted in a cash outflow of $632 million in the current year period compared to an inflow of $231 million in the prior year period, primarily reflecting higher sales driven by commodity prices.

Changes in Accrued expenses and other payables resulted in a cash inflow of $754 million in the current year period compared to an outflow of $802 million in the prior year period, primarily reflecting changing market conditions impacting valuation of derivative contracts.

Changes in Trade payables resulted in a cash inflow of $496 million in the current year period compared to an outflow of $637 million in the prior year period driven by changes in inventory levels.

Investing Cash Flows

Net cash used in investing activities was $699 million and $644 million for the nine months ended September 30, 2026 and September 30, 2025, respectively.

Net cash used in investing activities for the nine months ended September 30, 2026 included additions to property, plant, and equipment of $773 million, partially offset by proceeds from the sale of assets of $68 million.

Net cash used in investing activities for the nine months ended September 30, 2025 included additions to property, plant, and equipment of $892 million and a business acquisition, net of cash acquired, of $108 million, partially offset by proceeds from sales of marketable securities of $276 million.

Financing Cash Flows

Net cash used in financing activities was $832 million and $3.2 billion for the nine months ended September 30, 2026 and 2025, respectively.

In the nine months ended September 30, 2026, the Company received proceeds from short term debt of $705 million and repaid short-term debt of $399 million.

In the nine months ended September 30, 2026, the Company issued $1.0 billion aggregate principal amount of senior unsecured notes, consisting of $500 million 4.83% Notes due September 1, 2031 and $500 million 5.27% Notes due September 1, 2036.

In the nine months ended September 30, 2026, the Company redeemed the entire $1 billion aggregate principal amount of 2.50% Notes which matured in August 2026.

Net cash used in financing activities for the nine months ended September 30, 2026 included net borrowings under short-term credit agreements of $55 million. The nine months ended September 30, 2025 included net repayments under short-term credit agreements of $1.7 billion.

Dividends paid for the nine months ended September 30, 2026 and September 30, 2025 were $764 million and $743 million, respectively.

Stock Repurchase Program

The Company completed $358 million of share repurchases in the nine months ended September 30, 2026. As of September 30, 2026, the Company had 110 million remaining shares under its stock repurchase program until December 31, 2029.

Accounts Receivable Securitization Programs

The Company has accounts receivable securitization programs (the “Programs”) with certain commercial paper conduit purchasers and committed purchasers. The Programs provide the Company with up to $2.9 billion in funding against accounts receivable transferred into the Programs and expand the Company’s access to liquidity through efficient use of its balance sheet assets (see Note 14. Sale of Accounts Receivable within “Notes to Consolidated Financial Statements” included in Item 1. Consolidated Financial Statements for further information). As of September 30, 2026, the Company had $647 million of unused capacity under the Programs.

Contractual Obligations and Commercial Commitments

The Company’s purchase obligations as of September 30, 2026 and December 31, 2025 were $17.9 billion and $13.8 billion, respectively. As of September 30, 2026, the Company expects to make payments related to purchase obligations of $16.1 billion within the next twelve months. There were no other material changes in the Company’s contractual obligations during the three months ended September 30, 2026.

Critical Accounting Estimates

There were no material changes in the Company’s critical accounting estimates during the three months ended September 30, 2026. For a description of the Company’s critical accounting estimates and assumptions used in the preparation of the Company’s financial statements, see Part II. Item 7 and Note 1 of “Notes to Consolidated Financial Statements” included in Part II. Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.