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Archer-Daniels-Midland

ADM Q4 2025 Earnings

Reported Feb 3, 2026 at 6:03 AM ET · SEC Source

Q4 25 EPS

$0.87

MISS 1.76%

Est. $0.89

Q4 25 Revenue

$18.56B

MISS 13.22%

Est. $21.38B

vs S&P Since Q4 25

+10.4%

BEATING MARKET

ADM +14.9% vs S&P +4.5%

Full Year 2025 Results

FY 25 EPS

$3.43

BEAT +1.35%

Est. $3.38

FY 25 Revenue

$80.27B

MISS 3.43%

Est. $83.12B

Market Reaction

Did ADM Beat Earnings? Q4 2025 Results

Archer-Daniels-Midland closed out fiscal 2025 on a difficult note, missing on both the top and bottom lines as a brutal combination of weak crush margins and sluggish biofuel demand weighed on results. Fourth-quarter adjusted EPS came in at $0.87, fa… Read more Archer-Daniels-Midland closed out fiscal 2025 on a difficult note, missing on both the top and bottom lines as a brutal combination of weak crush margins and sluggish biofuel demand weighed on results. Fourth-quarter adjusted EPS came in at $0.87, falling just short of the $0.89 consensus estimate by 1.76%, while revenue of $18.56 billion trailed expectations by 13.22% and fell 13.7% from the year-ago period. The steepest damage came from the Agriculture Services and Oilseeds segment, where crushing profit collapsed 69% as margins deteriorated across both North and South America, compounded by unfavorable mark-to-market impacts. The backdrop has grown increasingly difficult for ADM, with persistent uncertainty around U.S. Biofuel policy undermining demand visibility and investor confidence already fragile following the company's prior accounting investigation. Looking ahead, management guided 2026 adjusted EPS to a wide range of $3.60 to $4.25, a span that reflects how much hinges on biofuel policy resolution and the trajectory of crush margins in the coming quarters.

Key Takeaways

  • • Weaker crush margins in North and South America pressured AS&O results
  • • Lower soybean export activity from North America
  • • Deferred U.S. biofuel policy clarity reduced fuel demand
  • • Vantage Corn Processors ethanol margins remained firm with robust export demand
  • • Wilmar equity earnings increased 49% in Q4
  • • Lower global starches and sweeteners demand impacted volumes and margins
  • • Higher corn costs in EMEA related to industry-wide corn crop quality issues
  • • Strong working capital release contributed to robust operating cash flow

ADM Forward Guidance & Outlook

ADM expects 2026 adjusted EPS of approximately $3.60 to $4.25. The lower end reflects continued U.S. biofuel policy deferral and flat crush margins, while the upper end assumes continuation of crush margin expansion, progress with manufacturing efficiencies, and strengthening customer demand. AS&O is expected to see year-over-year segment operating profit growth with improvement in global trade flows. Carbohydrate Solutions is expected to remain relatively flat with lower S&S volumes and pricing offset by higher ethanol margins. Nutrition is expected to continue its trajectory of stronger organic growth. Capital expenditures are projected at $1.3 to $1.5 billion. The company is targeting $500 to $750 million of aggregate cost savings over three to five years beginning in 2025.

24/7 Wall St

ADM YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

ADM Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q4 25

“2025 was marked by a dynamic global trade landscape, and ongoing uncertainty around U.S. biofuel policy created a challenging operating environment for ADM. Despite these external headwinds, the business units showed impressive resilience and we delivered meaningful progress in the areas within our control. We advanced portfolio optimization initiatives, executed targeted cost-reduction actions, improved plant efficiency, generated strong cash flow, and achieved an important safety milestone by having the lowest injury rate on record.”

— Juan Luciano, Q4 2025 Earnings Press Release

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