ADM · 10-Q · 2026Q2 · Full report
Segment Profitability
Archer-Daniels-Midland Co · 2026-08-04 · Importance 64 · Surprise 56 · From source text
Six-month total segment operating profit increased $637 million, or 40%, to $2.21 billion from $1.58 billion, with higher results across all three reportable segments. Ag Services and Oilseeds operating profit increased $349 million, supported by improved destination marketing, trading, China export activity, the reopened Barcarena, Brazil, terminal, higher freight rates, stronger North American crush margins, and $20 million of Decatur East insurance proceeds. Carbohydrate Solutions operating profit increased 33%, including a $147 million increase at Vantage Corn Processors, because policy incentives and risk management improved ethanol margins despite weaker liquid sweeteners results and higher manufacturing costs. Nutrition operating profit increased 46% as higher Flavors sales and margins, Decatur East recovery, portfolio actions, higher-margin product focus, and cost optimization improved Human and Animal Nutrition.
Key facts
- Earnings before income taxes for the three months ended June 30, 2026 was $1.1 billion compared to $279 million in the prior year quarter. source
- Total segment operating profit increased $620 million from $830 million to $1.5 billion for the three months ended June 30, 2026 compared to prior year quarter. source
- Earnings before income taxes for the six months ended June 30, 2026 increased to $1.5 billion from $632 million in the prior year period, an increase of $840 million. source
- Total segment operating profit for the six months ended June 30, 2026 was $2,214 million compared to $1,577 million for the six months ended June 30, 2025, an increase of $637 million. source
- Nutrition segment operating profit increased 51% in the three months ended June 30, 2026 compared to the prior year quarter. source
- In the Carbohydrate Solutions segment, segment operating profit increased 22% in the three months ended June 30, 2026 compared to the prior year quarter. source
- Other Business contribution of operating profit decreased 30% from $190 million to $133 million for the six months ended June 30, 2026. source
- Vantage Corn Processors subsegment operating profit increased $52 million in the three months ended June 30, 2026 compared to the prior year quarter. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | positive | realized | +13.2% | Earnings before income taxes for the six months ended June 30, 2026 increased to $1.5 billion from $632 million in the prior year period,… |
| operating_income | positive | realized | +12.9% | Earnings before income taxes for the three months ended June 30, 2026 was $1.1 billion compared to $279 million in the prior year quarter. |
| operating_income | positive | realized | +10.0% | Total segment operating profit for the six months ended June 30, 2026 was $2,214 million compared to $1,577 million for the six months… |
| operating_income | positive | realized | +9.7% | Total segment operating profit increased $620 million from $830 million to $1.5 billion for the three months ended June 30, 2026 compared… |
| operating_income | positive | realized | — | Nutrition segment operating profit increased 51% in the three months ended June 30, 2026 compared to the prior year quarter. |
| operating_income | positive | realized | — | In the Carbohydrate Solutions segment, segment operating profit increased 22% in the three months ended June 30, 2026 compared to the… |