ADM · 10-Q · 2026Q3 · Full report
Segment Profitability
Archer-Daniels-Midland Co · 2026-11-03 · Importance 51 · Surprise 64 · In source text
For the nine months ended September 30, 2026, earnings before income taxes increased $1.7 billion to $2.5 billion, and total segment operating profit rose $1.2 billion to $3.6 billion. Ag Services and Oilseeds segment operating profit increased $748 million, supported by strong export execution, improved North American crush margins, and stronger biodiesel margins; the period included approximately $160 million of net negative mark-to-market and timing impacts. Carbohydrate Solutions segment operating profit increased 36%, with improved ethanol margins and higher Vantage Corn Processors results supported by policy incentives. Nutrition segment operating profit increased 30% to $441 million, with Human Nutrition up 28% and Animal Nutrition up 35%.
Key facts
- ADM’s earnings before income taxes increased $1.7 billion, from $779 million to $2.5 billion, for the nine months ended September 30, 2026; prior-year results included $771 million of impairment, exit and restructuring costs, penalty charges, and revaluation losses. source
- ADM’s earnings before income taxes for the three months ended September 30, 2026 were $997 million, compared with $147 million in the prior-year quarter. source
- ADM’s total segment operating profit increased $537 million, from $845 million to $1.4 billion, in the three months ended September 30, 2026. source
- ADM’s total segment operating profit increased $1.2 billion, from $2.4 billion to $3.6 billion, for the nine months ended September 30, 2026. source
- Nine-month 2026 Nutrition segment operating profit was $441 million, up 30% year over year. source
- Nine-month 2026 Carbohydrate Solutions segment operating profit increased 36% year over year. source
- Third-quarter 2026 Nutrition segment operating profit was $134 million, up 3% from the prior-year quarter. source
- Nine-month 2026 Ag Services and Oilseeds segment operating profit increased $748 million; current-period results included approximately $160 million of net negative mark-to-market and timing impacts, mainly attributable to RPO and Crushing. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | positive | realized | +25.6% | ADM’s earnings before income taxes increased $1.7 billion, from $779 million to $2.5 billion, for the nine months ended September 30,… |
| operating_income | positive | realized | +18.1% | ADM’s total segment operating profit increased $1.2 billion, from $2.4 billion to $3.6 billion, for the nine months ended September 30,… |
| operating_income | positive | realized | +12.8% | ADM’s earnings before income taxes for the three months ended September 30, 2026 were $997 million, compared with $147 million in the… |
| operating_income | positive | realized | +8.1% | ADM’s total segment operating profit increased $537 million, from $845 million to $1.4 billion, in the three months ended September 30,… |