ADM · 10-Q · 2026Q3 · Full report

Gross Margin Drivers

Archer-Daniels-Midland Co · 2026-11-03 · Importance 46 · Surprise 56 · In source text

For the nine months ended September 30, 2026, gross profit increased $1.2 billion to $5.0 billion, including increases of $755 million in Ag Services and Oilseeds and $334 million in Carbohydrate Solutions. Cost of products sold rose $2.6 billion to $60.5 billion, primarily because of higher commodity and freight costs, partly offset by policy incentive benefits. Manufacturing expenses increased $268 million to $6.1 billion, driven by higher global energy costs, employee compensation, and maintenance. In the third quarter, gross profit increased $616 million to $1.9 billion, while manufacturing expenses rose $117 million to $2.1 billion due to global energy and maintenance costs.

Key facts

• Cost of products sold increased $1.3 billion to $20.4 billion in the third quarter of 2026, primarily due to higher commodity and freight costs, partially offset by policy incentive benefits. source
• Nine-month 2026 cost of products sold increased $2.6 billion to $60.5 billion, primarily due to higher commodity and freight costs, partially offset by policy incentive benefits. source
• Nine-month 2026 gross profit increased $1.2 billion to $5.0 billion, including increases of $755 million in Ag Services and Oilseeds and $334 million in Carbohydrate Solutions. source
• Third-quarter 2026 gross profit increased $616 million to $1.9 billion, including increases of $379 million in Ag Services and Oilseeds and $146 million in Carbohydrate Solutions. source

Impact estimates