Archer Daniels Midland reported net earnings of $456 million for the quarter ended December 31, 2025, with adjusted net earnings of $422 million. GAAP EPS was $0.94, down 20% year-over-year, while adjusted EPS of $0.87 missed prior-year levels by 24%. Earnings before income taxes fell 29% to $476 million. Total segment operating profit, excluding specified items, declined 22% to $821 million, reflecting weaker global crush margins and subdued export activity.

For the full year, ADM earned $1.1 billion, or $2.23 per share on a GAAP basis, down 39% from 2024, with adjusted net earnings of $1.7 billion and adjusted EPS of $3.43, off 28%. Earnings before income taxes decreased 44% to $1.3 billion. The company generated $5.5 billion of cash from operations and $2.7 billion before working capital changes. Capital expenditures totaled approximately $1.4 billion, within the guided range.

The Ag Services & Oilseeds segment produced operating profit of $444 million in Q4, down 31% due to a 69% slump in crushing margins and a 31% drop in trading results, driven by lower North American soybean exports and negative mark-to-market impacts. Carbohydrate Solutions delivered $299 million, down 6%, as ethanol and sweetener volumes declined. Nutrition achieved $78 million, down 11% on softer pricing. Equity earnings from the Wilmar joint venture rose 49% to support segment results.

ADM projects adjusted EPS for 2026 in a range of $3.60 to $4.25, with the lower end assuming continued U.S. biofuel policy delays and flat crush margins, and the upper end reflecting margin expansion, manufacturing efficiencies and stronger customer demand. Segment operating profit is expected to grow year-over-year in Ag Services & Oilseeds, remain flat in Carbohydrate Solutions, and continue organic growth in Nutrition. Capital spending is forecast at $1.3 billion to $1.5 billion.