ADM earnings date and guidance
The next ADM results are expected on November 3, 2026. Watch whether realized crush margins and fuel-credit benefits become cash.
What has ADM guided for 2026?
Management guides to 2026 adjusted EPS of $5.15–$5.60 per share, including an expected $250 million net benefit from 45Z. It plans $1,300–$1,500 million of 2026 capital expenditure, targets adjusted net debt to adjusted EBITDA of about 2.0x at year-end, and targets $500–$750 million of savings from the program begun in 2025.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Adjusted EPS | 2026 | 5.15 | 5.60 | Aug 4, 2026 |
| Capital expenditures | 2026 | 1,300 | 1,500 | Aug 4, 2026 |
| Adjusted Net Debt / Adjusted EBITDA | 2026 | 2.0x | 2.0x | Aug 4, 2026 |
| Net benefit from 45Z | 2026 | 250 | 250 | Aug 4, 2026 |
Has ADM kept its past promises?
ADM reported approximately US$200 million of cost savings in 2025 toward a US$500–750 million goal over three to five years, while recovery at the Decatur facility was still progressing. The lasting test is whether such projects produce durable returns. Paying in shares also matters because it can dilute shareholders when the share count rises.
What do ADM’s last eight quarters show?
The June 2026 quarter showed a real earnings recovery from a depressed comparison. Revenue rose 7.2% year over year, and gross margin expanded from 6.5% to 8.5%. The June 2025 quarter contained $291 million of after-tax impairment, restructuring and settlement charges, so part of the rebound reflects their disappearance.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 22,681 | 20,490 | 18,556 | 20,372 | 21,166 | 20,175 | 21,498 | 19,937 |
| Gross margin | 8.5% | 6.0% | 6.5% | 6.2% | 6.5% | 5.8% | 6.3% | 6.8% |
| Operating income | 896 | 249 | 268 | 151 | 322 | 210 | 402 | -47 |
| Net income | 908 | 298 | 456 | 108 | 219 | 295 | 567 | 18 |
| EPS, diluted | 1.87 | 0.62 | 0.94 | 0.22 | 0.45 | 0.61 | 1.17 | 0.04 |
| = Free cash flow | 877 | -44 | -669 | 1,513 | 3,993 | -633 | -170 | 919 |
What should ADM investors watch next?
The next dated checkpoint is ADM’s November 3, 2026 third-quarter earnings call. Investors should look for realized crush margins, a clearer account of Q4 coverage and evidence that fuel-credit benefits are becoming cash. A market price is not enough: ADM must capture the margin through actual purchases, sales and plant operations.