ADM Raises 2026 Outlook as Nutrition Profit Jumps 51%
ADM raised its full-year earnings forecast after reporting stronger second-quarter results across its agricultural, carbohydrate and nutrition businesses.
The US ingredients and agricultural processing group generated revenue of USD22.68 billion in the three months ended June 30, 2026, up from USD21.17 billion a year earlier. Net earnings attributable to ADM increased to USD908 million from USD219 million, while adjusted earnings per share rose to USD1.84 from USD0.93.
Operating profit in ADM’s Nutrition segment increased 51% year on year to USD172 million. Human Nutrition delivered operating profit of USD139 million, also up 51%, largely due to growth in Flavors, seasonal momentum and continued progress at the company’s Decatur East plant.
Nutrition revenue nevertheless declined to USD1.90 billion from USD1.99 billion in the corresponding period of 2025. For the first six months of the year, the segment’s operating profit increased 46% to USD307 million.
The Carbohydrate Solutions division, which includes ADM’s starches and sweeteners activities, recorded a 22% increase in operating profit to USD411 million. Starches and Sweeteners operating profit grew 7% to USD326 million, supported by stronger ethanol margins, although ADM reported lower liquid sweetener volumes and margins, particularly in North America. Global starch volumes and margins stabilized during the quarter.
Ag Services and Oilseeds remained the largest contributor, with operating profit rising 129% to USD867 million, supported by improved margins in agricultural services and North American oilseed crushing.
“ADM delivered robust second-quarter financial and operating results,” said Juan Luciano, Chair of the Board and CEO. “Segment operating profit rose significantly year-over-year and sequentially, with broad-based growth across all three segments—driven by strong commercial and operational execution by the team, a constructive biofuels environment, and momentum in Nutrition, led by Flavors.”
ADM now expects adjusted earnings per share of approximately USD5.15 to USD5.60 for 2026, compared with its previous forecast of USD4.15 to USD4.70. Capital expenditure is still projected at between USD1.3 billion and USD1.5 billion.
