10-Q · August 4, 2026
ADM posted a materially stronger Q2: revenue rose 7.2% year over year to $22.681 billion, GAAP EPS increased to $1.87 from $0.45, and gross margin expanded to approximately 8.4% from 6.5%. The improvement was led by…
Earnings analysis · 10-Q
ADM earnings analysis
Filed November 3, 2026 · Our reading of the company's report
The latest report
ADM reported Q3 revenue of $22.335 billion and EPS of $1.77; EPS exceeded the $1.61 consensus estimate, while revenue missed the $23.325 billion estimate. EPS was below the supplied prior-quarter level of $1.87, and the…
Read full summary
ADM reported Q3 revenue of $22.335 billion and EPS of $1.77; EPS exceeded the $1.61 consensus estimate, while revenue missed the $23.325 billion estimate. EPS was below the supplied prior-quarter level of $1.87, and the provided extract does not contain current-quarter margins, free cash flow, balance-sheet detail, or segment revenue. Risk factors were not substantively updated, and the filing references commodity, foreign-exchange, equity-price, and interest-rate exposure.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.77
What stood out
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EPS beat consensus
Reported EPS was $1.77 versus the $1.61 consensus estimate, a $0.16 or 9.94% beat. EPS declined $0.10 from $1.87 in the prior quarter, based on the supplied quarterly history.
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Revenue missed estimates
Revenue was $22.335 billion, $0.990 billion below the $23.325 billion estimate, a 4.24% miss. Revenue also declined $0.345 billion from $22.68 billion in the prior quarter.
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Meaningful share repurchases
The company repurchased 4,365,442 shares during the quarter at an average price of $82.26, including 4,354,532 shares under the public repurchase program.
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Controls remained effective
As of September 30, 2026, management concluded that disclosure controls and procedures were effective, and reported no changes in internal control that materially affected or were reasonably likely to materially affect reporting.
What to watch
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Broad market-risk exposure
The filing identifies potential losses from adverse changes in commodity prices, foreign-exchange rates, equity prices, and interest rates, and directs investors to the market-risk discussion in the 2025 Form 10-K.
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No updated risk-factor detail
The filing does not update the risk-factor discussion and instead incorporates the risk factors from the Form 10-K for the year ended December 31, 2025. This limits visibility into any new quarter-specific risks.
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Legal and environmental uncertainty
Legal proceedings remain incorporated by reference to Note 16, while the company uses a $1 million disclosure threshold for environmental proceedings involving a government authority and reasonably expected monetary sanctions.
Management's outlook
The supplied 10-Q excerpt does not provide quantitative revenue or EPS guidance; the previously reported 2026 outlook was disclosed outside the excerpt. Numeric margin, cash-flow, balance-sheet, and segment data are not included in the provided filing text.
Earlier filings 4
10-Q · May 5, 2026
Archer-Daniels-Midland Company (ADM) reported Q1 2026 results, with revenues of $20.49 billion and an EPS of $0.71, surpassing the prior year's EPS of $0.62. The revenue increased by $315 million year-over-year, driven…
10-K · February 17, 2026
ADM positions itself as an integrated global agricultural supply‑chain manager and processor focused on food, feed, fuel and industrial ingredients, organized into three reportable segments (Ag Services & Oilseeds;…
10-Q · November 4, 2025
ADM reported Q3 revenue of $20,372 million, up $435 million versus Q3 2024, while diluted EPS rose to $0.22 from $0.04 a year ago. Gross profit and margins contracted (gross profit $1,270M vs $1,365M; gross margin ~6.2%…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.