ADM (NYSE: ADM) today reported financial results for the fourth quarter and the full year ended December 31, 2025, and provided its current outlook for 2026.

Fourth-quarter 2025 Key Takeaways:

• Net earnings of $456 million, with adjusted net earnings ¹ of $422 million
• EPS ² of $0.94, with adjusted EPS ^1,2 of $0.87

Full-year 2025 Key Takeaways:

• Net earnings of $1.1 billion, with adjusted net earnings ¹ of $1.7 billion
• EPS ² of $2.23, with adjusted EPS ^1,2 of $3.43
• Cash flows provided by operating activities of $5.5 billion, with cash flows from operations before working capital ^1,3 of $2.7 billion

2026 Outlook⁴:

• ADM expects 2026 adjusted EPS ^1,2 of approximately $3.60 to $4.25, with the lower end reflecting continued U.S. biofuel policy deferral and flat crush margins, while the upper end assumes a continuation of crush margin expansion, progress with manufacturing efficiencies, and strengthening customer demand
• The current outlook assumes year-over-year segment operating profit growth for AS&O, with improvement in global trade flows and a range of potential crush margins outcomes. The outlook also assumes segment operating profit for Carbohydrate Solutions remains relatively flat with lower starches and sweeteners volumes and pricing offset by higher ethanol margins, while Nutrition is expected to continue its trajectory of stronger organic growth and execution
• The timing of policy clarity, and in particular U.S. biofuel policy, will largely dictate ADM’s ability to achieve the higher end of the range; the earlier there is policy clarity, the larger the opportunity to take advantage of what is expected to be an increasingly more constructive operating environment
• Capital expenditures are projected to be in the range of $1.3 to $1.5 billion

“2025 was marked by a dynamic global trade landscape, and ongoing uncertainty around U.S. biofuel policy created a challenging operating environment for ADM. Despite these external headwinds, the business units showed impressive resilience and we delivered meaningful progress in the areas within our control. We advanced portfolio optimization initiatives, executed targeted cost-reduction actions, improved plant efficiency, generated strong cash flow, and achieved an important safety milestone by having the lowest injury rate on record,” said Chair of the Board and CEO Juan Luciano. “We remain on track to achieve $500 to $750 million of aggregate cost savings over the next three to five years, beginning in 2025, and we believe increased clarity on biofuel policy combined with the evolution of global trade should support a more constructive operating environment for us in 2026. Based on the strong cash flow generating power of our business, we are increasing our quarterly dividend by 2%, our 53rd year of consecutive dividend growth.”

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