Archer Daniels Midland Company (ADM) Q4 2025 earnings summary

Executive summary

• Q4 2025 adjusted EPS was $0.87, down 24% year-over-year; full-year adjusted EPS was $3.43, down 28% year-over-year; total segment operating profit was $821 million for Q4 and $3.2 billion for the year, both down over 20%.

• Achieved $200 million in cost savings, restored Decatur East plant operations, and reached a decarbonization milestone by connecting to the Tallgrass Trailblazer Pipeline.

• Closed government investigations related to prior intersegment sales reporting and remediated material weakness in segment disclosures.

• Paid 376th consecutive quarterly dividend, increased dividend by 2%, and returned $987 million to shareholders in 2025.

• Generated $1.5 billion cash flow benefit from inventory reduction and achieved record crush volumes in South America.

Financial highlights

• FY 2025 revenue was $80.3 billion, down $5.3 billion from 2024; Q4 2025 revenue was $18.6 billion, down $2.9 billion year-over-year.

• FY 2025 net earnings attributable to shareholders were $1.08 billion, down from $1.8 billion in 2024; adjusted EBITDA for FY 2025 was $3.7 billion, down from $4.5 billion in 2024.

• Cash flows from operations before working capital were $2.7 billion in 2025.

• Q4 AS&O segment operating profit was $444 million, down 31% year-over-year; full-year AS&O profit was $1.6 billion, down 34%.

• Carbohydrate Solutions Q4 operating profit was $299 million, down 6% year-over-year; full-year profit was $1.2 billion, down 12%.

Outlook and guidance

• 2026 adjusted EPS guidance is $3.60–$4.25, reflecting growth over 2025 and dependent on U.S. biofuel policy clarity and crush margin trends.

• Capital expenditures for 2026 expected at $1.3–$1.5 billion, up from $1.2 billion in 2025.

• Key factors for 2026: timing of U.S. biofuel policy clarity, RVO requirements, ethanol export opportunities, and continued growth in Nutrition.

• Expect robust ethanol exports, margin expansion in animal nutrition, and continued cost savings initiatives.

• Targeting $500–$750 million in aggregate cost savings over the next 3–5 years.