ADM beat analyst estimates for its second quarter (Q2) 2026 results, ending June 30, and raised its full-year guidance, while the commodity giant plans to meet demand for soybean crushing and ethanol by boosting domestic production capacity.
Ahead of the opening bell on Aug. 4, ADM reported its Q2 2026 results, with $1.45 billion in operating profits for the quarter, a 75% year-over-year increase. Ag services and oilseeds led growth, with $867 million in operating profits for Q2 2026, compared to $379 million in the same period last year, ADM reported.
By business segment, ADM’s ag services generated $293 million in profit in Q2 2026, compared with $113 million in the same quarter the previous year. Crushing demand grew, with operating profits jumping from $33 million in Q2 2025 to $363 million in Q2 2026.
Additionally, ADM’s carbohydrate solutions segment generated $411 million in operating profits in Q2 2026 for a 22% year-over-year increase, ADM reported.
“Elevated global energy prices coupled with lower U.S. corn prices enabled U.S. ethanol to be price competitive globally,” while government policies provided additional tailwinds for the carbohydrates business, Juan Luciano, CEO, chairman, and president at ADM, shared during the company’s earnings call.
ADM plans to expand capacity at existing facilities to meet demand for soybean crushing and ethanol, with the company reaffirming its capital expenditure commitments of $1.3-1.5 billion for the year.
“Our growth plan focuses on accretive, targeted organic investments across our platform, where we see the most compelling opportunities, such as expanding domestic crushing and ethanol capacity at existing facilities. Given the strength of biofuel demand, we have identified four U.S. crush facilities for this first phase of expansion, which together are expected to deliver a meaningful increase in our North American capacity,” Luciano elaborated.
ADM is now estimating that earnings per share will be between $5.15 and $5.60 for the full year, compared to its previous guidance $4.15 and $4.70. ADM’s shares rose by 2.29% the day of the results, closing at $79.87.
ADM calibrates Q3 outlook amid trade uncertainty, geopolitical factors
Looking ahead, ADM is expecting ag services to be “slightly lower” in Q3, and Q4 will depend on trade dynamics and how much the company can expand its corn and sorghum programs, Luciano said. ADM is anticipating China will continue to buy North American soybeans, he added.
Last October, the Trump administration said China agreed to purchase 25 million tons of U.S. soybeans annually until 2028. However, questions remain on the details of that trade deal and the exact amount of soybeans China agreed to buy.
“Our assumptions are that ag services benefits from China continue [to buy] North American soybeans. They’ve been buying around maybe a million tons per week, so they’ve been leaning towards delivering on those 25 million tons of soybean purchases, and we think that we’re going to have good exports also of corn and milo going forward,” Luciano said.
ADM is monitoring the conflicts in the Middle East and the Ukraine-Russia war for potential impacts. The war in Iran is leading to volatility in oil prices, which is showing up in higher energy and packaging prices, Luciano noted.
However, ADM anticipates “limited financial impact” from the ongoing conflicts, Luciano noted. ADM operated several facilities in Ukraine before the war and subsequently shut down most of them.
“Ukraine has ceased exports through the sea. We’ve been hit several times, whether it was our vessels and our terminals. … [It is] very difficult to get crews to come to pick up vessels,” Luciano noted.
