Archer-Daniels-Midland (ADM) Q2 FY2026 earnings: revenue $22.7 billion, up 7.2% on the year

Archer-Daniels-Midland Co. (ADM) reported revenue of $22.7 billion for Q2 FY2026, the quarter ended 30 June 2026, up 7.2% on the same quarter a year earlier. Net income was $908 million, up 314.6% on the year, and diluted earnings per share $1.87. The figures are the company's own, from the 10-Q it filed with the SEC on 4 August 2026.

Revenue

$22.7 billion

+7.2% on the year · +10.7% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

n/a

Q3 FY2024Q2 FY2026

Net income

$908 million

+314.6% on the year · +204.7% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$1.87

+315.6% on the year · +201.6% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 1 kept.

Adjusted EPS rose 98% on the year: Adjusted EPS was $1.84 against $0.93 a year earlier. GAAP diluted EPS was $1.87 against $0.45, and net earnings attributable to ADM were $908 million against $219 million.
Segment operating profit up 75%: Total segment operating profit was $1,450 million against $830 million, and was higher in all three segments. It rose from $764 million in the first quarter.
AS&O profit up 129% on margins: Management attributed the increase primarily to margin expansion across the segment, most notably in Ag Services and North American crushing, supported by the RVO and elevated global energy prices.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	22,681	20,490	21,166	+10.7%	+7.2%
Cost of revenue	20,746	19,268	19,796	+7.7%	+4.8%
Gross profit	1,935	1,222	1,370	+58.3%	+41.2%
Gross margin	8.5%	6.0%	6.5%
Selling, general and administrative	1,026	961	911	+6.8%	+12.6%
Interest expense	148	149	159	-0.7%	-6.9%
Pre-tax income	1,088	384	279	+183.3%	+290.0%
Income tax	176	81.0	62.0	+117.3%	+183.9%
Effective tax rate	16.2%	21.1%	22.2%
Net income	908	298	219	+204.7%	+314.6%
Net margin	4.0%	1.5%	1.0%
Diluted EPS	$1.87	$0.62	$0.45	+201.6%	+315.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	1,149	150	4,298	+666.0%	-73.3%
Capital expenditure	272	194	305	+40.2%	-10.8%
Free cash flow	877	-44.0	3,993		-78.0%
Free cash flow margin	3.9%	-0.2%	18.9%
Cash from investing	-245	-128	-262
Cash from financing	-1,567	612	-2,166
Depreciation and amortisation	293	293	291	0.0%	+0.7%
Share-based compensation	74.0	64.0	22.0	+15.6%	+236.4%
Buybacks	n/a	n/a	0.0
Dividends paid	256	254	248	+0.8%	+3.2%
Dividend per share	$0.52	$0.52	$0.51	0.0%	+2.0%
Diluted shares, weighted	485m	484m	484m	+0.2%	+0.2%
Shares outstanding at period end	482m	482m	480m	+0.0%	+0.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	23,580	22,811	22,438	+3.4%	+5.1%
Redeemable equity	292	292	249	0.0%	+17.3%
Debt	8,011	9,329	9,228	-14.1%	-13.2%
Operating lease liabilities	1,026	1,028	1,066	-0.2%	-3.8%
Other liabilities	20,618	22,138	19,015	-6.9%	+8.4%
Total liabilities and equity	53,527	55,598	51,996	-3.7%	+2.9%
Fixed assets	10,979	10,972	11,142	+0.1%	-1.5%
Goodwill	4,653	4,654	4,769	-0.0%	-2.4%
Intangible assets	1,845	1,906	2,267	-3.2%	-18.6%
Cash and equivalents	1,060	591	1,057	+79.4%	+0.3%
Receivables	3,348	3,705	3,668	-9.6%	-8.7%
Inventory	10,586	11,741	9,723	-9.8%	+8.9%
Other assets	21,056	22,029	19,370	-4.4%	+8.7%
Total assets	53,527	55,598	51,996	-3.7%	+2.9%

Questions

What was Archer-Daniels-Midland's revenue in Q2 FY2026?

Archer-Daniels-Midland (ADM) reported revenue of $22.7 billion for Q2 FY2026, the quarter ended 30 June 2026, up 7.2% on the same quarter a year earlier.

How much did Archer-Daniels-Midland earn in Q2 FY2026?

Net income for Q2 FY2026 was $908 million, up 314.6% on the year, and diluted earnings per share $1.87.

When did Archer-Daniels-Midland report Q2 FY2026 results?

Archer-Daniels-Midland filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 4 August 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	23,090	23,650	27,284	24,683	25,939	24,072	25,190	21,695	22,978	21,847	22,248	19,937	21,498	20,175	21,166	20,372	18,556	20,490	22,681	22,335
Cost of revenue	21,440	21,753	25,184	22,872	24,177	21,992	23,307	19,885	21,238	20,188	20,852	18,572	20,140	18,995	19,796	19,102	17,343	19,268	20,746	20,449
Gross profit	1,650	1,897	2,100	1,811	1,762	2,080	1,883	1,810	1,740	1,659	1,396	1,365	1,358	1,180	1,370	1,270	1,213	1,222	1,935	1,886
Gross margin	7%	8%	8%	7%	7%	9%	7%	8%	8%	8%	6%	7%	6%	6%	6%	6%	7%	6%	9%	8%
SG&A	786	829	814	818	897	881	841	815	919	951	907	905	943	932	911	873	893	961	1,026	946
Interest expense	77.0	92.0	73.0	97.0	134	147	180	155	165	166	187	174	179	158	159	153	142	149	148	165
Pre-tax income	1,011	1,271	1,519	1,230	1,213	1,397	1,132	1,031	734	885	596	108	666	353	279	147	476	384	1,088	997
Tax rate	21%	16%	18%	16%	16%	16%	18%	20%	26%	19%	19%	83%	16%	17%	22%	25%	5%	21%	16%	17%
Net income	782	1,054	1,236	1,031	1,019	1,170	927	821	565	729	486	18.0	567	295	219	108	456	298	908	821
Net margin	3%	4%	5%	4%	4%	5%	4%	4%	2%	3%	2%	0%	3%	1%	1%	1%	2%	1%	4%	4%
Diluted EPS	$1.38	$1.86	$2.18	$1.83	$1.84	$2.12	$1.70	$1.52	$1.06	$1.42	$0.98	$0.04	$1.17	$0.61	$0.45	$0.22	$0.94	$0.62	$1.87	$1.70
Operating cash flow	742	-1,206	531	4,023	130	-1,610	2,509	992	2,569	700	468	1,300	322	-342	4,298	1,809	-313	150	1,149	489
Capital expenditure	455	217	283	341	478	327	287	441	439	328	362	381	492	291	305	296	356	194	272	307
Free cash flow	287	-1,423	248	3,682	-348	-1,937	2,222	551	2,130	372	106	919	-170	-633	3,993	1,513	-669	-44.0	877	182
Buybacks	0.0	0.0	200	1,000	250	351	650	117	1,555	1,327	1,000	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a
Dividends paid	208	226	227	224	222	248	246	244	239	257	246	241	241	247	248	248	244	254	256	254
Shares outstanding	562m	563m	561m	549m	510m	545m	536m	533m	510m	494m	478m	479m	480m	480m	480m	481m	481m	482m	482m	476m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 June 2026, filed 4 August 2026: the filing.