On November 4, 2025, Archer Daniels Midland Co (ADM) announced its financial results for the third quarter ending September 30, 2025. The results reflect a challenging market environment and underscore the company's ongoing efforts to navigate these complexities.

Key Financial Highlights

Third Quarter Earnings: ADM reported third quarter earnings of $108 million, translating to an adjusted net earnings of $448 million.

Earnings Per Share (EPS): The quarter's EPS was $0.22, while the adjusted EPS stood at $0.92, marking a decline of 16% from the previous year's adjusted figure of $1.09.

Year-to-Date Cash Flows: Cash flows from operating activities reached $5.8 billion, with cash flows from operations before working capital adjustments at $2.1 billion.

Year-to-Date Performance

For the year-to-date results in 2025, ADM recorded earnings before income taxes of $779 million, a significant drop of 51% compared to the previous year. The year-to-date EPS on a GAAP basis was $1.29, down 48%, while the adjusted EPS was $2.56, reflecting a 29% decrease year-over-year.

2. Segment Performance Breakdown

Agriculture Services and Oilseeds (AS&O)

The AS&O segment reported an operating profit of $379 million for the third quarter of 2025, a decrease of 21% year-over-year. Key highlights include:

Ag Services: The subsegment saw a remarkable 78% increase in operating profit due to heightened export activities in North America.

Crushing: In stark contrast, the crushing subsegment experienced a 93% drop in operating profit, primarily due to lower margins arising from deferred U.S. biofuel policy and international trade challenges.

Carbohydrate Solutions

The Carbohydrate Solutions segment's operating profit fell to $336 million, marking a 26% decrease from the prior year. The performance was impacted by:

Starches and Sweeteners (S&S): Operating profit in the S&S subsegment decreased by 36%, driven by lower global demand and persistent high corn costs.

Vantage Corn Processors: This subsegment fared better, showing an increase in operating profit due to strong export flows and reduced industry inventory.

Nutrition

In a positive turn, the Nutrition segment saw an increase in operating profit to $130 million, reflecting a 24% growth compared to the third quarter of 2024. This growth was attributed to:

Human Nutrition: Operating profit rose by 12%, primarily in the Flavors subsegment due to higher margins in North America.

Animal Nutrition: This subsegment exhibited a remarkable 79% increase in operating profit, driven by a focus on higher-margin products.

3. Outlook and Future Guidance

Looking ahead, ADM's management remains optimistic about future demand signals stemming from anticipated clarity in biofuel policies and evolving trade policies. However, the company has revised its adjusted EPS guidance for the full year 2025, now projected between $3.25 and $3.50 per share, down from an earlier estimate of approximately $4.00 per share.

CEO Juan Luciano remarked, “During the third quarter, we made solid progress in areas within our control, as we navigated a highly dynamic global environment. We advanced our portfolio optimization initiatives and generated robust cash flow, which we believe positions us well for the future.”

4. Conclusion

ADM's third quarter results illustrate the complexities of operating within a challenging agricultural landscape. While certain segments demonstrated resilience, the overall financial performance reflects the impacts of market dynamics, including biofuel policy uncertainties and fluctuating international trade conditions. As the company looks forward, its strategic initiatives and operational efficiencies will be crucial in navigating these ongoing challenges and seizing future opportunities.

For more details on the results and outlook, ADM will host a webcast today at 7:30 a.m. Central Time, providing insights into its financial performance and strategic direction.

Original press release