ADM Reports Third Quarter 2025 Results
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, accomplished cost savings through targeted streamlining, efficiently ran our plants, and generated robust cash flow,” said Chair of the Board and CEO Juan Luciano.
In AS&O, we achieved several volume records and sharpened our inventory management, both contributing to our overall cash flow. In Carbohydrate Solutions, we delivered another sequentially steady quarter, with uplift from improved ethanol margins. In Nutrition, we achieved sequential growth in operating profit, with record revenue achieved in Flavors North America.
Looking forward, we expect biofuel policy clarity and trade policy evolution to provide demand signals for our industry. However, based on the environment since our last earnings call, we are revising our 2025 full-year expectations primarily to reflect lower crush margins. We are a company built to endure cycles, and our asset network, combined with our skilled workforce, will remain a source of reliable strength for our farmers, customers, partners and investors.”Robust cash flow supported by portfolio optimization and continued working capital improvement
Revised guidance for full-year 2025 based on current biofuel demand environment
Expectations of clarity on biofuel policy and global trade evolution underpin constructive outlook for 2026
ADM today reported financial results for the quarter ended September 30, 2025.
Outlook4:
- Outlook based on performance throughout first nine months of 2025 and current expectations with respect to the timing of anticipated benefits from favorable biofuel policy and global trade evolution
- Revised previously provided adjusted EPS1,2 guidance for full-year 2025 to $3.25 – $3.50 per share from approximately $4.00 per share
| Non-GAAP financial measures; see pages 7-8 and 14-17 for explanations and reconciliations. |
| All references in this document to earnings per share (EPS) and adjusted earnings per share reflect EPS on a diluted basis. |
| Cash flows from operations before working capital is a Non-GAAP financial measure and is cash flows provided by operating activities of $5.8 billion, adjusted for changes in operating assets and liabilities of $3.7 billion for year-to-date of 2025. |
| Forecasted GAAP Earnings Reconciliation: ADM is not presenting forecasted GAAP earnings per diluted share or a quantitative reconciliation to forecasted adjusted earnings per share in reliance on the unreasonable efforts exemption provided under Item 10(e)(1)(i)(B) of Regulation S-K. ADM is unable to predict with reasonable certainty and without unreasonable effort the impact of any impairment and timing of restructuring-related and other charges, along with acquisition-related expenses and the outcome of certain regulatory, legal and tax matters, as well as other potential reconciling items. The financial impact of these items is uncertain and is dependent on various factors, including timing, and could be material to our Consolidated Statements of Earnings. |
Summary of Third Quarter 2025 and Year-to-Date
For the third quarter ended September 30, 2025, earnings before income taxes were $147 million, as compared to prior year quarter of $108 million. EPS2 on a GAAP basis was $0.22, as compared to prior year quarter of $0.04. Adjusted EPS1,2 was $0.92, down 16% versus the prior year quarter of $1.09.
Total segment operating profit1 was $845 million, down 19% versus the prior year quarter. This excludes specified items of $220 million, which were primarily comprised of portfolio optimization and impairment charges, as well as ADM’s portion of a penalty imposed on Wilmar International Limited (“Wilmar”), a company in which ADM has an equity investment.
Earnings before income taxes were $779 million year-to-date in 2025, down 51% versus the prior year period. EPS2 on a GAAP basis was $1.29, down 48% versus the prior year period, and adjusted EPS1,2 was $2.56, down 29% versus the prior year period. Total segment operating profit1 was $2,422 million year-to-date in 2025, down 23% versus the prior year period.
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