Transcript: Archer-Daniels Midland Q2 2026 Earnings Conference Call

Archer-Daniels Midland (NYSE: ADM ) held its second-quarter earnings conference call on Tuesday.

Below is the complete transcript from the call.

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The full earnings call is available at Summary Archer-Daniels Midland reported Q2 2026 adjusted EPS of $1.84 and total segment operating profit of $1.5 billion, with a significant increase in operating profit driven by robust execution, favorable biofuels margins, and momentum in Nutrition.

The company raised its full-year 2026 adjusted EPS guidance to $5.15-$5.60 from $4.15-$4.70, citing strong first-half performance and a constructive outlook for the second half.

Strategic initiatives include expanding domestic crushing and ethanol capacity, building precision fermentation capabilities, and expanding the Natural Colors footprint to capitalize on cleaner label trends.

Operational highlights include a 5% increase in global oilseed process volumes, strong North American ethanol margins, and robust performance in the Nutrition segment, particularly in Flavors.

Management emphasized a focus on capital allocation, returning value to shareholders, and navigating global challenges like geopolitical tensions and market volatility.

The company achieved notable operational improvements, such as a 129% increase in AS&O segment profit and a 51% increase in Nutrition segment profit.

ADM is evaluating opportunistic share repurchases due to strong cash flow generation and financial conditions.

New growth pathways, including a major shift from artificial to natural colors, represent a significant market opportunity, with ADM targeting $80-$100 million in operating profit from this segment over time.

Full Transcript OPERATOR Good morning, and welcome to the ADM second quarter 2026 earnings conference call.

All lines have been placed on a listen-only mode to prevent background noise.

As a reminder, this conference call is being recorded.

I would now like to introduce your host for today's call, Kate Walsh, Director, Investor Relations for ADM.

Ms.

Walsh, you may begin.

Kate Walsh, Director, Investor Relations Welcome to the second quarter of 2026 earnings conference call for ADM.

Our prepared remarks today will be led by Juan Luciano, Chair of the Board and Chief Executive Officer, and Mohnish Patolwalla, our Executive Vice President and Chief Financial Officer.

We have prepared presentation slides to supplement our remarks on the call today, which are posted to the Investor Relations section of the ADM website and through the link to our webcast.

Some of our comments and materials may constitute forward-looking statements that reflect management's current views and estimates of future economic circumstances, industry conditions, company performance, and financial results.

These statements and materials are based on many assumptions and factors that are subject to numerous risks and uncertainties.

ADM has provided additional information in its reports on file with the SEC concerning assumptions and factors that could cause actual results to differ materially from those presented in these materials.

Unless otherwise required by law, ADM assumes no obligation to update any forward-looking statements due to new information or future events.

In addition, during today's call we will refer to certain non-GAAP or adjusted financial measures.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are available in our earnings press release and presentation slides, which can be found in the Investor Relations section of the ADM website.

I will now turn the call over to Juan.

Juan Luciano, Chair of the Board and Chief Executive Officer Thank you, Kate.

Hello, and welcome to all who have joined the call.

Please turn to Slide 4 where we have outlined this quarter's performance highlights.

Today, ADM reported adjusted earnings per share of $1.84 and total segment operating profit of $1.5 billion.

For the second quarter of 2026, our trailing fourth quarter adjusted ROIC was 7.8% and cash flow from operations before working capital changes was $1.8 billion.

For the first half of 2026, total segment operating profit increased significantly compared to the prior year quarter, driven by several positive factors including robust commercial and operational execution by our team, a constructive biofuels margin environment, elevated global energy prices, and momentum in Nutrition led by Flavors and progress in Specialty Ingredients.

Based on our first half performance and a constructive outlook for the second half, we are again raising our full year 2026 adjusted EPS guidance, now to a range of $5.15 to $5.60, up from the previous guidance range of $4.15 to $4.70.

As we look to the second half of the year, we are focused on continuing to deliver on our financial and operational commitments, and that same discipline extends to how we allocate capital and return value to our shareholders.