Form 8-K

8-K — Archer-Daniels-Midland Co

Accession: 0000007084-26-000040

Filed: 2026-08-04

Period: 2026-08-04

CIK: 0000007084

SIC: 2070 (FATS & OILS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — adm-20260804.htm (Primary)

EX-99.1 (adm-ex991_20260630xq2.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: adm-20260804.htm · Sequence: 1

adm-20260804

0000007084false00000070842026-08-042026-08-04

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) August 4, 2026

ARCHER-DANIELS-MIDLAND COMPANY

(Exact name of registrant as specified in its charter)

Delaware 1-44 41-0129150

(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

77 West Wacker Drive, Suite 4600

Chicago, Illinois 60601

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (312) 634-8100

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, no par value ADM NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§230.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02Results of Operations and Financial Condition.

On August 4, 2026, Archer-Daniels-Midland Company (ADM) issued a press release announcing second quarter results. A copy of such press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ADM is making reference to non-GAAP financial measures in both the press release and the conference call. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached press release.

Item 9.01Financial Statements and Exhibits.

(d) ExhibitsThe following exhibits are furnished or filed, as applicable, herewith:

99.1 Press release dated August 4, 2026 announcing second quarter results

101 Interactive Data File

104 Cover Page Interactive Data File (formatted as Inline XBRL and incorporated by reference to Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ARCHER-DANIELS-MIDLAND COMPANY

Date: August 4, 2026 By /s/ Regina B. Jones

Regina B. Jones

Senior Vice President, Chief Legal Officer, and Secretary

EXHIBIT INDEX

Exhibit Description

99.1 Press release dated August 4, 2026 announcing second quarter results

101 Interactive Data File

104 Cover Page Interactive Data File (formatted as Inline XBRL and incorporated by reference to Exhibit 101)

EX-99.1

Filename: adm-ex991_20260630xq2.htm · Sequence: 2

Document

Exhibit 99.1

ADM Reports Second Quarter 2026 Results

Reports second quarter 2026 EPS2 of $1.87 and adjusted EPS1,2 of $1.84

Raises full-year 2026 adjusted EPS guidance on strong commercial and operational execution, constructive biofuels environment, and momentum in Nutrition

CHICAGO, August 4, 2026—ADM (NYSE: ADM) today reported financial results for the quarter ended June 30, 2026 and updated its full-year 2026 outlook.

2Q26 Key Takeaways:

•Net earnings of $908 million, with adjusted net earnings1 of $895 million

•EPS2 of $1.87, with adjusted EPS1,2 of $1.84

2026 Outlook3:

•ADM now expects 2026 adjusted EPS1,2 of approximately $5.15 to $5.60, up from the prior adjusted EPS1,2 guidance range of $4.15 to $4.70

•The updated outlook reflects expected year-over-year earnings improvement in ADM's crushing and ethanol businesses, as the Company expects to continue capitalizing on the constructive margin environment through disciplined execution. That environment stems primarily from the finalized 2026 and 2027 renewable volume obligations ("RVO") under the U.S. Renewable Fuel Standard in March 2026, supported by global trade dynamics and elevated energy prices. Additionally, performance continues to improve in Nutrition

•Continuing to monitor external factors across the macroeconomic, geopolitical, policy, and trade environments

•Capital expenditures continue to be projected to be in the range of $1.3 billion to $1.5 billion

"ADM delivered robust second-quarter financial and operating results," said Juan Luciano, Chair of the Board and CEO. "Segment operating profit rose significantly year-over-year and sequentially, with broad-based growth across all three segments—driven by strong commercial and operational execution by the team, a constructive biofuels environment, and momentum in Nutrition, led by Flavors. These results, and the expectations we have into the back half of this year, give us confidence to again raise our 2026 earnings outlook.”

_____________________________

1 Non-GAAP financial measures; see pages 7-8 and 14-17 for explanations and reconciliations.

2 All references in this document to earnings per share (EPS) and adjusted earnings per share reflect EPS on a diluted basis.

3 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.

Second Quarter and Year-to-Date 2026 Results

2Q26 Results Overview

($ in millions except per share amounts)

GAAP Measures

Earnings Before Income Taxes

EPS2 (as reported)

2Q26 $1,088 $1.87

Percent change vs. 2Q 2025

NM3

Non-GAAP Measures

Total Segment Operating Profit1

Adjusted EPS1,2

2Q26 $1,450 $1.84

Percent change vs. 2Q 2025 75% 98%

YTD 2026 Results Overview

($ in millions except per share amounts)

GAAP Measures

Earnings Before Income Taxes

EPS2 (as reported)

YTD 2026 $1,472 $2.49

Percent change vs. YTD 2025 133% 135%

Non-GAAP Measures

Total Segment Operating Profit1

Adjusted EPS1,2

YTD 2026 $2,214 $2.56

Percent change vs. YTD 2025 40% 57%

1 Non-GAAP financial measures; see pages 7-8 and 14-17 for explanations and reconciliations.

2 All references in this document to earnings per share (EPS) and adjusted earnings per share reflect EPS on a diluted basis.

3 NM: Not Meaningful. Percentage increases above 200% or when one period includes income and other period includes loss are considered not meaningful.

Summary of Second Quarter and Year-to-Date 2026

For the second quarter of 2026, earnings before income taxes were $1.1 billion, compared to the prior year quarter of $279 million. EPS2 on a GAAP basis was $1.87, representing an increase of $1.42 compared to the prior year quarter EPS of $0.45. Adjusted EPS1,2 was $1.84, an increase of $0.91 compared to the prior year quarter of $0.93.

Total second quarter segment operating profit1 was $1.5 billion, an increase of 75% compared to the prior year quarter. This excludes net specified item gains of $18 million.

Earnings before income taxes were $1.5 billion year-to-date in 2026, compared to the prior year period of $632 million. Total segment operating profit1 was $2.2 billion year-to-date in 2026, up 40% versus the prior year period. EPS2 on a GAAP basis was $2.49, up $1.43 versus the prior year period, and adjusted EPS1,2 was $2.56, up $0.93 versus the prior year period.

2Q26 Segment Overview

($ in millions) 2Q 2026 2Q 2025 % Change

Total Segment Operating Profit1

$1,450 $830 75%

Segment Operating Profit:

Ag Services & Oilseeds 867 379 129%

Carbohydrate Solutions 411 337 22%

Nutrition 172 114 51%

YTD 2026 Segment Overview

($ in millions) YTD 2026 YTD 2025 % Change

Total Segment Operating Profit1

$2,214 $1,577 40%

Segment Operating Profit:

Ag Services & Oilseeds 1,140 791 44%

Carbohydrate Solutions 767 576 33%

Nutrition 307 210 46%

1 Non-GAAP financial measures; see pages 7-8 and 14-17 for explanations and reconciliations.

2 All references in this document to earnings per share (EPS) and adjusted earnings per share reflect EPS on a diluted basis.

Agriculture Services and Oilseeds Summary (AS&O)

AS&O segment operating profit was $867 million for the second quarter of 2026, an increase of 129% compared to the prior year quarter. The increase was primarily due to margin expansion across the segment, most notably in Ag Services and North American crushing, which was supported by the RVO and elevated global energy prices. Current quarter results included around $100 million of net positive mark-to-market and timing impacts, primarily attributable to the Crushing subsegment, with a modest benefit attributable to the Ag Services subsegment, partially offset by a net negative impact attributable to Refined Products and Other subsegment.

Ag Services subsegment operating profit was 159% higher compared to the prior year quarter, primarily as a result of strategically leveraging ADM's global asset network in a complex operating environment to deliver value across the agricultural supply chain. Further, South American operations benefited from the grain export terminal in Barcarena, Brazil, returning to full operations, and increased soybean exports which were supported by higher farmer selling.

Crushing subsegment operating profit increased by $330 million compared to the prior year quarter. The increase was attributable to strong execution by the team in an improved margin environment. Global oilseed volumes increased by approximately 5% compared to the prior year quarter, in part due to improved asset utilization. Margin strength was supported by a constructive environment for biofuels, which was underpinned by the RVO, higher global energy prices, and positive net mark-to-market and timing impacts. Further, stable soybean meal prices supported strong global meal demand, resulting in record meal exports from Brazil and the U.S.

Refined Products and Other subsegment operating profit was 3% lower compared to the prior year quarter. The decrease largely resulted from net negative mark-to-market and timing impacts in the second quarter of 2026. Underlying regional performance was mixed, with strong North American and European biodiesel margins partially offset by net negative mark-to-market timing impacts and supply and demand imbalances in South America impacting local margins.

Equity earnings from the company’s investment in Wilmar were approximately 22% lower compared to the prior year quarter.

2Q 2026 AS&O Overview

($ in millions) 2Q 2026 2Q 2025 % Change

Segment Operating Profit $867 $379 129%

Ag Services 293 113 159%

Crushing 363 33

NM1

Refined Products and Other 151 156 (3)%

Wilmar 60 77 (22)%

YTD 2026 AS&O Overview

($ in millions) YTD 2026 YTD 2025 % Change

Segment Operating Profit $1,140 $791 44%

Ag Services 493 272 81%

Crushing 284 79

NM1

Refined Products and Other 237 291 (19)%

Wilmar 126 149 (15)%

1 NM: Not Meaningful. Percentage increases above 200% or when one period includes income and the other period includes a loss are considered not meaningful.

Carbohydrate Solutions Summary

Carbohydrate Solutions segment operating profit was $411 million for the second quarter of 2026, an increase of 22% compared to the prior year quarter. The increase primarily reflected robust North American ethanol margins, including policy incentives. The RVO, elevated global energy prices, and lower U.S. corn prices together gave ethanol an economic advantage over competing blendstocks, driving both higher domestic blend rates and favorable industry-wide exports.

Starches and Sweeteners subsegment operating profit increased by 7% compared to the prior year quarter, primarily due to higher ethanol margins related to ADM’s corn wet-milling ethanol operations, including policy incentives. This strength was partially offset by lower liquid sweetener volumes and margins, most notably in North America, while global starch volumes and margins stabilized.

Vantage Corn Processors subsegment operating profit increased by $52 million compared to the prior year quarter, as ADM’s corn dry-milling ethanol operations benefited from strengthening ethanol margins, supported by policy incentives and effective risk management.

2Q26 Carbohydrate Solutions Overview

($ in millions) 2Q 2026 2Q 2025 % Change

Segment Operating Profit $411 $337 22%

Starches and Sweeteners 326 304 7%

Vantage Corn Processors 85 33 158%

YTD 2026 Carbohydrate Solutions Overview

($ in millions) YTD 2026 YTD 2025 % Change

Segment Operating Profit $767 $576 33%

Starches and Sweeteners 555 511 9%

Vantage Corn Processors 212 65

NM1

1 NM: Not Meaningful. Percentage increases above 200% or when one period includes income and the other period includes a loss are considered not meaningful

Nutrition Summary

Nutrition segment operating profit was $172 million for the second quarter of 2026, representing a 51% increase compared to the prior year quarter. The year-over-year increase was attributable to improved performance in both the Human Nutrition and Animal Nutrition subsegments.

Human Nutrition subsegment operating profit was 51% higher compared to the prior year quarter, largely driven by Flavors growth, supported by seasonal momentum, and continued progress at the Decatur East plant.

Animal Nutrition subsegment operating profit was 50% higher compared to the prior year quarter, due to operational improvements and benefits from portfolio actions taken during 2025.

2Q26 Nutrition Overview

($ in millions) 2Q 2026 2Q 2025 % Change

Segment Operating Profit $172 $114 51%

Human Nutrition 139 92 51%

Animal Nutrition 33 22 50%

YTD 2026 Nutrition Overview

($ in millions) YTD 2026 YTD 2025 % Change

Segment Operating Profit $307 $210 46%

Human Nutrition 243 168 45%

Animal Nutrition 64 42 52%

Corporate and Other Business Summary

For the second quarter of 2026, Corporate results improved, reflecting the non-recurrence of prior-year quarter impairment losses and lower financing costs, partially offset by higher performance-based compensation. Other Business’s contribution to operating profit decreased in the current year quarter primarily due to lower captive insurance results.

Conference Call Information

ADM will host a webcast today, August 4, 2026, at 7:30 a.m. Central Time to discuss financial results and outlook. To listen to the webcast, go to www.adm.com/webcast. A replay of the webcast will also be available for an extended period of time at www.adm.com/webcast.

About ADM

ADM unlocks the power of nature to enrich the quality of life. We’re an essential global agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities. We’re a premier human and animal nutrition provider, offering one of the industry’s broadest portfolios of ingredients and solutions from nature. We’re a trailblazer in health and well-being, with an industry-leading range of products for consumers looking for new ways to live healthier lives. We’re a cutting-edge innovator, guiding the way to a future of new bio-based consumer and industrial solutions. And we're leading in business-driven sustainability efforts that support a strong agricultural sector, resilient supply chains, and a vast and growing bioeconomy. Around the globe, our expertise and innovation are meeting critical needs from harvest to home. Learn more at www.adm.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical or current fact included in this press release, are forward-looking statements. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “outlook,” “forecast”, “will,” “should,” “can have,” “likely,” “goals,” “objectives,” “priorities,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. For example, all statements the Company makes relating to its future results of operations and underlying assumptions, as well as growth opportunities, operational execution and improvements, progress on Company priorities, changes to the margin environment, earnings improvements, future demand, future investments, policy changes, capital allocation priorities and actions, the biofuels environment, global trade and tariff conditions, energy prices, and global market volatility are forward-looking statements. All forward-looking statements are subject to significant risks, uncertainties and changes in circumstances that could cause actual results and outcomes to differ materially from those expressed or implied in the forward-looking statements, including, without limitation, (1) operational risks related to equipment failure, natural disasters, epidemics, pandemics, adverse weather conditions, accidents, explosions, fires, war or acts of terrorism, cybersecurity incidents or other unexpected outages; (2) risks related to the availability and prices of agricultural commodities, agricultural commodity products, other raw materials and energy, including impacts from factors outside the Company’s control such as changes in market conditions, weather conditions, crop disease, plantings, climate change, competition and changes in global demand, as well as risks relating to global and regional economic downturns; (3) risks related to compliance with, and changes in, government programs, policies, laws, and regulations, including those related to trade, tariffs, sanctions, biofuels, sustainability, food safety and quality, the environment, tax, and financial markets; (4) risks related to international conflicts, acts of terrorism or war, sanctions, maritime piracy and other geopolitical events or economic disruptions, as well as other risks related to the disruption of global markets and trade flows; (5) risks and uncertainties relating to acquisitions, equity investments, joint ventures, integrations, divestitures, and other transactions; (6) risks relating to the Company’s execution of its strategic priorities, including achieving cost reductions and operational improvements, organic and inorganic growth and innovation in its products and services; (7) risks related to the Company’s technology systems and cybersecurity incidents; and (8) other risks, assumptions and uncertainties that are described in Item 1A, "Risk Factors" included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as may be updated in subsequent Quarterly Reports

on Form 10-Q. For these statements, the Company claims the protection of the safe harbor for forward-looking statements in the Private Securities Litigation Reform Act. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Except to the extent required by law, the Company does not undertake, and expressly disclaims, any duty or obligation to update publicly any forward-looking statement whether as a result of new information, future events, changes in assumptions or otherwise.

Non-GAAP Financial Measures

The Company uses certain “Non-GAAP” financial measures as defined by the Securities and Exchange Commission. These are measures of performance not defined by accounting principles generally accepted in the United States (GAAP), and should be considered in addition to, not in lieu of, GAAP reported measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this press release.

Adjusted net earnings and Adjusted earnings per share (EPS). Adjusted net earnings reflects ADM’s reported net earnings after removal of the effect on net earnings of specified items as more fully described in the reconciliation tables below. Adjusted EPS reflects ADM’s diluted EPS after removal of the effect on EPS as reported of specified items as more fully described in the reconciliation tables below. Management believes that Adjusted net earnings and Adjusted EPS are useful measures of ADM’s performance because they provide investors additional information about ADM’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. These non-GAAP financial measures are not intended to replace or be alternatives to net earnings and EPS as reported, the most directly comparable GAAP financial measures, or any other measures of operating results under GAAP. Earnings amounts described above have been divided by the company’s diluted shares outstanding for each respective period in order to arrive at an adjusted EPS amount for each specified item.

Total segment operating profit. Total segment operating profit is ADM’s consolidated earnings before income taxes adjusted for Other Business, Corporate, and specified items as more fully described in the reconciliation tables below. Management believes that total segment operating profit is a useful measure of ADM’s performance because it provides investors information about ADM’s reportable segment performance excluding Other Business, Corporate overhead costs as well as specified items. Total segment operating profit is not a measure of consolidated operating results under GAAP and should not be considered an alternative to earnings before income taxes, the most directly comparable GAAP financial measure, or any other measure of consolidated operating results under GAAP.

Adjusted Return on Invested Capital (ROIC). Adjusted ROIC is Adjusted ROIC earnings divided by adjusted invested capital. Adjusted ROIC earnings is ADM’s net earnings adjusted for the after-tax effects of interest expense on borrowings and specified items. Adjusted invested capital is the sum of ADM’s equity (excluding redeemable and non-redeemable non-controlling interests) and interest-bearing liabilities (which totals invested capital), adjusted for specified items. Management believes Adjusted ROIC is a useful financial measure because it provides investors information about ADM’s returns excluding the impacts of specified items and increases period-to-period comparability of underlying business performance. Management uses Adjusted ROIC to measure ADM’s performance by comparing Adjusted ROIC to its weighted average cost of capital (WACC). Adjusted ROIC, Adjusted ROIC earnings and Adjusted invested capital are non-GAAP financial measures and are not intended to replace or be alternatives to GAAP financial measures.

EBITDA. EBITDA is defined as earnings before interest on borrowings, taxes, depreciation and amortization. Adjusted EBITDA is defined as earnings before interest on borrowings, taxes, depreciation, and amortization, adjusted for specified items. The Company calculates Adjusted EBITDA

by removing the impact of specified items and adding back the amounts of income tax expense, interest expense on borrowings, and depreciation and amortization to net earnings. Management believes that EBITDA and Adjusted EBITDA are useful measures of the Company’s performance because they provide investors additional information about the Company’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. EBITDA and Adjusted EBITDA are non-GAAP financial measures and are not intended to replace or be an alternative to net earnings, the most directly comparable GAAP financial measure.

Cash flows from operations before working capital. Cash flows from operations before working capital is defined as cash flows from operating activities adjusted for changes in operating assets and liabilities as presented in the Company’s consolidated statement of cash flows. Management believes that cash flows from operations before working capital is a useful measure of the Company’s cash generation. Cash flows from operations before working capital is a non-GAAP financial measure and is not intended to replace or be an alternative to cash from operating activities, the most directly comparable GAAP financial measure.

Forecasted GAAP Earnings Reconciliation. ADM is not presenting forecasted GAAP earnings per diluted share, forecasted net earnings, forecasted total debt, or forecasted effective tax rate, or a quantitative reconciliation of those metrics to forecasted adjusted earnings per diluted share, forecasted adjusted EBITDA, forecasted net debt, or forecasted adjusted effective tax rate, respectively, 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.

Mark-to-market and timing impact

Mark-to-market and timing impacts represent changes in agricultural commodity pricing and foreign currency market factors and are not necessarily reflective of the operating performance of our business. Mark-to-market and timing impacts represent the estimated net unrealized gain and loss impacts of market factor changes on the valuation of certain of our merchandisable commodity inventories (including certain commodity inventories valued at the lower of cost or market), cash purchase and sales contracts, and futures and foreign currency contracts. The final mark-to-market and timing impacts will be realized when the underlying inventory, cash purchase and sales contracts, and futures and foreign currency contracts are settled.

Media Contact

Brett Lutz

media@adm.com

Investor Relations

Kate Walsh

Kathryn.Walsh@adm.com

Financial Tables Follow

Source: Corporate Release

Source: ADM

Segment Operating Profit and Corporate Results

(unaudited)

Quarter ended Six months ended

June 30, June 30,

(In millions) 2026 2025 Change 2026 2025 Change

Segment Operating Profit

Ag Services and Oilseeds $ 867 $ 379 $ 488 $ 1,140 $ 791 $ 349

Ag Services 293 113 180 493 272 221

Crushing 363 33 330 284 79 205

Refined Products and Other 151 156 (5) 237 291 (54)

Wilmar 60 77 (17) 126 149 (23)

Carbohydrate Solutions $ 411 $ 337 $ 74 $ 767 $ 576 $ 191

Starches and Sweeteners 326 304 22 555 511 44

Vantage Corn Processors 85 33 52 212 65 147

Nutrition $ 172 $ 114 $ 58 $ 307 $ 210 $ 97

Human Nutrition 139 92 47 243 168 75

Animal Nutrition 33 22 11 64 42 22

Corporate Results $ (460) $ (498) $ 38 $ (883) $ (939) $ 56

Interest expense - net (103) (112) 9 (208) (212) 4

Unallocated corporate function costs (374) (294) (80) (718) (647) (71)

Other income - net 19 7 12 50 24 26

Specified items:

Impairment, exit, restructuring charges, and settlement contingencies (2) (99) 97 (7) (104) 97

Consolidated Statements of Earnings

(unaudited)

Quarter ended Six months ended

June 30, June 30,

2026 2025 2026 2025

(in millions, except per share amounts)

Revenues $ 22,681 $ 21,166 $ 43,171 $ 41,341

Cost of products sold

20,746 19,796 40,014 38,791

Gross Profit 1,935 1,370 3,157 2,550

Selling, general, and administrative expenses

1,026 911 1,987 1,843

Asset impairment, exit, and restructuring costs 13 137 25 175

Equity in (earnings) of unconsolidated affiliates (142) (134) (231) (278)

Interest and investment (income) expense (116) 70 (241) (68)

Interest expense

148 159 297 317

Other (income) - net

(82) (52) (152) (71)

Earnings Before Income Taxes 1,088 279 1,472 632

Income tax expense

176 62 257 123

Net Earnings Including Non-controlling Interests 912 217 1,215 509

Less: Net earnings (loss) attributable to non-controlling interests 4 (2) 9 (5)

Net Earnings Attributable to ADM $ 908 $ 219 $ 1,206 $ 514

Diluted earnings per common share $ 1.87 $ 0.45 $ 2.49 $ 1.06

Weighted average number of shares outstanding – diluted 485 484 485 484

Summary of Financial Condition

(unaudited)

June 30,

2026 June 30,

2025

(in millions)

Net Investment In

Cash and cash equivalents $ 1,060 $ 1,057

Short-term marketable securities 33 9

Operating working capital 8,254 8,377

Property, plant, and equipment 10,979 11,142

Investments in affiliates 5,901 5,175

Goodwill and other intangibles 6,498 7,036

Other non-current assets 2,350 2,351

$ 35,075 $ 35,147

Financed By

Short-term debt $ 407 $ 856

Long-term debt, including current maturities 7,604 8,372

Deferred liabilities 3,192 3,232

Temporary equity 292 249

Shareholders’ equity 23,580 22,438

$ 35,075 $ 35,147

Summary of Cash Flows

(unaudited)

Six months ended

June 30

2026 2025

(in millions)

Cash flows from operating activities (1)

Net earnings including non-controlling interests $ 1,215 $ 509

Depreciation and amortization 586 578

Asset impairment charges 5 105

(Gain) loss on asset contributions, sales and investment revaluation, net (85) 150

Other – net 38 (109)

Other changes in operating assets and liabilities (460) 2,723

Net cash provided by operating activities 1,299 3,956

Cash flows from investing activities

Capital expenditures (466) (596)

Net assets of businesses acquired — (95)

Proceeds from sales of assets, businesses and investments 56 41

Purchases of marketable securities — (11)

Proceeds from sales of marketable securities 6 267

Other – net 31 3

Net cash used in investing activities (373) (391)

Cash flows from financing activities

Long-term debt payments (5) —

Net repayments under lines of credit agreements (389) (1,057)

Cash dividends (510) (495)

Acquisition of non-controlling interest — (4)

Other – net (51) (23)

Net cash used in financing activities (955) (1,579)

Effect of exchange rate on cash, cash equivalents, restricted cash, and restricted cash equivalents (19) 34

Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents (48) 2,020

Cash, cash equivalents, restricted cash, and restricted cash equivalents - beginning of period 5,505 3,924

Cash, cash equivalents, restricted cash, and restricted cash equivalents - end of period $ 5,457 $ 5,944

1 Cash flows from operations before working capital is a Non-GAAP financial measure. Cash flows from operations before working capital year-to-date 2026 was $1.8 billion, calculated as cash flows provided by operating activities of $1.3 billion, adjusted for changes in working capital of $(460) million. Cash flows from operations before working capital year-to-date 2025 was $1.2 billion, calculated as cash flows provided by operating activities of $4.0 billion, adjusted for changes in working capital of $2.7 billion for year-to-date 2025.

Segment Operating Analysis

(unaudited)

Quarter ended Six months ended

June 30, June 30,

2026 2025 2026 2025

(in ‘000s metric tons)

Certain processed volumes (by commodity)

Oilseeds 9,477 9,051 18,776 18,142

Corn 4,736 4,614 9,278 9,195

Quarter ended Six months ended

June 30, June 30,

2026 2025 2026 2025

(in millions)

Revenues

Ag Services and Oilseeds $ 17,916 $ 16,269 $ 33,917 $ 31,944

Carbohydrate Solutions 2,757 2,792 5,316 5,362

Nutrition 1,902 1,993 3,707 3,810

Total Segment Revenues 22,575 21,054 42,940 41,116

Other Business 106 112 231 225

Total Revenues $ 22,681 $ 21,166 $ 43,171 $ 41,341

Total Segment Operating Profit

A Non-GAAP financial measure

(unaudited)

Quarter ended Six months ended

June 30 June 30

(In millions) 2026 2025 Change 2026 2025 Change

Earnings before income taxes $ 1,088 $ 279 $ 809 $ 1,472 $ 632 $ 840

Other Business (earnings) (80) (94) 14 (133) (190) 57

Corporate 460 498 (38) 883 939 (56)

Specified items:

(Gain) on sales of assets and businesses (21) (8) (13) (83) (8) (75)

Impairment, exit, restructuring charges, and settlement contingencies 3 224 (221) 20 273 (253)

(Gain) on contract termination — (69) 69 — (69) 69

ADM's share of equity method investment non-recurring charges $ — $ — $ — $ 55 $ — $ 55

Total Segment Operating Profit $ 1,450 $ 830 $ 620 $ 2,214 $ 1,577 $ 637

Adjusted Net Earnings and Adjusted EPS

Non-GAAP financial measures

(unaudited)

Quarter ended June 30,

Six months ended June 30,

2026 2025 2026 2025

In millions Per share In millions Per share In millions Per share In millions Per share

Net earnings and reported EPS (diluted) $ 908 $ 1.87 $ 219 $ 0.45 $ 1,206 $ 2.49 $ 514 $ 1.06

Adjustments:

(Gain) on sales of assets and businesses (a) (19) (0.04) (6) (0.01) (66) (0.13) (6) (0.01)

Impairment, exit, restructuring charges, and settlement contingencies (b) 6 0.01 291 0.60 35 0.07 334 0.69

ADM's share of equity method investment non-recurring charges (c) — — — — 55 0.11 — —

(Gain) on contract termination (d) — — (52) (0.11) — — (52) (0.11)

Certain discrete tax adjustments (e) — — — — 10 0.02 — —

Total adjustments (13) (0.03) 233 0.48 34 0.07 276 0.57

Adjusted net earnings and adjusted diluted EPS $ 895 $ 1.84 $ 452 $ 0.93 $ 1,240 $ 2.56 $ 790 $ 1.63

(a)Current year quarter gains of $21 million ($19 million after tax) includes gains from sales of assets, tax effected using the applicable income tax rate. Current YTD gains of $83 million ($66 million after tax) includes gains from contribution of assets to joint venture arrangements, tax effected using the applicable income tax rate. Prior year quarter and YTD amounts of $8 million ($6 million after tax) were related to the gain from the sale of a facility, tax effected using the Company’s U.S. income tax rate.

(b)Current year quarter and YTD charges of $5 million and $40 million ($6 million and $35 million after tax), respectively, were primarily driven by charges related to inventory adjustments and contingent settlements, tax effected using the applicable tax rates. Prior year quarter and YTD charges of $323 million and $377 million pretax ($291 million and $334 million after tax), respectively, were primarily driven by impairment of certain investments, impairment of long lived assets and other restructuring charges pursuant to the Company’s portfolio optimization efforts, and contingent settlements, tax effected using the applicable tax rates.

(c)Current year YTD charges of $55 million were driven by the Company’s share of non-recurring charges related to provisions recorded by Wilmar.

(d)Prior year quarter and YTD gains of $69 million ($52 million after tax) relate to the recognition of income due to a cancelled contract with a cost method investee, tax effected using the applicable income tax rate.

(e)Discrete tax adjustment relates to the non-recurring impact of updated tax regulations.

Return on Invested Capital (ROIC) and Adjusted ROIC

Non-GAAP financial measures

(unaudited)

Adjusted ROIC Earnings (in millions)

Four Quarters

Quarter Ended Ended

Sep. 30, 2025 Dec. 31, 2025 Mar. 31, 2026 June 30, 2026 June 30, 2026

Net earnings attributable to ADM $ 108 $ 456 $ 298 $ 908 $ 1,770

Adjustments:

Interest expense(1)

106 108 111 107 432

Tax on interest (25) (26) (26) (25) (102)

Total ROIC Earnings 189 538 383 990 2,100

Other adjustments, net of tax 341 (35) 47 (13) 340

Total Adjusted ROIC Earnings $ 530 $ 503 $ 430 $ 977 $ 2,440

Adjusted Invested Capital (in millions)

Quarter Ended Trailing Four

Sep. 30, 2025 Dec. 31, 2025 Mar. 31, 2026 June 30, 2026 Quarter Average

Equity(2)

$ 22,494 $ 22,733 $ 22,804 $ 23,573 $ 22,901

Interest-bearing liabilities(3)

7,956 8,509 9,426 8,107 8,500

Total Invested Capital 30,450 31,242 32,230 31,680 31,401

Other adjustments, net of tax 341 (35) 47 (13) 85

Total Adjusted Invested Capital $ 30,791 $ 31,207 $ 32,277 $ 31,667 $ 31,486

Return on Invested Capital 6.7 %

Adjusted Return on Invested Capital 7.8 %

(1) Represents interest expense on borrowings and therefore excludes ADM Investor Services related interest expense

(2) Excludes non-controlling interests

(3) Includes short-term debt, long term debt and finance lease obligations

Earnings Before Interest, Taxes, and Depreciation and Amortization (EBITDA) and Adjusted EBITDA

Non-GAAP financial measures

(unaudited)

Four Quarters Four Quarters

Quarter Ended Ended Ended

Sep. 30, 2025 Dec. 31, 2025 Mar. 31, 2026 June 30, 2026 June 30, 2026 June 30, 2025

(in millions)

Net earnings $ 108 $ 456 $ 298 $ 908 $ 1,770 $ 1,099

Net earnings (loss) attributable to non-controlling interests 2 (2) 5 4 9 (11)

Income tax expense 37 22 81 176 316 319

Interest expense(1)

106 108 111 107 432 488

Depreciation and amortization(2)

295 296 289 292 1,172 1,145

EBITDA 548 880 784 1,487 3,699 3,040

(Gain) on sales of assets and businesses (31) — (62) (21) (114) (19)

Impairment, exit, restructuring charges, and settlement contingencies 261 293 35 5 594 865

ADM's share of equity method investment non-recurring charges and (gains), net 163 (254) 55 — (36) —

(Gain) on contract termination — — — — — (69)

Expenses related to acquisitions — — — — — 3

Railroad maintenance expense 12 47 — 1 60 64

Adjusted EBITDA $ 954 $ 965 $ 812 $ 1,472 $ 4,203 $ 3,884

(1) Represents interest expense on borrowings and therefore excludes ADM Investor Services related interest expense

(2) Excludes $3 million, $9 million, $4 million, and $1 million of accelerated depreciation recorded within restructuring charges as a specified item for the three months ended September 30, 2025, December 31, 2025, March 31, 2026, and June 30, 2026, respectively.

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