Key Takeaways:
- ADM reported third quarter earnings of $108 million, with adjusted net earnings of $448 million.
- Adjusted EPS for the quarter was $0.92, down 16% year-over-year.
- Total segment operating profit reached $845 million, with Nutrition showing 24% growth.
- Year-to-date cash flows from operations totaled $5.8 billion.
- ADM revised its full-year 2025 adjusted EPS guidance to $3.25–$3.50 due to lower crush margins.
ADM Announces Third Quarter 2025 Financial Results
ADM (NYSE: ADM) reported financial results for the quarter ended September 30, 2025, citing steady progress across core business segments despite a challenging market environment. The company achieved third quarter earnings of $108 million and adjusted net earnings of $448 million. Adjusted earnings per share were $0.92, compared to $1.09 in the same period of 2024.
Chair and CEO Juan Luciano commented, “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.”
Segment Performance Overview
Total segment operating profit reached $845 million for the third quarter, down 19% year-over-year. ADM’s Ag Services & Oilseeds (AS&O) segment reported $379 million in operating profit, reflecting strong performance in North American exports but lower margins in crushing due to muted biofuel demand and trade challenges.
Carbohydrate Solutions delivered $336 million in segment operating profit, down 26% from the prior year, driven by weaker starches and sweeteners demand and persistent higher corn costs in EMEA. However, the Vantage Corn Processors subsegment benefited from higher ethanol margins and strong export activity.
The Nutrition segment was a bright spot, delivering $130 million in operating profit—a 24% increase over the prior year. Human Nutrition saw double-digit growth, led by record Flavors revenue in North America, while Animal Nutrition rose 79% due to stronger margins and continued portfolio optimization.
Cash Flow, Operations, and Balance Sheet Strength
ADM generated $5.8 billion in cash flows from operating activities year-to-date and reported $2.1 billion in cash flows from operations before working capital adjustments. Luciano highlighted improved inventory management and record volume performance within Ag Services & Oilseeds as key drivers of operational cash flow.
The company continues to emphasize disciplined cost management and portfolio optimization while maintaining a strong liquidity position. Corporate and other business expenses decreased year-over-year, reflecting lower net interest and select corporate costs, excluding specified impairment charges.
Updated 2025 Outlook
ADM revised its adjusted EPS guidance for full-year 2025 to a range of $3.25 to $3.50 per share, down from the prior estimate of approximately $4.00. The company attributed this adjustment primarily to lower global crush margins and deferred biofuel policy impacts.
Luciano stated, “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 and skilled workforce will remain a source of reliable strength.”
ADM reaffirmed its confidence in its long-term strategy, emphasizing operational efficiency, portfolio balance, and continued investment in sustainable food, feed, and fuel solutions.
Read the full financial report here.
9 Comments