Key Takeaways:
- ADM reported fourth-quarter 2025 net earnings of $456 million and full-year net earnings of $1.1 billion.
- Adjusted EPS for full-year 2025 totaled $3.43, down year over year.
- Segment operating profit declined across most business units, while Nutrition posted annual growth.
- ADM issued a 2026 adjusted EPS outlook of approximately $3.60 to $4.25.
- The company announced a 2% increase in its quarterly dividend, marking its 53rd consecutive year of dividend growth.
ADM Reports Financial Results for 2025
ADM (NYSE: ADM) reported financial results for the fourth quarter and full year ended December 31, 2025, alongside its outlook for 2026. For the fourth quarter, ADM generated net earnings of $456 million, with adjusted net earnings of $422 million. Earnings per share (EPS) on a GAAP basis were $0.94, while adjusted EPS totaled $0.87.
For the full year, ADM reported net earnings of $1.1 billion and adjusted net earnings of $1.7 billion. Full-year GAAP EPS was $2.23, compared with adjusted EPS of $3.43. Cash flows from operating activities reached $5.5 billion during 2025.
“2025 was marked by a dynamic global trade landscape, and ongoing uncertainty around U.S. biofuel policy created a challenging operating environment for ADM,” said Juan Luciano, Chair of the Board and Chief Executive Officer of ADM.
Segment Performance Overview
Pressure Across Core Segments
Total segment operating profit declined year over year, reaching $821 million in the fourth quarter and $3.2 billion for the full year. The Ag Services & Oilseeds segment posted a 31% decline in fourth-quarter operating profit and a 34% decline for the full year, driven by weaker soybean exports, lower crush margins, and reduced trading activity.
Carbohydrate Solutions operating profit declined 6% in the fourth quarter and 12% for the full year, reflecting softer starches and sweeteners demand, partially offset by stronger ethanol margins. Nutrition segment operating profit decreased 11% in the fourth quarter but increased 8% for the full year, supported by improved performance in Animal Nutrition.
Insurance Proceeds and One-Time Items
Results across multiple segments were impacted by lower insurance proceeds related to the Decatur facility claims compared with the prior year, as well as impairment, exit, and restructuring charges.
ADM 2026 Outlook and Capital Plans
Earnings Expectations and Policy Sensitivity
ADM expects adjusted EPS for 2026 to range from approximately $3.60 to $4.25. The company noted that the lower end of the range reflects continued U.S. biofuel policy deferral and flat crush margins, while the upper end assumes margin expansion, manufacturing efficiencies, and stronger customer demand.
Capital expenditures for 2026 are projected to range between $1.3 billion and $1.5 billion. ADM stated that improved clarity around U.S. biofuel policy will be a key factor in achieving the higher end of its earnings outlook.
“We believe increased clarity on biofuel policy combined with the evolution of global trade should support a more constructive operating environment for us in 2026,” Luciano said.
Dividend Increase Announced For ADM
ADM’s Board of Directors declared a quarterly cash dividend of $0.52 per share, payable March 10, 2026. The increase represents ADM’s 53rd consecutive year of dividend growth and continues a record of more than nine decades of uninterrupted dividend payments.
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