Archer‑Daniels‑Midland reported third‑quarter 2025 results with net income of $108 million, GAAP earnings per share of $0.22, and adjusted earnings per share of $0.92. Revenue for the quarter was $20.37 billion, down 7% year‑over‑year. Total segment operating profit was $845 million, a 19% decline from the same period a year earlier. Operating profit fell 21% to $379 million in Ag Services & Oilseeds and 26% to $336 million in Carbohydrate Solutions, while Nutrition increased 24% to $130 million.
The company lowered its full‑year 2025 adjusted EPS guidance to a range of $3.25 to $3.50 per share, down from the prior forecast of about $4.00. Management cited lower crush margins, biofuel policy deferrals, and trade‑flow challenges as the primary reasons for the revision, noting that margin pressure will keep earnings below the upper end of the earlier guidance.
Segment performance drivers were mixed. The Ag Services & Oilseeds decline was largely driven by a 93% drop in crushing subsegment profit due to muted demand, while the Ag Services subsegment grew 78% from higher export activity. Carbohydrate Solutions profit fell because of lower global demand for starches and sweeteners and higher corn costs. Nutrition grew 24% year‑over‑year, supported by strong growth in Human and Animal Nutrition, especially in Flavors and biotics.
Cash flow from operations was $5.8 billion year‑to‑date, with $2.1 billion before working‑capital adjustments. Management emphasized its self‑help agenda—cost‑saving initiatives and portfolio optimization—as a key driver of future margin improvement.
Adjusted EPS beat analyst estimates of $0.83 to $0.89, but revenue missed estimates of $20.65 to $20.96 billion. The company highlighted uncertainty in U.S. biofuel policy and global trade conditions as key factors for future performance.
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