Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Profit jumped on almost the same tonnage
ADM's plants processed about as much as a year earlier, yet gross profit rose by nearly half, so the spread did the work.
For investorsHow much of this margin depends on fuel policy?
For foundersRunning a spread business on a thin margin
Clean fuel credits are booked inside cost of products sold and are not taxed, so policy shows up twice in profit.
Operating cash lagged reported earnings because higher crop prices tied money up in inventory and receivables, leaving little free cash.
Overhead took half of gross profit, against 68.7% a year earlier, so most of the wider spread reached pre-tax earnings.
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Business Lens describes Archer Daniels Midland from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
