Analyst Consensus ?
ConsensusHold36 ratings
Bullish1233.3%
Neutral2261.1%
Bearish25.6%
Archer-Daniels-Midland Company · ADM · FY2026 Q3 · Calendar Q4 2026
ADM raises its outlook as biofuel margins and crush volumes strengthen
The quarter's stronger operating performance and higher outlook support a constructive near-term operating picture. Its durability depends on biofuel and crush margins, execution on growth initiatives, and whether Nutrition headwinds and policy or commodity volatility intensify.
Reported Before market openNYSEConsumer Defensive
$36.52B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $1.60
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $23.27B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-4.7%
Event window
SPY move
+0.4%
Same window
Abnormal move
-5.1%
Stock minus SPY
Volume
0.7×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
ADMSPY benchmark
Ask FN2 about ADM FY2026 Q3
Transcript, numbers and history already loaded
What drove ADM's -4.7% move after FY2026 Q3 earnings?What changed in ADM's guidance and outlook in FY2026 Q3?Give me the bull and bear case for ADM after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management raised its full-year adjusted EPS outlook again, citing strength in biofuel margins and crush volumes. It also lowered capital-spending guidance and resumed discretionary share repurchases; the prior-quarter analysis had described capital spending as stable and emphasized capacity and product investment.
Guidance delta
Raised full-year adjusted EPS guidance; lowered capital-spending guidance. Management's outlook remains exposed to the duration of favorable biofuel and crush margins.
Key takeaways
- Management reported stronger segment operating profit, supported by biofuel margins and crush volumes.
- The higher outlook and lower capital-spending plan signal stronger current performance alongside tighter investment spending.
- Precision fermentation, natural colors, and amino-acid capacity remain development priorities, while carbon removal is a newer initiative.
- The earnings outlook remains sensitive to biofuel policy, commodity volatility, and Nutrition operating conditions.
Management priorities
- Scale precision-fermentation products and develop customer applications.
- Expand crush, ethanol, and amino-acid capabilities through facility projects and the CJ joint venture.
- Develop carbon-removal offerings and use automation, AI, and data analytics to support operating efficiency.
- Continue targeted organic investment while managing capital spending.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$70.62Current
$50Low
$73.83Average
$100High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 3, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| JP Morgan | Underweight | Underweight | Maintain | Oct 12, 2026 |
| UBS | Buy | Buy | Maintain | Aug 17, 2026 |
| Morgan Stanley | Equal Weight | Underweight | Upgrade | Aug 5, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Aug 5, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Aug 5, 2026 |
| Jefferies | Hold | Hold | Maintain | Apr 6, 2026 |
| B of A Securities | Underperform | Neutral | Downgrade | May 8, 2025 |
| Citigroup | Neutral | Neutral | Maintain | Apr 15, 2025 |
| Goldman Sachs | Neutral | Neutral | Maintain | Jan 23, 2024 |
| Stifel | Hold | Buy | Downgrade | Jan 22, 2024 |
| Roth MKM | Neutral | Buy | Downgrade | Jan 22, 2024 |
| Baird | Neutral | Outperform | Downgrade | Jan 22, 2024 |
| Stephens & Co. | Equal Weight | Equal Weight | Maintain | Oct 25, 2023 |
| Argus Research | Buy | Buy | Maintain | Aug 1, 2023 |
| Wolfe Research | Outperform | Outperform | Maintain | Aug 12, 2022 |
| Credit Suisse | Neutral | Neutral | Maintain | Apr 27, 2022 |
| RBC Capital | Outperform | Outperform | Maintain | Jan 27, 2021 |
| Seaport Global | Buy | Buy | Maintain | Jul 28, 2020 |
| Monness, Crespi, Hardt | Neutral | Sell | Upgrade | Mar 2, 2020 |
| Monness Crespi Hardt | Neutral | Sell | Upgrade | Mar 2, 2020 |
| Buckingham Research | Buy | Buy | Maintain | Jul 19, 2019 |
| Stifel Nicolaus | Buy | Buy | Maintain | Apr 30, 2019 |
| Argus | Buy | Hold | Upgrade | Nov 8, 2018 |
| Buckingham | Buy | Buy | Maintain | Aug 1, 2018 |
| PiperJaffray | Neutral | Neutral | Maintain | Dec 14, 2016 |
| Macquarie | Outperform | Outperform | Maintain | Aug 29, 2016 |
| BB&T Capital | Hold | Hold | Maintain | Jul 12, 2016 |
| Standpoint Research | Hold | Buy | Downgrade | Apr 28, 2016 |
| Bank of America | Neutral | Buy | Downgrade | Mar 7, 2016 |
| Vertical Research | Hold | Hold | Maintain | Jul 7, 2015 |
| Miller Tabak | Buy | Hold | Upgrade | Jul 7, 2014 |
| Scotiabank | Sector Outperform | Sector Perform | Upgrade | Feb 5, 2014 |
| Standpoint | Hold | Buy | Downgrade | Feb 13, 2013 |
| Topeka Capital | Hold | Hold | Maintain | Aug 1, 2012 |
| Topeka | Hold | Hold | Maintain | Aug 1, 2012 |
| Deutsche Bank | Hold | Hold | Maintain | May 2, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $70.62. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Coker Palmer | Thomas Palmer | $75 | $80.5 | +6.2% | Oct 12, 2026 |
| Barclays | Benjamin Theuer | $90 | $79.87 | +27.4% | Aug 5, 2026 |
| Morgan Stanley | Steven K Haynes | $79 | $79.87 | +11.9% | Aug 5, 2026 |
| Morgan Stanley | Analyst unavailable | $60 | $85.11 | -15.0% | Jul 20, 2026 |
| UBS | Manav Gupta | $95 | $80.24 | +34.5% | Jun 15, 2026 |
| UBS | Analyst unavailable | $90 | $78.02 | +27.4% | May 7, 2026 |
| Morgan Stanley | Analyst unavailable | $58 | $76.61 | -17.9% | May 6, 2026 |
| Barclays | Analyst unavailable | $85 | $79.19 | +20.4% | May 6, 2026 |
| Barclays | Analyst unavailable | $68 | $67.52 | -3.7% | Feb 19, 2026 |
| BMO Capital | Andrew Strelzik | $63 | $67.39 | -10.8% | Feb 4, 2026 |
| Morgan Stanley | Steven Haynes | $50 | $60.2 | -29.2% | Dec 16, 2025 |
| Coker Palmer | Thomas Palmer | $59 | $60.12 | -16.5% | Nov 4, 2025 |
| Coker Palmer | Thomas Palmer | $64 | $62.7 | -9.4% | Apr 3, 2024 |
| BMO Capital | Andrew Strelzik | $60 | $58.27 | -15.0% | Mar 13, 2024 |
| Wolfe Research | Sam Margolin | $74 | $58.27 | +4.8% | Mar 13, 2024 |
| Goldman Sachs | Adam Samuelson | $64 | $58.27 | -9.4% | Mar 13, 2024 |
| Stifel Nicolaus | Vincent Anderson | $58 | $57.07 | -17.9% | Mar 12, 2024 |
| CFRA | Arun Sundaram | $67 | $57.07 | -5.1% | Mar 12, 2024 |
| Barclays | Benjamin Theurer | $60 | $54.81 | -15.0% | Mar 11, 2024 |
| Wolfe Research | Sam Margolin | $117 | $84.14 | +65.7% | Aug 12, 2022 |
| Credit Suisse | Analyst unavailable | $92 | $90 | +30.3% | Apr 27, 2022 |
| Barclays | Benjamin Theuer | $95 | $92.18 | +34.5% | Apr 22, 2022 |
| Bank of America Securities | Steve Byrne | $100 | $94.46 | +41.6% | Apr 19, 2022 |
| Stifel Nicolaus | Vincent Anderson | $100 | $94.57 | +41.6% | Apr 11, 2022 |
| Stephens | Ben Bienvenu | $67 | $62.71 | -5.1% | Oct 12, 2021 |
| Credit Suisse | Robert Moskow | $60 | $60.46 | -15.0% | Apr 27, 2021 |
Track every rating change on ADM the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationArcher-Daniels-Midland Company (ADM) stands as a major global enterprise in the agricultural sector, focused on the sourcing, transportation, storage, processing, and distribution of a wide array of agricultural commodities, finished goods, and essential ingredients. Its expansive operations span numerous countries, including pivotal markets such as the United States, Switzerland, the Cayman Islands, Brazil, Mexico, and the United Kingdom, alongside a broader international presence. ADM's business is strategically organized into three core divisions: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition. The company's foundational activities involve acquiring, storing, cleaning, and distributing various agricultural raw materials, including oilseeds, corn, wheat, milo, oats, and barley. Beyond raw material handling, ADM is actively engaged in the global import, export, and distribution of agricultural commodities and feed products, complemented by specialized structured trade finance services.…
Historical context
All ADM earningsConsumer Defensive peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| KDP Keurig Dr Pepper Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -5.6% | Keurig Dr Pepper’s Q3 growth highlights a widening split between beverages and coffee |
| CLX The Clorox Company | FY2027 Q1 · Calendar Q4 2026 | +44.9% | +2.2% | Clorox Holds FY27 Outlook as Inflation Pressures Q1 Margins |
| EL The Estée Lauder Companies Inc. | FY2027 Q1 · Calendar Q4 2026 | +42.0% | -4.1% | Estée Lauder raises FY2027 outlook after broad Q1 growth |
| CHD Church & Dwight Co., Inc. | FY2026 Q3 · Calendar Q4 2026 | +2.2% | +1.2% | Church & Dwight raises sales outlook after strong Q3 organic growth |
Latest beats and misses
Who reports nextBeat on EPS
- EQH-PAFY2026 Q3 · November 2, 2026+14.5% EPS— move
- WMBFY2026 Q3 · November 2, 2026+0.2% EPS+3.5% move
- TSEMFY2026 Q3 · November 2, 2026+7.5% EPS-6.7% move
- CLXFY2027 Q1 · November 2, 2026+44.9% EPS+2.2% move
- AAPLFY2026 Q4 · November 2, 2026+3.0% EPS-1.8% move
- PLTRFY2026 Q3 · November 2, 2026+8.3% EPS-3.1% move
Missed on EPS
- CRBGFY2026 Q3 · November 2, 2026-0.8% EPS+2.5% move
- VRTXFY2026 Q3 · November 2, 2026-1.2% EPS-1.0% move
- PEGFY2026 Q3 · November 2, 2026-3.4% EPS+0.1% move
- RYAAYFY2027 Q2 · November 2, 2026-0.3% EPS+2.9% move
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
Get the ADM recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-11-03T18:09:51.904990+00:00
- FN2 earnings calendar · 2026-11-03T01:23:13.143323+00:00
- Polygon adjusted daily market bars · 2026-11-03T18:10:47.308880+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-03T18:10:47.306245+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-03. For educational purposes only; not investment advice.