ADM’s Flavors lifts Nutrition segment as crushing and ethanol drive Q2 growth

ADM reports continued momentum across its ingredients businesses, with its second-quarter 2026 results showing stronger performance in areas including human nutrition, flavors, and value-added ingredient solutions.

Across its business portfolio, ADM reported year-over-year operating profit growth across all three segments: Ag Services and Oilseeds increased 129% to US$867 million, Carbohydrate Solutions increased 22% to US$411 million, and Nutrition increased 51% to US$172 million. 

ADM reported second-quarter 2026 revenue of US$22.68 billion, up 7.2% from the prior-year quarter, while net earnings increased to US$908 million from US$219 million.

Adjusted earnings per share were US$1.84 for the quarter. The company raised its full-year 2026 adjusted earnings outlook to US$5.15 to US$5.60 per share, compared with its previous guidance range of US$4.15 to US$4.70.

“ADM delivered robust second-quarter financial and operating results. Segment operating profit rose significantly year-over-year and sequentially, with broad-based growth across all three segments — driven by strong commercial and operational execution by the team, a constructive biofuels environment, and momentum in Nutrition, led by Flavors,” says Juan Luciano, Chair of the Board and CEO.

“These results, and the expectations we have into the back half of this year, give us confidence to again raise our 2026 earnings outlook.”

Flavors and Decatur East elevate Human Nutrition

ADM’s Nutrition segment was a key contributor to second-quarter 2026 results. The company highlights Flavors as a key driver of performance, and pinpoints progress at its Decatur East facility as supporting the performance of Human Nutrition.

Animal Nutrition subsegment operating profit also increased 50%, driven by operational improvements and benefits from portfolio actions taken during 2025.

For F&B manufacturers, ADM’s Flavors results underline the continued importance of taste and sensory solutions in product development. Flavor ingredients remain a critical tool for brands looking to create new products, reformulate existing products, and deliver products that meet changing expectations around taste, nutrition, and wellness.

Ethanol margins lift Carbohydrate Solutions

The operating profit increase in Carbohydrate Solutions was primarily driven by stronger North American ethanol margins, supported by policy incentives, including the Renewable Volume Obligation, higher global energy prices, and lower US corn costs. 

Together, these factors improved the economics of ethanol compared with competing blendstocks, contributing to higher domestic blending rates and stronger export demand.

Within the segment, the Starches and Sweeteners subsegment reported a 7% year-over-year increase in operating profit. ADM attributed the improvement primarily to stronger ethanol margins from its corn wet-milling operations.

But the benefit from higher ethanol margins was partially offset by lower liquid sweetener volumes and margins, particularly in North America. Global starch volumes and margins stabilized during the quarter.

Vantage Corn Processors, ADM’s corn dry-milling ethanol business, also reported higher operating profit, increasing by US$52 million compared with the prior-year quarter. 

Oilseed business strengthens on crushing margins

ADM’s Ag Services and Oilseeds segment reported operating profit of US$867 million in the second quarter of 2026, an increase of 129% compared with the prior-year quarter. 

The improvement was primarily driven by stronger crushing margins, higher utilization rates, and favorable market conditions across the business.

The quarterly result also included approximately US$100 million of net positive mark-to-market and timing impacts, primarily in the Crushing subsegment.

For food manufacturers, the segment’s performance provides insight into the broader supply environment for ingredients derived from oilseeds, including vegetable oils and soybean-based products. ADM says soybean meal demand remained strong, with record meal exports from both Brazil and the US contributing to market strength.

The company says it will continue to monitor external factors across the macroeconomic, geopolitical, policy, and trade environments.