A month has gone by since the last earnings report for Archer Daniels Midland (ADM Quick QuoteADM - Free Report) . Shares have added about 10.1% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is ADM due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.

Archer Daniels Q2 Earnings Beat on Crushing and Ethanol Strength

Archer Daniels posted second-quarter 2026 adjusted earnings of $1.84 per share, up 98% year over year. The figure surpassed the Zacks Consensus Estimate of $1.42 by 29.6%. On a reported basis, earnings were $1.87 per share, substantially up from 45 cents in the year-ago quarter.

Revenues increased 7.1% to $22.68 billion and beat the consensus estimate of $22.38 billion. Results benefited from margin expansion in Ag Services and North American crushing and robust ethanol economics.  Global oilseed volumes increased roughly 5% compared with the prior-year quarter.

Total segment operating profit increased 75% year over year to $1.5 billion, reflecting broad-based growth across all three operating segments.

Archer Daniels' Revenue Mix Shows AS&O Strength

Ag Services and Oilseeds revenues increased 10.1% year over year to $17.9 billion. Carbohydrate Solutions revenues declined 1.3% to $2.8 billion, while Nutrition revenues fell 4.6% to $1.9 billion. Other Business revenues decreased 5.4% to $106 million. The Zacks Consensus Estimate for revenues is pegged at $17.5 billion for Ag Services and Oilseeds, $2.9 billion for Carbohydrate Solutions and $2 billion for Nutrition.

The company processed 9.5 million metric tons of oilseeds, up 4.7% from the prior-year quarter and surpassed the Zacks Consensus Estimate of 9.3 million metric tons. Corn processing volumes rose 2.6% to 4.7 million metric tons. Higher asset utilization supported the improvement in global oilseed volumes.

ADM's Oilseeds Profit More Than Doubles

Ag Services and Oilseeds operating profit surged 129% to $867 million. Results included roughly $100 million of net positive mark-to-market and timing impacts, mainly within Crushing. Margin expansion in Ag Services and North American crushing provided the primary lift.

Ag Services operating profit climbed 159% to $293 million as ADM leveraged its global asset network and benefited from increased soybean exports and the return of its Barcarena, Brazil, terminal to full operations. Crushing profit substantially jumped to $363 million from $33 million, supported by stronger biofuel margins, elevated energy prices and record meal exports from Brazil and the United States.

Archer Daniels Gains From Strong Ethanol Margins

Carbohydrate Solutions operating profit increased 22% year over year to $411 million. Robust North American ethanol margins, policy incentives, elevated energy prices and lower U.S. corn prices improved ethanol’s economics relative to competing blendstocks. These conditions supported higher domestic blend rates and favorable industry exports.

Starches and Sweeteners operating profit rose 7% year over year to $326 million as stronger wet-milling ethanol margins offset lower liquid sweetener volumes and margins. Vantage Corn Processors’ profit increased 158% year over year to $85 million, aided by strengthening dry-milling ethanol margins and effective risk management.

ADM's Nutrition Recovery Builds Momentum

Nutrition operating profit advanced 51% year over year to $172 million, with improvement across Human Nutrition and Animal Nutrition. Human Nutrition operating profit increased 51% to $139 million, driven by Flavors growth, seasonal momentum and continued progress at the Decatur East plant.

Animal Nutrition operating profit grew 50% to $33 million. The increase reflected operational improvements and benefits from portfolio actions completed during 2025. The segment’s performance extended ADM’s recovery beyond its commodity-processing businesses.

Archer Daniels’ Other Financials

The company ended the quarter with cash and cash equivalents of $1.1 billion, long-term debt, including current maturities, of $7.6 billion, and shareholders’ equity of $23.6 billion. As of June 30, 2026, ADM generated $1.3 billion in cash from operating activities. It paid dividends of $510 million in the reported quarter.

Archer Daniels Raises Its 2026 Outlook

ADM raised its 2026 adjusted earnings guidance to approximately $5.15-$5.60 per share from the previous range of $4.15-$4.70. The revised outlook assumes year-over-year improvement in crushing and ethanol, supported by disciplined execution and a constructive margin environment.

Management tied the stronger outlook primarily to finalized renewable volume obligations under the U.S. Renewable Fuel Standard, global trade dynamics and higher energy prices. The company continues to project 2026 capital expenditures of $1.3-$1.5 billion while monitoring macroeconomic, geopolitical, policy and trade conditions.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a upward trend in estimates revision.

The consensus estimate has shifted 14.23% due to these changes.

VGM Scores

Currently, ADM has a subpar Growth Score of D, a score with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a score of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise ADM has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry Player

ADM belongs to the Zacks Agriculture - Operations industry. Another stock from the same industry, Corteva, Inc. (CTVA Quick QuoteCTVA - Free Report) , has gained 14.4% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.

Corteva, Inc. reported revenues of $6.38 billion in the last reported quarter, representing a year-over-year change of -1.2%. EPS of $2.30 for the same period compares with $2.20 a year ago.

Corteva, Inc. is expected to post a loss of $0.42 per share for the current quarter, representing a year-over-year change of -82.6%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Corteva, Inc.. Also, the stock has a VGM Score of F.