ADM Q1 2026 results beat expectations, mainly driven by strong performance in ethanol and crushing operations under favorable policies.

Full-year adjusted EPS guidance raised from $3.60-$4.25 to $4.15-$4.70; Carbohydrate Solutions profit increased 48% year-over-year, driving overall profit improvement.

Ethanol business benefited from strong exports and RVO policy, crushing business benefited from growing soybean oil demand, with North American crush rates in March 10% higher year-over-year; meanwhile, the company advances cost reduction and carbon sequestration projects, having sequestered 300,000 tons of CO2.

Full-year guidance raised, with most of the -$275 million mark-to-market expected to reverse in Q2; management is cautiously optimistic about the second half.

Management tone is positive, stating "increasingly optimistic about the 2026 outlook"; however, sweetener and starch businesses remain weak, constituting a negative risk signal.